# EDGAR Filing Document

**Accession Number:** 0000799292
**File Stem:** 0000799292-25-000077
**Filing Date:** 2025-10
**Character Count:** 1315696
**Document Hash:** 974c2a1ac828eb67bb294eadb9acfd6a
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000799292-25-000077.hdr.sgml**: 20251024

**ACCESSION NUMBER**: 0000799292-25-000077

**CONFORMED SUBMISSION TYPE**: 10-Q

**PUBLIC DOCUMENT COUNT**: 308

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251024

**DATE AS OF CHANGE**: 20251024

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** M/I HOMES, INC.
- **CENTRAL INDEX KEY:** 0000799292
- **STANDARD INDUSTRIAL CLASSIFICATION:** OPERATIVE BUILDERS [1531]
- **ORGANIZATION NAME:** 05 Real Estate & Construction
- **EIN:** 311210837
- **STATE OF INCORPORATION:** OH
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 10-Q
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-12434
- **FILM NUMBER:** 251415138

**BUSINESS ADDRESS:**
- **STREET 1:** 4131 WORTH AVENUE STE 500
- **CITY:** COLUMBUS
- **STATE:** OH
- **ZIP:** 43219
- **BUSINESS PHONE:** 6144188000

**MAIL ADDRESS:**
- **STREET 1:** 4131 WORTH AVENUE STE 500
- **CITY:** COLUMBUS
- **STATE:** OH
- **ZIP:** 43219

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** M I HOMES INC
- **DATE OF NAME CHANGE:** 20040112

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** M I SCHOTTENSTEIN HOMES INC
- **DATE OF NAME CHANGE:** 19931228

?xml version='1.0' encoding='ASCII'? mho-20250930

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934

**For the Quarterly Period Ended September 30, 2025** 

**or**

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ____________ to _____________________

**Commission File Number 1-12434** 

**<u>M/I HOMES, INC</u>**.

(Exact name of registrant as specified in its charter)

---

| | |
|:---|:---|
| **<u>Ohio</u>** | **<u>31-1210837</u>** |
| (State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) |

---

**<u>4131 Worth Avenue, Suite 500, Columbus, Ohio 43219</u>**

(Address of principal executive offices) (Zip Code)

**<u>(614) 418-8000</u>**

(Registrant's telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Exchange Act:

---

| | | |
|:---|:---|:---|
| <u>Title of each class</u> | <u>Trading Symbol(s)</u> | <u>Name of each exchange on which registered</u> |
| Common Shares, par value $.01 | MHO | New York Stock Exchange |

---

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Yes <u>☒</u> No <u>☐</u>

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

Yes <u>☒</u> No <u>☐</u>

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Large accelerated filer | ☒ | Accelerated filer | ☐ |
| | Non-accelerated filer | ☐ | Smaller reporting company | ☐ |
| | | | Emerging growth company | ☐ |
| If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ❑ | If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ❑ | If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ❑ | If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ❑ | If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ❑ |

---

------

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes <u>☐</u> No <u>☒</u>

Indicate the number of shares outstanding of each of the issuer's classes of common stock, as of the latest practicable date.

Common shares, par value $.01 per common share: 26,148,509 shares outstanding as of October 22, 2025.

------

---

| | | | |
|:---|:---|:---|:---|
| **M/I HOMES, INC.** | **M/I HOMES, INC.** | **M/I HOMES, INC.** | **M/I HOMES, INC.** |
| **FORM 10-Q** | **FORM 10-Q** | **FORM 10-Q** | **FORM 10-Q** |
| **TABLE OF CONTENTS** | **TABLE OF CONTENTS** | **TABLE OF CONTENTS** | **TABLE OF CONTENTS** |
| PART 1. | FINANCIAL INFORMATION | FINANCIAL INFORMATION |  |
|  | Item 1. | M/I Homes, Inc. and Subsidiaries Unaudited Condensed Consolidated Financial Statements |  |
|  |  | Unaudited Condensed Consolidated Balance Sheets at September 30, 2025 and December 31, 2024 | <u>[3](#i7bd753579b4d47fc8aa79b5141e3b17b_16)</u> |
|  |  | Unaudited Condensed Consolidated Statements of Income for the Three and Nine Months Ended September 30, 2025 and 2024 | <u>[4](#i7bd753579b4d47fc8aa79b5141e3b17b_22)</u> |
|  |  | Unaudited Condensed Consolidated Statements of Shareholders' Equity for the Three and Nine Months Ended September 30, 2025 and 2024 | <u>[5](#i7bd753579b4d47fc8aa79b5141e3b17b_25)</u> |
|  |  | Unaudited Condensed Consolidated Statements of Cash Flows for the Nine Months Ended September 30, 2025 and 2024 | <u>[6](#i7bd753579b4d47fc8aa79b5141e3b17b_28)</u> |
|  |  | Notes to Unaudited Condensed Consolidated Financial Statements | <u>[7](#i7bd753579b4d47fc8aa79b5141e3b17b_31)</u> |
|  | Item 2. | Management's Discussion and Analysis of Financial Condition and Results of Operations | <u>[23](#i7bd753579b4d47fc8aa79b5141e3b17b_112)</u> |
|  | Item 3. | Quantitative and Qualitative Disclosures About Market Risk | <u>[41](#i7bd753579b4d47fc8aa79b5141e3b17b_154)</u> |
|  | Item 4. | Controls and Procedures | <u>[43](#i7bd753579b4d47fc8aa79b5141e3b17b_157)</u> |
| PART II. | OTHER INFORMATION | OTHER INFORMATION |  |
|  | Item 1. | Legal Proceedings | <u>[43](#i7bd753579b4d47fc8aa79b5141e3b17b_163)</u> |
|  | Item 1A. | Risk Factors | <u>[43](#i7bd753579b4d47fc8aa79b5141e3b17b_166)</u> |
|  | Item 2. | Unregistered Sales of Equity Securities and Use of Proceeds | <u>[43](#i7bd753579b4d47fc8aa79b5141e3b17b_172)</u> |
|  | Item 3. | Defaults Upon Senior Securities | <u>[44](#i7bd753579b4d47fc8aa79b5141e3b17b_175)</u> |
|  | Item 4. | Mine Safety Disclosures | <u>[44](#i7bd753579b4d47fc8aa79b5141e3b17b_178)</u> |
|  | Item 5. | Other Information | <u>[44](#i7bd753579b4d47fc8aa79b5141e3b17b_181)</u> |
|  | Item 6. | Exhibits | <u>[45](#i7bd753579b4d47fc8aa79b5141e3b17b_184)</u> |
| Signatures |  |  | <u>[46](#i7bd753579b4d47fc8aa79b5141e3b17b_187)</u> |

---

------

**M/I HOMES, INC. AND SUBSIDIARIES**

**CONDENSED CONSOLIDATED BALANCE SHEETS**

**(Unaudited)**

---

| | | |
|:---|:---|:---|
| (Dollars in thousands, except par values) | **September 30,<br>2025** | December 31,<br>2024 |
| ASSETS: |  |  |
| Cash, cash equivalents and restricted cash | $**734174** | $821570 |
| Mortgage loans held for sale | **239585** | 283540 |
| Inventory | **3412830** | 3091862 |
| Property and equipment - net | **32668** | 34513 |
| Investment in joint venture arrangements | **81514** | 65334 |
| Operating lease right-of-use assets | **50322** | 53895 |
| Deferred income tax asset | **13451** | 13451 |
| Goodwill | **16400** | 16400 |
| Other assets | **188600** | 169231 |
| TOTAL ASSETS | $**4769544** | $4549796 |
| LIABILITIES AND SHAREHOLDERS' EQUITY |  |  |
| LIABILITIES: |  |  |
| Accounts payable | $**257981** | $198579 |
| Customer deposits | **61602** | 69327 |
| Operating lease liabilities | **51968** | 55365 |
| Other liabilities | **293716** | 281019 |
| Community development district obligations | **8747** | 12839 |
| Obligation for consolidated inventory not owned | **18122** | 11809 |
| Notes payable bank - financial services operations | **231979** | 286159 |
| Senior notes due 2028 - net | **398233** | 397653 |
| Senior notes due 2030 - net | **297747** | 297369 |
| TOTAL LIABILITIES | $**1620095** | $1610119 |
| Commitments and contingencies (<u>[Note 6](#i7bd753579b4d47fc8aa79b5141e3b17b_61)</u>) | **—** |  |
| SHAREHOLDERS' EQUITY: |  |  |
| Common shares - $0.01 par value; authorized 58,000,000 shares at both September 30, 2025 and December 31, 2024; <br>&nbsp;&nbsp;&nbsp;&nbsp;issued 30,137,141 shares at both September 30, 2025 and December 31, 2024 | $**301** | $301 |
| Additional paid-in capital | **339812** | 348705 |
| Retained earnings | **3204043** | 2865073 |
| Treasury shares - at cost - 3,988,632 and 3,074,118 shares at September 30, 2025 and December 31, 2024, respectively | **(394707)** | (274402) |
| TOTAL SHAREHOLDERS' EQUITY | $**3149449** | $2939677 |
| TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $**4769544** | $4549796 |

---

See Notes to Unaudited Condensed Consolidated Financial Statements.

------

**M/I HOMES, INC. AND SUBSIDIARIES**

**UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF INCOME**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
| (In thousands, except per common share amounts) | **2025** | 2024 | **2025** | 2024 |
| Revenue | $**1131791** | $1142909 | $**3270476** | $3299393 |
| Costs and expenses: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Land and housing | $**854122** | $833468 | $**2453405** | $2397329 |
| &nbsp;&nbsp;&nbsp;&nbsp;Impairment of inventory and land deposit write-offs | **7583** |  | **7583** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;General and administrative | **70766** | 68285 | **197086** | 188363 |
| &nbsp;&nbsp;&nbsp;&nbsp;Selling | **64049** | 59163 | **180490** | 171598 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest income, net of interest expense | **(4548)** | (6680) | **(14122)** | (20948) |
| Total costs and expenses | $**991972** | $954236 | $**2824442** | $2736342 |
| Income before income taxes | **139819** | 188673 | **446034** | 563051 |
| Provision for income taxes | **33329** | 43224 | **107064** | 132795 |
| Net income | $**106490** | $145449 | $**338970** | $430256 |
| Earnings per common share: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Basic | $**4.01** | $5.26 | $**12.60** | $15.45 |
| &nbsp;&nbsp;&nbsp;&nbsp;Diluted | $**3.92** | $5.10 | $**12.32** | $14.99 |
| Weighted average shares outstanding: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Basic | **26544** | 27644 | **26895** | 27857 |
| &nbsp;&nbsp;&nbsp;&nbsp;Diluted | **27188** | 28534 | **27513** | 28703 |

---

See Notes to Unaudited Condensed Consolidated Financial Statements.

------

**M/I HOMES, INC. AND SUBSIDIARIES**

**UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended September 30, 2025** | **Three Months Ended September 30, 2025** | **Three Months Ended September 30, 2025** | **Three Months Ended September 30, 2025** | **Three Months Ended September 30, 2025** | **Three Months Ended September 30, 2025** |
| | **Common Shares** | **Common Shares** | | | | |
| | **Shares Outstanding** | | **Additional Paid-in Capital** | **Retained Earnings** | **Treasury Shares** | **Total Shareholders' Equity** |
|<br><br>(Dollars in thousands) | **Shares Outstanding** |<br>**Amount** | **Additional Paid-in Capital** | **Retained Earnings** | **Treasury Shares** | **Total Shareholders' Equity** |
| Balance at June 30, 2025 | **26339786** | $**301** | $**344536** | $**3097553** | $**(360254)** | $**3082136** |
| &nbsp;&nbsp;&nbsp;&nbsp;Net income | **—** | **—** | **—** | **106490** | **—** | **106490** |
| &nbsp;&nbsp;&nbsp;&nbsp;Stock options exercised | **120200** | **—** | **(5149)** | **—** | **11597** | **6448** |
| &nbsp;&nbsp;&nbsp;&nbsp;Stock-based compensation expense | **—** | **—** | **4525** | **—** | **—** | **4525** |
| &nbsp;&nbsp;&nbsp;&nbsp;Repurchase of common shares | **(355000)** | **—** | **—** | **—** | **(50179)** | **(50179)** |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferral of executive and director compensation | **—** | **—** | **29** | **—** | **—** | **29** |
| &nbsp;&nbsp;&nbsp;&nbsp;Executive and director deferred compensation distributions | **43523** | **—** | **(4129)** | **—** | **4129** | **—** |
| Balance at September 30, 2025 | **26148509** | $**301** | $**339812** | $**3204043** | $**(394707)** | $**3149449** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Nine Months Ended September 30, 2025** | **Nine Months Ended September 30, 2025** | **Nine Months Ended September 30, 2025** | **Nine Months Ended September 30, 2025** | **Nine Months Ended September 30, 2025** | **Nine Months Ended September 30, 2025** |
| | **Common Shares** | **Common Shares** | | | | |
| | **Shares Outstanding** | | **Additional Paid-in Capital** | **Retained Earnings** | **Treasury Shares** | **Total Shareholders' Equity** |
|<br><br>(Dollars in thousands) | **Shares Outstanding** |<br>**Amount** | **Additional Paid-in Capital** | **Retained Earnings** | **Treasury Shares** | **Total Shareholders' Equity** |
| Balance at December 31, 2024 | **27063023** | $**301** | $**348705** | $**2865073** | $**(274402)** | $**2939677** |
| &nbsp;&nbsp;&nbsp;&nbsp;Net income | **—** | **—** | **—** | **338970** | **—** | **338970** |
| &nbsp;&nbsp;&nbsp;&nbsp;Stock options exercised | **160200** | **—** | **(6940)** | **—** | **15252** | **8312** |
| &nbsp;&nbsp;&nbsp;&nbsp;Stock-based compensation expense | **—** | **—** | **12641** | **—** | **—** | **12641** |
| &nbsp;&nbsp;&nbsp;&nbsp;Repurchase of common shares | **(1237000)** | **—** | **—** | **—** | **(150378)** | **(150378)** |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferral of executive and director compensation | **—** | **—** | **227** | **—** | **—** | **227** |
| &nbsp;&nbsp;&nbsp;&nbsp;Executive and director deferred compensation distributions | **162286** | **—** | **(14821)** | **—** | **14821** | **—** |
| Balance at September 30, 2025 | **26148509** | $**301** | $**339812** | $**3204043** | $**(394707)** | $**3149449** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | Three Months Ended September 30, 2024 | Three Months Ended September 30, 2024 | Three Months Ended September 30, 2024 | Three Months Ended September 30, 2024 | Three Months Ended September 30, 2024 | Three Months Ended September 30, 2024 |
| | Common Shares | Common Shares | | | | |
| | Shares Outstanding | | Additional Paid-in Capital | Retained Earnings | Treasury Shares | Total Shareholders' Equity |
| (Dollars in thousands) | Shares Outstanding | Amount | Additional Paid-in Capital | Retained Earnings | Treasury Shares | Total Shareholders' Equity |
| Balance at June 30, 2024 | 27403908 | $301 | $350554 | $2586155 | $(195893) | $2741117 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net income |  |  |  | 145449 |  | 145449 |
| &nbsp;&nbsp;&nbsp;&nbsp;Stock options exercised | 123146 |  | (3549) |  | 9034 | 5485 |
| &nbsp;&nbsp;&nbsp;&nbsp;Stock-based compensation expense |  |  | 3510 |  |  | 3510 |
| &nbsp;&nbsp;&nbsp;&nbsp;Repurchase of common shares | (322000) |  |  |  | (50234) | (50234) |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferral of executive and director compensation |  |  | 29 |  |  | 29 |
| &nbsp;&nbsp;&nbsp;&nbsp;Executive and director deferred compensation distributions |  |  |  |  |  |  |
| Balance at September 30, 2023 | 27205054 | $301 | $350544 | $2731604 | $(237093) | $2845356 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | Nine Months Ended September 30, 2024 | Nine Months Ended September 30, 2024 | Nine Months Ended September 30, 2024 | Nine Months Ended September 30, 2024 | Nine Months Ended September 30, 2024 | Nine Months Ended September 30, 2024 |
| | Common Shares | Common Shares | | | | |
| | Shares Outstanding | | Additional Paid-in Capital | Retained Earnings | Treasury Shares | Total Shareholders' Equity |
| (Dollars in thousands) | Shares Outstanding | Amount | Additional Paid-in Capital | Retained Earnings | Treasury Shares | Total Shareholders' Equity |
| Balance at December 31, 2023 | 27761299 | $301 | $349907 | $2301348 | $(134617) | $2516939 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net income |  |  |  | 430256 |  | 430256 |
| &nbsp;&nbsp;&nbsp;&nbsp;Stock options exercised | 310696 |  | (7172) |  | 20206 | 13034 |
| &nbsp;&nbsp;&nbsp;&nbsp;Stock-based compensation expense |  |  | 10859 |  |  | 10859 |
| &nbsp;&nbsp;&nbsp;&nbsp;Repurchase of common shares | (922000) |  |  |  | (125819) | (125819) |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferral of executive and director compensation |  |  | 87 |  |  | 87 |
| &nbsp;&nbsp;&nbsp;&nbsp;Executive and director deferred compensation distributions | 55059 |  | (3137) |  | 3137 |  |
| Balance at September 30, 2024 | 27205054 | $301 | $350544 | $2731604 | $(237093) | $2845356 |

---

See Notes to Unaudited Condensed Consolidated Financial Statements.

------

**M/I HOMES, INC. AND SUBSIDIARIES**

**UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS**

---

| | | |
|:---|:---|:---|
| | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
| (Dollars in thousands) | **2025** | 2024 |
| OPERATING ACTIVITIES: |  |  |
| &nbsp;&nbsp;&nbsp;Net income | $**338970** | $430256 |
| &nbsp;&nbsp;&nbsp;Adjustments to reconcile net income to net cash (used in) provided by operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Impairment of inventory and land deposit write-offs | **7583** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Mortgage loan originations | **(2121412)** | (1923219) |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from the sale of mortgage loans | **2171263** | 1856834 |
| &nbsp;&nbsp;&nbsp;&nbsp;Fair value adjustment of mortgage loans held for sale | **(5896)** | (98) |
| &nbsp;&nbsp;&nbsp;&nbsp;Capitalization of originated mortgage servicing rights | **(4827)** | (3845) |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of mortgage servicing rights | **768** | 954 |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation | **11525** | 10511 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of debt issue costs | **2504** | 2425 |
| &nbsp;&nbsp;&nbsp;&nbsp;Gain on sale of mortgage servicing rights | **(1718)** | (2613) |
| &nbsp;&nbsp;&nbsp;&nbsp;Loss on early extinguishment of debt | **—** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Stock-based compensation expense | **12641** | 10859 |
| &nbsp;&nbsp;&nbsp;&nbsp;Excess tax benefits on equity compensation | **(2316)** | (4612) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other, net | **—** | 3240 |
| &nbsp;&nbsp;&nbsp;Change in assets and liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Inventory | **(314542)** | (335062) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other assets | **(12011)** | (33366) |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts payable | **59402** | 52030 |
| &nbsp;&nbsp;&nbsp;&nbsp;Customer deposits | **(7725)** | 2215 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued compensation | **(17291)** | (4322) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other liabilities | **29138** | 13154 |
| Net cash provided by operating activities | **146056** | 75341 |
| INVESTING ACTIVITIES: |  |  |
| &nbsp;&nbsp;&nbsp;Purchase of property and equipment | **(5352)** | (6350) |
| &nbsp;&nbsp;&nbsp;Return of capital from joint venture arrangements | **2002** |  |
| &nbsp;&nbsp;&nbsp;Investment in joint venture arrangements | **(34410)** | (45920) |
| &nbsp;&nbsp;&nbsp;Proceeds from sale of mortgage servicing rights | **7062** | 7233 |
| Net cash used in investing activities | **(30698)** | (45037) |
| FINANCING ACTIVITIES: |  |  |
| &nbsp;&nbsp;Net proceeds from (repayments of) bank borrowings - financial services operations | **(54180)** | 69597 |
| &nbsp;&nbsp;&nbsp;Repurchase of common shares | **(150378)** | (125819) |
| &nbsp;&nbsp;&nbsp;Debt issue costs | **(6508)** |  |
| &nbsp;&nbsp;&nbsp;Proceeds from exercise of stock options | **8312** | 13034 |
| Net cash used in financing activities | **(202754)** | (43188) |
| Net decrease in cash, cash equivalents and restricted cash | **(87396)** | (12884) |
| Cash, cash equivalents and restricted cash balance at beginning of period | **821570** | 732804 |
| Cash, cash equivalents and restricted cash balance at end of period | $**734174** | $719920 |
| SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION: |  |  |
| &nbsp;&nbsp;&nbsp;Cash paid during the year for: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest — net of amount capitalized | $**7609** | $7426 |
| &nbsp;&nbsp;&nbsp;&nbsp;Income taxes | $**103809** | $131959 |
| NON-CASH TRANSACTIONS DURING THE PERIOD: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Community development district infrastructure | $**(4092)** | $(4166) |
| &nbsp;&nbsp;&nbsp;&nbsp;Consolidated inventory not owned | $**6313** | $(15384) |
| &nbsp;&nbsp;&nbsp;&nbsp;Distribution of single-family lots from joint venture arrangements | $**16223** | $27234 |

---

See Notes to Unaudited Condensed Consolidated Financial Statements.

------

**M/I HOMES, INC. AND SUBSIDIARIES**

**NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS**

**NOTE 1. Basis of Presentation**

The accompanying Unaudited Condensed Consolidated Financial Statements (the "financial statements") of M/I Homes, Inc. and its subsidiaries (the "Company") and notes thereto have been prepared in accordance with the rules and regulations of the Securities and Exchange Commission (the "SEC") for interim financial information. The financial statements include the accounts of the Company. All intercompany transactions have been eliminated. Results for the interim period are not necessarily indicative of results for a full year. In the opinion of management, the accompanying financial statements reflect all adjustments (all of which are normal and recurring in nature) necessary for a fair presentation of financial results for the interim periods presented. These financial statements should be read in conjunction with the Consolidated Financial Statements and Notes thereto included in the Company's Annual Report on Form 10-K for the year ended December 31, 2024 (the "2024 Form 10-K").

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America ("GAAP") requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during that period. Actual results could differ from these estimates and have a significant impact on the financial condition and results of operations and cash flows. With regard to the Company, estimates and assumptions are inherent in calculations relating to valuation of inventory and investment in unconsolidated joint ventures, property and equipment depreciation, valuation of derivative financial instruments, accounts payable on inventory, accruals for costs to complete inventory, accruals for warranty claims, accruals for self-insured general liability claims, litigation, accruals for health care and workers' compensation, accruals for guaranteed or indemnified loans, stock-based compensation expense, income taxes, and contingencies. Items that could have a significant impact on these estimates and assumptions include the risks and uncertainties listed in "Item 1A. Risk Factors" in Part I of our 2024 Form 10-K, as the same may be updated from time to time in our subsequent filings with the SEC.

***Impact of New Accounting Standards and SEC Guidance***

In November 2023, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2023-07, *Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures* ("ASU 2023-07"). ASU 2023-07 requires disclosure of significant segment expenses that are regularly provided to the chief operating decision maker ("CODM") and included within each reported measure of segment profit or loss, an amount and description of its composition for other segment items to reconcile to segment profit or loss, and the title and position of the entity's CODM. The amendments in this update also expand the interim segment disclosure requirements. ASU 2023-07 was applied retrospectively and is effective for annual reporting periods in fiscal years beginning after December 15, 2023, and interim reporting periods in fiscal years beginning after December 31, 2024. ASU 2023-07 has become effective and applied retrospectively to all prior periods presented in our consolidated financial statements. See Note 11 of our financial statements for more information regarding our reportable segments.

In December 2023, the FASB issued ASU No. 2023-09, *Income Taxes (Topic 740): Improvements to Income Tax Disclosures* ("ASU 2023-09"). ASU 2023-09 requires public companies to annually (1) disclose specific categories in the income tax rate reconciliation and (2) provide additional information for reconciling items that meet a quantitative threshold (if the effect of those reconciling items is equal to or greater than five percent of the amount computed by multiplying pretax income or loss by the applicable statutory income tax rate). ASU 2023-09 will be effective for the annual reporting periods in fiscal years beginning after December 15, 2024. The Company is currently evaluating the impact the adoption of ASU 2023-09 may have on our consolidated financial statements and disclosures, but we do not expect the impact to be significant.

In November 2024, the FASB issued ASU No. 2024-03, *Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Topic 220): Disaggregation of Income Statement Expenses* ("ASU 2024-03"). ASU 2024-03 requires disclosure of certain costs and expenses on an interim and annual basis in the notes to the financial statements. ASU 2024-03 will be effective for the annual reporting periods in fiscal years beginning after December 15, 2026 and interim periods beginning after December 15, 2027. The Company is currently evaluating the impact the adoption of ASU 2024-03 may have on our consolidated financial statements and disclosures.

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***Significant Accounting Policies***

There have been no significant changes to our significant accounting policies during the quarter ended September 30, 2025 as compared to those disclosed in our 2024 Form 10-K.

**NOTE 2. Inventory and Capitalized Interest**

***Inventory***

Inventory is recorded at cost, unless events and circumstances indicate that the carrying value of the inventory is impaired, at which point the inventory is written down to fair value (see <u>[Note 4](#i7bd753579b4d47fc8aa79b5141e3b17b_49)</u> to our financial statements for additional details relating to our procedures for evaluating our inventories for impairment). Inventory includes the costs of land acquisition, land development and home construction, capitalized interest, real estate taxes, direct overhead costs incurred during development and home construction, and common costs that benefit the entire community, less impairments, if any.

A summary of the Company's inventory as of September 30, 2025 and December 31, 2024 is as follows:

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| | | |
|:---|:---|:---|
| (In thousands) | **September 30, 2025** | December 31, 2024 |
| &nbsp;&nbsp;&nbsp;Single-family lots, land and land development costs | $**1743476** | $1630190 |
| &nbsp;&nbsp;&nbsp;Land held for sale | **9231** | 7699 |
| &nbsp;&nbsp;&nbsp;Homes under construction | **1457843** | 1271626 |
| &nbsp;&nbsp;Model homes and furnishings - at cost (less accumulated depreciation: September 30, 2025 - $14,197;<br>&nbsp;&nbsp;&nbsp;&nbsp;December 31, 2024 - $12,765) | **93891** | 88216 |
| &nbsp;&nbsp;&nbsp;Community development district infrastructure | **8747** | 12839 |
| &nbsp;&nbsp;&nbsp;Land purchase deposits | **81520** | 69483 |
| &nbsp;&nbsp;&nbsp;Consolidated inventory not owned | **18122** | 11809 |
| Total inventory | $**3412830** | $3091862 |

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Single-family lots, land and land development costs include raw land that the Company has purchased to develop into lots, costs incurred to develop the raw land into lots, and lots for which development has been completed, but which have not yet been used to start construction of a home.

Homes under construction include homes that are in various stages of construction. As of September 30, 2025 and December 31, 2024, we had 3,001 homes (with a carrying value of $707.3 million) and 2,502 homes (with a carrying value of $551.3 million), respectively, included in homes under construction that were not subject to a sales contract.

Model homes and furnishings include homes that are under construction or have been completed and are being used as sales models. The amount also includes the net book value of furnishings included in our model homes. Depreciation on model home furnishings is recorded using an accelerated method over the estimated useful life of the assets, which is typically three years.

We own lots in certain communities in Florida that have Community Development Districts ("CDDs"). The Company records a liability for the estimated developer obligations that are probable and estimable and user fees that are required to be paid or transferred at the time the parcel or unit is sold to an end user. The Company reduces this liability at the time of closing and the transfer of the property. The Company recorded an $8.7 million liability and a $12.8 million liability related to these CDD bond obligations as of September 30, 2025 and December 31, 2024, respectively, along with the related inventory infrastructure.

Land purchase deposits include both refundable and non-refundable amounts paid to third party sellers relating to the purchase of land. On an ongoing basis, the Company evaluates the land option agreements relating to the land purchase deposits. The Company expenses any deposits and accumulated pre-acquisition costs relating to such agreements in the period when the Company makes the decision not to proceed with the purchase of land under an agreement.

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***Capitalized Interest***

The Company capitalizes interest during land development and home construction. Capitalized interest is charged to land and housing costs and expenses as the related inventory is delivered to a third party. A summary of capitalized interest for the three and nine months ended September 30, 2025 and 2024 is as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
| (In thousands) | **2025** | 2024 | **2025** | 2024 |
| Capitalized interest, beginning of period | $**38742** | $33858 | $**35953** | $32144 |
| Interest capitalized to inventory | **8955** | 8952 | **26872** | 26906 |
| Capitalized interest charged to land and housing costs and expenses | **(7651)** | (7632) | **(22779)** | (23872) |
| Capitalized interest, end of period | $**40046** | $35178 | $**40046** | $35178 |
| Interest incurred - net | $**4407** | $2272 | $**12750** | $5958 |

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**NOTE 3. Investment in Joint Venture Arrangements**

***Investment in Joint Venture Arrangements***

In order to minimize our investment and risk of land exposure in a single location, we have periodically partnered with other land developers or homebuilders to share in the land investment and development of a property through joint ownership and development agreements, joint ventures, and other similar arrangements. As of September 30, 2025 and December 31, 2024, our investment in such joint venture arrangements totaled $81.5 million and $65.3 million, respectively, and was reported as Investment in Joint Venture Arrangements on our Unaudited Condensed Consolidated Balance Sheets. The $16.2 million increase during the nine-month period ended September 30, 2025 was driven primarily by our cash contributions to our joint venture arrangements during the first nine months of 2025 of $34.4 million, offset, in part, by lot distributions from our joint venture arrangements of $16.2 million and return of capital from joint ventures of $2.0 million.

The majority of our investment in joint venture arrangements for both September 30, 2025 and December 31, 2024 consisted of joint ownership and development agreements for which a special purpose entity was not established ("JODAs"). In these JODAs, we own the property jointly with partners which are typically other builders, and land development activities are funded jointly until the developed lots are subdivided for separate ownership by the partners in accordance with the JODA and the approved site plan. As of September 30, 2025 and December 31, 2024, the Company had $75.1 million and $59.3 million, respectively, invested in JODAs.

The remainder of our investment in joint venture arrangements was comprised of joint venture arrangements where a special purpose entity was established to own and develop the property. For these joint venture arrangements, we generally enter into limited liability company or similar arrangements ("LLCs") with the other partners. These entities typically engage in land development activities for the purpose of distributing or selling developed lots to the Company and its partners in the LLC. As of September 30, 2025 and December 31, 2024, the Company had $6.4 million and $6.0 million of equity invested in LLCs, respectively. The Company's percentage of ownership in these LLCs as of both September 30, 2025 and December 31, 2024 ranged from 25% to 50%.

We use the equity method of accounting for investments in LLCs and other joint venture arrangements, including JODAs, over which we exercise significant influence but do not have a controlling interest. Under the equity method, our share of the LLCs' earnings or loss, if any, is included in our Unaudited Condensed Consolidated Statements of Income. There were no losses or income from the Company's LLCs during the three and nine months ended September 30, 2025 or the three and nine months ended September 30, 2024. Our share of the profit relating to lots we purchase from our LLCs is deferred until homes are delivered by us and title passes to a homebuyer.

We believe that the Company's maximum exposure related to its investment in these joint venture arrangements as of September 30, 2025 was the amount invested of $81.5 million, which is reported as Investment in Joint Venture Arrangements on our Unaudited Condensed Consolidated Balance Sheets. We expect to invest further amounts in these joint venture arrangements as development of the properties progresses.

The Company assesses its investments in unconsolidated LLCs for recoverability on a quarterly basis. See <u>[Note 4](#i7bd753579b4d47fc8aa79b5141e3b17b_49)</u> to our financial statements for additional details relating to our procedures for evaluating our investments for impairment.

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***Variable Interest Entities***

With respect to our investments in these LLCs, we are required, under Accounting Standards Codification ("ASC") 810-10, *Consolidation* ("ASC 810"), to evaluate whether or not such entities should be consolidated into our consolidated financial statements. We initially perform these evaluations when each new entity is created and upon any events that require reconsideration of the entity. See Note 1, "Summary of Significant Accounting Policies - Variable Interest Entities" in the Company's 2024 Form 10-K for additional information regarding the Company's methodology for evaluating entities for consolidation.

***Land Option Agreements***

In the ordinary course of business, the Company enters into land option or purchase agreements for which we generally pay non-refundable deposits. Pursuant to these land option agreements, the Company provides a deposit to the seller as consideration for the right to purchase land at different times in the future, usually at predetermined prices. In accordance with ASC 810, we analyze our land option or purchase agreements to determine whether the corresponding land sellers are variable interest entities ("VIEs") and, if so, whether we are the primary beneficiary, as further described in Note 1, "Summary of Significant Accounting Policies - Land Option Agreements" in the 2024 Form 10-K. If we are deemed to be the primary beneficiary of a VIE, we will consolidate the VIE in our consolidated financial statements and reflect such assets and liabilities in our Consolidated Inventory Not Owned in our Unaudited Condensed Consolidated Balance Sheets. At both September 30, 2025 and December 31, 2024, we concluded that we were not the primary beneficiary of any VIEs from which we are purchasing land under option or purchase agreements.

**NOTE 4. Fair Value Measurements**

There are three measurement input levels for determining fair value: Level 1, Level 2, and Level 3. Fair values determined by Level 1 inputs utilize quoted prices in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date. Fair values determined by Level 2 inputs utilize inputs other than quoted prices included in Level 1 that are observable for the asset or liabilities, either directly or indirectly. Level 2 inputs include quoted prices for similar assets and liabilities in active markets, and inputs other than quoted prices that are observable for the asset or liabilities, such as interest rates and yield curves that are observable at commonly quoted intervals. Level 3 inputs are unobservable inputs for the asset or liability, and include situations where there is little, if any, market activity for the asset or liability.

***<u>Assets Measured on a Recurring Basis</u>***

The Company measures both mortgage loans held for sale and interest rate lock commitments ("IRLCs") at fair value. Fair value measurement results in a better presentation of the changes in fair values of the loans and the derivative instruments used to economically hedge them.

In the normal course of business, our financial services segment enters into contractual commitments to extend credit to buyers of single-family homes with fixed expiration dates. The commitments become effective when the borrowers "lock-in" a specified interest rate within established time frames. Market risk arises if interest rates move adversely between the time of the "lock-in" of rates by the borrower and the sale date of the loan to an investor. To mitigate the effect of the interest rate risk inherent in providing rate lock commitments to borrowers, the Company enters into optional or mandatory delivery forward sale contracts to sell whole loans and mortgage-backed securities to broker-dealers. The forward sale contracts lock in an interest rate and price for the sale of loans similar to the specific rate lock commitments. The Company does not engage in speculative trading or derivative activities. Both the rate lock commitments to borrowers and the forward sale contracts to broker-dealers or investors are undesignated derivatives, and accordingly, are marked to fair value through earnings. Changes in fair value measurements are included in earnings in the accompanying statements of income.

The fair value of mortgage loans held for sale is estimated based primarily on published prices for mortgage-backed securities with similar characteristics. To calculate the effects of interest rate movements, the Company utilizes applicable published mortgage-backed security prices, and multiplies the price movement between the rate lock date and the balance sheet date by the notional loan commitment amount. The Company applies a fallout rate to IRLCs when measuring the fair value of rate lock commitments. Fallout is defined as locked loan commitments for which the Company does not close a mortgage loan and is based on management's judgment and company experience.

The Company sells loans on a servicing released or servicing retained basis and receives servicing compensation. Thus, the value of the servicing rights included in the fair value measurement is based upon contractual terms with investors and depends on the loan type. Mortgage servicing rights (Level 3 financial instruments as they are measured using significant unobservable inputs such as mortgage prepayment rates, discount rates and delinquency rates) are periodically evaluated for impairment. The

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amount of impairment is the amount by which the mortgage servicing rights, net of accumulated amortization, exceed their fair value, which is calculated using third-party valuations. Impairment, if any, is recognized through a valuation allowance and a reduction of revenue. Both the carrying value and fair value of our mortgage servicing rights were $8.3 million at September 30, 2025. At December 31, 2024, both the carrying value and fair value of our mortgage servicing rights were $9.9 million.

The fair value of the Company's forward sales contracts to broker-dealers solely considers the market price movement of the same type of security between the trade date and the balance sheet date. The market price changes are multiplied by the notional amount of the forward sales contracts to measure the fair value.

***Interest Rate Lock Commitments.*** IRLCs are extended to certain homebuying customers who have applied for a mortgage loan and meet certain defined credit and underwriting criteria. Typically, the IRLCs will have a term of less than six months; however, in certain markets, the term could extend to twelve months.

Some IRLCs are committed to a specific third-party investor through the use of whole loan delivery commitments matching the exact terms of the IRLC loan. Uncommitted IRLCs are considered derivative instruments and are fair value adjusted, with the resulting gain or loss recorded in current earnings.

***Forward Sales of Mortgage-Backed Securities.*** Forward sales of mortgage-backed securities ("FMBSs") are used to protect uncommitted IRLC loans against the risk of changes in interest rates between the lock date and the funding date. FMBSs related to uncommitted IRLCs and FMBSs related to mortgage loans held for sale are classified and accounted for as non-designated derivative instruments and are recorded at fair value, with gains and losses recorded in current earnings.

***Mortgage Loans Held for Sale.*** Mortgage loans held for sale consists primarily of single-family residential loans collateralized by the underlying property. Generally, all of the mortgage loans and related servicing rights are sold to third-party investors shortly after origination. During the period between when a loan is closed and when it is sold to an investor, the interest rate risk is covered through the use of a whole loan contract or by FMBSs.

The table below shows the notional amounts of our financial instruments at September 30, 2025 and December 31, 2024:

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| | | |
|:---|:---|:---|
| Description of Financial Instrument (in thousands) | **September 30, 2025** | December 31, 2024 |
| Whole loan contracts and related committed IRLCs | $**3401** | $— |
| Uncommitted IRLCs | **320905** | 215696 |
| FMBSs related to uncommitted IRLCs | **344000** | 228000 |
| Whole loan contracts and related mortgage loans held for sale | **10310** | 17667 |
| FMBSs related to mortgage loans held for sale | **247000** | 252000 |
| Mortgage loans held for sale covered by FMBSs | **231158** | 276140 |

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The following table sets forth the amount of (loss) gain recognized, within our revenue in the Unaudited Condensed Consolidated Statements of Income, on assets and liabilities measured on a recurring basis for the three and nine months ended September 30, 2025 and 2024:

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
| Description (in thousands) | **2025** | 2024 | **2025** | 2024 |
| Mortgage loans held for sale | $**443** | $3569 | $**5896** | $98 |
| Forward sales of mortgage-backed securities | **2052** | (2896) | **(7092)** | 5992 |
| Interest rate lock commitments | **168** | 1709 | **4789** | (470) |
| Whole loan contracts | **(488)** | 493 | **156** | 444 |
| Total gain (loss) recognized | $**2175** | $2875 | $**3749** | $6064 |

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The following tables set forth the fair value of the Company's derivative instruments and their location within the Unaudited Condensed Consolidated Balance Sheets for the periods indicated (except for mortgage loans held for sale which are disclosed as a separate line item):

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Asset Derivatives** | **Asset Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
| | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** |
|<br>Description of Derivatives | **Balance Sheet <br>Location** | **Fair Value <br>(in thousands)** | **Balance Sheet Location** | **Fair Value <br>(in thousands)** |
| Forward sales of mortgage-backed securities | **Other assets** | $**—** | **Other liabilities** | $**4146** |
| Interest rate lock commitments | **Other assets** | **5383** | **Other liabilities** | **—** |
| Whole loan contracts | **Other assets** | **—** | **Other liabilities** | **770** |
| Total fair value measurements |  | $**5383** |  | $**4916** |

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| | | | | |
|:---|:---|:---|:---|:---|
| | Asset Derivatives | Asset Derivatives | Liability Derivatives | Liability Derivatives |
| | December 31, 2024 | December 31, 2024 | December 31, 2024 | December 31, 2024 |
| Description of Derivatives | Balance Sheet <br>Location | Fair Value <br>(in thousands) | Balance Sheet Location | Fair Value <br>(in thousands) |
| Forward sales of mortgage-backed securities | Other assets | $2946 | Other liabilities | $— |
| Interest rate lock commitments | Other assets | 532 | Other liabilities |  |
| Whole loan contracts | Other assets |  | Other liabilities | 864 |
| Total fair value measurements |  | $3478 |  | $864 |

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***<u>Assets Measured on a Non-Recurring Basis</u>***

***Inventory.*** The Company assesses inventory for recoverability on a quarterly basis based on the difference in the carrying value of the inventory and its fair value at the time of the evaluation. Determining the fair value of a community's inventory involves a number of variables, estimates and projections, which are Level 3 measurement inputs. See Note 1, "Summary of Significant Accounting Policies - Inventory" in the 2024 Form 10-K for additional information regarding the Company's methodology for determining fair value.

The Company uses significant assumptions to evaluate the recoverability of its inventory, such as estimated average selling price, construction and development costs, absorption rate (reflecting any product mix change strategies implemented or to be implemented), selling strategies, alternative land uses (including disposition of all or a portion of the land owned), or discount rates. Changes in these assumptions could materially impact future cash flow and fair value estimates and may lead the Company to incur additional impairment charges in the future. Our analysis is conducted only if indicators of a decline in value of our inventory exist, which include, among other things, declines in gross margin on sales contracts in backlog or homes that have been delivered, slower than anticipated absorption pace, declines in average sales price or high incentive offers by management to improve absorptions, declines in margins regarding future land sales, or declines in the value of the land itself as a result of third party appraisals. If communities are not recoverable based on the estimated future undiscounted cash flows, the impairment to be recognized is measured as the amount by which the carrying amount of the assets exceeds the estimated fair value of the assets. During the three and nine months ended September 30, 2025, the Company recorded $6.0 million of inventory impairment charges and $1.6 million of write-offs of land deposits for land we no longer intend to acquire as part of our efforts to optimize our land portfolio.

***Investment in Unconsolidated Joint Ventures.*** We evaluate our investments in unconsolidated joint ventures for impairment on a quarterly basis based on the difference in the investment's carrying value and its fair value at the time of the evaluation. If the Company has determined that the decline in value is other than temporary, the Company would write down the value of the investment to its estimated fair value. Determining the fair value of investments in unconsolidated joint ventures involves a number of variables, estimates and assumptions, which are Level 3 measurement inputs. See Note 1, "Summary of Significant Accounting Policies - Investment in Unconsolidated Joint Ventures," in the 2024 Form 10-K for additional information regarding the Company's methodology for determining fair value. Because of the high degree of judgment involved in developing these assumptions, it is possible that changes in these assumptions could materially impact future cash flow and fair value estimates of the investments which may lead the Company to incur additional impairment charges in the future. During the three and nine months ended September 30, 2025 and 2024, the Company did not record any impairment charges on its investments in unconsolidated joint ventures.

***<u>Financial Instruments</u>***

***Counterparty Credit Risk.*** To reduce the risk associated with losses that would be recognized if counterparties failed to perform as contracted, the Company limits the entities with whom management can enter into commitments. This risk of accounting loss

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is the difference between the market rate at the time of non-performance by the counterparty and the rate to which the Company committed.

The following table presents the carrying amounts and fair values of the Company's financial instruments at September 30, 2025 and December 31, 2024. The objective of the fair value measurement is to estimate the price at which an orderly transaction to sell the asset or transfer the liability would take place between market participants at the measurement date under current market conditions.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | **September 30, 2025** | **September 30, 2025** | December 31, 2024 | December 31, 2024 |
| (In thousands) | **Fair Value Hierarchy** | **Carrying Amount** | **Fair Value** | Carrying Amount | Fair Value |
| Assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash, cash equivalents and restricted cash | Level 1 | $**734174** | $**734174** | $821570 | $821570 |
| &nbsp;&nbsp;&nbsp;&nbsp;Mortgage loans held for sale | Level 2 | **239585** | **239585** | 283540 | 283540 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest rate lock commitments | Level 2 | **5383** | **5383** | 532 | 532 |
| &nbsp;&nbsp;&nbsp;&nbsp;Forward sales of mortgage-backed securities | Level 2 | **—** | **—** | 2946 | 2946 |
| Liabilities: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Notes payable - homebuilding operations | Level 2 | **—** | **—** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Notes payable - financial services operations | Level 2 | **231979** | **231979** | 286159 | 286159 |
| &nbsp;&nbsp;&nbsp;&nbsp;Senior notes due 2028 <sup>(a)</sup> | Level 2 | **400000** | **397500** | 400000 | 383500 |
| &nbsp;&nbsp;&nbsp;&nbsp;Senior notes due 2030 <sup>(a)</sup> | Level 2 | **300000** | **286125** | 300000 | 267375 |
| &nbsp;&nbsp;&nbsp;&nbsp;Whole loan contracts for committed IRLCs and mortgage loans held for sale | Level 2 | **770** | **770** | 864 | 864 |
| &nbsp;&nbsp;&nbsp;&nbsp;Forward sales of mortgage-backed securities | Level 2 | **4146** | **4146** |  |  |

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(a)Our senior notes are stated at the principal amount outstanding which does not include the impact of premiums, discounts, and debt issuance costs that are amortized to interest cost over the respective terms of the notes.

The following methods and assumptions were used by the Company in estimating its fair value disclosures of financial instruments at September 30, 2025 and December 31, 2024:

***Cash, Cash Equivalents and Restricted Cash.*** The carrying amounts of these items approximate fair value because they are short-term by nature.

***Mortgage Loans Held for Sale, Forward Sales of Mortgage-Backed Securities, Interest Rate Lock Commitments, Whole Loan Contracts for Committed IRLCs and Mortgage Loans Held for Sale, Senior Notes due 2028 and Senior Notes due 2030.*** The fair value of these financial instruments was determined based upon market quotes at September 30, 2025 and December 31, 2024. The market quotes used were quoted prices for similar assets or liabilities along with inputs taken from observable market data by correlation. The inputs were adjusted to account for the condition of the asset or liability.

***Notes Payable - Homebuilding Operations.*** The interest rate available to the Company during the quarter ended September 30, 2025 under the Company's $900 million unsecured revolving credit facility, dated July 18, 2013, as amended (the "Credit Facility"), fluctuated daily with the secured overnight financing rate ("SOFR") plus a margin of 150 basis points, and thus the carrying value is a reasonable estimate of fair value. See <u>[Note 8](#i7bd753579b4d47fc8aa79b5141e3b17b_73)</u> to our financial statements for additional information regarding the Credit Facility.

***Notes Payable - Financial Services Operations.*** M/I Financial, LLC, a 100% owned subsidiary of M/I Homes, Inc. ("M/I Financial"), is a party to a $300 million mortgage repurchase agreement, as amended (the "MIF Mortgage Repurchase Facility"). The interest rate for the MIF Mortgage Repurchase Facility is based on a variable rate index, and thus its carrying value is a reasonable estimate of fair value. The interest rate available to M/I Financial fluctuated with SOFR. See <u>[Note 8](#i7bd753579b4d47fc8aa79b5141e3b17b_73)</u> to our financial statements for additional information regarding the MIF Mortgage Repurchase Facility.

**NOTE 5. Guarantees and Indemnifications**

In the ordinary course of business, M/I Financial enters into agreements that provide a limited-life guarantee on loans sold to certain third-party purchasers of its mortgage loans that M/I Financial will repurchase a loan if certain conditions occur, primarily if the mortgagor does not meet the terms of the loan within the first six months after the sale of the loan. Loans totaling approximately $816.5 million and $936.0 million were covered under these guarantees as of September 30, 2025 and December 31, 2024, respectively. The decrease in loans covered by these guarantees from December 31, 2024 is a result of a change in the mix of investors and their related purchase terms. A portion of the revenue paid to M/I Financial for providing the guarantees on these loans was deferred at September 30, 2025, and will be recognized in income as M/I Financial is released

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from its obligation under the guarantees. The risk associated with the guarantees above is offset by the value of the underlying assets.

M/I Financial has received inquiries concerning underwriting matters from purchasers of its loans regarding certain loans totaling approximately $1.0 million and $4.7 million for September 30, 2025 and December 31, 2024, respectively.

M/I Financial has also guaranteed the collectability of certain loans to third party insurers (U.S. Department of Housing and Urban Development and U.S. Veterans Administration) of those loans for periods ranging from five to thirty years. The maximum potential amount of future payments is equal to the outstanding loan value less the value of the underlying asset plus administrative costs incurred related to foreclosure on the loans, should this event occur.

The Company recorded a liability relating to the guarantees described above totaling $1.2 million and $1.3 million for periods ending September 30, 2025 and December 31, 2024, respectively which is management's best estimate of the Company's liability with respect to such guarantees.

**NOTE 6. Commitments and Contingencies**

***Warranty***

We use subcontractors for nearly all aspects of home construction. Although our subcontractors are generally required to repair and replace any product or labor defects, we are, during applicable warranty periods, ultimately responsible to the homeowner for making such repairs. As such, we record warranty reserves to cover our exposure to the costs for materials and labor not expected to be covered by our subcontractors to the extent they relate to warranty-type claims. Warranty reserves are established by charging cost of sales and crediting a warranty reserve for each home delivered. The amounts charged are estimated by management to be adequate to cover expected warranty-related costs under the Company's warranty programs. Warranty reserves are recorded for warranties under our Home Builder's Limited Warranty ("HBLW") and our transferable structural warranty in Other Liabilities on the Company's Unaudited Condensed Consolidated Balance Sheets.

The warranty reserves for the HBLW are established as a percentage of average sales price and adjusted based on historical payment patterns determined, generally, by geographic area and recent trends. Factors that are given consideration in determining the HBLW reserves include: (1) the historical range of amounts paid per average sales price on a home; (2) type and mix of amenity packages added to the home; (3) any warranty expenditures not considered to be normal and recurring; (4) timing of payments; (5) improvements in quality of construction expected to impact future warranty expenditures; and (6) conditions that may affect certain projects and require a different percentage of average sales price for those specific projects. Changes in estimates for warranties occur due to changes in the historical payment experience and differences between the actual payment pattern experienced during the period and the historical payment pattern used in our evaluation of the warranty reserve balance at the end of each quarter. Actual future warranty costs could differ from our current estimated amount.

Our warranty reserves for our transferable structural warranty programs are established on a per-unit basis. While the structural warranty reserve is recorded as each house is delivered, the sufficiency of the structural warranty per unit charge and total reserve is reevaluated on an annual basis, with the assistance of an actuary, using our own historical data and trends, industry-wide historical data and trends, and other project specific factors. The reserves are also evaluated quarterly and adjusted if we encounter activity that is inconsistent with the historical experience used in the annual analysis. These reserves are subject to variability due to uncertainties regarding structural defect claims for products we build, the markets in which we build, claim settlement history, insurance and legal interpretations, among other factors.

Our warranty reserve amounts are based upon historical experience and geographic location. While we believe that our warranty reserves are sufficient to cover our projected costs, there can be no assurances that historical data and trends will accurately predict our actual warranty costs.

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A summary of warranty activity for the three and nine months ended September 30, 2025 and 2024 is as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
| (In thousands) | **2025** | 2024 | **2025** | 2024 |
| Warranty reserves, beginning of period | $**35232** | $33061 | $**36219** | $31980 |
| Warranty expense on homes delivered during the period | **6158** | 6131 | **17707** | 17634 |
| Changes in estimates for pre-existing warranties | **547** | 915 | **493** | 1517 |
| Settlements made during the period | **(6213)** | (6305) | **(18695)** | (17329) |
| Warranty reserves, end of period | $**35724** | $33802 | $**35724** | $33802 |

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***Performance Bonds and Letters of Credit***

At September 30, 2025, the Company had outstanding approximately $567.8 million of completion bonds and standby letters of credit, some of which were issued to various local governmental entities that expire at various times through September 2030. Included in this total are: (1) $471.0 million of performance and maintenance bonds and $77.6 million of performance letters of credit that serve as completion bonds for land development work in progress; (2) $13.3 million of financial letters of credit, of which $12.9 million represent deposits on land and lot purchase agreements; (3) $4.7 million of financial bonds; and (4) $1.2 million of corporate notes.

***Land Option Contracts and Other Similar Contracts***

At September 30, 2025, the Company also had options and contingent purchase agreements to acquire land and developed lots with an aggregate purchase price of approximately $1.61 billion. Purchase of properties under these agreements is contingent upon satisfaction of certain requirements by the Company and the sellers.

***Legal Matters***

The Company and certain of its subsidiaries have been named as defendants in certain legal proceedings which are incidental to our business. While management currently believes that the ultimate resolution of these other legal proceedings, individually and in the aggregate, will not have a material adverse effect on the Company's financial position, results of operations and cash flows, such legal proceedings are subject to inherent uncertainties. The Company has recorded a liability to provide for the anticipated costs, including legal defense costs, associated with the resolution of these other legal proceedings. However, the possibility exists that the costs to resolve these legal proceedings could differ from the recorded estimates and, therefore, have a material effect on the Company's net income for the periods in which they are resolved. For September 30, 2025 and December 31, 2024, the Company had $1.4 million and $1.2 million, respectively, reserved for legal expenses.

**NOTE 7. Goodwill**

Goodwill represents the excess of the purchase price paid over the fair value of the net assets acquired and liabilities assumed in business combinations. In connection with the Company's acquisition of the homebuilding assets and operations of Pinnacle Homes in Detroit, Michigan in March 2018, the Company recorded goodwill of $16.4 million, which is included as Goodwill in our Consolidated Balance Sheets. This amount was based on the estimated fair values of the acquired assets and liabilities at the date of the acquisition in accordance with ASC 350.

In accordance with ASC 350, the Company analyzes goodwill for impairment on an annual basis (or more often if indicators of impairment exist). The Company performs a qualitative assessment to determine whether the existence of events or circumstances leads to a determination that it is more likely than not that the fair value of a reporting unit is less than its carrying amount. If the qualitative assessment indicates that it is more likely than not that the fair value of the reporting unit is less than its carrying amount, then a quantitative assessment is performed to determine the reporting unit's fair value. If the reporting unit's carrying value exceeds its fair value, then an impairment loss is recognized for the amount of the excess of the carrying amount over the reporting unit's fair value. The Company performed its annual goodwill impairment analysis via a quantitative test during the fourth quarter of 2024, and there was no impairment recorded at December 31, 2024. At September 30, 2025, no indicators for impairment existed and therefore no impairment was recorded. However, we will continue to monitor the fair value of the reporting unit in future periods if conditions worsen or other events occur that could impact the fair value of the reporting unit.

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**NOTE 8. Debt**

***Notes Payable - Homebuilding***

On September 18, 2025, the Company entered into an amendment to the Credit Facility which, among other things, (1) increased the commitments from lenders to $900 million, (2) extended the maturity to September 18, 2030, (3) increased the accordion feature pursuant to which the maximum borrowing availability may be increased to an aggregate of $1.05 billion, subject to obtaining additional commitments from lenders, (4) decreased the SOFR margin to 150 basis points from 175 basis points (subject to adjustment in subsequent quarterly periods based on the Company's then applicable leverage ratio), (5) decreased the commitment fee paid quarterly by the Company on the remaining available commitment amount by 5 basis points to 25 basis points (subject to adjustment in subsequent quarterly periods based on the Company's then applicable leverage ratio) and (6) increased the borrowing base advance rates for certain categories of inventory used to calculate the available amount under the Credit Facility.

Interest on amounts borrowed under the Credit Facility is payable at multiple interest rate options including one, three or six month adjusted term SOFR plus a margin of 150 basis points (subject to adjustment in subsequent quarterly periods based on the Company's leverage ratio). The Credit Facility also contains certain financial covenants. At September 30, 2025, the Company was in compliance with all financial covenants of the Credit Facility.

The available amount under the Credit Facility is computed in accordance with a borrowing base, which is calculated by applying various advance rates for different categories of inventory, and totaled $2.47 billion of availability for additional senior debt at September 30, 2025. As a result, the full $900 million commitment amount of the Credit Facility was available, less any borrowings and letters of credit outstanding. At September 30, 2025, there were no borrowings outstanding and $91.0 million of letters of credit outstanding, leaving a net remaining borrowing availability of $809.0 million. The Credit Facility includes a $250 million sub-facility for letters of credit.

The Company's obligations under the Credit Facility are guaranteed by all of the Company's subsidiaries, with the exception of subsidiaries that are primarily engaged in the business of mortgage financing, title insurance or similar financial businesses relating to the homebuilding and home sales business, certain subsidiaries that are not 100%-owned by the Company or another subsidiary, and other subsidiaries designated by the Company as Unrestricted Subsidiaries (as defined in the Credit Facility), subject to limitations on the aggregate amount invested in such Unrestricted Subsidiaries in accordance with the terms of the Credit Facility and the indentures governing the Company's $300.0 million aggregate principal amount of 3.95% Senior Notes due 2030 (the "2030 Senior Notes") and the Company's $400.0 million aggregate principal amount of 4.95% Senior Notes due 2028 (the "2028 Senior Notes"). The guarantors for the Credit Facility (the "Subsidiary Guarantors") are the same subsidiaries that guarantee the 2030 Senior Notes and the 2028 Senior Notes.

The Company's obligations under the Credit Facility are general, unsecured senior obligations of the Company and the Subsidiary Guarantors and rank equally in right of payment with all our and the Subsidiary Guarantors' existing and future unsecured senior indebtedness. Our obligations under the Credit Facility are effectively subordinated to our and the Subsidiary Guarantors' existing and future secured indebtedness with respect to any assets comprising security or collateral for such indebtedness.

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***Notes Payable - Financial Services***

The MIF Mortgage Repurchase Facility is used to finance eligible residential mortgage loans originated by M/I Financial. M/I Financial pays interest on each advance under the MIF Mortgage Repurchase Facility at a per annum rate based on Daily Adjusting One-Month Term SOFR plus a margin as defined in the repurchase agreement. The MIF Mortgage Repurchase Facility also contains certain financial covenants. At September 30, 2025, M/I Financial was in compliance with all financial covenants of the MIF Mortgage Repurchase Facility.

At both September 30, 2025 and December 31, 2024, M/I Financial's maximum borrowing availability under the MIF Mortgage Repurchase Facility was $300 million. At September 30, 2025 and December 31, 2024, M/I Financial had $232.0 million and $286.2 million, respectively, in borrowings outstanding under the MIF Mortgage Repurchase Facility.

On October 21, 2025, M/I Financial entered into an amendment to the MIF Mortgage Repurchase Facility and a new mortgage repurchase agreement ("MIF Master Repurchase Agreement"). The amendment to the MIF Mortgage Repurchase Facility extends the term of the MIF Mortgage Repurchase Facility for an additional year to October 20, 2026 and decreases the aggregate commitment amount to $200 million. The MIF Master Repurchase Agreement provides for an uncommitted maximum borrowing availability of $100 million and expires on October 20, 2026 or upon agent demand with a 30 day notice. The MIF Master Repurchase Agreement is used to finance eligible residential mortgage loans originated by M/I Financial. M/I Financial pays interest on each advance under the MIF Master Repurchase Agreement at a per annum rate based on Daily Simple SOFR plus a margin as defined in the agreement. The MIF Master Repurchase Agreement contains the same financial covenants as the MIF Mortgage Repurchase Facility, each of which is defined in the MIF Mortgage Repurchase Facility. As of the date of this report, M/I Financial's total combined maximum borrowing availability under the MIF Mortgage Repurchase Facility and the MIF Master Repurchase Agreement was $300 million.

***Senior Notes*** 

As of both September 30, 2025 and December 31, 2024, we had $300.0 million of our 2030 Senior Notes outstanding. The 2030 Senior Notes bear interest at a rate of 3.95% per year, payable semiannually in arrears on February 15 and August 15 of each year, and mature on February 15, 2030. The Company may redeem some or all of the 2030 Senior Notes at any time prior to August 15, 2029 (the date that is six months prior to the maturity of the 2030 Senior Notes), at a redemption price equal to 100% of the principal amount thereof, plus accrued and unpaid interest, if any, to, but not including, the redemption date, plus a "make-whole" amount set forth in the indenture governing the 2030 Senior Notes. In addition, on or after August 15, 2029 (the date that is six months prior to the maturity of the 2030 Senior Notes), the Company may redeem some or all of the 2030 Senior Notes at a redemption price equal to 100.000% of the principal amount thereof, plus accrued and unpaid interest, if any, to, but not including, the redemption date.

As of both September 30, 2025 and December 31, 2024, we had $400.0 million of our 2028 Senior Notes outstanding. The 2028 Senior Notes bear interest at a rate of 4.95% per year, payable semiannually in arrears on February 1 and August 1 of each year and mature on February 1, 2028. We may redeem all or any portion of the 2028 Senior Notes at a stated redemption price, together with accrued and unpaid interest thereon. The redemption price is currently 101.238% of the principal amount outstanding and will decline to 100.000% of the principal amount outstanding if redeemed on or after February 1, 2026, but prior to maturity.

The 2030 Senior Notes contain certain covenants, as more fully described and defined in the indenture governing the 2030 Senior Notes, which limit the ability of the Company and the restricted subsidiaries to, among other things: incur certain liens securing indebtedness without equally and ratably securing the 2030 Senior Notes and the guarantees thereof; enter into certain sale and leaseback transactions; and consolidate or merge with or into other companies, liquidate or sell or otherwise dispose of all or substantially all of the Company's assets. These covenants are subject to a number of exceptions and qualifications as described in the indenture governing the 2030 Senior Notes. As of September 30, 2025, the Company was in compliance with all terms, conditions, and covenants under the indenture.

The 2028 Senior Notes contain certain covenants, as more fully described and defined in the indenture governing the 2028 Senior Notes, which limit the ability of the Company and the restricted subsidiaries to, among other things: incur additional indebtedness; make certain payments, including dividends, or repurchase any shares, in an aggregate amount exceeding our "restricted payments basket"; make certain investments; and create or incur certain liens, consolidate or merge with or into other companies, or liquidate or sell or transfer all or substantially all of our assets. These covenants are subject to a number of exceptions and qualifications as described in the indenture governing the 2028 Senior Notes. As of September 30, 2025, the Company was in compliance with all terms, conditions, and covenants under the indenture.

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The 2030 Senior Notes and the 2028 Senior Notes are fully and unconditionally guaranteed jointly and severally on a senior unsecured basis by the Subsidiary Guarantors. The 2030 Senior Notes and the 2028 Senior Notes are general, unsecured senior obligations of the Company and the Subsidiary Guarantors and rank equally in right of payment with all our and the Subsidiary Guarantors' existing and future unsecured senior indebtedness. The 2030 Senior Notes and the 2028 Senior Notes are effectively subordinated to our and the Subsidiary Guarantors' existing and future secured indebtedness with respect to any assets comprising security or collateral for such indebtedness.

The indenture governing the 2028 Senior Notes limits our ability to pay dividends on, and repurchase, our common shares and any of our preferred shares then outstanding to the amount of the positive balance in our "restricted payments basket," as defined in the indenture. The "restricted payments basket" is equal to $125.0 million plus (1) 50% of our aggregate consolidated net income (or minus 100% of our aggregate consolidated net loss) from October 1, 2015, excluding income or loss from Unrestricted Subsidiaries (as defined in the indenture), plus (2) 100% of the net cash proceeds from either contributions to the common equity of the Company after December 1, 2015 or the sale of qualified equity interests after December 1, 2015, plus other items and subject to other exceptions. The positive balance in our restricted payments basket was $900.9 million at September 30, 2025 and $900.2 million at December 31, 2024. The determination to pay future dividends on, or make future repurchases of, our common shares will be at the discretion of our board of directors and will depend upon our results of operations, financial condition, capital requirements and compliance with debt covenants, and other factors deemed relevant by our board of directors (see <u>[Note 12](#i7bd753579b4d47fc8aa79b5141e3b17b_91)</u> to our financial statements for more information).

**NOTE 9. Earnings Per Common Share**

The table below presents a reconciliation between basic and diluted weighted average shares outstanding, net income, and basic and diluted income per common share for the three and nine months ended September 30, 2025 and 2024:

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** | **Nine Months Ended** | **Nine Months Ended** |
| | **September 30,** | **September 30,** | **September 30,** | **September 30,** |
| (In thousands, except per common share amounts) | **2025** | 2024 | **2025** | 2024 |
| **NUMERATOR** |  |  |  |  |
| Net income | $**106490** | $145449 | $**338970** | $430256 |
| **DENOMINATOR** |  |  |  |  |
| Basic weighted average shares outstanding | **26544** | 27644 | **26895** | 27857 |
| Dilutive securities | **644** | 890 | **618** | 846 |
| Diluted weighted average shares outstanding | **27188** | 28534 | **27513** | 28703 |
| Earnings per common share: |  |  |  |  |
| Basic | $**4.01** | $5.26 | $**12.60** | $15.45 |
| Diluted | $**3.92** | $5.10 | $**12.32** | $14.99 |
| Anti-dilutive equity awards not included in the calculation of diluted earnings per common share | **—** |  | **—** |  |

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**NOTE 10. Income Taxes**

The Inflation Reduction Act (IRA) was enacted on August 16, 2022 to address the high cost of prescription drugs, healthcare availability, climate change and inflation. The IRA extended the energy efficient homes credit through 2032 and, as a result, the Company recognized a $2.8 million tax benefit for energy efficient homes credit during both the nine months ended September 30, 2025 and the nine months ended September 30, 2024. The One Big Beautiful Bill Act (OBBBA) was enacted on July 4, 2025 which accelerates the termination date of the energy efficient homes credit to June 30, 2026. The Company is still assessing the full impact that the OBBBA will have on its consolidated financial statements.

During the three months ended September 30, 2025 and 2024, the Company recorded a tax provision of $33.3 million and $43.2 million, respectively, which reflects income tax expense related to income before income taxes for the periods. The effective tax rate for the three months ended September 30, 2025 and 2024 was 23.8% and 22.9%, respectively. The increase in the effective rate from the three months ended September 30, 2024 was primarily attributable to a $1.0 million decrease in tax benefits from equity compensation in 2025.

During the nine months ended September 30, 2025 and 2024, the Company recorded a tax provision of $107.1 million and $132.8 million, respectively. The effective tax rate for the nine months ended September 30, 2025 and 2024 was 24.0% and 23.6%, respectively. The increase in the effective rate from the nine months ended September 30, 2024 was primarily attributable to a $2.3 million decrease in tax benefit from equity compensation in 2025.

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**NOTE 11. Business Segments**

The Company's chief operating decision makers evaluate the Company's performance in various ways, including: (1) the results of our individual homebuilding operating segments and the results of our financial services operations; (2) the results of our homebuilding reportable segments; and (3) our consolidated financial results.

In accordance with ASC 280, *Segment Reporting* ("ASC 280"), we have identified each homebuilding division as an operating segment and have elected to aggregate our operating segments into separate reportable segments as they share similar aggregation characteristics prescribed in ASC 280 in the following regards: (1) long-term economic characteristics; (2) historical and expected future long-term gross margin percentages; (3) housing products, production processes and methods of distribution; and (4) geographical proximity.

The homebuilding operating segments that comprise each of our reportable segments are as follows:

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| | |
|:---|:---|
| <u>Northern</u> | <u>Southern</u> |
| Chicago, Illinois | Ft. Myers/Naples, Florida |
| Cincinnati, Ohio | Orlando, Florida |
| Columbus, Ohio | Sarasota, Florida |
| Indianapolis, Indiana | Tampa, Florida |
| Minneapolis/St. Paul, Minnesota | Austin, Texas |
| Detroit, Michigan | Dallas/Fort Worth, Texas |
| | Houston, Texas |
| | San Antonio, Texas |
| | Charlotte, North Carolina |
| | Raleigh, North Carolina |
| | Nashville, Tennessee |

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The following table shows, by segment: revenue; cost of sales; selling, general and administrative expense; operating income; interest (income) expense; and income before income taxes for the three and nine months ended September 30, 2025 and 2024:

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
| (In thousands) | **2025** | 2024 | **2025** | 2024 |
| **Revenue:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Northern homebuilding | $**487931** | $498503 | $**1386558** | $1371804 |
| &nbsp;&nbsp;&nbsp;Southern homebuilding | **609211** | 614436 | **1786299** | 1839895 |
| &nbsp;&nbsp;Financial services <sup>(a)</sup> | **34649** | 29970 | **97619** | 87694 |
| Total revenue | $**1131791** | $1142909 | $**3270476** | $3299393 |
| **Cost of Sales:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Northern homebuilding | $**375573** | $387709 | $**1072011** | $1065250 |
| &nbsp;&nbsp;&nbsp;Southern homebuilding | **486132** | 445759 | **1388977** | 1332079 |
| &nbsp;&nbsp;Financial services <sup>(a)</sup> | **—** |  | **—** | **—** |
| Total cost of sales <sup>(b)</sup> | $**861705** | $833468 | $**2460988** | $2397329 |
| **General and administrative expense:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Northern homebuilding | $**10579** | $10605 | $**30538** | $30170 |
| &nbsp;&nbsp;&nbsp;Southern homebuilding | **21160** | 20750 | **60972** | 56381 |
| &nbsp;&nbsp;Financial services <sup>(a)</sup> | **14681** | 13402 | **41342** | 38056 |
| Segment general and administrative expense | $**46420** | $44757 | $**132852** | $124607 |
| &nbsp;&nbsp;&nbsp;Corporate and unallocated general and administrative expense | **24346** | 23528 | **64234** | 63756 |
| Total general and administrative expense | $**70766** | $68285 | $**197086** | $188363 |
| **Selling expense:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Northern homebuilding | $**24411** | $24704 | $**70035** | $70017 |
| &nbsp;&nbsp;&nbsp;Southern homebuilding | **39030** | 33787 | **108730** | 99702 |
| &nbsp;&nbsp;Financial services <sup>(a)</sup> | **—** |  | **—** |  |
| Segment selling expense | $**63441** | $58491 | $**178765** | $169719 |
| &nbsp;&nbsp;&nbsp;Corporate and unallocated selling expense | **608** | 672 | **1725** | 1879 |
| Total selling expense | $**64049** | $59163 | $**180490** | $171598 |
| **Operating income:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Northern homebuilding | $**77368** | $75485 | $**213974** | $206367 |
| &nbsp;&nbsp;&nbsp;Southern homebuilding | **62889** | 114140 | **227620** | 351733 |
| &nbsp;&nbsp;Financial services <sup>(a)</sup> | **19968** | 16568 | **56277** | 49638 |
| Segment operating income | $**160225** | $206193 | $**497871** | $607738 |
| &nbsp;&nbsp;&nbsp; Corporate selling, general and administrative expense | **(24954)** | (24200) | **(65959)** | (65635) |
| Total operating income <sup>(b)</sup> | $**135271** | $181993 | $**431912** | $542103 |
| **Interest (income) expense - net:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Northern homebuilding | $**(22)** | $(59) | $**(69)** | $(195) |
| &nbsp;&nbsp;&nbsp;Southern homebuilding | **(192)** | (618) | **(194)** | (1016) |
| &nbsp;&nbsp;Financial services <sup>(a)</sup> | **3370** | 3632 | **9097** | 9990 |
| Segment Interest (income) expense - net | $**3156** | $2955 | $**8834** | $8779 |
| &nbsp;&nbsp;&nbsp;Corporate Interest (income) expense - net | **(7704)** | (9635) | **(22956)** | (29727) |
| Total interest income, net of interest expense | $**(4548)** | $(6680) | $**(14122)** | $(20948) |
| Income before income taxes | $**139819** | $188673 | $**446034** | $563051 |

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(a)Our financial services operational results should be viewed in connection with our homebuilding business as its operations originate loans and provide title services primarily for our homebuying customers, with the exception of an immaterial amount of mortgage refinancing.

(b)For the quarter ended September 30, 2025, total cost of sales and operating income was reduced by $7.6 million, related to inventory impairment charges and land deposit write-offs taken during the period. $1.3 million and $6.3 million of these charges and write-offs were attributable to the Northern homebuilding operating segment and the Southern homebuilding operating segment, respectively.

.

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The following tables show total assets by segment at September 30, 2025 and December 31, 2024:

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | | |
| (In thousands) | **Northern** | **Southern** |  | **Financial Services** | **Segment<br>Total** | **Corporate and Unallocated** | **Total** |
| Deposits on real estate under option or contract | $**17148** | $**64372** |  | $**—** | $**81520** | $**—** | $**81520** |
| Inventory <sup>(a)</sup> | **1171163** | **2160147** |  | **—** | **3331310** | **—** | **3331310** |
| Investments in joint venture arrangements | **—** | **81514** |  | **—** | **81514** | **—** | **81514** |
| Other assets | **41643** | **142135** | <sup>(b)</sup> | **327427** | **511205** | **763995** | **1275200** |
| Total assets | $**1229954** | $**2448168** |  | $**327427** | $**4005549** | $**763995** | $**4769544** |

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | December 31, 2024 | December 31, 2024 | December 31, 2024 | December 31, 2024 | December 31, 2024 | | |
| (In thousands) | Northern | Southern |  | Financial Services | Segment<br>Total | Corporate and Unallocated | Total |
| Deposits on real estate under option or contract | $12209 | $57274 |  | $— | $69483 | $— | $69483 |
| Inventory <sup>(a)</sup> | 1041713 | 1980666 |  |  | 3022379 |  | 3022379 |
| Investments in joint venture arrangements |  | 65334 |  |  | 65334 |  | 65334 |
| Other assets | 37721 | 132316 | <sup>(b)</sup> | 370558 | 540595 | 852005 | 1392600 |
| Total assets | $1091643 | $2235590 |  | $370558 | $3697791 | $852005 | $4549796 |

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(a)Inventory includes single-family lots, land and land development costs; land held for sale; homes under construction; model homes and furnishings; community development district infrastructure; and consolidated inventory not owned.

(b)Includes development reimbursements from local municipalities.

**NOTE 12. Share Repurchase Program**

On February 11, 2025, the Company announced that its Board of Directors approved a new share repurchase program pursuant to which the Company may purchase up to $250 million of its outstanding common shares (the "2025 Share Repurchase Program"). The 2025 Share Repurchase Program replaced the Company's previous $250 million share repurchase program announced on May 14, 2024 ("2024 Share Repurchase Program").

Pursuant to the 2025 Share Repurchase Program, the Company may purchase up to $250 million of its outstanding common shares through open market transactions, privately negotiated transactions or otherwise in accordance with all applicable laws. The timing, amount and other terms and conditions of any additional repurchases under the 2025 Share Repurchase Program will be based on a variety of factors, including the market price of the Company's common shares, business considerations, general market and economic conditions and legal requirements. The 2025 Share Repurchase Program does not have an expiration date and the Board may modify, discontinue or suspend it at any time.

The Company repurchased 0.4 million outstanding common shares at an aggregate purchase price of $50.2 million under the 2025 Share Repurchase Program during the third quarter of 2025. As of September 30, 2025, $99.6 million remained available for repurchases under the 2025 Share Repurchase Program.

**NOTE 13. Revenue Recognition**

Revenue and the related profit from the sale of a home and revenue and the related profit from the sale of land to third parties are recognized in the financial statements on the date of closing if delivery has occurred, title has passed to the buyer, all performance obligations (as defined below) have been met, and control of the home or land is transferred to the buyer in an amount that reflects the consideration we expect to be entitled to receive in exchange for the home or land. If not received immediately upon closing, cash proceeds from home closings are held in escrow for the Company's benefit, typically for up to three days, and are included in Cash, cash equivalents and restricted cash on the Condensed Consolidated Balance Sheets.

Sales incentives vary by type of incentive and by amount on a community-by-community and home-by-home basis. The costs of any sales incentives in the form of free or discounted products and services provided to homebuyers are reflected in Land and housing costs in the Condensed Consolidated Statements of Income because such incentives are identified in our home purchase contracts with homebuyers as an intrinsic part of our single performance obligation to deliver and transfer title to their home for the transaction price stated in the contracts. Sales incentives that we may provide in the form of closing cost allowances are recorded as a reduction of housing revenue at the time the home is delivered.

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We record sales commissions within Selling expenses in the Condensed Consolidated Statements of Income when incurred (i.e., when the home is delivered) as the amortization period is generally one year or less and therefore capitalization is not required as part of the practical expedient for incremental costs of obtaining a contract.

Contract liabilities include customer deposits related to sold but undelivered homes. Substantially all of our home sales are scheduled to close and be recorded to revenue within one year from the date of receiving a customer deposit. Contract liabilities expected to be recognized as revenue, excluding revenue pertaining to contracts that have an original expected duration of one year or less, is not material.

A performance obligation is a promise in a contract to transfer a distinct good or service to the customer. A contract's transaction price is allocated to each distinct performance obligation and recognized as revenue when, or as, the performance obligation is satisfied. All of our home purchase contracts have a single performance obligation as the promise to transfer the home is not separately identifiable from other promises in the contract and, therefore, not distinct. Our performance obligation, to deliver the agreed-upon home, is generally satisfied in less than one year from the original contract date. Deferred revenue resulting from uncompleted performance obligations existing at the time we deliver new homes to our homebuyers is not material.

Although our third party land sale contracts may include multiple performance obligations, the revenue we expect to recognize in any future year related to remaining performance obligations, excluding revenue pertaining to contracts that have an original expected duration of one year or less, is not material. We do not disclose the value of unsatisfied performance obligations for land sale contracts with an original expected duration of one year or less.

We recognize the majority of the revenue associated with our mortgage loan operations when the mortgage loans are sold and/or related servicing rights are sold to third party investors or retained and managed under a third party sub-service arrangement. The revenue recognized is reduced by the fair value of the related guarantee provided to the investor. The fair value of the guarantee is recognized in revenue when the Company is released from its obligation under the guarantee (note that guarantees are excluded from the scope of ASC 606, *Revenue from Contracts with Customers*). We recognize financial services revenue associated with our title operations as homes are delivered, closing services are rendered, and title policies are issued, all of which generally occur simultaneously as each home is delivered. All of the underwriting risk associated with title insurance policies is transferred to third-party insurers.

The following table presents our revenues disaggregated by revenue source:

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
| (In thousands) | **2025** | 2024 | **2025** | 2024 |
| &nbsp;&nbsp;&nbsp;Housing | $**1095418** | $1111389 | $**3159924** | $3199946 |
| &nbsp;&nbsp;&nbsp;Land sales | **1724** | 1550 | **12933** | 11753 |
| &nbsp;&nbsp;Financial services <sup>(a)</sup> | **34649** | 29970 | **97619** | 87694 |
| Total revenue | $**1131791** | $1142909 | $**3270476** | $3299393 |

---

**(a)**Revenue includes hedging losses of $8.2 million and $8.7 million for the three months ended September 30, 2025 and 2024, respectively. Revenue includes hedging losses of $6.7 million and $4.7 million for the nine months ended September 30, 2025 and 2024, respectively. Hedging losses do not represent revenue recognized from contracts with customers.

Refer to <u>[Note 11](#i7bd753579b4d47fc8aa79b5141e3b17b_88)</u> for presentation of our revenues disaggregated by geography. As our homebuilding operations accounted for 97% of our total revenues for each of the three and nine months ended September 30, 2025 and the three and nine months ended September 30, 2024, with most of those revenues generated from home purchase contracts with customers, we believe the disaggregation of revenues as disclosed above and in <u>[Note 11](#i7bd753579b4d47fc8aa79b5141e3b17b_88)</u> fairly depict how the nature, amount, timing and uncertainty of cash flows are affected by economic factors.

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**ITEM 2: MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND**

 **RESULTS OF OPERATIONS**

**<u>OVERVIEW</u>**

M/I Homes, Inc. and subsidiaries (the "Company" or "we") is one of the nation's leading builders of single-family homes having sold over 166,200 homes since commencing homebuilding activities in 1976. The Company's homes are marketed and sold primarily under the M/I Homes brand. The Company has homebuilding operations in Columbus and Cincinnati, Ohio; Indianapolis, Indiana; Chicago, Illinois; Minneapolis/St. Paul, Minnesota; Detroit, Michigan; Ft. Myers/Naples, Tampa, Sarasota and Orlando, Florida; Austin, Dallas/Fort Worth, Houston and San Antonio, Texas; Charlotte and Raleigh, North Carolina; and Nashville, Tennessee.

Included in this Management's Discussion and Analysis of Financial Condition and Results of Operations are the following topics relevant to the Company's performance and financial condition:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Information Relating to Forward-Looking Statements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Application of Critical Accounting Estimates and Policies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Results of Operations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Discussion of Our Liquidity and Capital Resources; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Impact of Interest Rates and Inflation.

**<u>FORWARD-LOOKING STATEMENTS</u>**

Certain information included in this report or in other materials we have filed or will file with the Securities and Exchange Commission (the "SEC") (as well as information included in oral statements or other written statements made or to be made by us) contains or may contain forward-looking statements, including, but not limited to, statements regarding our future financial performance and financial condition. Words such as "expects," "anticipates," "envisions," "targets," "goals," "projects," "intends," "plans," "believes," "seeks," "estimates," variations of such words and similar expressions are intended to identify such forward-looking statements. Forward-looking statements involve a number of risks and uncertainties. Any forward-looking statements that we make herein and in future reports and statements are not guarantees of future performance, and actual results may differ materially from those in such forward-looking statements as a result of various risk factors, including, without limitation, factors relating to the economic environment, interest rates, availability of resources, competition, market concentration, land development activities, construction defects, product liability and warranty claims and various governmental rules and regulations including changes in trade policy affecting business such as new or increased tariffs, as well as the potential impact of retaliatory tariffs and other penalties. See "Item 1A. Risk Factors" in Part I of our Annual Report on Form 10-K for the year ended December 31, 2024 (the "2024 Form 10-K"), as the same may be updated from time to time in our subsequent filings with the SEC, for more information regarding those risk factors.

Any forward-looking statement speaks only as of the date made. Except as required by applicable law, we undertake no obligation to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise. However, any further disclosures made on related subjects in our subsequent reports on Forms 10-K, 10-Q and 8-K should be consulted. This discussion is provided as permitted by the Private Securities Litigation Reform Act of 1995, and all of our forward-looking statements are expressly qualified in their entirety by the cautionary statements contained or referenced in this section.

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**<u>APPLICATION OF CRITICAL ACCOUNTING ESTIMATES AND POLICIES</u>**

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America ("GAAP") requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenue and expenses during the reporting period. Management bases its estimates and assumptions on historical experience and various other factors that it believes are reasonable under the circumstances, the results of which form the basis for making judgments about the carrying value of assets and liabilities that are not readily apparent from other sources. On an ongoing basis, management evaluates such estimates and assumptions and makes adjustments as deemed necessary. Actual results could differ from these estimates using different estimates and assumptions, or if conditions are significantly different in the future. See Note 1 (Summary of Significant Accounting Policies) to our consolidated financial statements included in our 2024 Form 10-K for additional information about our accounting policies.

We believe that there have been no significant changes to our critical accounting policies during the quarter ended September 30, 2025 as compared to those disclosed in Management's Discussion and Analysis of Financial Condition and Results of Operations included in our 2024 Form 10-K.

**<u>RESULTS OF OPERATIONS</u>**

Our reportable segments are: Northern homebuilding; Southern homebuilding; and financial services operations. The homebuilding operating segments that comprise each of our reportable segments are as follows:

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| | |
|:---|:---|
| <u>Northern</u> | <u>Southern</u> |
| Chicago, Illinois | Ft. Myers/Naples, Florida |
| Cincinnati, Ohio | Orlando, Florida |
| Columbus, Ohio | Sarasota, Florida |
| Indianapolis, Indiana | Tampa, Florida |
| Minneapolis/St. Paul, Minnesota | Austin, Texas |
| Detroit, Michigan | Dallas/Fort Worth, Texas |
| | Houston, Texas |
| | San Antonio, Texas |
| | Charlotte, North Carolina |
| | Raleigh, North Carolina |
| | Nashville, Tennessee |

---

**<u>Overview</u>**

During the first nine months of 2025, the housing market continued to face significant pressure due to persistent macroeconomic challenges, including elevated mortgage interest rates, rising lot costs, limited affordable housing availability, and overall economic uncertainty. To stimulate demand, we implemented various affordability strategies, including sales incentives and mortgage rate buydowns for homebuyers. Although we saw increased traffic in the third quarter compared to the prior year, the urgency of buyers to purchase a home remained subdued. Interest rates declined slightly following the Federal Reserve's 25 basis point rate cut late in the third quarter, but the impact on demand was minimal. Despite these headwinds, we achieved a third-quarter record for homes delivered. However, profitability was negatively affected compared to the prior year by the cost of incentives and rate buydowns offered.

Due to ongoing market and economic uncertainty, we recorded during the third quarter of 2025 $6.0 million of inventory impairment charges and $1.6 million of write-offs of land deposits for land we no longer intend to acquire as part of our efforts to optimize our land portfolio.

Although our performance in the first nine months of 2025 did not match the record levels achieved in 2024, it remained consistent with our expectations. Key comparisons between the third quarter and first nine months of 2025 and 2024 are as follows:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Revenue decreased 1% to $1.13 billion and decreased 1% to $3.27 billion, respectively

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Number of homes delivered increased 1% to 2,296 homes (third quarter record) and slightly decreased to 6,620 homes, respectively

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Income before income taxes decreased 26% to $139.8 million and decreased 21% to $446.0 million, respectively

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Gross margins decreased 320 basis points to 23.9% and decreased 250 basis points to 24.8%, respectively

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Net income decreased 27% to $106.5 million and decreased 21% to $339.0 million, respectively

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• New contracts decreased 6% to 1,908 from 2,023 and decreased 8% to 6,278 from 6,825, respectively

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Shareholders' equity of $3.1 billion (all time record), an 11% increase from a year ago, with book

value per common share increasing to a record high $120 per share

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Homebuilding debt to capital was 18% and 20%, respectively

Additionally, our financial services segment achieved a quarterly record for revenue and delivered strong income before taxes driven by higher margins, an improved capture rate and an increase in loan originations.

Our company-wide absorption pace of sales per community for the third quarter of 2025 declined to 2.7 per month compared to 3.2 per month for the prior year's third quarter as a result of the macroeconomic conditions described above. We plan to open additional new communities during the remainder of 2025 and increase our average community count by about 5% from 2024.

**<u>Summary of Company Financial Results</u>**

Income before income taxes for the third quarter of 2025 decreased $48.9 million from $188.7 million in the third quarter of 2024 to $139.8 million in 2025. Net income was $106.5 million, or $3.92 per diluted share, in 2025's third quarter, compared to $145.4 million, or $5.10 per diluted share, in 2024's third quarter. Our effective tax rate was 23.8% in 2025's third quarter compared to 22.9% in 2024. For the nine months ended September 30, 2025, income before income taxes decreased $117.0 million from $563.1 million in the nine months ended September 30, 2024 to $446.0 million in 2025. We achieved net income of $339.0 million, or $12.32 per diluted share, during the nine months ended September 30, 2025 compared to net income of $430.3 million, or $14.99 per diluted share, in the nine months ended September 30, 2024. Our effective tax rate was 24.0% in 2025's first nine months compared to 23.6% in the same period in 2024

During the quarter ended September 30, 2025, our total revenue was $1.13 billion, of which $1.10 billion was from homebuilding and $34.6 million was from our financial services operations. Revenue from homebuilding decreased 1% in 2025's third quarter compared to the same period in 2024 driven primarily by a 2% decrease in the average sales price of homes delivered ($12,000 per home delivered) offset in part by a 1% increase in the number of homes delivered (25 units). Our revenue and average sales price reflect a $53.5 million reduction for incentives and closing costs in 2025's third quarter compared to a $39.6 million reduction for incentives and closing costs in 2024's third quarter. Revenue from our financial services segment increased 16% to $34.6 million in the third quarter of 2025 as a result of higher margins on loans sold, improved capture rate and an increase in loans originated during the period compared to the third quarter of 2024. For the nine months ended September 30, 2025, we recorded year-to-date total revenue of $3.27 billion, of which $3.16 billion was from homes delivered and $97.6 million was from our financial services operations. Revenue from homes delivered decreased 1% in the nine months ended September 30, 2025 compared to the same period in 2024 driven primarily by decreases in the number of homes delivered (33 units) and the average sales price of homes delivered ($4,000 per home delivered). Our revenue and average sales price reflect an $140.6 million reduction for incentives and closing costs in 2025's first nine months compared to a $90.6 million reduction for incentives and closing costs in 2024's first nine months. Revenue from our financial services segment increased 11% to $97.6 million in the first nine months of 2025 compared to the nine months ended September 30, 2024 as a result of an increase in the average loan amount, improved capture rate, higher margins on loans sold during the period and an increase in loans sold during the period.

Total gross margin (total revenue less total land and housing costs) decreased $39.4 million in the third quarter of 2025 compared to the third quarter of 2024 as a result of a $44.0 million decline in the gross margin of our homebuilding operations partially offset by a $4.6 million increase in the gross margin of our financial services operations. Our homebuilding gross margin percentage declined by 360 basis points to 21.5% in the third quarter of 2025 from 25.1% in the third quarter of 2024. The decline in gross margin dollars primarily resulted from the decrease in average sales price of homes delivered, $18.7 million increase in lot costs and a $10.8 million increase in interest rate buydowns offered partially offset by a 1% increase in homes delivered in 2025 compared to 2024. Our homebuilding gross margin may fluctuate from quarter to quarter depending on the mix of communities delivering homes due to the variation in margin between different communities and incentives used to encourage demand due to market conditions. The gross margin of our financial services operations increased $4.6 million in the third quarter of 2025 compared to the third quarter of 2024 as a result of higher margins on loans sold, improved capture rate and an increase in the number of loan originations. Total gross margin decreased $92.6 million in the nine months ended September 30, 2025 compared to the same period in 2024 as a result of a $102.5 million decline in the gross margin of our homebuilding operations offset, in part, by a $9.9 million improvement in the gross margin of our financial services operations. This decrease in the gross margin of our homebuilding operations is primarily due to a decrease in the number of homes

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delivered, a $52.2 million increase in lot costs and a $35.9 million increase in interest rate buydowns. The gross margin of our financial services operations increased $9.9 million in the nine months ended September 30, 2025 compared to the same period in 2024 as a result of higher margins on loans sold, an increased number of loans sold and an increase in the number of loan originations during the first nine months of 2025 compared to the first nine months of 2024.

We opened 64 new communities during the nine months ended September 30, 2025 and closed 51 communities. We sell a variety of home types in various communities and markets, each of which yields a different gross margin. The timing of the openings of new replacement communities as well as underlying lot costs varies from year to year. The mix of communities delivering homes may cause fluctuations in our new contracts, absorption pace and housing gross margin from year to year.

For the three months ended September 30, 2025, selling, general and administrative expense increased $7.4 million, and increased as a percentage of revenue from 11.2% in the third quarter of 2024 to 11.9% in the third quarter of 2025. Selling expense increased $4.9 million from 2024's third quarter and increased as a percentage of revenue to 5.7% in 2025's third quarter from 5.2% for the same period in 2024. The dollar increase in selling expense related to a $3.1 million increase in realtor commissions and a $0.8 million increase in bonuses and sales commissions due to the increase in the homes delivered during the period compared to prior year and a $1.0 million increase in costs associated with our sales offices, including compensation-related expenses in the third quarter of 2025. General and administrative expense increased $2.5 million in the third quarter of 2025 compared to third quarter of 2024 and increased as a percentage of revenue to 6.3% in the third quarter of 2025 from 6.0% in the third quarter of 2024. The dollar increase in general and administrative expense was primarily due to a $0.9 million increase in compensation-related expenses due to increased head count, a $0.9 million increase in costs associated with information systems, a $0.4 million increase in land related expenses and a $0.3 million increase in miscellaneous expenses. For the nine months ended September 30, 2025, selling, general and administrative expense increased $17.6 million, and increased as a percentage of revenue from 10.9% in the nine months ended September 30, 2024 to 11.5% in the nine months ended September 30, 2025. Selling expense increased $8.9 million from the nine months ended September 30, 2024 and increased as a percentage of revenue to 5.5% in 2025's first nine months from 5.2% for the same period in 2024. The dollar increase in selling expense in the third quarter of 2025 related to a $5.1 million increase in costs associated with our sales offices, including compensation-related and advertising expenses, and a $4.3 million increase in realtor commissions offset in part by a $0.5 million decrease in sales commissions. General and administrative expense increased $8.7 million compared to the nine months ended September 30, 2024 and increased as a percentage of revenue from 5.7% in the nine months ended September 30, 2024 to 6.0% in the nine months ended September 30, 2025. The increase in general and administrative expense was primarily due to a $4.5 million increase in compensation-related expenses due to higher average headcount and equity incentives offset in part by bonus expense, a $2.3 million increase in costs associated with information systems, a $0.9 million increase in land-related expenses, and a $1.0 million increase in various other expenses.

**<u>Outlook</u>**

The housing market continues to face persistent macroeconomic challenges including elevated mortgage interest rates, affordability concerns and general economic uncertainties such as tariffs, inflation, job security and recession concerns. Despite these pressures, we remain optimistic about the long-term outlook for our business. We expect the softer market conditions observed in the first nine months of 2025 to continue through the remainder of the year. These conditions have contributed to reduced consumer confidence and extended homebuying decision timelines compared to recent years. In response, we are taking proactive measures, including controlling overhead, managing land investments and development expenditures prudently, maintaining pricing discipline, and offering targeted incentives including mortgage interest rate buydowns, to support affordability, stimulate demand, drive order activity, and reduce cancellations.

We continue to believe that the long-term fundamentals of the housing market are strong and supported by favorable demographic trends, rising household formations, and a persistent undersupply of both new and resale homes. We are also encouraged by emerging signs that mortgage rates could move closer to six percent, which we believe would meaningfully improve affordability and reignite buyer activity. In addition, the Federal Housing Financing Authority's decision to expand approved credit scoring models to include VantageScore 4.0, which recognizes rent and utility payment histories, may also broaden access to homeownership.

We believe we are well-positioned to navigate this period of uncertainty. Our backlog remains healthy—though lower than the prior year—with an average sales price 2% higher than at the end of the third quarter of 2024. We also believe our strong balance sheet and ample liquidity provide us with the flexibility to respond effectively to changing market conditions. Nonetheless, we recognize that continued success will require agility, and we cannot guarantee that our current strategies will remain effective as the housing market continues to evolve.

We expect to emphasize the following strategic business objectives throughout the remainder of 2025:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Promote sales through interest rate buydowns and/or other incentives where necessary

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Manage our land spend and inventory levels

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Manage our construction cycle times

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Open new communities

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Manage overhead spend

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Maintain a strong balance sheet and liquidity levels

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Emphasize customer service, product quality and design, and premier locations

During the nine months ended September 30, 2025, we invested $363.1 million in land acquisitions and $421.9 million in land development compared to $365.6 million and $444.7 million, respectively, during the nine months ended September 30, 2024. We invested in fewer land acquisitions in the nine months ended September 30, 2025 compared to the first nine months of 2024 as a result of the land supply needs of our divisions. We continue to closely review our land acquisition and land development spending and monitor our ongoing pace of home sales and deliveries, and we will adjust our land acquisition and development spend accordingly.

We ended the third quarter of 2025 with approximately 50,600 lots under control, which represents an approximately six-year supply of lots based on the past twelve months of homes delivered, including certain lots that we anticipate selling to third parties. This represents a 3% decrease from our approximately 52,200 lots under control at the end of last year's third quarter.

We opened 64 communities and closed 51 communities in the nine months ended September 30, 2025, ending the third quarter with 233 active communities, compared to 217 at the end of last year's third quarter. Although the timing of opening new communities and closing existing communities is subject to substantial variation, we expect to grow our average community count by approximately 5% in 2025 compared to 2024.

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The following table shows, by segment: revenue; cost of sales; selling, general and administrative expense; operating income; and interest (income) expense - net for the three and nine months ended September 30, 2025 and 2024:

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
| (In thousands) | **2025** | 2024 | **2025** | 2024 |
| Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Northern homebuilding | $**487931** | $498503 | $**1386558** | $1371804 |
| &nbsp;&nbsp;&nbsp;Southern homebuilding | **609211** | 614436 | **1786299** | 1839895 |
| &nbsp;&nbsp;Financial services <sup>(a)</sup> | **34649** | 29970 | **97619** | 87694 |
| Total revenue | $**1131791** | $1142909 | $**3270476** | $3299393 |
| Cost of Sales: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Northern homebuilding | $**375573** | $387709 | $**1072011** | $1065250 |
| &nbsp;&nbsp;&nbsp;Southern homebuilding | **486132** | 445759 | **1388977** | 1332079 |
| &nbsp;&nbsp;Financial services <sup>(a)</sup> | **—** |  | **—** |  |
| Total cost of sales <sup>(b)</sup> | $**861705** | $833468 | $**2460988** | $2397329 |
| General and Administrative Expense: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Northern homebuilding | $**10579** | $10605 | $**30538** | $30170 |
| &nbsp;&nbsp;&nbsp;Southern homebuilding | **21160** | 20750 | **60972** | 56381 |
| &nbsp;&nbsp;Financial services <sup>(a)</sup> | **14681** | 13402 | **41342** | 38056 |
| Segment general and administrative expense | $**46420** | $44757 | **132852** | $124607 |
| &nbsp;&nbsp;&nbsp;Corporate and unallocated general administrative expense | **24346** | 23528 | **64234** | 63756 |
| Total general and administrative expense | $**70766** | $68285 | $**197086** | $188363 |
| Selling Expense |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Northern homebuilding | $**24411** | $24704 | $**70035** | $70017 |
| &nbsp;&nbsp;&nbsp;Southern homebuilding | **39030** | 33787 | **108730** | 99702 |
| &nbsp;&nbsp;Financial services <sup>(a)</sup> | **—** |  | **—** |  |
| Segment selling expense | $**63441** | $58491 | $**178765** | $169719 |
| &nbsp;&nbsp;&nbsp;Corporate and unallocated selling expense | **608** | 672 | **1725** | 1879 |
| Total selling expense: | $**64049** | $59163 | $**180490** | $171598 |
| Operating income: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Northern homebuilding | $**77368** | $75485 | $**213974** | $206367 |
| &nbsp;&nbsp;&nbsp;Southern homebuilding | **62889** | 114140 | **227620** | 351733 |
| &nbsp;&nbsp;Financial services <sup>(a)</sup> | **19968** | 16568 | **56277** | 49638 |
| Segment operating income | $**160225** | $206193 | $**497871** | $607738 |
| &nbsp;&nbsp;&nbsp;Corporate selling, general and administrative expense | **(24954)** | (24200) | **(65959)** | (65635) |
| Total operating income <sup>(b)</sup> | $**135271** | $181993 | $**431912** | $542103 |
| Interest (income) expense - net: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Northern homebuilding | $**(22)** | $(59) | $**(69)** | $(195) |
| &nbsp;&nbsp;&nbsp;Southern homebuilding | **(192)** | (618) | **(194)** | (1016) |
| &nbsp;&nbsp;Financial services <sup>(a)</sup> | **3370** | 3632 | **9097** | 9990 |
| Segment Interest (income) expense - net | $**3156** | $2955 | $**8834** | $8779 |
| &nbsp;&nbsp;&nbsp;Corporate Interest (income) expense - net | **(7704)** | (9635) | **(22956)** | (29727) |
| Total interest (income) expense - net | $**(4548)** | $(6680) | $**(14122)** | $(20948) |
| Other income | **—** |  |  |  |
| Income before income taxes | $**139819** | $188673 | $**446034** | $563051 |

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(a)Our financial services operational results should be viewed in connection with our homebuilding business as its operations originate loans and provide title services primarily for our homebuyers, with the exception of a small amount of mortgage refinancing.

(b)Total cost of sales and total operating income were reduced by $7.6 million of inventory impairment charges and land deposit write-offs taken during the quarter ended September 30, 2025. $1.3 million and $6.3 million of these charges and write-offs were attributed to the Northern homebuilding operating segment and the Southern homebuilding operating segment, respectively.

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The following tables show total assets by segment at September 30, 2025 and December 31, 2024:

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **At September 30, 2025** | **At September 30, 2025** | **At September 30, 2025** | **At September 30, 2025** | **At September 30, 2025** | | |
| (In thousands) | **Northern** | **Southern** |  | **Financial Services** | **Segment Total** | **Corporate and unallocated** | **Total** |
| Deposits on real estate under option or contract | $**17148** | $**64372** |  | $**—** | $**81520** | $**—** | $**81520** |
| Inventory <sup>(a)</sup> | **1171163** | **2160147** |  | **—** | **3331310** | **—** | **3331310** |
| Investments in joint venture arrangements | **—** | **81514** |  | **—** | **81514** | **—** | **81514** |
| Other assets | **41643** | **142135** | <sup>(b)</sup> | **327427** | **511205** | **763995** | **1275200** |
| Total assets | $**1229954** | $**2448168** |  | $**327427** | $**4005549** | $**763995** | $**4769544** |

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | At December 31, 2024 | At December 31, 2024 | At December 31, 2024 | At December 31, 2024 | At December 31, 2024 | | |
| (In thousands) | Northern | Southern |  | Financial Services | Segment Total | Corporate and unallocated | Total |
| Deposits on real estate under option or contract | $12209 | $57274 |  | $— | $69483 | $— | $69483 |
| Inventory <sup>(a)</sup> | 1041713 | 1980666 |  |  | 3022379 |  | 3022379 |
| Investments in joint venture arrangements |  | 65334 |  |  | 65334 |  | 65334 |
| Other assets | 37721 | 132316 | <sup>(b)</sup> | 370558 | 540595 | 852005 | 1392600 |
| Total assets | $1091643 | $2235590 |  | $370558 | $3697791 | $852005 | $4549796 |

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(a)Inventory includes: single-family lots; land and land development costs; land held for sale; homes under construction; model homes and furnishings; community development district infrastructure; and consolidated inventory not owned.

(b)Includes development reimbursements from local municipalities.

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**Reportable Segments**

The following table presents, by reportable segment, selected operating and financial information as of and for the three and nine months ended September 30, 2025 and 2024:

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
| (Dollars in thousands) | **2025** | 2024 | **2025** | 2024 |
| **Northern Region** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Homes delivered | **942** | 1015 | **2735** | 2809 |
| &nbsp;&nbsp;&nbsp;&nbsp;New contracts, net | **742** | 890 | **2680** | 3054 |
| &nbsp;&nbsp;&nbsp;&nbsp;Backlog at end of period | **1081** | 1493 | **1081** | 1493 |
| &nbsp;&nbsp;&nbsp;&nbsp;Average sales price of homes delivered | $**517** | $490 | $**505** | $487 |
| &nbsp;&nbsp;&nbsp;&nbsp;Average sales price of homes in backlog | $**563** | $538 | $**563** | $538 |
| &nbsp;&nbsp;&nbsp;&nbsp;Aggregate sales value of homes in backlog | $**608514** | $802517 | $**608514** | $802517 |
| &nbsp;&nbsp;&nbsp;&nbsp;Housing revenue | $**487238** | $496953 | $**1380238** | $1369079 |
| &nbsp;&nbsp;&nbsp;&nbsp;Land sale revenue | $**693** | $1550 | $**6320** | $2725 |
| &nbsp;&nbsp;&nbsp;&nbsp;Operating income homes <sup>(a)(b)</sup> | $**77415** | $75413 | $**212110** | $205774 |
| &nbsp;&nbsp;&nbsp;&nbsp;Operating income land | $**(47)** | $72 | $**1864** | $593 |
| &nbsp;&nbsp;&nbsp;&nbsp;Number of average active communities | **98** | 90 | **96** | 96 |
| &nbsp;&nbsp;&nbsp;&nbsp;Number of active communities, end of period | **96** | 88 | **96** | 88 |
| **Southern Region** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Homes delivered | **1354** | 1256 | **3885** | 3844 |
| &nbsp;&nbsp;&nbsp;&nbsp;New contracts, net | **1166** | 1133 | **3598** | 3771 |
| &nbsp;&nbsp;&nbsp;&nbsp;Backlog at end of period | **1108** | 1681 | **1108** | 1681 |
| &nbsp;&nbsp;&nbsp;&nbsp;Average sales price of homes delivered | $**449** | $489 | $**458** | $476 |
| &nbsp;&nbsp;&nbsp;&nbsp;Average sales price of homes in backlog | $**544** | $549 | $**544** | $549 |
| &nbsp;&nbsp;&nbsp;&nbsp;Aggregate sales value of homes in backlog | $**602276** | $922906 | $**602276** | $922906 |
| &nbsp;&nbsp;&nbsp;&nbsp;Housing revenue | $**608180** | $614436 | $**1779686** | $1830867 |
| &nbsp;&nbsp;&nbsp;&nbsp;Land sale revenue | $**1031** | $— | $**6613** | $9028 |
| &nbsp;&nbsp;&nbsp;&nbsp;Operating income homes <sup>(a)(b)</sup> | $**63567** | $114140 | $**226221** | $349008 |
| &nbsp;&nbsp;&nbsp;&nbsp;Operating income land | $**(678)** | $— | $**1399** | $2725 |
| &nbsp;&nbsp;&nbsp;&nbsp;Number of average active communities | **136** | 124 | **133** | 119 |
| &nbsp;&nbsp;&nbsp;&nbsp;Number of active communities, end of period | **137** | 129 | **137** | 129 |
| **Total Homebuilding Regions** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Homes delivered | **2296** | 2271 | **6620** | 6653 |
| &nbsp;&nbsp;&nbsp;&nbsp;New contracts, net | **1908** | 2023 | **6278** | 6825 |
| &nbsp;&nbsp;&nbsp;&nbsp;Backlog at end of period | **2189** | 3174 | **2189** | 3174 |
| &nbsp;&nbsp;&nbsp;&nbsp;Average sales price of homes delivered | $**477** | $489 | $**477** | $481 |
| &nbsp;&nbsp;&nbsp;&nbsp;Average sales price of homes in backlog | $**553** | $544 | $**553** | $544 |
| &nbsp;&nbsp;&nbsp;&nbsp;Aggregate sales value of homes in backlog | $**1210790** | $1725423 | $**1210790** | $1725423 |
| &nbsp;&nbsp;&nbsp;&nbsp;Housing revenue | $**1095418** | $1111389 | $**3159924** | $3199946 |
| &nbsp;&nbsp;&nbsp;&nbsp;Land sale revenue | $**1724** | $1550 | $**12933** | $11753 |
| &nbsp;&nbsp;&nbsp;&nbsp;Operating income homes <sup>(a) (b)</sup> | $**140982** | $189553 | $**438331** | $554782 |
| &nbsp;&nbsp;&nbsp;&nbsp;Operating income land | $**(725)** | $72 | $**3263** | $3318 |
| &nbsp;&nbsp;&nbsp;&nbsp;Number of average active communities | **234** | 214 | **228** | 215 |
| &nbsp;&nbsp;&nbsp;&nbsp;Number of active communities, end of period | **233** | 217 | **233** | 217 |

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(a)Includes the effect of total homebuilding selling, general and administrative expense for the region as disclosed in the first table set forth in this "Outlook" section.

(b)Includes $7.6 million of inventory impairment charges and land deposit write-offs taken during the quarter ended September 30, 2025.

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
| (Dollars in thousands) | **2025** | 2024 | **2025** | 2024 |
| **Financial Services** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Number of loans originated | **1848** | 1695 | **5243** | 4869 |
| &nbsp;&nbsp;&nbsp;&nbsp;Value of loans originated | $**749752** | $683118 | $**2121412** | $1923219 |
| &nbsp;&nbsp;&nbsp;&nbsp;Revenue | $**34649** | $29970 | $**97619** | $87694 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less: Selling, general and administrative expenses | **14681** | 13402 | **41342** | 38056 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less: Interest expense | **3370** | 3632 | **9097** | 9990 |
| &nbsp;&nbsp;&nbsp;&nbsp;Income before income taxes | $**16598** | $12936 | $**47180** | $39648 |

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A home is included in "new contracts" when our standard sales contract is executed. "Homes delivered" represents homes for which the closing of the sale has occurred. "Backlog" represents homes for which the standard sales contract has been executed, but which are not included in homes delivered because closings for these homes have not yet occurred as of the end of the period specified.

The composition of our homes delivered, new contracts, net and backlog is constantly changing and may be based on a dissimilar mix of communities between periods as new communities open and existing communities wind down. Further, home types and individual homes within a community can range significantly in price due to differing square footage, option selections, lot sizes and quality and location of lots. These variations may result in a lack of meaningful comparability between homes delivered, new contracts, net and backlog due to the changing mix of communities between periods.

**Cancellation Rates**

The following table sets forth the cancellation rates for each of our homebuilding segments for the three and nine months ended September 30, 2025 and 2024:

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
| | **2025** | 2024 | **2025** | 2024 |
| Northern | **12.3%** | 9.3% | **10.0%** | 8.5% |
| Southern | **12.1%** | 10.0% | **12.6%** | 9.8% |
| Total cancellation rate | **12.2%** | 9.7% | **11.5%** | 9.2% |

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**Seasonality**

Typically, our homebuilding operations experience significant seasonality and quarter-to-quarter variability in homebuilding activity levels. In general, homes delivered increase in the second half of the year compared to the first half of the year. We believe that this seasonality reflects the tendency of homebuyers to shop for a new home in the spring with the goal of closing in the fall or winter, as well as the scheduling of construction to accommodate seasonal weather conditions. Our financial services operations also experience seasonality because loan originations correspond with the delivery of homes in our homebuilding operations. Additionally, seasonality may, from time to time, be affected by short-term volatility in the homebuilding industry and in the overall economy.

**<u>Year Over Year Comparison</u>**

**Three Months Ended September 30, 2025 Compared to Three Months Ended September 30, 2024**

***Northern Region.*** During the three months ended September 30, 2025, revenue in our Northern region decreased $10.6 million, from $498.5 million in the third quarter of 2024 to $487.9 million in the third quarter of 2025. This decrease in revenue was primarily the result of a 7% decrease in number of homes delivered, partially offset by a 6% increase in the average sales price of homes being delivered. Operating income in our Northern region increased $1.9 million from $75.5 million in the third quarter of 2024 to $77.4 million during the quarter ended September 30, 2025. This increase in operating income was the result of a $1.6 million improvement in our gross margin and a $0.3 million decrease in selling, general and administrative expense. Our gross margin improved $1.6 million to $112.4 million in the third quarter of 2025 from $110.8 million in the third quarter of 2024. Our gross margin percentage improved 80 basis points to 23.0% from 22.2% in the prior year's third quarter primarily due to a 6% increase in the average sales price of homes being delivered offset in part by a 7% decrease in number of homes delivered and a $6.4 million increase in lot costs compared to prior year.

Selling, general and administrative expense decreased $0.3 million, from $35.3 million for the quarter ended September 30, 2024 to $35.0 million for the quarter ended September 30, 2025 and increased 10 basis points as a percentage of revenue to 7.2% in 2025's third quarter from 7.1% in 2024's third quarter. The decrease in selling, general and administrative expense was attributable to a $0.3 million decrease in selling expense. The decrease in selling expense was due to a $0.5 million decrease in sales and realtor commissions produced by the lower number of homes delivered offset in part by a $0.2 million increase in costs associated with our sales offices, including compensation and advertising.

During the three months ended September 30, 2025, we experienced an 17% decrease in new contracts in our Northern region from 890 in the third quarter of 2024 to 742 in the third quarter of 2025. Homes in backlog decreased 28% from 1,493 homes at September 30, 2024 to 1,081 homes at September 30, 2025. The decreases in new contracts and backlog were primarily a result of weakened market demand and buyer urgency compared to prior year. Average sales price in backlog increased approximately 5% to $563,000 at September 30, 2025 compared to $538,000 at September 30, 2024 primarily due to the mix of homes being sold. During the three months ended September 30, 2025, we opened four new communities in our Northern

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region compared to opening seven during 2024's third quarter. Our monthly absorption rate in our Northern region was 2.5 per community in the third quarter of 2025 compared to 3.3 in the third quarter of 2024 due to a decrease in new contracts.

***Southern Region.*** During the three month period ended September 30, 2025, revenue in our Southern region decreased $5.2 million, from $614.4 million in the third quarter of 2024 to $609.2 million in the third quarter of 2025. This 1% decrease in revenue was the result of an 8% decrease in the average sales price of homes delivered ($40,000 per home delivered), offset in part by an 8% increase in the number of homes delivered (98 units). Operating income in our Southern region decreased $51.2 million from $114.1 million in the third quarter of 2024 to $62.9 million in the third quarter of 2025. This decrease in operating income was the result of a $45.6 million decline in our gross margin and a $5.7 million increase in selling, general, and administrative expense. Our gross margin declined $45.6 million due primarily to the decrease in average sales price for homes delivered which included a $6.7 million increase in incentives offered, increased closing costs of $10.8 million and a $12.3 million increase in lot costs partially offset by an increase in the number of homes delivered compared to prior year. Our gross margin percentage declined 730 basis points from 27.5% in prior year's third quarter to 20.2% in the third quarter of 2025, primarily due to the mix of homes being delivered, $12.3 million increase in lot costs and $6.7 million increase in incentives offered on homes delivered.

Selling, general and administrative expense increased $5.7 million from $54.5 million in the third quarter of 2024 to $60.2 million in the third quarter of 2025 and increased 100 basis points as a percentage of revenue to 9.9% in the third quarter of 2025 from 8.9% in the third quarter of 2024. General and administrative expense increased $0.5 million due to a $1.0 million increase in land-related expenses and a $0.2 million increase in miscellaneous expenses, partially offset by a $0.7 million decrease in compensation-related expenses. Selling expense increased $5.2 million due to a $4.4 million increase in realtor and sales commissions and a $0.8 million increase in costs related to our sales office, including compensation.

During the three months ended September 30, 2025, our new contracts increased in our Southern region from 1,133 in the third quarter of 2024 to 1,166 in the third quarter of 2025, which was primarily due to new communities. Homes in backlog decreased by 34% from 1,681 homes at September 30, 2024 to 1,108 homes at September 30, 2025, primarily as a result of weakened demand and a shift in demand to inventory homes which offer incentives compared to last year. Average sales price in backlog decreased to $544,000 at September 30, 2025 from $549,000 at September 30, 2024 primarily due to the mix of homes being sold. During the three months ended September 30, 2025, we opened 10 new communities in our Southern region compared to opening 12 communities during 2024's third quarter. Our monthly absorption rate in our Southern region declined to 2.9 per community in the third quarter of 2025 compared to 3.1 per community in the third quarter of 2024 as a result of an increase in new communities.

***Financial Services.*** Revenue from our mortgage and title operations increased 16% to $34.6 million (a third quarter record) in the third quarter of 2025 from $30.0 million in the third quarter of 2024 due to higher margins on loans sold and capture rate during the period compared to prior year's third quarter, a 9% increase in the number of loan originations from 1,695 in 2024's third quarter to 1,848 in the third quarter of 2025, and an increase in the average loan amount from $403,000 in the quarter ended September 30, 2024 to $406,000 in the quarter ended September 30, 2025.

Our financial services segment experienced a $3.4 million increase in operating income in the third quarter of 2025 compared to 2024's third quarter, which was primarily due to an increase in revenue offset in part by a $1.3 million increase in selling, general and administrative expense compared to the third quarter of 2024, which was primarily the result of an increase in compensation-related expenses.

At September 30, 2025, M/I Financial provided financing services in all of our markets. Approximately 93% of our homes delivered during the third quarter of 2025 were financed through M/I Financial, compared to approximately 89% in the third quarter of 2024. Capture rate is influenced by financing availability and competition in the mortgage market and can fluctuate from quarter to quarter.

***Corporate Selling, General and Administrative Expense.*** Corporate selling, general and administrative expense increased $0.8 million from $24.2 million for the third quarter of 2024 to $25.0 million for the third quarter of 2025. This increase resulted from a $0.5 million increase in compensation-related expenses and a $0.3 million increase in costs associated with information systems.

***Interest Income, net of Interest Expense.*** The Company earned $4.5 million of interest income - net for the three months ended September 30, 2025 compared to $6.7 million for the three months ended September 30, 2024. This decrease was primarily due to a lower average cash balance on hand compared to prior year.

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***Income Taxes.*** Our overall effective tax rate was 23.8% for the three months ended September 30, 2025 and 22.9% for the three months ended September 30, 2024. The increase in the effective rate from the three months ended September 30, 2024 was primarily attributable to a $1.0 million decrease in tax benefits from equity compensation in 2025.

**Nine Months Ended September 30, 2025 Compared to Nine Months Ended September 30, 2024**

***Northern Region.*** During the nine months ended September 30, 2025, homebuilding revenue in our Northern region increased $14.8 million, from $1.37 billion in the nine months ended September 30, 2024 to $1.39 billion in the nine months ended September 30, 2025. This 1% increase in revenue was primarily the result of a $3.6 million increase in land sale revenue and an increase in the average sales price of homes delivered ($18,000 per home delivered) offset in part by a 3% decrease of homes delivered. Operating income in our Northern region increased $7.6 million, from $206.4 million during the nine months ended September 30, 2024 to $214.0 million during the nine months ended September 30, 2025. The increase in operating income was primarily the result of an $8.0 million increase in our gross margin offset partially by a $0.4 million increase in selling, general and administrative expense. Our gross margin improved $8.0 million, and our gross margin percentage improved 40 basis points from 22.3% in the nine months ended September 30, 2024 to 22.7% for the same period in 2025, primarily due to the mix of homes being delivered which resulted in an average sales price 4% higher than prior year and the increase in land sales offset, in part, by an $11.4 million increase in lot costs.

Selling, general and administrative expense increased $0.4 million, from $100.2 million for the nine months ended September 30, 2024 to $100.6 million for the nine months ended September 30, 2025, and was consistent as a percentage of revenue at 7.3% in both the nine months ending September 30, 2025 and 2024. The increase in selling, general and administrative expense was also attributable to a $0.4 million increase in general and administrative expense, which was primarily related to $1.8 million increase in compensation-related expenses offset in part by a $1.4 million decrease in land-related expenses. The increase in selling expenses related to sales offices, including compensation, partially offset by a reduction in sales and realtor commissions.

During the nine months ended September 30, 2025, we experienced a 12% decrease in new contracts in our Northern region, from 3,054 in the nine months ended September 30, 2024 to 2,680 in the first nine months of 2025. Homes in backlog decreased 28% from 1,493 at September 30, 2024 to 1,081 homes at September 30, 2025. The decrease in new contracts and homes in backlog was primarily due to weakened demand and decline in buyer urgency. Average sales price in backlog increased to $563,000 at September 30, 2025 compared to $538,000 at September 30, 2024 primarily due to the mix of homes being sold. During the nine months ended September 30, 2025, we opened 28 new communities in our Northern region compared to 17 new communities opened during the nine months ended September 30, 2024. Our monthly absorption rate in our Northern region declined to 3.1 per community in the nine months ended September 30, 2025 from 3.5 per community in the same period in 2024 as a result of increased community count.

***Southern Region.*** During the nine months ended September 30, 2025, homebuilding revenue in our Southern region decreased $53.6 million from $1.84 billion in the nine months ended September 30, 2024 to $1.79 billion in the nine months ended September 30, 2025. This 3% decrease in homebuilding revenue was the result of a 4% decrease in the average sales price of homes delivered ($18,000 per home delivered) primarily due to the mix of homes delivered and incentives, partially offset by a 1% increase in the number of homes delivered (41 units). Operating income in our Southern region decreased 35% from $351.7 million in the nine months ended September 30, 2024 to $227.6 million during the nine months ended September 30, 2025. This decrease in operating income was the result of a $110.5 million decline in our gross margin and a $13.6 million increase in selling, general, and administrative expense. Our gross margin percentage declined 540 basis points from 27.6% in the nine months ended September 30, 2024 to 22.2% in the same period in 2025 primarily due to the decrease in average sales price for homes delivered including a $25.2 million increase in incentives offered, a $40.8 million increase in lot costs, and $6.3 million in inventory impairment charges and deposit write-offs, offset in part by an increase in the number of homes delivered.

Selling, general and administrative expense increased $13.6 million from $156.1 million in the nine months ended September 30, 2024 to $169.7 million in the nine months ended September 30, 2025 and increased as a percentage of revenue to 9.5% compared to 8.5% in the first nine months of 2024. The increase in selling, general and administrative expense was attributable to a $4.6 million increase in general and administrative expense, which primarily related to a $1.1 million increase in compensation-related expenses due to our increased headcount, a $2.7 million increase in land-related expenses, and a $0.8 million increase in other miscellaneous expenses. The increase in selling, general and administrative expense was attributable to a $8.9 million increase in selling expense primarily due to a $2.9 million increase related to costs associated with our sales offices, including advertising and compensation and a $6.0 million increase in realtor and sales commissions.

During the nine months ended September 30, 2025, we experienced an 5% decrease in new contracts in our Southern region, from 3,771 in the nine months ended September 30, 2024 to 3,598 in the first nine months of 2025 primarily due to weakened

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demand compared to prior year. Homes in backlog decreased 34% from 1,681 homes at September 30, 2024 to 1,108 homes at September 30, 2025 primarily as a result of weakened demand and a shift in demand to inventory homes which offer incentives compared to last year. Average sales price in backlog decreased from $549,000 at September 30, 2024 to $544,000 at September 30, 2025 primarily due to the mix of homes delivered. During the nine months ended September 30, 2025, we opened 36 communities in our Southern region, compared to opening 40 during the nine months ended September 30, 2024. Our monthly absorption rate in our Southern region declined to 3.0 per community in the nine months ended September 30, 2025 from 3.5 per community in the nine months ended September 30, 2024 as a result of increased community count.

***Financial Services.*** Revenue from our mortgage and title operations increased 11% from $87.7 million in the nine months ended September 30, 2024 to $97.6 million in the nine months ended September 30, 2025 due to higher margins on loans sold during the period and improved capture rate compared to 2024's first nine months, proceeds from the sale of mortgage servicing rights, an 8% increase in the number of loan originations from 4,869 in the nine months ended September 30, 2024 to 5,243 in the nine months ended September 30, 2025, and an increase in the average loan amount from $395,000 in the nine months ended September 30, 2024 to $405,000 in the nine months ended September 30, 2025.

Our financial services segment experienced a $6.6 million increase in operating income in the nine months ended September 30, 2025 compared to the same period in 2024, which was primarily due to the increase in revenue discussed above, partially offset by a $3.3 million increase in selling, general and administrative expense compared to the nine months ended September 30, 2024. The increase in selling, general and administrative expense was primarily attributable to a $2.0 million increase in compensation related expenses, a $0.4 million increase in indemnification reserves during the period, and a $0.9 million increase in other miscellaneous expenses.

At September 30, 2025, M/I Financial provided financing services in all of our markets. Approximately 92% of our homes delivered during the nine months ended September 30, 2025 were financed through M/I Financial, compared to 88% during the nine months ended September 30, 2024. Capture rate is influenced by financing availability and can fluctuate from quarter to quarter.

***Corporate Selling, General and Administrative Expense.*** Corporate selling, general and administrative expense increased $0.4 million from $65.6 million for the nine months ended September 30, 2024 to $66.0 million for the nine months ended September 30, 2025, primarily due to a $1.0 million increase in computer-related costs and a $0.8 million increase in miscellaneous expenses incurred during the period offset in part by a $1.3 million decrease in compensation-related expenses and a $0.1 million decrease in advertising expenses .

***Interest Income, net of Interest Expense.*** The Company earned $14.1 million of interest income - net for the nine months ended September 30, 2025 compared to $20.9 million for the nine months ended September 30, 2024. This decrease was primarily due to a lower average cash balance on hand compared to prior year.

***Income Taxes.*** Our overall effective tax rate was 24.0% for the nine months ended September 30, 2025 and 23.6% for the nine months ended September 30, 2024. The increase in the effective rate from the nine months ended September 30, 2024 was primarily attributable to a $2.3 million decrease in tax benefit from equity compensation in 2025.

**<u>LIQUIDITY AND CAPITAL RESOURCES</u>**

**Overview of Capital Resources and Liquidity.**

At September 30, 2025, we had $734.2 million of cash, cash equivalents and restricted cash, with approximately $734.1 million of this amount comprised of unrestricted cash and cash equivalents, which represents an $87.4 million decrease in unrestricted cash and cash equivalents from December 31, 2024. This decrease in cash is primarily due to the timing of land spend and decline in home deliveries compared to prior year partially offset by a larger beginning of year balance on hand. Our principal uses of cash for the nine months ended September 30, 2025 were investment in land and land development, construction of homes, mortgage loan originations, investment in joint ventures, operating expenses, short-term working capital, debt service requirements, including the repayment of amounts outstanding under our credit facilities, and the repurchase of $150.4 million of our outstanding common shares under our share repurchase programs. In order to fund these uses of cash, we used proceeds from home deliveries, the sale of mortgage loans, the sale of mortgage servicing rights, excess cash balances, borrowings under our MIF Mortgage Repurchase Facility (as defined below), and other sources of liquidity.

The Company is a party to three primary credit agreements: (1) a $900 million unsecured revolving credit facility, dated July 18, 2013, as amended (the "Credit Facility"), with M/I Homes, Inc. as borrower and guaranteed by the Company's wholly owned homebuilding subsidiaries; (2) a $200 million mortgage repurchase agreement, dated October 24, 2023, as amended (the

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"MIF Mortgage Repurchase Facility"), with M/I Financial as borrower; and (3) a $100 million mortgage repurchase agreement dated October 21, 2025 (the "MIF Master Repurchase Agreement"),with M/I Financial as borrower.

As of September 30, 2025, we had outstanding notes payable (consisting primarily of notes payable for our financial services operations, the 2030 Senior Notes and the 2028 Senior Notes) with varying maturities in an aggregate principal amount of $932.0 million, with $232.0 million payable within 12 months. Future interest payments associated with these notes payable totaled $103.0 million as of September 30, 2025, with $31.8 million payable within 12 months.

As of September 30, 2025, there were no borrowings outstanding and $91.0 million of letters of credit outstanding under our $900 million Credit Facility, leaving $809.0 million available. We expect to continue to manage our balance sheet and liquidity carefully during the remainder of 2025 by managing our spending on land acquisition and development and construction of inventory homes, as well as overhead expenditures, relative to our ongoing volume of home deliveries, and we expect to meet our current and anticipated cash requirements in 2025 from cash receipts, excess cash balances and availability under our credit facilities.

During the nine months ended September 30, 2025, we delivered 6,620 homes, started 6,953 homes, ended the quarter with 5,021 homes under construction compared to 5,056 at the end of last year's third quarter, and spent $363.1 million on land purchases and $421.9 million on land development.

We are actively acquiring and developing lots in our markets to replenish our lot supply and will continue to monitor market conditions and our pace of home sales and deliveries and adjust our land spending accordingly. Pursuant to our land option agreements, as of September 30, 2025, we had a total of 26,217 lots under contract, with an aggregate purchase price of approximately $1.61 billion, to be acquired during the remainder of 2025 through 2031.

Our off-balance sheet arrangements relating to our homebuilding operations include joint venture arrangements, land option agreements, guarantees and indemnifications associated with acquiring and developing land, and the issuance of letters of credit and completion bonds. We use these arrangements to secure the most desirable lots on which to build homes for our homebuyers in a manner that we believe reduces the overall risk to the Company.

***Operating Cash Flow Activities*.** During the nine-month period ended September 30, 2025, we generated $146.1 million of cash from operating activities, compared to generating $75.3 million of cash from operating activities during the nine months ended September 30, 2024. The cash provided by operating activities in the first nine months of 2025 was primarily a result of net income of $339.0 million, and an increase of $80.8 million in accounts payable, customer deposits and other liabilities, proceeds from the sale of mortgage loans which exceeded mortgage loan originations by $49.9 million, offset, in part, by a $314.5 million increase in inventory purchases, an decrease in other assets of $12.0 million, and a decrease in accrued compensation totaling $17.3 million. The cash generated in operating activities during the nine months ended September 30, 2024 was primarily a result of net income of $430.3 million, and an increase of $67.4 million in accounts payable, customer deposits and other liabilities, offset, in part, by a $335.1 million increase in inventory purchases and payments for mortgage loan originations which exceeded the proceeds from the sale of mortgage loans by $66.4 million, an increase in other assets of $33.4 million, and a decrease in accrued compensation totaling $4.3 million. Net cash provided by operating activities for the nine-month period ended September 30, 2025 benefitted primarily by the sale of mortgage loans which exceeded mortgage loan originations improving by $116.2 million and inventory management reducing spending by $20.5 million partially offset by the decrease of net income by $91.3 million.

***Investing Cash Flow Activities.*** During the nine months ended September 30, 2025, we used $30.7 million of cash in investing activities, compared to using $45.0 million of cash in investing activities during the nine months ended September 30, 2024. The cash used in investing activities in the first nine months of 2025 was primarily a result of a $34.4 million increase in our investment in joint venture arrangements and a $5.4 million increase in property and equipment, offset, in part, by $7.1 million of proceeds from the sale of a portion of our mortgage servicing rights and $2.0 million in return of capital from joint venture arrangements. The cash used in investing activities during the nine months ended September 30, 2024 was primarily a result of a $45.9 million increase in our investment in joint venture arrangements and a $6.4 million increase in property and equipment, offset, in part, by $7.2 million of proceeds from the sale of a portion of our mortgage servicing rights. The Company used less cash in investing activies for the nine-month period ended September 30, 2025 primarily due to a decrease in investments in joint ventures of $11.5 million offset by a return of $2 million of capital from joint ventures.

***Financing Cash Flow Activities.*** During the nine months ended September 30, 2025, we used $202.8 million of cash in financing activities, compared to using $43.2 million of cash in financing activities during the nine months ended September 30, 2024. The cash used in financing activities in 2025 was primarily due to the repurchase of $150.4 million of our outstanding common shares during the nine months ended September 30, 2025, and repayments (net of borrowings) under our MIF

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Mortgage Repurchase Facility of $54.2 million, and debt issue costs of $6.5 million, offset partially by $8.3 million in proceeds from the exercise of stock options during the nine months ended September 30, 2025. The cash used by financing activities in 2024 was primarily due to the repurchase of $125.8 million of our outstanding common shares during the nine months ended September 30, 2024, offset partially by proceeds from borrowings (net of payments) under our MIF Mortgage Repurchase Facility of $69.6 million and $13.0 million in proceeds from the exercise of stock options during the nine months ended September 30, 2024.

On February 11, 2025, the Company announced that its Board of Directors authorized a new share repurchase program pursuant to which the Company was permitted to purchase up to $250 million of its outstanding common shares (the "2025 Share Repurchase Program"), which replaced the 2024 Share Repurchase Program. During the nine months ended September 30, 2025, the Company repurchased 1.2 million outstanding common shares for an aggregate purchase price of $150.4 million under the 2025 Share Repurchase Program which was funded with cash on hand. As of September 30, 2025, the Company is authorized to repurchase an additional $99.6 million of outstanding common shares under the 2025 Share Repurchase Program (see <u>[Note 12](#i7bd753579b4d47fc8aa79b5141e3b17b_91)</u> to our financial statements for more information).

Based on current market conditions, expected capital needs and availability, and the current market price of the Company's common shares, we expect to continue repurchasing common shares during the remainder of 2025. The timing and amount of any future purchases under the 2025 Share Repurchase Program will be based on a variety of factors, including the market price of the Company's common shares, business considerations, general market and economic conditions and legal requirements.

At September 30, 2025 and December 31, 2024, our ratio of homebuilding debt to capital was 18% and 19%, respectively, calculated as the carrying value of our outstanding homebuilding debt (which consists of borrowings under our Credit Facility, our 2030 Senior Notes and our 2028 Senior Notes) divided by the sum of the carrying value of our outstanding homebuilding debt plus shareholders' equity. We believe that this ratio provides useful information for understanding our financial position and the leverage employed in our operations, and for comparing us with other homebuilders.

We fund our operations with cash flows from operating activities, including proceeds from home deliveries, land sales and the sale of mortgage loans. We believe that these sources of cash, along with our balance of unrestricted cash and borrowings available under our credit facilities, will be sufficient to fund our currently anticipated working capital needs, investment in land and land development, construction of homes, operating expenses, planned capital spending, and debt service requirements for at least the next twelve months. In addition, we routinely monitor current and anticipated operational and debt service requirements, financial market conditions, and credit relationships, and we may choose to seek additional capital by issuing new debt and/or equity securities or engaging in other financial transactions to strengthen our liquidity or our long-term capital structure. The financing needs of our homebuilding and financial services operations depend on anticipated sales and home delivery volume in the current year as well as future years, inventory levels and related turnover, forecasted land and lot purchases, debt maturity dates, and other factors. If we seek such additional capital or engage in such other financial transactions, there can be no assurance that we would be able to obtain such additional capital or consummate such other financial transactions on terms acceptable to us, if at all, and such additional equity or debt financing or other financial transactions could dilute the interests of our existing shareholders, add operational limitations and/or increase our interest costs.

Included in the table below is a summary of our available sources of cash from the Credit Facility and the MIF Mortgage Repurchase Facility as of September 30, 2025:

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| | | | |
|:---|:---|:---|:---|
| (In thousands) | Expiration<br>Date | Outstanding<br>Balance | Available<br>Amount |
| Notes payable – homebuilding <sup>(a)</sup> | (a) | $— | $808969 |
| Notes payable – financial services <sup>(b)</sup> | (b) | $231979 | $564 |

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(a)The available amount under the Credit Facility is computed in accordance with the borrowing base calculation under the Credit Facility, which applies various advance rates for different categories of inventory and totaled $2.47 billion of availability for additional senior debt at September 30, 2025. As a result, the full $900 million commitment amount of the facility was available, less any borrowings and letters of credit outstanding. There were no borrowings outstanding and $91.0 million of letters of credit outstanding at September 30, 2025, leaving $809.0 million available. The Credit Facility has an expiration date of September 18, 2030.

(b)The available amount is computed in accordance with the borrowing base calculations under the MIF Mortgage Repurchase Facility, which may be increased by pledging additional mortgage collateral, not to exceed the maximum aggregate commitment amount of M/I Financial's repurchase agreement as of September 30, 2025, which was $300 million. On October 21, 2025, M/I Financial entered into an amendment to the MIF Mortgage Repurchase Facility which extended its term for an additional year to October 20, 2026 and decreased the aggregate commitment amount to $200 million. In addition, on October 21, 2025, M/I Financial entered into a new Master Repurchase Facility which provides for an uncommitted maximum borrowing availability of $100 million to expire in one year.

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**Notes Payable - Homebuilding.** 

***Homebuilding Credit Facility****.* On September 18, 2025, the Company entered into an amendment to the Credit Facility which, among other things, (1) increased the commitments from lenders to $900 million, (2) extended the maturity to September 18, 2030, (3) increased the accordion feature pursuant to which the maximum borrowing availability may be increased to an aggregate of $1.05 billion, subject to obtaining additional commitments from lenders, (4) decreased the SOFR margin to 150 basis points from 175 basis points (subject to adjustment in subsequent quarterly periods based on the Company's then applicable leverage ratio), (5) decreased the commitment fee paid quarterly by the Company on the remaining available commitment amount by 5 basis points to 25 basis points (subject to adjustment in subsequent quarterly periods based on the Company's then applicable leverage ratio) and (6) increased the borrowing base advance rates for certain categories of inventory used to calculate the available amount under the Credit Facility.

Interest on amounts borrowed under the Credit Facility is payable at multiple interest rate options, including one, three, or six month adjusted term secured overnight financing rate ("SOFR") plus a margin of 150 basis points (subject to adjustment in subsequent quarterly periods based on the Company's leverage ratio).

Borrowings under the Credit Facility constitute senior, unsecured indebtedness and availability is subject to, among other things, a borrowing base calculated using various advance rates for different categories of inventory. The Credit Facility also provides for a $250 million sub-facility for letters of credit. The Credit Facility contains various representations, warranties and covenants which require, among other things, that the Company maintain (1) a minimum level of Consolidated Tangible Net Worth of $2.14 billion at September 30, 2025 (subject to increase over time based on earnings and proceeds from equity offerings), (2) a leverage ratio not in excess of 60%, and (3) either a minimum Interest Coverage Ratio of 1.5 to 1.0 or a minimum amount of available liquidity.

The Company's obligations under the Credit Facility are guaranteed by all of the Company's subsidiaries, with the exception of subsidiaries that are primarily engaged in the business of mortgage financing, title insurance or similar financial businesses relating to the homebuilding and home sales business, certain subsidiaries that are not 100%-owned by the Company or another subsidiary, and other subsidiaries designated by the Company as Unrestricted Subsidiaries (as defined in the Credit Facility), subject to limitations on the aggregate amount invested in such Unrestricted Subsidiaries. The guarantors for the Credit Facility are the same subsidiaries that guarantee our 2030 Senior Notes and our 2028 Senior Notes.

As of September 30, 2025, the Company was in compliance with all covenants of the Credit Facility, including financial covenants. The following table summarizes the most significant restrictive covenant thresholds under the Credit Facility and our compliance with such covenants as of September 30, 2025:

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| | | | |
|:---|:---|:---|:---|
| Financial Covenant |  | Covenant Requirement | Actual |
|  |  | (Dollars in millions) | (Dollars in millions) |
| Consolidated Tangible Net Worth | ≥ | $2139.4 | $3052.9 |
| Leverage Ratio | ≤ | 0.60 | 0.01 |
| Interest Coverage Ratio | ≥ | 1.5 to 1.0 | 20.51 to 1.0 |
| Investments in Unrestricted Subsidiaries and Joint Ventures | ≤ | $915.9 | $6.8 |

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**Notes Payable - Financial Services.**

***MIF Mortgage Repurchase Facility.*** The MIF Mortgage Repurchase Facility is used to finance eligible residential mortgage loans originated by M/I Financial. On October 21, 2025, M/I Financial entered into an amendment to the MIF Mortgage Facility that extends the term of the MIF Mortgage Repurchase Facility for an additional year to October 20, 2026 and decreases the aggregate commitment amount from $300 million to $200 million for the entire remaining term. As is typical for similar credit facilities, the amended MIF Mortgage Repurchase Facility expires after one year and is under consideration for extension annually by the participating lenders.

M/I Financial pays interest on each advance under the MIF Mortgage Repurchase Facility at a per annum rate based on Daily Simple SOFR plus a margin as defined in the repurchase agreement. The MIF Mortgage Repurchase Facility provides for limits with respect to certain loan types that can secure outstanding borrowings. The MIF Mortgage Repurchase Facility also contains certain financial covenants each of which is defined in the repurchase agreement. There are no guarantors of the MIF Mortgage Repurchase Facility.

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As of September 30, 2025, there was approximately $232 million outstanding under the MIF Mortgage Repurchase Facility and M/I Financial was in compliance with all covenants thereunder. The financial covenants, as more fully described and defined in the MIF Mortgage Repurchase Facility, are summarized in the following table, which also sets forth M/I Financial's compliance with such covenants as of September 30, 2025:

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| | | | |
|:---|:---|:---|:---|
| Financial Covenant |  | Covenant Requirement | Actual |
|  |  | (Dollars in millions) | (Dollars in millions) |
| Leverage Ratio | ≤ | 12.0 to 1.0 | 6.26 to 1.0 |
| Liquidity | ≥ | $10 | $53.6 |
| Adjusted Net Income | > | $0 | $43.4 |
| Tangible Net Worth | ≥ | $25.0 | $43.2 |

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***MIF Master Repurchase Agreement.*** M/I Financial entered into a new mortgage repurchase agreement ("MIF Master Repurchase Agreement"), which provides for an uncommitted maximum borrowing availability of $100 million and expires on October 20, 2026 or upon agent demand with a 30 day notice. The MIF Master Repurchase Agreement is used to finance eligible residential mortgage loans originated by M/I Financial. M/I Financial pays interest on each advance under the MIF Master Repurchase Agreement at a per annum rate based on Daily Simple SOFR plus a margin as defined in the repurchase agreement. The MIF Master Repurchase Agreement contains the same financial covenants as the MIF Mortgage Repurchase Facility, each of which is defined in the MIF Mortgage Repurchase Facility.

As of the date of this report, M/I Financial's total combined maximum borrowing availability under the MIF Mortgage Repurchase Facility and MIF Master Repurchase Agreement was $300 million.

**Senior Notes.**

***3.95% Senior Notes.*** On August 23, 2021, the Company issued $300 million aggregate principal amount of 3.95% Senior Notes due 2030. The 2030 Senior Notes contain certain covenants, as more fully described and defined in the indenture governing the 2030 Senior Notes, which limit the ability of the Company and the restricted subsidiaries to, among other things: incur certain liens securing indebtedness without equally and ratably securing the 2030 Senior Notes and the guarantees thereof; enter into certain sale and leaseback transactions; and consolidate or merge with or into other companies, liquidate or sell or otherwise dispose of all or substantially all of the Company's assets. These covenants are subject to a number of exceptions and qualifications as described in the indenture governing the 2030 Senior Notes. As of September 30, 2025, the Company was in compliance with all terms, conditions, and covenants under the indenture.

***4.95% Senior Notes.*** On January 22, 2020, the Company issued $400 million aggregate principal amount of 4.95% Senior Notes due 2028. The 2028 Senior Notes contain certain covenants, as more fully described and defined in the indenture governing the 2028 Senior Notes, which limit the ability of the Company and the restricted subsidiaries to, among other things: incur additional indebtedness; make certain payments, including dividends, or repurchase any shares, in an aggregate amount exceeding our "restricted payments basket"; make certain investments; and create or incur certain liens, consolidate or merge with or into other companies, or liquidate or sell or transfer all or substantially all of our assets. These covenants are subject to a number of exceptions and qualifications as described in the indenture governing the 2028 Senior Notes. As of September 30, 2025, the Company was in compliance with all terms, conditions, and covenants under the indenture.

See <u>[Note 8](#i7bd753579b4d47fc8aa79b5141e3b17b_73)</u> to our financial statements for more information regarding the 2030 Senior Notes and the 2028 Senior Notes.

**Supplemental Financial Information.**

As of September 30, 2025, M/I Homes, Inc. had $300 million aggregate principal amount of its 2030 Senior Notes and $400 million aggregate principal amount of its 2028 Senior Notes outstanding.

The 2030 Senior Notes and the 2028 Senior Notes are fully and unconditionally guaranteed, on a joint and several basis, by all of M/I Homes, Inc.'s subsidiaries (the "Subsidiary Guarantors") with the exception of subsidiaries that are primarily engaged in the business of mortgage financing, title insurance or similar financial businesses relating to the homebuilding and home sales business, certain subsidiaries that are not 100%-owned by M/I Homes, Inc. or another subsidiary, and other subsidiaries designated as Unrestricted Subsidiaries (as defined in the indentures governing the 2030 Senior Notes and the 2028 Senior Notes), subject to limitations on the aggregate amount invested in such Unrestricted Subsidiaries in accordance with the terms of the Credit Facility and the indentures governing the 2030 Senior Notes and the 2028 Senior Notes (the "Non-Guarantor Subsidiaries"). The Subsidiary Guarantors of the 2030 Senior Notes, the 2028 Senior Notes and the Credit Facility are the same.

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Each Subsidiary Guarantor is a direct or indirect 100%-owned subsidiary of M/I Homes, Inc. The guarantees are senior unsecured obligations of each Subsidiary Guarantor and rank equally in right of payment with all existing and future unsecured senior indebtedness of such Subsidiary Guarantor. The guarantees are effectively subordinated to any existing and future secured indebtedness of such Subsidiary Guarantor with respect to any assets comprising security or collateral for such indebtedness.

The guarantees are "full and unconditional," as those terms are used in Regulation S-X, Rule 3-10(b)(3), except that the indentures governing the 2030 Senior Notes and the 2028 Senior Notes provide that a Subsidiary Guarantor's guarantee will be released if: (1) all of the assets of such Subsidiary Guarantor have been sold or otherwise disposed of in a transaction in compliance with the terms of the applicable indenture; (2) all of the Equity Interests (as defined in the applicable indenture) held by M/I Homes, Inc. and the Restricted Subsidiaries (as defined in the applicable Indenture) of such Subsidiary Guarantor have been sold or otherwise disposed of to any person other than M/I Homes, Inc. or a Restricted Subsidiary in a transaction in compliance with the terms of the applicable indenture; (3) the Subsidiary Guarantor is designated an Unrestricted Subsidiary (or otherwise ceases to be a Restricted Subsidiary (including by way of liquidation or merger)) in compliance with the terms of the applicable indenture; (4) M/I Homes, Inc. exercises its legal defeasance option or covenant defeasance option under the applicable indenture; or (5) all obligations under the applicable indenture are discharged in accordance with the terms of the applicable indenture.

The enforceability of the obligations of the Subsidiary Guarantors under their guarantees may be subject to review under applicable federal or state laws relating to fraudulent conveyance or transfer, voidable preference and similar laws affecting the rights of creditors generally. In certain circumstances, a court could void the guarantees, subordinate amounts owing under the guarantees or order other relief detrimental to the holders of the 2030 Senior Notes and the 2028 Senior Notes.

The following tables present summarized financial information on a combined basis for M/I Homes, Inc. and the Subsidiary Guarantors. Transactions between M/I Homes, Inc. and the Subsidiary Guarantors have been eliminated and the summarized financial information does not reflect M/I Homes, Inc.'s or the Subsidiary Guarantors' investment in, and equity in earnings from, the Non-Guarantor Subsidiaries.

**Summarized Balance Sheet Data**

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| | | |
|:---|:---|:---|
| (In thousands) | **As of September 30, 2025** | As of December 31, 2024 |
| Assets: |  |  |
| &nbsp;&nbsp;Cash | $**677768** | $761412 |
| &nbsp;&nbsp;Investment in joint venture arrangements | $**75107** | $59295 |
| &nbsp;&nbsp;Amounts due from Non-Guarantor Subsidiaries | $**18920** | $13157 |
| &nbsp;&nbsp;Total assets | $**4432041** | $4169946 |
| Liabilities and Shareholders' Equity: |  |  |
| &nbsp;&nbsp;Total liabilities | $**1338213** | $1284004 |
| &nbsp;&nbsp;Shareholders' equity | $**3093828** | $2885942 |

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**Summarized Statement of Income Data**

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| | |
|:---|:---|
|<br>(In thousands) | **Nine Months Ended**<br>**September 30, 2025** |
| Revenues | $3172858 |
| Land and housing costs | $2453405 |
| Selling, general and administrative expense | $334856 |
| Income before income taxes | $400233 |
| Net income | $302334 |

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***Weighted Average Borrowings.*** For the three months ended September 30, 2025 and 2024, our weighted average borrowings outstanding were $719.1 million and $722.5 million, respectively, with a weighted average interest rate of 5.29% and 5.33%, respectively. The decrease in our weighted average borrowings related to decreased average borrowings under the MIF Mortgage Repurchase Facility during the third quarter of 2025 compared to the same period in 2024.

At both September 30, 2025 and December 31, 2024, we had no borrowings outstanding under the Credit Facility. To the extent we elect to borrow under the Credit Facility during the remainder of 2025, the actual amount borrowed and the related timing will be subject to numerous factors, which are subject to significant variation as a result of the timing and amount of land and house construction expenditures, payroll and other general and administrative expenses, and cash receipts from home deliveries.

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The amount borrowed will also be impacted by other cash receipts and payments, any capital markets transactions or other additional financings by the Company, any repayments or redemptions of outstanding debt, any additional share repurchases under the 2025 Share Repurchase Program and any other extraordinary events or transactions. The Company may also experience significant variation in cash and Credit Facility balances from week to week due to the timing of such receipts and payments.

There were $91.0 million of letters of credit issued and outstanding under the Credit Facility at September 30, 2025. During the nine months ended September 30, 2025, the average daily amount of letters of credit outstanding under the Credit Facility was $79.7 million and the maximum amount of letters of credit outstanding under the Credit Facility was $92.1 million.

At September 30, 2025, M/I Financial had approximately $232.0 million outstanding under the MIF Mortgage Repurchase Facility. During the nine months ended September 30, 2025, the average daily amount outstanding under the MIF Mortgage Repurchase Facility was $16.6 million and the maximum amount outstanding was $286.2 million, which occurred during January.

**<u>INTEREST RATES AND INFLATION</u>**

Our business is significantly affected by general economic conditions within the United States and, particularly, by the impacts of interest rates and inflation. These macroeconomic trends have pressured housing affordability, negatively impacted homebuyer sentiment and impacted the costs of financing land development activities and housing construction.

The annual rate of inflation in the United States was 3.0% in September 2025, as measured by the Consumer Price Index, up slightly from prior quarter, and up from 2.4% in September 2024. As the rate of inflation has declined from 2022's historic levels, our costs have remained stable. However, continued increases in inflation rates could impact our costs, potentially reduce our gross margins, reduce the purchasing power of potential homebuyers, and negatively impact their ability and desire to buy a home.

Elevated mortgage interest rates have also made it more difficult for homebuyers to qualify for mortgages or obtain mortgages at interest rates that are acceptable to them. Interest rates declined slightly following the Federal Reserve's 25 basis point rate cut late in the third quarter, but continue to hover between 6% and 7%, which is comparable with prior year. We plan to continue to address these elevated rates in 2025 by offering interest rate buydowns to potential homebuyers. We believe that offering mortgage interest rate buydown incentives may cause otherwise hesitant potential homebuyers to decide to enter the homebuying market due to the improved affordability of obtaining a mortgage, and we believe we are well prepared to address increased demand in our markets with our current land position and open communities.

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**ITEM 3: QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK**

Our primary market risk results from fluctuations in interest rates. We are exposed to interest rate risk through borrowings under our revolving credit facilities, consisting of the Credit Facility and the MIF Mortgage Repurchase Facility, which permitted borrowings of up to $1.2 billion as of September 30, 2025, subject to availability constraints. Additionally, M/I Financial is exposed to interest rate risk associated with its mortgage loan origination services.

***Interest Rate Lock Commitments:*** Interest rate lock commitments ("IRLCs") are extended to certain homebuying customers who have applied for a mortgage loan and meet certain defined credit and underwriting criteria. Typically, the IRLCs will have a duration of less than six months; however, in certain markets, the duration could extend to twelve months.

Some IRLCs are committed to a specific third party investor through the use of whole loan delivery commitments matching the exact terms of the IRLC loan. Uncommitted IRLCs are considered derivative instruments and are fair value adjusted, with the resulting gain or loss recorded in current earnings.

***Forward Sales of Mortgage-Backed Securities:*** Forward sales of mortgage-backed securities ("FMBSs") are used to protect uncommitted IRLC loans against the risk of changes in interest rates between the lock date and the funding date. FMBSs related to uncommitted IRLCs are classified and accounted for as non-designated derivative instruments and are recorded at fair value, with gains and losses recorded in current earnings.

***Mortgage Loans Held for Sale*:** Mortgage loans held for sale consist primarily of single-family residential loans collateralized by the underlying property. During the period between when a loan is closed and when it is sold to an investor, the interest rate risk is covered through the use of a whole loan contract or by FMBSs. The FMBSs are classified and accounted for as non-designated derivative instruments, with gains and losses recorded in current earnings.

The table below shows the notional amounts of our financial instruments at September 30, 2025 and December 31, 2024:

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| | | |
|:---|:---|:---|
| | **September 30,** | December 31, |
| Description of Financial Instrument (in thousands) | **2025** | 2024 |
| Whole loan contracts and related committed IRLCs | $**3401** | $— |
| Uncommitted IRLCs | **320905** | 215696 |
| FMBSs related to uncommitted IRLCs | **344000** | 228000 |
| Whole loan contracts and related mortgage loans held for sale | **10310** | 17667 |
| FMBSs related to mortgage loans held for sale | **247000** | 252000 |
| Mortgage loans held for sale covered by FMBSs | **231158** | 276140 |

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The table below shows the measurement of assets and liabilities at September 30, 2025 and December 31, 2024:

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| | | |
|:---|:---|:---|
| | **September 30,** | December 31, |
| Description of Financial Instrument (in thousands) | **2025** | 2024 |
| Mortgage loans held for sale | $**239585** | $283540 |
| Forward sales of mortgage-backed securities | **(4146)** | 2946 |
| Interest rate lock commitments | **5383** | 532 |
| Whole loan contracts | **(770)** | (864) |
| Total | $**240052** | $286154 |

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The following table sets forth the amount of (loss) gain recognized on assets and liabilities for the three and nine months ended September 30, 2025 and 2024:

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
| Description (in thousands) | **2025** | 2024 | **2025** | 2024 |
| Mortgage loans held for sale | $**443** | $3569 | $**5896** | $98 |
| Forward sales of mortgage-backed securities | **2052** | (2896) | **(7092)** | 5992 |
| Interest rate lock commitments | **168** | 1709 | **4789** | (470) |
| Whole loan contracts | **(488)** | 493 | **156** | 444 |
| Total gain (loss) recognized | $**2175** | $2875 | $**3749** | $6064 |

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The following table provides the expected future cash flows and current fair values of borrowings under our credit facilities and mortgage loan origination services that are subject to market risk as interest rates fluctuate, as of September 30, 2025. Because the MIF Mortgage Repurchase Facility is effectively secured by certain mortgage loans held for sale which are typically sold within 30 to 45 days, their outstanding balances are included in the most current period presented. The interest rates for our variable rate debt represent the weighted average interest rates in effect at September 30, 2025. For fixed-rate debt, changes in interest rates generally affect the fair market value of the debt instrument, but not our earnings or cash flow. Conversely, for variable rate debt, changes in interest rates generally do not affect the fair market value of the debt instrument, but do affect our earnings and cash flow. We do not have the obligation to prepay fixed-rate debt prior to maturity, and, as a result, interest rate risk and changes in fair market value should not have a significant impact on our fixed-rate debt until we are required or elect to refinance it.

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Expected Cash Flows by Period** | **Expected Cash Flows by Period** | **Expected Cash Flows by Period** | **Expected Cash Flows by Period** | **Expected Cash Flows by Period** | **Expected Cash Flows by Period** | **Expected Cash Flows by Period** | |
|<br>(Dollars in thousands) | **2025** | **2026** | **2027** | **2028** | **2029** | **Thereafter** | **Total** | **Fair Value**<br>**9/30/2025** |
| ASSETS: |  |  |  |  |  |  |  |  |
| Mortgage loans held for sale: |  |  |  |  |  |  |  |  |
| Fixed rate | $243817 |  |  |  |  |  | $243817 | $239585 |
| Weighted average interest rate | 5.65% |  |  |  |  |  | 5.65% |  |
| LIABILITIES: |  |  |  |  |  |  |  |  |
| Long-term debt — fixed rate |  |  |  | $400000 |  | $300000 | $700000 | $683625 |
| Weighted average interest rate |  |  |  | 2.83% |  | 1.69% | 4.52% |  |
| Short-term debt — variable rate | $231979 |  |  |  |  |  | $231979 | $231979 |
| Weighted average interest rate | 6.12% |  |  |  |  |  | 6.12% |  |

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**ITEM 4: CONTROLS AND PROCEDURES**

**Conclusion Regarding the Effectiveness of Disclosure Controls and Procedures**

An evaluation of the effectiveness of the Company's disclosure controls and procedures (as defined in Rule 13a-15(e) and Rule 15d-15(e) under the Securities Exchange Act of 1934, as amended) was performed by the Company's management, with the participation of the Company's principal executive officer and principal financial officer. Based on that evaluation, the Company's principal executive officer and principal financial officer concluded that the Company's disclosure controls and procedures were effective as of the end of the period covered by this report.

**Changes in Internal Control over Financial Reporting**

There were no changes in our internal control over financial reporting during the quarter ended September 30, 2025 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

**<u>Part II - OTHER INFORMATION</u>**

<u>Item 1. Legal Proceedings</u>

The Company's legal proceedings are discussed in <u>[Note 6](#i7bd753579b4d47fc8aa79b5141e3b17b_61)</u> to the Company's Consolidated Financial Statements.

<u>Item 1A. Risk Factors</u>

Our business is subject to a variety of risks and uncertainties. These risks are described elsewhere in this Quarterly Report on Form 10-Q, including in Management's Discussion and Analysis of Financial Condition and Results of Operations above, or in our other filings with the SEC, including Part I, Item 1A of our 2024 Form 10-K. There have been no material changes to the risk factors disclosed in our 2024 Form 10-K.

<u>Item 2. Unregistered Sales of Equity Securities and Use of Proceeds</u>

(a) Recent Sales of Unregistered Securities - None.

(b) Use of Proceeds - Not Applicable.

(c) Purchases of Equity Securities

Common shares purchased during the three months ended September 30, 2025 were as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
| **Period** | **Total Number of Shares Purchased** | **Average Price Paid per Common Share** | **Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs** <sup>(1)</sup> | **Approximate Dollar Value of Shares that May Yet be Purchased Under the Plans or Programs**<sup>(1)</sup> |
| July 1, 2025 - July 31, 2025 |  | $— |  | $149801549 |
| August 1, 2025 - August 31, 2025 | 300000 | $139.95 | 300000 | $107816773 |
| September 1, 2025 - September 30, 2025 | 55000 | $148.99 | 55000 | $99622549 |
| **Quarter ended September 30, 2025** | **355000** | $**141.35** | **355000** | $**99622549** |

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(1)&nbsp;&nbsp;&nbsp;&nbsp;On February 11, 2025, the Company announced that its Board of Directors authorized the 2025 Share Repurchase Program, which replaced the 2024 Share Repurchase Program which had $106.7 million of remaining availability at the time. Under the 2025 Share Repurchase Program, the Company may purchase up to $250 million of its outstanding common shares through open market transactions, privately negotiated transactions or otherwise in accordance with all applicable laws, including pursuant to any trading plan that may be adopted in accordance with Rule 10b5-1 of the Securities Exchange Act of 1934. The 2025 Share Repurchase Program does not have an expiration date and may be modified, suspended or discontinued at any time. See <u>[Note 12](#i7bd753579b4d47fc8aa79b5141e3b17b_91)</u> to our Condensed Consolidated Financial Statements for additional information.

See <u>[Note 8](#i7bd753579b4d47fc8aa79b5141e3b17b_73)</u> to our Condensed Consolidated Financial Statements above for more information regarding the limit imposed by the indenture governing our 2028 Senior Notes on our ability to pay dividends on, and repurchase, our common shares and any preferred shares of the Company then outstanding to the amount of the positive balance in our "restricted payments basket," as defined in the indenture.

The timing, amount and other terms and conditions of any future repurchases under the 2025 Share Repurchase Program will be determined by the Company's management at its discretion based on a variety of factors, including the market price of the

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Company's common shares, business considerations, general market and economic conditions and legal requirements. See <u>[Note 12](#i7bd753579b4d47fc8aa79b5141e3b17b_91)</u> to the Condensed Consolidated Financial Statements and the "Liquidity and Capital Resources" section above for more information regarding the 2025 Share Repurchase Program.

<u>Item 3. Defaults Upon Senior Securities</u> - None.

<u>Item 4. Mine Safety Disclosures</u> - None.

<u>Item 5. Other Information</u> - During the three months ended September 30, 2025, no director or officer of the Company adopted, modified or terminated a "Rule 10b5-1 trading arrangement" or "non-Rule 10b5-1 trading arrangement," as such terms are defined in Item 408(a) of Regulation S-K.

On October 21, 2025, M/I Financial entered into an amendment to the MIF Mortgage Repurchase Facility to extend the term of the MIF Mortgage Repurchase Facility for an additional year to October 21, 2026 and decreased the aggregate commitment amount to $200 million.

M/I Financial also entered into the MIF Master Repurchase Agreement on October 21, 2025, which provides for an uncommitted maximum borrowing availability of $100 million and expires on October 20, 2026 or upon agent demand with a 30 day notice period.

For more information regarding the MIF Mortgage Repurchase Facility and the MIF Master Repurchase Agreement, refer to Note 8, "Debt" to our consolidated financial statements included in Part I, Item 1 of this Quarterly Report on Form 10-Q and "Liquidity and Capital Resources - Notes Payable - Financial Services" included in Part I, Item 2 of this Quarterly Report on Form 10-Q.

The foregoing summary is qualified in its entirety by reference to such amendment to the MIF Mortgage Repurchase Facility and the MIF Mortgage Repurchase Facility, copies of which are filed as Exhibit 10.1 and Exhibit 10.2, respectively, to this Quarterly Report on Form 10-Q and incorporated herein by reference.

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<u>Item 6. Exhibits</u> 

The exhibits required to be filed herewith are set forth below.

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| | |
|:---|:---|
| Exhibit Number | Description |
| 10.1 | <u>[Amendment No. 4 to Master Repurchase Agreement between M/I Financial, LLC and JPMorgan Chase Bank, National Association, dated October 21, 2025 (Filed herewith.)](jpm-mifxmraamdtno4confor.htm)</u> |
| 10.2 | <u>[M](m_i-jpmxmasterrepurchaseag.htm)[aster Rep](m_i-jpmxmasterrepurchaseag.htm)[urchase Agreement and Securities Contract between M/I Financial](m_i-jpmxmasterrepurchaseag.htm)[, LLC and JP](m_i-jpmxmasterrepurchaseag.htm)[Morgan Chase B](m_i-jpmxmasterrepurchaseag.htm)[ank](m_i-jpmxmasterrepurchaseag.htm)[, N.A,](m_i-jpmxmasterrepurchaseag.htm)[dated Octo](m_i-jpmxmasterrepurchaseag.htm)[ber 21, 2025](m_i-jpmxmasterrepurchaseag.htm)[(](m_i-jpmxmasterrepurchaseag.htm)[Filed herewith.)](m_i-jpmxmasterrepurchaseag.htm)</u> |
| 10.3 | <u>[Seventh Amendment to Credit Agreement, dated September 19, 2025, by and among M/I Homes, Inc., as borrower, and PNC Bank, National Association, as administrative agent (incorporated herein by reference to Exhibit 10.1 to the Company's Current Report on Form 8-K filed on September 19, 2025)](https://www.sec.gov/ix?doc=/Archives/edgar/data/0000799292/000079929225000071/mho-20250918.htm)[.](https://www.sec.gov/ix?doc=/Archives/edgar/data/0000799292/000079929225000071/mho-20250918.htm)</u> |
| 22 | <u>[List of Subsidiary Guarantors. (Filed herewith.)](exhibit22guarantors9-30x20.htm)</u> |
| 31.1 | <u>[Certification by Robert H. Schottenstein, Chief Executive Officer, pursuant to Item 601 of Regulation S-K as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. (Filed herewith.)](exhibit311ceocertification.htm)</u> |
| 31.2 | <u>[Certification by Phillip G. Creek, Chief Financial Officer, pursuant to Item 601 of Regulation S-K as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. (Filed herewith.)](exhibit312cfocertification.htm)</u> |
| 32.1 | <u>[Certification by Robert H. Schottenstein, Chief Executive Officer, pursuant to 18 U.S.C. Section 1350 as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. (Filed herewith.)](exhibit321ceocertification.htm)</u> |
| 32.2 | <u>[Certification by Phillip G. Creek, Chief Financial Officer, pursuant to 18 U.S.C. Section 1350 as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. (Filed herewith.)](exhibit322cfocertification.htm)</u> |
| 101.INS | XBRL Instance Document. (Furnished herewith.) |
| 101.SCH | XBRL Taxonomy Extension Schema Document. (Furnished herewith.) |
| 101.CAL | XBRL Taxonomy Extension Calculation Linkbase Document. (Furnished herewith.) |
| 101.LAB | XBRL Taxonomy Extension Label Linkbase Document. (Furnished herewith.) |
| 101.PRE | XBRL Taxonomy Extension Presentation Linkbase Document. (Furnished herewith.) |
| 101.DEF | XBRL Taxonomy Extension Definition Linkbase Document. (Furnished herewith.) |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document and included in Exhibit 101). |

---

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**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

---

| | | | |
|:---|:---|:---|:---|
| | | <u>M/I Homes, Inc.</u> | <u>M/I Homes, Inc.</u> |
| | | (Registrant) | (Registrant) |
| Date: | October 24, 2025 | By: | /s/ Robert H. Schottenstein |
|  |  |  | Robert H. Schottenstein |
|  |  |  | Chairman, Chief Executive Officer and President |
|  |  |  | (Principal Executive Officer) |
| Date: | October 24, 2025 | By: | /s/ Ann Marie W. Hunker |
|  |  |  | Ann Marie W. Hunker |
|  |  |  | Vice President, Chief Accounting Officer and Controller |
|  |  |  | (Principal Accounting Officer) |

---

## Exhibit 10.1

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AMENDMENT NO. 4 TO MASTER REPURCHASE AGREEMENT – Page 1 13312-786/M/I Financial Warehouse Facility AMENDMENT NO. 4 TO MASTER REPURCHASE AGREEMENT This Amendment No. 4 to the Master Repurchase Agreement, dated as of October 21, 2025 (this "Amendment"), is among M/I Financial, LLC (the "Seller"), Truist Bank ("Truist"), The Huntington National Bank ("Huntington Bank"), Texas Capital Bank ("Texas Capital Bank"), and JPMorgan Chase Bank, National Association (the "Agent" and sometimes "JPMorgan Chase"), in its capacity as the administrative agent for the Buyers under the Existing Agreement (each, as defined below). RECITALS The Seller, the Agent and the Buyers are parties to that certain Master Repurchase Agreement, dated as of October 24, 2023 (as amended, restated, supplemented, or otherwise modified from time to time prior to the date hereof, the "Existing Agreement"; and as amended by this Amendment, the "Conformed Agreement"). Truist, Huntington Bank, Texas Capital Bank and JPMorgan Chase (in its capacity as a Buyer) are sometimes collectively referred to herein as the "Buyers" and each, individually, as a "Buyer." Capitalized terms used but not otherwise defined herein shall have the meanings given to them in the Existing Agreement. The parties hereto have agreed, subject to the terms and conditions of this Amendment, that the Existing Agreement be amended to reflect certain agreed upon changes. Accordingly, the parties hereto hereby agree, in consideration of the mutual promises and mutual obligations set forth herein, that the Existing Agreement is hereby amended as follows: SECTION 1. Amendment to the Existing Agreement. Effective as of the date hereof, the Existing Agreement is hereby amended to delete the stricken text (indicated textually in the same manner as the following example: stricken text) and to add the double-underlined text (indicated textually in the same manner as the following example: double-underlined text) as set forth in (x) the changed pages of the amended text of the Conformed Agreement attached as Exhibit A-1 hereto and (y) the full amended text of the Conformed Agreement attached as Exhibit A-2 hereto. The parties hereto further acknowledge and agree that Exhibit A-2 constitutes the Conformed Agreement. SECTION 2. Conditions Precedent. This Amendment shall be effective as of the date hereof, subject to the delivery of this Amendment, executed and delivered by duly authorized officers of the parties hereto. SECTION 3. Representations and Warranties. Each Seller hereby represents and warrants to the Buyers and the Agent that it is in compliance with all the terms and provisions set forth in the Agreement, on its part to be observed or performed, and that no Event of Default has occurred or is continuing, and hereby confirms and reaffirms the representations and warranties contained in the Agreement. SECTION 4. Limited Effect. Except as expressly amended and modified by this Amendment, the Existing Agreement shall continue to be, and shall remain, in full force and effect in accordance with its terms.

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AMENDMENT NO. 4 TO MASTER REPURCHASE AGREEMENT – Page 2 13312-786/M/I Financial Warehouse Facility SECTION 5. Counterparts. This Amendment may be executed by each of the parties hereto on any number of separate counterparts, each of which shall be an original and all of which taken together shall constitute one and the same instrument. Counterparts may be delivered electronically. Facsimile, documents executed, scanned and transmitted electronically and electronic signatures shall be deemed original signatures for purposes of this Amendment and all matters related thereto, with such facsimile, scanned and electronic signatures having the same legal effect as original signatures. The parties agree that this Amendment, any addendum or amendment hereto or any other document necessary for the consummation of the transaction contemplated by this Amendment may be accepted, executed or agreed to through the use of an electronic signature in accordance with the Electronic Signatures in Global and National Commerce Act, Title 15, United States Code, Sections 7001 et seq., the Uniform Electronic Transaction Act and any applicable state law. Any document accepted, executed or agreed to in conformity with such laws will be binding on all parties hereto to the same extent as if it were physically executed and each party hereby consents to the use of any secure third party electronic signature capture service providers, as long as such service providers use system logs and audit trails that establish a temporal and process link between the presentation of identity documents and the electronic signing, together with identifying information that can be used to verify the electronic signature and its attribution to the signer's identity and evidence of the signer's agreement to conduct the transaction electronically and of the signer's execution of each electronic signature. SECTION 6. Severability. If any provision of this Amendment is declared invalid by any court of competent jurisdiction, such invalidity shall not affect any other provision of this Amendment or the Facility Documents, and each Facility Document shall be enforced to the fullest extent permitted by law. SECTION 7. GOVERNING LAW. THIS AMENDMENT SHALL BE GOVERNED BY, AND CONSTRUED AND ENFORCED IN ACCORDANCE WITH, THE INTERNAL LAWS OF THE STATE OF NEW YORK WITHOUT GIVING EFFECT TO THE CONFLICT OF LAW PRINCIPLES THEREOF, OTHER THAN SECTIONS 5-1401 AND 5-1402 OF THE NEW YORK GENERAL OBLIGATIONS LAW, WHICH SHALL GOVERN. SECTION 8. Execution of Amendment Documents. Each party hereto represents to the other parties hereto that this Amendment and the other documents executed by such party in connection with this Amendment were executed by such party outside the State of Florida. [Signature pages follow.]

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IN WITNESS WHEREOF, the parties have caused their names to be duly signed to this Amendment by their respective officers thereunto duly authorized, all as of the date first above written. M/1 FINANCIAL, LLC, an Ohio limited liability company, as Seller and Servicer t· Name: Derek J. 1 Klutch Title: President and Chief Executive Officer AMENDMENT NO. 4 TO MASTER REPURCHASE AGREEME�T - Signature Page 13312-786 M/I Financial Warehouse Facility By: /s/Derek J. Klutch

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AMENDMENT NO. 4 TO MASTER REPURCHASE AGREEMENT – Signature Page 13312-786/M/I Financial Warehouse Facility JPMORGAN CHASE BANK, N.A., a national banking association, as Agent, Lead Arranger and a Buyer By: Name: Title: Jeffrey Neufeld Executive Director /s/Jeffrey Neufeld

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AMENDMENT NO. 4 TO MASTER REPURCHASE AGREEMENT – Signature Page 13312-786/M/I Financial Warehouse Facility THE HUNTINGTON NATIONAL BANK, as a Buyer Name: Kenneth D. Logan Title: Senior Managing Director, SVP

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TEXAS CAPITAL BANK, as a Buyer Name: Lakeisha Binns-Willis Title: Vice President AMENDMENT NO. 4 TO MASTER REPURCHASE AGREEMENT - Signature Page 13312-786/M/I Financial Warehouse Facility By: /s/ Lakeisha Binns-Willis

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EXHIBIT A-1, Conformed Agreement (Redline) – Cover Page 13312-786/M/I Financial Warehouse Facility Exhibit A-1 CONFORMED AGREEMENT (Redline) (See attached)

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13312-786/M/I Financial Warehouse Facility MASTER REPURCHASE AGREEMENT dated as of October 24, 2023 among JPMORGAN CHASE SECURITIES LLCBANK, N.A., as Sole Bookrunner and Sole Lead Arranger, JPMORGAN CHASE BANK, N.A., as Administrative Agent and a Buyer THE OTHER BUYERS PARTY HERETO and M/I FINANCIAL, LLC, as Seller

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MASTER REPURCHASE AGREEMENT – Page 2 13312-786/M/I Financial Warehouse Facility "Accepted Servicing Practices" means, with respect to any Mortgage Loan, (a) those mortgage loan servicing standards and procedures in accordance with all applicable state, local and federal laws, rules and regulations and (b)(i) the mortgage loan servicing standards and procedures prescribed by Fannie Mae and Freddie Mac, in each case as set forth in the Fannie Mae Servicing Guide or Freddie Mac Servicing Guide, as applicable, and in the directives or applicable publications of such agencies, as such may be amended or supplemented from time to time, or (ii) with respect to any Mortgage Loans and any matters or circumstances as to which no such standard or procedure applies, the servicing standards, procedures and practices the Seller uses with respect to its own assets as of the date of this Agreement, subject to reasonable changes. "Additional Purchased Loans" means Eligible Loans transferred by the Seller to the Buyers pursuant to, and as defined in, Section 6.1(a). "Adjusted Tangible Net Worth" means, with respect to the Seller on any day, an amount equal to: (i) the Tangible Net Worth of the Seller on that day; minus (ii) fifty percent (50%) of the book value of REO held by the Seller and its Subsidiaries net of their reserves against REO losses on that day; minus (iii) fifty percent (50%) of the book value of other illiquid investments held by the Seller and its Subsidiaries net of their reserves against other illiquid investments on that day; minus (iv) the book value of Mortgage Loans held by the Seller and its Subsidiaries for investment purposes net of their reserves against Mortgage Loan investment losses on that day; plus (v) the lesser of (x) one percent (1%) of the Outstanding Principal Balances of all Mortgage Loans for which the Seller and its Subsidiaries own the Servicing Rights and (y) the capitalized value of the Seller's and its Subsidiaries' Servicing Rights, on that day; plus (vi) the then unpaid principal amount of all Qualified Subordinated Debt of the Seller and its Subsidiaries; and plus (vii) the lesser of (x) fifty percent (50%) of the book value of Mortgage Loans held by the Seller and its Subsidiaries for investment purposes net of their reserves against Mortgage Loan investment losses on that day and (y) Twenty Million Dollars ($20,000,000). "Adjusted Term SOFR Rate" means the sum of (a) the Daily Adjusting Term SOFR Rate, plus (b) the SOFR Adjustment. "Advance File" means a file containing all information concerning each Mortgage Loan required to be included in the Mortgage Finance Online intake form relating to such Mortgage Loan, one of which shall be delivered by the Seller to the Custodian for each Purchased Loan on its

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MASTER REPURCHASE AGREEMENT – Page 4 13312-786/M/I Financial Warehouse Facility "Agency Mortgage Loan" means a first priority (subject only to Permitted Encumbrances) single-family residential Mortgage Loan that fully conforms to all Agency underwriting and other requirements and whose Customer(s) have a FICO score of 620 or higher. The term "Agency Mortgage Loan" does not include Government Mortgage Loans, Jumbo Mortgage Loans, RHS Mortgage Loans or State Bond Mortgage Loans. "Agency-Required eNote Legend" means the legend or paragraph required by Fannie Mae or Freddie Mac, as applicable, to be set forth in the text of an eNote, as may be amended from time to time by Fannie Mae or Freddie Mac, as applicable. "Agent" is defined in the preamble to this Agreement. "Agent's Fees" is defined in Section 9.2. "Aggregate Outstanding Purchase Price" means as of any Determination Date, an amount equal to the sum of the then-funded Purchase Prices for all Purchased Loans included in all Open Transactions. "Agreement" is defined in Section 1.1. "Applicable Floor" means, as such term is used in the definitions of "Daily Adjusting TermSimple SOFR Rate" or "Successor Rate" (as defined in Section 6.5), zero percent (0.0%) per annum. "Applicable Margin" is defined in the Side Letter. "Approved Accounting Method" shall mean, with respect to (i) the annual Financial Statements Seller is required to deliver pursuant to Section 16.2(b) and the quarterly Financial Statements delivered as of the ends of March, June, September and December each year pursuant to Section 16.2(a), GAAP, or (ii) with respect to the monthly Financial Statements Seller is required to deliver pursuant to Section 16.2(a), the cash basis method of accounting for U.S. federal income tax purposes, or another accounting method reasonably acceptable to the Agent and commonly used for assets similarly situated to the Purchased Loans, which method is, in each case, consistently applied. "Approved Investor" means Ginnie Mae, Fannie Mae, Freddie Mac and any of the Persons listed on Schedule AI, as it may be supplemented or amended from time to time by agreement of the Seller and the Agent; provided, that if the Agent shall give notice to the Seller of the Agent's reasonable disapproval of any Approved Investor(s) named in the notice, the Approved Investor(s) so named shall no longer be (an) Approved Investor(s) from and after the time when the Agent sends that notice to the Seller or such later date as may be specified by the Agent in its sole discretion. "Approved Investor Agreement" means an agreement, in form and substance reasonably acceptable to the Agent, between an Approved Investor and the Seller, pursuant to which such Approved Investor has committed to purchase from the Seller certain of the Purchased Loans, as such agreement may be amended, restated, supplemented or otherwise modified from time to time. If any Approved Investor Agreement is modified in any material respect (other than through

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MASTER REPURCHASE AGREEMENT – Page 5 13312-786/M/I Financial Warehouse Facility ordinary course changes to such Approved Investor's purchase guidelines), the Seller shall provide the Agent with notice of such material modification (other than through ordinary course changes to such Approved Investor's purchase guidelines) and the Agent shall have the right to suspend approval of the Approved Investor with respect to Investor Commitments after the effective date thereof until the Agent has received such modification (other than through ordinary course changes to such Approved Investor's purchase guidelines) and approved it in writing; provided that any such suspension shall be provided in a written notice from Agent to Seller. "Asset Schedule" means a data tape or schedule of information prepared and transmitted in hard copy or electronic format by the Seller to the Agent and the Custodian (if transmitted electronically, in a computer readable electronic format reasonably acceptable to the Agent and the Custodian) incorporating the data fields identified on Schedule AS and any other information reasonably required by the Agent for each Purchased Loan. "Authoritative Copy" means, with respect to an eNote, the single authoritative copy of such eNote within the meaning of 15 U.S.C. § 7021(c) (being Section 7021(c) of E-SIGN) or Section 16(c) of UETA, as applicable, which eNote is within the Control of the Controller. "Authorized Seller Representative" means a representative of the Seller duly designated by all requisite limited liability company action to execute any certificate, schedule or other document contemplated or required by this Agreement on behalf of the Seller and as its act and deed. A list of Authorized Seller Representatives current as of the Effective Date is attached as Schedule AR. The Seller will provide an updated list of Authorized Seller Representatives to the Agent and the Custodian promptly following each addition to or subtraction from such list, and the Agent and the Custodian shall be entitled to rely on each such list until such an updated list is received by the Agent and the Custodian. "Backup Servicer" means any Person designated by the Agent, in its sole discretion, to act as a backup servicer of the Purchased Loans in accordance with Section 19.11. "Bankruptcy Code" is defined in Section 1.1. "Benchmark" means, initially, the TermDaily Simple SOFR Screen Rate; provided that if the TermDaily Simple SOFR Screen Rate or any successor thereof is subsequently replaced by a Successor Rate in accordance with Section 6.5, then "Benchmark" shall mean the applicable Successor Rate then in effect. "Beneficial Ownership Certification" means a certification regarding beneficial ownership as required by the Beneficial Ownership Regulation. "Beneficial Ownership Regulation" means 31 C.F.R. § 1010.230, as amended from time to time. "Business Day" means any day, other than a Saturday, Sunday or any other day designated as a holiday under Federal or applicable State statute or regulation, on which Agent is open for all or substantially all of its domestic and international business (including dealings in foreign exchange) in Houston, Texas.

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MASTER REPURCHASE AGREEMENT – Page 10 13312-786/M/I Financial Warehouse Facility "Daily Adjusting TermSimple SOFR Rate" means, for any daywith respect to each day or any portion thereof (an "Accrual Day"), the SOFR appearing as the rate per annum equal tofor the Term SOFR Screen Rate at or about 8:00day that is one (1) U.S. Government Securities Business Day prior to (i) if such Accrual Day is a U.mS. (Houston, Texas time) (or as soon thereafter as practicalGovernment Securities Business Day, such Accrual Day or (ii) onif such day with a term of one (1) month; provided that, except for a determination by Agent pursuant to Section 6 herein, ifAccrual Day is not a U.S. Government Securities Business Day, the U.S. Government Securities Business Day immediately preceding such Accrual Day. If the rate isfor any such U.S. Government Securities Business Day has not been published on such determination dateby the applicable administrator within two (2) U.S. Government Securities Business Days following such day (and a Successor Rate has not been determined by Administrative Agent as provided herein), then the rateSOFR for such day will be the Termlast appearing SOFR Screen Rate on the first Business Day immediately prior theretopublished prior to such day. Any change in the Daily Simple SOFR due to a change in SOFR shall be effective from and including the effective date of such change in SOFR without notice to Seller; provided, however, and notwithstanding anything to the contrary set forth in this Agreement, if at any time the Daily Adjusting TermSimple SOFR Rate would otherwise be less than the Applicable Floor, then the Daily Adjusting TermSimple SOFR Rate shall be deemed to be the Applicable Floor for all purposes of this Agreement. "Daily Simple SOFR" means, for any day, SOFR, with the conventions for this rate (which will include a lookback) being established by the Agent in accordance with the conventions for this rate selected or recommended by the Relevant Governmental Body for determining "Daily Simple SOFR" for syndicated business loans; provided that if the Agent decides that any such convention is not administratively feasible for the Agent, then the Agent may establish another convention in its reasonable discretion. "Debt" means, with respect to any Person, on any day, (a) all indebtedness or other obligations of such Person that, in accordance with the Approved Accounting Method, should be included in determining total liabilities as shown on the liabilities side of a balance sheet of such Person at such date, and (b) all indebtedness or other obligations of such Person for borrowed money or for the deferred purchase price of property or services; provided that, for purposes of this Agreement, there shall be excluded from Debt on any day loan loss reserves, deferred taxes arising from capitalized excess service fees, operating leases and Qualified Subordinated Debt. "Debtor Relief Laws" means the Bankruptcy Code, and all other liquidation, conservatorship, bankruptcy, assignment for the benefit of creditors, moratorium, rearrangement, receivership, insolvency, reorganization, or similar debtor relief laws of the United States or other applicable jurisdictions from time to time in effect. "Default" means the occurrence of any event or existence of any condition that, but for the giving of notice, the lapse of time or both, would constitute an Event of Default. "Default Pricing Rate" means, on any day and with respect to any Transaction, a rate per annum equal to the otherwise applicable Pricing Rate plus three percent (3%) per annum. "Defaulting Buyer" means any Buyer, as determined by the Agent, that has (a) failed to fund any portion of its Transactions (including any Swing Line Transactions syndicated pursuant

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MASTER REPURCHASE AGREEMENT – Page 15 13312-786/M/I Financial Warehouse Facility was entitled to indemnification or additional amounts under Section 7 immediately before such Buyer changed its lending office, (c) Taxes attributable to such Recipient's failure to comply with Section 7.5 and (d) any U.S. federal withholding Taxes imposed under FATCA. "Fannie Mae" means Federal National Mortgage Association and any successor thereto or to the functions thereof. "FATCA" means sections 1471 through 1474 of the Internal Revenue 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 agreement entered into pursuant to Section 1471(b)(1) of the Internal Revenue Code as of the date of this Agreement (or any amended or successor version described above), any intergovernmental agreement entered into in connection with the implementation of such Sections of the Internal Revenue Code and any fiscal or regulatory legislation, rules or practices adopted pursuant to such intergovernmental agreement. "Federal Funds Effective Rate" means, for any day, a fluctuating interest rate per annum equal to the weighted average of the rates on overnight Federal funds transactions with members of the Federal Reserve System arranged by Federal funds brokers, as published for such day (or, if such day is not a Business Day, for the next preceding Business Day) by the Federal Reserve Bank of New York, or, if such rate is not so published for any day which is a Business Day, the average of the quotations for such day on such transactions received by Agent from three Federal funds brokers of recognized standing selected by Agent, all as conclusively determined by the Agent, such sum to be rounded upward, if necessary, in the discretion of the Agent, to the nearest whole multiple of 1/100th of 1%; provided that if the Federal Funds Effective Rate as so determined would be less than 0%, such rate shall be deemed to be 0% for purposes of this Agreement. "Fee Letter" means that certain Amended and Restated Fee Letter dated as of October 22, 2024, from the Agent to the Seller, which amended and restated in its entirety that certain Fee Letter dated as of October 24, 2023, from the Agent to the Seller. "FHA" means the Federal Housing Administration and any successor. "FICO" means Fair Isaac Corporation and, where used in this Agreement, refers to the credit scoring system developed by that company or to any other Customer credit scoring system whose use by the Seller (for purposes of this Agreement and the Transactions) has been specifically approved in writing by the Agent. "File" means the "Mortgage File" as defined in the Custodial Agreement. "Financial Statements" is defined in Section 15.2(f). "Foreign Buyer" is defined in Section 7.5(b). "Freddie Mac" means the Federal Home Loan Mortgage Corporation and any successor thereto or to the functions thereof. "Fourth Amendment Effective Date" means October 21, 2025.

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MASTER REPURCHASE AGREEMENT – Page 20 13312-786/M/I Financial Warehouse Facility "Location" means, with respect to an eNote, the location of such eNote which is established by reference to the MERS eRegistry. "Low FICO Loan Sublimit" is defined in the table set forth in Section 4.2(d). "Low FICO Mortgage Loan" means a Mortgage Loan that meets all the requirements to be a Government Mortgage Loan except that the FICO score for the Customer(s) of such Mortgage Loan is 580560 or higher but less than 620, and whose underwriting, appraisal and all related documentation that the Agent elects to review are approved by the Agent. "Margin Amount" means, at any time with respect to any Purchased Loan, the amount equal to (a) the applicable Margin Percentage for that Purchased Loan at that time multiplied by (b) the Market Value of that Purchased Loan at that time. "Margin Call" is defined in Section 6.1(a). "Margin Deficit" is defined in Section 6.1(a). "Margin Excess" is defined in Section 6.1(b). "Margin Percentage" is defined in the Side Letter. "Margin Stock" is defined in Regulation U as in effect from time to time. "Marginable Assets" means the sum of the balance sheet values of (i) all of the Seller's assets that are subject to financing or other arrangements that allow the counterparty to make margin calls or demand if such assets decline in value, including Mortgage Loans held for sale, Servicing Rights (to the extent actually financed, excluding Servicing Rights to Purchased Loans) and (ii) interest rate lock commitments and other financial derivative instruments (net of derivative liabilities). "Market Value" means, with respect to any Mortgage Loan as of any date of determination, what the Agent determines as the market value of any Purchased Loan, using a commercially reasonable methodology that is, in its sole good faith discretion, in accordance with standards customarily applicable in the financial industry to third party service providers providing values on comparable assets to be used in connection with the financing of such assets, without reference to Hedge Agreements or Investor Commitments. The Agent's determination of Market Value hereunder shall be conclusive and binding upon the parties, absent manifest error. "Master Servicer" means, with respect to an eNote, the party that is designated in the MERS eRegistry as the "Master Servicer", and that in such capacity is authorized by the Controller to perform certain MERS eRegistry transactions on behalf of the Controller. "Master Servicer Field" means, with respect to an eNote, the field entitled, "Master Servicer" in the MERS eRegistry. "Maximum Aggregate Commitment" means the maximum Aggregate Outstanding Purchase Price that is allowed to be outstanding under this Agreement on any day, being the

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MASTER REPURCHASE AGREEMENT – Page 31 13312-786/M/I Financial Warehouse Facility "SIPA" means the Securities Investors Protection Act of 1970, 15 U.S.C. § 78a et seq., as amended. "SOFR" means a rate per annum equal to the secured overnight financing rate as administered by the Federal Reserve Bank of New York (or a successor administrator of the secured overnight financing rate) on its website. "SOFR Adjustment" means ten basis points (0.10%) per annum. "Solvent" means, for any Person, that (a) the fair market value of its assets exceeds its liabilities, (b) it has sufficient cash flow to enable it to pay its debts as they mature, and (c) it does not have unreasonably small capital to conduct its business. "State Bond Loan Sublimit" is defined in the table set forth in Section 4.2(d). "State Bond Mortgage Loan" means a Mortgage Loan that is originated under a U.S. State or local government housing authority mortgage program and satisfies the eligibility criteria set forth by such housing authority for such mortgage program. The term "State Bond Mortgage Loan" does not include Agency Mortgage Loans, Government Mortgage Loans, Jumbo Mortgage Loans or RHS Mortgage Loans. "Statement Date" means December 31, 2022. "Statement Date Financial Statements" is defined in Section 15.2(f). "Sublimit" means one or more (as the context requires) of the sublimits described in Section 4.2. "Subordination Agreement" means a written subordination agreement in form and substance reasonably satisfactory to and approved by the Agent that subordinates (a) all present and future debts and obligations owing by the Seller to the Person signing such subordination agreement to (b) the Obligations, in both right of payment and lien priority, including standstill and blockage provisions approved by the Agent and Required Buyers. "Subservicer" means any entity permitted by the Agent to act as a subservicer of the Servicer (which permission shall not be unreasonably withheld) who shall perform Servicing Functions under a Subservicer Instruction Letter. "Subservicer Field" means, with respect to an eNote, the field entitled, "Subservicer" in the MERS eRegistry. "Subservicer Instruction Letter" means an instruction letter to a Subservicer in form and substance reasonably agreed to by the Seller and the Agent.

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MASTER REPURCHASE AGREEMENT – Page 32 13312-786/M/I Financial Warehouse Facility "Subsidiary" means any corporation, association or other business entity (including a trust) in which any Person (directly or through one or more other Subsidiaries or other types of intermediaries), owns or controls: (a) more than fifty percent (50%) of the total voting power or shares of stock entitled to vote in the election of its directors, managers or trustees; or (b) more than ninety percent (90%) of the total assets and more than ninety percent (90%) of the total equity through the ownership of capital stock (which may be non-voting) or a similar device or indicia of equity ownership. "Swing Line" means the short-term revolving discretionary Mortgage Loans purchase facility provided for in Section 2.4 under which Swing Line Buyer may, in its sole discretion, fund (as "Swing Line Purchases") purchases of Eligible Loans to bridge the Seller's daily Transactions. "Swing Line Buyer" means JPMorgan Chase in its role as Buyer for Swing Line Transactions. "Swing Line Limit" means One Hundred Million Dollars ($100,000,000). "Swing Line Refunding Due Date" for each Transaction funded under the Swing Line means the Business Day on which the Swing Line Buyer shall elect to have such Swing Line Transaction funded by the Buyers pursuant to Section 2.5, or on the next Business Day thereafter if the Buyers are notified of such request after 3:00 p.m. (Houston, Texas time) on such Business Day, provided that the Swing Line Refunding Due Date shall occur not less frequently than once per week. "Swing Line Transaction" means a Transaction funded by the Swing Line Buyer under the Swing Line. "Tangible Net Worth" means, with respect to any Person on any day, the sum of total shareholders' or members' equity in such Person (including capital stock or member interests, additional paid-in capital and retained earnings, but excluding treasury stock, if any), each as determined in accordance with the Approved Accounting Method on a consolidated basis; provided that, for purposes of this definition, there shall be excluded from assets the following: (a) the aggregate book value of all intangible assets of such Person (as determined in accordance with the Approved Accounting Method), including goodwill, trademarks, trade names, service marks, copyrights, patents, licenses and franchises, (b) capitalized servicing rights and excess capitalized servicing rights, each to be determined in accordance with the Approved Accounting Method; (c) advances or loans to shareholders or Affiliates and advances or loans to employees (unless such advances are against future commissions), and (d) unconsolidated investments in Affiliates. "Taxes" is defined in Section 7.1. "Term SOFR Administrator" means the CME Group Benchmark Administration Limited (CBA) (or a successor administrator of the Term SOFR Screen Rate selected by the Agent in its reasonable discretion).

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MASTER REPURCHASE AGREEMENT – Page 33 13312-786/M/I Financial Warehouse Facility "Term SOFR Administrator's Website" means the website of the Term SOFR Administrator, currently at https://www.cmegroup.com/market-data/cme-group-benchmark-administration/term-sofr.html, or any successor source for the secured overnight financing rate identified as such by the Term SOFR Administrator from time to time. "Term SOFR Screen Rate" means the CME Term SOFR Reference Rates, as administered by the Term SOFR Administrator and published on the applicable screen page (or such other commercially available source providing such rate or quotations as may be designated by Agent from time to time) on the Term SOFR Administrator's Website. "Termination Date" means the earlier to occur of (a) October 2120, 20252026 or (b) the date when the Buyers' Commitments are terminated pursuant to this Agreement, by order of any Governmental Authority or by operation of law. "Third Party Originator" means any Person other than an employee of the Seller who solicits, procures, packages, processes or performs any other origination function with respect to a Mortgage Loan. "TPO Loan" means a Mortgage Loan that has been solicited, procured, packaged, processed or otherwise originated by a Third Party Originator. "Transaction" is defined in Section 1.1. "Transaction Documents" means and includes this Agreement (and all exhibits and schedules attached hereto), the Side Letter, the Fee Letter, the Electronic Tracking Agreement, any Subordination Agreement(s), any Subservicer Instruction Letters, each Request/Confirmation, any financing statements or other papers now or hereafter authorized, executed or issued pursuant to this Agreement, the Approved Investor Agreements, Investor Commitments, Hedge Agreements and all other documents, instruments and agreements at any time evidencing, governing, securing or otherwise relating to any of the Obligations, and any renewal, extension, rearrangement, increase, supplement, modification or restatement of any of them. "Transfer of Control" means, with respect to an eNote, a MERS eRegistry transfer transaction used to request a change to the current Controller of such eNote. "Transfer of Control and Location" means, with respect to an eNote, a MERS eRegistry transfer transaction used to request a change to the current Controller and Location of such eNote. "Transferable Record" means a "transferable record" as defined in Section 16 of UETA or Section 201 of E-SIGN, as applicable that (i) would be a "note" under Article 3 of the UCC if the transferable record were in writing, (ii) the issuer of the electronic record has expressly agreed is a "transferable record", (iii) bears an "electronic signature" as such term is given meaning under E-SIGN and UETA, and (iv) for purposes of E-SIGN relates to a loan secured by real property. "U.S. Government Securities Business Day" means any day except for (i) a Saturday, (ii) a Sunday and (iii) a day on which the Securities Industry and Financial Markets Association recommends that the fixed income departments of its members be closed for the entire day for

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MASTER REPURCHASE AGREEMENT – Page 34 13312-786/M/I Financial Warehouse Facility purposes of trading in United States government securities. "UCC" means the Uniform Commercial Code or similar laws of the applicable jurisdiction, as amended from time to time. "UETA" means the Official Text of the Uniform Electronic Transactions Act as approved by the National Conference of Commissioners on Uniform State Laws at its Annual Conference on July 29, 1999, in the form adopted in the state where the applicable mortgaged property is located, as it may be supplemented, amended or replaced from time to time. "Unfunded Purchase Price" means, as of any date of determination, the amount by which the aggregate Purchase Price of all Purchased Loans exceeds the aggregate Repurchase Price of all Purchased Loans. "U.S. Person" means any Person that is a "United States person" within the meaning of Section 7701 of the Internal Revenue Code. "U.S. Tax Compliance Certificate" is defined in Section 7.5(b)(iii). "VA" means the Department of Veterans Affairs and any successor. "Wet-Ink Mortgage Loan" means a Mortgage Loan which is not an eMortgage Loan. "Wet Loan" means a Purchased Loan originated and owned by the Seller immediately prior to being purchased by the Buyers: (a) that has been closed on or prior to the Business Day on which the Purchase Price is paid therefor, by a title agency or closing attorney, and that would qualify as an Eligible Loan except that some or all of its Primary Loan Documents are in transit to, but have not yet been received by the Custodian so as to satisfy all requirements to permit the Seller to sell it pursuant to this Agreement without restriction; (b) that will fully qualify as an Eligible Loan when the original Primary Loan Documents have been received by the Custodian; (c) as to which such full qualification can and will be achieved on or before the Wet Loan Period for such Purchased Loan; and (d) for which the Seller has delivered to the Custodian an Advance File on or before the Purchase Date, submission of which to the Custodian shall constitute the Seller's certification to the Custodian, the Buyers and the Agent that a complete File as to such Purchased Loan, including the Primary Loan Documents, exists and that such File is in the possession of either the title agent or closing attorney that closed such Purchased Loan, the Seller or that such File has been or will be shipped to the Custodian in accordance with the Custodial Agreement. Each Wet Loan that satisfies the foregoing requirements shall be an Eligible Loan subject to the condition subsequent of delivery of its Mortgage Note, Mortgage and all other Primary Loan

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MASTER REPURCHASE AGREEMENT – Page 35 13312-786/M/I Financial Warehouse Facility Documents, to the Custodian on or before the expiration of the Wet Loan Period for such Purchased Loan. Each Wet Loan sold by the Seller shall be irrevocably deemed purchased by the Buyers and shall automatically become a Purchased Loan effective on the date of the related Transaction, and the Seller shall take all steps necessary or appropriate to cause the sale to the Buyers and delivery to the Custodian of such Wet Loan and its Primary Loan Documents to be completed, perfected and continued in all respects, including causing the original promissory note evidencing such Purchased Loan to be delivered to the Custodian within the Wet Loan Period for such Purchased Loan, and, if requested by the Agent, to give written notice to any title agent, closing attorney or other Person in possession or having Control of the Primary Loan Documents for such Purchased Loan of the Buyers' purchase of such Purchased Loan. Upon the Custodian's receipt and review of the Primary Loan Documents relative to a Wet Loan such Purchased Loan shall no longer be considered a Wet Loan. "Wet Loan Period" means, for any applicable Purchased Loan (a) in the case of a Wet-Ink Mortgage Loan, seven (7) Business Days from and after the Purchase Date for such Purchased Loan, and (b) in the case of an eMortgage Loan, one (1) Business Day from and after the Purchase Date for such Purchased Loan. "Wet Loans Sublimit" is defined in Section 4.2(c). "Whole Loan" means a Mortgage Loan sold in the form of a whole loan, as opposed to a Mortgage Loan that has been pooled for the purpose of comprising an MBS or other type of security. 1.3. Other Definitional Provisions. Accounting terms not otherwise defined shall have the meanings given them under GAAP. (a) Defined terms may be used in the singular or the plural, as the context requires. (b) Except where otherwise specified, all times of day used in the Transaction Documents are local (U.S. Central Time Zone) times in Houston, Texas. (c) Unless the context plainly otherwise requires (e.g., if preceded by the word "not"), wherever the word "including" or a similar word is used in the Transaction Documents, it shall be read as if it were written, "including by way of example but without in any way limiting the generality of the foregoing concept or description". (d) Unless the context plainly otherwise requires, wherever the term "Agent" is used in this Agreement (excluding Section 22), it shall be read as if it were written "the Agent (as agent and representative of the Buyers)." 1.4. Rates. The Agent does not warrant or accept responsibility for, and shall not have any liability with respect to (a) the continuation of, administration of, submission of, calculation of or any other matter related to the Daily Adjusting TermSimple SOFR Rate, or any component definition thereof or any rates referred to in the definition thereof, or any Successor Rate, including whether the composition or characteristics of any such Successor Rate will be similar to, or produce the same value or economic equivalence of,

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MASTER REPURCHASE AGREEMENT – Page 36 13312-786/M/I Financial Warehouse Facility or have the same volume or liquidity as, the Daily Adjusting TermSimple SOFR Rate, or any other Successor Rate, prior to its discontinuance or unavailability, or (b) the effect, implementation or composition of any Conforming Changes. The Agent, the Buyers, and their respective affiliates or other related entities may engage in transactions that affect the calculation of the Daily Adjusting TermSimple SOFR Rate, any Successor Rate or any relevant adjustments thereto, in each case, in a manner adverse to any Seller. The Agent may select information sources or services in its reasonable discretion to ascertain the Daily Adjusting TermSimple SOFR Rate or any Successor Rate, in each case pursuant to the terms of this Agreement, and shall have no liability to any Seller, any Buyer or any other person or entity for damages of any kind, including direct or indirect, special, punitive, incidental or consequential damages, costs, losses or expenses (whether in tort, contract or otherwise and whether at law or in equity), for any error or calculation of any such rate (or component thereof) provided by any such information source or service. Section 2. The Buyers' Commitments. 2.1. The Buyers' Commitments to Purchase. Subject to the terms and conditions of this Agreement (including without limitation the terms and conditions set forth in Section 4 and Section 14) and provided no Default or Event of Default has occurred and is continuing that has not been waived by the Buyers or the Required Buyers, as applicable (or, if one has occurred and not been so cured or declared waived, if all of the Buyers, in their sole discretion and with or without waiving such Default or Event of Default, have elected in writing that Transactions under this Agreement shall continue nonetheless), the Buyers agree to make revolving purchases of Eligible Loans on a servicing released basis through but not including the Termination Date, so long as the Aggregate Outstanding Purchase Price does not exceed the Maximum Aggregate Commitment and so long as each Buyer's Committed Sum is not exceeded. The Buyers' respective Committed Sums and the Maximum Aggregate Commitment are set forth on Schedule BC in effect at the relevant time, as it may have been amended or restated pursuant to this Agreement. Upon the joinder of additional Buyer(s), if any, the parties agree to approve in writing revised and updated versions of Schedule BC. The fractions to be applied to determine the respective Funding Shares of the Buyers for any day are their respective Committed Sums divided by the Maximum Aggregate Commitment for that day. Each Buyer shall be obligated to fund only that Buyer's own Funding Share of any Transaction requested, and no Buyer shall be obligated to the Seller or any other Buyer to fund a greater share of any Transaction. No Buyer shall be excused from funding its applicable Funding Share of any Transaction merely because any other Buyer has failed or refused to fund its relevant Funding Share of that or any other Transaction. If any Buyer fails to fund its Funding Share of any Transaction (a "Nonfunding Buyer"), the Agent (in its sole and absolute discretion) may choose to fund the amount that such Nonfunding Buyer failed or refused to fund, or the Agent as a Buyer and the other Buyers who are willing to do so may (in each of their sole and absolute discretion) do so in the proportion that the Committed Sum of each bears to the total Committed Sums of all Buyers that have funded (or are funding) their own Funding Shares of that Transaction and that are willing to fund part of the Funding Share of such Nonfunding Buyer. Should the Agent and/or any other Buyer(s) fund any or all of the Nonfunding Buyer's Funding Share of any Transaction, then the Nonfunding Buyer shall have the obligation to deliver such amount

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MASTER REPURCHASE AGREEMENT – Page 52 13312-786/M/I Financial Warehouse Facility Daily Adjusting TermSimple SOFR Rate (or any component thereof, and including, without limitation, because the Term SOFR Screen Rate is not available or published on a current basis), and such circumstances are unlikely to be temporary, as determined by the Agent (which determination shall be conclusive and binding absent manifest error), or Required Buyers pursuant to, in the case of the Required Buyers, delivery of notice to the Agent with a copy to the Seller that Required Buyers have so determined (which determination likewise shall be conclusive and binding absent manifest error); or (ii) the Term SOFR Administratoradministrator of the applicable Benchmark or a Governmental Authority having or purporting to have jurisdiction over the Agent or the Term SOFR Administratoradministrator of the applicable Benchmark with respect to its publication of the TermDaily Simple SOFR Screen Rate, in each case acting in such capacity, has made a public statement (A) identifying a specific date after which the TermDaily Simple SOFR Screen Rate shall or will no longer be representative or made available, or used or permitted to be used for determining the interest rate of Dollar-denominated syndicated loans, or shall or will otherwise cease, provided that, at the time of such statement, there is no successor administrator that is satisfactory to the Agent, that will continue to provide the TermDaily Simple SOFR Screen Rate (or any component thereof) after the latest date on which the TermDaily Simple SOFR Screen Rate (or any component thereof) is no longer representative or available permanently or indefinitely, or (B) that the TermDaily Simple SOFR Screen Rate (or any component thereof) fails to comply with the International Organization of Securities Commissions (IOSCO) Principles for Financial Benchmarks; then, on a date and time determined by the Agent (any such date, a "Replacement Date"), which date shall be on the relevant Price Differential payment date, as applicable, for Price Differential calculated and, solely with respect to clause (ii) above, no later than the latest date determined under clause (ii), the Daily Adjusting TermSimple SOFR Rate will be replaced hereunder and under any Transaction Document with Daily Simple SOFRthe greater of (i) an alternative benchmark rate (including any mathematical or other adjustments to such benchmark rate (if any) incorporated therein) and (ii) zero, in lieu of the then-applicable Benchmark, for any payment period for Price Differential calculated that can be determined by the Agent, in its sole discretion, in each case, without any amendment to, or further action or consent of any other party to, this Agreement or any other Transaction Document (such rate, and any subsequent successor rate so determined, the "Successor Rate"), in which event, all Price Differential payments will be payable on a monthly basis. (b) Notwithstanding anything to the contrary herein, (i) if the Agent determines that the Successor Rate is not available on or prior to the Replacement Date or (ii) if events or circumstances comparable to those described in Section 6.5(a)(i) or Section 6.5(a)(ii) have occurred with respect to the Successor Rate, then in each case, the Agent and the Seller may amend this Agreement solely for purpose of replacing the Daily Adjusting TermSimple SOFR Rate or the Successor Rate in accordance with this Section 6.5 at the end of any relevant Price Differential payment date or payment

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MASTER REPURCHASE AGREEMENT – Page 53 13312-786/M/I Financial Warehouse Facility period for Price Differential calculated, as applicable, with another alternate benchmark rate giving due consideration to any evolving or then existing convention for similar U.S. dollar denominated syndicated credit facilities for such alternative benchmark rate and, in each case, including any mathematical or other adjustments to such benchmark rate giving due consideration to any evolving or then existing convention for similar U.S. dollar denominated syndicated credit facilities for such benchmark rate, which adjustment or method for calculating such adjustment shall be published on an information service as selected by the Agent from time to time in its reasonable discretion and may be periodically updated. For the avoidance of doubt, any such proposed rate and adjustments shall constitute a "Successor Rate". Any such amendment shall become effective at 5:00 p.m. (Houston, Texas time) on the fifth (5th) Business Day after the Agent shall have posted such proposed amendment to all Buyers and the Seller unless, prior to such time, Buyers comprising the Required Buyers have delivered to the Agent written notice that such Required Buyers object to such amendment. The Agent will promptly (in one or more notices) notify the Seller and each Buyer of the implementation of any Successor Rate. Any Successor Rate shall be applied in a manner consistent with market practice; provided that to the extent such market practice is not administratively feasible for the Agent, such Successor Rate shall be applied in a manner as otherwise reasonably determined by the Agent. In connection with the implementation of any Successor Rate, the Agent will have the right to make Conforming Changes from time to time and, notwithstanding anything to the contrary herein or in any other Transaction Document, any amendments implementing such Conforming Changes will become effective without any further action or consent of any other party to this Agreement; provided that, with respect to any such amendment effected, the Agent shall post each such amendment implementing such Conforming Changes to the Seller and the Buyers reasonably promptly after such amendment becomes effective. Notwithstanding anything else herein, if at any time any Successor Rate as so determined would otherwise be less than the Applicable Floor, the Successor Rate will be deemed to be the Applicable Floor for the purposes of this Agreement and the other Transaction Documents. 6.6. Illegality. If any Buyer determines (which determination shall be conclusive and binding absent manifest error) that any applicable law has made it unlawful, or that any Governmental Authority has asserted that it is unlawful, it would create safety and soundness risks, or it would not be consistent with sound banking practices, for any Buyer or its applicable lending office to make, maintain or fund Transactions whose Price Differential is determined by reference to the TermDaily Simple SOFR Screen Rate, or to determine or charge interest rates based upon the Daily Adjusting TermSimple SOFR Rate, then, (a) upon notice thereof by such Buyer to the Seller (through the Agent), any obligation of the Buyers to make Daily Adjusting TermSimple SOFR Rate Transactions, and any right of the Seller to continue Daily Adjusting TermSimple SOFR Rate Transactions or to convert Prime Referenced Rate Transactions to Daily Adjusting TermSimple SOFR Rate Transactions, shall be suspended, and (b) the Seller shall, if necessary to avoid such illegality, upon demand from any Buyer (with a copy to the Agent), prepay or, if applicable, convert all Daily Adjusting TermSimple SOFR Rate

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MASTER REPURCHASE AGREEMENT – Page 54 13312-786/M/I Financial Warehouse Facility Transactions to Prime Referenced Rate Transactions, if all affected Buyers may lawfully continue to maintain such Daily Adjusting TermSimple SOFR Rate Transactions to such day, or immediately, if any Buyer may not lawfully continue to maintain such Daily Adjusting TermSimple SOFR Rate Transactions to such day. 6.7. Increased Costs. If any Change in Law shall: (a) impose, modify or deem applicable any reserve (including pursuant to regulations issued from time to time by the Federal Reserve Board for determining the maximum reserve requirements (including any emergency, special, supplemental or other marginal reserve requirement)), special deposit, compulsory loan, insurance charge or any similar requirement against assets of, deposits with or for the account of, or credit extended or participated in by, any Buyer; (b) subject any Buyer to any Taxes (other than (i) Non-excluded Taxes, (ii) Taxes described in clauses (b) through (d) of the definition of Excluded Taxes and (iii) Connection Income Taxes) on any Transaction or any other amounts due under this Agreement in respect thereof, or its deposits, reserves, other liabilities or capital attributable thereto; or (c) impose on any Buyer any other condition, cost or expense (other than Taxes) affecting this Agreement or Transactions made by such Buyer; and the result of any of the foregoing shall be to increase the cost to such Buyer of making, converting to, continuing or maintaining any Transaction or of maintaining its obligation to make any such Transaction, or to increase the cost to such Buyer, or to reduce the amount of any sum received or receivable by such Buyer hereunder, then, upon request of such Buyer or other Recipient, the Seller will pay to such Buyer, as the case may be, such additional amount or amounts as will compensate such Buyer, as the case may be, for such additional costs incurred or reduction suffered. 6.8. Capital Requirements. If any Buyer determines that any Change in Law affecting such Buyer or any lending office of such Buyer or such Buyer's holding company, if any, regarding capital or liquidity requirements, has or would have the effect of reducing the rate of return on such Buyer's capital or on the capital of such Buyer's holding company, if any, as a consequence of this Agreement, the Commitments of such Buyer its obligations hereunder or the maintaining of any Transactions made by such Buyer to a level below that which such Buyer or such Buyer's holding company could have achieved but for such Change in Law (taking into consideration such Buyer's policies and the policies of such Buyer's holding company with respect to capital adequacy and liquidity), then from time to time the Seller will pay to such Buyer such additional amount or amounts as will compensate such Buyer or such Buyer's holding company for any such reduction suffered. 6.9. Certificates for Reimbursement. (a) A certificate of a Buyer, prepared in good faith and in reasonable detail, setting forth the amount or amounts necessary to compensate such Buyer or its holding

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MASTER REPURCHASE AGREEMENT – Page 77 13312-786/M/I Financial Warehouse Facility Section 16. Affirmative Covenants. The Seller agrees that, until all of Seller's Obligations (other than (a) contingent reimbursement and indemnification obligations as to which no claim has been asserted and (b) Obligations related to any Products or any Hedge Agreements) have been paid or performed in full, all Purchased Loans have been repurchased and the Agent and the Buyers have no further Commitments or other obligations under this Agreement or the other Transaction Documents: 16.1. Office of Foreign Assets Control and USA Patriot Act. (a) The Seller will not knowingly directly or indirectly use any of the proceeds from the sale of the Purchased Loans, or lend, contribute or otherwise make available any such proceeds to any subsidiary, joint venture partner or other person or entity, for the purpose of financing the activities of any person or entity that is subject to sanctions under any program administered by the Office of Foreign Assets Control of the United States Department of the Treasury, including those implemented by regulations codified in Subtitle B, Chapter V, of Title 31, Code of Federal Regulations. (b) The Seller will not (i) be or become subject at any time to any law, regulation or list of any government agency (including the U.S. Office of Foreign Asset Control list) that prohibits or limits the Buyers or the Agent from entering into any Transaction with the Seller or from otherwise conducting business with the Seller, or (ii) fail to provide documentary and other evidence of the Seller's identity as may be requested by the Agent or any Buyer at any time to enable the Agent and the Buyers to verify the Seller's identity or to comply with any applicable law or regulation, including Section 326 of the USA Patriot Act of 2001, 31 U.S.C. Section 5318. 16.2. Financial Statements. The Seller will deliver to the Agent, and Agent shall promptly after receipt thereof make available to Buyers by electronic communication (including email and Internet or intranet websites) pursuant to procedures determined by Agent: (a) As soon as available and in any event within forty-five (45) days after the end of each calendar month and quarter, Financial Statements for the Seller and its Subsidiaries for the month or quarter just ended (or, at the request of the Agent, as of the end of any calendar month for the month just ended), all in reasonable detail, and certified by a Responsible Officer of the Seller that such Financial Statements were prepared in accordance with the Approved Accounting Method and present fairly in all material respects the Seller's and its Consolidated Subsidiaries' financial condition as of the date thereof and the results of their operations for the period covered, subject, however, to normal year-end audit adjustments and the omission of notes and schedules to the Financial Statements. (b) As soon as available and in any event within ninety (90) days after the close of each of the Seller's fiscal years, audited Consolidated Financial Statements for the Seller and its Consolidated Subsidiaries, for such year, and the related balance sheet as at the end of such year (setting forth in comparative form the corresponding figures

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MASTER REPURCHASE AGREEMENT – Page 78 13312-786/M/I Financial Warehouse Facility as of the end of and for the preceding fiscal year), all in reasonable detail, prepared in accordance with the Approved Accounting Method, and with all notes, and accompanied by: (i) a report and unqualified opinion of a firm of independent certified public accountants of recognized standing selected by the Seller and reasonably acceptable to the Agent (as of the Effective Date, Deloitte & Touche LLP is acceptable to the Agent), stating that such accountants have audited such Financial Statements in accordance with generally accepted auditing standards and that, in their opinion, such Financial Statements present fairly, in all material respects, the Consolidated financial condition of the Seller and its Consolidated Subsidiaries, as of the date thereof and the Consolidated results of its operations and cash flows for the periods covered thereby in conformity with the Approved Accounting Method; and (ii) a certificate signed by a Responsible Officer of the Seller stating that said Financial Statements fairly present the Consolidated financial condition and results of operations (for the Seller and its Consolidated Subsidiaries) as at the end of, and for, such year. The Seller also agrees to provide to the Agent and the Buyers such other information related to such annual reports or concerning the Seller's finances or operations as the Agent or any Buyer may from time-to-time reasonably request. (c) Responsible Officer's Certificate. Together with each of the monthlyquarterly and annual Financial Statements required by Sections 16.2(a) and (b) above, a certificate of a Responsible Officer of Seller in the form of Exhibit B, among other things, (i) setting forth in reasonable detail all calculations necessary to show whether the Seller is in compliance with the requirements of Sections 16.18 of this Agreement or, if the Seller is not in compliance, showing the extent of noncompliance and specifying the period of noncompliance and what actions the Seller proposes to take with respect thereto and (ii) stating that the terms of this Agreement have been reviewed by such Responsible Officer or under his or her supervision, and that he or she has made or caused to be made under his or her supervision, a review in reasonable detail of the transactions and the condition of the Seller during the accounting period covered by such Financial Statements and that such review does not disclose the existence during or at the end of such accounting period and that such Responsible Officer does not have knowledge of the existence as of the date of the Officer's Certificate of any Event of Default or Default or, if any Event of Default or Default existed or exists, specifying the nature and period of its existence and what action the Seller has taken, is taking and proposes to take with respect to it. 16.3. Financial Statements Will Be Accurate. The Seller agrees that all Financial Statements and reports of auditors furnished to the Agent and the Buyers will be prepared in accordance with the Approved Accounting Method as at the date thereof and for the period then-ended, subject, however for Financial Statements other than year-end statements to year-end audit adjustments and the omission of footnotes and schedules.

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MASTER REPURCHASE AGREEMENT – Page 79 13312-786/M/I Financial Warehouse Facility 16.4. Other Reports. The Seller will promptly furnish to the Agent from time to time information regarding the business and affairs of the Seller (and, upon the written request of any Buyer, such information reasonably requested by such Buyer), including the following and such other information as the Agent may from time to time reasonably request (each report required must be signed by a Responsible Officer of the Seller, and the Agent and the Buyers will have no responsibility to verify or track any of the items referenced or conclusions stated in such reports or to verify the authority of its signer): (a) Such reports by the Seller in respect of the Purchased Loans, in such detail and at such times as the Agent or any Buyer in its reasonable discretion may request at any time or from time to time. (b) Within thirty (30) days after request by the Agent, but no sooner than ninety (90) days after the beginning of each fiscal year of the Seller, projected financial information for such fiscal year consisting of income statements and loan production estimates for each month in such fiscal year and a projected balance sheet of the Seller as at the end of each month, together with supporting assumptions, all in reasonable detail and reasonably satisfactory in scope to the Agent. (c) Promptly provide Agent and the Buyers with any information and documentation reasonably requested by the Agent or any Buyer for purposes of compliance with applicable "know your customer" anti-money laundering rules and regulations, including under the USA Patriot Act and any the Beneficial Ownership Regulation. (d) AsAt all times following the Fourth Amendment Effective Date, as soon as available and in any event within forty-five (45) days after the end of each calendar monthquarter, a monthlyquarterly report commencing with the quarter ending December 31, 2025, detailing compliance with the transaction limits and transaction sublimits set forth in Section 4.1 and Section 4.2, in form and detail reasonably satisfactory to Agent. (e) Within fifteen (15) days after request by the Agent, a copy of each agency audit, including audits of HUD, any Agency and any other Approved Investors, and copies of Seller's responses within fifteen (15) days of filing or submission. (f) AsAt all times following the Fourth Amendment Effective Date, as soon as available and in any event within forty-five (45) days after and as of the end of each calendar monthquarter, commencing with the monthquarter ending OctoberDecember 31, 20232025, a repurchase, settlement and indemnification report in the form attached as Exhibit F; (g) AsAt all times following the Fourth Amendment Effective Date, as soon as available, and in any event within forty-five (45) days after and as of the end of each calendar monthquarter, commencing with the monthquarter ending OctoberDecember 31, 20232025, a secondary marketing report (including a monthlyquarterly pipeline position report) in form and detail reasonably satisfactory to

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MASTER REPURCHASE AGREEMENT – Page 80 13312-786/M/I Financial Warehouse Facility Agent; (h) At all times following the Fourth Amendment Effective Date, as soon as available, and in any event within forty-five (45) days after and as of the end of each calendar monthquarter, commencing with the monthquarter ending OctoberDecember 31, 20232025, a loan production report in form and detail reasonably satisfactory to Agent; and (i) as soon as available, and in any event within forty-five (45) days after and as of the end of each calendar quarter, commencing with the quarter ending December 31, 2023, a third-party report in form and detail reasonably satisfactory to Agent detailing the value of any Servicing Rights then-owned by the Seller. 16.5. Maintain Existence and Statuses; Conduct of Business. The Seller agrees to preserve and maintain its existence in good standing and all of its rights, privileges, licenses and franchises necessary or desirable in the normal conduct of its business except where the failure to maintain such rights, privileges, licenses or franchises could not reasonably be expected to have a material adverse effect on any of the Central Elements in respect of the Seller, and the Seller will continue in the residential mortgage lending business as its principal and core business. 16.6. Compliance with Applicable Laws. The Seller and its Subsidiaries will comply with all applicable Legal Requirements, the breach of which could reasonably be expected to materially adversely affect any of the Central Elements with respect to the Seller and its Subsidiaries, taken as a whole, except where contested in good faith. 16.7. Inspection of Properties and Books; Protection of Seller's Proprietary Information; Buyers' Due Diligence of Seller. (a) The Seller agrees to permit the Agent and the Buyers, subject to the provisions of Section 24.6, to perform continuing loan level due diligence reviews with respect to the Purchased Loans, for purposes of verifying compliance with the representations, warranties and specifications made in this Agreement or otherwise, and the Seller agrees that upon three (3) Business Days prior notice to the Seller, the Agent, any Buyer or their authorized representatives will be permitted timely and reasonable access to examine, inspect, and make copies and extracts of the related mortgage loan files and any and all documents, records, agreements, instruments or information relating to such Purchased Loans in the possession or under the control of the Seller, any Servicer or the Custodian. The Seller also shall make available to the Agent and the Buyers a knowledgeable financial or accounting officer for the purpose of answering questions respecting the mortgage loan files and the Purchased Loans. Without limiting the generality of the foregoing, the Seller acknowledges that the Buyers may purchase Eligible Loans from the Seller based solely upon the information provided by the Seller to the Agent in the Advance File and the representations, warranties and covenants contained in this Agreement, and that the Agent and the Buyers, at their option, have the right at any time upon three (3) Business Days prior notice to the Seller to conduct a partial or complete due diligence review on some or all

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MASTER REPURCHASE AGREEMENT – Page 87 13312-786/M/I Financial Warehouse Facility 16.18. Financial Covenants. Seller shall: (a) Adjusted Tangible Net Worth. Maintain at all times an Adjusted Tangible Net Worth in an amount no less than Twenty-Five Million Dollars ($25,000,000). (b) Leverage Ratio. Maintain at all times a Leverage Ratio of not greater than 12.0 to 1.0. (c) Liquidity. Maintain at all times Liquidity in an amount that equals or exceeds the greater of (i) three percent (3%) of its Marginable Assets on the last Business Day of the Subject Period (as defined in Exhibit B hereto) or (ii) Ten Million Dollars ($10,000,000). (d) Net Income. Maintain as of the last day of each calendar monthquarter, commencing with the calendar monthquarter ending OctoberDecember 31, 20232025, Net Income for the period of twelvefour (124) consecutive calendar monthsquarters then ended, of not less than One Dollar ($1.00). 16.19. Underwriting Guidelines. The Seller will underwrite Eligible Loans in compliance with its underwriting guidelines and applicable product profiles. Section 17. Negative Covenants. The Seller agrees that, until all of Seller's Obligations (other than (a) contingent reimbursement and indemnification obligations as to which no claim has been asserted and (b) Obligations related to any Products or any Hedge Agreements) have been paid or performed in full, all Purchased Loans have been repurchased and the Agent and the Buyers have no further Commitments or other obligations under this Agreement or the other Transaction Documents, the Seller shall not, and shall not permit any Subsidiary to, either directly or indirectly, do any of the following, without the prior written consent of the Required Buyers: 17.1. No Merger. Merge or consolidate with or into any Person unless the Seller is the surviving entity and any of the Seller's Subsidiaries may merge with or into the Seller or another Subsidiary of the Seller. 17.2. Limitation on Debt and Contingent Indebtedness. At no time shall the Seller or any Subsidiary incur, create, contract, assume, have outstanding, guarantee or otherwise be or become, directly or indirectly, liable in respect of any Debt or Contingent Indebtedness except: (a) the Obligations; (b) trade debt (including, without limitation, trade debt for services provided by an Affiliate), equipment leases, loans for the purchase of equipment used in the ordinary course of the Seller's business and other accounts payable and accruals arising in the ordinary course of the Seller's business and indebtedness for taxes and assessments not yet due and payable owed in the ordinary course of business;

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MASTER REPURCHASE AGREEMENT – Page 88 13312-786/M/I Financial Warehouse Facility (c) Seller's existing mortgage warehousing facility with Comerica Bank and this Agreement, and, ifIf the Seller gives the Agent at least ten (10) Business Days prior written notice of the initial incurrence thereof, other Debt under mortgage warehousing facilities, mortgage repurchase facilities or off-balance sheet indebtedness under other financing arrangements; provided that no prior notice shall be required with respect to any such facility, indebtedness or other financing arrangement entered into with the Agent; (d) Debt in respect of any exchange traded or over the counter derivative transaction or any Hedge Agreement entered into in the ordinary course of business and not for speculative purposes; (e) contingent repurchase obligations arising out of loan sale representations and warranties; (f) guaranties by Seller of Debts of any other Person not in excess of Five Million Dollars ($5,000,000); provided that Seller may incur (i) guaranties the Debts of any other Person in excess of Five Million Dollars ($5,000,000) with the Agent's prior written consent and (ii) Contingent Indebtedness of any amount with respect to Debts or Contingent Indebtedness of Seller's Subsidiaries or Affiliates or the Affiliates of Seller's Subsidiaries which relate to residential mortgage warehouse or repurchase facilities or other, similar short-term secondary residential mortgage finance lines of credit extended to or guaranteed by those Subsidiaries, Affiliates or Subsidiaries' Affiliates; (g) any unsecured Debt owed to Parent; and (h) any other Debt or Contingent Indebtedness which is not otherwise expressly provided for in this Section 17.2 in an aggregate principal amount outstanding from time to time not to exceed Five Million Dollars ($5,000,000). 17.3. Business. The Seller shall not, directly or indirectly, engage in any businesses that differ materially from those currently engaged in by the Seller or any other businesses customarily engaged in by other Persons in the mortgage banking business. 17.4. Liquidations, Dispositions of Substantial Assets. Except as expressly provided below in this Section 17.4, neither the Seller nor any Subsidiary shall dissolve or liquidate or sell, transfer, lease or otherwise dispose of any material portion of its property or assets or business. Except as provided herein for the Purchased Loans, the Seller and the Subsidiaries may (a) sell other Mortgage Loans and the right to service such other Mortgage Loans in the ordinary course of their business pursuant, if applicable, to other repurchase facilities or mortgage warehousing facilities allowed hereunder, (b) any Subsidiary may sell its property, assets or business to the Seller or another Subsidiary, (c) the Seller or any Subsidiary may sell or dispose of assets (which are not Collateral), so long as the consideration received is cash or Cash Equivalents and the sales price is at least equal to the fair market value of the assets sold and does not exceed $2,000,000 for each such sale or disposition or series of related sales or dispositions, and (d) any Subsidiary

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EXHIBIT B, Form of Compliance Certificate – Page 1 13312-786/M/I Financial Warehouse Facility EXHIBIT B FORM OF OFFICER'S CERTIFICATE WITH COMPUTATIONS TO SHOW COMPLIANCE OR NON-COMPLIANCE WITH CERTAIN FINANCIAL COVENANTS OFFICER'S CERTIFICATE AGENT: JPMorgan Chase Bank, N.A. SELLER: M/I Financial, LLC SUBJECT PERIOD: ______________ ended _____________, 20____ DATE: _________________, 20____ This certificate is delivered to the Agent and the Buyers under the Master Repurchase Agreement dated as of October 24, 2023 (as supplemented, amended or restated from time to time, the "Current Repurchase Agreement"), among the Seller, the Agent and the Buyers from time-to-time party thereto. Unless they are otherwise defined in this request, terms defined in the Current Repurchase Agreement have the same meanings here as there. The undersigned officer of the Seller certifies to the Agent that on the date of this certificate that: 1. The undersigned is an incumbent officer of the Seller, holding the title stated below the undersigned's signature below. 2. The Seller's Financial Statements that are attached to this certificate were prepared in accordance with the Approved Accounting Method (except that interim (i.e., other than annual) Financial Statements exclude notes to Financial Statements and statements of changes to stockholders' equity and are subject to year-end adjustments) and (subject to the aforesaid proviso as to interim Financial Statements) present fairly and in all material respects the Seller's financial condition and results of operations as of _________________ for that monthquarter or year (the "Subject Period") and, in the case of monthlyquarterly Financial Statements delivered pursuant to Section 16.2(a) of the Current Repurchase Agreement, for the year to that date. 3. The undersigned officer of the Seller supervised a review of the Seller's activities during the Subject Period in respect of the following matters and has determined the following: (a) except to the extent that a representation or warranty speaks to a specific date, the representations and warranties of the Seller in the Current Repurchase Agreement and the other Transaction Documents are true and correct in all material respects, other than the changes, if any, described on the attached Annex A; (b) no event has occurred that could reasonably be expected to have a materially adverse effect on any of the Central Elements of the Seller; (c) the Seller has complied with all of its obligations under the Transaction

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EXHIBIT B, Form of Compliance Certificate – Page 3 13312-786/M/I Financial Warehouse Facility ANNEX A TO OFFICER'S CERTIFICATE 1. Describe changes from representations and warranties, if any — clause 3(a) of attached Officer's Certificate — if none, so state: 2. Describe deviations from compliance with obligations, if any — clause 3(b) of attached Officer's Certificate — if none, so state: 3. Describe Defaults or Events of Default, if any — clause 3(c) of attached Officer's Certificate — if none, so state: 4. Calculate compliance with covenants in Section 16.18 of Current Repurchase Agreement: (a) Adjusted Tangible Net Worth. The Seller's Adjusted Tangible Net Worth as of the last day of the monthquarter ended ______________, 20___ is $____________________ (the minimum under Section 16.18(a) is $25,000,000). Tangible Net Worth: Shareholder's equity: $_________________ Minus intangible assets – goodwill, intellectual property: $_________________ Minus capitalized Servicing Rights: $_________________ Minus advances or loans to shareholders, employees (other than against future commissions) or Affiliates: $_________________ Minus unconsolidated investments in Affiliates: $_________________ TANGIBLE NET WORTH: $_________________

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EXHIBIT B, Form of Compliance Certificate – Page 5 13312-786/M/I Financial Warehouse Facility (b) Leverage Ratio. The Leverage Ratio as of the last day of the monthquarter ended ________________________ is ___ to 1.0 (the maximum ratio under Section 16.18(b) is 12.0 : 1.0). Total Liabilities: $_________________ Plus off balance sheet debt: $_________________ Minus loan loss reserves (if included in liabilities): $_________________ Minus deferred taxes arising from capitalizing excess servicing fees: $_________________ Minus operating leases: $_________________ Minus Qualified Subordinated Debt: DEBT: $_________________ Debt (from above): $_________________ Adjusted Tangible Net Worth (from above): $_________________ LEVERAGE RATIO: _______ : 1.00 (c) Liquidity. The Seller's Liquidity, as of the last day of the monthquarter ended __________________, 20___ was $_____________ (the minimum under Section 16.18(c) is the greater of (i) three percent (3%) of its Marginable Assets on the last Business Day of the Subject Period or (ii) Ten Million Dollars ($10,000,000)). Liquidity Cash (including Cash Pledge Account balance but excluding other pledged cash to third parties and restricted cash): $_________________ Plus Cash Equivalents: $_________________ Plus Unfunded Purchase Price $_________________ LIQUIDITY: $_________________ (d) Net Income. As of the last day of the calendar monthquarter ended ______________, 20____, the Seller's Net Income for the period of twelvefour (124) consecutive calendar monthsquarters then ended was $______________ (the minimum under Section 16.18(d) is $1.00).

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SCHEDULE BC, Buyers' Committed Sums – Solo Page 13312-786/M/I Financial Warehouse Facility SCHEDULE BC BUYERS' COMMITTED SUMS (in dollars) From October 2221, 20242025 until the Termination Date Buyer Committed Sum JPMorgan Chase Bank, N.A. $90,000,00057,500,000 Truist Bank $70,000,00047,500,000 The Huntington National Bank $70,000,00047,500,000 Texas Capital Bank $70,000,00047,500,000 Maximum Aggregate Commitment: $300,000,000 200,000,000

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SCHEDULE JML, Jumbo Mortgage Loan Criteria – Page 5 13312-786/M/I Financial Warehouse Facility SCHEDULE JML JUMBO MORTGAGE LOAN CRITERIA [on file with and available upon request from Agent]

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EXHIBIT A-2, Conformed Agreement (Clean) – Cover Page 13312-786/M/I Financial Warehouse Facility Exhibit A-2 CONFORMED AGREEMENT (Clean) (See attached)

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&nbsp;&nbsp;&nbsp;&nbsp;13312-786/M/I Financial Warehouse Facility MASTER REPURCHASE AGREEMENT dated as of October 24, 2023 among JPMORGAN CHASE BANK, N.A., as Sole Lead Arranger, JPMORGAN CHASE BANK, N.A., as Administrative Agent and a Buyer THE OTHER BUYERS PARTY HERETO and M/I FINANCIAL, LLC, as Seller

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**TABLE OF CONTENTS** Page i 13312-786/M/I Financial Warehouse Facility Section 1. Applicability and Defined Terms. ........................................................................... 1 1.1. Applicability ................................................................................................................... 1 1.2. Defined Terms ................................................................................................................ 1 1.3. Other Definitional Provisions ....................................................................................... 35 1.4. Rates ............................................................................................................................. 35 Section 2. The Buyers' Commitments. .................................................................................. 35 2.1. The Buyers' Commitments to Purchase ....................................................................... 35 2.2. Expiration or Termination of the Commitments .......................................................... 36 2.3. Disbursement of Purchase Prices ................................................................................. 36 2.4. Swing Line Facility ...................................................................................................... 37 2.5. Swing Line Transactions .............................................................................................. 37 2.6. Optional Termination, Reduction and Increase of Buyers' Commitments .................. 39 Section 3. Initiation; Termination. ......................................................................................... 40 3.1. Seller Request; Agent Confirmation ............................................................................ 40 3.2. Request/Confirmation .................................................................................................. 41 3.3. Transaction Termination; Purchase Price Decrease ..................................................... 41 3.4. Place for Payments of Repurchase Prices .................................................................... 42 3.5. Withdrawals from and Credits to Operating Account .................................................. 42 3.6. [Reserved] .................................................................................................................... 43 3.7. Disbursements from Repurchase Settlement Account ................................................. 43 3.8. Delivery of Additional Mortgage Loans ...................................................................... 43 3.9. Application of Purchase Price Decreases ..................................................................... 44 3.10. Defaulting Buyers ......................................................................................................... 44 Section 4. Transaction Limits and Sublimits. ........................................................................ 47 4.1. Transaction Limits ........................................................................................................ 47 4.2. Transaction Sublimits ................................................................................................... 48 4.3. Compliance ................................................................................................................... 49 Section 5. Price Differential. .................................................................................................. 49 5.1. Pricing Rate .................................................................................................................. 49 5.2. Pricing Rate for Default Pricing Rate Purchased Loans .............................................. 49 5.3. Price Differential Payment Due Dates ......................................................................... 49 Section 6. Margin Maintenance. ............................................................................................ 50 6.1. Margin Deficit .............................................................................................................. 50

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**TABLE OF CONTENTS** Page ii 13312-786/M/I Financial Warehouse Facility 6.2. Margin Call Deadline ................................................................................................... 50 6.3. Application of Cash ...................................................................................................... 51 6.4. Inability to Determine Rates ......................................................................................... 51 6.5. SOFR Unavailability; Successor Rate Determination .................................................. 52 6.6. Illegality ........................................................................................................................ 53 6.7. Increased Costs ............................................................................................................. 54 6.8. Capital Requirements ................................................................................................... 54 6.9. Certificates for Reimbursement .................................................................................... 54 6.10. Market Valuations for Purchase Prices ........................................................................ 55 Section 7. Taxes. .................................................................................................................... 55 7.1. Payments to be Free of Taxes; Withholding ................................................................ 55 7.2. Other Taxes .................................................................................................................. 56 7.3. Taxes Indemnity ........................................................................................................... 56 7.4. Receipt .......................................................................................................................... 56 7.5. Withholding Taxes ....................................................................................................... 56 7.6. Indemnification by Buyers. .......................................................................................... 58 7.7. Refunds ......................................................................................................................... 58 7.8. Survival ........................................................................................................................ 59 7.9. Intended Tax Treatment ............................................................................................... 59 Section 8. Income and Escrow Payments; Control. ............................................................... 59 8.1. Income and Escrow Payments ...................................................................................... 59 8.2. Income and Escrow Accounts Prior to Event of Default ............................................. 60 8.3. Income and Escrow Accounts after Event of Default .................................................. 60 Section 9. Buyers' Fees; Agent's Fees; Cash Pledge Account. ............................................. 60 9.1. Buyers' Fees ................................................................................................................. 60 9.2. Agent's Fees ................................................................................................................. 60 9.3. Custodian's Fees ........................................................................................................... 60 9.4. Cash Pledge Account .................................................................................................... 60 Section 10. Security Interest; License. ..................................................................................... 61 10.1. Intent of the Parties ....................................................................................................... 61 10.2. Remedies ...................................................................................................................... 63 Section 11. Substitution. .......................................................................................................... 64 11.1. Seller May Substitute Other Mortgage Loans with Notice to and Approval of Agent 64

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**TABLE OF CONTENTS** Page iii 13312-786/M/I Financial Warehouse Facility 11.2. Payment to Accompany Substitution ........................................................................... 65 Section 12. Payment and Transfer. .......................................................................................... 65 12.1. Immediately Available Funds; Notice to Custodian .................................................... 65 12.2. Payments to the Agent .................................................................................................. 65 12.3. If Payment Not Made When Due ................................................................................. 65 12.4. Payments Valid and Effective ...................................................................................... 66 12.5. Pro Rata Distribution of Payments ............................................................................... 66 Section 13. Segregation of Documents Relating to Purchased Loans. .................................... 66 Section 14. Conditions Precedent. ........................................................................................... 66 14.1. Initial Purchase ............................................................................................................. 66 14.2. Each Purchase ............................................................................................................... 68 Section 15. Representations, Warranties and Covenants. ........................................................ 70 15.1. Buyers, Agent and Seller Representations ................................................................... 70 15.2. Additional Seller Representations ................................................................................ 70 15.3. Special Representations Relating to the Purchased Loans ........................................... 75 15.4. Representations and Warranties Relating to Specific Transactions ............................. 75 15.5. Buyer Representations .................................................................................................. 76 15.6. Survival ........................................................................................................................ 77 Section 16. Affirmative Covenants. ......................................................................................... 77 16.1. Office of Foreign Assets Control and USA Patriot Act ............................................... 77 16.2. Financial Statements ..................................................................................................... 77 16.3. Financial Statements Will Be Accurate ........................................................................ 79 16.4. Other Reports ............................................................................................................... 79 16.5. Maintain Existence and Statuses; Conduct of Business ............................................... 80 16.6. Compliance with Applicable Laws .............................................................................. 80 16.7. Inspection of Properties and Books; Protection of Seller's Proprietary Information; Buyers' Due Diligence of Seller .................................................................................. 80 16.8. Notice of Suits, Etc ....................................................................................................... 82 16.9. Payment of Taxes, Etc .................................................................................................. 83 16.10. Insurance; Fidelity Bond .............................................................................................. 84 16.11. eMortgage Loans .......................................................................................................... 84 16.12. Subordination of Certain Indebtedness ........................................................................ 84 16.13. Certain Debt to Remain Unsecured .............................................................................. 85

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**TABLE OF CONTENTS** Page iv 13312-786/M/I Financial Warehouse Facility 16.14. Promptly Correct Escrow Imbalances .......................................................................... 85 16.15. MERS Covenants ......................................................................................................... 85 16.16. Special Affirmative Covenants Concerning Purchased Loans ..................................... 86 16.17. Coordination with Other Lenders/Repo Purchasers and Their Custodians .................. 86 16.18. Financial Covenants ..................................................................................................... 87 16.19. Underwriting Guidelines .............................................................................................. 87 Section 17. Negative Covenants. ............................................................................................. 87 17.1. No Merger .................................................................................................................... 87 17.2. Limitation on Debt and Contingent Indebtedness ........................................................ 87 17.3. Business ........................................................................................................................ 88 17.4. Liquidations, Dispositions of Substantial Assets ......................................................... 88 17.5. Loans, Advances, and Investments .............................................................................. 89 17.6. Use of Proceeds ............................................................................................................ 89 17.7. Transactions with Affiliates ......................................................................................... 90 17.8. Liens ............................................................................................................................. 90 17.9. ERISA Plans ................................................................................................................. 90 17.10. Change of Principal Office ........................................................................................... 90 17.11. Distributions ................................................................................................................. 90 17.12. Limitations on Payments of Certain Debt .................................................................... 90 17.13. No Changes in Accounting Practices or Fiscal Year ................................................... 90 17.14. No Changes to Underwriting Guidelines ..................................................................... 91 Section 18. Events of Default; Event of Termination. ............................................................. 91 18.1. Events of Default .......................................................................................................... 91 18.2. Transaction Termination .............................................................................................. 93 18.3. Termination by the Agent ............................................................................................. 93 18.4. Remedies ...................................................................................................................... 93 18.5. Liability for Expenses and Damages ............................................................................ 94 18.6. Liability for Interest ...................................................................................................... 94 18.7. Other Rights ................................................................................................................. 94 18.8. Seller's Repurchase Rights ........................................................................................... 95 18.9. Sale of Purchased Loans ............................................................................................... 95 18.10. Setoff ............................................................................................................................ 95

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**TABLE OF CONTENTS** Page v 13312-786/M/I Financial Warehouse Facility Section 19. Servicing of the Purchased Loans. ........................................................................ 95 19.1. Servicing Released Basis .............................................................................................. 95 19.2. Servicing and Subservicing .......................................................................................... 96 19.3. Escrow Payments ......................................................................................................... 96 19.4. Escrow and Income after Event of Default .................................................................. 96 19.5. Servicing Records ......................................................................................................... 97 19.6. Subservicer Instruction Letter ...................................................................................... 97 19.7. Termination of Servicing .............................................................................................. 97 19.8. Renewal of Interim Servicing Term ............................................................................. 98 19.9. Notice from Seller ........................................................................................................ 98 19.10. Seller Remains Liable .................................................................................................. 98 19.11. Backup Servicer ........................................................................................................... 99 19.12. Successor Servicer ........................................................................................................ 99 Section 20. Payment of Expenses; Indemnity. ....................................................................... 100 20.1. Expenses ..................................................................................................................... 100 20.2. Indemnity .................................................................................................................... 100 Section 21. Single Agreement................................................................................................ 101 Section 22. Relationships among the Agent and the Buyers. ................................................ 101 22.1. Appointment of Agent ................................................................................................ 101 22.2. Scope of Agent's Duties ............................................................................................. 101 22.3. Limitation on Duty to Disclose .................................................................................. 103 22.4. Authority of Agent to Enforce this Agreement .......................................................... 103 22.5. Agent in its Individual Capacity ................................................................................. 103 22.6. Actions Requiring All Buyers' Consent ..................................................................... 103 22.7. Actions Requiring Required Buyers' Consent ........................................................... 104 22.8. Agent's Discretionary Actions ................................................................................... 104 22.9. Buyers' Cooperation ................................................................................................... 105 22.10. Buyers' Sharing Arrangement .................................................................................... 105 22.11. Buyers' Acknowledgment .......................................................................................... 106 22.12. Agent Market Value Determinations ......................................................................... 107 22.13. Agent's Duty of Care, Express Negligence Waiver and Release ............................... 107 22.14. Calculations of Shares of Principal and Other Sums ................................................. 108 22.15. Successor Agent ......................................................................................................... 108

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**TABLE OF CONTENTS** Page vi 13312-786/M/I Financial Warehouse Facility 22.16. Merger of the Agent ................................................................................................... 109 22.17. Participation; Assignment by Buyers ......................................................................... 109 22.18. The Agent and the Buyers are the only Beneficiaries of this Section ........................ 112 22.19. Knowledge of Default ................................................................................................ 112 22.20. No Reliance on Agent's Customer Identification Program ........................................ 112 22.21. Other Titles ................................................................................................................. 113 22.22. Other Agreements ....................................................................................................... 113 22.23. Erroneous Payments ................................................................................................... 113 Section 23. Notices and Other Communications; Electronic Transmissions. ....................... 114 Section 24. Miscellaneous. .................................................................................................... 117 24.1. Further Assurances ..................................................................................................... 117 24.2. Agent as Attorney in Fact ........................................................................................... 117 24.3. Wires to Seller ............................................................................................................ 117 24.4. Wires to Agent ............................................................................................................ 117 24.5. Receipt; Available Funds ........................................................................................... 117 24.6. Privacy of Customer Information ............................................................................... 118 Section 25. Entire Agreement; Severability. .......................................................................... 118 Section 26. Non-assignability; Termination; Replacement of Buyers. .................................. 119 26.1. Limited Assignment ................................................................................................... 119 26.2. Remedies Exception ................................................................................................... 119 26.3. Agreement Termination ............................................................................................. 119 26.4. Replacement of Buyers; Change in Lending Office .................................................. 119 Section 27. Counterparts. ....................................................................................................... 120 Section 28. Governing Law, Jurisdiction and Venue. ........................................................... 120 Section 29. Waiver of Jury Trial. ........................................................................................... 121 Section 30. Relationship of the Parties. ................................................................................. 121 Section 31. No Waivers, Etc. ................................................................................................. 122 Section 32. Use of Employee Plan Assets. ............................................................................ 122 32.1. Prohibited Transactions .............................................................................................. 122 32.2. Audited Financial Statements Required ..................................................................... 122 32.3. Representations .......................................................................................................... 122 Section 33. Intent. .................................................................................................................. 122 33.1. Transactions are Repurchase Agreements and Securities Contracts .......................... 122

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**TABLE OF CONTENTS** Page vii 13312-786/M/I Financial Warehouse Facility 33.2. Contractual Rights, Etc ............................................................................................... 123 33.3. FDIA ........................................................................................................................... 123 33.4. Master Netting Agreement ......................................................................................... 123 Section 34. Disclosure Relating to Certain Federal Protections. ........................................... 123 34.1. Parties not Protected by SIPA or Insured by FDIC or NCUSIF ................................ 123 34.2. SIPA Does Not Protect Government Securities Broker or Dealer Counterparty ....... 124 34.3. Transaction Funds Are Not Insured Deposits ............................................................ 124 Section 35. USA Patriot Act Notification. ............................................................................. 124 Section 36. Waiver of Fees, Costs and Expenses. ................................................................. 124

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**TABLE OF CONTENTS** Page viii 13312-786/M/I Financial Warehouse Facility EXHIBITS AND SCHEDULES Exhibit A Form of Request/Confirmation Exhibit B Form of Compliance Certificate Exhibit C List of Subsidiaries of the Seller as of the Effective Date Exhibit D-1 Form of U.S. Tax Compliance Certificate (Non-Partnership Foreign Buyers) Exhibit D-2 Form of U.S. Tax Compliance Certificate (Non-Partnership Foreign Participants) Exhibit D-3 Form of U.S. Tax Compliance Certificate (Partnership Foreign Participants) Exhibit D-4 Form of U.S. Tax Compliance Certificate (Partnership Foreign Buyers) Exhibit E Form of Assignment and Assumption Exhibit F Form of Repurchase and Indemnification Report Exhibit G Form of Repurchase Settlement Account Disbursement Request Schedule AI Approved Investors Schedule AR Authorized Seller Representatives List Effective as of October 24, 2023 Schedule AS Asset Schedule Fields Schedule BC Buyers' Committed Sums Schedule JML Jumbo Mortgage Loan Criteria Schedule DQ Disqualifiers Schedule EL Eligible Loans Schedule 1.2 Deposit Accounts Schedule 15.2(f) Material Adverse Changes and Contingent Liabilities Schedule 15.2(g) Pending Litigation Schedule 15.2(n) Existing Liens Schedule 15.2(s) Compliance Information Schedule 15.3 Special Representations and Warranties with Respect to each Purchased Loan Schedule 23 Buyers' Addresses for Notice as of October 24, 2023

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&nbsp;&nbsp;&nbsp;&nbsp;MASTER REPURCHASE AGREEMENT – Page 1 13312-786/M/I Financial Warehouse Facility MASTER REPURCHASE AGREEMENT THIS MASTER REPURCHASE AGREEMENT is made and entered into as of October 24, 2023, between and among M/I Financial, LLC, an Ohio limited liability company (the "Seller"), and JPMorgan Chase Bank, N.A., a national banking association, as administrative agent and representative of itself as a Buyer and the other Buyers (the "Agent" and sometimes "JPMorgan Chase"), and the other Buyers, as defined in Section 1.2. Section 1. Applicability and Defined Terms. 1.1. Applicability. From time to time the parties hereto may enter into transactions in which the Seller agrees to transfer to the Agent on behalf of the Buyers, Eligible Loans on a servicing-released basis against the transfer of funds by the Buyers, with a simultaneous agreement by the Buyers to transfer to the Seller such Eligible Loans at a date certain or on demand in the event of termination pursuant to Section 18.2 hereof, or if no demand is sooner made, on the Termination Date, against the transfer of funds by the Seller. Each such transaction shall be referred to herein as a "Transaction" and shall be governed by this Agreement, as hereinafter defined. JPMorgan Chase has also agreed to provide a separate revolving swing line repurchase facility to initially and temporarily purchase Eligible Loans pending their purchase by all of the Buyers pursuant to this Agreement. The parties hereby specifically declare that it is their intention that this Master Repurchase Agreement (as amended, restated, supplemented or otherwise modified from time to time, this "Agreement") and the purchases of Eligible Loans made pursuant to it (under both its regular and swing line provisions) are to be treated as repurchase transactions under the Title 11 of the United States Code, as amended (the "Bankruptcy Code"), including all rights that accrue to the Buyers by virtue of sections 559, 561 and 562 of the Bankruptcy Code. This Agreement also contains lien provisions with respect to the Purchased Loans so that if, contrary to the intent of the parties, any court of competent jurisdiction characterizes any Transaction as a financing, rather than a purchase, under applicable law, including the applicable provisions of the Bankruptcy Code, the Agent is deemed to have a first priority perfected security interest in and to the Purchased Loans to secure the payment and performance of all of the Seller's Obligations under this Agreement and the other Transaction Documents. The Buyers' agreement to establish and continue the revolving repurchase facilities, and JPMorgan Chase's agreement to establish and continue such revolving swing line repurchase facility, are each made upon and subject to the terms and conditions of this Agreement. If there is any conflict or inconsistency between any of the terms or provisions of this Agreement and any of the other Transaction Documents, this Agreement shall govern and control. If there is any conflict between any provision of this Agreement and any later supplement, amendment, restatement or replacement of it, then the latter shall govern and control. 1.2. Defined Terms. Except where otherwise specifically stated, capitalized terms used in this Agreement and the other Transaction Documents have the meanings assigned to them below or elsewhere in this Agreement.

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&nbsp;&nbsp;&nbsp;&nbsp;MASTER REPURCHASE AGREEMENT – Page 2 13312-786/M/I Financial Warehouse Facility "Accepted Servicing Practices" means, with respect to any Mortgage Loan, (a) those mortgage loan servicing standards and procedures in accordance with all applicable state, local and federal laws, rules and regulations and (b)(i) the mortgage loan servicing standards and procedures prescribed by Fannie Mae and Freddie Mac, in each case as set forth in the Fannie Mae Servicing Guide or Freddie Mac Servicing Guide, as applicable, and in the directives or applicable publications of such agencies, as such may be amended or supplemented from time to time, or (ii) with respect to any Mortgage Loans and any matters or circumstances as to which no such standard or procedure applies, the servicing standards, procedures and practices the Seller uses with respect to its own assets as of the date of this Agreement, subject to reasonable changes. "Additional Purchased Loans" means Eligible Loans transferred by the Seller to the Buyers pursuant to, and as defined in, Section 6.1(a). "Adjusted Tangible Net Worth" means, with respect to the Seller on any day, an amount equal to: (i) the Tangible Net Worth of the Seller on that day; minus (ii) fifty percent (50%) of the book value of REO held by the Seller and its Subsidiaries net of their reserves against REO losses on that day; minus (iii) fifty percent (50%) of the book value of other illiquid investments held by the Seller and its Subsidiaries net of their reserves against other illiquid investments on that day; minus (iv) the book value of Mortgage Loans held by the Seller and its Subsidiaries for investment purposes net of their reserves against Mortgage Loan investment losses on that day; plus (v) the lesser of (x) one percent (1%) of the Outstanding Principal Balances of all Mortgage Loans for which the Seller and its Subsidiaries own the Servicing Rights and (y) the capitalized value of the Seller's and its Subsidiaries' Servicing Rights, on that day; plus (vi) the then unpaid principal amount of all Qualified Subordinated Debt of the Seller and its Subsidiaries; and plus (vii) the lesser of (x) fifty percent (50%) of the book value of Mortgage Loans held by the Seller and its Subsidiaries for investment purposes net of their reserves against Mortgage Loan investment losses on that day and (y) Twenty Million Dollars ($20,000,000). "Advance File" means a file containing all information concerning each Mortgage Loan required to be included in the Mortgage Finance Online intake form relating to such Mortgage Loan, one of which shall be delivered by the Seller to the Custodian for each Purchased Loan on its Purchase Date, both by electronic, computer readable transmission via Mortgage Finance Online and, in the event such electronic transmission is not possible, by faxing a hard copy thereof to the Custodian.

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&nbsp;&nbsp;&nbsp;&nbsp;MASTER REPURCHASE AGREEMENT – Page 3 13312-786/M/I Financial Warehouse Facility "Affected Tenor" is defined in Section 6.4. "Affiliate" means and includes, with respect to a specified Person, any other Person: (a) that directly or indirectly through one or more intermediaries Controls, is Controlled by or is under common Control with the specified Person; (b) that is a director, manager, trustee, general partner, managing or sole member or executive officer of the specified Person or serves in a similar capacity in respect of the specified Person; (c) of which the specified Person is a director, manager, trustee, general partner, managing or sole member or executive officer or with respect to which the specified Person serves in a similar capacity and over whom the specified Person, either alone or together with one or more other Persons similarly situated, has Control; (d) that, directly or indirectly through one or more intermediaries, is the beneficial owner of ten percent (10%) or more of any class of equity securities — which does not include any MBS — of the specified Person; or (e) of which the specified Person is directly or indirectly the owner of ten percent (10%) or more of any class of equity securities of the specified Person. For the purposes of this definition only, "Control" means the power to direct the management and policies of such Person, directly or indirectly, whether through the ownership of voting securities, by contract or otherwise and the terms "Controlling", "Controlled by" and "under common Control with" have meanings correlative to the meaning of "Control". "Aged Mortgage Loan" means, on any day, a Purchased Loan that is not a Jumbo Mortgage Loan and whose Purchase Date was more than sixty (60) days but not more than ninety (90) days prior to that day. "Aged Mortgage Loan Sublimit" is defined in the table set forth in Section 4.2(d). "Agency" (and, with respect to two or more of the following, "Agencies") means Fannie Mae, FHA, Freddie Mac, Ginnie Mae, RHS or VA. "Agency Guidelines" means those requirements, standards and procedures that may be adopted by the Agencies from time to time with respect to their purchase or guaranty of residential mortgage loans, which requirements govern the Agencies' willingness to purchase or guaranty such loans. "Agency Loan Sublimit" is defined in Section 4.2(a). "Agency Mortgage Loan" means a first priority (subject only to Permitted Encumbrances) single-family residential Mortgage Loan that fully conforms to all Agency underwriting and other requirements and whose Customer(s) have a FICO score of 620 or higher. The term "Agency

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&nbsp;&nbsp;&nbsp;&nbsp;MASTER REPURCHASE AGREEMENT – Page 4 13312-786/M/I Financial Warehouse Facility Mortgage Loan" does not include Government Mortgage Loans, Jumbo Mortgage Loans, RHS Mortgage Loans or State Bond Mortgage Loans. "Agency-Required eNote Legend" means the legend or paragraph required by Fannie Mae or Freddie Mac, as applicable, to be set forth in the text of an eNote, as may be amended from time to time by Fannie Mae or Freddie Mac, as applicable. "Agent" is defined in the preamble to this Agreement. "Agent's Fees" is defined in Section 9.2. "Aggregate Outstanding Purchase Price" means as of any Determination Date, an amount equal to the sum of the then-funded Purchase Prices for all Purchased Loans included in all Open Transactions. "Agreement" is defined in Section 1.1. "Applicable Floor" means, as such term is used in the definitions of "Daily Simple SOFR" or "Successor Rate" (as defined in Section 6.5), zero percent (0.0%) per annum. "Applicable Margin" is defined in the Side Letter. "Approved Accounting Method" shall mean, with respect to (i) the annual Financial Statements Seller is required to deliver pursuant to Section 16.2(b) and the quarterly Financial Statements delivered as of the ends of March, June, September and December each year pursuant to Section 16.2(a), GAAP, or (ii) with respect to the monthly Financial Statements Seller is required to deliver pursuant to Section 16.2(a), the cash basis method of accounting for U.S. federal income tax purposes, or another accounting method reasonably acceptable to the Agent and commonly used for assets similarly situated to the Purchased Loans, which method is, in each case, consistently applied. "Approved Investor" means Ginnie Mae, Fannie Mae, Freddie Mac and any of the Persons listed on Schedule AI, as it may be supplemented or amended from time to time by agreement of the Seller and the Agent; provided, that if the Agent shall give notice to the Seller of the Agent's reasonable disapproval of any Approved Investor(s) named in the notice, the Approved Investor(s) so named shall no longer be (an) Approved Investor(s) from and after the time when the Agent sends that notice to the Seller or such later date as may be specified by the Agent in its sole discretion. "Approved Investor Agreement" means an agreement, in form and substance reasonably acceptable to the Agent, between an Approved Investor and the Seller, pursuant to which such Approved Investor has committed to purchase from the Seller certain of the Purchased Loans, as such agreement may be amended, restated, supplemented or otherwise modified from time to time. If any Approved Investor Agreement is modified in any material respect (other than through ordinary course changes to such Approved Investor's purchase guidelines), the Seller shall provide the Agent with notice of such material modification (other than through ordinary course changes to such Approved Investor's purchase guidelines) and the Agent shall have the right to suspend approval of the Approved Investor with respect to Investor Commitments after the effective date

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&nbsp;&nbsp;&nbsp;&nbsp;MASTER REPURCHASE AGREEMENT – Page 5 13312-786/M/I Financial Warehouse Facility thereof until the Agent has received such modification (other than through ordinary course changes to such Approved Investor's purchase guidelines) and approved it in writing; provided that any such suspension shall be provided in a written notice from Agent to Seller. "Asset Schedule" means a data tape or schedule of information prepared and transmitted in hard copy or electronic format by the Seller to the Agent and the Custodian (if transmitted electronically, in a computer readable electronic format reasonably acceptable to the Agent and the Custodian) incorporating the data fields identified on Schedule AS and any other information reasonably required by the Agent for each Purchased Loan. "Authoritative Copy" means, with respect to an eNote, the single authoritative copy of such eNote within the meaning of 15 U.S.C. § 7021(c) (being Section 7021(c) of E-SIGN) or Section 16(c) of UETA, as applicable, which eNote is within the Control of the Controller. "Authorized Seller Representative" means a representative of the Seller duly designated by all requisite limited liability company action to execute any certificate, schedule or other document contemplated or required by this Agreement on behalf of the Seller and as its act and deed. A list of Authorized Seller Representatives current as of the Effective Date is attached as Schedule AR. The Seller will provide an updated list of Authorized Seller Representatives to the Agent and the Custodian promptly following each addition to or subtraction from such list, and the Agent and the Custodian shall be entitled to rely on each such list until such an updated list is received by the Agent and the Custodian. "Backup Servicer" means any Person designated by the Agent, in its sole discretion, to act as a backup servicer of the Purchased Loans in accordance with Section 19.11. "Bankruptcy Code" is defined in Section 1.1. "Benchmark" means the Daily Simple SOFR; provided that if the Daily Simple SOFR or any successor thereof is subsequently replaced by a Successor Rate in accordance with Section 6.5, then "Benchmark" shall mean the applicable Successor Rate then in effect. "Beneficial Ownership Certification" means a certification regarding beneficial ownership as required by the Beneficial Ownership Regulation. "Beneficial Ownership Regulation" means 31 C.F.R. § 1010.230, as amended from time to time. "Business Day" means any day, other than a Saturday, Sunday or any other day designated as a holiday under Federal or applicable State statute or regulation, on which Agent is open for all or substantially all of its domestic and international business (including dealings in foreign exchange) in Houston, Texas. "Buyer" means JPMorgan Chase and such other Persons from time-to-time party to this Agreement as a "Buyer." Persons who are currently Buyers on any day shall be listed as Buyers in Schedule BC in effect for that day.

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&nbsp;&nbsp;&nbsp;&nbsp;MASTER REPURCHASE AGREEMENT – Page 6 13312-786/M/I Financial Warehouse Facility "Buyer Affiliate" means (a) with respect to any Buyer, (i) an Affiliate of such Buyer or (ii) any entity (whether a corporation, partnership, trust or otherwise) that is engaged in making, purchasing, holding or otherwise investing in securities and mortgage reverse repurchase agreements, bank loans and similar financial arrangements in the ordinary course of its business and is administered or managed by such Buyer or an Affiliate of such Buyer and (b) with respect to any Buyer that is a fund which invests in securities and mortgage reverse repurchase agreements, bank loans and similar financial arrangements, any other fund that invests in securities and mortgage reverse repurchase agreements, bank loans and similar financial arrangements and is managed by the same investment advisor as such Buyer or by an Affiliate of such investment advisor. "Buyers' Fees" is defined in Section 9.1. "Cash Equivalents" means any of the following: (a) marketable direct obligations issued by, or unconditionally guaranteed by, the United States Government or issued by any agency thereof and backed by the full faith and credit of the United States, in each case maturing within three (3) months or less after the date of the applicable financial statement reporting such amounts; (b) certificates of deposit, time deposits or Eurodollar time deposits having maturities of three (3) months or less after the date of the applicable financial statement reporting such amounts, or overnight bank deposits, issued by any well-capitalized commercial bank organized under the laws of the United States or any state thereof having combined capital and surplus of not less than Five Hundred Million Dollars ($500,000,000) and rated at least A-2 by Standard & Poor's Corporation or at least P-2 by Moody's Investors Service, Inc.; (c) money market and cash accounts and money market funds which are invested in investments of the types described above or in commercial paper or variable or fixed rate notes maturing no more than one hundred eighty (180) days from the date of the applicable financial statement reporting such amounts and which is rated at least A- 2 by Standard & Poor's Corporation or at least P-2 by Moody's Investors Service, Inc.; and (d) repurchase agreements with a bank or trust company (including any of the Buyers) or recognized securities dealer having capital and surplus in excess of $500,000,000 for direct obligations issued by or fully guaranteed by the United States of America in which Seller shall have a perfected first priority security interest (subject to no other Liens) and having, on the date of purchase thereof, a fair market value of at least one hundred percent (100%) of the amount of the repurchase obligations. "Cash Pledge Account" means the Seller's non-interest-bearing demand deposit account maintained with Agent and described in Section 9.3 in which the Seller shall maintain the Required Amount of funds for the term of this Agreement. "Central Elements" means and includes the value of a substantial part of the Purchased Loans; the prospects for payment of each portion of the Repurchase Price, both Purchase Price and Price Differential, when due; the validity or enforceability of this Agreement and the other Transaction Documents and, as to any Person referred to in any reference to the Central Elements, such Person's property, business operations, financial condition and ability to fulfill and perform its obligations under this Agreement and the other Transaction Documents to which it is a party, each taken as a whole, and such Person's prospects of continuing in business as a going concern.

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&nbsp;&nbsp;&nbsp;&nbsp;MASTER REPURCHASE AGREEMENT – Page 7 13312-786/M/I Financial Warehouse Facility "Certified Copy" means a copy of an original Primary Loan Document or Secondary Loan Document accompanied by (or on which there is stamped) a certification by an officer of either a title insurer or an agent of a title insurer (whether a title agency or a closing attorney) or, except where otherwise specified below, by an Authorized Seller Representative or an officer of the Servicer (if other than the Seller) or subservicer of the relevant Mortgage Loan, that such copy is a true copy of the original and (if applicable) that the original has been sent to the appropriate governmental filing office for recording in the jurisdiction where the related Mortgaged Premises are located. Each such certification shall be conclusively deemed to be a representation and warranty by the certifying officer, agent, Authorized Seller Representative or officer of the relevant Servicer or subservicer, as applicable, to the Agent, the Buyers and the Custodian upon which each may rely. "Change in Law" means the occurrence, after the Effective Date, of any of the following: (a) the adoption or introduction of any applicable Legal Requirement now or hereafter in effect and whether or not applicable to any Buyer or the Agent on such date, (b) any change in any applicable Legal Requirement or in the interpretation or application thereof by any Governmental Authority, or (c) the issuance, making or implementation by any Governmental Authority of any interpretation, administration, request, regulation, guideline, or directive (whether or not having the force of law), including any risk-based capital guidelines. For purposes of this definition, (x) a change in any Legal Requirement or in the interpretation, application, administration or implementation thereof, shall include, without limitation, any change made or which becomes effective on the basis of a Legal Requirement or any interpretation, administration or implementation thereof then in force, the effective date of which change is delayed by the terms of such Legal Requirement or interpretation, administration or implementation thereof, (y) the Dodd-Frank Wall Street Reform and Consumer Protection Act (Pub. L. 111-203, H.R. 4173) and all requests, rules, regulations, guidelines, interpretations or directives promulgated thereunder or issued in connection therewith shall be deemed to be a "Change in Law", regardless of the date enacted, adopted, issued or promulgated, and (z) all requests, rules, guidelines or directives promulgated by the Bank for International Settlements, the Basel Committee on Banking Supervision (or any successor or similar authority) or the United States regulatory authorities, in each case pursuant to Basel III, shall each be deemed to be a "Change in Law", regardless of the date enacted, adopted, issued or implemented. "Change of Control" means, in respect of the Seller, the occurrence of the Parent not owning directly, or indirectly, one hundred percent (100%) of the issued and outstanding ownership interests of the Seller. "CL" means JPMorgan Chase, operating through its unincorporated division commonly known as its Correspondent Lending group. "Collateral" is defined in Section 10.1. "Commitment" means, for each Buyer, its commitment under Section 2.1, subject to reduction or increase as described in Section 2.6, to fund its Funding Share of Transactions, limited to such Buyer's Committed Sum.

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&nbsp;&nbsp;&nbsp;&nbsp;MASTER REPURCHASE AGREEMENT – Page 8 13312-786/M/I Financial Warehouse Facility "Committed Sum" means, for any day, the maximum total amount a Buyer is committed to fund for the purchase from the Seller of Eligible Loans on a revolving basis pursuant to this Agreement, on its terms and subject to its conditions. From the Effective Date of this Agreement through the Termination Date or such other date (if any) when all or any of them is changed by operation of the provisions of any agreement or Legal Requirement, the Committed Sums for the Buyers are as set forth on Schedule BC, as it may be amended and restated from time to time. "Competitor" means an entity which (a) either (i) competes with the Parent or its Affiliates in the home building business, or (ii) is in the business of making, purchasing, holding or otherwise investing in residential Mortgage Loans in the ordinary course of its business, and (b) is not in the business of making, purchasing, holding or otherwise investing in commercial loans or similar extensions of credit in the ordinary course of its business. "Conforming Changes" means, with respect to either the use or administration of SOFR or the use, administration, adoption or implementation of any Successor Rate, any technical, administrative or operational changes (including changes to the definition of "Business Day," the definition of "U.S. Government Securities Business Day," or any similar or analogous definition (or the addition of a concept of "interest period"), timing and frequency of determining rates and making payments of Price Differential, timing of borrowing requests or prepayment, conversion or continuation notices, the applicability and length of lookback periods, the applicability of Section 6.4 or Section 6.5 and other technical, administrative or operational matters) that the Agent decides may be appropriate to reflect the adoption and implementation of any such rate or to permit the use and administration thereof by the Agent in a manner substantially consistent with market practice (or, if the Agent decides that adoption of any portion of such market practice is not administratively feasible or if the Agent determines that no market practice for the administration of any such rate exists, in such other manner of administration as the Agent decides is reasonably necessary in connection with the administration of this Agreement and the other Transaction Documents). "Connection Income Taxes" means Other Connection Taxes that are imposed on or measured by net income (however denominated) or that are franchise Taxes or branch profits Taxes. "Consolidated" (or "consolidated") or "Consolidating" (or "consolidating") means, when used with reference to any financial term in this Agreement, the aggregate for two or more Persons of the amounts signified by such term for all such Persons determined on a consolidated (or consolidating) basis in accordance with the Approved Accounting Method. Unless otherwise specified herein, "Consolidated" and "Consolidating" shall refer to the Seller and its Subsidiaries, determined on a Consolidated or Consolidating basis. "Contingent Indebtedness" means, with respect to any Person as of a particular date, the sum (without duplication) at such date of (a) all obligations of such Person in respect of letters of credit, acceptances, or similar obligations issued or created for the account of such Person, (b) all obligations of such Person under any contract, agreement or understanding of such Person pursuant to which such Person guarantees, or in effect guarantees, any indebtedness or other obligations of any other Person in any matter, whether directly or indirectly, contingently or absolutely, in whole or in part (excluding such Person's contingent liability as endorser of negotiable instruments for

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&nbsp;&nbsp;&nbsp;&nbsp;MASTER REPURCHASE AGREEMENT – Page 9 13312-786/M/I Financial Warehouse Facility collection in the ordinary course of business), (c) all liabilities secured by any Lien on any property owned by such Person, whether or not such Person has assumed or otherwise become liable for the payment thereof and (d) any liability of such Person or any Affiliate thereof in respect of unfunded vested benefits under any ERISA Plan, in each case excluding any such liabilities or obligations that constitute Debt. "Control" means, with respect to an eNote, "control" of such eNote as such term is defined in 15 U.S.C. § 7021(b) (being Section 7021(c) of E-SIGN) and/or Section 16 of UETA, as applicable, which is established by reference to the MERS eRegistry and any party designated therein as the Controller. "Control Failure" means, with respect to any eMortgage Loan, the occurrence of any event or condition while such eMortgage Loan is subject to a Transaction which results in the Custodian not having Control of the eNote evidencing such eMortgage Loan or the Custodian not being the Controller of such eNote, excluding, however, any Transfer of Control intentionally made by the Custodian pursuant to this Agreement or any other Transaction Documents, including in conjunction with the sale, conveyance or other disposition of such eMortgage Loan. "Controller" means, with respect to an eNote, the party designated in the MERS eRegistry as the "Controller," and who in such capacity shall be deemed to be "in control" or to be the "controller" of such eNote within the meaning of UETA or E-SIGN, as applicable. "Currency Agreement" means any foreign exchange contract, currency swap agreement, futures contract, option contract, synthetic cap or other similar agreement or arrangement for the purpose of hedging the currency risk associated with the Seller's and its Subsidiaries' operations and not for speculative purposes. "Custodial Agreement" means that certain Master Custodial Agreement, dated April 1, 2025 (as amended, restated, supplemented or otherwise modified from time to time) by and between the JPMorgan Chase Bank, N.A., as repo agent, and Custodian, as custodian, as joined by Seller pursuant to that certain Client Joinder Agreement, dated July 1, 2025, among Buyer, Custodian and Seller. "Custodial Report" is defined in the Custodial Agreement. "Custodian" means JPMorgan Chase Bank, N.A., in its capacity as custodian under the Custodial Agreement, or any successor custodian acceptable to the Agent. "Custodian's Fees" means the fees to be paid by the Seller to the Custodian for its services as provided to the Seller by the Custodian. Such fees are separate from and in addition to other fees to be paid to the Buyers and the Agent provided for in this Agreement. "Customer" means and includes each maker of a Mortgage Note and each cosigner, guarantor, endorser, surety and assumptor thereof, and each mortgagor or grantor under a Mortgage. "Daily Simple SOFR" means, with respect to each day or any portion thereof (an "Accrual Day"), the SOFR appearing as the rate for the day that is one (1) U.S. Government Securities

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&nbsp;&nbsp;&nbsp;&nbsp;MASTER REPURCHASE AGREEMENT – Page 10 13312-786/M/I Financial Warehouse Facility Business Day prior to (i) if such Accrual Day is a U.S. Government Securities Business Day, such Accrual Day or (ii) if such Accrual Day is not a U.S. Government Securities Business Day, the U.S. Government Securities Business Day immediately preceding such Accrual Day. If the rate for any such U.S. Government Securities Business Day has not been published by the applicable administrator within two (2) U.S. Government Securities Business Days following such day (and a Successor Rate has not been determined by Administrative Agent as provided herein), then the SOFR for such day will be the last appearing SOFR published prior to such day. Any change in the Daily Simple SOFR due to a change in SOFR shall be effective from and including the effective date of such change in SOFR without notice to Seller; provided, however, and notwithstanding anything to the contrary set forth in this Agreement, if at any time the Daily Simple SOFR would otherwise be less than the Applicable Floor, then the Daily Simple SOFR shall be deemed to be the Applicable Floor for all purposes of this Agreement. "Debt" means, with respect to any Person, on any day, (a) all indebtedness or other obligations of such Person that, in accordance with the Approved Accounting Method, should be included in determining total liabilities as shown on the liabilities side of a balance sheet of such Person at such date, and (b) all indebtedness or other obligations of such Person for borrowed money or for the deferred purchase price of property or services; provided that, for purposes of this Agreement, there shall be excluded from Debt on any day loan loss reserves, deferred taxes arising from capitalized excess service fees, operating leases and Qualified Subordinated Debt. "Debtor Relief Laws" means the Bankruptcy Code, and all other liquidation, conservatorship, bankruptcy, assignment for the benefit of creditors, moratorium, rearrangement, receivership, insolvency, reorganization, or similar debtor relief laws of the United States or other applicable jurisdictions from time to time in effect. "Default" means the occurrence of any event or existence of any condition that, but for the giving of notice, the lapse of time or both, would constitute an Event of Default. "Default Pricing Rate" means, on any day and with respect to any Transaction, a rate per annum equal to the otherwise applicable Pricing Rate plus three percent (3%) per annum. "Defaulting Buyer" means any Buyer, as determined by the Agent, that has (a) failed to fund any portion of its Transactions (including any Swing Line Transactions syndicated pursuant to Section 2.5) within two (2) Business Days of the date required to be funded by it hereunder, (b) notified the Seller, the Agent or any Buyer in writing that it does not intend to comply with any of its funding obligations under this Agreement or has made a public statement to the effect that it does not intend to comply with its funding obligations under this Agreement, other mortgage repurchase agreements or any agreements in which it commits to extend credit, (c) failed, within two (2) Business Days after request by the Agent, to confirm that it will comply with the terms of this Agreement relating to its obligations to fund prospective Transactions and participations in then outstanding Swing Line Transactions (provided that such Buyer shall cease to be a Defaulting Buyer pursuant to this clause (c) upon receipt of such written confirmation by the Agent), (d) otherwise failed to pay over to the Agent or any other Buyer any other amount required to be paid by it hereunder within two Business Days of the date when due, unless the subject of a good faith dispute, or (e) (i) become the subject of a proceeding under any Debtor Relief Law, or (ii) had appointed for it a receiver, custodian, conservator, trustee, administrator, assignee for the benefit

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&nbsp;&nbsp;&nbsp;&nbsp;MASTER REPURCHASE AGREEMENT – Page 11 13312-786/M/I Financial Warehouse Facility of creditors or similar Person charged with reorganization or liquidation of its business or assets, including the Federal Deposit Insurance Corporation or any other state or federal regulatory authority acting in such a capacity; provided that a Buyer shall not be a Defaulting Buyer solely by virtue of the ownership or acquisition of any equity interest in that Buyer or any direct or indirect parent company thereof by a Governmental Authority, so long as such ownership interest does not result in or provide such Buyer with immunity from the jurisdiction of courts within the United States or from the enforcement of judgments or writs of attachment on its assets or permit such Buyer (or such Governmental Authority) to reject, repudiate, disavow or disaffirm any contracts or agreements made with such Buyer. Any determination by the Agent that a Buyer is a Defaulting Buyer under any one or more of clauses (a) through (e) above shall be conclusive and binding absent manifest error, and such Buyer shall be deemed to be a Defaulting Buyer upon delivery of written notice of such determination to the Seller, Swing Line Buyer and each Buyer. "Delegatee" means, with respect to an eNote, the party designated in the MERS eRegistry as the "Delegatee" or "Delegatee for Transfers," who in such capacity is authorized by the Controller to perform certain MERS eRegistry transactions on behalf of the Controller such as Transfers of Control and Transfers of Control and Location. "Determination Date" means the date as of, or for, which a specified characteristic of a Mortgage Loan or other subject matter is being determined for purposes of a provision of this Agreement or another Transaction Document. "Disqualifier" means any of the circumstances or events affecting Purchased Loans that are described on Schedule DQ. "Dry Loan" means an Eligible Loan originated by the Seller that has been closed, funded and qualifies without exception as an Eligible Loan, including satisfying the requirement that all of its Primary Loan Documents have been delivered to the Custodian in accordance with the Custodial Agreement. "eClosing System" means the systems and processes used in the origination and closing of an eMortgage Loan and through which the eNote and other Loan Documents are accessed, presented and signed electronically. "eClosing Transaction Record" means, for each eMortgage Loan, a record of each eNote and Electronic Record presented and signed using the eClosing System and all actions relating to the creation, execution, and transferring of the eNote, and all other Electronic Records that are required to be maintained pursuant to Agency Guidelines and required to demonstrate compliance with all applicable Legal Requirements. An eClosing Transaction Record shall include systems logs and audit trails that establish a temporal and process link between the presentation of identity documents and the electronic signing of each eNote and Electronic Record, together with identifying information that can be used to verify the Electronic Signature and its attribution to the signer's identity, and evidence of the signer's agreement to conduct the transaction electronically and the signer's execution of each electronic signature. "Effective Date" means October 24, 2023.

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&nbsp;&nbsp;&nbsp;&nbsp;MASTER REPURCHASE AGREEMENT – Page 12 13312-786/M/I Financial Warehouse Facility "Electronic Agent" means MERSCORP Holdings, Inc., or its successor in interest or assigns. "Electronic Record" means an "electronic record" as defined in Section 2 of UETA or Section 7006 of E-SIGN, as applicable, and with respect to an eMortgage Loan, the related eNote and all other documents comprising the File electronically created and that are stored in an electronic format and bearing an "electronic signature" as such term is defined in E-SIGN, if any. "Electronic Tracking Agreement" means one (1) or more Electronic Tracking Agreements with respect to (i) the tracking of changes in the ownership, mortgage servicers and servicing rights ownership of Mortgage Loans held on the MERS System, and (ii) the tracking of the Control of eNotes held on the MERS eRegistry, each in a form reasonably acceptable to Seller and Agent, as the same may be amended (including by an Addendum to Electronic Tracking Agreement for eNotes), restated, supplemented or otherwise modified from time to time. "Electronic Transmission" means each document, instruction, authorization, file, information and any other communication transmitted, posted or otherwise made or communicated by e-mail or E-Fax, or otherwise to or from an E-System or other equivalent service. "Eligible Assignee" means (a) a Buyer; (b) a Buyer Affiliate; or (c) any other Person (other than a natural person) approved by the (i) Agent and Swing Line Buyer, and (ii) unless an Event of Default has occurred and is continuing, the Seller (each such approval not to be unreasonably withheld or delayed); provided that (x) notwithstanding the foregoing, "Eligible Assignee" shall not include any natural person, the Seller, or any of the Seller's Affiliates or Subsidiaries, (y) no assignment shall be made to a Defaulting Buyer (or a Person who would be a Defaulting Buyer if such Person was a Buyer hereunder) without the consent of Agent and Seller; and (z) that notwithstanding clause (c)(ii) of this definition, so long as no Event of Default has occurred and is continuing, no assignment shall be made to a Competitor without the consent of the Seller, which consent may be withheld in its sole discretion. "Eligible Loans" is defined on Schedule EL. "eMortgage Loan" means a Mortgage Loan evidenced by an eNote and as to which some or all of the other documents comprising the related mortgage file may be created electronically and not by traditional paper documentation with a pen and ink signature. "eNote" means, with respect to any eMortgage Loan, the electronically created and stored Mortgage Note that is a Transferable Record. "eNote Custodian" means JPMorgan Chase Bank, N.A., or any successor custodian acceptable to the Agent. "ERISA" means the Employee Retirement Income Security Act of 1974 and any successor statute, as amended from time to time, and all rules and regulations promulgated under it. "ERISA Affiliates" means all members of the group of corporations and trades or businesses (whether or not incorporated) that, together with the Seller, are treated as a single employer under Section 414 of the Internal Revenue Code.

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&nbsp;&nbsp;&nbsp;&nbsp;MASTER REPURCHASE AGREEMENT – Page 13 13312-786/M/I Financial Warehouse Facility "ERISA Plan" means any pension benefit plan subject to Title IV of ERISA or Section 412 of the Internal Revenue Code maintained or contributed to by the Seller or any ERISA Affiliate with respect to which the Seller has a fixed or contingent liability. "Erroneous Payment" is defined in Section 22.23. "Escrow Account" means the Escrow Account established by the Seller with a bank reasonably satisfactory to the Agent under Section 8, and subject to the control of the Agent into which amounts paid for escrow accumulation under Purchased Loans are paid for purposes of paying taxes, insurance and other appropriate escrow charges. "E-SIGN" means the Electronic Signatures in Global and National Commerce Act, 15 U.S.C. § 7001 et seq., as supplemented, amended, recodified or replaced from time to time. "E-System" means any electronic system and any other Internet or extranet-based site, whether such electronic system is owned, operated or hosted by the Agent, any of its Affiliates or any other Person, providing for access to data protected by passcodes or other security system. "eVault" means an electronic repository established and maintained by the eVault Provider for the Custodian for delivery and storage of eNotes. "eVault Provider" means such entity agreed upon by Seller, Custodian and Agent. "Event of Default" is defined in Section 18.1. "Event of Insolvency" means, as to any Person: (a) such Person has commenced as debtor any case or proceeding under any bankruptcy, insolvency, reorganization, moratorium, delinquency, arrangement, readjustment of debt, liquidation, dissolution, or similar law of any jurisdiction whether now or hereafter in effect, or consents to the filing of any petition against it under such law, or petitions for, causes or consents to the appointment or election of a receiver, conservator, liquidator, trustee, sequestrator, custodian or similar official for such Person or any substantial part of its property, or an order for relief is entered under the Bankruptcy Code; or any of such Person's property is sequestered by court or order; or the convening by such Person of any meeting of creditors for purposes of commencing any such case or proceeding or seeking such an appointment or election; (b) the commencement of any such case or proceeding against such Person, or another Person's seeking an appointment or election of a receiver, conservator, liquidator, trustee, sequestrator, custodian or similar official for such Person, or any substantial part of its property, or the filing against the such Person of an application for a protective decree under the provisions of SIPA which (i) is consented to or not timely contested by such Person, (ii) results in the entry of an order for relief, such an appointment or election, the issuance of such a protective decree, or the entry of an order having a similar effect or (iii) is not dismissed within sixty (60) days;

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&nbsp;&nbsp;&nbsp;&nbsp;MASTER REPURCHASE AGREEMENT – Page 14 13312-786/M/I Financial Warehouse Facility (c) the making by such Person of a general assignment for the benefit of creditors; or (d) the inability of such Person to, or the admission in writing by such Person of its inability or its intention not to, pay its debts as they become due. "Exception" is defined in the Custodial Agreement. "Excluded Swap Obligation" means any obligation of Seller to any Buyer with respect to a "swap," as defined in Section 1a(47) of the Commodity Exchange Act ("CEA"), if and to the extent that Seller's guaranteeing of, or granting of a security interest or lien to secure, such swap obligation, is or becomes illegal under the CEA, or any rule, regulation or order of the Commodity Futures Trading Commission (or the application or official interpretation of any thereof), by virtue of Seller's failure for any reason to constitute an "eligible contract participant," as defined in Section 1a(18) of the CEA and the regulations thereunder, at the time such guarantee or such security interest grant becomes effective with respect to such swap obligation. If any such swap obligation arises under a master agreement governing more than one swap, the foregoing exclusion shall apply only to those swap obligations that are attributable to swaps in respect of which Seller's guaranteeing of, or granting of a security interest or lien to secure, such swaps is or becomes illegal. "Excluded Taxes" means any of the following Taxes imposed on or with respect to a Recipient or required to be withheld or deducted from a payment to a Recipient, (a) Taxes imposed on or measured by net income (however denominated), franchise Taxes and branch profits Taxes, in each case, (i) imposed by the jurisdiction under the laws of which such Person is organized or of its applicable lending office, or any political subdivision thereof, or (ii) that are Other Connection Taxes, (b) in the case of a Buyer, U.S. federal withholding Taxes imposed on amounts payable to or for the account of such Buyer under this Agreement pursuant to a law in effect on the date on which (i) such Buyer first becomes a party to this Agreement, or an assignee or successor to a Buyer (other than pursuant to an assignment request by the Seller under Section 26.4) or (ii) such Buyer changes its lending office, except, in each case, to the extent (and only to the extent) that the Buyer transferor or predecessor was entitled to indemnification or additional amounts under Section 7 immediately before such Buyer assignee or successor became a party hereto or the Buyer was entitled to indemnification or additional amounts under Section 7 immediately before such Buyer changed its lending office, (c) Taxes attributable to such Recipient's failure to comply with Section 7.5 and (d) any U.S. federal withholding Taxes imposed under FATCA. "Fannie Mae" means Federal National Mortgage Association and any successor thereto or to the functions thereof. "FATCA" means sections 1471 through 1474 of the Internal Revenue 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 agreement entered into pursuant to Section 1471(b)(1) of the Internal Revenue Code as of the date of this Agreement (or any amended or successor version described above), any intergovernmental agreement entered into in connection with the

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&nbsp;&nbsp;&nbsp;&nbsp;MASTER REPURCHASE AGREEMENT – Page 15 13312-786/M/I Financial Warehouse Facility implementation of such Sections of the Internal Revenue Code and any fiscal or regulatory legislation, rules or practices adopted pursuant to such intergovernmental agreement. "Federal Funds Effective Rate" means, for any day, a fluctuating interest rate per annum equal to the weighted average of the rates on overnight Federal funds transactions with members of the Federal Reserve System arranged by Federal funds brokers, as published for such day (or, if such day is not a Business Day, for the next preceding Business Day) by the Federal Reserve Bank of New York, or, if such rate is not so published for any day which is a Business Day, the average of the quotations for such day on such transactions received by Agent from three Federal funds brokers of recognized standing selected by Agent, all as conclusively determined by the Agent, such sum to be rounded upward, if necessary, in the discretion of the Agent, to the nearest whole multiple of 1/100th of 1%; provided that if the Federal Funds Effective Rate as so determined would be less than 0%, such rate shall be deemed to be 0% for purposes of this Agreement. "Fee Letter" means that certain Amended and Restated Fee Letter dated as of October 22, 2024, from the Agent to the Seller, which amended and restated in its entirety that certain Fee Letter dated as of October 24, 2023, from the Agent to the Seller. "FHA" means the Federal Housing Administration and any successor. "FICO" means Fair Isaac Corporation and, where used in this Agreement, refers to the credit scoring system developed by that company or to any other Customer credit scoring system whose use by the Seller (for purposes of this Agreement and the Transactions) has been specifically approved in writing by the Agent. "File" means the "Mortgage File" as defined in the Custodial Agreement. "Financial Statements" is defined in Section 15.2(f). "Foreign Buyer" is defined in Section 7.5(b). "Freddie Mac" means the Federal Home Loan Mortgage Corporation and any successor thereto or to the functions thereof. "Fourth Amendment Effective Date" means October 21, 2025. "Funding Account" means the Seller's non-interest-bearing demand deposit account maintained with JPMorgan Chase and described in Schedule 1.2 into which the Agent shall transfer funds (funds paid by the Buyers as Purchase Price) and from which the Agent shall disburse funds in accordance with the terms and conditions of this Agreement so long as no Event of Default exists or will result therefrom. After the occurrence and during the continuance of an Event of Default, Seller shall have no further access to the Funding Account, the Funding Account shall be under the exclusive control of the Agent, and the Funding Account shall be subject to setoff by the Agent for Pro Rata distribution to the Buyers. "Funding Share" means, for each Buyer, that proportion of the sum of the original Purchase Prices for the Mortgage Loans to be purchased in a Transaction that bears the same ratio to the

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&nbsp;&nbsp;&nbsp;&nbsp;MASTER REPURCHASE AGREEMENT – Page 16 13312-786/M/I Financial Warehouse Facility total amount of such sum as that Buyer's Committed Sum bears to the Maximum Aggregate Commitment. "GAAP" means, for any day, generally accepted accounting principles, applied on a consistent basis, stated in the opinions and pronouncements of the Accounting Principles Board and the American Institute of Certified Public Accountants, or in statements and pronouncements of the Financial Accounting Standards Board or in such other statements by another entity or entities as may be approved by a significant segment of the accounting profession, that are applicable to the circumstances for that day. The requirement that such principles be applied on a consistent basis means that the accounting principles observed in a current period shall be comparable in all material respects to those applied in an earlier period, with the exception of changes in application to which the Seller's independent certified public accountants have agreed and which changes and their effects are summarized in the subject company's financial statements following such changes. If (a) at any time any change in GAAP would affect the computation of any financial ratio or requirement set forth in this Agreement and (b) the Seller or the Required Buyers regard such change(s) as adverse to their respective interests, then upon written notice by the Seller to Agent, or by the Agent or the Required Buyers to the Seller, the parties to this Agreement shall negotiate in good faith to amend such ratio or requirement to preserve the original intent thereof in light of such change in GAAP (subject to the approval of the Required Buyers); provided that, until so amended, (i) such ratio or requirement shall continue to be computed in accordance with GAAP prior to such change therein and (ii) the Seller shall provide to the Agent and Buyers Seller's financial statements and other documents required under this Agreement or as reasonably requested hereunder setting forth a reconciliation between calculations of such ratio or requirement made before and after giving effect to such change in GAAP, provided that neither the Agent nor any of the Buyers shall be obligated to commence, continue or conclude any such negotiation or to execute any such supplement or amendment after any Event of Default has occurred (other than an Event of Default caused by such change) that has not been cured by the Seller or that the Agent has not declared in writing to have been waived in accordance with Section 22. "Ginnie Mae" means the Government National Mortgage Association and any successor. "Government Loan Sublimit" is defined in Section 4.2(b). "Government Mortgage Loan" means a first priority (subject only to Permitted Encumbrances) single-family residential Mortgage Loan that is FHA insured or VA guaranteed and fully conforms to all Agency underwriting and other requirements and whose Customer(s) have a FICO score of 620 or higher. The term "Government Mortgage Loan" does not include Agency Mortgage Loans, Jumbo Mortgage Loans, RHS Mortgage Loans or State Bond Mortgage Loans. "Governmental Authority" means the government of the United States of America or any other nation, or of any political subdivision thereof, whether state or local, and any agency, authority, instrumentality, regulatory body, court, central bank or other entity exercising executive, legislative, judicial, taxing, regulatory or administrative powers or functions of or pertaining to government (including without limitation any supranational bodies such as the European Union or the European Central Bank) and any group or body charged with setting financial accounting or

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&nbsp;&nbsp;&nbsp;&nbsp;MASTER REPURCHASE AGREEMENT – Page 17 13312-786/M/I Financial Warehouse Facility regulatory capital rules or standards (including, without limitation, the Financial Accounting Standards Board, the Bank for International Settlements or the Basel Committee on Banking Supervision or any successor or similar authority to any of the foregoing). "Hash Value" means, with respect to an eNote, the unique, tamper-evident digital signature of such eNote that is stored in the MERS eRegistry. "Hazard Insurance Policy" means, with respect to each Purchased Loan, the policy of fire and extended coverage insurance required to be maintained for the related Mortgaged Premises' improvements (and, if the related Mortgaged Premises are located in a federally-designated special flood area, federal flood insurance issued in accordance with the Flood Disaster Protection Act of 1973, as amended from time to time, or, if repealed, any superseding legislation governing similar insurance coverage, or similar coverage against loss sustained by floods or similar hazards that conforms to the flood insurance requirements prescribed by Fannie Mae guidelines, which may be provided under a separate insurance policy), which insurance may be a blanket mortgage impairment policy. "Hedge Agreement" means an Interest Rate Protection Agreement, a Currency Agreement or a forward sales agreement entered into in the ordinary course of the Seller's or any of its Subsidiaries' businesses to protect the Seller against changes in interest rates or the market value of assets. "HUD" means the U.S. Department of Housing and Urban Development and any successor. "In Default" means that, as to any Mortgage Loan, any Mortgage Note payment or escrow payment is unpaid for thirty (30) days or more after its due date (whether or not the Seller has allowed any grace period or extended the due date thereof by any means) or another material default has occurred and is continuing, including the commencement of foreclosure or the commencement of a case in bankruptcy for any Customer in respect of such Mortgage Loan. "Income" means, with respect to any Purchased Loan on any day, all payments of principal, interest and other distributions thereon or proceeds thereof paid to the relevant party. "Income Account" means a demand deposit account established by the Seller with JPMorgan Chase or another bank reasonably satisfactory to the Agent and described in Schedule 1.2 under the provisions of Section 8, which shall be subject to the control of the Agent. "Indemnified Liabilities" is defined in Section 20.2. "Indemnified Parties" is defined in Section 20.2. "Interest Rate Protection Agreement" means, with respect to any or all of the Purchased Loans, any short sale of any U.S. Treasury securities, futures contract, mortgage related security, Eurodollar futures contract, options related contract, interest rate swap, cap or collar agreement or similar arrangement providing for protection against fluctuations in interest rates or the exchange of nominal interest obligations, either generally or under specific contingencies, that is entered into by the Seller and a financial institution and is reasonably acceptable to the Agent.

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&nbsp;&nbsp;&nbsp;&nbsp;MASTER REPURCHASE AGREEMENT – Page 18 13312-786/M/I Financial Warehouse Facility "Interim Servicing Term" is defined in Section 19.1. "Internal Revenue Code" means the Internal Revenue Code of 1986 or any subsequent federal income tax law or laws, as amended from time to time. "Investment Property Loan Sublimit" is defined in the table set forth in Section 4.2(d). "Investment Property Mortgage Loan" means an Agency Mortgage Loan secured by Mortgaged Premises which are not occupied by the Customer, which has been underwritten by the Approved Investor who issued an Investor Commitment that covers it and whose underwriting, Investor Commitment, appraisal and all related documentation that the Agent elects to review are approved by the Agent. "Investor Commitment" means an unexpired written commitment held by the Seller from an Approved Investor to buy Purchased Loans, and that specifies (a) the type or item(s) of Purchased Loan, (b) a purchase date or purchase deadline date and (c) a purchase price or the criteria by which the purchase price will be determined. "Investor Guidelines" means (i) the eligibility requirements established by the Approved Investor that must be satisfied by a Mortgage Loan originator to sell Mortgage Loans to the Approved Investor and (ii) the specifications that a Mortgage Loan must meet, and the requirements that it must satisfy, to qualify for the Approved Investor's program of Mortgage Loan purchases, as such requirements and specifications may be revised, supplemented or replaced from time to time. "Jumbo Loan Sublimit" is defined in the table set forth in Section 4.2(d). "Jumbo Mortgage Loan" means a Mortgage Loan that (a) would be an Agency Mortgage Loan except that the original principal amount is more than the maximum Agency loan amount, (b) conforms to the eligibility criteria set forth in Schedule JML, including maximum Loan To Value, maximum original principal balance and minimum Customer FICO score and (c) other than with respect to any Non-Chase Jumbo Mortgage Loan, is subject to an Investor Commitment issued by CL. The term "Jumbo Mortgage Loan" does not include Agency Mortgage Loans, Government Mortgage Loans, RHS Mortgage Loans or State Bond Mortgage Loans. "Legal Requirement" means any law, statute, ordinance, decree, ruling, treaty, requirement, order, judgment, rule or regulation (or interpretation of any of them), including any of the foregoing that relate to environmental standards or controls, energy regulations and occupational safety and health standards or controls, of any (domestic or foreign) court or other Governmental Authority, and the terms of any license, permit, consent or approval issued by any Governmental Authority. "Leverage Ratio" means the ratio of the Seller's Debt (including early purchase program and other off balance sheet financings) to its Adjusted Tangible Net Worth. "Lien" means any lien, mortgage, deed of trust, pledge, security interest, charge or encumbrance of any kind (including any conditional sale or other title retention agreement, any lease in the nature thereof and any agreement to give any security interest).

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&nbsp;&nbsp;&nbsp;&nbsp;MASTER REPURCHASE AGREEMENT – Page 19 13312-786/M/I Financial Warehouse Facility "Liquidity" means, as of any date of determination, (a) the Seller's unencumbered and unrestricted cash and Cash Equivalents (including the balance on deposit in the Cash Pledge Account, but excluding any restricted cash or cash pledged to third parties) at such time plus (b) the amount of any Unfunded Purchase Price. "Loan Documents" means the documents in the related File required to be delivered to the Custodian. "Loan Files" means books, records, ledger cards, files, papers, documents, instruments, certificates, appraisal reports, surveys, bonds, journals, reports, correspondence, customer lists, information and data that describes, catalogs or lists such information or data, computer printouts, media (tapes, discs, cards, drives, flash memory or any other kind of physical, electronic or virtual data or information storage media or systems) and related data processing software (subject to any licensing restrictions) and similar items that at any time evidence or contain information relating to any of the Purchased Loans, and other information and data that is used or useful for managing and administering the Purchased Loans, together with the nonexclusive right to use (in common with the Seller and any repurchase agreement counterparty or secured party that has a valid and enforceable interest therein and that agrees that its interest is similarly nonexclusive) the Seller's operating systems to manage and administer any of the Purchased Loans and any of the related data and information described above, or that otherwise relates to the Purchased Loans, together with the media on which the same are stored to the extent stored with material information or data that relates to property other than the Purchased Loans (tapes, discs, cards, drives, flash memory or any other kind of physical or virtual data or information storage media or systems), and the Seller's rights to access the same, whether exclusive or nonexclusive, to the extent that such access rights may lawfully be transferred or used by the Seller's permittees, and any computer programs that are owned by the Seller (or licensed to the Seller under licenses that may lawfully be transferred or used by the Seller's permittees) and that are used or useful to access, organize, input, read, print or otherwise output and otherwise handle or use such information and data. "Loan to Value" means, with respect to any Mortgage Loan, a fraction expressed as a percentage, having as its numerator (a) the sum of (i) the outstanding principal amount of such Mortgage Loan encumbering the subject real property plus (ii) the outstanding principal amount of each other Mortgage Loan that is secured by a junior Lien against the subject real property, and as its denominator (b) the appraised value of the subject real estate encumbered thereby based on a current appraisal and by an appraiser reasonably acceptable to the Agent. "Location" means, with respect to an eNote, the location of such eNote which is established by reference to the MERS eRegistry. "Low FICO Loan Sublimit" is defined in the table set forth in Section 4.2(d). "Low FICO Mortgage Loan" means a Mortgage Loan that meets all the requirements to be a Government Mortgage Loan except that the FICO score for the Customer(s) of such Mortgage Loan is 560 or higher but less than 620, and whose underwriting, appraisal and all related documentation that the Agent elects to review are approved by the Agent.

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&nbsp;&nbsp;&nbsp;&nbsp;MASTER REPURCHASE AGREEMENT – Page 20 13312-786/M/I Financial Warehouse Facility "Margin Amount" means, at any time with respect to any Purchased Loan, the amount equal to (a) the applicable Margin Percentage for that Purchased Loan at that time multiplied by (b) the Market Value of that Purchased Loan at that time. "Margin Call" is defined in Section 6.1(a). "Margin Deficit" is defined in Section 6.1(a). "Margin Excess" is defined in Section 6.1(b). "Margin Percentage" is defined in the Side Letter. "Margin Stock" is defined in Regulation U as in effect from time to time. "Marginable Assets" means the sum of the balance sheet values of (i) all of the Seller's assets that are subject to financing or other arrangements that allow the counterparty to make margin calls or demand if such assets decline in value, including Mortgage Loans held for sale, Servicing Rights (to the extent actually financed, excluding Servicing Rights to Purchased Loans) and (ii) interest rate lock commitments and other financial derivative instruments (net of derivative liabilities). "Market Value" means, with respect to any Mortgage Loan as of any date of determination, what the Agent determines as the market value of any Purchased Loan, using a commercially reasonable methodology that is, in its sole good faith discretion, in accordance with standards customarily applicable in the financial industry to third party service providers providing values on comparable assets to be used in connection with the financing of such assets, without reference to Hedge Agreements or Investor Commitments. The Agent's determination of Market Value hereunder shall be conclusive and binding upon the parties, absent manifest error. "Master Servicer" means, with respect to an eNote, the party that is designated in the MERS eRegistry as the "Master Servicer", and that in such capacity is authorized by the Controller to perform certain MERS eRegistry transactions on behalf of the Controller. "Master Servicer Field" means, with respect to an eNote, the field entitled, "Master Servicer" in the MERS eRegistry. "Maximum Aggregate Commitment" means the maximum Aggregate Outstanding Purchase Price that is allowed to be outstanding under this Agreement on any day, being the amount set forth in Schedule BC in effect for that day, as decreased and increased pursuant to Section 2.6 and Schedule BC. If and when some or all of the Buyers then party to this Agreement agree in writing to increase their Committed Sums — or if a new Person joins this Agreement as a Buyer in accordance with Section 2.6, or if there is both such an increase and such a joinder — so that the aggregate amount of Committed Sums exceeds the Maximum Aggregate Commitment then in effect, Schedule BC shall be deemed automatically amended and restated to reflect the new Maximum Aggregate Commitment (as an amount equal to the new aggregate amount of Committed Sums) and the Agent shall deliver same to the Seller and the Buyers.

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&nbsp;&nbsp;&nbsp;&nbsp;MASTER REPURCHASE AGREEMENT – Page 21 13312-786/M/I Financial Warehouse Facility "MBS" means a mortgage pass-through security, collateralized mortgage obligation, REMIC or other security that (a) is based on and backed by an underlying pool of Mortgage Loans and (b) provides for payment by its issuer to its holder of specified principal installments and/or a fixed or floating rate of interest on the unpaid balance and for all prepayments to be passed through to the holder, whether issued in certificated or book-entry form and whether or not issued, guaranteed, insured or bonded by Ginnie Mae, Fannie Mae, Freddie Mac, an insurance company, a private issuer or any other investor. "MERS" means Mortgage Electronic Registration Systems, Inc., a Delaware corporation, or its successors or assigns. "MERS Agreements" means the documents, instruments and agreements referred to as the "Governing Documents" in the MERS Procedures Manual, including, without limitation, the MERS Procedures Manual, the MERS System Rules of Membership, a MERS member's membership application and any other legal services agreement a MERS member elects to execute that collectively govern the relationship between such MERS member and MERS with respect to the MERS System. "MERS Designated Mortgage Loan" means a Purchased Loan registered to the Seller on the MERS System. "MERS eDelivery" means the transmission system operated by the Electronic Agent that is used to deliver eNotes, other Electronic Records and data from one MERS eRegistry member to another using a system-to-system interface and conforming to the standards of the MERS eRegistry. "MERS eRegistry" means the electronic registry operated by the Electronic Agent that acts as the legal system of record that identifies the Controller, Delegatee, Location, Master Servicer and Subservicer of the Authoritative Copy of registered eNotes. "MERS Org ID" means a number assigned by the Electronic Agent that uniquely identifies MERS members. "MERS Procedures Manual" means the MERS Procedures Manual, as it may be amended from time to time. "MERS System" means the mortgage electronic registry system operated by the Electronic Agent that tracks changes in Mortgage ownership, mortgage servicers and servicing rights ownership. "Mortgage" means a mortgage, deed of trust, deed to secure debt, security deed or other mortgage instrument or similar evidence of lien legally effective in the U.S. jurisdiction where the relevant real property is located to create and constitute a valid and enforceable first priority Lien or, in the case of a Second Mortgage Loan, second priority Lien, in each case subject only to Permitted Encumbrances, on the fee simple estate in improved real property. "Mortgage Assignment" means an assignment of a Mortgage, in form sufficient under the Legal Requirements of the U.S. jurisdiction where the real property covered by such Mortgage is

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&nbsp;&nbsp;&nbsp;&nbsp;MASTER REPURCHASE AGREEMENT – Page 22 13312-786/M/I Financial Warehouse Facility located to give record notice of the assignment of such Mortgage, perfect the assignment and establish its priority relative to other transactions in respect of the Mortgage assigned (no Mortgage Assignment is required for any Mortgage that has been originated in the name of MERS and registered under the MERS System). "Mortgage Finance Online" means and refers to the Custodian's web-based electronic data transmission software, access to which is provided to the Seller hereunder for the purpose of Transaction booking and Purchased Loan information management and reporting. "Mortgage Loan" means a one-to-four family, residential real estate loan (including an eMortgage Loan) evidenced by a Mortgage Note (including, with respect to any eMortgage Loan, the related eNote) and secured by a Mortgage encumbering a fee simple interest in real property, together with all improvements thereon, located in the United States; including without limitation, the Mortgage Note evidencing the indebtedness of Customer(s) thereon, whether on paper or electronically created, the Mortgage securing, guaranteeing or otherwise relating thereto, all rights to payment thereunder, all rights in the real property, improvements and other tangible and intangible property and rights securing payment of the indebtedness of the Customer(s) thereon, or that are the subject of such Mortgage Loan, all rights under Loan Documents, Loan Files, and other documents related thereto, such as guaranties and insurance policies (issued by governmental agencies or otherwise), including, without limitation, mortgage and title insurance policies, binders and commitments, fire and extended coverage insurance policies (including the right to any return premiums) and, if applicable, flood and earthquake insurance policies, participation certificates or agreements, FHA insurance and VA guaranties, all rights in cash deposits consisting of impounds, insurance premiums or other funds held on account thereof; provided that in no event shall a Mortgage Loan include a loan with respect to a cooperative housing apartment or unit, any Servicing Rights related to such loan, or any other rights, interests, benefits, security, proceeds, remedies and claims (including, without limitation, REO) in favor or for the benefit of the lender or mortgagee arising out of or in connection with such loan. "Mortgage Note" means a note, bond or other evidence of indebtedness (including, with respect to any eMortgage Loan, the related eNote) evidencing a Mortgage Loan and secured by a Mortgage, including, but not limited to, a note, bond or other evidence of indebtedness which is electronically created. "Mortgaged Premises" means the Property securing a Mortgage Loan. "Multiemployer Plan" means any "multiemployer plan," as defined in Section 4001(a)(3) of ERISA, which is maintained for employees of the Seller or any of the Seller's Subsidiaries. "Net Income" means for any period, the pre-tax net income (or loss) of the Seller, determined in accordance with the Approved Accounting Method; provided that there shall be excluded (a) the income (or deficit) of any Person accrued prior to the date it is merged into or consolidated with the Seller, (b) the income (or deficit) of any Person in which any Person (other than the Seller) has a joint interest, except to the extent that any such income is actually received by the Seller from such Person in the form of dividends or similar distributions and (c) the undistributed earnings of any Subsidiary to the extent that the declaration or payment of dividends

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&nbsp;&nbsp;&nbsp;&nbsp;MASTER REPURCHASE AGREEMENT – Page 23 13312-786/M/I Financial Warehouse Facility or similar distributions by such Subsidiary is not at the time permitted by the terms of any contractual obligation or by law applicable to such Subsidiary. "Non-Chase Jumbo Mortgage Loan" means a Jumbo Mortgage Loan that is subject to an Investor Commitment issued by an Approved Investor other than CL. "Non-excluded Taxes" means (a) Taxes, other than Excluded Taxes, imposed on or with respect to any payments made by or on account of any obligation of the Seller under or in respect of this Agreement or any other Transaction Documents and (b) to the extent not otherwise described in clause (a), Other Taxes. "Nonfunding Buyer" is defined in Section 2.1. "Non-QM Mortgage Loan" means a Mortgage Loan that is not a qualified mortgage under 12 CFR 1026.43(e). "Obligations" means all of the Seller's present and future obligations, liabilities and indebtedness under this Agreement or any of the other Transaction Documents, or in respect of any Products, or any Hedge Agreement entered into with the Agent or any Buyer, whether for Repurchase Price, Price Differential, Margin Call, premium, fees, costs, attorneys' fees or other obligation or liability, and whether absolute or contingent, and all renewals, extensions, modifications and increases of any of them. Notwithstanding the foregoing, the term "Obligations" shall not be deemed to include any Excluded Swap Obligation. "Officer's Certificate" means a certificate executed on behalf of the Seller or another relevant Person by a Responsible Officer. "Open Transaction" means a Transaction in which the Buyers or the Swing Line Buyer have purchased and paid for the related Purchased Loans but the Seller has not repurchased all of them, such that the remaining Purchased Loans not repurchased by the Seller of the subject Transaction would be an Open Transaction. "Operating Account" means the Seller's non-interest-bearing demand deposit account maintained with Agent and described on Schedule 1.2, from which the Agent is authorized pursuant to Section 3.5 to withdraw funds on any day in an amount equal to the aggregate Repurchase Prices of all Purchased Loans that are Past Due on that day. "Organizational Documents" means as to any Person other than a natural Person, its articles or certificate of incorporation, organization, limited partnership or other document filed with a Governmental Authority evidencing the organization of such entity and any bylaws, operating agreement or other governance document governing the rights of the holders of the ownership interests in such Person. "Other Connection Taxes" shall mean, with respect to any Recipient, Taxes imposed as a result of a present or former connection between such Recipient and the jurisdiction imposing such Tax (other than connections arising from such Recipient having executed, delivered, become a party to, performed its obligations under, received payments under, received or perfected a security

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&nbsp;&nbsp;&nbsp;&nbsp;MASTER REPURCHASE AGREEMENT – Page 24 13312-786/M/I Financial Warehouse Facility interest under, engaged in any other transaction pursuant to or enforced any Transaction Document, or sold or assigned an interest in any Purchased Loans or Transaction Document). "Other Taxes" is defined in Section 7.2. "Outstanding Principal Balance" means, with respect to any Mortgage Loan as of any date of determination, the then unpaid outstanding principal balance of such Mortgage Loan. "Paper Record" means with respect to a Mortgage Loan, the related Mortgage Note and all other documents comprising the Loan Documents that are in paper format, either as a copy or an original document, and are not held electronically or as an Electronic Record. "Parent" means M/I Homes, Inc., an Ohio corporation, together with its successors and permitted assigns. "Past Due" means that the Seller has not repurchased the subject Purchased Loan on or before its Repurchase Date. "Permitted Encumbrances" means (a) in respect of the Mortgaged Premises securing a Purchased Loan, (i) tax Liens for real property taxes and government-improvement assessments that are not delinquent; (ii) easements and restrictions that do not materially and adversely affect the title to, marketability of or value of such Mortgaged Premises or prohibit or interfere with the use of such Mortgaged Premises as a one-to-four family residential dwelling; (iii) reservations as to oil, gas or mineral rights, provided such rights do not include the right to remove buildings or other material improvements on or near the surface of such Mortgaged Premises or to mine or drill on the surface thereof or otherwise enter the surface for purposes of mining, drilling or exploring for, or producing, transporting or otherwise handling oil, gas or other minerals of any kind; (iv) agreements for the installation, maintenance or repair of public utilities, provided such agreements do not create or evidence Liens on such Mortgaged Premises or authorize or permit any Person to file or acquire claims of Liens against such Mortgaged Premises; and (v) such other exceptions (if any) as are acceptable under relevant Agency guidelines; provided that any encumbrance that is not permitted pursuant to the standards of any relevant Investor Commitment by which the subject Purchased Loan is covered shall not be a Permitted Encumbrance; and (b) in respect of the Seller, Liens set forth on Schedule 15.2(n). "Person" means and includes natural persons, corporations, limited liability companies, limited partnerships, registered limited liability partnerships, general partnerships, joint stock companies, joint ventures, associations, companies, trusts, banks, trust companies, land trusts, business trusts or other organizations, whether or not legal entities, and governments and agencies and political subdivisions of them. "Plan" means an employee pension benefit plan of a type described in Section 3(2) of ERISA and that is subject to Title IV of ERISA in respect of which the Seller is an "employer" as defined in Section 3(5) of ERISA. "Plan Party" is defined in Section 32.1.

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&nbsp;&nbsp;&nbsp;&nbsp;MASTER REPURCHASE AGREEMENT – Page 25 13312-786/M/I Financial Warehouse Facility "Price Differential" means, with respect to any Transaction hereunder for any day, the aggregate amount obtained by multiplication of the Pricing Rate for each day by the Purchase Price for such Transaction, based on a three hundred sixty (360) day per year basis 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 Determination Date, reduced by any such amount previously paid by the Seller to the Agent (for Pro Rata distribution to the Buyers) with respect to such Transaction. "Pricing Rate" is defined in the Side Letter. "Primary Loan Documents" means all of the Loan Documents required to be in the Mortgage File as set forth in the Custodial Agreement, but excluding any title policy, commitment for title insurance or attorney's opinion of title; Annex 3 of the Custodial Agreement lists such Primary Loan Documents. "Prime Rate" means the per annum interest rate established by the Agent as its prime rate for its borrowers, as such rate may vary from time to time, which rate is not necessarily the lowest rate on loans made by the Agent at any such time. "Prime Referenced Rate" means the per annum rate of interest which is equal to (a) the Applicable Margin, plus (b) the greater of (i) the Prime Rate, or (ii) the Federal Funds Effective Rate plus one percent (1%), but in no event and at no time shall the amount under this clause (b) be less than two and one-half percent (2.50%) per annum. "Prime Referenced Rate Transaction" means any Transaction which bears Price Differential at the Prime Referenced Rate. "Principal Balance" means, for any day, the advanced and unpaid principal balance of a Purchased Loan on that day. "Privacy Requirements" means (a) Title V of the Gramm-Leach-Bliley Act, 15 U.S.C. 6801 et seq., (b) federal regulations implementing such act codified at 12 CFR Parts 40, 216, 332 and 573, (c) the Interagency Guidelines Establishing Standards For Safeguarding Customer Information and codified at 12 CFR Parts 30, 208, 211, 225, 263, 308, 364, 568 and 570 and (d) any other applicable federal, state and local laws, rules, regulations and orders relating to the privacy and security of Seller's Customer Information, as such statutes, regulations, guidelines, laws, rules and orders may be amended from time to time. "Pro Rata" means in accordance with the Buyers' respective ownership interests in the Purchased Loans. On any day, the Buyers will each own an undivided fractional ownership interest in and to each Purchased Loan: (a) if the Commitments of the Buyers are outstanding on that day, (i) whose numerator is that Buyer's Committed Sum for that day and (ii) whose denominator is the Maximum Aggregate Commitment for that day; or (b) if the Commitments have expired or have been terminated and have not been reinstated, (i) whose numerator is the aggregate sum of the portions of the Purchase

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&nbsp;&nbsp;&nbsp;&nbsp;MASTER REPURCHASE AGREEMENT – Page 26 13312-786/M/I Financial Warehouse Facility Prices paid by that Buyer in all Regular Transactions outstanding on that day plus such Buyer's Funding Share of the Purchase Prices paid by the Swing Line Buyer in all Swing Line Transactions outstanding on that date and (ii) whose denominator is the aggregate sum of the Purchase Prices paid by all Buyers in all such Transactions (including all Swing Line Transactions) outstanding on the day; subject to adjustment pursuant to Section 3.10. "Products" means any one or more of the following types of services or facilities extended to the Seller by the Agent or any Buyer or any Affiliate of any Buyer: (i) credit cards, (ii) credit card processing services, (iii) debit cards, (iv) purchase cards, (v) Automated Clearing House (ACH) transactions, (vi) cash management, including controlled disbursement services, and (vii) establishing and maintaining deposit accounts other than the accounts specifically described in this Agreement. "Prohibited Transaction" is defined in Section 32.1. "Property" means any interest of a Person in any kind of property, whether real, personal or mixed, tangible or intangible, including the Mortgage Loans. "Purchase Date" means, for any Transaction, the date on which the Seller is to convey the subject Purchased Loans to the Buyers. In the case of any Aged Mortgage Loan, the Purchase Date shall be the Purchase Date for the underlying Mortgage Loan (excluding Jumbo Mortgage Loans) prior to such Mortgage Loan's inclusion in the Aged Mortgage Loan Sublimit. "Purchase Price" is defined in the Side Letter. "Purchase Price Decrease" means a reduction in the outstanding Purchase Price for Purchased Loans without a termination of a Transaction or portion thereof as described in Section 3.3(d). "Purchased Loans" means the Eligible Loans sold by the Seller to the Buyers or the Swing Line Buyer in Transactions, and any Eligible Loans substituted therefor in accordance with Section 11. The term "Purchased Loans" with respect to any Transaction at any time shall also include Additional Purchased Loans delivered pursuant to Section 3.8 and Section 6.1. "Purchased Loans Support" means all property (real or personal) assigned, hypothecated or securing any Purchased Loans, or otherwise pertaining to any Purchased Loans, including without limitation: (1) all Loan Documents, whether now owned or hereafter acquired, related to, and all private mortgage insurance on, any Purchased Loans, and all renewals, extensions, modifications and replacements of any of them; (2) all rights, liens, security interests, guarantees, insurance agreements and assignments accruing or to accrue to the benefit of the Seller in respect of any Purchased Loan;

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&nbsp;&nbsp;&nbsp;&nbsp;MASTER REPURCHASE AGREEMENT – Page 27 13312-786/M/I Financial Warehouse Facility (3) all of the Seller's rights (including but not limited to rights to payment), powers, privileges, benefits and remedies under each and every paper now or hereafter securing, insuring, guaranteeing or otherwise relating to or delivered in connection with any Purchased Loan, including all Loan Documents and Loan Files; (4) all of the Seller's rights, to the extent assignable, in, to and under all Investor Commitments and any and all other commitments issued by (i) Ginnie Mae, Fannie Mae, Freddie Mac, another mortgage company or any other investor or any Buyer or securities issuer to guarantee, purchase or invest in any of the Purchased Loans or any MBS based on or backed by any of them or (ii) any broker or investor to purchase any MBS, whether evidenced by book entry or certificate, representing or secured by any interest in any of the Purchased Loans, together with the proceeds arising from or pursuant to any and all such commitments; and all rights to deliver Purchased Loans to investors or purchasers, and all rights to proceeds resulting from the disposition of such Purchased Loans; (5) all rights under every Hazard Insurance Policy relating to real estate securing a Purchased Loan for the benefit of the creditor of such Purchased Loan, the proceeds of all errors and omissions insurance policies and all rights under any blanket hazard insurance policies to the extent they relate to any Purchased Loan or its security and all hazard insurance or condemnation proceeds paid or payable with respect to any of the Purchased Loans and/or any of the property securing payment of any of the Purchased Loans or covered by any related instrument; (6) all present and future claims and rights of the Seller to have, demand, receive, recover, obtain and retain payments from, and all proceeds of any nature paid or payable by, any governmental, quasi-governmental or private mortgage guarantor or insurer (including VA, FHA or any other Person) with respect to any of the Purchased Loans; (7) all tax, insurance, maintenance fee and other escrow deposits or payments made by the Customers under such Purchased Loans (Agent and the Buyers acknowledge that the Seller's rights in such deposits are limited to the rights of an escrow agent and such other rights, if any, in and to such deposits as are accorded by the Purchased Loans and related papers); and (8) all monies, accounts, deposit accounts, payment intangibles and general intangibles, however designated or maintained, constituting or representing so-called "completion escrow" funds or "holdbacks," and being Purchased Loans' proceeds recorded as disbursed but that have not been paid over to the seller of the subject Mortgaged Premises (the purchase of which is financed by such Purchased Loan), but that are instead being held by the Seller or by a third party escrow agent pending completion of specified improvements or landscaping requirements for such Mortgaged Premises. "Qualified Subordinated Debt" means unsecured Debt of the Seller to any Person (excluding unsecured Debt owed to Parent) as to which (a) the papers evidencing, securing, governing or otherwise related to such Debt are reasonably satisfactory in form and substance to the Agent and the Required Buyers and (b) that is subordinated to the Obligations pursuant to a

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&nbsp;&nbsp;&nbsp;&nbsp;MASTER REPURCHASE AGREEMENT – Page 28 13312-786/M/I Financial Warehouse Facility currently effective and irrevocable Subordination Agreement, including standstill and blockage provisions, reasonably approved by the Agent and the Required Buyers. "Recipient" means (a) the Agent, and (b) any Buyer. "Register" is defined in Section 22.17(d). "Regular Transaction" means a Transaction funded by all Buyers, rather than by Swing Line Buyer under the Swing Line. "Regulation T" means Regulation T promulgated by the Board of Governors of the Federal Reserve System, 12 C.F.R. Part 220, or any other regulation when promulgated to replace the prior Regulation T and having substantially the same function. "Regulation U" means Regulation U promulgated by the Board of Governors of the Federal Reserve System, 12 C.F.R. Part 221, or any other regulation when promulgated to replace the prior Regulation U and having substantially the same function. "Regulation X" means Regulation X promulgated by the Board of Governors of the Federal Reserve System, 12 C.F.R. Part 224, or any other regulation when promulgated to replace the prior Regulation X and having substantially the same function. "Relevant Governmental Body" means the Federal Reserve Board or the Federal Reserve Bank of New York, or a committee officially endorsed or convened by the Federal Reserve Board or the Federal Reserve Bank of New York, or any successor thereto. "Remittance Date" means the fifteenth (15th) day of each month, or if such day is not a Business Day, the next succeeding Business Day. "REO" means real property improved by a one-through four-family residence owned following judicial or nonjudicial foreclosure (or conveyance by deed in lieu of foreclosure) of a Mortgage securing a Single-family Loan. "Repurchase Date" means the date on which the Seller is to repurchase Purchased Loans from the Buyers, being the earlier of (a) the date when the Approved Investor is to purchase such Purchased Loans and (b) any date determined by application of the provisions of Section 3.3 or 18. "Repurchase Price" means the price at which Purchased Loans are to be resold by the Buyers to the Seller upon termination of a Transaction (including Transactions terminable upon demand), which will be determined in each case as the sum of (a) the Purchase Price and (b) the Price Differential, in each case, as of the date of such determination. "Repurchase Settlement Account" means the Seller's non-interest bearing demand deposit account to be maintained with JPMorgan Chase and described on Schedule 1.2, to be used for (a) Repurchase Price payments on Purchased Loans as provided in Section 3.4; (b) payments required to be made by Seller to Agent under Section 3.5 or otherwise required to be paid to the Repurchase Settlement Account under Section 24.4; (c) payments from Approved Investors for

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&nbsp;&nbsp;&nbsp;&nbsp;MASTER REPURCHASE AGREEMENT – Page 29 13312-786/M/I Financial Warehouse Facility Purchased Loans for the Seller's account; (d) intentionally omitted; (e) intentionally omitted; and (f) disbursements or other disposition of funds in the Repurchase Settlement Account as provided in Section 3.7. The Repurchase Settlement Account shall be a blocked account from which the Seller shall have no right to directly withdraw funds, but instead such funds may be withdrawn or paid out only against the order of an authorized officer of the Agent (acting with the requisite consent of the Buyers as provided herein). "Repurchase Settlement Account Disbursement Request" means a certification and request of a Responsible Officer of Seller in the form of Exhibit G. "Request/Confirmation" means letters substantially in the form of Exhibit A, delivered pursuant to Section 3.1 and their related Advance Files. "Required Amount" is defined in Section 9.4. "Required Buyers" means, for any day, Buyers (a) whose Commitments comprise at least fifty-one percent (51%) of the Maximum Aggregate Commitment under this Agreement, or (b) who own at least fifty-one percent (51%) of the Purchased Loans owned by the Buyers on that day if on or before that day the Commitments have expired or have been terminated and have not been reinstated; provided however, that "Required Buyers" shall include at least two (2) Buyers unless all Buyers other than the consenting Buyer are Defaulting Buyers. The Commitments of, and portion of the Obligations attributable to, any Defaulting Buyer shall be excluded for purposes of making a determination of "Required Buyers"; provided that the amount of any participation in any Swing Line Transaction that a Defaulting Buyer has failed to fund that has not been reallocated to and funded by another Buyer shall be deemed to be held by the Buyer that is the Swing Line Buyer in making a determination under this definition. "Responsible Officer" means with respect to any Person, the chief executive officer, chief financial officer, treasurer, president or controller of such Person, or with respect to compliance with financial covenants, the chief financial officer or treasurer of such Person, or any other officer of such Person having substantially the same authority and responsibility. "RHS" means the Rural Housing Service of the Rural Development Agency of the United States Department of Agriculture or any successor. "RHS Loan Sublimit" is defined in the table set forth in Section 4.2(d). "RHS Mortgage Loan" means a Mortgage Loan that conforms to all RHS guidelines and is guaranteed by RHS (as evidenced by the Custodian's receipt of a complete and executed Conditional Commitment for Single Family Housing Loan Guarantee (Form RD 1980-18)) and whose Customer(s) have a FICO score of 620 or higher. The term "RHS Mortgage Loan" does not include Agency Mortgage Loans, Government Mortgage Loans, Jumbo Mortgage Loans or State Bond Mortgage Loans. "Second Mortgage Loan" means a second Lien Mortgage Loan, including a home equity line of credit.

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&nbsp;&nbsp;&nbsp;&nbsp;MASTER REPURCHASE AGREEMENT – Page 30 13312-786/M/I Financial Warehouse Facility "Secondary Loan Documents" means the Loan Documents for a particular Mortgage Loan other than its Primary Loan Documents. "Seller's Customer" means any natural person who has applied to the Seller for a financial product or service, has obtained any financial product or service from the Seller or has a Mortgage Loan that is serviced or subserviced by the Seller. "Seller's Customer Information" means any information or records in any form (written, electronic or otherwise) containing a Seller's Customer's personal information or identity, including such Seller's Customer's name, address, telephone number, loan number, loan payment history, delinquency status, insurance carrier or payment information, tax amount or payment information and the fact that such Seller's Customer has a relationship with the Seller. "Servicer" means, initially the Seller, and upon termination of the Seller's right to service the Purchased Loans pursuant to the provisions of Section 19.7, the Backup Servicer or such other Person (including the Agent) as the Agent may appoint as Servicer. "Servicing Agent" means, with respect to an eNote, the party designated in the MERS eRegistry as the "Servicing Agent" (if any), and in such capacity is authorized by the Controller to perform certain MERS eRegistry transactions on behalf of the Controller. "Servicing Agreement" means, with respect to any Person, the arrangement, whether or not in writing, pursuant to which that Person acts as servicer of Mortgage Loans, whether owned by that Person or by others. "Servicing Functions" means, with respect to the servicing of Mortgage Loans, the collection of payments for the reduction of principal and application of interest, collection of amounts held or to be held in escrow for payment of taxes, insurance and other escrow items and payment of such taxes and insurance from amounts so collected, foreclosure services, and all other actions required to conform with Accepted Servicing Practices. "Servicing Records" is defined in Section 19.5. "Servicing Rights" means the rights and obligations to administer and service a Mortgage Loan, including, without limitation, the rights and obligations to: ensure the taxes and insurance are paid, provide foreclosure services, provide full escrow administration and perform any other obligations required by any owner of a Mortgage Loan, collect the payments for the reduction of principal and application of interest, and manage and remit collected payments. "Side Letter" means that certain Amended and Restated Side Letter dated as of October 22, 2024, from the Agent and the Buyers to the Seller, which amended and restated in its entirety that certain Side Letter dated as of October 24, 2023, from the Agent and the Buyers to the Seller. "Single-family Loan" means a Mortgage Loan that is secured by a Mortgage covering real property improved by a one-, two-, three- or four-family residence. "SIPA" means the Securities Investors Protection Act of 1970, 15 U.S.C. § 78a et seq., as amended.

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&nbsp;&nbsp;&nbsp;&nbsp;MASTER REPURCHASE AGREEMENT – Page 31 13312-786/M/I Financial Warehouse Facility "SOFR" means a rate per annum equal to the secured overnight financing rate as administered by the Federal Reserve Bank of New York (or a successor administrator of the secured overnight financing rate) on its website. "Solvent" means, for any Person, that (a) the fair market value of its assets exceeds its liabilities, (b) it has sufficient cash flow to enable it to pay its debts as they mature, and (c) it does not have unreasonably small capital to conduct its business. "State Bond Loan Sublimit" is defined in the table set forth in Section 4.2(d). "State Bond Mortgage Loan" means a Mortgage Loan that is originated under a U.S. State or local government housing authority mortgage program and satisfies the eligibility criteria set forth by such housing authority for such mortgage program. The term "State Bond Mortgage Loan" does not include Agency Mortgage Loans, Government Mortgage Loans, Jumbo Mortgage Loans or RHS Mortgage Loans. "Statement Date" means December 31, 2022. "Statement Date Financial Statements" is defined in Section 15.2(f). "Sublimit" means one or more (as the context requires) of the sublimits described in Section 4.2. "Subordination Agreement" means a written subordination agreement in form and substance reasonably satisfactory to and approved by the Agent that subordinates (a) all present and future debts and obligations owing by the Seller to the Person signing such subordination agreement to (b) the Obligations, in both right of payment and lien priority, including standstill and blockage provisions approved by the Agent and Required Buyers. "Subservicer" means any entity permitted by the Agent to act as a subservicer of the Servicer (which permission shall not be unreasonably withheld) who shall perform Servicing Functions under a Subservicer Instruction Letter. "Subservicer Field" means, with respect to an eNote, the field entitled, "Subservicer" in the MERS eRegistry. "Subservicer Instruction Letter" means an instruction letter to a Subservicer in form and substance reasonably agreed to by the Seller and the Agent. "Subsidiary" means any corporation, association or other business entity (including a trust) in which any Person (directly or through one or more other Subsidiaries or other types of intermediaries), owns or controls: (a) more than fifty percent (50%) of the total voting power or shares of stock entitled to vote in the election of its directors, managers or trustees; or

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&nbsp;&nbsp;&nbsp;&nbsp;MASTER REPURCHASE AGREEMENT – Page 32 13312-786/M/I Financial Warehouse Facility (b) more than ninety percent (90%) of the total assets and more than ninety percent (90%) of the total equity through the ownership of capital stock (which may be non-voting) or a similar device or indicia of equity ownership. "Swing Line" means the short-term revolving discretionary Mortgage Loans purchase facility provided for in Section 2.4 under which Swing Line Buyer may, in its sole discretion, fund (as "Swing Line Purchases") purchases of Eligible Loans to bridge the Seller's daily Transactions. "Swing Line Buyer" means JPMorgan Chase in its role as Buyer for Swing Line Transactions. "Swing Line Limit" means One Hundred Million Dollars ($100,000,000). "Swing Line Refunding Due Date" for each Transaction funded under the Swing Line means the Business Day on which the Swing Line Buyer shall elect to have such Swing Line Transaction funded by the Buyers pursuant to Section 2.5, or on the next Business Day thereafter if the Buyers are notified of such request after 3:00 p.m. (Houston, Texas time) on such Business Day, provided that the Swing Line Refunding Due Date shall occur not less frequently than once per week. "Swing Line Transaction" means a Transaction funded by the Swing Line Buyer under the Swing Line. "Tangible Net Worth" means, with respect to any Person on any day, the sum of total shareholders' or members' equity in such Person (including capital stock or member interests, additional paid-in capital and retained earnings, but excluding treasury stock, if any), each as determined in accordance with the Approved Accounting Method on a consolidated basis; provided that, for purposes of this definition, there shall be excluded from assets the following: (a) the aggregate book value of all intangible assets of such Person (as determined in accordance with the Approved Accounting Method), including goodwill, trademarks, trade names, service marks, copyrights, patents, licenses and franchises, (b) capitalized servicing rights and excess capitalized servicing rights, each to be determined in accordance with the Approved Accounting Method; (c) advances or loans to shareholders or Affiliates and advances or loans to employees (unless such advances are against future commissions), and (d) unconsolidated investments in Affiliates. "Taxes" is defined in Section 7.1. "Termination Date" means the earlier to occur of (a) October 20, 2026 or (b) the date when the Buyers' Commitments are terminated pursuant to this Agreement, by order of any Governmental Authority or by operation of law. "Third Party Originator" means any Person other than an employee of the Seller who solicits, procures, packages, processes or performs any other origination function with respect to a Mortgage Loan. "TPO Loan" means a Mortgage Loan that has been solicited, procured, packaged, processed or otherwise originated by a Third Party Originator.

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&nbsp;&nbsp;&nbsp;&nbsp;MASTER REPURCHASE AGREEMENT – Page 33 13312-786/M/I Financial Warehouse Facility "Transaction" is defined in Section 1.1. "Transaction Documents" means and includes this Agreement (and all exhibits and schedules attached hereto), the Side Letter, the Fee Letter, the Electronic Tracking Agreement, any Subordination Agreement(s), any Subservicer Instruction Letters, each Request/Confirmation, any financing statements or other papers now or hereafter authorized, executed or issued pursuant to this Agreement, the Approved Investor Agreements, Investor Commitments, Hedge Agreements and all other documents, instruments and agreements at any time evidencing, governing, securing or otherwise relating to any of the Obligations, and any renewal, extension, rearrangement, increase, supplement, modification or restatement of any of them. "Transfer of Control" means, with respect to an eNote, a MERS eRegistry transfer transaction used to request a change to the current Controller of such eNote. "Transfer of Control and Location" means, with respect to an eNote, a MERS eRegistry transfer transaction used to request a change to the current Controller and Location of such eNote. "Transferable Record" means a "transferable record" as defined in Section 16 of UETA or Section 201 of E-SIGN, as applicable that (i) would be a "note" under Article 3 of the UCC if the transferable record were in writing, (ii) the issuer of the electronic record has expressly agreed is a "transferable record", (iii) bears an "electronic signature" as such term is given meaning under E-SIGN and UETA, and (iv) for purposes of E-SIGN relates to a loan secured by real property. "U.S. Government Securities Business Day" means any day except for (i) a Saturday, (ii) a Sunday and (iii) a day on which the Securities Industry and Financial Markets Association recommends that the fixed income departments of its members be closed for the entire day for purposes of trading in United States government securities. "UCC" means the Uniform Commercial Code or similar laws of the applicable jurisdiction, as amended from time to time. "UETA" means the Official Text of the Uniform Electronic Transactions Act as approved by the National Conference of Commissioners on Uniform State Laws at its Annual Conference on July 29, 1999, in the form adopted in the state where the applicable mortgaged property is located, as it may be supplemented, amended or replaced from time to time. "Unfunded Purchase Price" means, as of any date of determination, the amount by which the aggregate Purchase Price of all Purchased Loans exceeds the aggregate Repurchase Price of all Purchased Loans. "U.S. Person" means any Person that is a "United States person" within the meaning of Section 7701 of the Internal Revenue Code. "U.S. Tax Compliance Certificate" is defined in Section 7.5(b)(iii). "VA" means the Department of Veterans Affairs and any successor. "Wet-Ink Mortgage Loan" means a Mortgage Loan which is not an eMortgage Loan.

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&nbsp;&nbsp;&nbsp;&nbsp;MASTER REPURCHASE AGREEMENT – Page 34 13312-786/M/I Financial Warehouse Facility "Wet Loan" means a Purchased Loan originated and owned by the Seller immediately prior to being purchased by the Buyers: (a) that has been closed on or prior to the Business Day on which the Purchase Price is paid therefor, by a title agency or closing attorney, and that would qualify as an Eligible Loan except that some or all of its Primary Loan Documents are in transit to, but have not yet been received by the Custodian so as to satisfy all requirements to permit the Seller to sell it pursuant to this Agreement without restriction; (b) that will fully qualify as an Eligible Loan when the original Primary Loan Documents have been received by the Custodian; (c) as to which such full qualification can and will be achieved on or before the Wet Loan Period for such Purchased Loan; and (d) for which the Seller has delivered to the Custodian an Advance File on or before the Purchase Date, submission of which to the Custodian shall constitute the Seller's certification to the Custodian, the Buyers and the Agent that a complete File as to such Purchased Loan, including the Primary Loan Documents, exists and that such File is in the possession of either the title agent or closing attorney that closed such Purchased Loan, the Seller or that such File has been or will be shipped to the Custodian in accordance with the Custodial Agreement. Each Wet Loan that satisfies the foregoing requirements shall be an Eligible Loan subject to the condition subsequent of delivery of its Mortgage Note, Mortgage and all other Primary Loan Documents, to the Custodian on or before the expiration of the Wet Loan Period for such Purchased Loan. Each Wet Loan sold by the Seller shall be irrevocably deemed purchased by the Buyers and shall automatically become a Purchased Loan effective on the date of the related Transaction, and the Seller shall take all steps necessary or appropriate to cause the sale to the Buyers and delivery to the Custodian of such Wet Loan and its Primary Loan Documents to be completed, perfected and continued in all respects, including causing the original promissory note evidencing such Purchased Loan to be delivered to the Custodian within the Wet Loan Period for such Purchased Loan, and, if requested by the Agent, to give written notice to any title agent, closing attorney or other Person in possession or having Control of the Primary Loan Documents for such Purchased Loan of the Buyers' purchase of such Purchased Loan. Upon the Custodian's receipt and review of the Primary Loan Documents relative to a Wet Loan such Purchased Loan shall no longer be considered a Wet Loan. "Wet Loan Period" means, for any applicable Purchased Loan (a) in the case of a Wet-Ink Mortgage Loan, seven (7) Business Days from and after the Purchase Date for such Purchased Loan, and (b) in the case of an eMortgage Loan, one (1) Business Day from and after the Purchase Date for such Purchased Loan. "Wet Loans Sublimit" is defined in Section 4.2(c). "Whole Loan" means a Mortgage Loan sold in the form of a whole loan, as opposed to a Mortgage Loan that has been pooled for the purpose of comprising an MBS or other type of security.

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&nbsp;&nbsp;&nbsp;&nbsp;MASTER REPURCHASE AGREEMENT – Page 35 13312-786/M/I Financial Warehouse Facility 1.3. Other Definitional Provisions. Accounting terms not otherwise defined shall have the meanings given them under GAAP. (a) Defined terms may be used in the singular or the plural, as the context requires. (b) Except where otherwise specified, all times of day used in the Transaction Documents are local (U.S. Central Time Zone) times in Houston, Texas. (c) Unless the context plainly otherwise requires (e.g., if preceded by the word "not"), wherever the word "including" or a similar word is used in the Transaction Documents, it shall be read as if it were written, "including by way of example but without in any way limiting the generality of the foregoing concept or description". (d) Unless the context plainly otherwise requires, wherever the term "Agent" is used in this Agreement (excluding Section 22), it shall be read as if it were written "the Agent (as agent and representative of the Buyers)." 1.4. Rates. The Agent does not warrant or accept responsibility for, and shall not have any liability with respect to (a) the continuation of, administration of, submission of, calculation of or any other matter related to the Daily Simple SOFR, or any component definition thereof or any rates referred to in the definition thereof, or any Successor Rate, including whether the composition or characteristics of any such Successor Rate will be similar to, or produce the same value or economic equivalence of, or have the same volume or liquidity as, the Daily Simple SOFR, or any other Successor Rate, prior to its discontinuance or unavailability, or (b) the effect, implementation or composition of any Conforming Changes. The Agent, the Buyers, and their respective affiliates or other related entities may engage in transactions that affect the calculation of the Daily Simple SOFR, any Successor Rate or any relevant adjustments thereto, in each case, in a manner adverse to any Seller. The Agent may select information sources or services in its reasonable discretion to ascertain the Daily Simple SOFR or any Successor Rate, in each case pursuant to the terms of this Agreement, and shall have no liability to any Seller, any Buyer or any other person or entity for damages of any kind, including direct or indirect, special, punitive, incidental or consequential damages, costs, losses or expenses (whether in tort, contract or otherwise and whether at law or in equity), for any error or calculation of any such rate (or component thereof) provided by any such information source or service. Section 2. The Buyers' Commitments. 2.1. The Buyers' Commitments to Purchase. Subject to the terms and conditions of this Agreement (including without limitation the terms and conditions set forth in Section 4 and Section 14) and provided no Default or Event of Default has occurred and is continuing that has not been waived by the Buyers or the Required Buyers, as applicable (or, if one has occurred and not been so cured or declared waived, if all of the Buyers, in their sole discretion and with or without waiving such Default or Event of Default, have elected in writing that Transactions under this Agreement shall continue nonetheless), the

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&nbsp;&nbsp;&nbsp;&nbsp;MASTER REPURCHASE AGREEMENT – Page 36 13312-786/M/I Financial Warehouse Facility Buyers agree to make revolving purchases of Eligible Loans on a servicing released basis through but not including the Termination Date, so long as the Aggregate Outstanding Purchase Price does not exceed the Maximum Aggregate Commitment and so long as each Buyer's Committed Sum is not exceeded. The Buyers' respective Committed Sums and the Maximum Aggregate Commitment are set forth on Schedule BC in effect at the relevant time, as it may have been amended or restated pursuant to this Agreement. Upon the joinder of additional Buyer(s), if any, the parties agree to approve in writing revised and updated versions of Schedule BC. The fractions to be applied to determine the respective Funding Shares of the Buyers for any day are their respective Committed Sums divided by the Maximum Aggregate Commitment for that day. Each Buyer shall be obligated to fund only that Buyer's own Funding Share of any Transaction requested, and no Buyer shall be obligated to the Seller or any other Buyer to fund a greater share of any Transaction. No Buyer shall be excused from funding its applicable Funding Share of any Transaction merely because any other Buyer has failed or refused to fund its relevant Funding Share of that or any other Transaction. If any Buyer fails to fund its Funding Share of any Transaction (a "Nonfunding Buyer"), the Agent (in its sole and absolute discretion) may choose to fund the amount that such Nonfunding Buyer failed or refused to fund, or the Agent as a Buyer and the other Buyers who are willing to do so may (in each of their sole and absolute discretion) do so in the proportion that the Committed Sum of each bears to the total Committed Sums of all Buyers that have funded (or are funding) their own Funding Shares of that Transaction and that are willing to fund part of the Funding Share of such Nonfunding Buyer. Should the Agent and/or any other Buyer(s) fund any or all of the Nonfunding Buyer's Funding Share of any Transaction, then the Nonfunding Buyer shall have the obligation to deliver such amount to the Agent (for its own account and/or for distribution to the Buyer(s) who funded it, as the case may be) in immediately available funds on the next Business Day. Regardless of whether the other Buyers fund the Funding Share of the Nonfunding Buyer, the respective ownership interests of the Buyers in the Transaction shall be adjusted as provided in Section 3.10. The obligations of the Buyers hereunder are several and not joint. 2.2. Expiration or Termination of the Commitments. Unless extended in writing or terminated earlier in accordance with this Agreement, the Buyers' Commitments (including JPMorgan Chase's Swing Line Commitment) shall automatically expire at the close of business on the Termination Date, without any requirement for notice or any other action by the Agent, any of the Buyers or any other Person. 2.3. Disbursement of Purchase Prices. Subject to the terms and conditions of this Agreement, Agent shall deposit the Purchase Prices for the Purchased Loans funded with a Transaction under this Agreement into the Funding Account to be combined with Seller's own funds in order to fund the origination of the Mortgage Loan or Mortgage Loans intended to be funded with the proceeds of such Transaction. Upon deposit of sufficient funds into the Funding Account to originate the related Mortgage Loan(s), the Agent will disburse funds from the Funding Account to the title company, title agent, escrow agent, closing attorney or other Person originating or funding the related Mortgage Loan(s) so long as, in either case, no Event of Default exists or will result from such disbursement.

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&nbsp;&nbsp;&nbsp;&nbsp;MASTER REPURCHASE AGREEMENT – Page 37 13312-786/M/I Financial Warehouse Facility 2.4. Swing Line Facility. In addition to its Commitment under Section 2.1, the Swing Line Buyer may, in its discretion, fund revolving Swing Line Transactions for aggregate Purchase Prices which do not on any day exceed the Swing Line Limit for the purpose of initially funding requested Transactions. 2.5. Swing Line Transactions. (a) The Seller shall have the right to request a Swing Line Transaction and the Swing Line Buyer may, in its discretion, agree to fund such Swing Line Transaction: (i) only if such Swing Line Transaction fully qualifies in all respects for funding as Regular Transaction under this Agreement; (ii) provided that no Default has occurred that has not been cured before it has become an Event of Default, and no Event of Default has occurred and is continuing that has not been waived by the Buyers or the Required Buyers, as applicable, and all conditions precedent in Section 14.1 (with respect to the initial purchase hereunder) and Section 14.2 have been satisfied; (iii) so long as (A) the Swing Line Limit is not exceeded and (B) such Swing Line Transaction will not cause the sum of JPMorgan Chase's Funding Share of the Swing Line Transactions plus JPMorgan Chase's Funding Share of all Open Transactions to exceed JPMorgan Chase's Commitment; (iv) so long as, after giving effect to the proposed Swing Line Transaction, the Aggregate Outstanding Purchase Price would not exceed the Maximum Aggregate Commitment; (v) provided that a Request/Confirmation has been received by the Agent and the Swing Line Buyer by no later than 5:00 p.m. (Houston, Texas time) on the Business Day such Transaction is to be funded; and (vi) provided that the Seller is not aware of any reason why the requested Transaction cannot or will not be fully funded by the Buyers on the first Swing Line Refunding Due Date following the Business Day on which the Swing Line Transaction is to be funded. (b) All Swing Line Transactions shall have a Price Differential from the date funded until the date repaid and the Repurchase Price therefor shall be due and payable to Swing Line Buyer at the same rate(s) as would be applicable if such Swing Line Transactions had been funded as Regular Transactions by all Buyers, instead of having been funded by the Swing Line Buyer alone as Swing Line Transactions. (c) On each Swing Line Refunding Due Date, each Swing Line Transaction shall terminate and the Seller shall repurchase all Purchased Loans subject to such Swing Line Transaction to the extent such Transaction is not converted to a Regular Transaction pursuant to this Section 2.5.

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&nbsp;&nbsp;&nbsp;&nbsp;MASTER REPURCHASE AGREEMENT – Page 38 13312-786/M/I Financial Warehouse Facility (d) The Swing Line Buyer may at any time in its sole discretion with respect to any outstanding Swing Line Transaction, require each Buyer (including the Swing Line Buyer) to fund such Swing Line Transaction, by delivering notice to each Buyer. Unless an Event of Default under Section 18.1(b) shall have occurred and be continuing on such Swing Line Refunding Due Date (in which event the procedures under clause (e) shall apply), no later than 3:00 p.m. (Houston, Texas time) on such Swing Line Refunding Due Date, each Buyer shall transfer its Funding Share in immediately available funds to the Agent, at the office of the Agent located at 712 Main Street, 5th Floor North, Houston, Texas 77002, which shall be paid by the Agent to the Swing Line Buyer for application against the Swing Line Transaction, whereupon the Swing Line Transaction shall be deemed a Regular Transaction. (e) If, on any Swing Line Refunding Due Date, an Event of Default under Section 18.1(b) shall have occurred and be continuing, each Buyer shall, no later than 3:00 p.m. (Houston, Texas time) on such Swing Line Refunding Due Date, purchase a participation in the Swing Line Transaction by immediately transferring to the Agent, for the benefit of the Swing Line Buyer, in immediately available funds, an amount equal to its Funding Share of the Purchase Price of such Swing Line Transaction, and upon its receipt thereof, the Agent shall deliver to such Buyer a certificate evidencing such participation. (f) Unless a Buyer shall have notified the Swing Line Buyer, prior to any Swing Line Transaction, that any applicable condition precedent set forth in Sections 14.1 or 14.2 had not then been satisfied, such Buyer's obligation to convert the Swing Line Transaction to a Regular Transaction pursuant to clause (d) of this Section 2.5 or to purchase a participation in respect of such Swing Line Transaction pursuant to clause (e) of this Section 2.5 shall be unconditional, continuing, irrevocable and absolute and shall not be affected by any circumstances, including, without limitation, (i) any set-off, counterclaim, recoupment, defense or other right which such Buyer may have against the Agent, the Swing Line Buyer or any other Person, (ii) the occurrence or continuance of a Default or Event of Default, (iii) any adverse change in the condition (financial or otherwise) of the Seller, (iv) the expiration, cancellation or termination, with or without cause of some or all of such Buyers' Commitments or if such Commitment has been waived, released or excused for any reason whatsoever or (v) any other circumstances, happening or event whatsoever. In the event that any Buyer fails to make payment to the Agent of any amount due under this Section 2.5, the Agent shall be entitled to receive, retain and apply against such obligation the Repurchase Prices (including Price Differential) otherwise payable to such Buyer hereunder until the Agent receives such payment from such Buyer or such obligation is otherwise fully satisfied. In addition to the foregoing, if for any reason any Buyer fails to make payment to the Agent of any amount due under this Section 2.5, such Buyer shall be deemed, at the option of the Agent, to have unconditionally and irrevocably purchased from the Swing Line Buyer, without recourse or warranty, an undivided interest and participation in the applicable Swing Line Transaction in the amount of such Buyer's Funding Share of that Transaction, and such interest and participation may be recovered from such Buyer together with interest thereon at the greater of the Federal Funds Effective Rate and a rate determined by the Agent in

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&nbsp;&nbsp;&nbsp;&nbsp;MASTER REPURCHASE AGREEMENT – Page 39 13312-786/M/I Financial Warehouse Facility accordance with banking industry rules on interbank compensation (plus any administrative, processing or similar fees assessed by Agent in connection with the foregoing) for each day during the period commencing on the date of demand and ending on the date such amount is received. On the Termination Date, the Seller shall repurchase all Purchased Loans then subject to a Swing Line Transaction. (g) The Agent shall disburse to the Swing Line Buyer an amount equal to the sum of the Funding Shares funded by all of the other Buyers in respect of the refunding of any Swing Line Transaction; provided that if a Buyer other than the Swing Line Buyer advises the Agent by telephone and confirms the advice by email or fax that such Buyer has placed all of its Funding Share on the federal funds wire to the Agent, the Agent shall continue to keep the Swing Line Transaction outstanding to the extent of that Buyer's Funding Share so wired until such Buyer's Funding Share is received by the Agent, and the Agent shall then repay the Swing Line Buyer that still- outstanding portion of the Swing Line Transaction from such funds wired to and received by the Agent, and the Price Differential accrued at the Pricing Rate(s) applicable to the Transaction on that Funding Share for the period from (and including) the relevant Swing Line Refunding Due Date to (but excluding) the date such Buyer's Funding Share is received by the Agent shall belong to the Swing Line Buyer. If any Buyer fails to fund its Funding Share to fund a Swing Line Transaction in accordance with clause (d) of this Section 2.5, or fails to fund its Funding Share to purchase a participation in a Swing Line Transaction in accordance with clause (e) of this Section 2.5, then that Buyer shall also be obligated to pay to the Swing Line Buyer interest on the Funding Share so due from such Buyer to the Swing Line Buyer at the greater of the Federal Funds Effective Rate and a rate determined by the Agent in accordance with banking industry rules on interbank compensation (plus any administrative, processing or similar fees assessed by Agent in connection with the foregoing) from (and including) such Swing Line Refunding Due Date to (but excluding) the date of payment of such required amount. (h) All accrued Price Differential on Swing Line Transactions shall be due and payable by the Seller to the Agent (for distribution to the Swing Line Buyer) on the Price Differential payment due date (determined under Section 5) next following the date of the Swing Line Transaction. All Price Differential accrued on Swing Line Transactions through the applicable Swing Line Refunding Due Date shall be due and payable by the Seller to the Agent (for distribution to the Swing Line Buyer) no later than two (2) Business Days after the applicable Swing Line Refunding Due Date, but in no than event later the Termination Date. 2.6. Optional Termination, Reduction and Increase of Buyers' Commitments. (a) The Seller may, at any time, without premium or penalty, upon not less than five (5) Business Days prior written notice to the Agent, terminate the Maximum Aggregate Commitment thereby terminating the Buyers' Commitments in full. Upon termination in full of the Buyers' Commitments pursuant to this Section 2.6, the Seller shall pay to the Agent for the ratable benefit of the Buyers the full amount of all outstanding Obligations under the Transaction Documents.

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&nbsp;&nbsp;&nbsp;&nbsp;MASTER REPURCHASE AGREEMENT – Page 40 13312-786/M/I Financial Warehouse Facility (b) If the Seller shall request in writing to the Agent a temporary increase in the Maximum Aggregate Commitment, the Agent, at its discretion, shall endeavor to obtain increased Committed Sums from existing Buyers, new Commitments from prospective new Buyers or such combination thereof as the Agent shall elect, to achieve such requested increase; provided that (i) after giving effect to such increases, the Maximum Aggregate Commitment shall not increase the then-current Maximum Aggregate Commitment by more than Fifty Million Dollars ($50,000,000), (ii) no Buyer shall have an obligation to increase its Committed Sum, (iii) such written request by the Seller is delivered to the Agent at least thirty (30) days (or such shorter period of time as agreed to by Agent) before the requested effective date of the increase, (iv) no Default and no Event of Default has occurred and is continuing and (v) such increase shall only be in effect from the date of such increase until the first date thereafter that the Maximum Aggregate Commitment increases or decreases in accordance with Schedule BC (each, a "Temporary Increase Period"). Neither the Agent nor any Buyer shall be liable to the Seller or to any other Person in the event that the Agent determines not to endeavor to obtain, or endeavors to obtain but fails to obtain, increased Committed Sums from existing Buyers, new Commitments from prospective new Buyers, or any combination thereof. In connection with any increase in the Maximum Aggregate Commitment under this paragraph, Agent may require that this Agreement be amended to effectuate such increase. (c) If an increase in the Maximum Aggregate Commitment is achieved pursuant to clause (b) above, then (i) the Pro Rata ownership interest in the Purchased Loans of each Buyer shall, following funding by the new or increasing Buyers and for the duration of the applicable Temporary Increase Period, be appropriately adjusted following the funding of new and increasing Buyers and application of such amounts received to the other Buyers who did not increase their Committed Sums, (ii) each new Buyer shall execute and deliver to the Agent a joinder to this Agreement in a form acceptable to the Agent, and if requested by the Agent, an administrative questionnaire in a form acceptable to the Agent, (iii) Schedule BC shall be updated and the updates executed and delivered by the Agent to the Seller and each of the Buyers and, effective as of the date specified on such updates, shall each automatically supersede and replace the then-existing corresponding schedule for all purposes and (iv) such amendments, acknowledgments, consents, instruments and other documents shall have been executed and delivered and/or obtained by Seller and/or the Buyers providing the applicable increase as required by the Agent, in its discretion. Section 3. Initiation; Termination. 3.1. Seller Request; Agent Confirmation. (a) Subject to the terms and conditions of this Agreement (including, without limitation, the terms and conditions set forth in Section 2.1 and Section 14), the Seller may request a Regular Transaction and the Buyers shall fund such Regular Transaction, subject to the following:

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&nbsp;&nbsp;&nbsp;&nbsp;MASTER REPURCHASE AGREEMENT – Page 41 13312-786/M/I Financial Warehouse Facility (i) Agent and Custodian shall have received a Request/Confirmation in accordance with Section 3.2 hereof by no later than 1:00 p.m. (Houston, Texas time) on the proposed Purchase Date; and (ii) Agent shall have received a satisfactory Asset Schedule on the proposed Purchase Date; Provided that if such items are received by the applicable parties on any Business Day, but are not received by the times specified above, the Transaction may be funded on the same day, at the Swing Line Buyer's option, as a Swing Line Transaction (subject to the conditions set forth in Section 2.5 above), or on the next Business Day as a Regular Transaction, subject in each case to the other terms and conditions of this Agreement. (b) Upon receiving any Request/Confirmation for any Regular Transaction under Section 3.1 hereof, Agent shall promptly notify each Buyer by wire, telex or telephone (confirmed by wire, telecopy or telex). Unless such Buyer's commitment to make purchases hereunder shall have been suspended or terminated in accordance with this Agreement, each such Buyer shall make available the amount of its respective Funding Share of each requested Transaction in immediately available funds to the Agent, at the office of the Agent specified in Section 2.5(d), no later than 4:00 p.m. (Houston, Texas time) on the date of such Transaction. Any Buyer that fails to fund its Funding Share of any Transaction shall be deemed to be a Nonfunding Buyer and a Defaulting Buyer under the terms of this Agreement. 3.2. Request/Confirmation. Each Request/Confirmation shall identify the Agent and the Seller and set forth: (a) the Purchase Date applicable to the relevant Transaction; (b) for each of the Eligible Loans to be sold, the Purchase Price; and (c) such other information set forth on the form Request/Confirmation attached as Exhibit A hereto. Each Request/Confirmation shall be binding on the parties, unless written notice of objection is received by the Agent prior to the funding of any related Transaction by any Buyer. In the event of any conflict between the terms of a Request/Confirmation and this Agreement, this Agreement shall prevail. 3.3. Transaction Termination; Purchase Price Decrease. (a) Automatic Termination. Each Transaction, or applicable portion thereof, will automatically terminate on the earlier of (i) the date or dates when the subject Purchased Loans are purchased by Approved Investor(s) and (ii) the Termination Date. Upon any such automatic termination, the Seller shall repurchase all applicable Purchased Loans in accordance with Section 3.3(c).

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&nbsp;&nbsp;&nbsp;&nbsp;MASTER REPURCHASE AGREEMENT – Page 42 13312-786/M/I Financial Warehouse Facility (b) Termination Upon Occurrence of Disqualifier. If any Disqualifier occurs in respect of a Purchased Loan, (i) the Buyers shall reconvey to the Seller or its designee the applicable Purchased Loan, servicing released, and (ii) if and only to the extent of any Margin Deficit that exists as determined in accordance with Section 6.1, the Seller shall immediately pay the Repurchase Price with respect to the applicable Purchased Loan (but only to the extent of the Margin Deficit) in immediately available funds to the account referred to in Section 3.4. (c) How Terminations will be Effected. Termination of a Transaction (or the applicable portion thereof) will be effected by (i) the Buyers' reconveyance to the Seller or its designee of applicable Purchased Loans, servicing released, and payment of any Income in respect thereof received by the Agent and not previously either paid to the Seller or applied as a credit to the Seller's Obligations, and (ii) payment to the Agent, for the benefit of the Buyers, of the Repurchase Price with respect to the applicable Purchased Loans in immediately available funds to the account referred to in Section 3.4 on the Repurchase Date, so that the Agent receives the Repurchase Price (for Pro Rata distribution to the Buyers) in immediately available funds on that same Business Day; provided that the portion of the Repurchase Price attributable to accrued and unpaid Price Differential for the repurchased Mortgage Loans shall be due on the next Price Differential payment date in accordance with Section 5.3; provided further that all accrued and unpaid Price Differential shall be due and payable on the Termination Date. Whenever under the Transaction Documents Buyers are required transfer or release Purchased Loans back to Seller or its designee or to deliver (including delivering physical possession or Control of) any Loan Documents or any Loan Files to Seller in connection with a transfer of Purchased Loans back to Seller or its designee, such Loan Documents or Loan Files, as and to the extent applicable, shall be returned by the Custodian to the Seller or its designee. (d) Purchase Price Decrease. The Seller may effectuate a Purchase Price Decrease on any Business Day by delivery to the Agent in immediately available funds (for Pro Rata distribution to the Buyers) of an amount specified by the Seller as a Purchase Price Decrease on that Business Day. No Purchased Loans shall be, or be deemed to be, repurchased in connection with a Purchase Price Decrease. For the avoidance of doubt, following any such Purchase Price Decrease, on any Business Day Seller may request that the Purchase Price of any such Purchased Loan be increased up to the full amount of the Purchase Price available for such Purchased Loan on such Business Day, for any such Mortgage Loan which is the subject of Purchase Price Decrease but remains an Eligible Loan. 3.4. Place for Payments of Repurchase Prices. All Repurchase Price payments shall be paid to the Repurchase Settlement Account. 3.5. Withdrawals from and Credits to Operating Account. If the Seller fails for any reason to repurchase any one or more Purchased Loans on the relevant Repurchase Date, to pay any Price Differential or fees when due or to satisfy any Margin Call in the manner and by the time specified in Sections 3.3 and 3.4, the Agent is hereby specifically and irrevocably authorized to withdraw funds from the Operating Account or any other

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&nbsp;&nbsp;&nbsp;&nbsp;MASTER REPURCHASE AGREEMENT – Page 43 13312-786/M/I Financial Warehouse Facility account of the Seller in an amount equal to the sum of the Repurchase Prices of all Purchased Loans that are Past Due, plus accrued, unpaid Price Differential or fees, plus Margin Deficit (if applicable), on that day and cause application of such funds withdrawn to the payment of the Repurchase Prices of such Purchased Loans, Price Differential or fees, and Margin Deficit (if applicable) in such order and manner as the Agent may elect and, if funds in the Operating Account or any other account of the Seller are insufficient to pay the such amounts, the Seller shall pay the amount due hereunder on demand by wire to the Repurchase Settlement Account. The Operating Account shall be subject to setoff by the Agent for Pro Rata distribution to the Buyers and, upon the occurrence and during the continuance of an Event of Default, the Agent may also terminate the Seller's right to withdraw, or direct the payment of funds in the Operating Account until the Obligations (other than (a) contingent reimbursement and indemnification obligations as to which no claim has been asserted and (b) Obligations related to any Products or any Hedge Agreements) have been paid in full. 3.6. [Reserved]. 3.7. Disbursements from Repurchase Settlement Account. Seller shall furnish to Agent by 3:00 p.m. Central time on each Business Day, a Repurchase Settlement Account Disbursement Request which details the amounts and sources of all funds in the Repurchase Settlement Account, and indicates which Purchased Loans such funds represent the Repurchase Price of so that the Agent can confirm same and effect a Pro Rata distribution thereof to the Buyers. With respect to any Repurchase Settlement Account Disbursement Request furnished by Seller to Agent, if, and only if, (i) no Default has occurred unless it has been either cured by the Seller or waived in writing by the Agent (acting with the requisite consent of the Buyers as provided in this Agreement), (ii) no Event of Default has occurred unless it has been either cured by the Seller or waived in writing by the Agent (acting with the requisite consent of the Buyers as provided in this Agreement), (iii) no Margin Deficit exists that would not be eliminated by disbursements in accordance with such Repurchase Settlement Account Disbursement Request, and (iv) no Default or Event of Default or Margin Deficit will result from the making of the disbursements requested in such Repurchase Settlement Account Disbursement Request, then Agent shall disburse the funds in the Repurchase Settlement Account in accordance with the Repurchase Settlement Account Disbursement Request. After the occurrence and during the continuance of an Event of Default, Seller shall have no further right to request disbursements of funds in the Repurchase Settlement Account, and Agent may at any time and from time to time apply funds in the Repurchase Settlement Account to pay Seller's Obligations (other than Obligations related to any Products or any Hedge Agreements) whether or not then due. 3.8. Delivery of Additional Mortgage Loans. The Seller may from time to time deliver to the Custodian, for and on behalf of Agent, Mortgage Loans that are also Eligible Loans without entering into a new Transaction by providing to the Custodian the documents required under Section 3.1(a) with respect to such Mortgage Loans. The Seller and the Buyers agree that such Mortgage Loans delivered pursuant to this Section 3.8 shall be treated as Purchased Loans subject to the existing Transactions hereunder from the date of such delivery.

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&nbsp;&nbsp;&nbsp;&nbsp;MASTER REPURCHASE AGREEMENT – Page 44 13312-786/M/I Financial Warehouse Facility 3.9. Application of Purchase Price Decreases. Upon receipt by the Agent of amounts paid or prepaid as Purchase Price Decreases (except upon the exercise of remedies provided in Section 18), the Agent shall apply amounts so received to outstanding Purchase Price. 3.10. Defaulting Buyers. (a) Notwithstanding any provision of this Agreement to the contrary, if any Buyer becomes a Defaulting Buyer, then the following provisions shall apply for so long as such Buyer is a Defaulting Buyer: (i) The applicable fees shall cease to accrue on the unfunded portion of the Commitment of such Defaulting Buyer pursuant to Section 9.1; (ii) The Commitment of and the outstanding Purchase Prices paid by such Defaulting Buyer shall not be included in determining whether all Buyers or the Required Buyers have taken or may take any action hereunder (including any consent to any amendment or waiver pursuant to Section 22), provided that (a) the Committed Sum of any Defaulting Buyer may not be increased or extended without the consent of such Buyer, and (b) any amendment, waiver, consent or other action or inaction requiring the consent of all Buyers or each affected Buyer that by its terms affects any Defaulting Buyer more adversely than the other affected Buyers shall require the consent of such Defaulting Buyer; (iii) If any Swing Line Transactions shall exist at the time a Buyer becomes a Defaulting Buyer, then the Seller shall within one Business Day following notice by the Agent repurchase the Purchased Loans subject to such Swing Line Transaction. (b) Notwithstanding any provision of this Agreement to the contrary, if the Defaulting Buyer is a Nonfunding Buyer, and the Agent or the other Buyer(s) (electively, in accordance with Section 2.1) fund or pay any other amounts required to be paid by it hereunder which the Nonfunding Buyer failed to fund or pay (the "Unfunded Amount"), then (i) the respective ownership interests of both (A) the Nonfunding Buyer and (B) Agent or the Buyer (or Buyers) that funded or paid the Unfunded Amount, shall be proportionately decreased and increased, respectively, to the same extent as if their respective Committed Sums were changed in direct proportion to the unreimbursed balance outstanding from time to time thereafter of the amount so funded or paid; (ii) the Nonfunding Buyer's share of all subsequent distributions of Repurchase Prices and other realizations on the Purchased Loans received shall be paid to the Agent and/or other Buyer(s) that so funded the Unfunded Amount until the Agent and/or such other Buyer(s) have been fully repaid the amount so funded or paid; and

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&nbsp;&nbsp;&nbsp;&nbsp;MASTER REPURCHASE AGREEMENT – Page 45 13312-786/M/I Financial Warehouse Facility (iii) such adjustment shall remain in effect until such time as the Agent and/or other Buyer(s) that funded or paid the Unfunded Amount have been so fully repaid. (c) If no other Buyer funds or pays any of the Unfunded Amount, then the Pro Rata ownership interests of the Buyers in the Purchased Loans shall be changed so that each Buyer's Pro Rata ownership interest in the Purchased Loans is equal to the ratio of (i) the sum of the portions of the Purchase Prices paid by that Buyer in all Open Transactions on that day, together with all other unreimbursed amounts paid by that Buyer under this Agreement or the other Transaction Documents (including, without limitation, in respect of Swing Line Transactions and under Sections 22.10(d) hereof) as of such day to (ii) the total of the Purchase Prices paid by all Buyers in all Open Transactions on that day, together with all other unreimbursed amounts paid by all Buyers under this Agreement or the other Transaction Documents (including, without limitation, in respect of Swing Line Transactions and under Section 22.10(d) hereof) as of such day. The Nonfunding Buyer's share of all subsequent distributions of any Repurchase Price, Margin Deficit payments and other realizations on the Purchased Loans received shall be paid to the other Buyers, pro rata among them in the ratio that the Pro Rata ownership interest in the Purchased Loans owned by each bears to the aggregate Pro Rata ownership interests in the Purchased Loans of all such other Buyers, and the Buyers' respective Pro Rata ownership interests in the Purchased Loans shall be readjusted after each such payment, until their Pro Rata ownership interests are restored to what they were before any Nonfunding Buyer failed to fund or pay the Unfunded Amount. Notwithstanding any such changes in the Buyers' Pro Rata ownership interests in any Purchased Loan due to Nonfunding Buyer's failure to fund or pay an Unfunded Amount, such failure to fund shall not diminish any Buyer's Funding Share(s) for subsequent Transactions. (d) Without limiting the foregoing, in the event that a Buyer becomes a Nonfunding Buyer, such Nonfunding Buyer shall have no right to receive any amounts owing to such Nonfunding Buyer under this Agreement or the other Transaction Documents until such Buyer ceases to be a Nonfunding Buyer, which shall occur: (i) in the event that the Agent or any other Buyer(s) fund or pay the Unfunded Amount (as described in Section 3.10(c)), at the time the Agent and/or such other Buyer(s) have been fully repaid the amount so funded or paid; and (ii) in the event that neither the Agent nor any other Buyer funds or pays any of the Unfunded Amount (as described in Section 3.10(c)), at the time the Buyers' Pro Rata ownership interests are restored to what they were before such Nonfunding Buyer failed to fund or pay the Unfunded Amount. (e) For so long as such Buyer is a Nonfunding Buyer, all of the following shall apply: (i) The amounts owing by such Nonfunding Buyer under this Agreement and the other Transaction Documents shall be deducted from and set off against the amounts otherwise owing to such Nonfunding Buyer under this Agreement and the other Transaction Documents.

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&nbsp;&nbsp;&nbsp;&nbsp;MASTER REPURCHASE AGREEMENT – Page 46 13312-786/M/I Financial Warehouse Facility (ii) Such Nonfunding Buyer shall immediately pay to the Agent all sums of any kind paid to or received by such Nonfunding Buyer from the Seller or otherwise with respect to a Transaction, whether pursuant to the terms of this Agreement or the other Transaction Documents or in connection with the realization of the security therefor. Notwithstanding the fact that such Nonfunding Buyer may temporarily hold such sums, such Nonfunding Buyer shall be deemed to hold the same as a trustee and for the benefit of the Agent, it being the express intention of the Buyers that the Agent shall distribute such sums in accordance with the terms of this Agreement. (f) Notwithstanding anything contained herein to the contrary, if a Buyer becomes a Defaulting Buyer hereunder, then, upon notice to such Buyer, until such Buyer ceases to be a Defaulting Buyer, the Agent shall have the right, in its sole and absolute discretion and at such time or times that the Agent shall determine, to apply amounts which otherwise would be owing to such Defaulting Buyer under this Agreement and the other Transaction Documents to a deposit account, to be held in such account and released as appropriate to satisfy such Defaulting Buyer's potential future funding obligations with respect to Transactions (including Swing Line Transactions) under this Agreement. (g) If any Buyer becomes a Defaulting Buyer hereunder, then the Seller may, at its sole expense and effort, upon notice to such Buyer and the Agent, require such Buyer to assign and delegate, without recourse (in accordance with and subject to the restrictions set forth in Section 22.17) all its interests, rights and obligations under this Agreement to an assignee (which assignee may be another Buyer) that shall assume such obligations, all in accordance with the procedures and conditions set forth in Section 26.4 hereof. (h) In the event that the Agent, the Seller and the Swing Line Buyer each agrees that a Defaulting Buyer has adequately remedied all matters that caused such Buyer to be a Defaulting Buyer ("Redeemed Buyer"), then the Swing Line Exposure of the other Buyers shall be readjusted to reflect the inclusion of such Redeemed Buyer's Commitment and on such date such Redeemed Buyer shall purchase from the other Buyers at par a portion of the Open Transactions and take such other actions as the Agent shall determine may be necessary in order for such Redeemed Buyer to participate in such Open Transactions in accordance with its Pro Rata share, at which point the Redeemed Buyer shall cease to be a Defaulting Buyer. For purposes of this Section 3.10, "Swing Line Exposure" means, with respect to any Buyer at any time, such Buyer's Pro Rata share of the aggregate Purchase Prices of all Swing Line Transactions outstanding at such time. (i) Nothing contained in the foregoing shall be deemed to constitute a waiver by the Seller of any of its rights or remedies (whether in equity or law) against any Buyer which fails to fund any Transaction hereunder at the time or in the amount required to be funded under the terms of this Agreement.

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&nbsp;&nbsp;&nbsp;&nbsp;MASTER REPURCHASE AGREEMENT – Page 47 13312-786/M/I Financial Warehouse Facility Section 4. Transaction Limits and Sublimits. 4.1. Transaction Limits. Each Transaction shall be subject to the limitation that no purchase will be made if at the time of or after such purchase, the Aggregate Outstanding Purchase Price exceeds or would exceed the lesser of: (a) the Maximum Aggregate Commitment; or (b) the sum of the following, without duplication: (i) For Purchased Loans which are Agency Mortgage Loans, the lesser of (A) the aggregate Purchase Price of all such Agency Mortgage Loans, or (B) the Agency Loan Sublimit, plus (ii) For Purchased Loans which are Government Mortgage Loans, the lesser of (A) the aggregate Purchase Price of all such Government Mortgage Loans, or (B) the Government Loan Sublimit, plus (iii) For Purchased Loans which are Wet Loans, the lesser of (A) the aggregate Purchase Price of all such Wet Loans, or (B) the Wet Loan Sublimit, plus (iv) For Purchased Loans which are Jumbo Mortgage Loans (including those which are Non-Chase Jumbo Mortgage Loans), the lesser of (A) the aggregate Purchase Price of all such Jumbo Mortgage Loans, or (B) the Jumbo Loan Sublimit, plus (v) For Purchased Loans which are State Bond Mortgage Loans, the lesser of (A) the aggregate Purchase Price of all such State Bond Mortgage Loans, or (B) the State Bond Loan Sublimit, plus (vi) For Purchased Loans which are RHS Mortgage Loans, the lesser of (A) the aggregate Purchase Price of all such RHS Mortgage Loans, or (B) the RHS Loan Sublimit, plus (vii) For Purchased Loans which are Investment Property Mortgage Loans, the lesser of (A) the aggregate Purchase Price of all such Investment Property Mortgage Loans, or (B) the Investment Property Loan Sublimit, plus (viii) For Purchased Loans which are Aged Mortgage Loans, the lesser of (A) the aggregate Purchase Price of all such Aged Mortgage Loans, or (B) the Aged Mortgage Loan Sublimit, plus (ix) For Purchased Loans which are Low FICO Mortgage Loans, the lesser of (A) the aggregate Purchase Price of all such Low FICO Mortgage Loans, or (B) the Low FICO Loan Sublimit.

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&nbsp;&nbsp;&nbsp;&nbsp;MASTER REPURCHASE AGREEMENT – Page 48 13312-786/M/I Financial Warehouse Facility 4.2. Transaction Sublimits. The following sublimits shall be applicable to the Transactions hereunder such that after giving effect to any proposed Transaction and after giving effect to any repurchase, addition or substitution of any Mortgage Loan hereunder, the following shall be true: (a) The Aggregate Outstanding Purchase Price of Agency Mortgage Loans may be as much as one hundred percent (100%) of the Maximum Aggregate Commitment (the "Agency Loan Sublimit"). (b) The Aggregate Outstanding Purchase Price of Government Mortgage Loans may be as much as one hundred percent (100%) of the Maximum Aggregate Commitment (the "Government Loan Sublimit"). (c) The Aggregate Outstanding Purchase Price of all Purchased Loans that are Wet Loans shall not exceed (x) seventy-five percent (75%) of the Maximum Aggregate Commitment on any of the first five (5) and last five (5) Business Days of any month, or (y) forty percent (40%) of the Maximum Aggregate Commitment on any other day (the "Wet Loans Sublimit"). (d) The Aggregate Outstanding Purchase Price of all Purchased Loans that are of the type listed in the first column of the following table shall not exceed the percentage of the Maximum Aggregate Commitment or amount listed in the second column of the table (the name of that Sublimit is set forth in the third column of the table).

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&nbsp;&nbsp;&nbsp;&nbsp;MASTER REPURCHASE AGREEMENT – Page 49 13312-786/M/I Financial Warehouse Facility Type of Purchased Loan Maximum percentage/amount of Maximum Aggregate Commitment Name of Sublimit Jumbo Mortgage Loans $25,000,000 "Jumbo Loan Sublimit" State Bond Mortgage Loans 30% "State Bond Loan Sublimit" RHS Mortgage Loans 20% "RHS Loan Sublimit" Investment Property Mortgage Loans 10% "Investment Property Loan Sublimit" Aged Mortgage Loans 5% "Aged Mortgage Loan Sublimit" Low FICO Mortgage Loans 5% "Low FICO Loan Sublimit" 4.3. Compliance. Seller shall immediately repurchase Purchased Loans necessary to comply with all of the requirements of Section 4.1 and Section 4.2 of this Agreement. Section 5. Price Differential. 5.1. Pricing Rate. Except as otherwise provided herein with respect to the Default Pricing Rate, the Pricing Rate to be applied to the Purchase Prices of Purchased Loans to determine the Price Differential in all Open Transactions shall be as set forth in the Side Letter. 5.2. Pricing Rate for Default Pricing Rate Purchased Loans. Notwithstanding any contrary or inconsistent provision of this Section 5, the Pricing Rate to be multiplied by the Purchase Prices of all Purchased Loans shall be the Default Pricing Rate from (and including) (a) the day immediately following the Repurchase Date for any Past Due Purchased Loan and until (but excluding) the date on which such Past Due Purchased Loan is repurchased by transfer to the Agent (for Pro Rata distribution to the Buyers) of its full Repurchase Price in immediately available funds; and (b) the date designated by the Agent to the Seller after the occurrence and during the continuance of an Event of Default under Section 18.1. 5.3. Price Differential Payment Due Dates. Seller shall pay to Agent for Pro Rata distribution to the Buyers and Swing Line Buyer, as applicable, on each Remittance Date before the Termination Date, Price Differential on each Open Transaction accrued

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&nbsp;&nbsp;&nbsp;&nbsp;MASTER REPURCHASE AGREEMENT – Page 50 13312-786/M/I Financial Warehouse Facility and unpaid to the end of the preceding month, whether or not such Transaction is still an Open Transaction on such payment due date; provided that (a) all accrued and unpaid Price Differential on all Transactions shall be due on the Termination Date, and (b) all Price Differential calculated at the Default Pricing Rate shall be due on demand by Agent in its individual capacity or at the direction of the Required Buyers. Section 6. Margin Maintenance. 6.1. Margin Deficit. (a) If at any time the aggregate Margin Amount of all Purchased Loans subject to all Transactions hereunder is less than the aggregate Repurchase Price (excluding Price Differential), minus, without duplication, cash transfers previously made from the Seller to the Agent in response to previous Margin Calls, if any, for all such Transactions, a margin deficit (a "Margin Deficit") will exist. If at any time the Margin Deficit (including any amounts that remain due and payable with respect to any previously issued Margin Call) exceeds Five Hundred Thousand Dollars ($500,000), then by notice to the Seller (a "Margin Call"), the Agent shall require the Seller to transfer (for the account of the Buyers) to the Agent (in the case of cash) or the Custodian (in the case of Additional Purchased Loans, as defined below), as appropriate, either (at the Seller's option) cash, additional Eligible Loans reasonably acceptable to the Agent ("Additional Purchased Loans"), or a combination of cash and Additional Purchased Loans, so that the cash and the aggregate Purchase Price of the Purchased Loans, including any such Additional Purchased Loans, will thereupon at least equal the then aggregate Repurchase Price (excluding Price Differential). (b) On any Business Day on which the aggregate Margin Amount of the Purchased Loans subject to Transactions exceeds the then outstanding aggregate Repurchase Price (excluding Price Differential) of all Transactions (a "Margin Excess"), so long as no Default or Event of Default has occurred and is continuing or will result therefrom, the Agent shall, upon receipt of a written request from the Seller and provided such Margin Excess exceeds Five Hundred Thousand Dollars ($500,000), remit cash or authorize Custodian to release Purchased Loans, as requested by the Seller, in either case in an amount equal to the lesser of (i) the amount requested by the Seller and (ii) such Margin Excess, subject always to the other limitations of this Agreement. If cash is to be remitted, the Agent shall treat the receipt of the written request of the Seller under this Section 6.1(b) as if it were a request for a Transaction. To the extent the Agent remits cash to the Seller, such cash shall be (A) additional Purchase Price with respect to the Transactions, and (B) subject in all respects to the provisions and limitations of this Agreement. Each Buyer shall fund its Pro Rata share of such additional Purchase Price as if the remission of such Margin Excess were the initiation of a Transaction hereunder. 6.2. Margin Call Deadline. If the Agent delivers a Margin Call to the Seller at or before 10:00 a.m. (Houston, Texas time) on any Business Day, then the Seller shall transfer cash and/or Additional Purchased Loans as provided in Section 6.1 by 5:00 p.m. (Houston, Texas time) on the same Business Day. If the Agent delivers a Margin Call to

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&nbsp;&nbsp;&nbsp;&nbsp;MASTER REPURCHASE AGREEMENT – Page 51 13312-786/M/I Financial Warehouse Facility the Seller after 10:00 a.m. (Houston, Texas time) on any Business Day, then the Seller shall transfer cash and/or Additional Purchased Loans by no later than 9:30 a.m. (Houston, Texas time) on the next following Business Day. 6.3. Application of Cash. Any cash transferred to the Agent (for Pro Rata distribution to the Buyers) pursuant to this Section 6 shall be applied by the Buyers on receipt from the Agent which shall occur on the date received from the Seller or the next Business Day if received after 1:00 p.m. (Houston, Texas time). 6.4. Inability to Determine Rates. Subject to Section 6.5, below, if, on or prior to the first day of any applicable tenor for any Transaction, the Agent shall determine (which determination shall be conclusive and binding absent manifest error) or, in the case of clause (b) below, the Required Buyers shall determine (which determinations shall be conclusive and binding absent manifest error) and notify Agent, that: (a) the Benchmark (or any component thereof) cannot be determined pursuant to the definition thereof, or (b) the Benchmark for any applicable interest period or tenor (collectively, the "Affected Tenor") does not adequately and fairly reflect the cost to such Buyers of funding or maintaining such Transaction, or (c) the making or funding of any Transaction that accrues Price Differential at or by reference to the Benchmark has become impracticable or not administratively feasible, the Agent will promptly so notify the Seller and each Buyer. Upon notice thereof by the Agent to the Seller, (i) any obligation of the Buyers to make or fund any Transactions that accrue Price Differential at or by reference to such Benchmark, and any right of the Seller to continue Transactions that accrue Price Differential at or by reference to such Benchmark, or to convert Prime Referenced Rate Transactions to Transactions that accrue Price Differential at or by reference to such Benchmark, shall be suspended (in each case, to the extent of the affected Transactions or Affected Tenors) until the Agent (with respect to clause (b) of this Section 6.4, at the instruction of the Required Buyers) revokes such notice, (ii) the Seller may revoke any pending request for a borrowing of, conversion to or continuation of any Transactions that accrue Price Differential at or by reference to such Benchmark or, failing that, the Seller will automatically be deemed to have converted any such request into a request for a borrowing of or conversion to Prime Referenced Rate Transactions in the amount specified therein and (iii) any outstanding affected Transactions will automatically be deemed to have been converted into Prime Referenced Rate Transactions. Upon any such conversion, the Seller shall also pay accrued Price Differential on the amount so converted.

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&nbsp;&nbsp;&nbsp;&nbsp;MASTER REPURCHASE AGREEMENT – Page 52 13312-786/M/I Financial Warehouse Facility 6.5. SOFR Unavailability; Successor Rate Determination. (a) Notwithstanding anything to the contrary in this Agreement or any other Transaction Documents, but without limiting Section 6.4 above, if: (i) adequate and reasonable means do not exist for ascertaining the Daily Simple SOFR (or any component thereof), and such circumstances are unlikely to be temporary, as determined by the Agent (which determination shall be conclusive and binding absent manifest error), or Required Buyers pursuant to, in the case of the Required Buyers, delivery of notice to the Agent with a copy to the Seller that Required Buyers have so determined (which determination likewise shall be conclusive and binding absent manifest error); or (ii) the administrator of the applicable Benchmark or a Governmental Authority having or purporting to have jurisdiction over the Agent or the administrator of the applicable Benchmark with respect to its publication of the Daily Simple SOFR, in each case acting in such capacity, has made a public statement (A) identifying a specific date after which the Daily Simple SOFR shall or will no longer be representative or made available, or used or permitted to be used for determining the interest rate of Dollar- denominated syndicated loans, or shall or will otherwise cease, provided that, at the time of such statement, there is no successor administrator that is satisfactory to the Agent, that will continue to provide the Daily Simple SOFR (or any component thereof) after the latest date on which the Daily Simple SOFR (or any component thereof) is no longer representative or available permanently or indefinitely, or (B) that the Daily Simple SOFR (or any component thereof) fails to comply with the International Organization of Securities Commissions (IOSCO) Principles for Financial Benchmarks; then, on a date and time determined by the Agent (any such date, a "Replacement Date"), which date shall be on the relevant Price Differential payment date, as applicable, for Price Differential calculated and, solely with respect to clause (ii) above, no later than the latest date determined under clause (ii), the Daily Simple SOFR will be replaced hereunder and under any Transaction Document with the greater of (i) an alternative benchmark rate (including any mathematical or other adjustments to such benchmark rate (if any) incorporated therein) and (ii) zero, in lieu of the then-applicable Benchmark, for any payment period for Price Differential calculated that can be determined by the Agent, in its sole discretion, in each case, without any amendment to, or further action or consent of any other party to, this Agreement or any other Transaction Document (such rate, and any subsequent successor rate so determined, the "Successor Rate", in which event, all Price Differential payments will be payable on a monthly basis. (b) Notwithstanding anything to the contrary herein, (i) if the Agent determines that the Successor Rate is not available on or prior to the Replacement Date or (ii) if events or circumstances comparable to those described in Section 6.5(a)(i) or Section 6.5(a)(ii) have occurred with respect to the Successor Rate, then in each case, the Agent and the Seller may amend this Agreement solely for purpose of replacing

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&nbsp;&nbsp;&nbsp;&nbsp;MASTER REPURCHASE AGREEMENT – Page 53 13312-786/M/I Financial Warehouse Facility Daily Simple SOFR or the Successor Rate in accordance with this Section 6.5 at the end of any relevant Price Differential payment date or payment period for Price Differential calculated, as applicable, with another alternate benchmark rate giving due consideration to any evolving or then existing convention for similar U.S. dollar denominated syndicated credit facilities for such alternative benchmark rate and, in each case, including any mathematical or other adjustments to such benchmark rate giving due consideration to any evolving or then existing convention for similar U.S. dollar denominated syndicated credit facilities for such benchmark rate, which adjustment or method for calculating such adjustment shall be published on an information service as selected by the Agent from time to time in its reasonable discretion and may be periodically updated. For the avoidance of doubt, any such proposed rate and adjustments shall constitute a "Successor Rate". Any such amendment shall become effective at 5:00 p.m. (Houston, Texas time) on the fifth (5th) Business Day after the Agent shall have posted such proposed amendment to all Buyers and the Seller unless, prior to such time, Buyers comprising the Required Buyers have delivered to the Agent written notice that such Required Buyers object to such amendment. The Agent will promptly (in one or more notices) notify the Seller and each Buyer of the implementation of any Successor Rate. Any Successor Rate shall be applied in a manner consistent with market practice; provided that to the extent such market practice is not administratively feasible for the Agent, such Successor Rate shall be applied in a manner as otherwise reasonably determined by the Agent. In connection with the implementation of any Successor Rate, the Agent will have the right to make Conforming Changes from time to time and, notwithstanding anything to the contrary herein or in any other Transaction Document, any amendments implementing such Conforming Changes will become effective without any further action or consent of any other party to this Agreement; provided that, with respect to any such amendment effected, the Agent shall post each such amendment implementing such Conforming Changes to the Seller and the Buyers reasonably promptly after such amendment becomes effective. Notwithstanding anything else herein, if at any time any Successor Rate as so determined would otherwise be less than the Applicable Floor, the Successor Rate will be deemed to be the Applicable Floor for the purposes of this Agreement and the other Transaction Documents. 6.6. Illegality. If any Buyer determines (which determination shall be conclusive and binding absent manifest error) that any applicable law has made it unlawful, or that any Governmental Authority has asserted that it is unlawful, it would create safety and soundness risks, or it would not be consistent with sound banking practices, for any Buyer or its applicable lending office to make, maintain or fund Transactions whose Price Differential is determined by reference to the Daily Simple SOFR, or to determine or charge interest rates based upon the Daily Simple SOFR, then, (a) upon notice thereof by such Buyer to the Seller (through the Agent), any obligation of the Buyers to make Daily Simple SOFR Transactions, and any right of the Seller to continue Daily Simple SOFR Transactions or to convert Prime Referenced Rate Transactions to Daily Simple SOFR Transactions, shall be suspended, and (b) the Seller shall, if necessary to avoid such illegality, upon demand from any Buyer (with a copy to the Agent), prepay or, if applicable, convert all Daily Simple SOFR Transactions to Prime Referenced Rate Transactions, if all

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&nbsp;&nbsp;&nbsp;&nbsp;MASTER REPURCHASE AGREEMENT – Page 54 13312-786/M/I Financial Warehouse Facility affected Buyers may lawfully continue to maintain such Daily Simple SOFR Transactions to such day, or immediately, if any Buyer may not lawfully continue to maintain such Daily Simple SOFR Transactions to such day. 6.7. Increased Costs. If any Change in Law shall: (a) impose, modify or deem applicable any reserve (including pursuant to regulations issued from time to time by the Federal Reserve Board for determining the maximum reserve requirements (including any emergency, special, supplemental or other marginal reserve requirement)), special deposit, compulsory loan, insurance charge or any similar requirement against assets of, deposits with or for the account of, or credit extended or participated in by, any Buyer; (b) subject any Buyer to any Taxes (other than (i) Non-excluded Taxes, (ii) Taxes described in clauses (b) through (d) of the definition of Excluded Taxes and (iii) Connection Income Taxes) on any Transaction or any other amounts due under this Agreement in respect thereof, or its deposits, reserves, other liabilities or capital attributable thereto; or (c) impose on any Buyer any other condition, cost or expense (other than Taxes) affecting this Agreement or Transactions made by such Buyer; and the result of any of the foregoing shall be to increase the cost to such Buyer of making, converting to, continuing or maintaining any Transaction or of maintaining its obligation to make any such Transaction, or to increase the cost to such Buyer, or to reduce the amount of any sum received or receivable by such Buyer hereunder, then, upon request of such Buyer or other Recipient, the Seller will pay to such Buyer, as the case may be, such additional amount or amounts as will compensate such Buyer, as the case may be, for such additional costs incurred or reduction suffered. 6.8. Capital Requirements. If any Buyer determines that any Change in Law affecting such Buyer or any lending office of such Buyer or such Buyer's holding company, if any, regarding capital or liquidity requirements, has or would have the effect of reducing the rate of return on such Buyer's capital or on the capital of such Buyer's holding company, if any, as a consequence of this Agreement, the Commitments of such Buyer its obligations hereunder or the maintaining of any Transactions made by such Buyer to a level below that which such Buyer or such Buyer's holding company could have achieved but for such Change in Law (taking into consideration such Buyer's policies and the policies of such Buyer's holding company with respect to capital adequacy and liquidity), then from time to time the Seller will pay to such Buyer such additional amount or amounts as will compensate such Buyer or such Buyer's holding company for any such reduction suffered. 6.9. Certificates for Reimbursement. (a) A certificate of a Buyer, prepared in good faith and in reasonable detail, setting forth the amount or amounts necessary to compensate such Buyer or its holding company, as the case may be, as specified in Section 6.7 or 6.8, as well as the basis for determining such amounts, and delivered to the Seller, shall be conclusive absent

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&nbsp;&nbsp;&nbsp;&nbsp;MASTER REPURCHASE AGREEMENT – Page 55 13312-786/M/I Financial Warehouse Facility manifest error. The Seller shall pay such Buyer the amount shown as due on any such certificate within fifteen (15) Business Days after receipt thereof. (b) Notwithstanding the foregoing, however, Seller shall not be required to pay any increased costs under Sections 6.7 or 6.8 for any period ending prior to the date that is one hundred eighty (180) days prior to the making of a Buyer's initial request for such additional amounts unless the applicable Change in Law or other event resulting in such increased costs is effective retroactively to a date more than one hundred eighty (180) days prior to the date of such request, in which case a Buyer's request for such additional amounts relating to the period more than one hundred eighty (180) days prior to the making of the request must be given not more than one hundred eighty (180) days after such Buyer becomes aware of the applicable Change in Law or other event resulting in such increased costs. 6.10. Market Valuations for Purchase Prices. In the discretion of the Agent or Required Buyers if it or they reasonably determine that market conditions warrant (except that the Agent shall have no obligation to make such determination more frequently than once per day), the Agent may (a) notify Custodian that Agent desires to re-calculate the Purchase Prices of all or a portion of the Purchased Loans using the Market Values of such Purchased Loans, which notice shall include the Market Values determined by Agent for such Purchased Loans, and (b) obtain from Custodian and/or eNote Custodian an updated Asset Schedule taking into account such Market Values. Section 7. Taxes. 7.1. Payments to be Free of Taxes; Withholding. Any and all payments by or on account of any obligation of the Seller under or in respect of this Agreement or any other Transaction Documents to which the Seller is a party shall be made free and clear of, and without deduction or withholding for or on account of, any and all present or future taxes, levies, imposts, deductions, charges or withholdings, and all liabilities (including penalties, interest and additions to tax) with respect thereto, whether now or hereafter imposed, levied, collected, withheld or assessed by any taxation authority or other Governmental Authority (collectively, "Taxes"), unless required by any Legal Requirement. If the Seller shall be required under any applicable Legal Requirement to deduct or withhold any Taxes from or in respect of any sum payable under or in respect of this Agreement or any of the other Transaction Documents, (a) the Seller shall make all such deductions and withholdings in respect of Taxes, (b) the Seller shall pay the full amount deducted or withheld in respect of Taxes to the relevant taxation authority or other Governmental Authority in accordance with any applicable Legal Requirement and (c) the sum payable by the Seller shall be increased as may be necessary so that after the Seller has made all required deductions and withholdings (including deductions and withholdings applicable to additional amounts payable under this Section 7) each Buyer receives an amount equal to the sum it would have received had no such deductions or withholdings been made in respect of Non-excluded Taxes. For purposes of this Section 7, the term "applicable Legal Requirement" includes FATCA.

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&nbsp;&nbsp;&nbsp;&nbsp;MASTER REPURCHASE AGREEMENT – Page 56 13312-786/M/I Financial Warehouse Facility 7.2. Other Taxes. In addition, the Seller hereby agrees to pay any present or future stamp, recording, court or documentary, filing, intangible, or similar Taxes that arise from any payment made under or in respect of this Agreement or any other Transaction Document or from the execution, delivery or registration of, any performance under, or otherwise with respect to, this Agreement or any other Transaction Documents, except any Other Connection Taxes imposed with respect to an assignment (other than an assignment made pursuant to Section 26.4) (collectively, "Other Taxes"). 7.3. Taxes Indemnity. The Seller hereby agrees to indemnify the Buyers and the Agent for, and to hold each of them harmless against, the full amount of Non-excluded Taxes, including Other Taxes, and any reasonable expense arising therefrom or with respect thereto. The indemnity by the Seller provided for in this Section 7.3 shall apply and be made whether or not the Non-excluded Taxes for which indemnification hereunder is sought have been correctly or legally asserted. Amounts payable by the Seller under the indemnity set forth in this Section 7.3 shall be paid within fifteen (15) days from the date on which the Agent or any Buyer makes written demand therefor. A certificate as to the amount of such payment or liability delivered to the Seller by a Buyer (with a copy to the Agent) or by the Agent on its own behalf or on behalf of a Buyer, shall be conclusive absent manifest error. 7.4. Receipt. Within thirty (30) days after the date of any payment of Taxes, the Seller (or any Person making such payment on behalf of the Seller) shall furnish to the Agent for each Buyer's account a certified copy of the original official receipt evidencing payment thereof. 7.5. Withholding Taxes. Any Buyer that is entitled to an exemption from or reduction of withholding Tax with respect to payments made under any Transaction Document shall deliver to the Seller and the Agent, at the time or times reasonably requested by the Seller or the Agent, such properly completed and executed documentation reasonably requested by the Seller or the Agent as will permit such payments to be made without withholding or at a reduced rate of withholding. In addition, any Buyer, if reasonably requested by the Seller or the Agent, shall deliver such other documentation prescribed by applicable Legal Requirements or reasonably requested by the Seller or the Agent as will enable the Seller or the Agent to determine whether or not such Buyer is subject to backup withholding or information reporting requirements. Notwithstanding anything to the contrary in the preceding two sentences, the completion, execution and submission of such documentation (other than such documentation set forth in paragraphs (a), (b) and (d) below) shall not be required if in the Buyer's reasonable judgment such completion, execution or submission would subject such Buyer to any material unreimbursed cost or expense or would materially prejudice the legal or commercial position of such Buyer. Without limiting the generality of the foregoing: (a) any Buyer that is a U.S. Person shall deliver to the Seller and the Agent on or prior to the date on which such Buyer becomes a Buyer under this Agreement (and from time to time thereafter upon the reasonable request of the Seller or the Agent), two copies of IRS Form W-9 certifying that such Buyer is exempt from U.S. federal backup withholding tax;

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&nbsp;&nbsp;&nbsp;&nbsp;MASTER REPURCHASE AGREEMENT – Page 57 13312-786/M/I Financial Warehouse Facility (b) any Buyer that is not a U.S. Person (a "Foreign Buyer") shall, to the extent it is legally entitled to do so, deliver to the Seller and the Agent (in such number of copies as shall be requested by the recipient) on or prior to the date on which such Foreign Buyer becomes a Buyer under this Agreement (and from time to time thereafter upon the reasonable request of the Seller or the Agent), whichever of the following is applicable: (i) in the case of a Foreign Buyer claiming the benefits of an income tax treaty to which the United States is a party (x) with respect to payments of interest under any Transaction Document, executed copies of IRS Form W- 8BEN or W-8BEN-E, as applicable, establishing an exemption from, or reduction of, U.S. federal withholding Tax pursuant to the "interest" article of such tax treaty and (y) with respect to any other applicable payments under any Transaction Document, IRS Form W-8BEN or W-8BEN-E, as applicable, establishing an exemption from, or reduction of, U.S. federal withholding Tax pursuant to the "business profits" or "other income" article of such tax treaty; (ii) executed copies of IRS Form W-8ECI; (iii) in the case of a Foreign Buyer claiming the benefits of the exemption for portfolio interest under Section 881(c) of the Internal Revenue Code, (x) a certificate substantially in the form of Exhibit D-1 to the effect that such Foreign Buyer is not a "bank" within the meaning of Section 881(c)(3)(A) of the Internal Revenue Code, a "10 percent shareholder" of Seller within the meaning of Section 881(c)(3)(B) of the Internal Revenue Code, or a "controlled foreign corporation" described in Section 881(c)(3)(C) of the Internal Revenue Code (a "U.S. Tax Compliance Certificate") and (y) executed copies of IRS Form W-8BEN or W-8BEN-E, as applicable; or (iv) to the extent a Foreign Buyer is not the beneficial owner, executed copies of IRS Form W-8IMY, accompanied by IRS Form W-8ECI, IRS Form W-8BEN or W-8BEN-E, as applicable, a U.S. Tax Compliance Certificate substantially in the form of Exhibit D-2 or Exhibit D-3, IRS Form W-9, and/or other certification documents from each beneficial owner, as applicable; provided that if the Foreign Buyer is a partnership and one or more direct or indirect partners of such Foreign Buyer are claiming the portfolio interest exemption, such Foreign Buyer may provide a U.S. Tax Compliance Certificate substantially in the form of Exhibit D-4 on behalf of each such direct and indirect partner; (c) any Foreign Buyer shall, to the extent it is legally entitled to do so, deliver to the Seller and the Agent (in such number of copies as shall be requested by the recipient) on or prior to the date on which such Foreign Buyer becomes a Buyer under this Agreement (and from time to time thereafter upon the reasonable request of the Seller or the Agent), executed copies of any other form prescribed by applicable Legal Requirement as a basis for claiming exemption from or a reduction in U.S. federal withholding Tax, duly completed, together with such supplementary

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&nbsp;&nbsp;&nbsp;&nbsp;MASTER REPURCHASE AGREEMENT – Page 58 13312-786/M/I Financial Warehouse Facility documentation as may be prescribed by applicable Legal Requirement to permit the Seller or the Agent to determine the withholding or deduction required to be made; and (d) if a payment made to a Buyer or Agent under any Transaction Document would be subject to U.S. federal withholding Tax imposed by FATCA if such Buyer or Agent were to fail to comply with the applicable reporting requirements of FATCA (including those contained in Section 1471(b) or 1472(b) of the Internal Revenue Code, as applicable), such Buyer or Agent shall deliver to the Seller and the Agent at the time or times prescribed by law and at such time or times reasonably requested by the Seller or the Agent such documentation prescribed by applicable Legal Requirement (including as prescribed by Section 1471(b)(3)(C)(i) of the Internal Revenue Code) and such additional documentation reasonably requested by the Seller or the Agent as may be necessary for the Seller and the Agent to comply with their obligations under FATCA and to determine that such Buyer or Agent has complied with such Buyer's or Agent's obligations under FATCA or to determine the amount to deduct and withhold from such payment. Solely for purposes of this paragraph (d), "FATCA" shall include any amendments made to FATCA after the date of this Agreement. Each Buyer agrees that if any form, certification or other documentation it previously delivered expires or becomes obsolete or inaccurate in any respect, it shall update such form, certification or other documentation or promptly notify the Seller and the Agent in writing of its legal inability to do so. 7.6. Indemnification by Buyers. Each Buyer shall severally indemnify the Agent, within fifteen (15) days after demand therefor, for (i) any Non-excluded Taxes attributable to such Buyer (but only to the extent the Seller has not already indemnified the Agent for such Non-excluded Taxes and without limiting the obligation of the Seller to do so), (ii) any Taxes attributable to such Buyer's failure to comply with the provisions of Section 22.17(b) relating to the maintenance of a participant register and (iii) any Excluded Taxes attributable to such Buyer, in each case, that are payable or paid by the Agent in connection with any Transaction Document, and any reasonable expenses arising therefrom or with respect thereto, whether or not such Taxes were correctly or legally imposed or asserted by the relevant Governmental Authority. A certificate as to the amount of such payment or liability delivered to any Buyer by the Agent shall be conclusive absent manifest effort. Each Buyer hereby authorizes the Agent to set off and apply any and all amounts at any time owing to such Buyer under any Transaction Document or otherwise payable by the Agent to the Buyer from any other source against any amount due to the Agent under this Section 7.6. 7.7. Refunds. If any party determines, in its sole discretion exercised in good faith, that it has received a refund of any Taxes as to which it has been indemnified pursuant to this Section 7 (including by payment of additional amounts pursuant to this Section 7), it shall pay to the indemnifying party an amount equal to such refund or indemnification (but only to the extent of additional amounts or indemnification paid under this Section 7 with respect to the Taxes giving rise to such refund), net of all out-of-pocket expenses (including Taxes) of such indemnified party and without interest (other than any interest paid by the relevant Governmental Authority with respect to such refund). Such

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&nbsp;&nbsp;&nbsp;&nbsp;MASTER REPURCHASE AGREEMENT – Page 59 13312-786/M/I Financial Warehouse Facility indemnifying party, upon the request of such indemnified party, shall repay to such indemnified party the amount paid over pursuant to this Section 7.7 (plus any penalties, interest or other charges imposed by the relevant Governmental Authority) in the event that such indemnified party is required to repay such refund to such Governmental Authority. Notwithstanding anything to the contrary in this Section 7.7, in no event will the indemnified party be required to pay any amount to an indemnifying party pursuant to this Section 7.7 to the extent that such payment would place the indemnified party in a less favorable net after-Tax position than the indemnified party would have been in if the Tax subject to indemnification and giving rise to such refund had not been deducted or withheld and the additional amounts with respect to such Tax had never been paid. This Section 7.7 shall not be construed to require any indemnified party to make available its Tax returns (or any other information relating to its Taxes that it deems confidential) to the indemnifying party or any other Person. 7.8. Survival. Without prejudice to the survival of any other agreement of the Seller hereunder, each party's obligations under this Section 7 shall survive the resignation or replacement of the Agent or any assignment of rights by, or the replacement of, a Buyer, the termination of this Agreement and the repayment, satisfaction or discharge of all obligations under any Transaction Document. 7.9. Intended Tax Treatment. Each party to this Agreement acknowledges that it is its intent solely for purposes of U.S. federal and applicable state and local income tax purposes to treat each Transaction as indebtedness of Seller that is secured by the Purchased Loans and that the Purchased Loans are owned by Seller in the absence of an Event of Default by Seller. All parties to this Agreement agree to such treatment and agree to take no action inconsistent with this treatment, unless required by law. Section 8. Income and Escrow Payments; Control. 8.1. Income and Escrow Payments. Notwithstanding that the Buyers, the Agent and the Seller intend that the Transactions be sales to the Buyers of the Purchased Loans, where a particular Transaction's term extends over an Income payment date on the Purchased Loans subject to that Transaction, all payments and distributions, whether in cash or in kind, made on or with respect to the Purchased Loans shall be paid directly to the Seller or its designee by the relevant Customer, and the Agent (and the Buyers) shall have no obligation to collect or apply any Income to prevent or reduce any Margin Deficit, unless the Seller (a) arranges for such Income to be paid to the Agent (for Pro Rata distribution to the Buyers), (b) requests that the Agent apply such Income when received against the Seller's Margin Deficit(s) and (c) concurrently transfers to the Agent either (i) cash or (ii) at the Agent's option and with the Agent's written approval, Additional Purchased Loans, sufficient to eliminate such Margin Deficit. Amounts paid to the Seller by the relevant Customer shall be deposited by the Seller into the Income Account within two (2) Business Days of receipt by the Seller and, as to amounts so paid to the Seller for escrow payments, into the Escrow Account. The Income Account and the Escrow Account shall be maintained by the Seller with JPMorgan Chase or with another bank reasonably satisfactory to the Agent and, in any event, shall be subject to the control of the Agent. The Income Account and Escrow Account may be interest bearing accounts if allowed or

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&nbsp;&nbsp;&nbsp;&nbsp;MASTER REPURCHASE AGREEMENT – Page 60 13312-786/M/I Financial Warehouse Facility required by applicable law. At all times, other than during the existence of an Event of Default, the Seller may have full use of all Income and amounts on deposit in the Income Account, subject to the provisions of Section 8.2. 8.2. Income and Escrow Accounts Prior to Event of Default. Other than during the existence of an Event of Default and so long as the Seller is also the Servicer, the Seller shall make payments from the Escrow Account of all appropriate amounts payable with respect to each Purchased Loan for taxes, insurance and other purposes for which the funds are paid into the Escrow Account. Subject to Section 8.3, amounts on deposit in the Income Account shall be used by the Seller to pay its fees as Servicer while it serves in such capacity, and may be used to pay to the Agent amounts due under this Agreement for Margin Deficit or Price Differential and for any other lawful purpose. 8.3. Income and Escrow Accounts after Event of Default. Upon the occurrence and during the continuation of an Event of Default, the Seller shall have no right to direct withdrawal or application of funds in the Income Account and the Escrow Account unless authorized to do so in writing by the Agent. The Agent may cause all amounts on deposit in the Income Account to be paid to it or its designee for application as provided in Section 18.4. The Agent or its designee shall direct payments from the Escrow Account for the purposes for which such funds are deposited into the Escrow Account and shall comply with all Legal Requirements applicable to the operation of the Income Account and the Escrow Account, including any Agency guidelines with respect thereto. Section 9. Buyers' Fees; Agent's Fees; Cash Pledge Account. 9.1. Buyers' Fees. The Seller agrees to pay to the Agent (for distribution to the Buyers in the manner, frequency and amounts set forth in the Side Letter) the fees set forth in the Side Letter (the "Buyers' Fees"). 9.2. Agent's Fees. The Seller agrees to pay to the Agent the fees set forth in the Fee Letter (the "Agent's Fees"). 9.3. Custodian's Fees. The Seller agrees to pay the Custodian's Fees. 9.4. Cash Pledge Account. The Seller shall deposit an amount equal to one hundred basis points (1.00%) of the Maximum Aggregate Commitment (the "Required Amount") into the Cash Pledge Account on the date hereof. The Seller shall cause an amount not less than the Required Amount to be on deposit in the Cash Pledge Account at all times. If on any Remittance Date, the amount on deposit in the Cash Pledge Account is greater than the Required Amount, provided that no Default or Event of Default has occurred and is continuing, upon the Seller's request such excess will be disbursed to the Seller on such Remittance Date after application by the Agent to the payment of any amounts owing by the Seller to the Buyers on such date. Upon the occurrence and during the continuation of an Event of Default, the Seller shall have no right to direct withdrawal or application of funds in the Cash Pledge Account unless authorized to do so in writing by the Agent. The Agent may cause all amounts on deposit in the Cash Pledge Account to be paid to it or its designee for application as provided in Section 18.4.

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&nbsp;&nbsp;&nbsp;&nbsp;MASTER REPURCHASE AGREEMENT – Page 61 13312-786/M/I Financial Warehouse Facility Section 10. Security Interest; License. 10.1. Intent of the Parties. The parties intend that all Transactions hereunder be sales and purchases (other than for accounting and tax purposes) and not loans; nonetheless, as a security agreement under the UCC and as a security agreement or other arrangement or other credit enhancement related to this Agreement and transactions hereunder as provided for in Section 101(47)(A)(v) of the Bankruptcy Code, the Seller hereby pledges to the Agent for the benefit of the Buyers as security for the performance by the Seller of the Obligations and hereby grants, assigns and pledges to the Agent for the benefit of the Buyers a fully perfected first priority security interest in all of the following, whether now owned or hereafter acquired, wherever located (the "Collateral"): (a) Purchased Loans: All of the Purchased Loans and all Income and proceeds from the Purchased Loans, including all of the property, rights and other items described in the definition of "Mortgage Loan" in Section 1.2 for each such Purchased Loan and all rights to have, receive and retain the return or refund of funds transferred from any account with the Agent to any title company, title agent, escrow agent or other Person for the purpose of originating or funding a Mortgage Loan that did not close (for any reason) and that would have been a Purchased Loan if it had closed (all funds so transferred continuously remain the property of the Agent and the Buyers until disbursed by such agent to or for the account of the related Customer upon the closing of his or her Mortgage Loan); (b) With respect to the Purchased Loans: (i) all Purchased Loans Support; (ii) all of the Seller's right, title and interest in all Mortgaged Premises related to the Purchased Loans; (iii) all rights to deliver Purchased Loans to investors and other purchasers and all proceeds resulting from the disposition of Purchased Loans pursuant thereto, including the Seller's right and entitlement to receive the entire purchase price paid for Purchased Loans sold; (iv) all Hedge Agreements relating to or constituting any and all of the foregoing or relating to the Obligations, including all rights to payment arising under such Hedge Agreements; (v) all Servicing Rights and Servicing Records in respect of any of the Purchased Loans; and (vi) all of the Seller's rights now or hereafter existing in, to or under any MBS secured by, created from or representing any interest in any of the Purchased Loans, whether now owned or hereafter acquired by the Seller, and whether such MBS are evidenced by book entry or certificate (the Agent's ownership interest and security interest in each MBS created from, based on or backed by Purchased Loans shall automatically exist in, attach to, cover and

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&nbsp;&nbsp;&nbsp;&nbsp;MASTER REPURCHASE AGREEMENT – Page 62 13312-786/M/I Financial Warehouse Facility affect all of the Seller's right, title and interest in that MBS when issued and its proceeds and the Agent's ownership interest and security interest in the Purchased Loans from which such MBS was so created shall automatically terminate and be released when such MBS is issued, subject to automatic reinstatement if such issuance is voided or set aside by any court of competent jurisdiction), all right to the payment of monies and non-cash distributions on account of any of such MBS and all new, substituted and additional securities at any time issued with respect thereto; (c) Related Accounts, Payment Intangibles, General Intangibles: (i) all accounts, payment intangibles, general intangibles, documents (including documents of title), chattel paper (including without limit electronic chattel paper and tangible chattel paper), contract rights and proceeds, whether now or hereafter existing (including all of the Seller's present and future rights to have and receive interest and other compensation, whether or not yet accrued, earned, due or payable, and all other rights to payment), under or arising out of or relating to any of the Purchased Loans or any of the MBS described in Section 10.1(b)(vi) above; (ii) all instruments, documents or writings evidencing any such accounts, payment intangibles, general intangibles, instruments, chattel paper, contract rights or proceeds or evidencing any monetary obligation under, or security interest in, any of the Purchased Loans, all other papers delivered to the Agent or the Custodian and all other rights transferred to the Agent, in respect of any of the Purchased Loans or any of the MBS described in Section 10.1(b)(vi) above, including, without limitation, the right to collect, have and receive all insurance proceeds (including, but not limited to, casualty insurance, mortgage insurance, pool insurance and title insurance proceeds) and condemnation awards or payments in lieu of condemnation that may be or become payable in respect of the Mortgaged Premises securing or intended to secure any Purchased Loan, and other personal property of whatever kind relating to any of the Purchased Loans or any of the MBS described in Section 10.1(b)(vi) above, in each case whether now existing or hereafter arising, accruing or acquired; (iii) all security for or claims against others in respect of any of the Purchased Loans or any of the MBS described in Section 10.1(b)(vi) above; and (iv) all proceeds and rights to proceeds of any sale or other disposition of any of the Purchased Loans or any of the MBS described in Section 10.1(b)(vi) above; (d) Repurchase Settlement Account, Operating Account, Funding Account and other accounts: the Repurchase Settlement Account, the Operating Account, the Funding Account, the Cash Pledge Account, the Income Account, the Escrow Account

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&nbsp;&nbsp;&nbsp;&nbsp;MASTER REPURCHASE AGREEMENT – Page 63 13312-786/M/I Financial Warehouse Facility and all cash and all securities and other property from time to time on deposit in each such account; (e) Loan Files: all Loan Files; (f) Other Rights: all rights to have and receive any of the Purchased Loans or MBS described above, all accessions or additions to and substitutions for any of such Purchased Loans or MBS, together with all renewals and replacements of any of such Purchased Loans or MBS, all other rights and interests now owned or hereafter acquired by the Seller in, under or relating to any of such Purchased Loans or MBS or referred to above and all proceeds of any of such Purchased Loans or MBS; (g) Other Property in Possession of Agent: all goods, instruments (including, without limit, promissory notes), documents (including, without limit, negotiable instruments), policies and certificates of insurance, deposit accounts, and money or other property, in each case, which are now or later in possession of Agent, or as to which Agent now or later controls possession by documents or otherwise; and (h) Proceeds: all replacements, substitutions, renewals, interest, dividends, distributions, rights of any kind, products, proceeds and rights to proceeds with respect to any and all the foregoing. The Seller shall take all actions, including any actions requested by the Agent, to maintain the security interest of the Agent in all of the Purchased Loans with respect to all of the Collateral as a perfected first priority Lien at all times. The Seller hereby authorizes the Agent to file any financing or continuation statements under the applicable UCC to perfect or continue such security interest in any and all applicable filing offices. The Seller shall pay all customary fees and expenses associated with perfecting such security interest including the costs of filing financing and continuation statements under the UCC and recording assignments of Mortgages as and when required by the Agent in its reasonable discretion. 10.2. Remedies. If an Event of Default shall have occurred and be continuing, the Agent shall have the following rights and remedies (in addition to the other rights and remedies under in this Agreement or any other Transaction Document or applicable law): (a) all of the rights and remedies of a secured party under the UCC (whether or not the UCC applies to the affected Collateral) and the Agent may also, without previous demand or notice except as specified herein or required by applicable law, sell, lease or otherwise dispose of the Collateral, or any part thereof, in one or more parcels at public or private sale or sales, at the Agent's offices or elsewhere, for cash, on credit or for future delivery, and upon such other terms as the Agent may, in its reasonable discretion, deem commercially reasonable or otherwise as may be permitted by law; collect, receive or take possession of the Collateral or any part thereof, and the Agent and, subject to the terms of this Agreement, each of the Buyers shall have the right at any public sale or sales, and, to the extent permitted by applicable law, at any private sale or sales, to bid (which bid may be, in whole or in part, in the form of cancellation of indebtedness) and become a purchaser of the Collateral or any part

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&nbsp;&nbsp;&nbsp;&nbsp;MASTER REPURCHASE AGREEMENT – Page 64 13312-786/M/I Financial Warehouse Facility thereof free of any right of redemption on the part of the Seller, which right of redemption is hereby expressly waived and released by the Seller to the extent permitted by applicable law. The Seller agrees that, in the event that applicable law requires such notice, the Agent shall not be obligated to give more than ten (10) days prior written notice of the time and place of any public sale or of the time after which any private sale may take place and that such notice shall constitute reasonable notice of such matters. The Agent shall not be obligated to make any sale of Collateral if, in the exercise of its reasonable discretion, it shall determine not to do so, regardless of the fact that notice of sale of Collateral may have been given. On any sale of the Collateral, the Agent is hereby authorized to comply with any limitation or restriction with which compliance is necessary (based on a reasoned opinion of the Agent's counsel) in order to avoid any violation of applicable law or in order to obtain any required approval of the purchaser or purchasers by any applicable Governmental Authority. The Agent shall apply the proceeds from the sale of the Collateral hereunder against the Obligations as set forth in Section 18.4; (b) The Agent may cause any or all of the Collateral held by it to be transferred into the name of the Agent or the name or names of the Agent's nominee or nominees. (c) The Agent may exercise any and all rights and remedies of the Seller under or in respect of the Collateral, including, without limitation, any and all rights of the Seller to demand or otherwise require payment of any amount under, or performance of any provision of any of the Collateral. (d) The Agent may direct any parties liable for any payment under any of the Collateral to make payment of any and all monies due and to become due thereunder directly to the Agent or as the Agent shall direct. Section 11. Substitution. 11.1. Seller May Substitute Other Mortgage Loans with Notice to and Approval of Agent. So long as no Event of Default has occurred and is continuing and no Margin Deficit exists or occurs as a consequence thereof, the Seller may request to substitute Mortgage Loans for any substantially similar Purchased Loans by giving notice to the Agent and Custodian on or before 12:00 noon (Houston, Texas time) on a Business Day, and delivering to the Custodian the Advance File with respect to the Mortgage Loans to be substituted and other documents required to be delivered in connection with any new Transaction. Upon receipt of such request, and, if applicable, an updated Asset Schedule from the Custodian that takes into account the requested substitution of Mortgage Loans, the Agent may elect in its sole discretion, by 5:00 p.m. (Houston, Texas time) on the Business Day notice is received or by 5:00 p.m. (Houston, Texas time) on the next Business Day if notice is given after 12:00 noon (Houston, Texas time), to accept such substitution. If such substitution is accepted by the Agent, such substitution shall be made by the Seller's transfer to the Agent of such other Mortgage Loans on a servicing released basis and the Agent's transfer to the Seller of the Purchased Loans to be replaced, and after such substitution, the substituted Mortgage Loans shall be deemed to be Purchased Loans. If

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&nbsp;&nbsp;&nbsp;&nbsp;MASTER REPURCHASE AGREEMENT – Page 65 13312-786/M/I Financial Warehouse Facility the Agent elects not to accept such substitution, the Seller shall offer the Agent and the Buyers the right to terminate the related Transaction. If Agent, in its sole discretion, accepts such offer, then the Transaction shall be terminated as if a Disqualifier had occurred with respect to such Transaction in accordance with Section 3.3(b). 11.2. Payment to Accompany Substitution. If a substitution of Mortgage Loans or termination of a Transaction occur under this Section 11, the Seller shall be obligated to pay to the Agent (for Pro Rata distribution to the Buyers) by the close of the Business Day on the date of such substitution or termination, as the case may be, an amount equal to the sum of (a) actual cost (including all customary fees, expenses and commissions) to the Agent and the Buyers of (i) entering into replacement Transactions; (ii) entering into or terminating hedge transactions and/or (iii) terminating Transactions or substituting securities in like transactions with third parties in connection with or as a result of such substitution or termination, and (b) to the extent the Agent determines not to enter into replacement Transactions, the loss incurred by the Agent and the Buyers directly arising or resulting from such substitution or termination. The foregoing amounts shall be solely determined and calculated by the Agent and the applicable Buyers in good faith. Section 12. Payment and Transfer. 12.1. Immediately Available Funds; Notice to Custodian. All transfers of funds hereunder shall be in immediately available funds. All Mortgage Loans transferred by one party hereto to any other party shall be transferred by notice to the Custodian to the effect that the Custodian is then holding for the benefit of the transferee the related documents and assignment forms delivered to it hereunder. 12.2. Payments to the Agent. Except as otherwise specifically provided in this Agreement, all payments required by this Agreement or the other Transaction Documents to be made to the Agent shall be paid to the Agent by no later than 1:00 p.m. (Houston, Texas time) on the day when due (funds received after 1:00 p.m. (Houston, Texas time) shall be conclusively deemed to have been paid by the Seller on the next following Business Day unless the Agent shall agree otherwise) and without set-off, counterclaim or deduction, in lawful money of the United States of America in immediately available funds as provided in Section 24.4, or at such other place as the Agent shall designate from time to time. Whenever any payment to be made under this Agreement or any of the other Transaction Documents shall be stated to be due on a day that is not a Business Day, the due date for that payment shall be automatically extended to the next day that is a Business Day, and (if applicable) Price Differential at the applicable rate (determined in accordance with this Agreement) shall continue to accrue during the period of such extension. 12.3. If Payment Not Made When Due. If and to the extent any payment is not made when due under this Agreement or any of the other Transaction Documents, the Seller authorizes the Agent and each Buyer (for the Pro Rata account and benefit of all of the Buyers) then or at any time thereafter to charge any amounts so due and unpaid against any or all of the Seller's accounts with the Agent or any of the Buyers; provided that such right to charge the Seller's accounts shall not apply to any escrow, trust or other deposit accounts designated as being held by the Seller on behalf of third party owners of the

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&nbsp;&nbsp;&nbsp;&nbsp;MASTER REPURCHASE AGREEMENT – Page 66 13312-786/M/I Financial Warehouse Facility escrowed funds other than Affiliates of the Seller. The Agent and each Buyer agrees to use reasonable efforts to promptly advise the Seller of any charge made pursuant to this Section 12.3, but the failure to do so will not affect the validity or collectability of such charge. Neither the Agent nor any Buyer shall have any obligation to charge any Seller account, merely the right to do so. 12.4. Payments Valid and Effective. Each payment received by the Agent in accordance with this Agreement is valid and effective to satisfy and discharge the Seller's liability under the Transaction Documents to the extent of the payment. 12.5. Pro Rata Distribution of Payments. The Agent shall distribute all payments of Repurchase Price (whether voluntary or involuntary and from whatever source) received to the Buyers Pro Rata with their respective ownership interests in the Purchased Loans on the next Swing Line Refunding Due Date. The distribution from the Agent to each Buyer shall be made by the Agent's initiating a federal funds wire transfer by 3:00 p.m. (Houston, Texas time) on such Swing Line Refunding Due Date, in immediately available funds directly to such Buyer or to such account at another financial institution as is designated from time to time by such Buyer in writing. Section 13. Segregation of Documents Relating to Purchased Loans. All documents relating to Purchased Loans in the possession of the Seller or its designee (including its agent, or any Subservicer) shall be segregated from other documents and securities in its or its designee's possession and shall be identified as being owned by the Buyers and held by the Agent on behalf of the Buyers (which shall be referenced in the relevant books and records as "JPMorgan Chase Bank, N.A., Agent") and subject to this Agreement. Segregation may be accomplished by appropriate identification of ownership on the books and records of the holder of such documents, including MERS, a documents custodian, a financial or securities intermediary, or a clearing corporation. All of the Seller's interest in the Purchased Loans shall pass to the Buyers on the Purchase Date and nothing in this Agreement shall preclude the Agent and the Buyers, in each case with the Buyers' consent, from engaging with others in repurchase transactions with the Purchased Loans or otherwise selling, transferring, pledging, or hypothecating the Purchased Loans, but no such transaction shall relieve the Buyers of their obligations to transfer Purchased Loans to the Seller pursuant to Section 2.6 or 18, or of the Agent's obligation to credit or pay Income to, or apply Income to the obligations of, the Seller pursuant to Section 8. Section 14. Conditions Precedent. 14.1. Initial Purchase. The obligations of the Buyers (and the Agent on the Buyers' behalf) to make the initial purchase under this Agreement are subject to the Seller's fulfillment of the following conditions precedent: (a) the Agent shall have received (or be satisfied that it will receive by such deadline as the Agent shall specify) the following, all of which must be reasonably satisfactory in form and content to the Agent:

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&nbsp;&nbsp;&nbsp;&nbsp;MASTER REPURCHASE AGREEMENT – Page 67 13312-786/M/I Financial Warehouse Facility (i) this Agreement, the Side Letter, the Fee Letter, and the Electronic Tracking Agreement, in each case, duly executed by the parties thereto; (ii) a UCC financing statement naming the Seller as debtor and the Agent, on behalf of the Buyers, as secured party and claiming as collateral the Collateral; (iii) a current UCC search report of a UCC filings search in the office of the Secretary of State of the State of Ohio; (iv) (A) the completed Beneficial Ownership Certification from the Seller and (B) all other documentation and other information required by bank regulatory authorities under applicable "know your customer" and anti-money laundering rules and regulations, including USA Patriot Act, and a properly completed and signed IRS Form W-8 or W-9, as applicable, for the Seller and any Person who provides guaranty or collateral support for all or any of the Obligations; (v) a copy of the member resolution (or equivalent thereof) of the Seller authorizing the execution, delivery and performance of the Transaction Documents, certified as of the date of this Agreement by a Responsible Officer of the Seller; (vi) an incumbency certificate showing the names and titles and bearing the signatures of the Responsible Officer(s) of the Seller authorized to execute the Transaction Documents, certified as of the date of this Agreement by a Responsible Officer of Seller; (vii) a copy of the Operating Agreement of the Seller, certified as of the date of this Agreement by the Secretary or an Assistant Secretary of the Seller; (viii) a copy of the Articles of Organization of the Seller with all amendments thereto, certified by the appropriate governmental official of the jurisdiction of its incorporation as of a date acceptable to the Agent in its sole discretion; (ix) a certificate of good standing (or the equivalent thereof) for the Seller in the jurisdiction of its incorporation, certified by the appropriate governmental officials as of a date acceptable to the Agent in its sole discretion; (x) evidence reasonably satisfactory to the Agent, concurrently with closing, (i) as to the due filing and recording in all appropriate offices of all financing statements, (ii) if there are any Purchased Loans that require the Buyers' interest to be noted by book entry, that such book entry has been duly made and (iii) if there is any "investment property" under the UCC of the State of New York or other applicable law, that such instruments as are necessary to

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&nbsp;&nbsp;&nbsp;&nbsp;MASTER REPURCHASE AGREEMENT – Page 68 13312-786/M/I Financial Warehouse Facility give the Agent "control" of such investment property have been duly executed by the Seller and the relevant securities intermediary; (xi) copies of an errors and omissions insurance policy or mortgage impairment insurance policy and blanket bond coverage policy, or certificates in lieu of policies, providing such insurance coverage as is customary for members of the Seller's industry; (xii) payment to the Agent of the Buyers' Fees and the Agent's Fee, payment to the Custodian the Custodian's Fees and all other fees and expenses (including the disbursements and reasonable fees of the Agent's attorneys) of the Agent and the Buyers payable by the Seller pursuant to Section 9 accrued and billed for to the date of the Seller's execution and delivery of this Agreement; (xiii) delivery of such legal opinions relating to the Seller, the Transaction Documents and the Transactions hereunder as the Agent may reasonably require, each in form and substance reasonably acceptable to the Agent; (xiv) satisfactory completion of a third-party audit, engaged by the Agent at the Seller's sole cost and expense, of the Seller's mortgage origination, secondary sales and servicing practices; and (xv) delivery to the Agent of a list of Approved Investors (it being agreed, for the avoidance of doubt, that the delivery of Schedule AI attached hereto herewith at the Closing Date shall satisfy this condition precedent). (b) All members and managers of the Seller and all Affiliates of the Seller, to whom or which the Seller is indebted as of the date of this Agreement in excess of One Million Dollars ($1,000,000), either for borrowed money or for any other obligation, excluding salary, bonus, other compensation obligations or unsecured Debt owed to Parent, shall have caused such Debt to be Qualified Subordinated Debt, by executing and causing to be delivered to the Agent a Subordination Agreement and taking all other steps, if any, required to cause such Debt to be Qualified Subordinated Debt, and a Responsible Officer of the Seller shall have certified each such Subordination Agreement executed to satisfy the requirements of this Section 14.1(b) to be true, complete and in full force and effect as of the date of the initial purchase. 14.2. Each Purchase. The obligations of the Buyers (and the Agent on the Buyers' behalf) to make any purchase (including the initial purchase) under this Agreement are also subject to the satisfaction, as of each Purchase Date, of the following additional conditions precedent: (a) The Seller shall have delivered to the Agent and the Custodian the related Advance Files for the new Mortgage Loans to be purchased.

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&nbsp;&nbsp;&nbsp;&nbsp;MASTER REPURCHASE AGREEMENT – Page 69 13312-786/M/I Financial Warehouse Facility (b) Unless the requested Transaction is for the purchase of only Wet Loans, the Custodian shall have issued its Custodial Report without Exceptions relating to the Purchased Loans then owned by the Buyers. (c) The representations and warranties of the Seller contained in this Agreement and the other Transaction Documents shall be true and correct in all material respects as if made on and as of each Purchase Date unless specifically stated to relate to an earlier date. (d) The Seller shall have performed all agreements then to be performed by it under this Agreement and all other Transaction Documents, as well as under all Investor Commitments that the Seller has represented to the Agent and the Buyers cover any of the Purchased Loans, and after the requested Transaction shall have been executed, no Default or Event of Default has occurred and is continuing that has not been waived by the Buyers or the Required Buyers, as applicable, nor will any default exist under any such Investor Commitments. (e) The Seller shall not have incurred any liabilities (whether or not in the ordinary course of business) that adversely and materially affect any of the Central Elements in respect of the Seller or any of its Subsidiaries since the dates of the Seller's Financial Statements most recently theretofore delivered to the Buyers. (f) The Seller shall have paid the Buyers' Fees then due and payable in accordance with Section 9.1. (g) Prior to the execution of the requested Transaction, no Default or Event of Default shall have occurred and be continuing, or will occur after giving effect to such Transaction, that has not been waived by the Buyers or the Required Buyers, as applicable. (h) The requested Transaction will not result in the violation of any applicable Legal Requirement. (i) The Agent, the Custodian and each Buyer shall have received such other documents, if any, as shall be specified by the Agent, the Custodian or any Buyer, including, without limitation, the related Investor Commitment(s) or Hedge Agreement(s) with respect to any Eligible Loan proposed to be sold in a Transaction. (j) No Margin Deficit in excess of Five Hundred Thousand Dollars ($500,000) exists or will exist after giving effect to such Transaction. (k) The Termination Date shall not have occurred. (l) After giving effect to such Transaction, none of the Sublimits set forth in Section 4.2 shall be exceeded.

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&nbsp;&nbsp;&nbsp;&nbsp;MASTER REPURCHASE AGREEMENT – Page 70 13312-786/M/I Financial Warehouse Facility Section 15. Representations, Warranties and Covenants. 15.1. Buyers, Agent and Seller Representations. The Buyers, the Agent and the Seller each represents and warrants, and shall on and as of the Purchase Date of any Transaction be deemed to represent and warrant, to the others that: (a) it is duly authorized to execute and deliver this Agreement, to enter into the Transactions and to perform its obligations hereunder and has taken all necessary action to authorize such execution, delivery and performance; (b) it will engage in such Transactions as principal (or, in the case of the Agent, and in respect of any other party if agreed in writing in advance of any Transaction by the other parties hereto, as agent for a disclosed principal); (c) the person signing this Agreement on its behalf is duly authorized to do so on its behalf (or on behalf of any such disclosed principal); (d) it has obtained all authorizations of any governmental body required in connection with this Agreement and the Transactions and such authorizations are in full force and effect; and (e) the execution, delivery and performance of this Agreement and the Transactions hereunder will not violate any law, ordinance, charter, by-law or rule applicable to it or any agreement by which it is bound or by which any of its assets are affected. 15.2. Additional Seller Representations. With regard to: (i) Purchased Loans, on and as of the Purchase Date of any Transaction; (ii) Eligible Loans substituted pursuant to Section 11, on and as of the date of their substitution; and (iii) Additional Purchased Loans submitted pursuant to Section 6.1, on and as of the date of their transfer to the Custodian, the Seller hereby represents and warrants to the Buyers and the Agent as follows: (a) Documents Genuine. The documents delivered or disclosed by the Seller to the Agent or the Buyers pursuant to this Agreement are (i) in the case of Wet- Ink Mortgage Loans, either original documents or genuine and true copies thereof or (ii) in the case of an eMortgage Loan the copy of the related eNote transmitted to the eVault is the single Authoritative Copy thereof. (b) No Securities to be Acquired with Purchased Loan Sale Proceeds. None of the Purchase Price for any Eligible Loan will be used either directly or indirectly to acquire any security, as that term is defined in Regulation T, and the Seller has not

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&nbsp;&nbsp;&nbsp;&nbsp;MASTER REPURCHASE AGREEMENT – Page 71 13312-786/M/I Financial Warehouse Facility taken any action that might cause any Transaction to violate Regulation T, Regulation U or Regulation X. (c) Organization; Good Standing; Subsidiaries. The Seller is a limited liability company duly organized, validly existing and in good standing under the laws of the State of Ohio, and each of the Seller's Subsidiaries is a corporation or limited liability company duly formed, validly existing and in good standing under the laws of the jurisdiction of its incorporation or organization. The Seller has furnished to the Agent a true and complete copy of its Organizational Documents as in effect as of the date of this Agreement, including all amendments thereto, and agrees to furnish to the Agent a true and complete copy of any amendment adopted after the Effective Date promptly after it is adopted. The Seller and its Subsidiaries each has the requisite limited liability company or corporate power and authority to own its properties and to carry on its business as currently conducted and each is duly qualified to do business as a foreign corporation or a limited liability company and in good standing in each jurisdiction in which the ownership of its property or the transaction of its business makes such qualification necessary, except in jurisdictions, if any, where a failure to be qualified, licensed or in good standing could not reasonably be expected to have a material adverse effect on any of the Central Elements in respect of the Seller. The Seller does not have any Subsidiaries as of the Effective Date except as set forth on Exhibit C or as have been disclosed by the Seller to the Agent in writing after the Effective Date. Exhibit C states the name of each such Subsidiary as of the Effective Date, place of organization, each state in which it is qualified as a foreign entity and the percentage ownership of the capital stock or other indicia of equity of each such Subsidiary by the Seller. (d) Authorization and Enforceability. The Seller has the requisite limited liability company power and authority to execute, deliver and perform this Agreement and all other Transaction Documents to which it is a party or in which it joins or has joined. The execution, delivery and performance by the Seller of this Agreement and all other Transaction Documents to which it is a party have each been duly and validly authorized by all necessary limited liability company action on the part of the Seller (none of which has been modified or rescinded, and all of which are in full force and effect) and do not and will not (i) conflict with or violate any Legal Requirement, (ii) conflict with or violate the Organizational Documents of the Seller, (iii) conflict with or result in a breach of or constitute a default under any agreement, instrument or indenture binding on the Seller or (iv) require any consent under any such agreement, instrument or indenture, where the conflict, violation, breach, default or nonconsent could reasonably be expected to have a material adverse effect on any of the Central Elements in respect of the Seller, or result in the creation of any Lien upon any property or assets of the Seller, or result in or permit the acceleration of any debt of the Seller pursuant to any agreement, instrument or indenture to which the Seller is a party or by which the Seller or its property may be bound or affected. This Agreement and all other Transaction Documents constitute the legal, valid, and binding obligations of the Seller enforceable in accordance with their respective terms, except as limited by bankruptcy, insolvency or other such laws affecting the enforcement of creditors' rights generally, and subject to the general principles of equity.

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&nbsp;&nbsp;&nbsp;&nbsp;MASTER REPURCHASE AGREEMENT – Page 72 13312-786/M/I Financial Warehouse Facility (e) Approvals. Neither the execution and delivery of this Agreement and all other Transaction Documents nor the performance of the Seller's obligations under such Transaction Documents requires any license, consent, approval or other action of any state or federal agency or governmental or regulatory authority other than (i) those that have been obtained or will be obtained by the time required and that remain in full force and effect, (ii) those for which the Seller's failure to obtain them could not reasonably be expected to have a material adverse effect on any of the Central Elements in respect of the Seller and (iii) the filing of any financing statements. (f) Financial Condition. The Consolidated and Consolidating balance sheet of the Seller (and, to the extent applicable, the Seller's Consolidated Subsidiaries) and the related statements of income, changes in stockholders' equity, cash flows and Mortgage Loan production ("Financial Statements") for the fiscal year ended on the Statement Date (the "Statement Date Financial Statements"), heretofore furnished to the Agent and the Buyers, fairly present the financial condition of the Seller (and the Seller's Consolidated Subsidiaries) as of the Statement Date and the results of their operations for the fiscal period ended on the Statement Date. On the Statement Date, the Seller did not have either any known material liabilities, direct or indirect, fixed or contingent, matured or unmatured, other than the contingent liabilities (if any) set forth on Schedule 15.2(f) and contingent liability on endorsements of negotiable instruments for deposit or collection in the ordinary course of business, or any known material liabilities for sales, long-term leases or unusual forward or long-term commitments, which are not disclosed by the Statement Date Financial Statements or reserved against in them or that have not been otherwise disclosed to the Buyers in writing. Each of the Seller and each of its Subsidiaries is Solvent, and since the Statement Date, (i) there has been no material adverse change in any of the Central Elements in respect of the Seller, nor is the Seller aware of any state of facts which (with or without notice, the lapse of time or both) would or could reasonably be expected to result in any such material adverse change, and (ii) there have been no unrealized or anticipated losses from any loans, advances or other commitments of the Seller that have resulted in a material adverse change in the Central Elements in respect of the Seller, except for the material adverse changes and losses (if any) that are summarized in Schedule 15.2(f). (g) Litigation. Except as disclosed on Schedule 15.2(g) or except as disclosed in the Statement Date Financial Statements or the most recent Financial Statements furnished to the Agent and the Buyers (whichever is more current), there are no actions, claims, suits or proceedings pending, or to the knowledge of the Seller, threatened in writing against the Seller or any of its Subsidiaries in any court, before any other Governmental Authority or before any arbitrator or in any other dispute resolution forum that could reasonably be expected to result in a material adverse effect on any of the Central Elements in respect of the Seller. (h) Licensing. The Seller and any subservicer of its Mortgage Loans are duly registered as mortgage lenders, bankers or servicers in each state in which Mortgage Loans have been or are from time to time originated, to the extent such registration is required by any applicable Legal Requirement, except where the failure

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&nbsp;&nbsp;&nbsp;&nbsp;MASTER REPURCHASE AGREEMENT – Page 73 13312-786/M/I Financial Warehouse Facility to register could not reasonably be expected to result in a material adverse effect on any of the Central Elements in respect of the Seller or such subservicer. (i) Compliance with Applicable Laws. Neither the Seller nor any of its Subsidiaries is in violation of any Legal Requirement, or any judgment, award, rule, regulation, order, decree, writ or injunction of any court, other Governmental Authority or public regulatory body that could reasonably be expected to have a material adverse effect on any of the Central Elements in respect of the Seller. (j) Regulation U. The Seller is not engaged principally, or as one of its important activities, in the business of extending credit for the purpose of purchasing or carrying Margin Stock, and no part of the proceeds of any Transactions directly or indirectly made available to or received by the Seller or for its account will be used, directly or indirectly, for the purpose of purchasing or carrying any Margin Stock or to extend credit to others for the purpose of purchasing or carrying any Margin Stock or for the purpose of reducing or retiring any debt that was originally incurred to purchase or carry any Margin Stock or to extend credit to others for the purpose of purchasing or carrying any Margin Stock or that would constitute this transaction a "purpose credit" within the meaning of Regulation U, as now or hereafter in effect. (k) Investment Company Act. The Seller is not required to be registered as an "investment company" within the meaning of the Investment Company Act of 1940, as amended. (l) Payment of Taxes. All material tax returns required to be filed by the Seller and each Subsidiary in any jurisdiction have been filed or extended and all taxes, assessments, fees and other governmental charges upon the Seller and each Subsidiary or upon any of its properties, income or franchises shown to be due thereon have been paid prior to the time that such taxes could give rise to a Lien thereon, unless protested in good faith by appropriate proceedings and with respect to which reserves in conformity with the Approved Accounting Method have been established on the books of the Seller or such Subsidiary. Neither the Seller nor any Subsidiary has any knowledge of any proposed tax assessment against the Seller or any Subsidiary. (m) Agreements. Neither the Seller nor any of its Subsidiaries is a party to any agreement, instrument or indenture or subject to any restriction, in each case materially and adversely affecting any of the Central Elements in respect of the Seller except as disclosed in (i) the Statement Date Financial Statements, or (ii) Schedule 15.2(f). Neither the Seller nor any Subsidiary is in default in the performance, observance or fulfillment of any of its obligations, covenants or conditions contained in any agreement, instrument or indenture that could reasonably be expected to have a material adverse effect on any of the Central Elements in respect of the Seller. No holder of the Seller's or any such Subsidiary's debt or other obligations has given written notice of any default that could reasonably be expected to have a material adverse effect on any of the Central Elements in respect of the Seller. No liquidation or dissolution of the Seller is pending or, to the Seller's knowledge, threatened and no liquidation or dissolution of any Subsidiary is pending or threatened

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&nbsp;&nbsp;&nbsp;&nbsp;MASTER REPURCHASE AGREEMENT – Page 74 13312-786/M/I Financial Warehouse Facility that could reasonably be expected to have a material adverse effect on any of the Central Elements in respect of the Seller. No receivership, insolvency, bankruptcy, reorganization or other similar proceedings relative to the Seller or any of its properties is pending, or to the Seller's knowledge, threatened. No receivership, insolvency, bankruptcy, reorganization or other similar proceedings relative to any Subsidiary of the Seller or any of its properties is pending, or to the Seller's knowledge, threatened that could reasonably be expected to have a material adverse effect on any of the Central Elements in respect of the Seller. (n) Title to Properties. The Seller and each of its Subsidiaries has good, valid, insurable (in the case of real property) and marketable title to all of its material Properties and assets (whether real or personal, tangible or intangible) that are reflected on or referred to in the Statement Date Financial Statements or in the more current Financial Statements (if any) most recently furnished to the Buyer after the Effective Date, except for such properties and assets as have been disposed of since the date of such current Financial Statements either in the ordinary course of business or because they were no longer used or useful in the conduct of its business, and all such Properties and assets are free and clear of all Liens except for (i) the lien of current (nondelinquent) real and personal property taxes and assessments, (ii) covenants, conditions and restrictions, rights of way, easements and other matters to which like properties are commonly subject that do not materially interfere with the use of the property as it is currently being used and (iii) such other Liens, if any, that are permitted pursuant to Section 17.8. (o) The Seller's Address. The Seller's chief executive office and principal place of business are at 4131 Worth Avenue, Suite 460, Columbus, Ohio 43219, or at such other address as shall have been set forth in a written notice to the Agent given subsequent to the Effective Date and at least ten (10) Business Days before such notice's effective date. (p) ERISA. The Seller does not maintain any ERISA Plans and shall not adopt or agree to maintain or contribute to an ERISA Plan. The Seller shall promptly notify the Agent and each Buyer in writing in the event an ERISA Affiliate adopts an ERISA Plan. The Seller is not an employer under any Multiemployer Plan or any other Plan subject to Title IV of ERISA. (q) Commissions. Neither the Seller nor any of its Affiliates have dealt with any broker, investment banker, agent or other person, except for the Agent and the Buyers, who may be entitled to any commissions or compensation in connection with the sale of Purchased Loans pursuant to this Agreement. (r) Full Disclosure. All information previously furnished by the Seller and its Subsidiaries to the Agent in connection with the Transaction Documents was and all information furnished in the future by the Seller and its Subsidiaries to the Agent or the Buyers will be true and accurate in all material respects or based on reasonable estimates on the date the information is stated or certified. To the best knowledge of the Seller, neither the financial statements referred to in Section 15.2(f), nor any

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&nbsp;&nbsp;&nbsp;&nbsp;MASTER REPURCHASE AGREEMENT – Page 75 13312-786/M/I Financial Warehouse Facility Request/Confirmation, officer's certificate or any other report or statement delivered by the Seller and its Subsidiaries to the Agent in connection with this Agreement, contains any untrue statement of material fact. (s) Corporate Documents and Corporate Existence. As to the Seller and each Subsidiary of Seller, (i) it is an organization as described on Schedule 15.2(s) hereto and has provided the Agent and the Buyers with complete and correct copies of its articles of organization, operating agreements, and all other applicable charter and other organizational documents, and, if applicable, a good standing certificate and (ii) as of the Effective Date, its correct legal name, business address, type of organization and jurisdiction of organization, tax identification number and other relevant identification numbers are set forth on Schedule 15.2(s) hereto. (t) Beneficial Ownership. As of the Effective Date, to the best knowledge of the Seller, the information included in the Beneficial Ownership Certification provided on or prior to the Effective Date to Agent or any Buyer in connection with this Agreement is true and correct in all respects. 15.3. Special Representations Relating to the Purchased Loans. Seller's representations and warranties concerning each Purchased Loan, as set forth on Schedule 15.3 hereto, are incorporated herein. So long as such Mortgage Loan is subject to an Investor Commitment and is otherwise of a type that is salable to at least one (1) other Approved Investor, Agent may agree, in its sole and absolute discretion, to enter into Transactions involving Mortgage Loans which do not satisfy one or more of the representations and warranties set forth on Schedule 15.3 hereto. 15.4. Representations and Warranties Relating to Specific Transactions. At the time each Request/Confirmation is provided to the Agent, the Buyers and/or the Custodian, the Seller represents and warrants that the following are true with respect to each of the Mortgage Loans listed on the Advance Files attached to such Request/Confirmation or submitted in connection with such Request/Confirmation: (a) the Primary Loan Documents have been or will be executed and delivered by all appropriate Persons; (b) the Seller is electronically communicating to the Custodian a complete Advance File, and the information stated for such Mortgage Loan in such standard Advance File is correct and complete in accordance with the Mortgage Finance Online fields; (c) such Mortgage Loan has been, or will be concurrent with funding of the Purchase Price for such Mortgage Loan, originated, closed, funded and (if applicable) negotiated and assigned to the Seller; (d) for each such Mortgage Loan being offered as a Dry Loan, the Primary Loan Documents are being concurrently delivered to the Custodian;

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&nbsp;&nbsp;&nbsp;&nbsp;MASTER REPURCHASE AGREEMENT – Page 76 13312-786/M/I Financial Warehouse Facility (e) for each Mortgage Loan being offered as a Wet Loan, the complete File for such Mortgage Loan, including all Primary Loan Documents and all Secondary Loan Documents, is or will be in the possession of either that Mortgage Loan's closer, or the Seller, its Primary Loan Documents are in the process of being delivered to the Custodian and such Primary Loan Documents will be delivered to the Custodian on or before the expiration of the Wet Loan Period for such Mortgage Loan specified above and without limitation of the foregoing, the Seller will promptly deliver (or cause to be delivered) to the Custodian either the original recordation receipts or the original recorded Mortgage or Mortgage Assignment included in the Purchased Loans showing the recordation data thereon; (f) no Default or Event of Default has occurred and is continuing and there has been no material adverse change in any of the Central Elements in respect of the Seller since the date of the Seller's most recent annual audited Financial Statements that have been delivered to the Agent and the Buyers; (g) all items that the Seller is required to furnish to the Buyers, the Agent or the Custodian in connection with the requested Transaction and otherwise have been delivered, or will be delivered before the Purchase Date specified in the applicable Request/Confirmation, in all respects as required by this Agreement and the other Transaction Documents. All documentation described or referred to in the Advance File submitted to the Agent and the Custodian in connection with the applicable Request/Confirmation conforms in all respects with all applicable requirements of this Agreement and the other Transaction Documents; and (h) none of the Purchased Loans (including, but not limited to, the Purchased Loans identified in the applicable Request/Confirmation) has been sold to any Person other than the Buyers, is pledged to any Person other than the Agent, for the benefit of itself and the Buyers, or supports any borrowing or repurchase agreement funding other than purchases under this Agreement. 15.5. Buyer Representations. (a) Each Buyer represents and warrants that (i) the Transaction Documents set forth the terms of a commercial repurchase facility and (ii) it is engaged in providing facilities of the type set forth herein in the ordinary course and is entering into this Agreement as a Buyer for the purpose of providing such facilities as set forth herein as may be applicable to such Buyer, and not for the purpose of purchasing, acquiring or holding any other type of financial instrument, and each Buyer agrees not to assert a claim in contravention of the foregoing. (b) Each Buyer represents and warrants that it is sophisticated with respect to decisions to provide facilities of the type set forth herein, as may be applicable to such Buyer, and either it, or the Person exercising discretion in providing such facilities, is experienced in providing such facilities.

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&nbsp;&nbsp;&nbsp;&nbsp;MASTER REPURCHASE AGREEMENT – Page 77 13312-786/M/I Financial Warehouse Facility 15.6. Survival. All representations and warranties by the Seller shall survive delivery of the Transaction Documents and the sales of the Purchased Loans, and any investigation at any time made by or on behalf of the Buyers or the Agent shall not diminish any Buyer's or the Agent's right to rely on them. Section 16. Affirmative Covenants. The Seller agrees that, until all of Seller's Obligations (other than (a) contingent reimbursement and indemnification obligations as to which no claim has been asserted and (b) Obligations related to any Products or any Hedge Agreements) have been paid or performed in full, all Purchased Loans have been repurchased and the Agent and the Buyers have no further Commitments or other obligations under this Agreement or the other Transaction Documents: 16.1. Office of Foreign Assets Control and USA Patriot Act. (a) The Seller will not knowingly directly or indirectly use any of the proceeds from the sale of the Purchased Loans, or lend, contribute or otherwise make available any such proceeds to any subsidiary, joint venture partner or other person or entity, for the purpose of financing the activities of any person or entity that is subject to sanctions under any program administered by the Office of Foreign Assets Control of the United States Department of the Treasury, including those implemented by regulations codified in Subtitle B, Chapter V, of Title 31, Code of Federal Regulations. (b) The Seller will not (i) be or become subject at any time to any law, regulation or list of any government agency (including the U.S. Office of Foreign Asset Control list) that prohibits or limits the Buyers or the Agent from entering into any Transaction with the Seller or from otherwise conducting business with the Seller, or (ii) fail to provide documentary and other evidence of the Seller's identity as may be requested by the Agent or any Buyer at any time to enable the Agent and the Buyers to verify the Seller's identity or to comply with any applicable law or regulation, including Section 326 of the USA Patriot Act of 2001, 31 U.S.C. Section 5318. 16.2. Financial Statements. The Seller will deliver to the Agent, and Agent shall promptly after receipt thereof make available to Buyers by electronic communication (including email and Internet or intranet websites) pursuant to procedures determined by Agent: (a) As soon as available and in any event within forty-five (45) days after the end of each calendar quarter, Financial Statements for the Seller and its Subsidiaries for the quarter just ended (or, at the request of the Agent, as of the end of any calendar month for the month just ended), all in reasonable detail, and certified by a Responsible Officer of the Seller that such Financial Statements were prepared in accordance with the Approved Accounting Method and present fairly in all material respects the Seller's and its Consolidated Subsidiaries' financial condition as of the date thereof and the results of their operations for the period covered, subject, however, to normal year-end audit adjustments and the omission of notes and schedules to the Financial Statements.

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&nbsp;&nbsp;&nbsp;&nbsp;MASTER REPURCHASE AGREEMENT – Page 78 13312-786/M/I Financial Warehouse Facility (b) As soon as available and in any event within ninety (90) days after the close of each of the Seller's fiscal years, audited Consolidated Financial Statements for the Seller and its Consolidated Subsidiaries, for such year, and the related balance sheet as at the end of such year (setting forth in comparative form the corresponding figures as of the end of and for the preceding fiscal year), all in reasonable detail, prepared in accordance with the Approved Accounting Method, and with all notes, and accompanied by: (i) a report and unqualified opinion of a firm of independent certified public accountants of recognized standing selected by the Seller and reasonably acceptable to the Agent (as of the Effective Date, Deloitte & Touche LLP is acceptable to the Agent), stating that such accountants have audited such Financial Statements in accordance with generally accepted auditing standards and that, in their opinion, such Financial Statements present fairly, in all material respects, the Consolidated financial condition of the Seller and its Consolidated Subsidiaries, as of the date thereof and the Consolidated results of its operations and cash flows for the periods covered thereby in conformity with the Approved Accounting Method; and (ii) a certificate signed by a Responsible Officer of the Seller stating that said Financial Statements fairly present the Consolidated financial condition and results of operations (for the Seller and its Consolidated Subsidiaries) as at the end of, and for, such year. The Seller also agrees to provide to the Agent and the Buyers such other information related to such annual reports or concerning the Seller's finances or operations as the Agent or any Buyer may from time-to-time reasonably request. (c) Responsible Officer's Certificate. Together with each of the quarterly and annual Financial Statements required by Sections 16.2(a) and (b) above, a certificate of a Responsible Officer of Seller in the form of Exhibit B, among other things, (i) setting forth in reasonable detail all calculations necessary to show whether the Seller is in compliance with the requirements of Sections 16.18 of this Agreement or, if the Seller is not in compliance, showing the extent of noncompliance and specifying the period of noncompliance and what actions the Seller proposes to take with respect thereto and (ii) stating that the terms of this Agreement have been reviewed by such Responsible Officer or under his or her supervision, and that he or she has made or caused to be made under his or her supervision, a review in reasonable detail of the transactions and the condition of the Seller during the accounting period covered by such Financial Statements and that such review does not disclose the existence during or at the end of such accounting period and that such Responsible Officer does not have knowledge of the existence as of the date of the Officer's Certificate of any Event of Default or Default or, if any Event of Default or Default existed or exists, specifying the nature and period of its existence and what action the Seller has taken, is taking and proposes to take with respect to it.

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&nbsp;&nbsp;&nbsp;&nbsp;MASTER REPURCHASE AGREEMENT – Page 79 13312-786/M/I Financial Warehouse Facility 16.3. Financial Statements Will Be Accurate. The Seller agrees that all Financial Statements and reports of auditors furnished to the Agent and the Buyers will be prepared in accordance with the Approved Accounting Method as at the date thereof and for the period then-ended, subject, however for Financial Statements other than year-end statements to year-end audit adjustments and the omission of footnotes and schedules. 16.4. Other Reports. The Seller will promptly furnish to the Agent from time to time information regarding the business and affairs of the Seller (and, upon the written request of any Buyer, such information reasonably requested by such Buyer), including the following and such other information as the Agent may from time to time reasonably request (each report required must be signed by a Responsible Officer of the Seller, and the Agent and the Buyers will have no responsibility to verify or track any of the items referenced or conclusions stated in such reports or to verify the authority of its signer): (a) Such reports by the Seller in respect of the Purchased Loans, in such detail and at such times as the Agent or any Buyer in its reasonable discretion may request at any time or from time to time. (b) Within thirty (30) days after request by the Agent, but no sooner than ninety (90) days after the beginning of each fiscal year of the Seller, projected financial information for such fiscal year consisting of income statements and loan production estimates for each month in such fiscal year and a projected balance sheet of the Seller as at the end of each month, together with supporting assumptions, all in reasonable detail and reasonably satisfactory in scope to the Agent. (c) Promptly provide Agent and the Buyers with any information and documentation reasonably requested by the Agent or any Buyer for purposes of compliance with applicable "know your customer" anti-money laundering rules and regulations, including under the USA Patriot Act and any the Beneficial Ownership Regulation. (d) At all times following the Fourth Amendment Effective Date, as soon as available and in any event within forty-five (45) days after the end of each calendar quarter, a quarterly report commencing with the quarter ending December 31, 2025, detailing compliance with the transaction limits and transaction sublimits set forth in Section 4.1 and Section 4.2, in form and detail reasonably satisfactory to Agent. (e) Within fifteen (15) days after request by the Agent, a copy of each agency audit, including audits of HUD, any Agency and any other Approved Investors, and copies of Seller's responses within fifteen (15) days of filing or submission. (f) At all times following the Fourth Amendment Effective Date, as soon as available and in any event within forty-five (45) days after and as of the end of each calendar quarter, commencing with the quarter ending December 31, 2025, a repurchase, settlement and indemnification report in the form attached as Exhibit F; (g) At all times following the Fourth Amendment Effective Date, as soon as available, and in any event within forty-five (45) days after and as of the end of each

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&nbsp;&nbsp;&nbsp;&nbsp;MASTER REPURCHASE AGREEMENT – Page 80 13312-786/M/I Financial Warehouse Facility calendar quarter, commencing with the quarter ending December 31, 2025, a secondary marketing report (including a quarterly pipeline position report) in form and detail reasonably satisfactory to Agent; (h) At all times following the Fourth Amendment Effective Date, as soon as available, and in any event within forty-five (45) days after and as of the end of each calendar quarter, commencing with the quarter ending December 31, 2025, a loan production report in form and detail reasonably satisfactory to Agent; and (i) as soon as available, and in any event within forty-five (45) days after and as of the end of each calendar quarter, commencing with the quarter ending December 31, 2023, a third-party report in form and detail reasonably satisfactory to Agent detailing the value of any Servicing Rights then-owned by the Seller. 16.5. Maintain Existence and Statuses; Conduct of Business. The Seller agrees to preserve and maintain its existence in good standing and all of its rights, privileges, licenses and franchises necessary or desirable in the normal conduct of its business except where the failure to maintain such rights, privileges, licenses or franchises could not reasonably be expected to have a material adverse effect on any of the Central Elements in respect of the Seller, and the Seller will continue in the residential mortgage lending business as its principal and core business. 16.6. Compliance with Applicable Laws. The Seller and its Subsidiaries will comply with all applicable Legal Requirements, the breach of which could reasonably be expected to materially adversely affect any of the Central Elements with respect to the Seller and its Subsidiaries, taken as a whole, except where contested in good faith. 16.7. Inspection of Properties and Books; Protection of Seller's Proprietary Information; Buyers' Due Diligence of Seller. (a) The Seller agrees to permit the Agent and the Buyers, subject to the provisions of Section 24.6, to perform continuing loan level due diligence reviews with respect to the Purchased Loans, for purposes of verifying compliance with the representations, warranties and specifications made in this Agreement or otherwise, and the Seller agrees that upon three (3) Business Days prior notice to the Seller, the Agent, any Buyer or their authorized representatives will be permitted timely and reasonable access to examine, inspect, and make copies and extracts of the related mortgage loan files and any and all documents, records, agreements, instruments or information relating to such Purchased Loans in the possession or under the control of the Seller, any Servicer or the Custodian. The Seller also shall make available to the Agent and the Buyers a knowledgeable financial or accounting officer for the purpose of answering questions respecting the mortgage loan files and the Purchased Loans. Without limiting the generality of the foregoing, the Seller acknowledges that the Buyers may purchase Eligible Loans from the Seller based solely upon the information provided by the Seller to the Agent in the Advance File and the representations, warranties and covenants contained in this Agreement, and that the Agent and the Buyers, at their option, have the right at any time upon three (3) Business Days prior

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&nbsp;&nbsp;&nbsp;&nbsp;MASTER REPURCHASE AGREEMENT – Page 81 13312-786/M/I Financial Warehouse Facility notice to the Seller to conduct a partial or complete due diligence review on some or all of the Purchased Loans prior to or following their purchase in a Transaction, including ordering new credit reports and new appraisals on any property securing any Purchased Loan and otherwise re-generating the information used to originate such Purchased Loan. Notwithstanding any provision to the contrary herein regarding three (3) Business Days prior notice to the Seller, if an Event of Default shall have occurred and be continuing, then the Agent, upon notice to the Seller, shall have the right to immediate access and review of the Seller and the loan information contemplated in this Section 16.7(a), provided that to the extent that the Seller does not have possession of such loan information, the Seller shall cause the applicable Servicer or Subservicer to provide the Agent and the Buyers with access and review of such loan information within a reasonable period of time, but not to exceed any prior notification time provided under the related Servicing Agreement with such Servicer or Subservicer. The Agent may conduct the due diligence review of such Purchased Loans itself or engage a third-party underwriter selected by the Agent to perform such review. The Seller agrees to, and to cause any relevant Servicer and its Subservicer to, reasonably cooperate with the Agent and any third-party underwriter in connection with such due diligence review, including providing the Agent and any third-party underwriter with access to any and all documents, records, agreements, instruments or information relating to such Purchased Loans in the possession, or under the control, of the Seller, such Servicer and such Subservicer. The Seller agrees to pay all reasonable out-of-pocket costs and expenses of the Agent in connection with up to two (2) inspections, visits and reviews under this Section 16.7(a) during the term of this Agreement (for the avoidance of doubt, any renewal shall constitute a new "term" for purposes of this clause (a)), unless a Default or Event of Default has occurred and is continuing, in which case all such costs and expenses of the Agent and any Buyer incurred in the exercise of their rights pursuant to this Section 16.7(a) shall be paid by the Seller. Such visits shall be coordinated by the Agent. (b) The Seller agrees to permit authorized representatives of the Agent and each Buyer to discuss onsite the business, operations, assets and financial condition of the Seller and its Subsidiaries with their respective officers, employees and independent accountants and to examine their books of account and make copies or extracts of them, all at such reasonable times, and upon three (3) Business Days prior notice (or, if an Event of Default shall have occurred and be continuing, immediately following notice to the Seller) as the Agent or any Buyer may request, for any or all of the purposes of ordinary diligence, performing the Buyers' duties (and any of the Seller's duties that the Seller has not performed) and enforcing the Buyers' and the Agent's rights under this Agreement. The Agent or the Buyer acting will notify the Seller before contacting the Seller's accountants and the Seller may have its representatives in attendance at any meetings between the officers or other representatives of the Agent or any Buyer and such accountants held in accordance with this authorization. The Agent and each Buyer agrees that it will prevent disclosure by itself or its authorized representatives to third parties of any proprietary information it has received pursuant to this Agreement and will maintain the confidential nature of such material; provided that this restriction shall not apply to information that (i) at the time in question has already entered the public domain, (ii) is required to be disclosed by any Legal Requirement (including pursuant

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&nbsp;&nbsp;&nbsp;&nbsp;MASTER REPURCHASE AGREEMENT – Page 82 13312-786/M/I Financial Warehouse Facility to any examination, inspection or investigation by any Governmental Authority having regulatory jurisdiction over any Buyer or the Agent), (iii) that is furnished by the Agent or any Buyer to purchasers or prospective purchasers of participations or interests in the Purchased Loans so long as such purchasers and prospective purchasers have agreed to be subject to restrictions substantially identical to those contained in this sentence, (iv) the disclosure of which the Agent and the Buyers deem necessary to market or sell Purchased Loans or to enforce or exercise their rights under any Transaction Document as long as any recipients have agreed to be subject to restrictions substantially similar to those in this sentence, or (v) is disclosed by any Buyer to its attorneys, employees, agents and auditors during the performance of their respective duties, subject to the restrictions set forth in this sentence. (c) All reasonable out-of-pocket costs and expenses of any on-site inspections or examinations conducted by the Agent in accordance with the terms of this Section 16.7 shall be borne by the Seller; provided that the Seller shall only be required to pay for one such on-site examination in any period of two (2) consecutive calendar years unless an Event of Default has occurred and is continuing, in which case the Agent may undertake all such inspections and examinations as it may reasonably require and all out-of-pocket costs and expenses associated therewith shall be borne by the Seller. 16.8. Notice of Suits, Etc. The Seller will, as soon as reasonably practical and in any case no later than three (3) Business Days next following the day when the Seller first learns of it, give written notice to the Agent and the Buyers of: (a) any material action, suit or proceeding instituted by or against the Seller or any of its Subsidiaries in any federal or state court or before any commission, regulatory body or Governmental Authority, or if any such proceedings are threatened against the Seller or any of its Subsidiaries, in a writing containing the applicable details; (b) the filing, recording or assessment of any material federal, state or local tax lien against the Seller or any of its Subsidiaries or any assets of any of them; (c) the occurrence of any Event of Default; (d) the occurrence of any Default; (e) any material adverse finding under any agency audit, including audits of HUD, any Agency and any other Approved Investors, conducted with respect to the Seller and/or any of its assets; (f) the occurrence of: (i) any event that, with or without notice or lapse of time or both, would constitute a default under, or permit the acceleration or termination of, any other agreement, instrument or indenture to which the Seller or any of its Subsidiaries is a party or to which any of them or any of their properties or

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&nbsp;&nbsp;&nbsp;&nbsp;MASTER REPURCHASE AGREEMENT – Page 83 13312-786/M/I Financial Warehouse Facility assets may be subject if either (A) the effect of any such default is or if uncured and unwaived after notice, the lapse of time or both, would be to cause, or to permit any other party to such agreement, instrument or indenture (or a trustee on behalf of such a party) to cause, Debt for borrowed money (including, but not limited to, Debt under a repurchase agreement, reverse repurchase agreement, mortgage warehouse line of credit, sale/buy-back agreement or like arrangement) of the Seller or any of its Subsidiaries in excess of One Million Dollars ($1,000,000) in the aggregate, and/or other Debt of the Seller or any of its Subsidiaries in excess of Two Million Dollars ($2,000,000) in the aggregate to become or be declared due before its stated maturity or (B) such default, if uncured and unwaived after any relevant notice, the lapse of time or both, could reasonably be expected to result in a material adverse effect on any of the Central Elements in respect of the Seller; (ii) any default or event of default (however denominated) under any financing, loan or line of credit provided to the Seller by the Parent; (iii) any other action, event or condition of any nature (excluding general economic conditions) that, if unremedied after any relevant notice, lapse of time or both, could reasonably be expected to result in either (A) the Seller's being in breach of or out of compliance with any provision of Section 16.18 (Financial Covenants) or (B) a material adverse effect on any of the Central Elements in respect of the Seller; or (iv) any Prohibited Transaction with respect to any Plan, specifying the nature of the Prohibited Transaction and what action the Seller proposes to take with respect to it. 16.9. Payment of Taxes, Etc. The Seller will, and will cause each of its Subsidiaries to, pay and discharge or cause to be paid and discharged promptly all taxes, assessments and governmental charges or levies imposed upon it or its Subsidiaries or upon their respective income, receipts or properties before they become past due, as well as all lawful claims for labor, materials and supplies or other things that, if unpaid, could reasonably be expected to become (or result in the placement of) a Lien or charge upon any part of such properties; provided that it and its affected Subsidiaries shall not be required to pay taxes, assessments or governmental charges or levies or claims for labor, materials or supplies that are being contested in good faith and by proper proceedings being reasonably and diligently pursued, execution or enforcement of which has been effectively stayed (by the posting of a bond or other security sufficient to achieve that result, or by any other fully effective means), and for which reserves determined to be adequate (in accordance with the Approved Accounting Method in all material respects) have been set aside on its books.

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&nbsp;&nbsp;&nbsp;&nbsp;MASTER REPURCHASE AGREEMENT – Page 84 13312-786/M/I Financial Warehouse Facility 16.10. Insurance; Fidelity Bond. The Seller will, and will cause each of its Subsidiaries to: (a) maintain liability insurance protecting the Seller and its Subsidiaries against fire and other hazard insurance on its respective properties from which it conducts its business, with responsible insurance companies, in such amounts and against such risks as is customarily carried by similar businesses operating in the same vicinity. Copies of such policies shall be furnished to the Agent and the Buyers without charge upon the Agent's or any Buyer's request made from time to time; and (b) obtain and maintain at its own expense and keep in full force and effect a blanket fidelity bond and an errors and omissions insurance policy covering the Seller's officers and employees and other persons acting on behalf of the Seller. The amount of coverage shall be at least equal to the coverage that would be required by Fannie Mae or Freddie Mac, whichever is greater, with respect to the Seller if the Seller were servicing and administering the Mortgage Loans for Fannie Mae or Freddie Mac. In the event that any such bond or policy ceases to be in effect, the Seller shall obtain a comparable replacement bond or policy, as the case may be, meeting the requirements of this Section 16.10(b). Coverage of the Seller under any policy or bond obtained by an Affiliate of the Seller and providing the coverage required by this Section 16.10(b) shall satisfy the requirements of this Section 16.10(b). Such bond and insurance policies shall name Agent as an additional insured and loss payee. Upon the request of the Agent, the Seller shall cause to be delivered to the Agent and the Buyers evidence of such fidelity bond and insurance policies. 16.11. eMortgage Loans. Seller shall (i) at all times, maintain its status as a member of and participant in the MERS eRegistry in good standing, (ii) at all times remain in compliance in all material respects with all terms and conditions of membership in MERS eRegistry including, but not limited to, the MERS Procedures Manual and the MERS eRegistry procedures, (iii) not cause or permit the Location status, Controller status, Secured Party status, Secured Party Delegatee status, Delegatee status, Master Servicer Field or Subservicer Field on the MERS eRegistry of any eNote pledged or sold to Agent or any Buyer to be other than as required by paragraphs (16) and (24) of the definition of Eligible Loan, or cause or permit a Control Failure to occur with respect to any such eNote, or paper-out any such eNote. 16.12. Subordination of Certain Indebtedness. The Seller will cause any and all debt and obligations of the Seller to any Affiliate or any member, manager, stockholder, director or officer of the Seller or any Affiliate in excess of One Million Dollars ($1,000,000) (excluding debt for directors' or officers' salary, bonuses, directors' fees or other compensation for service and unsecured Debt owed to Parent) to be Qualified Subordinated Debt by the execution and delivery by such Affiliate or member, manager, stockholder, director or officer, as applicable, to the Agent of a Subordination Agreement and the taking of all other steps (if any) required to cause such Debt to be Qualified Subordinated Debt and deliver to the Agent an executed copy of that Subordination Agreement, certified by the corporate secretary or assistant secretary of the Seller to be true

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&nbsp;&nbsp;&nbsp;&nbsp;MASTER REPURCHASE AGREEMENT – Page 85 13312-786/M/I Financial Warehouse Facility and complete and in full force and effect, as to all such present and future debts and obligations of the Seller. 16.13. Certain Debt to Remain Unsecured. The Seller will cause any and all obligations of the Seller to any shareholder, officer or Affiliate of the Seller, whether such debt exists as of the Effective Date or is incurred in the future, to remain at all times unsecured. 16.14. Promptly Correct Escrow Imbalances. By no later than seven (7) Business Days after learning (from any source) of any material imbalance in any escrow account(s) maintained by the Seller (or any Subservicer for it), the Seller will fully and completely correct and eliminate such imbalance. 16.15. MERS Covenants. The Seller will: (a) be a "Member" (as defined in the MERS Agreements) of MERSCORP; (b) maintain the Electronic Tracking Agreement in full force and effect and timely perform in all material respects all of its obligations thereunder; (c) provide the Agent with copies of any new MERS Agreement or any amendment, supplement or other modification of any MERS Agreement (other than the Electronic Tracking Agreement); (d) not amend, terminate or revoke, or enter into any agreement that is inconsistent with or contradicts any provision of the Electronic Tracking Agreement; (e) identify to the Agent each Purchased Loan that is registered in the MERS System, at the earlier of the time it is so registered or the time it is purchased or deemed purchased hereunder, as so registered; (f) at the request of the Agent, take such actions as may be requested by the Agent to: (i) transfer beneficial ownership of any Purchased Loan to the Agent on behalf of the Buyers on the MERS System; or (ii) de-register or re-register any Purchased Loan on, or withdraw any Purchased Loan from, the MERS System; (g) provide the Agent with copies of any or all of the following reports with respect to the Purchased Loans registered on the MERS System at the request of the Agent: (i) Change Notification Report (VB); (ii) MIN Milestones Report (VA); and

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&nbsp;&nbsp;&nbsp;&nbsp;MASTER REPURCHASE AGREEMENT – Page 86 13312-786/M/I Financial Warehouse Facility (iii) such other reports as the Agent may reasonably request to verify the status of any Purchased Loan on the MERS System; (h) notify the Agent of any withdrawal or deemed withdrawal of the Seller's membership in the MERS System or any deregistration of any Purchased Loan previously registered on the MERS System; and (i) obtain the prior written consent of the Agent before entering into an electronic tracking agreement (other than the Electronic Tracking Agreement) with any other Person. 16.16. Special Affirmative Covenants Concerning Purchased Loans. (a) Until both (i) all of the Purchased Loans shall have been repurchased by the Seller and (ii) the Buyers have no obligation to purchase any additional Mortgage Loans hereunder or provide any other financial accommodations to the Seller under or otherwise in respect of this Agreement, the Seller warrants and will defend the right, title and interest of the Buyers and the Agent in and to the Purchased Loans against the claims and demands of all persons whomsoever. (b) The Seller shall maintain, at its principal office or in a regional office reasonably approved by the Agent, or in the office of a computer service bureau engaged by the Seller and reasonably approved by the Agent, and upon request shall make available to the Agent and the Custodian the originals of all Loan Documents and related instruments (except that with respect to eMortgage Loans, the single Authoritative Copy of the related eNote shall be maintained in the eVault), and all files, surveys, certificates, correspondence, appraisals, computer programs, tapes, discs, cards, accounting records and other information and data relating to the Purchased Loans that are held by or under the direction or control of the Seller or any of its Affiliates and that have not already been provided to the Agent or the Custodian. (c) The Seller shall ensure that, if a Mortgage Loan that is to be funded and sold to the Buyers as a Wet Loan does not close on the proposed Purchase Date, all amounts remitted by the Agent for the payment of the Purchase Price shall be returned promptly within two (2) Business Days to the Agent for the benefit of the Buyers and if such funds are not so returned, the Seller shall pay promptly within two (2) Business Days a like amount to the Agent for the benefit of the Buyers plus any accrued Price Differential. The Seller acknowledges that until such time as the Mortgage Loan is deemed to have been sold to the Buyers, the Seller has no interest in, nor any claim to such amounts and shall, if it receives such amounts, hold such amounts in trust for the Buyers and shall promptly remit such funds to the Agent for disbursement to the Buyers. 16.17. Coordination with Other Lenders/Repo Purchasers and Their Custodians. The Seller will provide to the Agent the current name, address and contact information concerning each of the Seller's other mortgage warehouse credit and repurchase facilities, will update such information provided to the Agent as changes to the facilities or such

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&nbsp;&nbsp;&nbsp;&nbsp;MASTER REPURCHASE AGREEMENT – Page 87 13312-786/M/I Financial Warehouse Facility name, address or contact information occurs, and will cooperate and assist the Agent in exchanging information with such others (and their document custodians or trustees) to prevent conflicting claims to and interests in Purchased Loans between or among repurchase facilities counterparties or lenders, and promptly correct such conflicting claims as may arise from time to time. The Seller will execute and deliver to the Agent any intercreditor agreement the Agent may require pursuant to Section 17.8. 16.18. Financial Covenants. Seller shall: (a) Adjusted Tangible Net Worth. Maintain at all times an Adjusted Tangible Net Worth in an amount no less than Twenty-Five Million Dollars ($25,000,000). (b) Leverage Ratio. Maintain at all times a Leverage Ratio of not greater than 12.0 to 1.0. (c) Liquidity. Maintain at all times Liquidity in an amount that equals or exceeds the greater of (i) three percent (3%) of its Marginable Assets on the last Business Day of the Subject Period (as defined in Exhibit B hereto) or (ii) Ten Million Dollars ($10,000,000). (d) Net Income. Maintain as of the last day of each calendar quarter, commencing with the calendar quarter ending December 31, 2025, Net Income for the period of four (4) consecutive calendar quarters then ended, of not less than One Dollar ($1.00). 16.19. Underwriting Guidelines. The Seller will underwrite Eligible Loans in compliance with its underwriting guidelines and applicable product profiles. Section 17. Negative Covenants. The Seller agrees that, until all of Seller's Obligations (other than (a) contingent reimbursement and indemnification obligations as to which no claim has been asserted and (b) Obligations related to any Products or any Hedge Agreements) have been paid or performed in full, all Purchased Loans have been repurchased and the Agent and the Buyers have no further Commitments or other obligations under this Agreement or the other Transaction Documents, the Seller shall not, and shall not permit any Subsidiary to, either directly or indirectly, do any of the following, without the prior written consent of the Required Buyers: 17.1. No Merger. Merge or consolidate with or into any Person unless the Seller is the surviving entity and any of the Seller's Subsidiaries may merge with or into the Seller or another Subsidiary of the Seller. 17.2. Limitation on Debt and Contingent Indebtedness. At no time shall the Seller or any Subsidiary incur, create, contract, assume, have outstanding, guarantee or otherwise

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&nbsp;&nbsp;&nbsp;&nbsp;MASTER REPURCHASE AGREEMENT – Page 88 13312-786/M/I Financial Warehouse Facility be or become, directly or indirectly, liable in respect of any Debt or Contingent Indebtedness except: (a) the Obligations; (b) trade debt (including, without limitation, trade debt for services provided by an Affiliate), equipment leases, loans for the purchase of equipment used in the ordinary course of the Seller's business and other accounts payable and accruals arising in the ordinary course of the Seller's business and indebtedness for taxes and assessments not yet due and payable owed in the ordinary course of business; (c) If the Seller gives the Agent at least ten (10) Business Days prior written notice of the initial incurrence thereof, other Debt under mortgage warehousing facilities, mortgage repurchase facilities or off-balance sheet indebtedness under other financing arrangements; provided that no prior notice shall be required with respect to any such facility, indebtedness or other financing arrangement entered into with the Agent; (d) Debt in respect of any exchange traded or over the counter derivative transaction or any Hedge Agreement entered into in the ordinary course of business and not for speculative purposes; (e) contingent repurchase obligations arising out of loan sale representations and warranties; (f) guaranties by Seller of Debts of any other Person not in excess of Five Million Dollars ($5,000,000); provided that Seller may incur (i) guaranties the Debts of any other Person in excess of Five Million Dollars ($5,000,000) with the Agent's prior written consent and (ii) Contingent Indebtedness of any amount with respect to Debts or Contingent Indebtedness of Seller's Subsidiaries or Affiliates or the Affiliates of Seller's Subsidiaries which relate to residential mortgage warehouse or repurchase facilities or other, similar short-term secondary residential mortgage finance lines of credit extended to or guaranteed by those Subsidiaries, Affiliates or Subsidiaries' Affiliates; (g) any unsecured Debt owed to Parent; and (h) any other Debt or Contingent Indebtedness which is not otherwise expressly provided for in this Section 17.2 in an aggregate principal amount outstanding from time to time not to exceed Five Million Dollars ($5,000,000). 17.3. Business. The Seller shall not, directly or indirectly, engage in any businesses that differ materially from those currently engaged in by the Seller or any other businesses customarily engaged in by other Persons in the mortgage banking business. 17.4. Liquidations, Dispositions of Substantial Assets. Except as expressly provided below in this Section 17.4, neither the Seller nor any Subsidiary shall dissolve or liquidate or sell, transfer, lease or otherwise dispose of any material portion of its property

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&nbsp;&nbsp;&nbsp;&nbsp;MASTER REPURCHASE AGREEMENT – Page 89 13312-786/M/I Financial Warehouse Facility or assets or business. Except as provided herein for the Purchased Loans, the Seller and the Subsidiaries may (a) sell other Mortgage Loans and the right to service such other Mortgage Loans in the ordinary course of their business pursuant, if applicable, to other repurchase facilities or mortgage warehousing facilities allowed hereunder, (b) any Subsidiary may sell its property, assets or business to the Seller or another Subsidiary, (c) the Seller or any Subsidiary may sell or dispose of assets (which are not Collateral), so long as the consideration received is cash or Cash Equivalents and the sales price is at least equal to the fair market value of the assets sold and does not exceed $2,000,000 for each such sale or disposition or series of related sales or dispositions, and (d) any Subsidiary may liquidate or dissolve, in the case of this clause (d) only, if, at the time thereof and immediately thereafter, the Seller and the Subsidiaries are in compliance with all covenants set forth in the Transaction Documents and no Default or Event of Default shall have occurred and be continuing. 17.5. Loans, Advances, and Investments. Neither the Seller nor any Subsidiary shall make any loan (other than Mortgage Loans), advance, or capital contribution to, or investment in (including any investment in any Subsidiary, joint venture or partnership), or purchase or otherwise acquire any of the capital stock, securities, ownership interests, or evidences of indebtedness of, any Person (collectively, "Investment"), or otherwise acquire any interest in, or control of, another Person, except for the following: (a) Cash Equivalents; (b) Any acquisition of securities or evidences of indebtedness of others when acquired by the Seller in settlement of accounts receivable or other debts arising in the ordinary course of its business, so long as the aggregate amount of any such securities or evidences of indebtedness is not material to the business or condition (financial or otherwise) of the Seller; (c) Mortgage Loans acquired in the ordinary course of the Seller's business; (d) Investment in any existing Subsidiary; provided that at the time any such investment is made and immediately thereafter, the Seller and the Subsidiaries are in compliance with all covenants set forth in the Transaction Documents and no Default or Event of Default shall have occurred and be continuing; (e) Investments in Affiliates incurred in the ordinary course of business as currently conducted; and (f) Investments arising in connection with the Hedge Agreements entered into in the ordinary course of business and not for speculative purposes. 17.6. Use of Proceeds. The Seller shall not, directly or indirectly, use any of the proceeds of the Transactions for the purpose, whether immediate, incidental or ultimate, of buying any "margin stock" or of maintaining, reducing or retiring any Debt or Contingent Indebtedness originally incurred to purchase a stock that is currently any "margin stock", or for any other purpose that might constitute this transaction a "purpose credit", in each

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&nbsp;&nbsp;&nbsp;&nbsp;MASTER REPURCHASE AGREEMENT – Page 90 13312-786/M/I Financial Warehouse Facility case within the meaning of Regulation U or otherwise take or permit to be taken any action that would involve a violation of Regulation U, Regulation T or Regulation X. 17.7. Transactions with Affiliates. The Seller shall not enter into any transactions including, without limitation, any purchase, sale, lease or exchange of property or the rendering of any service, with any Affiliate unless such transactions are not otherwise prohibited under this Agreement (including, without limitation, the transactions permitted under Section 17.2 or Section 17.5) and are in the ordinary course of the Seller's business. 17.8. Liens. The Seller shall not grant, create, incur, assume, permit or suffer to exist any Lien upon any of its Mortgage Loans or any other property related thereto, including but not limited to the related Mortgage Notes and the Mortgages securing such Mortgage Notes and the proceeds of such Mortgage Notes, including without limitation, any of the Collateral under Section 10, other than (a) Liens granted to the Agent for the benefit of the Buyers under this Agreement, and (b) except with respect to any Collateral, Liens under warehouse or repurchase facilities permitted under Section 17.2(c) or Section 17.2(d). 17.9. ERISA Plans. Neither the Seller nor any Subsidiary shall adopt or agree to maintain or contribute to an ERISA Plan. The Seller shall promptly notify the Agent and each Buyer in writing in the event an ERISA Affiliate adopts an ERISA Plan. 17.10. Change of Principal Office. The Seller shall not change its jurisdiction of organization. The Seller shall not change its legal name or move its principal office, executive office or principal place of business from any address set forth in this Agreement, without prior written notice to the Agent and each Buyer. 17.11. Distributions. The Seller shall make no payment of dividends or distributions to its shareholders if either before or after giving effect thereto a Default or an Event of Default exists or shall be caused thereby. 17.12. Limitations on Payments of Certain Debt. Make any prepayment, repurchase, redemption, defeasance or any other payment in respect of any Debt of the Seller owing to any members and managers of the Seller and all Affiliates of the Seller, including Parent, to whom or which the Seller is indebted as of the date of this Agreement in excess of One Million Dollars ($1,000,000), either for borrowed money or for any other obligation, excluding salary, bonus, other compensation obligations or unsecured Debt owed to Parent, if, at the time of such prepayment, repurchase, redemption, defeasance or any other payment a Default or Event of Default exists or would result from such payment, except to the extent permitted under the terms of any applicable Subordination Agreement, or, if no Subordination Agreement exists, if permitted by the Required Buyers. 17.13. No Changes in Accounting Practices or Fiscal Year. The Seller shall not make any significant change in accounting treatment or reporting practices, except as required or permitted by the Approved Accounting Method, or change its fiscal year, in each case without the prior written consent of the Agent (which consent shall not be unreasonably withheld, conditioned or delayed).

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&nbsp;&nbsp;&nbsp;&nbsp;MASTER REPURCHASE AGREEMENT – Page 91 13312-786/M/I Financial Warehouse Facility 17.14. No Changes to Underwriting Guidelines. The Seller will not change its underwriting guidelines in any material respect that would be adverse to Buyers without the prior written consent of the Agent (which consent shall not be unreasonably withheld, conditioned or delayed) except as may be required from time to time to comply with Agency guidelines. Section 18. Events of Default; Event of Termination. 18.1. Events of Default. The following events shall constitute events of default (each an "Event of Default") hereunder: (a) The Seller shall default in the payment of (i) the Repurchase Price for any Purchased Loans on the applicable Repurchase Date, (ii) any Price Differential, Buyers' Fees, Agent's Fees, Custodian's Fees when due and fail to cure such default within one (1) Business Day, (iii) any amount required to be paid or transferred or paid to eliminate any Margin Deficit within the time period specified in Section 6.2 or (iv) any other Obligation, when the same shall become due and payable, whether at the due date thereof, or by acceleration or otherwise, and the Seller fails to pay any such other Obligation within three (3) Business Days of the due date therefor. (b) An Event of Insolvency occurs with respect to the Seller. (c) Any representation or warranty made by the Seller under any Transaction Document shall have been incorrect or untrue in any material respect when made or repeated or deemed to have been made or repeated, provided that, notwithstanding the foregoing, solely with respect to a breach of the representations or warranties in Section 15.3 hereunder which was not willful or fraudulent, such breach shall not constitute a Default or Event of Default hereunder if such breach does not result in a Margin Deficit under Section 6 hereof, or if such breach does result in a Margin Deficit under Section 6 hereof, Seller performs its obligations under Section 6 hereof with respect to the resulting Margin Call in accordance with the provisions thereof. (d) Any covenant contained in Sections 16.1, 16.2, 16.3, 16.4, 16.8, 16.9, 16.10, 16.11, 16.12, 16.14, 16.15, 16.16, 16.18 or 17 (except for the covenants contained in Sections 17.10 and 17.13) or, to the extent any other Event of Default hereunder shall have occurred and is continuing, Section 16.7, shall have been breached. (e) Any covenant contained in Sections 16, 17.10 or 17.13 (except for the covenants contained in Sections 16.1, 16.2, 16.3, 16.4, 16.8, 16.9, 16.10, 16.11, 16.12, 16.14, 16.15, 16.16 and 16.18 or, to the extent any other Event of Default hereunder shall have occurred and is continuing, Section 16.7) shall have been breached or any other covenant or agreement contained in any Transaction Document is breached, and in each case, such breach is not cured within thirty (30) calendar days of the earlier of the Seller's knowledge of such breach or the Seller's receipt of notice of such breach from any source.

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&nbsp;&nbsp;&nbsp;&nbsp;MASTER REPURCHASE AGREEMENT – Page 92 13312-786/M/I Financial Warehouse Facility (f) Failure of the Seller or any of its Subsidiaries to pay any other Debt in an aggregate amount in excess of Two Million Dollars ($2,000,000) when due, or any default in the payment when due of any principal or interest on any other Debt or in the payment when due of any such Debt, or any breach or default with respect to any other material term of any such Debt, if the effect of any such failure, default, breach or event referred to in this Section 18.1(f) is to cause, or to permit, with or without the giving of notice or lapse of time or both, the holder or holders of such obligation (or a trustee on behalf of such holder or holders) to cause, such Debt to become or be declared due before its stated maturity. (g) A Change of Control shall occur. (h) Intentionally omitted. (i) The Seller shall repudiate or purport to disavow its obligations under any of the Transaction Documents or shall contest their validity or enforceability. (j) This Agreement or any other Transaction Document shall cease to be in full force and effect or its enforceability is disputed or challenged by the Seller or any Event of Default shall have occurred under this Agreement or a default or event of default (however denominated) shall have occurred under any other Transaction Document. (k) The Seller shall take or omit to take any action (i) that would result in the suspension or loss of any of its statuses, once achieved or any of such statuses of any of its Subservicers, if any, of any Ginnie Mae, Fannie Mae or Freddie Mac Mortgage Loans pools for which the Seller is Servicer as an FHA- and VA-approved lender and mortgagee and a Ginnie Mae-, Fannie Mae- and Freddie Mac-approved issuer and servicer, or (ii) after which the Seller or any such relevant Subservicer would no longer be in good standing as such, or (iii) after which the Seller or any such relevant Subservicer would no longer currently satisfy all applicable Ginnie Mae, Fannie Mae and Freddie Mac net worth and all other applicable requirements, if all of the material effects of such act or omission shall have not been cured by the Seller or waived by the relevant Person (Ginnie Mae, Fannie Mae or Freddie Mac) before termination of such status; provided that, if an Event of Default occurs under this Section 18.1(k) as a result of an act or omission solely and exclusively of a Subservicer, such act or omission shall not result in an Event of Default hereunder so long as the Seller transfers the servicing of the affected Purchased Loans to another Subservicer acceptable to the Agent in the exercise of its good faith discretion within thirty (30) days. (l) Any money judgment, writ or warrant of attachment, or similar process involving in any case an amount in excess of One Million Dollars ($1,000,000) (in excess of relevant insurance coverage reasonably satisfactory to the Agent in its discretion) shall be entered or filed against the Seller or any of its Subsidiaries or any of their respective assets and shall remain undischarged, unvacated, unbonded or unstayed for a period of thirty (30) days or in any event later than five (5) days before the date of any proposed sale thereunder (unless, in respect of any such case, the

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&nbsp;&nbsp;&nbsp;&nbsp;MASTER REPURCHASE AGREEMENT – Page 93 13312-786/M/I Financial Warehouse Facility judgment debtor or the subject of the writ or warrant of attachment or similar process is one of the Seller's Subsidiaries or such Subsidiary's property, and such order, case commencement, consent, assignment, inability or failure or admission could not reasonably be expected to have a material adverse effect on any of the Central Elements in respect of the Seller or any of its Subsidiaries). (m) The Seller, as Servicer, shall fail to service the Purchased Loans in conformance in all material respects with Accepted Servicing Practices. (n) Any audited financial statement of the Parent or the Seller is issued subject to any "going concern" or like qualification or exception. 18.2. Transaction Termination. If an Event of Default shall have occurred and be continuing, then, at the option of the Agent (which option shall be deemed to have been exercised, even if no notice has been given, upon the occurrence of an Event of Default under Section 18.1(b)), the Agent may, or at the direction of the Required Buyers shall, declare the Repurchase Date for any or all Transactions hereunder to be deemed immediately to occur. 18.3. Termination by the Agent. If the Agent has exercised or is deemed to have exercised the option to terminate any Transactions pursuant to Section 18.2, (a) the Seller's obligations hereunder to repurchase all Purchased Loans in such Transactions shall thereupon become immediately due and payable, (b) to the extent permitted by applicable law, the Repurchase Price with respect to each such Transaction shall be increased by the aggregate amount obtained by daily multiplication of (i) the Default Pricing Rate by (ii) the Purchase Price for such Transaction as of the Repurchase Date as declared by Agent pursuant to Section 18.2 (decreased as of any day by (A) any amounts retained by the Buyers with respect to such Purchase Price pursuant to clause (c) of this Section 18.3, (B) any proceeds from the sale of Purchased Loans pursuant to clause (a) of Section 18.4, and (C) any amounts credited to the account of the Seller pursuant to clause (b) of Section 18.4) on a three hundred sixty (360) day per year basis for the actual number of days during the period from and including the date of the Event of Default giving rise to such option to but excluding the date of payment of the Repurchase Price as so increased, (c) all Income paid after such exercise or deemed exercise shall be payable to and retained by the Agent and applied to the aggregate unpaid Repurchase Prices owed by the Seller and (d) the Seller shall immediately deliver or cause the Custodian to deliver to the Agent any documents relating to Purchased Loans subject to such Transactions then in the Custodian's, the Seller's, its Servicer's or its Subservicer's possession. 18.4. Remedies. Upon the occurrence and during the continuance of an Event of Default, the Agent, without prior notice to the Seller, may (and, at the direction of the Required Buyers, shall) (a) immediately sell, in a recognized market at such price or prices as the Agent may deem satisfactory, any or all Purchased Loans subject to such Transactions on a servicing released or servicing retained basis and apply the proceeds thereof to the aggregate unpaid Repurchase Prices and any other amounts owing by the Seller hereunder, (b) in lieu of selling all or a portion of such Purchased Loans, give the Seller credit for such Purchased Loans in an amount equal to the Market Value therefor on

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&nbsp;&nbsp;&nbsp;&nbsp;MASTER REPURCHASE AGREEMENT – Page 94 13312-786/M/I Financial Warehouse Facility such date against the aggregate unpaid Repurchase Prices and any other amounts owing by the Seller hereunder, (c) terminate and replace the Seller as Servicer (or any other Servicer or Subservicer) at the cost and expense of the Seller, (d) exercise its rights under Section 8 regarding the Income Account and Escrow Account, (e) by notice to the Seller, declare the Termination Date to have occurred, except that in the case of any event described in Section 18.1(b), the Termination Date shall be deemed to have occurred automatically upon the occurrence of such event, and (f) deliver a "Notice of Default" (as defined in the Electronic Tracking Agreement) to MERS and the Electronic Agent and exercise any rights as a result thereof. The proceeds of any disposition in clause (a) or (b) above shall be applied first to the reasonable out-of-pocket costs and expenses incurred by the Agent to the extent reimbursable by the Seller hereunder; second to the reasonable out-of-pocket costs and expenses incurred by the Buyers in connection with or as a result of an Event of Default (including legal fees, consulting fees, accounting fees, file transfer fees, inventory fees and costs and expenses incurred in respect of a transfer of the servicing of the Purchased Loans and costs and expenses of disposition of such Purchased Loans); third to the aggregate Price Differential owed hereunder (after taking into account any adjustments to the Price Differential made in accordance with Section 5.4); fourth to the remaining aggregate Repurchase Prices owed hereunder; fifth to any other accrued and unpaid Obligations (other than in respect of any Hedge Agreements or Products of the Buyers or Affiliates of the Buyers) of the Seller hereunder and under the other Transaction Documents (after taking into account any waiver or reduction in any fees or other amount owing by Seller made in accordance with Section 36); sixth to any Servicer or Subservicer (other than the Seller) for payment of any servicing fees due and payable as of such date; seventh to the net obligations of the Seller under any Hedge Agreements related to the Purchased Loans; eighth to the obligations of the Seller under any Products; and ninth any remaining proceeds to the Seller. 18.5. Liability for Expenses and Damages. The Seller shall be liable to the Buyers for (a) the amount of all reasonable out-of-pocket legal or other expenses incurred by the Buyers in connection with or as a result of an Event of Default, including such legal and other expenses of in-house or outside counsel, (b) damages in an amount equal to the reasonable out-of-pocket 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 (c) any other reasonable loss, damage, out-of-pocket cost or expense directly arising or resulting from the occurrence of an Event of Default in respect of a defaulting party. 18.6. Liability for Interest. To the extent permitted by applicable law, the Seller shall be liable to the Buyers for interest on any amounts owing by the Seller hereunder, from the date the Seller becomes liable for such amounts hereunder until such amounts are (a) paid in full by the Seller or (b) satisfied in full by the exercise of the Buyers' rights hereunder. Interest on any sum payable by the Seller under this Section 18.6 shall be at a rate equal to the greater of the Pricing Rate for the relevant Transaction or the Prime Referenced Rate. 18.7. Other Rights. In addition to its rights hereunder, the Buyers shall have any rights otherwise available to them under any other agreement or applicable law.

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&nbsp;&nbsp;&nbsp;&nbsp;MASTER REPURCHASE AGREEMENT – Page 95 13312-786/M/I Financial Warehouse Facility 18.8. Seller's Repurchase Rights. For avoidance of doubt, subject to the terms and conditions of this Agreement, the Seller may repurchase Purchased Loans, on a servicing released basis, and resell such Purchased Loans; provided that upon the occurrence and during the continuance of an Event of Default, the Seller may repurchase Purchased Loans by payment of the Repurchase Price therefor only upon approval of the Agent in its discretion exercised in accordance with the provisions of Section 22. 18.9. Sale of Purchased Loans. The parties acknowledge and agree that (a) the Purchased Loans subject to any Transaction hereunder are instruments traded in a recognized market, (b) in the absence of a generally recognized source for prices or bid or offer quotations for any Purchased Loans, the Agent may establish the source therefor, (c) all prices, bids and offers shall be determined together with accrued Income (except to the extent contrary to market practice with respect to the relevant Purchased Loans) and (d) in soliciting price, bid and offer quotations for any Purchased Loan, it is reasonable for the Agent to use only the information provided by the Seller pursuant to Section 16.4(d). The parties further recognize that it may not be possible to purchase or sell all of the Purchased Loans on a particular Business Day, or in a transaction with the same purchaser, or in the same manner because the market for such Purchased Loans may not be liquid at such time. In view of the nature of the Purchased Loans, the parties agree that liquidation of a Transaction or the underlying Purchased Loans does not require a public purchase or sale and that a good faith private purchase or sale shall be deemed to have been made in a commercially reasonable manner. Accordingly, the Agent may elect the time and manner of liquidating any Purchased Loan and nothing contained herein shall obligate the Agent to liquidate any Purchased Loan on the occurrence of an Event of Default or to liquidate all Purchased Loans in the same manner or on the same Business Day and no such exercise of any right or remedy shall constitute a waiver of any other right or remedy of the Agent or the Buyers. 18.10. Setoff. Each of the Agent and any Buyer may set off against the Obligations any funds or debts owing to the Seller by the Agent or such Buyer, as applicable, including, but not limited to, any funds in any deposit account, savings certificate or other instrument now or hereafter maintained by, and for the sole benefit of, the Seller with the Agent or such Buyer, or any of the Agent's or such Buyer's Affiliates. The Seller hereby confirms the Agent's and each Buyer's right of lien and setoff and nothing in this Agreement shall be deemed to constitute any waiver or prohibition thereof. Notwithstanding the foregoing, in the event that a Defaulting Buyer shall exercise any such right of setoff, (a) all amounts so set off shall be paid over immediately to the Agent for further application in accordance with the provisions of Section 3.10 and, pending such payment, shall be segregated by such Defaulting Buyer from its other funds and deemed held in trust for the benefit of the Agent, the Swing Line Buyer and the other Buyers, and (b) such Defaulting Buyer shall provide promptly to the Agent a statement describing in reasonable detail the obligations owing to such Defaulting Buyer as to which it exercised such right of setoff. Section 19. Servicing of the Purchased Loans. 19.1. Servicing Released Basis. Consistent with the Buyers' purchase of the Purchased Loans on a servicing-released basis, the Seller shall have no ownership right

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&nbsp;&nbsp;&nbsp;&nbsp;MASTER REPURCHASE AGREEMENT – Page 96 13312-786/M/I Financial Warehouse Facility whatsoever as to any of the Purchased Loans or the servicing rights related thereto, unless and until such Purchased Loans are repurchased by the Seller. Rather, the Seller shall have only servicing responsibilities with respect to the Purchased Loans for a term (the "Interim Servicing Term") commencing on the Purchase Date of such Purchased Loan and ending on the first Remittance Date thereafter, as such term may be renewed from time to time as provided in Section 19.8, on the terms and conditions contained in this Section 19, which responsibilities are subject to termination in accordance with Section 19.7. The Seller and the Buyers hereby acknowledge and agree that the provisions contained in this Section 19 are intended to be for the benefit of the Buyers and are an essential part of this Agreement, and that the nature and purpose of the purchase and sale obligations and the servicing obligations hereunder are interrelated. The Seller acknowledges that if an Event of Default has occurred and is continuing, the Agent for the benefit of the Buyers may, upon written notice to the Seller, without payment of any termination fee or other amount to the Seller, sell any or all of the Purchased Loans on a servicing-released basis at the cost and expense of the Seller. 19.2. Servicing and Subservicing. The Seller hereby agrees, for the benefit of the Buyers, to service or contract with Subservicers to service the Purchased Loans in accordance with this Agreement and Accepted Servicing Practices. The Seller's fees for its duties as Servicer, until terminated under Section 19.7, shall be twenty-five (25) basis points per annum on the unpaid principal balance of each Purchased Loan, payable from Income in accordance with the provisions of Section 8.2. The Servicer shall, and shall cause each Subservicer to, (a) comply with all applicable Federal, State and local laws and regulations in all material respects, (b) maintain all state and federal licenses necessary for it to perform its servicing responsibilities hereunder and (c) not impair the rights of the Buyers in any Purchased Loans or any payment thereunder. The Agent may terminate the servicing of any Purchased Loan with the then existing Servicer in accordance with Section 19.7. The Seller shall not be entitled to any servicing fee or other compensation in connection with its performance of the servicing responsibilities with respect to the Purchased Loans except to the extent that the Seller is Servicer. Nothing in this Section 19.2 shall be deemed to (i) impair the rights of any Subservicer to fees and other compensation to which it is entitled under the applicable Servicing Agreement or (ii) permit the Seller to offset any amounts it is owed with respect to the servicing of the Purchased Loans pursuant hereto against any amounts it owes to the Agent or the Buyers hereunder. 19.3. Escrow Payments. The Seller shall cause Servicer and any Subservicers to hold or cause to be held all escrow payments collected by the Seller with respect to any Purchased Loans in trust accounts and shall apply the same for the purposes for which such funds were collected. 19.4. Escrow and Income after Event of Default. After the occurrence and during the continuance of an Event of Default, (a) all funds received on or in connection with a Purchased Loan shall be received and held by the Seller, Servicer and each Subservicer in trust for the benefit of the Agent on behalf of the Buyers as owner of the Purchased Loans, and (b) neither the Seller nor Servicer shall be deemed to have any rights or ownership interest in such funds prior to their being remitted to the Agent on behalf of the Buyers.

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&nbsp;&nbsp;&nbsp;&nbsp;MASTER REPURCHASE AGREEMENT – Page 97 13312-786/M/I Financial Warehouse Facility 19.5. Servicing Records. The Seller agrees that the Agent, on behalf of the Buyers, is the owner of all servicing records, including but not limited to any and all servicing agreements, files, documents, records, data bases, computer tapes, copies of computer tapes, proof of insurance or guaranty coverage, insurance or guaranty policies, appraisals, other closing documentation, payment history records, and any other records relating to or evidencing the servicing of Purchased Loans (the "Servicing Records"). The Servicing Records of an eMortgage Loan specifically include, without limitation, such eMortgage Loan's related Electronic Records. The Servicing Records are and shall be held in trust by the Seller, Servicer and each Subservicer for the benefit of the Agent as the owner thereof on behalf of the Buyers. Upon notice from the Agent after the occurrence and during the continuance of an Event of Default, the Seller will cause Servicer and each Subservicer to (a) designate the Buyers as the owner of each Purchased Loan in its collateral tracking system, (b) segregate such Servicing Records from any and all servicing agreements, files, documents, records, data bases, computer tapes, copies of computer tapes, proof of insurance coverage, insurance policies, appraisals, other closing documentation, payment history records, and any other records relating to or evidencing the servicing of assets that are not Purchased Loans, (c) safeguard such Servicing Records and (d) deliver them promptly to the Agent or its designee (including the Custodian) at the Agent's request. 19.6. Subservicer Instruction Letter. The Seller shall, prior to the initial Purchase Date of Purchased Loans serviced by any Subservicer, provide to the Buyers a Subservicer Instruction Letter addressed to and agreed to by such Subservicer of the related Purchased Loans. 19.7. Termination of Servicing. At any time during the existence of a Default or an Event of Default in the Agent's sole discretion, the Agent may, and at the direction of the Required Buyers, shall (a) terminate the Seller's rights as Servicer, and any Subservicer's rights, if any, and obligations with respect to servicing of the Purchased Loans without payment of any penalty or termination fee (i) immediately with respect to the Seller and (ii) with respect to any Servicer (other than the Seller) or Subservicer, as promptly as possible subject to the terms and conditions of the applicable Servicing Agreement and Subservicer Instruction Letter; provided that any such termination shall be deemed to have occurred automatically upon the occurrence of an Event of Default set forth in Section 18.1(b), (b) require the Seller to enforce its rights and remedies, as agent for and for the benefit of the Buyers in accordance with the Agent's commercially reasonable instructions, with respect to any Purchased Loans under any Servicing Agreement, and (c) succeed to the rights and remedies of the Seller with respect to any Purchased Loans under any Servicing Agreement to the extent permitted by, and subject to, the terms of such Servicing Agreement (but not the obligations or liabilities of the Seller incurred prior to the date of such succession) and related Subservicer Instruction Letter. Upon any such termination, the Seller shall, and shall cause each Subservicer to, (A) perform the servicing responsibilities with respect to the Purchased Loans in accordance with the terms of this Agreement until the transfer of servicing responsibilities is effectuated and (B) cooperate, at the Seller's expense, in transferring such servicing responsibilities with respect to the Purchased Loans to a successor Servicer appointed by the Agent in its sole discretion. Upon termination of the Seller as Servicer and without

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&nbsp;&nbsp;&nbsp;&nbsp;MASTER REPURCHASE AGREEMENT – Page 98 13312-786/M/I Financial Warehouse Facility limiting the generality of the foregoing, the Seller shall, in the manner and at such times as the successor servicer or the Agent shall request, (1) promptly transfer all data in the Servicing Records relating to the Purchased Loans to the successor servicer in such electronic format as the successor servicer may reasonably request, (2) promptly transfer to the successor servicer, the Agent or its designee, all other files, records correspondence and documents relating to the Purchased Loans and (3) use commercially reasonable efforts to cooperate and coordinate with the successor servicer and the Agent to comply with any applicable so-called "goodbye" letter requirements or other applicable requirements of the Real Estate Settlement Procedures Act or other applicable legal or regulatory requirement associated with the transfer of the servicing of the Purchased Loans. Servicer acknowledges and agrees that if it fails to cooperate with the Agent or any successor servicer in effecting the termination of the Seller as Servicer of any Purchased Loan or the transfer of all authority to service such Purchased Loan to such successor servicer in accordance with the terms hereof, the Agent and the Buyers will be irreparably harmed and entitled to injunctive relief. 19.8. Renewal of Interim Servicing Term. The Interim Servicing Term will be deemed renewed (when it would otherwise expire) on each Remittance Date following the second (2nd) Remittance Date after the related Purchase Date for a renewal term extending to the next succeeding Remittance Date unless (i) Seller has sooner been terminated as interim servicer of all of the Purchased Loans pursuant to Section 19.7, or (ii) an Event of Default has occurred and is continuing, in which latter event the Interim Servicing Term will expire on the earlier of (x) the termination date specified in an Agent's notice to Seller terminating the Interim Servicing Term or (y) such Remittance Date unless Agent gives written notice to Seller that the Interim Servicing Term is renewed and specifying the renewal term. 19.9. Notice from Seller. If the Seller should discover that, for any reason whatsoever, any entity responsible to the Seller by contract for managing or servicing any Purchased Loan has failed to perform in any material respects the Seller's obligations under the Transaction Documents or any of the material obligations of such entities with respect to the Purchased Loans, the Seller shall promptly notify the Agent. 19.10. Seller Remains Liable. Notwithstanding any Servicing Agreement or the provisions of this Agreement relating to agreements or arrangements between the Seller and a Subservicer or reference to actions taken through a Subservicer or otherwise, and unless the Agent has terminated the Seller's rights pursuant to Section 19.7, the Seller shall remain obligated and primarily liable to the Buyers for servicing and administering of the Purchased Loans in accordance with the provisions hereof without diminution of such obligation or liability by virtue of such Servicing Agreements or arrangements or by virtue of indemnification from a Subservicer and to the same extent and under the same terms and conditions as if the Seller alone were servicing and administering the Purchased Loans. All actions of each Subservicer performed pursuant to the related Servicing Agreement shall be performed as an agent of the Seller with the same force and effect as if performed directly by the Seller and the Buyers shall have no obligations, duties or liabilities with respect to any Subservicer including no obligation, duty or liability of the Buyers to pay any Subservicer's fees and expenses, provided, however, that each Subservicer may retain

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&nbsp;&nbsp;&nbsp;&nbsp;MASTER REPURCHASE AGREEMENT – Page 99 13312-786/M/I Financial Warehouse Facility any amounts collected by it that it is entitled to retain pursuant to the applicable Servicing Agreement or Subservicer Instruction Letter. The Seller shall be entitled to enter into any agreement with each Subservicer for indemnification of the Seller by the Subservicer and nothing contained in this Agreement shall be deemed to limit or modify such indemnification. 19.11. Backup Servicer. The Agent shall have the right, in its sole discretion, to appoint a Backup Servicer that will (a) serve as a backup servicer of the Purchased Loans until such time as the Agent shall appoint a successor servicer of the Purchased Loans and (b) become the successor servicer of the Purchased Loans at the Agent's option. In connection with the appointment of a Backup Servicer as provided in the preceding sentence, the Agent may make such arrangements for the compensation of the Backup Servicer out of Income on the Mortgage Loans or otherwise as the Agent, the Buyers and such Backup Servicer shall agree. The Seller shall provide Backup Servicer with such data, files and information, in form, format and content as the Backup Servicer may request, in order to permit the Backup Servicer to service the Mortgage Loans in accordance with Accepted Servicing Practices; all such data, files and information shall be updated by the Seller on a monthly basis as required by the Backup Servicer. 19.12. Successor Servicer. If the Backup Servicer or any other Person is appointed by the Agent to act as a successor servicer of the Purchased Loans pursuant to the preceding section, the Seller (in its capacity as Servicer hereunder) shall, and shall cause each Subservicer to, subject to such Subservicer's rights under any applicable Servicing Agreement, and Subservicer Instruction Letter, discharge its servicing duties and responsibilities during the period from the date it acquires knowledge of such transfer of servicing until the effective date thereof with the same degree of diligence and prudence that it is obligated to exercise under this Agreement, and shall take no action whatsoever that might impair or prejudice the rights or financial condition of the successor Servicer. Within five (5) Business Days of the appointment of a successor Servicer of the Purchased Loans, the Seller shall, and shall cause each Subservicer to, prepare, execute and deliver to such successor Servicer any and all documents and other instruments, place in such successor's possession all Servicing Records, and do or cause to be done all other acts or things necessary or appropriate to effect the transfer of servicing to the successor Servicer, including but not limited to the transfer and endorsement of the Mortgage Notes and related documents, and the preparation and recordation of assignments of Mortgage. The Seller shall (and shall cause each Subservicer to) cooperate with the Agent and the successor Servicer in effecting the transfer of servicing responsibilities to the Backup Servicer, including execution and delivery of servicing transfer notices to Customers, MERS (if applicable), taxing authorities and insurance companies, the transfer to the Backup Servicer or successor Servicer for administration by it of all Income with respect to the Purchased Loans that shall at the time be held or received by the Seller or any Subservicer. The Seller shall deliver immediately to the successor Servicer all Loan Documents for Purchased Loans and other related documents and statements held by it or any Subservicer hereunder and the Seller shall account for all funds and shall execute and deliver such instruments and do such other things as may reasonably be required to more fully and definitively vest in the successor Servicer all such rights, powers, duties, responsibilities, obligations and liabilities of the Seller as servicer of the Purchased Loans.

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&nbsp;&nbsp;&nbsp;&nbsp;MASTER REPURCHASE AGREEMENT – Page 100 13312-786/M/I Financial Warehouse Facility Section 20. Payment of Expenses; Indemnity. 20.1. Expenses. (a) The Seller shall pay on demand all of the Agent's reasonable out-of- pocket costs and expenses (including the fees and expenses for legal services of outside counsel) incurred by the Agent, the Custodian in connection with this Agreement and the Transactions contemplated hereby and thereby, whether or not any Transactions are entered into hereunder, including the reasonable out-of-pocket fees and expenses incurred in connection with (i) the preparation, reproduction and distribution of this Agreement and any opinions of counsel, certificates of officers or other documents contemplated by the aforementioned agreements, (ii) any Transaction under this Agreement, (iii) the administration and syndication of this Agreement and of any Transaction and (iv) any amendments and waivers regarding any of the foregoing. The obligation of the Seller to pay such fees and expenses incurred prior to or in connection with the termination of this Agreement shall survive the termination of this Agreement. (b) The Seller shall pay all of the Agent's and each Buyer's reasonable out- of-pocket costs and expenses, including attorneys' fees of outside counsel, after the occurrence of any Default or Event of Default in connection with the enforcement of this Agreement and the other Transaction Documents, including in connection with any (i) bankruptcy, (ii) other insolvency proceeding, or (iii) any workout or consultation involving the Buyers' rights and remedies, the purchase and repurchase of the Purchased Loans and the payment of Price Differential in connection therewith. (c) The Seller shall pay, and hold the Agent, the Buyers and any other owners or holders of any of the Obligations harmless from and against, any and all present and future stamp, documentary and other similar taxes with respect to the foregoing matters and save them each harmless from and against any and all liabilities with respect to or resulting from any delay or omission to pay such taxes. (d) The Seller shall pay all of the Buyer's Fees, Agent's Fees, Custodian's Fees and any other fees payable by the Seller under this Agreement and the other Transaction Documents. 20.2. Indemnity. The Seller shall pay, and indemnify, defend and hold harmless the Agent, the Buyers and any of their respective officers, directors, employees, agents, advisors and Affiliates (collectively "Indemnified Parties" and each an "Indemnified Party") from and against, the "Indemnified Liabilities", which means any and all claims, liabilities, obligations, losses, damages, penalties, judgments, suits, disbursements and reasonable out-of-pocket costs and expenses (including attorneys' fees and disbursements of outside counsel but without duplication of such Indemnified Liabilities for the same service) of any kind whatsoever that may be imposed upon, incurred by or asserted against any of the Indemnified Parties in any way relating to or arising out of any of the Transaction Documents or any of the transactions contemplated thereby or the use of proceeds or proposed use of proceeds thereof, including, but not limited to, (a) Seller's failure to comply with, or breach of, any provision of any of the

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&nbsp;&nbsp;&nbsp;&nbsp;MASTER REPURCHASE AGREEMENT – Page 101 13312-786/M/I Financial Warehouse Facility Transaction Documents, (b) the failure of Seller, any Indemnified Party or any Purchased Loan to comply with, observe or perform any Legal Requirement with respect to any Purchased Loan and (c) the use of telephone or Electronic Transmissions or E-Systems under or in connection with this Agreement or any of the other Transaction Documents; provided, however, that Seller shall not be liable for payment to any Indemnified Party of any portion of the Indemnified Liabilities to the extent determined by a judgment by a court of competent jurisdiction to have resulted solely and exclusively from the applicable Indemnified Party's own gross negligence or willful misconduct. This Section shall not apply with respect to Taxes other than any Taxes that represent losses, claims or damages arising from any non-Tax claim. Section 21. Single Agreement. The Buyers, the Agent and the Seller acknowledge that, and have entered into this Agreement 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 the Agent, the Buyers and the Seller agrees (a) 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, (b) that each of them shall be entitled to set off claims and apply property held by them in respect of any Transaction against obligations owing to them in respect of any other Transactions hereunder and (c) that payments, deliveries and other transfers made by any 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. Section 22. Relationships among the Agent and the Buyers. 22.1. Appointment of Agent. Each Buyer irrevocably appoints and authorizes the Agent to act on behalf of such Buyer or holder under this Agreement and the other Transaction Documents and to exercise such powers hereunder and thereunder as are specifically delegated to Agent by the terms hereof and thereof, together with such powers as may be reasonably incidental thereto, including without limitation the power to execute or authorize the execution of financing or similar statements or notices, and other documents. In performing its functions and duties under this Agreement, the Agent shall act solely as agent of the Buyers and does not assume and shall not be deemed to have assumed any obligation towards or relationship of agency or trust with or for the Seller or any other Person. 22.2. Scope of Agent's Duties. (a) The Agent shall have no duties or responsibilities except those expressly set forth herein, and shall not, by reason of this Agreement or otherwise, have a fiduciary relationship with any Buyer (and no implied covenants or other obligations shall be read into this Agreement against the Agent). None of Agent, its Affiliates nor any of their respective directors, officers, employees or agents shall be liable to any

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&nbsp;&nbsp;&nbsp;&nbsp;MASTER REPURCHASE AGREEMENT – Page 102 13312-786/M/I Financial Warehouse Facility Buyer for any action taken or omitted to be taken by it or them under this Agreement or any document executed pursuant hereto, or in connection herewith or therewith with the consent or at the request of the Required Buyers (or all of the Buyers for those acts requiring consent of all of the Buyers) (except for its or their own willful misconduct or gross negligence), nor be responsible for or have any duties to ascertain, inquire into or verify (A) any recitals or warranties made by the Seller or any Affiliate of the Seller, or any officer thereof contained herein or therein, (B) the effectiveness, enforceability, validity or due execution of this Agreement or any document executed pursuant hereto or any security thereunder, (C) the performance by the Seller of its obligations hereunder or thereunder, or (D) the satisfaction of any condition hereunder or thereunder, including without limitation in connection with the making of any Transaction. The Agent and its Affiliates shall be entitled to rely upon any certificate, notice, document or other communication (including any cable, telegraph, telex, facsimile transmission or oral communication) believed by it to be genuine and correct and to have been sent or given by or on behalf of a proper person. The Agent may employ agents and may consult with legal counsel, independent public accountants and other experts selected by it and shall not be liable to the Buyers (except as to money or property received by them or their authorized agents), for the negligence or misconduct of any such agent selected by it with reasonable care or for any action taken or omitted to be taken by it in good faith in accordance with the advice of such counsel, accountants or experts. (b) Except as otherwise expressly provided herein, whenever the Agent is authorized and empowered hereunder on behalf of the Buyers to give any approval or consent, or to make any request, or to take any other action on behalf of the Buyers (including without limitation the exercise of any right or remedy hereunder or under the other Transaction Documents), the Agent shall be required to give such approval or consent, or to make such request or to take such other action only when so requested in writing by the Required Buyers or the Buyers, as applicable hereunder. Action that may be taken by the Required Buyers, any other specified Percentage of the Buyers or all of the Buyers, as the case may be (as provided for hereunder) may be taken (i) pursuant to a vote of the requisite percentages of the Buyers as required hereunder at a meeting (which may be held by telephone conference call), provided that Agent exercises good faith, diligent efforts to give all of the Buyers reasonable advance notice of the meeting, or (ii) pursuant to the written consent of the requisite percentages of the Buyers as required hereunder, provided that all of the Buyers are given reasonable advance notice of the requests for such consent. (c) Except as otherwise expressly provided under this Agreement or in any of the other Transaction Documents and subject to the terms hereof, Agent will take such action, assert such rights and pursue such remedies under this Agreement and the other Transaction Documents as the Required Buyers or all of the Buyers, as the case may be (as provided for hereunder), shall direct; provided, however, that the Agent shall not be required to act or omit to act if, in the reasonable judgment of the Agent, such action or omission may expose the Agent to personal liability for which Agent has not been satisfactorily indemnified hereunder or is contrary to this Agreement, any of the Transaction Documents or applicable law. Except as expressly provided above or

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&nbsp;&nbsp;&nbsp;&nbsp;MASTER REPURCHASE AGREEMENT – Page 103 13312-786/M/I Financial Warehouse Facility elsewhere in this Agreement or the other Transaction Documents, no Buyer (other than the Agent, acting in its capacity as agent) shall be entitled to take any enforcement action of any kind under this Agreement or any of the other Transaction Documents. 22.3. Limitation on Duty to Disclose. Except as expressly set forth herein, the Agent shall not have any duty to disclose, and shall not be liable for the failure to disclose, any information relating to the Seller or any of its Subsidiaries or Affiliates that is communicated to or obtained by the bank serving as Agent or any of its Affiliates in any capacity. 22.4. Authority of Agent to Enforce this Agreement. Each Buyer, subject to the terms and conditions of this Agreement, grants the Agent full power and authority as attorney-in-fact to institute and maintain actions, suits or proceedings for the collection and enforcement of any Debt outstanding under this Agreement or any other Transaction Document and to file such proofs of debt or other documents as may be necessary to have the claims of the Buyers allowed in any proceeding relative to the Seller, or its creditors or affecting its properties, and to take such other actions which Agent considers to be necessary or desirable for the protection, collection and enforcement of this Agreement or the other Transaction Documents. 22.5. Agent in its Individual Capacity. JPMorgan Chase and its Affiliates, successors and assigns shall each have the same rights and powers hereunder as any other Buyer and may exercise or refrain from exercising the same as though such Buyer were not the Agent. JPMorgan Chase and its Affiliates may (without having to account therefor to any Buyer) accept deposits from, lend money to, and generally engage in any kind of banking, trust, financial advisory or other business with the Seller as if such Buyer were not acting as the Agent hereunder, and may accept fees and other consideration therefor without having to account for the same to the Buyers. 22.6. Actions Requiring All Buyers' Consent. No amendment or waiver of, or any action with respect to, any provision of this Agreement or any of the Transaction Documents shall in any event be effective unless the same shall be in writing signed by all the Buyers with respect to any amendment or waiver or any action that: (a) Increases the Maximum Aggregate Commitment or increases any Buyer's Commitment (it being understood that, for the purposes of this Section 22.6(a), the Buyers' execution of this Agreement shall evidence each such Buyer's consent to the Agent pursuing the increase of the Maximum Aggregate Commitment and each Buyer's Commitment in accordance with the provisions of Section 2.6(b) hereof). (b) Agrees to any reduction in any Pricing Rate, Repurchase Price or fee provisions of this Agreement or other amounts owed hereunder, excluding the provisions relating to the Agent's Fee and other fees owing to the Agent only. (c) Acknowledges termination of the Buyers' ownership interest in the Purchased Loans or releases all or a material portion of the Liens held under the Transaction Documents other than in accordance with the Transaction Documents.

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&nbsp;&nbsp;&nbsp;&nbsp;MASTER REPURCHASE AGREEMENT – Page 104 13312-786/M/I Financial Warehouse Facility (d) Changes any Buyer's Pro Rata share of ownership of the Purchased Loans other than in accordance with the express provisions of the Transaction Documents. (e) Agrees to any change in the nature of the Buyers' respective Commitments from several to joint, in whole or in part. (f) Agrees to any change to the definition of "Required Buyers" or to any provisions of this Agreement or any of the other Transaction Documents that requires the consent, approval or satisfaction of all of the Buyers or each of the Buyers. (g) Extends the Termination Date or the due date of any required payment other than in accordance with the express provisions of the Transaction Documents. (h) Agrees to any change in this Section 22.6. (i) Agrees to any change in the Margin Percentage rates. (j) Releases the Seller from any of its material obligations other than in accordance with the express conditions of the Transaction Documents (provided that, for the avoidance of doubt, waiver of any Event of Default or amendment of any provisions of this Agreement except as otherwise set forth in this Section 22.6 shall not constitute a release of a material obligation for purposes of this section). (k) Modifies the sharing provisions of Section 22.10. (l) Modifies Section 4.1, Section 4.2, Section 20.2, Schedule EL, Schedule DQ or Schedule 15.3. In the event of any conflict between the provisions of this Section 22.6 and any other provisions of this Agreement or the other Transaction Documents, this Section 22.6 shall govern. 22.7. Actions Requiring Required Buyers' Consent. All amendments hereto, waivers or actions taken hereunder that are not described in Section 6 and Section 22.8 require the written consent or ratification of the Required Buyers except for actions that are specifically reserved to the Agent under Sections 6.1 and 6.6 or elsewhere in this Agreement or the other Transaction Documents; provided that no amendments, waivers or actions taken hereunder that relate to the rights or obligations of the Agent shall be effective without the prior written consent of the Agent. The Agent will, at the direction of the Required Buyers, take any enforcement action or exercise any remedies under this Agreement and the Transaction Documents that arise after the occurrence of an Event of Default. 22.8. Agent's Discretionary Actions. Subject to the limitations of Sections 22.6 and 22.7, in its capacity as Agent and without seeking or obtaining the consent of any of

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&nbsp;&nbsp;&nbsp;&nbsp;MASTER REPURCHASE AGREEMENT – Page 106 13312-786/M/I Financial Warehouse Facility ownership of the Purchased Loans (after taking into account any waiver or adjustments in the Price Differential or fee owing to such Buyer in accordance with Sections 5.4 and 36 of this Agreement), then such Buyer receiving such excess amount shall purchase from the other Buyers a participation interest in the Purchased Loans in such amount as shall result in Pro Rata participation and ownership by all of the Buyers in such excess amount; provided that if all or any portion of such excess amount is thereafter recovered from such Buyer, such purchase shall be rescinded and the purchase price restored to the extent of such recovery; and provided further that the provisions of this Section 22.10 shall not apply to any fees that the Agent may be entitled to from time to time or to any Custodian's Fees. (b) To the extent that the Seller fails to pay any amount required to be paid to the Agent under Section 20, each Buyer severally agrees to pay to the Agent such Buyer's Funding Share (determined as of the time that the unreimbursed expense or indemnity payment is sought) of such unpaid amount; provided, that the unreimbursed expense or indemnified payment, claim, damage, liability or related expense, as the case may be, was incurred by or asserted against the Agent in its capacity as such. 22.11. Buyers' Acknowledgment. (a) Each Buyer other than JPMorgan Chase hereby acknowledges that JPMorgan Chase has made no representations or warranties with respect to any Purchased Loan other than as expressly set forth in this Agreement and that JPMorgan Chase shall have no responsibility (in its capacity as a Buyer, the Agent, or any other capacity or role) for: (i) the marketability or collectability of the Purchased Loans; (ii) the genuineness, validity, likelihood of performance as and when due or enforceability of any Investor Commitment or the solvency or performance record of any Approved Investor; (iii) the validity, enforceability or any legal effect of any of the Transaction Documents, any Loan Documents or any insurance, bond or similar device purportedly protecting any obligation to the Buyers or any Purchased Loans; or (iv) the financial condition of the Seller or any of its Subsidiaries or Affiliates, the status, health or viability of any industry in which any of them is involved, the prospects for repurchase of the Purchased Loans, the genuineness, validity or enforceability of any warehousing facility or repurchase agreement between the Seller and any other lender or repurchase agreement counterparty, the value of any Purchased Loans, the effectiveness of any of the provisions of the Transaction Documents (including the financial covenants, tests and hedging requirements) or any aspect of their implementation or administration at any time to reduce or control risks of any type, to produce returns, profits, yields or spreads or to reduce or control losses or the accuracy of any

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&nbsp;&nbsp;&nbsp;&nbsp;MASTER REPURCHASE AGREEMENT – Page 107 13312-786/M/I Financial Warehouse Facility information supplied by or to be supplied in connection with any of the Seller or any of its Subsidiaries or Affiliates, or otherwise with respect to this Agreement, any Purchased Loans or any source of equity or other financing for any of the Seller, any of its Affiliates or any other warehouse lender or repurchase agreement counterparty. (b) Each Buyer acknowledges that it has, independently of Agent and each other Buyer and based on the financial statements of Seller and such other documents, information and investigations as it has deemed appropriate, made its own credit decision to extend credit hereunder from time to time. Each Buyer also acknowledges that it will, independently of Agent and each other Buyer and based on such other documents, information and investigations as it shall deem appropriate at any time, continue to make its own credit decisions as to exercising or not exercising from time to time any rights and privileges available to it under this Agreement, any Transaction Document or any other document executed pursuant hereto. 22.12. Agent Market Value Determinations. The parties hereto agree and acknowledge that, in determining the Market Value of the Purchased Loans, the Agent (a) shall determine Market Value as a third party service provider, in accordance with standards customarily applicable in the financial industry to third party service providers providing values on comparable assets to be used in connection with the financing of such assets, and (b) shall not be obligated to do that same or similar amount of work or analysis as if it were valuing its own assets, or as if it were valuing such assets for the purchase or sale thereof by it or any other party. The parties hereto agree and acknowledge that any asset valuation information produced by the Agent is intended to be and should be used solely for the limited uses specified in this Agreement and the other Transaction Documents, and is not intended to be and should not be used by any Person for any other purpose. The parties hereto further agree and acknowledge that the Agent may elect to determine the Market Value for any Purchased Loan by determining the market bid price for a portfolio containing all Purchased Loans and allocating such portfolio market bid price among each individual Purchased Loan. 22.13. Agent's Duty of Care, Express Negligence Waiver and Release. At all times until all Purchased Loans have all been repurchased by the Seller and the Buyers have no further commitments or other obligations under this Agreement and the other Transaction Documents, the Agent shall exercise the same degree of care in handling the Purchased Loans as JPMorgan Chase exercises with respect to loans that are held solely by JPMorgan Chase for its own account, and the Agent, in its capacity as Agent shall have no responsibility to the Buyers other than to exercise such standard of care and, in any event, JPMorgan Chase shall have no liability with respect to any other Buyer's Pro Rata interest in the Purchased Loans except for JPMorgan Chase's own fraud, gross negligence or willful misconduct. Except in the case of its own fraud, gross negligence or willful misconduct, neither the Agent, any Buyer, nor any of their officers, directors, employees, attorneys or agents shall be liable for any action taken or omitted to be taken by it or them under this Agreement or any of the other Transaction Documents reasonably believed by it or them to be within the discretion or power conferred upon it or them by the Transaction Documents or be responsible for consequences of any error of judgment, the Buyers

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&nbsp;&nbsp;&nbsp;&nbsp;MASTER REPURCHASE AGREEMENT – Page 108 13312-786/M/I Financial Warehouse Facility expressly intending to hereby waive and release all present and future claims and rights against the Agent (a) owed, in whole or in part, under any claim or theory of strict liability or (b) for damages or injuries caused or contributed to by any Indemnified Party's sole or concurrent ordinary negligence that does not amount to gross negligence or willful misconduct. Except as otherwise specifically and expressly set forth in this Agreement, the Agent shall not be responsible in any manner to anyone for the effectiveness, enforceability, genuineness, validity or due execution of this Agreement, any supplement, amendment or restatement of it or of any other Transaction Documents or for any representation, warranty, document, certificate, report or statement made or furnished in, under or in connection with this Agreement or any of the other Transaction Documents or be under any obligation to anyone to ascertain or to inquire as to the performance or observation of any of the terms, covenants or conditions of this Agreement or of the other Transaction Documents on the part of the Seller or anyone else. Without limiting the generality of the foregoing provisions of this Section 22.13, the Agent, in its capacity as Agent, may seek and rely upon the advice of legal counsel in taking or refraining to take any action under any of the Transaction Documents or otherwise in respect of any Purchased Loans, this Agreement and its parties, and shall be fully protected in relying upon such advice. 22.14. Calculations of Shares of Principal and Other Sums. Except as provided to the contrary in Section 6.7 ("Increased Cost"), Section 6.8 ("Capital Requirements"), Section 7.1 ("Payments to be free of Taxes; Withholding"), Section 7.3 ("Taxes Indemnity"), Section 9.2 ("Agent's Fee"), and Section 20 ("Payment of Expenses; Indemnity"), JPMorgan Chase's and each other Buyer's respective shares of Repurchase Prices and other sums received by the Agent on account of the Purchased Loans or with respect to them shall be calculated on the basis of each Buyer's (including JPMorgan Chase's) respective Pro Rata ownership interests in the Purchased Loans from time to time. 22.15. Successor Agent. Agent may resign as such at any time upon at least thirty (30) days prior notice to the Seller and each of the Buyers. If Agent at any time shall resign or if the office of Agent shall become vacant for any other reason, Required Buyers shall, by written instrument, appoint successor agent(s) ("Successor Agent") satisfactory to such Required Buyers and, so long as no Default or Event of Default has occurred and is continuing, approved by the Seller (which approval shall not be unreasonably withheld or delayed). Such Successor Agent shall thereupon become the Agent hereunder, as applicable, and Agent shall deliver or cause to be delivered to any Successor Agent such documents of transfer and assignment as such Successor Agent may reasonably request. If a Successor Agent is not so appointed or does not accept such appointment before the resigning Agent's resignation becomes effective, the resigning Agent may appoint a temporary successor to act until such appointment by the Required Buyers and, if applicable, the Seller, is made and accepted, or if no such temporary successor is appointed as provided above by the resigning Agent, the Required Buyers shall thereafter perform all of the duties of the resigning Agent hereunder until such appointment by the Required Buyers and, if applicable, the Seller, is made and accepted. Such Successor Agent shall succeed to all of the rights and obligations of the resigning Agent as if originally named. The resigning Agent shall duly assign, transfer and deliver to such Successor Agent all moneys at the time held by the resigning Agent hereunder after deducting therefrom its

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&nbsp;&nbsp;&nbsp;&nbsp;MASTER REPURCHASE AGREEMENT – Page 109 13312-786/M/I Financial Warehouse Facility expenses for which it is entitled to be reimbursed hereunder. Upon such succession of any such Successor Agent, the resigning Agent shall be discharged from its duties and obligations, in its capacity as Agent hereunder, except for its gross negligence or willful misconduct arising prior to its resignation hereunder, and the provisions of this Section 22 shall continue in effect for the benefit of the resigning Agent in respect of any actions taken or omitted to be taken by it while it was acting as Agent. 22.16. Merger of the Agent. Any Person into which the Agent may be merged or converted or with which it may be consolidated, or any Person surviving or resulting from any merger, conversion or consolidation to which the Agent shall be a party or any Person succeeding to the commercial banking business of the Agent shall be the successor Agent without the execution or filing of any paper or any further act on the part of any of the parties. 22.17. Participation; Assignment by Buyers. (a) Assignments. Any Buyer may at any time assign such Buyer's rights and obligations hereunder and under the other Transaction Documents by way of assignment to any Eligible Assignee in accordance with clause (d) of this Section 22.17 only after obtaining the prior written consent of the Seller (which consent shall not be unreasonably withheld, conditioned or delayed); provided that the Seller's consent shall not be required to the extent (i) the proposed Eligible Assignee is an Affiliate of the assigning Buyer or (ii) a Default or Event of Default shall have occurred and be continuing. Any other attempted assignment or transfer by any Buyer shall be deemed to be null and void. Each assignment by a Buyer of all or any portion of its rights and obligations hereunder and under the other Transaction Documents, shall be subject to the following terms and conditions: (A) each such assignment shall be in a minimum amount of the lesser of (x) Five Million Dollars ($5,000,000) or such lesser amount as the Seller shall consent to (which consent shall not be unreasonably withheld, conditioned or delayed) and (y) the entire remaining amount of assigning Buyer's Committed Sum; (B) each partial assignment shall be made as an assignment of a proportionate part of all the assigning Buyer's rights and obligations under this Agreement, and (C) the parties to any assignment shall execute and deliver to Agent an Assignment and Assumption substantially (as determined by Agent) in the form attached hereto as Exhibit E (with appropriate insertions acceptable to Agent), together with a processing and recordation fee in the amount, if any, required as set forth in the Assignment and Assumption. Until the Assignment and Assumption becomes effective in accordance with its terms, and Agent has confirmed that the assignment satisfies the requirements of this Section 22.17, the Seller and the Agent shall be entitled to continue to deal solely and directly with the assigning Buyer in connection with the interest so assigned. From and after the effective date of each Assignment and Assumption that satisfies the requirements of this Section 22.17, the assignee thereunder shall be deemed to be a party to this Agreement, such assignee shall have the rights and obligations of a Buyer under this Agreement and the other Transaction Documents (including without limitation the right to receive fees payable hereunder in respect of the period following such assignment) and the assigning Buyer shall relinquish its rights and be released from its obligations under this Agreement and the

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&nbsp;&nbsp;&nbsp;&nbsp;MASTER REPURCHASE AGREEMENT – Page 110 13312-786/M/I Financial Warehouse Facility other Transaction Documents. Upon request, the Seller shall execute and deliver to the Agent, documents reasonably necessary to such assignment process; (b) Participations. The Seller and the Agent acknowledge that each of the Buyers may at any time and from time to time, subject to the terms and conditions hereof, sell participations in all or any part of such Buyer's Commitment and Pro Rata ownership share of the Purchased Loans to any Person (other than a natural person or to the Seller or any of the Seller's Affiliates or Subsidiaries); provided that any participation permitted hereunder shall comply with all applicable laws and shall be subject to a participation agreement that incorporates the following restrictions: (i) such Buyer shall remain the holder of the notes issued hereunder, if any, notwithstanding any such participation; (ii) a participant shall not reassign or transfer, or grant any sub- participations in its participation interest hereunder or any part thereof; and (iii) such Buyer shall retain the sole right and responsibility to enforce the obligations of the Seller relating to this Agreement and the other Transaction Documents or cause the Agent to do so (subject to the terms and conditions hereof), and the right to approve any amendment, modification or waiver of any provision of this Agreement without the consent of the participant (unless such participant is a Buyer Affiliate), except to the extent such amendment, modification or waiver requires the consent of all Buyers under Section 22.6. In those cases (if any) where a Buyer grants rights to any of its participants to approve amendments, modifications or waivers of any Transaction Documents pursuant to the immediately preceding sentence, such Buyer must include a voting mechanism as to all such approval rights in the relevant participation agreement(s) whereby a readily-determinable fraction of such Buyer's portion of the Purchased Loans (whether held by such Buyer or participated) shall control the vote for all of such Buyer's portion of the Purchased Loans; provided that if no such voting mechanism is provided for or is fully and immediately effective, then the vote of such Buyer itself shall be the vote for all of such Buyer's portion of the Purchased Loans; and provided further that a participant may exercise approval rights over such matters only on an indirect basis, acting through such Buyer, and the Seller, Agent and the other Buyers may continue to deal directly with such Buyer in connection with such Buyer's rights and duties hereunder. Notwithstanding the foregoing, however, in the case of any participation granted by any Buyer hereunder, the participant shall not have any rights under this Agreement or any of the other Transaction Documents against the Agent, any other Buyer or the Seller; provided, however that the participant may have rights against such Buyer in respect of such participation as may be set forth in the applicable participation agreement and all amounts payable by the Seller hereunder shall be determined as if such Buyer had not sold such participation. Each such participant shall be entitled to the benefits of Sections 6.4, 6.5, and 7.1 of this Agreement to the same extent as if it were a Buyer and had acquired its interest by assignment

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&nbsp;&nbsp;&nbsp;&nbsp;MASTER REPURCHASE AGREEMENT – Page 111 13312-786/M/I Financial Warehouse Facility pursuant to clause (a) of this Section 22.17, provided that no participant shall be entitled to receive any greater amount pursuant to such the provisions of Sections 6.4, 6.5 and 7.1 than the issuing Buyer would have been entitled to receive in respect of the amount of the participation transferred by such issuing Buyer to such participant had no such transfer occurred and each such participant shall also be entitled to the same rights of set-off as though it were a Buyer, provided that such participant agrees to be subject to Section 22.10 hereof as though it were a Buyer. Each Buyer that sells a participation shall, acting solely for this purpose as a non-fiduciary agent of the Seller, maintain a register on which it enters the name and address of each participant and the principal amounts (and stated interest) of each participant's interest in the Transactions; provided that no Buyer shall have any obligation to disclose all or any portion of such participant register (including the identity of any participant or any information relating to a participant's interest in any Transaction) to any Person except to the extent that such disclosure is necessary to establish that obligation is in registered form under Section 5f.103-1(c) of the United States Treasury Regulations. The entries in such participant register shall be conclusive absent manifest error, and such Buyer shall treat each Person whose name is recorded in such participant register as the owner of such participation for all purposes of this Agreement notwithstanding any notice to the contrary. For the avoidance of doubt, the Agent (in its capacity as Agent) shall have no responsibility for maintaining a participant register. (c) Other Permitted Transfers. Any Buyer may at any time pledge, collaterally assign or grant a security interest in any or all of its interests under this Agreement and in the Purchased Loans to any Federal Reserve Bank or to any other Person to secure obligations of such Buyer, including any pledge or assignment to secure obligations to a Federal Reserve Bank; provided that no such pledge or assignment shall release such Buyer from any of its obligations hereunder or substitute any such pledge or assignee for such Buyer as a party hereto. (d) Register. The Agent shall maintain at its principal office a copy of each Assignment and Assumption delivered to it and a register (the "Register") for the recordation of the names and addresses of the Buyers and the Committed Sum of, and amount owing to, each Buyer. The entries in the Register shall be conclusive evidence, absent manifest error, and the Seller, the Agent, and the Buyers may treat each Person whose name is recorded in the Register as a Buyer hereunder for all purposes of this Agreement. The Register shall be available for inspection by the Seller or any Buyer (but only with respect to any entry relating to such Buyer's Committed Sum) upon reasonable notice to the Agent and a copy of such information shall be provided to any such party on their prior written request. The Agent shall give prompt written notice to the Seller of the making of any entry in the Register or any change in such entry. (e) Disclosure of Seller Information. The Seller authorizes each Buyer to disclose to any prospective assignee or participant which has satisfied the requirements hereunder, any and all financial information in such Buyer's possession concerning the Seller which has been delivered to such Buyer pursuant to this Agreement, provided

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&nbsp;&nbsp;&nbsp;&nbsp;MASTER REPURCHASE AGREEMENT – Page 112 13312-786/M/I Financial Warehouse Facility that each such prospective assignee or participant shall execute a confidentiality agreement consistent with the terms of Section 24.6 hereof or shall otherwise agree to be bound by the terms thereof. (f) Nothing in this Agreement or the other Transaction Documents, expressed or implied, is intended to or shall confer on any Person other than the respective parties hereto and thereto and their successors and assignees and participants permitted hereunder and thereunder any benefit or any legal or equitable right, remedy or other claim under this Agreement or the other Transaction Documents. (g) If any interest in this Agreement is so transferred to any Person that is organized under the Legal Requirements of any jurisdiction other than the United States of America or any State thereof, the transferor Buyer shall cause such Person, concurrently with the effectiveness of such transfer, to comply with the relevant provisions of Section 7.5. (h) The Seller shall not be required to incur any cost or expense incident to any sale to a Person of any interest in the Transaction Documents and the Purchased Loans pursuant to this Section 22.17 and all such costs and expenses shall be for the account of the Buyer selling its rights in the Purchased Loans to such Person. 22.18. The Agent and the Buyers are the only Beneficiaries of this Section. Other than the provisions of Section 22.15 and Section 22.17, this Section 22 is intended to bind and benefit only JPMorgan Chase and the other Buyers, and does not benefit and shall not be enforceable by the Seller or any other Person whatsoever. 22.19. Knowledge of Default. It is expressly understood and agreed that the Agent shall be entitled to assume that no Default or Event of Default has occurred and is continuing, unless the officers of the Agent immediately responsible for matters concerning this Agreement shall have received a written notice from a Buyer or the Seller specifying such Default or Event of Default and stating that such notice is a "notice of default". Upon receiving such a notice, the Agent shall promptly notify each Buyer of such Default or Event of Default and provide each Buyer with a copy of such notice and shall endeavor to provide such notice to the Buyers within three (3) Business Days (but without any liability whatsoever in the event of its failure to do so). The Agent shall also furnish each Buyer, promptly upon receipt, with copies of all other notices or other information required to be provided by the Seller hereunder. 22.20. No Reliance on Agent's Customer Identification Program. (a) Each Buyer acknowledges and agrees that neither such Buyer, nor any of its Affiliates, participants or assignees, may rely on the Agent to carry out such Buyer's, Affiliate's, participant's or assignee's customer identification program, or other obligations required or imposed under or pursuant to the USA Patriot Act or the regulations thereunder, including the regulations contained in 31 C.F.R. 103.121 (as hereafter amended or replaced, the "CIP Regulations"), or any other anti-money laundering rules and regulations, including the Beneficial Ownership Regulation and

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&nbsp;&nbsp;&nbsp;&nbsp;MASTER REPURCHASE AGREEMENT – Page 113 13312-786/M/I Financial Warehouse Facility any programs involving any of the following items relating to or in connection with Seller or any of its Subsidiaries, any of their respective Affiliates or agents, the Transaction Documents or the transactions hereunder: (i) any identify verification procedures, (ii) any record keeping, (iii) any comparisons with government lists, (iv) any customer notices or (v) any other procedures required under the CIP Regulations or such other laws. (b) Each Buyer or assignee or participant of a Buyer that is not organized under the laws of the United States or a state thereof (and is not excepted from the certification requirement contained in Section 313 of the USA Patriot Act and the applicable regulations because it is both (i) an affiliate of a depository institution or foreign bank that maintains a physical presence in the United States or foreign country, and (ii) subject to supervision by a banking authority regulating such affiliated depository institution or foreign bank) shall deliver to the Agent the certification, or, if applicable, recertification, certifying that such Buyer is not a "shell" and certifying to other matters as required by Section 313 of the USA Patriot Act and the applicable regulations: (x) within ten (10) days after the Effective Date, and (y) at such other times as are required under the USA Patriot Act. 22.21. Other Titles. Any Buyer identified on the facing page or signature page of this Agreement or in any amendment hereto or as designated with consent of the Agent in any assignment agreement as Lead Arranger, Documentation Agent, or any similar titles, shall not have any right, power, obligation, liability, responsibility or duty under this Agreement as a result of such title other than those applicable to all Buyers as such. Without limiting the foregoing, the Buyers so identified shall not have or be deemed to have any fiduciary relationship with any Buyer as a result of such title. Each Buyer acknowledges that it has not relied, and will not rely, on the Buyer so identified in deciding to enter into this Agreement or in taking or not taking action hereunder. 22.22. Other Agreements. Each Buyer hereby irrevocably appoints, designates and authorizes Agent to enter into any Subordination Agreement and the Electronic Tracking Agreement, on its behalf and to take such action on its behalf under the provisions of any such agreement. Each Buyer further agrees to be bound by the terms and conditions of each such Subordination Agreement and Electronic Tracking Agreement. 22.23. Erroneous Payments. (a) If the Agent determines (which determination shall be conclusive and binding, absent manifest error) that the Agent or any of its Affiliates has erroneously, mistakenly or inadvertently transmitted any funds to any Buyer (whether or not such transmittal was known by such Buyer) (any such funds, whether received as a payment, prepayment, or repayment of Purchase Price, Price Differential, fees, distributions, or otherwise, individually and collectively, an "Erroneous Payment") and the Agent subsequently demands the return of such Erroneous Payment (or any portion thereof), then such Buyer shall promptly, but in no event later than two (2) Business Days after such demand, return to the Agent the amount of any such Erroneous Payment (or portion thereof) as to which such demand was made by the Agent, in same day funds

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&nbsp;&nbsp;&nbsp;&nbsp;MASTER REPURCHASE AGREEMENT – Page 114 13312-786/M/I Financial Warehouse Facility (in the currency so received), together with interest thereon in respect of each day from and including the date such amount was received by such Buyer to the date such amount is repaid to the Agent in same day funds at the greater of the Federal Funds Effective Rate and a rate determined by the Agent in accordance with banking industry rules on interbank compensation (plus any administrative, processing or similar fees assessed by Agent in connection with the foregoing). (b) To the extent permitted by applicable law, each Buyer agrees not to assert any right or claim to any Erroneous Payment (or any portion thereof) and hereby waives any claim, counterclaim, defense or right of set-off or recoupment with respect to any demand, claim or counterclaim by the Agent for the return of any Erroneous Payment (or any portion thereof) (including, without limitation, any defense based on "discharge for value" or any similar doctrine). (c) This Section 22.23 shall survive the resignation or replacement of the Agent, any transfer of rights or obligations by, or the replacement of, a Buyer, the termination of the Commitments and/or the repayment, satisfaction or discharge of all Obligations (or any portion thereof) under any Transaction Document. Section 23. Notices and Other Communications; Electronic Transmissions. (a) Except as expressly provided otherwise in this Agreement (and except as provided in clause (b) below), all notices and other communications provided to any party hereto under this Agreement or any other Transaction Document shall be in writing and shall be given by personal delivery, by mail, by reputable overnight courier or by facsimile and addressed or delivered to it at its address set forth below or at such other address as may be designated by such party in a notice to the other parties that complies as to delivery with the terms of this Section 23 or posted to an E-System set up by or at the direction of Agent (as set forth below). Any notice, if personally delivered or if mailed and properly addressed with postage prepaid and sent by registered or certified mail, shall be deemed given when received or when delivery is refused; any notice, if given to a reputable overnight courier and properly addressed, shall be deemed given two (2) Business Days after the date on which it was sent, unless it is actually received sooner by the named addressee; and any notice, if transmitted by facsimile, shall be deemed given when received. The Agent may, but, except as specifically provided herein, shall not be required to, take any action on the basis of any notice given to it by telephone, but the giver of any such notice shall promptly confirm such notice in writing or by facsimile, and such notice will not be deemed to have been received until such confirmation is deemed received in accordance with the provisions of this Section set forth above. If such telephonic notice conflicts with any such confirmation, the terms of such telephonic notice shall control. (b) Notices and other communications provided to the Agent and the Buyers party hereto under this Agreement or any other Transaction Document may be delivered or furnished by electronic communication (including email and Internet or intranet websites) pursuant to procedures approved by the Agent. The Agent or the Seller may, in its discretion, agree to accept notices and other communications to it

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&nbsp;&nbsp;&nbsp;&nbsp;MASTER REPURCHASE AGREEMENT – Page 115 13312-786/M/I Financial Warehouse Facility hereunder by electronic communications (including email and any E-System) pursuant to procedures approved by it. Unless otherwise agreed to in a writing by and among the parties to a particular communication, (i) notices and other communications sent to an email address shall be deemed received upon the intended recipient's receipt of such notice or other communication and (ii) notices and other communications posted to any E-System shall be deemed received upon the deemed receipt by the intended recipient at its email address as described in the foregoing clause (i) of notification that such notice or other communication is available and identifying the website address therefore. If to the Seller: M/I Financial, LLC 4131 Worth Avenue, Suite 460 Columbus, Ohio 43219 Attention: Derek Klutch Telephone: 614-418-8655 Facsimile: 614-418-8686 Email: DKlutch@mihomes.com With a copy to: Vorys, Sater, Seymour and Pease LLP 52 East Gay Street Columbus, Ohio 43215 Attention: Nici Workman Telephone: (614) 464-8368 Facsimile: (614) 719-4852 Email: nnworkman@vorys.com If to JPMorgan Chase as Agent or as a Buyer, as to all notices hereunder: JPMorgan Chase Bank, N.A. 383 Madison Avenue, 8th Floor New York, New York 10179 Attention: Roshni Bhasin Telephone: (212) 834-5350 Email: roshi.bhasin@jpmorgan.com cc: rmbs_principal_finance@jpmorgam.com

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&nbsp;&nbsp;&nbsp;&nbsp;MASTER REPURCHASE AGREEMENT – Page 116 13312-786/M/I Financial Warehouse Facility with copies to: JPMorgan Chase Bank, N.A. Mortgage Warehouse Finance Operations Attn: MWF Operations Team TX1-0022 14800 Frye Road, 2nd Floor Fort Worth, Texas 76155 Attention: Natalie Sheeran Phone: (817) 399-4858 Email: Natalie.x.sheeran@jpmorgan.com and: Winstead PC 1415 Vantage Park Drive, Suite 450 Charlotte, North Carolina 28203 Attention: Jeremy Deese Phone: (704) 339-1754 Facsimile: (704) 339-1701 Email: jdeese@winstead.com If to the other Buyers, at the addresses shown on Schedule 23. (c) Each of the Agent, the Seller, the Buyers, and each of their Affiliates is authorized (but not required) to transmit, post or otherwise make or communicate, in its sole discretion, Electronic Transmissions in connection with any Transaction Document and the transactions contemplated therein. The Seller hereby acknowledges and agrees that the use of Electronic Transmissions is not necessarily secure and that there are risks associated with such use, including risks of interception, disclosure and abuse and each indicates it assumes and accepts such risks by hereby authorizing the transmission of Electronic Transmissions. (d) All uses of an E-System shall be governed by and subject to, in addition to this Section 23, separate terms and conditions posted or referenced in such E-System and related contractual obligations executed by the Agent, the Seller and the Buyers in connection with the use of such E-System. (e) All E-Systems and Electronic Transmissions shall be provided "as is" and "as available". None of the Agent or any of its Affiliates warrants the accuracy, adequacy or completeness of any E-Systems or Electronic Transmission, and each disclaims all liability for errors or omissions therein. No warranty of any kind is made by the Agent or any of its Affiliates in connection with any E-Systems or Electronic Transmission, including any warranty of merchantability, fitness for a particular purpose, non-infringement of third-party rights or freedom from viruses or other code defects. The Agent, the Seller and the Buyers agree that the Agent has no responsibility for maintaining or providing any equipment, software, services or any testing required

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&nbsp;&nbsp;&nbsp;&nbsp;MASTER REPURCHASE AGREEMENT – Page 117 13312-786/M/I Financial Warehouse Facility in connection with any Electronic Transmission or otherwise required for any E-System. Section 24. Miscellaneous. 24.1. Further Assurances. At any time and from time to time, at the sole expense of the Seller, the Seller or the Servicer shall promptly provide such further reasonable assurances, documents and agreements and undertake such actions as the Agent may reasonably request in order to effect the purposes of this Agreement, including the assignment, conveyance and transfer of all right, title and interest of each Purchased Loan from the Seller to the Agent, or to otherwise obtain or preserve the benefits or rights granted under this Agreement. In the event the Seller, Servicer or any subservicer, in the performance of the Servicing Functions shall foreclose any Mortgage for which the Agent and the Buyers have not received the Repurchase Price, all such actions shall be taken in the name of the Agent for the benefit of the Buyers and in accordance with Accepted Servicing Practices. 24.2. Agent as Attorney in Fact. The Agent is hereby appointed the attorney-in- fact of the Seller for the purpose of carrying out the provisions of this Agreement and taking any action and executing any instruments or documents that the Agent may deem reasonably necessary or advisable to accomplish the purposes hereof, which appointment as attorney-in-fact is irrevocable and coupled with an interest, although the Agent agrees not to exercise its rights under this power of attorney unless, in its opinion or the opinion of its legal counsel, an Event of Default has occurred that has not been cured by the Seller or that the Agent has not declared in writing to have been waived in accordance with Section 22. Without limiting the generality of the foregoing, but subject to Section 18.3, the Agent shall have the right and power during the occurrence and continuation of any Event of Default to receive, endorse, collect and control all checks or instruments made payable to the order of the Seller and all other forms of payment to the Seller that represent any payment on account of the principal of or interest on or proceeds from any of the Purchased Loans and to give full discharge for the same. 24.3. Wires to Seller. Any amounts to be transferred by the Agent to the Seller hereunder (other than Purchases Prices for the Purchased Loans) shall be sent by journal entry (or wire transfer) in immediately available funds to the Operating Account. 24.4. Wires to Agent. Except as may be otherwise expressly provided herein, any amounts to be transferred by the Seller to the Agent hereunder shall be sent by wire transfer in immediately available funds to the Repurchase Settlement Account. 24.5. Receipt; Available Funds. Amounts received after 1:00 p.m. (Houston, Texas time) on any Business Day shall be deemed to have been paid and received on the next succeeding Business Day. All payments and transfers of cash pursuant to this Agreement shall be made (only if the paying and receiving accounts are with the same financial institution) by journal entries, or (otherwise) by wire transfer, of immediately available funds in U.S. dollars.

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&nbsp;&nbsp;&nbsp;&nbsp;MASTER REPURCHASE AGREEMENT – Page 118 13312-786/M/I Financial Warehouse Facility 24.6. Privacy of Customer Information. The Seller's Customer Information in the possession of the Agent or the Buyers, other than information independently obtained by the Agent or the Buyers and not derived in any manner from or using information obtained under or in connection with this Agreement, is and shall remain confidential and proprietary information of the Seller. Except in accordance with this Section 24.6, the Agent and the Buyers shall not use any Seller's Customer Information for any purpose, including the marketing of products or services to, or the solicitation of business from, Customers, or disclose any Seller's Customer Information to any Person, including any of the Agent's or the Buyers' employees, agents or contractors or any third party not affiliated with the Agent or a Buyer. The Agent and the Buyers may use or disclose the Seller's Customer Information only to the extent necessary (a) for examination and audit of the Agent's or the Buyers' respective activities, books and records by their regulatory authorities, (b) to market or sell Purchased Loans or to enforce or exercise their rights under any Transaction Document, (c) to carry out the Agent's, the Buyers', the Custodian's express rights and obligations under this Agreement and the other Transaction Documents (including providing the Seller's Customer Information to Approved Investors), or (d) in connection with an assignment or participation as authorized by Section 22 or in connection with any hedging transaction related to the Purchased Loans and for no other purpose; provided that the Agent and the Buyers may also use and disclose the Seller's Customer Information as expressly permitted by the Seller in writing, to the extent that such express permission is in accordance with the Privacy Requirements. The Agent and the Buyers shall ensure that each Person to which the Agent or a Buyer intends to disclose Seller's Customer Information, before any such disclosure of information, agrees to keep confidential any such Seller's Customer Information and to use or disclose such Seller's Customer Information only to the extent necessary to protect or exercise the Agent's, the Buyers', the Custodian's rights and privileges, or to carry out the Agent's, the Buyers', the Custodian's express obligations under this Agreement and the other Transaction Documents (including providing the Seller's Customer Information to Approved Investors). The Agent agrees to maintain an information security program and to assess, manage and control risks relating to the security and confidentiality of the Seller's Customer Information pursuant to such program in the same manner as the Agent does in respect of its own customers' information, and shall implement the standards relating to such risks in the manner set forth in the Interagency Guidelines Establishing Standards for Safeguarding Company Customer Information set forth in 12 CFR Parts 30, 208, 211, 225, 263, 308, 364, 568 and 570. Without limiting the scope of the foregoing sentence, the Agent and the Buyers shall use at least the same physical and other security measures to protect all of the Seller's Customer Information in their possession or control as each of them uses for its own customers' confidential and proprietary information. Section 25. Entire Agreement; Severability. This Agreement supersedes any existing agreements between the parties containing general terms and conditions for repurchase transactions. This Agreement may not be amended, modified or supplemented except in accordance with the provisions of Section 22 and such amendment, modification or supplement must be set forth in a writing signed by the parties required to do so in accordance with Section 22. Each provision and agreement herein shall be treated as separate

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&nbsp;&nbsp;&nbsp;&nbsp;MASTER REPURCHASE AGREEMENT – Page 119 13312-786/M/I Financial Warehouse Facility and independent from any other provision or agreement herein and shall be enforceable notwithstanding the unenforceability of any such other provision or agreement. Section 26. Non-assignability; Termination; Replacement of Buyers. 26.1. Limited Assignment. Except with respect to any repurchase transaction, sale, transfer, pledge or hypothecation by the Agent or any Buyer pursuant to Section 22.17, the rights and obligations of the parties under this Agreement and under any Transaction shall not be assigned by any party without the prior written consent of the other parties and any such assignment without the prior written consent of the other parties shall be null and void. Subject to the foregoing, this Agreement and any Transactions shall bind and benefit the parties and their respective successors and assigns. 26.2. Remedies Exception. Section 26.1 shall not preclude a party from assigning, charging or otherwise dealing with all or any part of its interest in any sum payable to it under Section 18. 26.3. Agreement Termination. This Agreement shall terminate, automatically and without any requirement for notice, on the date after the Termination Date on which all Obligations (other than (a) contingent reimbursement and indemnification obligations as to which no claim has been asserted and (b) Obligations related to any Products or any Hedge Agreements) have been indefeasibly paid in full, provided, that the provisions of Sections 6.7, 6.8, 7 and 20 shall survive the termination of this Agreement, provided further, that this Agreement and any Open Transactions may be extended by mutual agreement of the Buyers, the Agent and the Seller; and provided further, that no such party shall be obligated to agree to such an extension. 26.4. Replacement of Buyers; Change in Lending Office. (a) Upon the occurrence of any event giving rise to the operation of Section 6.7 or Section 7 with respect to such Buyer, each Buyer agrees, if requested by the Seller, to use commercially reasonable efforts (subject to overall policy and any regulatory considerations of such Buyer) to designate another lending office for any Purchased Loans affected by such event with the object of avoiding the consequences of such event; provided, that such designation is made on terms that, in the sole judgment of such Buyer (exercised in good faith), cause such Buyer and its lending office(s) to suffer no economic, legal or regulatory disadvantage, and provided, further, that nothing in this Section shall affect or postpone any of the obligations of the Seller or the rights of any Buyer pursuant to Section 6.7 or Section 7. (b) If (i) any Buyer becomes a Defaulting Buyer hereunder, or any Buyer does not consent to a modification or waiver of the terms of this Agreement or the other Transaction Documents requested by the Agent, or otherwise fails to give its consent to an action requested by the Seller hereunder and, in each case, the Required Buyers have given their consent or (ii) the Seller is required to pay additional amounts to any Buyer under Section 6.7 or Section 7 and Buyer is unable or unwilling to designate another lending office in accordance with clause (a) above, then, provided no Default

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&nbsp;&nbsp;&nbsp;&nbsp;MASTER REPURCHASE AGREEMENT – Page 120 13312-786/M/I Financial Warehouse Facility or Event of Default has occurred and is continuing, the Seller may, at its sole expense and effort, upon notice to such Buyer and the Agent, require such Buyer to assign and delegate, without recourse (in accordance with and subject to the restrictions set forth in Section 22.17) all its interests, rights and obligations under this Agreement to an assignee (which assignee may be another Buyer) that shall assume such obligations; provided, that (x) the Seller shall have received the prior written consent of the Agent, which consent shall not be unreasonably withheld, (y) such Buyer shall have received payment of an amount equal to the Repurchase Price of all Transactions funded by it together with accrued Fees and all other amounts payable to it hereunder, from the assignee (in the case of such Repurchase Price and Fees) and from the Seller (in the case of all other amounts) and (z) prior to any replacement under clause (ii) of this Section, such Buyer shall have taken no action under Section 26.4(a) so as to eliminate the continued need for payment of amounts owing pursuant to Section 6.7 or Section 7. A Buyer shall not be required to make any such assignment and delegation if, prior thereto, as a result of a waiver by such Buyer or otherwise, the circumstances entitling the Seller to require such assignment and delegation cease to apply. (c) The Agent shall reasonably cooperate in effectuating the replacement of any Buyer under this Section 26.4 but at no time shall the Agent be obligated to initiate any such replacement. Section 27. Counterparts. This Agreement may be executed in any number of counterparts, each of which counterparts shall be deemed to be an original, and such counterparts shall constitute but one and the same instrument. Section 28. Governing Law, Jurisdiction and Venue. THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, WITHOUT GIVING EFFECT TO THE CONFLICT OF LAWS PRINCIPLES THEREOF (EXCEPT FOR SECTIONS 5-1401 AND 5-1402 OF THE NEW YORK GENERAL OBLIGATIONS LAW). EACH PARTY HERETO SUBMITS TO THE NONEXCLUSIVE JURISDICTION OF THE UNITED STATES DISTRICT COURT FOR THE SOUTHERN DISTRICT OF NEW YORK AND OF ANY NEW YORK STATE COURT SITTING IN THE CITY OF NEW YORK FOR PURPOSES OF ALL LEGAL PROCEEDINGS ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY. EACH PARTY HERETO IRREVOCABLY WAIVES, TO THE FULLEST EXTENT IT MAY EFFECTIVELY DO SO, ANY OBJECTION WHICH IT MAY NOW OR HEREAFTER HAVE TO THE LAYING OF THE VENUE OF ANY SUCH PROCEEDING BROUGHT IN SUCH A COURT AND ANY CLAIM THAT ANY SUCH PROCEEDING BROUGHT IN SUCH A COURT HAS BEEN BROUGHT IN AN INCONVENIENT FORUM. NOTHING IN THIS PARAGRAPH SHALL AFFECT THE RIGHT OF ANY PARTY TO THIS AGREEMENT TO BRING ANY ACTION OR

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&nbsp;&nbsp;&nbsp;&nbsp;MASTER REPURCHASE AGREEMENT – Page 121 13312-786/M/I Financial Warehouse Facility PROCEEDING AGAINST ANY OTHER PARTY TO THIS AGREEMENT IN THE COURTS OF OTHER JURISDICTIONS. EACH PARTY CONSENTS TO THE SERVICE OF ANY AND ALL PROCESS IN ANY SUCH ACTION OR PROCEEDING BY THE MAILING OF COPIES OF SUCH PROCESS TO IT AT ITS ADDRESS FOR NOTICES SPECIFIED IN THE AGREEMENT. Section 29. Waiver of Jury Trial. EACH OF THE SELLER (IN ITS CAPACITY AS SELLER AND SERVICER), THE BUYERS AND THE AGENT HEREBY (a) COVENANTS AND AGREES NOT TO ELECT A TRIAL BY JURY OF ANY ISSUE TRIABLE OF RIGHT BY A JURY, AND (b) WAIVES ANY RIGHT TO TRIAL BY JURY FULLY TO THE EXTENT THAT ANY SUCH RIGHT SHALL NOW OR HEREAFTER EXIST. THIS WAIVER OF RIGHT TO TRIAL BY JURY IS SEPARATELY GIVEN, KNOWINGLY AND VOLUNTARILY, BY EACH OF THE SELLER, THE BUYERS AND THE AGENT, AND THIS WAIVER IS INTENDED TO ENCOMPASS INDIVIDUALLY EACH INSTANCE AND EACH ISSUE AS TO WHICH THE RIGHT OF A JURY TRIAL WOULD OTHERWISE ACCRUE. THE AGENT IS HEREBY AUTHORIZED AND REQUESTED TO SUBMIT THIS AGREEMENT TO ANY COURT HAVING JURISDICTION OVER THE SUBJECT MATTER AND THE PARTIES HERETO, SO AS TO SERVE AS CONCLUSIVE EVIDENCE OF THE FOREGOING WAIVER OF THE RIGHT TO JURY TRIAL. FURTHER, THE SELLER HEREBY CERTIFIES THAT NO REPRESENTATIVE OR AGENT OF THE BUYERS OR THE AGENT HAS REPRESENTED, EXPRESSLY OR OTHERWISE, TO ANY STOCKHOLDER, DIRECTOR, OFFICER, AGENT OR REPRESENTATIVE OF THE SELLER THAT THE BUYERS OR THE AGENT WILL NOT SEEK TO ENFORCE THIS WAIVER OF RIGHT TO JURY TRIAL PROVISION. Section 30. Relationship of the Parties. This Agreement provides for the sale by the Seller and the purchase by the Buyers (acting through their agent and representative, the Agent) of Eligible Loans and the obligation of the Seller to repurchase them upon termination of each Transaction. The relationship between the Seller and the Buyers (and the Agent) is limited to that of seller and repurchaser on the one hand and buyers and resellers (and the Agent as the Buyers' agent and representative) on the other. The provisions in this Agreement and the other Transaction Documents for compliance with financial covenants and delivery of financial statements are intended solely for the benefit of the Buyers and the Agent, to protect the interests of the Buyers as buyers, including the Buyers' and the Agent's interest in assuring repurchase of Purchased Loans at the termination of each Transaction, and nothing contained in this Agreement or any of the other Transaction Documents shall be construed as permitting or obligating any Buyer or the Agent to act as a financial or business advisor or consultant to the Seller, as permitting or obligating any Buyer or the Agent to control the Seller or to conduct the Seller's operations, as creating any fiduciary obligation on the part of the Buyers or the Agent to the Seller, or as creating any joint venture, agency or other relationship between the parties other than as explicitly and specifically stated in this Agreement. The Seller acknowledges that it has had the opportunity to obtain the advice of experienced counsel of its own choosing in connection with the negotiation and execution of this Agreement and the other Transaction Documents and to obtain the advice of such counsel with respect to all matters contained in the

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&nbsp;&nbsp;&nbsp;&nbsp;MASTER REPURCHASE AGREEMENT – Page 122 13312-786/M/I Financial Warehouse Facility Transaction Documents including the provision for waiver of trial by jury. The Seller further acknowledges that it is experienced with respect to financial and credit matters and has made its own independent decisions to apply to the Buyers and the Agent to enter into this Agreement, and to execute and deliver this Agreement and the other Transaction Documents. Section 31. No Waivers, Etc. No express or implied waiver of any Event of Default by any 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 the Seller and the parties required to do so pursuant to Section 22. Without limitation on any of the foregoing, the failure to give a notice pursuant to Section 23 will not constitute a waiver of any right to do so at a later date. The rights and remedies of the Buyers hereunder shall be cumulative and not exclusive of any rights and remedies that the Buyers would otherwise have. No failure or delay on the part of the Buyers in exercising any right, power or privilege hereunder shall operate as a waiver thereof, nor shall any single or partial exercise of any right, power or privilege hereunder preclude any other or further exercise thereof or the exercise of any other right, power or privilege. Section 32. Use of Employee Plan Assets. 32.1. Prohibited Transactions. If assets of an employee benefit plan subject to any provision of ERISA are intended to be used by any party hereto (the "Plan Party") in a Transaction, the Plan Party shall so notify the other parties prior to the Transaction. The Plan Party shall represent in writing to the other parties that the Transaction does not constitute a prohibited transaction under ERISA (each, a "Prohibited Transaction") or is otherwise exempt therefrom, and the other parties may proceed in reliance thereon but shall not be required so to proceed. 32.2. Audited Financial Statements Required. Subject to the last sentence of Section 32.1, any such Transaction shall proceed only if the Seller furnishes or has furnished to the Agent its most recent available audited statement of its financial condition and its most recent subsequent unaudited statement of its financial condition. 32.3. Representations. By entering into a Transaction pursuant to this Section 32, the Seller shall be deemed (a) to represent to the Buyers and the Agent that since the date of the Seller's latest such financial statements, there has been no material adverse change in the Seller's financial condition that the Seller has not disclosed to the Agent, and (b) to agree to provide the Agent with future audited and unaudited statements of its financial condition as they are issued, so long as it is a Seller in any Open Transaction involving a Plan Party. Section 33. Intent. 33.1. Transactions are Repurchase Agreements and Securities Contracts. The parties intend and acknowledge that each Transaction is a "repurchase agreement" and a "master netting agreement" as such terms are defined in Section 101 of the Bankruptcy

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&nbsp;&nbsp;&nbsp;&nbsp;MASTER REPURCHASE AGREEMENT – Page 123 13312-786/M/I Financial Warehouse Facility Code (except insofar as the type of Mortgage Loans subject to such Transaction or the term of such Transaction would render such definition inapplicable), and a "securities contract" as that term is defined in Section 741 of the Bankruptcy Code (except insofar as the type of assets subject to such Transaction would render such definition inapplicable). This Agreement also 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 any or all of the parties is not a "financial institution" as that term is defined in FDICIA). The Seller hereby agrees that it shall not challenge the characterization of this Agreement as a "repurchase agreement" as that term is defined in Section 101 of the Bankruptcy Code, or as a "securities contract" as that term is defined in Section 741 of the Bankruptcy Code in any dispute or proceeding. 33.2. Contractual Rights, Etc. Any party's right to liquidate Mortgage Loans delivered to it in connection with Transactions hereunder or to exercise any other remedies pursuant to Section 18 is a contractual right to liquidate, terminate or accelerate such Transaction as described in Sections 555, 559 and 561 of the Bankruptcy Code. 33.3. FDIA. 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). 33.4. Master Netting Agreement. It is understood and agreed that this Agreement constitutes a "master netting agreement" as that term is defined in Section 101 of the Bankruptcy Code, and that a party's right to cause the termination, liquidation, or acceleration of, or to offset net termination values, payment amounts or other transfer obligations arising under or in connection with, this Agreement or any Transaction is a contractual right to cause the termination, liquidation, or acceleration of, or to offset net termination values, payment amounts or other transfer obligations arising under or in connection with, this Agreement or any Transaction as described in Section 561 of the Bankruptcy Code. Section 34. Disclosure Relating to Certain Federal Protections. The parties acknowledge that they have been advised that: 34.1. Parties not Protected by SIPA or Insured by FDIC or NCUSIF. In the case of Transactions in which one of the parties is a broker or dealer registered with the Securities and Exchange Commission ("SEC") under Section 15 of the Securities Exchange Act of 1934 ("1934 Act"), the Securities Investor Protection Corporation has taken the position that the provisions of SIPA do not protect the other party with respect to any Transaction hereunder.

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&nbsp;&nbsp;&nbsp;&nbsp;MASTER REPURCHASE AGREEMENT – Page 124 13312-786/M/I Financial Warehouse Facility 34.2. SIPA Does Not Protect Government Securities Broker or Dealer Counterparty. 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. 34.3. Transaction Funds Are Not Insured Deposits. In the case of Transactions in which one of the parties is a financial institution, funds held by such financial institution pursuant to a Transaction hereunder are not a deposit and therefore are not insured by the Federal Deposit Insurance Corporation (through either the Bank Insurance Fund or the Savings Association Insurance Fund) or the National Credit Union Share Insurance Fund, as applicable. Section 35. USA Patriot Act Notification. Pursuant to Section 326 of the USA Patriot Act, the Agent and the Buyers hereby notify the Seller that if they or any of their Subsidiaries open an account, including any loan, deposit account, treasury management account, or other extension of credit with Agent or any Buyer, the Agent or the applicable Buyer will request the applicable Person's name, tax identification number, business address and other information necessary to identify such Person (and may request such Person's organizational documents or other identifying documents) to the extent necessary for the Agent and the applicable Buyer to comply with the USA Patriot Act. Section 36. Waiver of Fees, Costs and Expenses. Agent, Custodian and each Buyer shall have the right, in their sole discretion, at any time and from time to time, to waive or reduce (but not increase) any fees (including the Buyers' Fees, the Agent's Fee, and Custodian's Fees) owing to it by the Seller, and/or any costs and expenses (including without limitation attorney's fees and third party audit fees) incurred by Agent, Custodian or such Buyer for which the Seller is obligated to reimburse Agent, Custodian or such Buyer. Custodian and each Buyer shall promptly inform the Agent of any waiver of all or any portion of the Buyers' Fees, Custodian's Fees, account-related charges or fees, or any other fees, costs or expenses (including without limitation attorney's fees and third-party audit fees) owing by Seller to such Buyer, Custodian under this Agreement. Such Buyer shall notify Seller and Agent of any waiver or reduction in the amount of the Buyers' Fees or other costs and expenses payable by the Seller to such Buyer. The waivers and adjustments identified in such notice shall become effective on a date determined by Agent (but in any event shall not become effective prior to the date such notice is received). The Seller hereby acknowledges and agrees that nothing in this Section 36 shall obligate any Buyer to grant any such waiver or reduction. [The remainder of this page is intentionally blank; signature pages follow.]

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&nbsp;&nbsp;&nbsp;&nbsp;MASTER REPURCHASE AGREEMENT – Signature Page 13312-786/M/I Financial Warehouse Facility EXECUTED as of the Effective Date. M/I FINANCIAL, LLC, an Ohio limited liability company, as Seller and Servicer By: Name: Derek J. Klutch Title: President and Chief Executive Officer

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&nbsp;&nbsp;&nbsp;&nbsp;MASTER REPURCHASE AGREEMENT – Signature Page 13312-786/M/I Financial Warehouse Facility JPMORGAN CHASE BANK, N.A., a national banking association, as Agent, Lead Arranger and a Buyer By: Name: Title:

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&nbsp;&nbsp;&nbsp;&nbsp;MASTER REPURCHASE AGREEMENT – Signature Page 13312-786/M/I Financial Warehouse Facility TRUIST BANK, as a Buyer By: Name: Stephen Kleindienst Title: Senior Vice President

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&nbsp;&nbsp;&nbsp;&nbsp;MASTER REPURCHASE AGREEMENT – Signature Page 13312-786/M/I Financial Warehouse Facility THE HUNTINGTON NATIONAL BANK, as a Buyer By: Name: Rochelle Thomas Title: Authorized Officer

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&nbsp;&nbsp;&nbsp;&nbsp;MASTER REPURCHASE AGREEMENT – Signature Page 13312-786/M/I Financial Warehouse Facility TEXAS CAPITAL BANK, a national banking association, as a Buyer By: Name: Lakeisha Binns-Willis Title: Vice President

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&nbsp;&nbsp;&nbsp;&nbsp;EXHIBIT A, Form of Request/Confirmation – Page 1 13312-786/M/I Financial Warehouse Facility EXHIBIT A FORM OF REQUEST/CONFIRMATION To: JPMorgan Chase Bank, N.A. 383 Madison Avenue, 8th Floor New York, New York 10179 Attention: Roshni Bhasin Telephone: (212) 834-5350 Email: roshi.bhasin@jpmorgan.com cc: rmbs_principal_finance@jpmorgam.com And JPMorgan Chase Bank, N.A. Mortgage Warehouse Finance Operations Attn: MWF Operations Team TX1-0022 14800 Frye Road, 2nd Floor Fort Worth, Texas 76155 Attention: Natalie Sheeran Phone: (817) 399-4858 Email: natalie.x.sheeeran@jpmorgan.com From: M/I Financial, LLC 4131 Worth Avenue, Suite 460 Columbus, Ohio 43219 Attention: Derek Klutch Phone: 614-418-8655 Fax: 614-418-8686 Email: DKlutch@mihomes.com Please refer to the Master Repurchase Agreement dated as of October 24, 2023 among M/I Financial, LLC (the "Seller"), the buyers from time-to-time party thereto (the "Buyers") and JPMorgan Chase Bank, N.A., as agent to the Buyers (in such capacity, the "Agent") (as it may have been or may hereafter be supplemented, amended, restated or otherwise modified from time to time, the "Current Repurchase Agreement"). Any term defined in the Current Repurchase Agreement and used in this request shall have the meaning given to it in the Current Repurchase Agreement. The Seller currently qualifies under the Current Repurchase Agreement for, and hereby requests, purchases of Eligible Loans as set forth below (the "Requested Purchases") to be made on the following Purchase Date: ____________________, 20_____ (which must be a Business Day). Regular Transaction Swing Line Transaction Previous Day Aggregate Outstanding Purchase Price Purchase Price Advanced (Eligible Loans)

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&nbsp;&nbsp;&nbsp;&nbsp;EXHIBIT A, Form of Request/Confirmation – Page 2 13312-786/M/I Financial Warehouse Facility Repurchase Price Paid Aggregate Outstanding Purchase Price After giving effect to the Requested Purchases, the Aggregate Outstanding Purchase Price will not exceed the Maximum Aggregate Commitment. The Seller has delivered to the Custodian today multiple Advance Files. All Mortgage Loans listed in such Advance Files and included in the foregoing calculations (the "Purchased Loans") are Eligible Loans. For each of the Purchased Loans the representations set forth in Section 15.3 and 15.4 of the Current Repurchase Agreement are true and correct. Pursuant to the terms of the Current Repurchase Agreement and acknowledging and agreeing that new value, as that term is used in the New York Uniform Commercial Code, has been given in reliance thereon, the Seller hereby sells, negotiates and transfers to the Buyers the Mortgage Loans listed on the attached Schedule of Mortgage Loans. The Seller acknowledges that the Agent and the Buyers will rely on the truth of each statement in this Request/Confirmation and the Advance Files in purchasing the Purchased Loans referred to herein. The Purchase Prices for the Purchased Loans should be deposited in the Funding Account to be combined with Seller's own funds in order to fund the origination of the Mortgage Loan or Mortgage Loans intended to be funded with the proceeds of the related Transaction as provided in, and subject to the terms and conditions of, the Current Repurchase Agreement. No Default has occurred under the Transaction Documents that has not been cured by the Seller or declared in writing by the Agent to have been waived in accordance with Section 22, and no Event of Default has occurred under the Transaction Documents that the Agent has not declared in writing to have been waived (in accordance with Section 22). There has been no material adverse change in any of the Central Elements in respect of the Seller since the date of the Seller's most recent annual audited Financial Statements that have been delivered to the Agent and the Buyers. All items that the Seller is required to furnish to the Buyers, the Agent or the Custodian in connection with the Requested Purchases have been delivered in all respects as required by the Current Repurchase Agreement and the other Transaction Documents. All documentation described or referred to in the Advance Files conform in all material respects with all applicable requirements of the Current Repurchase Agreement and the other Transaction Documents. The Seller hereby warrants and represents to the Buyers and the Agent that none of the Purchased Loans has been sold to any Person other than the Buyers, is pledged to any Person other than the Agent, for the benefit of itself and the Buyers, or supports any borrowing or repurchase agreement funding other than purchases under the Current Repurchase Agreement. The undersigned Authorized Seller Representative hereby certifies that all of the Seller's representations and warranties (a) in the Current Repurchase Agreement and all of the other Transaction Documents (except only to the extent that (i) such a representation or warranty speaks

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&nbsp;&nbsp;&nbsp;&nbsp;EXHIBIT A, Form of Request/Confirmation – Page 3 13312-786/M/I Financial Warehouse Facility to a specific date or (ii) the facts on which a representation or warranty is based have been changed by transactions or conditions contemplated or expressly permitted by the Transaction Documents) and (b) in this request, are true and correct in all material respects on the date of this request; and that conditions to the Requested Purchases set forth in the Current Repurchase Agreement have been or will be satisfied contemporaneously herewith. M/I FINANCIAL, LLC By: Name: Title:

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&nbsp;&nbsp;&nbsp;&nbsp;EXHIBIT B, Form of Compliance Certificate – Page 1 13312-786/M/I Financial Warehouse Facility EXHIBIT B FORM OF OFFICER'S CERTIFICATE WITH COMPUTATIONS TO SHOW COMPLIANCE OR NON-COMPLIANCE WITH CERTAIN FINANCIAL COVENANTS OFFICER'S CERTIFICATE AGENT: JPMorgan Chase Bank, N.A. SELLER: M/I Financial, LLC SUBJECT PERIOD: ______________ ended _____________, 20____ DATE: _________________, 20____ This certificate is delivered to the Agent and the Buyers under the Master Repurchase Agreement dated as of October 24, 2023 (as supplemented, amended or restated from time to time, the "Current Repurchase Agreement"), among the Seller, the Agent and the Buyers from time-to- time party thereto. Unless they are otherwise defined in this request, terms defined in the Current Repurchase Agreement have the same meanings here as there. The undersigned officer of the Seller certifies to the Agent that on the date of this certificate that: 1. The undersigned is an incumbent officer of the Seller, holding the title stated below the undersigned's signature below. 2. The Seller's Financial Statements that are attached to this certificate were prepared in accordance with the Approved Accounting Method (except that interim (i.e., other than annual) Financial Statements exclude notes to Financial Statements and statements of changes to stockholders' equity and are subject to year-end adjustments) and (subject to the aforesaid proviso as to interim Financial Statements) present fairly and in all material respects the Seller's financial condition and results of operations as of _________________ for that quarter or year (the "Subject Period") and, in the case of quarterly Financial Statements delivered pursuant to Section 16.2(a) of the Current Repurchase Agreement, for the year to that date. 3. The undersigned officer of the Seller supervised a review of the Seller's activities during the Subject Period in respect of the following matters and has determined the following: (a) except to the extent that a representation or warranty speaks to a specific date, the representations and warranties of the Seller in the Current Repurchase Agreement and the other Transaction Documents are true and correct in all material respects, other than the changes, if any, described on the attached Annex A; (b) no event has occurred that could reasonably be expected to have a materially adverse effect on any of the Central Elements of the Seller;

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&nbsp;&nbsp;&nbsp;&nbsp;EXHIBIT B, Form of Compliance Certificate – Page 2 13312-786/M/I Financial Warehouse Facility (c) the Seller has complied with all of its obligations under the Transaction Documents, other than the deviations, if any, described on the attached Annex A; (d) no Default or Event of Default has occurred and is continuing, other than those Events of Default and/or Defaults, if any, described on the attached Annex A; (e) compliance by the Seller with the financial covenants in Section 16.18, of the Current Repurchase Agreement is accurately calculated on the attached Annex A; (f) the Seller has not changed its name, chief executive office, principal place of business or entity type without giving the Agent and each Buyer the notice required by Sections 17.10 of the Current Repurchase Agreement; and (g) the Seller was, as of the end of the Subject Period, in compliance with the applicable net worth requirements of, and in good standing with, CL, Fannie Mae, Ginnie Mae, Freddie Mac and HUD. M/I FINANCIAL, LLC By: Name: Title:

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&nbsp;&nbsp;&nbsp;&nbsp;EXHIBIT B, Form of Compliance Certificate – Page 3 13312-786/M/I Financial Warehouse Facility ANNEX A TO OFFICER'S CERTIFICATE 1. Describe changes from representations and warranties, if any — clause 3(a) of attached Officer's Certificate — if none, so state: 2. Describe deviations from compliance with obligations, if any — clause 3(b) of attached Officer's Certificate — if none, so state: 3. Describe Defaults or Events of Default, if any — clause 3(c) of attached Officer's Certificate — if none, so state: 4. Calculate compliance with covenants in Section 16.18 of Current Repurchase Agreement: (a) Adjusted Tangible Net Worth. The Seller's Adjusted Tangible Net Worth as of the last day of the quarter ended ______________, 20___ is $____________________ (the minimum under Section 16.18(a) is $25,000,000). Tangible Net Worth: Shareholder's equity: $_________________ Minus intangible assets – goodwill, intellectual property: $_________________ Minus capitalized Servicing Rights: $_________________ Minus advances or loans to shareholders, employees (other than against future commissions) or Affiliates: $_________________ Minus unconsolidated investments in Affiliates: $_________________ TANGIBLE NET WORTH: $_________________

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&nbsp;&nbsp;&nbsp;&nbsp;EXHIBIT B, Form of Compliance Certificate – Page 4 13312-786/M/I Financial Warehouse Facility Adjusted Tangible Net Worth: Tangible Net Worth (from above): $_________________ Plus the lesser of (x) 1.00% times the Outstanding Principal Balances of the Seller's Mortgage Loans with Servicing Rights and (y) capitalized value of Seller's and its Subsidiaries' Servicing Rights: $_________________ Plus unpaid principal of Qualified Subordinated Debt of the Seller and its Subsidiaries: $_________________ Plus the lesser of (x) 50% of the book value of Seller's Mortgage Loans held for investment purposes net of their reserves against Mortgage Loan investment losses on that day and (y) Twenty Million Dollars ($20,000,000) Minus 50% of book value, net of related reserves, of Mortgage Loans held for investment and REO: $_________________ Minus 50% of book value, net of related reserve, of other illiquid investments of the Seller and its Subsidiaries: $_________________ Minus the book value of Seller's Mortgage Loans held for investment purposes net of their reserves against Mortgage Loan investment losses on that day: $_________________ ADJUSTED TANGIBLE NET WORTH: $_________________

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&nbsp;&nbsp;&nbsp;&nbsp;EXHIBIT B, Form of Compliance Certificate – Page 5 13312-786/M/I Financial Warehouse Facility (b) Leverage Ratio. The Leverage Ratio as of the last day of the quarter ended ________________________ is ___ to 1.0 (the maximum ratio under Section 16.18(b) is 12.0 : 1.0). Total Liabilities: $_________________ Plus off balance sheet debt: $_________________ Minus loan loss reserves (if included in liabilities): $_________________ Minus deferred taxes arising from capitalizing excess servicing fees: $_________________ Minus operating leases: $_________________ Minus Qualified Subordinated Debt: DEBT: $_________________ Debt (from above): $_________________ Adjusted Tangible Net Worth (from above): $_________________ LEVERAGE RATIO: _______ : 1.00 (c) Liquidity. The Seller's Liquidity, as of the last day of the quarter ended __________________, 20___ was $_____________ (the minimum under Section 16.18(c) is the greater of (i) three percent (3%) of its Marginable Assets on the last Business Day of the Subject Period or (ii) Ten Million Dollars ($10,000,000)). Liquidity Cash (including Cash Pledge Account balance but excluding other pledged cash to third parties and restricted cash): $_________________ Plus Cash Equivalents: $_________________ Plus Unfunded Purchase Price $_________________ LIQUIDITY: $_________________ (d) Net Income. As of the last day of the calendar quarter ended ______________, 20____, the Seller's Net Income for the period of four (4) consecutive calendar quarters then ended was $______________ (the minimum under Section 16.18(d) is $1.00).

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&nbsp;&nbsp;&nbsp;&nbsp;EXHIBIT C, List of Subsidiaries of the Seller as of the Effective Date – Solo Page 13312-786/M/I Financial Warehouse Facility EXHIBIT C LIST OF SUBSIDIARIES OF THE SELLER AS OF THE EFFECTIVE DATE Subsidiary Place of organization States where qualified as a foreign organization The Seller's percentage of capital stock or equity ownership M/I Title Agency, Ltd. Ohio Florida 100

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&nbsp;&nbsp;&nbsp;&nbsp;EXHIBIT D-1, Form of U.S. Tax Compliance Certificate (Non-Partnership Foreign Buyers) – Solo Page 13312-786/M/I Financial Warehouse Facility EXHIBIT D-1 FORM OF U.S. TAX COMPLIANCE CERTIFICATE (For Foreign Buyers That Are Not Partnerships for U.S. Federal Income Tax Purposes) Reference is hereby made to the Master Repurchase Agreement dated as of October 24, 2023 (as supplemented, amended or restated, supplemented from time to time, the "Agreement"), among M/I Financial, LLC (the "Seller"), JPMorgan Chase Bank, N.A. ("JPMorgan Chase"), as a buyer and as agent for the other buyers party thereto from time to time (the "Agent") and such other buyers (collectively with JPMorgan Chase, the "Buyers"). Pursuant to the provisions of Section 7 of the Agreement, the undersigned hereby certifies that: 1. It is the sole record and beneficial owner of the ownership interest in the Transaction(s) in respect of which it is providing this Certificate. 2. It is not a bank, as such term is used in Section 881(c)(3)(A) of the Internal Revenue Code of 1986, as amended (the "Internal Revenue Code"). 3. It is not a ten percent (10%) shareholder of the Seller within the meaning of Section 871(h)(3) or 881(c)(3)(B) of the Internal Revenue Code. 4. It is not a controlled foreign corporation that is related to the Seller within the meaning of Section 881(c)(3)(C) of the Internal Revenue Code. The undersigned has furnished the Agent and Seller with a certificate of its non-U.S. Person status on IRS Form [W-8BEN/ W-8BEN-E]. By executing this certificate, the undersigned agrees that (1) if the information provided on this certificate changes, the undersigned shall promptly so inform Seller and the Agent, and (2) the undersigned shall have at all times furnished Seller and the Agent with a properly completed and currently effective certificate in either the calendar year in which each payment is to be made to the undersigned, or in either of the two calendar years preceding such payments. By: Name: Title: Date: ________________

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&nbsp;&nbsp;&nbsp;&nbsp;EXHIBIT D-2, Form of U.S. Tax Compliance Certificate (Non-Partnership Foreign Participants) – Solo Page 13312-786/M/I Financial Warehouse Facility EXHIBIT D-2 FORM OF U.S. TAX COMPLIANCE CERTIFICATE (For Foreign Participants That Are Not Partnerships for U.S. Federal Income Tax Purposes) Reference is hereby made to the Master Repurchase Agreement dated as of October 24, 2023 (as supplemented, amended or restated, supplemented from time to time, the "Agreement"), among M/I Financial, LLC (the "Seller"), JPMorgan Chase Bank, N.A. ("JPMorgan Chase"), as a buyer and as agent for the other buyers party thereto from time to time (the "Agent") and such other buyers (collectively with JPMorgan Chase, the "Buyers"). Pursuant to the provisions of Section 7 of the Agreement, the undersigned hereby certifies that: 1. It is the sole record and beneficial owner of the participation in respect of which it is providing this certificate. 2. It is not a bank, as such term is used in Section 881(c)(3)(A) of the Internal Revenue Code of 1986, as amended (the "Internal Revenue Code"). 3. It is not a ten percent (10%) shareholder of the Seller within the meaning of Section 871(h)(3) or 881(c)(3)(B) of the Internal Revenue Code. 4. It is not a controlled foreign corporation that is related to the Seller within the meaning of Section 881(c)(3)(C) of the Internal Revenue Code. The undersigned has furnished its participating Buyer with a certificate of its non-U.S. Person status on IRS Form [W-8BEN/ W-8BEN-E]. By executing this certificate, the undersigned agrees that (1) if the information provided on this certificate changes, the undersigned shall promptly so inform such Buyer, and (2) the undersigned shall have at all times furnished such Buyer with a properly completed and currently effective certificate in either the calendar year in which each payment is to be made to the undersigned, or in either of the two calendar years preceding such payments. By: Name: Title: Date: _________________

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&nbsp;&nbsp;&nbsp;&nbsp;EXHIBIT D-3, Form of U.S. Tax Compliance Certificate (Partnership Foreign Participants) – Solo Page 13312-786/M/I Financial Warehouse Facility EXHIBIT D-3 FORM OF U.S. TAX COMPLIANCE CERTIFICATE (For Foreign Participants That Are Partnerships for U.S. Federal Income Tax Purposes) Reference is hereby made to the Master Repurchase Agreement dated as of October 24, 2023 (as supplemented, amended or restated, supplemented from time to time, the "Agreement"), among M/I Financial, LLC (the "Seller"), JPMorgan Chase Bank, N.A. ("JPMorgan Chase"), as a buyer and as agent for the other buyers party thereto from time to time (the "Agent") and such other buyers (collectively with JPMorgan Chase, the "Buyers"). Pursuant to the provisions of Section 7 of the Agreement, the undersigned hereby certifies that: 1. It is the sole record owner of the participation in respect of which it is providing this certificate and its direct or indirect partners/members are the sole beneficial owners of such participation. 2. With respect to such participation, neither the undersigned nor any of its direct or indirect partners/members is a bank extending credit pursuant to a loan agreement entered into in the ordinary course of its trade or business within the meaning of Section 881(c)(3)(A) of the Internal Revenue Code of 1986, as amended (the "Internal Revenue Code"). 3. None of its direct or indirect partners/members is a ten percent (10%) shareholder of the Seller within the meaning of Section 871(h)(3) or 881(c)(3)(B) of the Internal Revenue Code. 4. None of its direct or indirect partners/members is a controlled foreign corporation that is related to the Seller within the meaning of Section 881(c)(3)(C) of the Internal Revenue Code. The undersigned has furnished its participating Buyer an IRS Form W-8IMY accompanied by one of the following forms from each of its partners/members that is claiming the portfolio interest exemption: (i) an IRS Form [W-8BEN/ W-8BEN-E] or (ii) an IRS Form W-8IMY accompanied by an IRS Form [W- 8BEN/ W-8BEN-E] from each of such partner's/member's beneficial owners that is claiming the portfolio interest exemption. By executing this certificate, the undersigned agrees that (1) if the information provided on this certificate changes, the undersigned shall promptly so inform such Buyer, and (2) the undersigned shall have at all times furnished such Buyer with a properly completed and currently effective certificate in either the calendar year in which each payment is to be made to the undersigned, or in either of the two calendar years preceding such payments. By: Name: Title: Date: _________________

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&nbsp;&nbsp;&nbsp;&nbsp;EXHIBIT D-4, Form of U.S. Tax Compliance Certificate (Partnership Foreign Buyers) – Solo Page 13312-786/M/I Financial Warehouse Facility EXHIBIT D-4 FORM OF U.S. TAX COMPLIANCE CERTIFICATE (For Foreign Buyers That Are Partnerships for U.S. Federal Income Tax Purposes) Reference is hereby made to the Master Repurchase Agreement dated as of October 24, 2023 (as supplemented, amended or restated, supplemented from time to time, the "Agreement"), among M/I Financial, LLC (the "Seller"), JPMorgan Chase Bank, N.A. ("JPMorgan Chase"), as a buyer and as agent for the other buyers party thereto from time to time (the "Agent") and such other buyers (collectively with JPMorgan Chase, the "Buyers"). Pursuant to the provisions of Section 7 of the Agreement, the undersigned hereby certifies that: 1. It is the sole record owner of the ownership interest in the Transaction(s) in respect of which it is providing this Certificate and its direct or indirect partners/members are the sole beneficial owners of such interest. 2. With respect to such interest, neither the undersigned nor any of its direct or indirect partners/members is a bank extending credit pursuant to a loan agreement entered into in the ordinary course of its trade or business within the meaning of Section 881(c)(3)(A) of the Internal Revenue Code of 1986, as amended (the "Internal Revenue Code"). 3. None of its direct or indirect partners/members is a ten percent (10%) shareholder of the Seller within the meaning of Section 871(h)(3) or 881(c)(3)(B) of the Internal Revenue Code. 4. None of its direct or indirect partners/members is a controlled foreign corporation that is related to the Seller within the meaning of Section 881(c)(3)(C) of the Internal Revenue Code. The undersigned has furnished to the Agent and the Seller an IRS Form W-8IMY accompanied by one of the following forms from each of its partners/members that is claiming the portfolio interest exemption: (i) an IRS Form [W-8BEN/ W-8BEN-E] or (ii) an IRS Form W-8IMY accompanied by an IRS Form [W-8BEN/ W-8BEN-E] from each of such partner's/member's beneficial owners that is claiming the portfolio interest exemption. By executing this certificate, the undersigned agrees that (1) if the information provided on this certificate changes, the undersigned shall promptly so inform Seller and the Agent, and (2) the undersigned shall have at all times furnished Seller and the Agent with a properly completed and currently effective certificate in either the calendar year in which each payment is to be made to the undersigned, or in either of the two calendar years preceding such payments. By: Name: Title: Date: _________________

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&nbsp;&nbsp;&nbsp;&nbsp;EXHIBIT E, Form of Assignment and Assumption – Page 1 13312-786/M/I Financial Warehouse Facility EXHIBIT E FORM OF ASSIGNMENT AND ASSUMPTION ASSIGNMENT AND ASSUMPTION This Assignment and Assumption (the "Assignment and Assumption") is dated as of the Effective Date set forth below and is entered into by and between [Insert name of Assignor] (the "Assignor") and [Insert name of Assignee] (the "Assignee"). Capitalized terms used but not defined herein shall have the meanings given to them in the Master Repurchase Agreement identified below (as amended, the "Repurchase Agreement"), receipt of a copy of which is hereby acknowledged by the Assignee. The Standard Terms and Conditions set forth in Annex 1 attached hereto are hereby agreed to and incorporated herein by reference and made a part of this Assignment and Assumption as if set forth herein in full. For an agreed consideration, the Assignor hereby irrevocably sells and assigns to the Assignee, and the Assignee hereby irrevocably purchases and assumes from the Assignor, subject to and in accordance with the Standard Terms and Conditions and the Repurchase Agreement, as of the Effective Date inserted by the Agent as contemplated below, (i) all of the Assignor's rights and obligations in its capacity as a Buyer under the Repurchase Agreement and any other documents or instruments delivered pursuant thereto to the extent related to the amount and percentage interest identified below of all of such outstanding rights and obligations of the Assignor under the respective facilities identified below (including any Swing Line Transactions included in such facilities) and (ii) to the extent permitted to be assigned under applicable law, all claims, suits, causes of action and any other right of the Assignor (in its capacity as a Buyer) against any Person, whether known or unknown, arising under or in connection with the Repurchase Agreement, any other documents or instruments delivered pursuant thereto or the Transactions governed thereby or in any way based on or related to any of the foregoing, including Purchased Loans, contract claims, tort claims, malpractice claims, statutory claims and all other claims at law or in equity related to the undivided ownership interest in Purchased Loans and the other rights and obligations sold and assigned pursuant to clause (i) above (the undivided ownership interest in Purchased Loans and all other rights and obligations sold and assigned pursuant to clauses (i) and (ii) above being referred to herein collectively as the "Assigned Interest"). Such sale and assignment is without recourse to the Assignor and, except as expressly provided in this Assignment and Assumption, without representation or warranty by the Assignor. 1. Assignor: 2. Assignee: [and is a Buyer Affiliate of [identify Buyer]] 3. Seller: 4. Agent: JPMorgan Chase Bank, N.A., as the agent and representative of the Buyers under the Repurchase Agreement.

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&nbsp;&nbsp;&nbsp;&nbsp;EXHIBIT E, Form of Assignment and Assumption – Page 2 13312-786/M/I Financial Warehouse Facility 5. Repurchase Agreement: The Master Repurchase Agreement dated as of October 24, 2023 among M/I Financial, LLC and its affiliates (collectively, the "Seller"), JPMorgan Chase Bank, N.A. ("JPMorgan Chase"), as a buyer and as agent for the other buyers party thereto from time to time (the "Agent") and such other buyers (collectively with JPMorgan Chase, the "Buyers"). 6. Assigned Interest: Aggregate Amount of Commitment/Transactions for all Buyers Amount of Commitment/Transactions Assigned Percentage Assigned of Commitment/Transactions $$$ Effective Date: ___________________, 20____ [TO BE INSERTED BY THE AGENT AND WHICH SHALL BE THE EFFECTIVE DATE OF RECORDATION OF TRANSFER IN THE REGISTER THEREFOR.] The terms set forth in this Assignment and Assumption are hereby agreed to: ASSIGNOR [NAME OF ASSIGNOR] By: _____________________________ Title: _____________________________ ASSIGNEE [NAME OF ASSIGNEE] By: _____________________________ Title: _____________________________

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&nbsp;&nbsp;&nbsp;&nbsp;EXHIBIT E, Form of Assignment and Assumption – Page 3 13312-786/M/I Financial Warehouse Facility [Consented to and] Accepted: JPMorgan Chase Bank, N.A., as Agent By: Title: [Consented to:] [NAME OF RELEVANT PARTY] By: Title:

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&nbsp;&nbsp;&nbsp;&nbsp;EXHIBIT E, Form of Assignment and Assumption – Page 4 13312-786/M/I Financial Warehouse Facility ANNEX 1 STANDARD TERMS AND CONDITIONS FOR ASSIGNMENT AND ASSUMPTION 1. Representations and Warranties. 1.1 Assignor. The Assignor (a) represents and warrants that (i) it is the legal and beneficial owner of the Assigned Interest, (ii) the Assigned Interest is free and clear of any lien, encumbrance or other adverse claim other than Seller's obligation to repurchase the relevant Purchased Loans and (iii) it has full power and authority, and has taken all action necessary, to execute and deliver this Assignment and Assumption and to consummate the transactions contemplated hereby; and (b) assumes no responsibility with respect to (i) any statements, warranties or representations made in or in connection with the Repurchase Agreement or any other Transaction Documents, (ii) the execution, legality, validity, enforceability, genuineness, sufficiency or value of the Transaction Documents or any Transactions thereunder, (iii) the financial condition of the Seller, any of its Subsidiaries or Affiliates or any other Person obligated in respect of any Transaction Documents or (iv) the performance or observance by the Seller, any of its Subsidiaries or Affiliates or any other Person of any of their respective obligations under any Transaction Document. 1.2. Assignee. The Assignee (a) represents and warrants that (i) it has full power and authority, and has taken all action necessary, to execute and deliver this Assignment and Assumption and to consummate the transactions contemplated hereby and to become a Buyer under the Repurchase Agreement, (ii) it satisfies the requirements, if any, specified in the Repurchase Agreement that are required to be satisfied by it in order to acquire the Assigned Interest and become a Buyer, (iii) from and after the Effective Date, it shall be bound by the provisions of the Repurchase Agreement as a Buyer thereunder and, to the extent of the Assigned Interest, shall have the obligations of a Buyer thereunder, (iv) it has received a copy of the Repurchase Agreement, together with copies of the most recent financial statements referred to in Section 15.2(f) thereof or delivered pursuant to Section 16.3 thereof, as applicable, and such other documents and information as it has deemed appropriate to make its own credit analysis and decision to enter into this Assignment and Assumption and to purchase the Assigned Interest on the basis of which it has made such analysis and decision independently and without reliance on the Agent, the assignor or any other Buyer, and (v) if it is a Person that is organized under the Legal Requirements of any jurisdiction other than the United States of America or any State thereof, attached to this Assignment and Assumption is any documentation required to be delivered by it pursuant to the terms of the Repurchase Agreement, duly completed and executed by the Assignee; and (b) agrees that (i) it will, independently and without reliance on the Agent, the Assignor or any other Buyer, and based on such documents and information as it shall deem appropriate at the time, continue to make its own credit decisions in taking or not taking action under the Transaction Documents, and (ii) it will perform in accordance with their terms all of the obligations that by the terms of the Transaction Documents are required to be performed by it as a Buyer.

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&nbsp;&nbsp;&nbsp;&nbsp;EXHIBIT E, Form of Assignment and Assumption – Page 5 13312-786/M/I Financial Warehouse Facility 2. Payments. From and after the Effective Date, the Agent shall make all payments in respect of the Assigned Interest (including payments of Repurchase Price, Price Differential, fees and other amounts) to the Assignor for amounts that have accrued to but excluding the Effective Date and to the Assignee for amounts that have accrued from and after the Effective Date. 3. General Provisions. This Assignment and Assumption shall be binding upon, and inure to the benefit of, the parties hereto and their respective successors and assigns. This Assignment and Assumption may be executed in any number of counterparts, which together shall constitute one instrument. Delivery of an executed counterpart of a signature page of this Assignment and Assumption by telecopy shall be effective as delivery of a manually executed counterpart of this Assignment and Assumption. This Assignment and Assumption shall be governed by, and construed in accordance with, the law of the State of New York.

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&nbsp;&nbsp;&nbsp;&nbsp;EXHIBIT F, Form of Repurchase and Indemnification Report – Page 1 13312-786/M/I Financial Warehouse Facility EXHIBIT F REPURCHASE / INDEMNIFICATION REPORT COMPANY NAME: M/I Financial, LLC DATE: ___________________, 20___ I. Repurchase / Indemnification Issues Exposure with All Investors: Repurchases UPB # of Loans Actual or Estimated Losses Open repurchase requests as of now Open repurchases that are being contested Repurchases settled in 20___ Repurchases settled YTD in 20___ Loan Loss Reserve balance as of period PRIOR to date of Financial Statements Provision (from P & L) for loan losses for period of Financial Statements Loan Loss Reserve settlements and transfers for the period of Financial Statements Loan Loss Reserve balance as of period of Financial Statements II. Loans Held for Investment Portfolio Detail as of: _________________ LHFI Unpaid Principal Balance Allowances for Loan Losses Net Book Value 1st Lien Performing 2nd Lien Performing 1st Lien Delinquent 2nd Lien Delinquent Total Portfolio III. REO Portfolio as of: _________________ # of Properties Cost Basis Reserves / Write Downs Net Book Value

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&nbsp;&nbsp;&nbsp;&nbsp;EXHIBIT F, Form of Repurchase and Indemnification Report – Page 2 13312-786/M/I Financial Warehouse Facility IN WITNESS WHEREOF, the undersigned has hereunto signed his/her name on _____________________, 20____. M/I FINANCIAL, LLC By: Name: Its:

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&nbsp;&nbsp;&nbsp;&nbsp;EXHIBIT G, Form of Repurchase Settlement Account Disbursement Request – Page 1 13312-786/M/I Financial Warehouse Facility EXHIBIT G FORM OF REPURCHASE SETTLEMENT ACCOUNT DISBURSEMENT REQUEST To: JPMorgan Chase Bank, N.A. 383 Madison Avenue, 8th Floor New York, New York 10179 Attention: Roshni Bhasin Phone: (212) 834-5350 Email: roshni.bhasin@jpmorgan.com And JPMorgan Chase Bank, N.A. Mortgage Warehouse Finance Operations Attn: MWF Operations Team TX1-0022 14800 Frye Road, 2nd Floor Fort Worth, Texas 76155 Attention: Natalie Sheeran Phone: (817) 399-4858 Email: natalie.x.sheeran@jpmorgan.com From: M/I Financial, LLC 4131 Worth Avenue, Suite 460 Columbus, Ohio 43219 Attention: Derek Klutch Phone: 614-418-8655 Fax: 614-418-8686 Email: DKlutch@mihomes.com Please refer to the Master Repurchase Agreement dated as of October 24, 2023 among M/I Financial, LLC (the "Seller"), the buyers from time-to-time party thereto (the "Buyers") and JPMorgan Chase Bank, N.A., as agent to the Buyers (in such capacity, the "Agent") (as it may have been or may hereafter be supplemented, amended, restated or otherwise modified from time to time, the "Current Repurchase Agreement"). Any term defined in the Current Repurchase Agreement and used in this request shall have the meaning given to it in the Current Repurchase Agreement. Seller hereby represents and warrants to Agent that the amounts and sources of the funds currently in the Repurchase Settlement Account are set forth on the spreadsheet attached as Annex 1 hereto. Pursuant to Section 3.7 of the Current Repurchase Agreement, Seller hereby requests that Agent disburse the funds in the Repurchase Settlement Account in accordance with the instructions attached as Annex 2 hereto. Seller represents and warrants to Agent that all of the conditions to disbursement set forth in Section 3.7 of the Current Repurchase Agreement have been satisfied for this Repurchase Settlement Account Disbursement Request. Without limiting the foregoing, (i) no Default has occurred unless it has been either cured by the Seller or waived in writing by the Agent (acting with the requisite consent of the Buyers as provided in this Agreement), (ii) no Event of Default has occurred unless it has been either cured

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&nbsp;&nbsp;&nbsp;&nbsp;EXHIBIT G, Form of Repurchase Settlement Account Disbursement Request – Page 2 13312-786/M/I Financial Warehouse Facility by the Seller or waived in writing by the Agent (acting with the requisite consent of the Buyers as provided in this Agreement), (iii) no Margin Deficit exists that would not be eliminated by disbursements in accordance with such Repurchase Settlement Account Disbursement Request, and (iv) no Default or Event of Default or Margin Deficit will result from the making of the disbursements requested in such Repurchase Settlement Account Disbursement Request. There has been no material adverse change in any of the Central Elements in respect of the Seller since the date of the Seller's most recent annual audited Financial Statements that have been delivered to the Agent and the Buyers. The undersigned Authorized Seller Representative hereby certifies that all of the Seller's representations and warranties (a) in the Current Repurchase Agreement and all of the other Transaction Documents (except only to the extent that (i) such a representation or warranty speaks to a specific date or (ii) the facts on which a representation or warranty is based have been changed by transactions or conditions contemplated or expressly permitted by the Transaction Documents) and (b) in this request, are true and correct in all material respects on the date of this request. M/I FINANCIAL, LLC By: Name: Title:

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&nbsp;&nbsp;&nbsp;&nbsp;EXHIBIT G, Form of Repurchase Settlement Account Disbursement Request – Page 3 13312-786/M/I Financial Warehouse Facility ANNEX 1 AMOUNTS AND SOURCES OF FUNDS

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&nbsp;&nbsp;&nbsp;&nbsp;EXHIBIT G, Form of Repurchase Settlement Account Disbursement Request – Page 4 13312-786/M/I Financial Warehouse Facility ANNEX 2 DISBURSEMENT INSTRUCTIONS

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&nbsp;&nbsp;&nbsp;&nbsp;SCHEDULE AI, Approved Investors – Page 1 13312-786/M/I Financial Warehouse Facility SCHEDULE AI APPROVED INVESTORS LIST 1. Amerihome 2. Fannie Mae 3. Fifth Third Bank 4. Freddie Mac 5. Freedom Mortgage 6. Ginnie Mae 7. JPMorgan Chase Bank 8. Lakeview Loan Servicing 9. Mr. Cooper 10. NewRez, LLC 11. PennyMac 12. PHH 13. The Huntington National Bank 14. Truist Bank 15. U.S. Bank National Association

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&nbsp;&nbsp;&nbsp;&nbsp;SCHEDULE AR, Authorized Seller Representatives List Effective as of October 24, 2023 – Solo Page 13312-786/M/I Financial Warehouse Facility SCHEDULE AR AUTHORIZED SELLER REPRESENTATIVES (LIST EFFECTIVE AS OF OCTOBER 24, 2023) Derek J. Klutch, Chief Executive Officer, President Phillip G. Creek, Executive Vice President, Chief Financial Officer Susan E. Krohne, Senior Vice President, Chief Legal Officer, and Secretary Mark Kirkendall, Vice President, Treasurer Katherine Elmquist, Senior Vice President – Corporate Operations

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&nbsp;&nbsp;&nbsp;&nbsp;SCHEDULE AS, Asset Schedule Fields – Page 1 13312-786/M/I Financial Warehouse Facility SCHEDULE AS ASSET SCHEDULE FIELDS The Asset Schedule shall include the following fields, accurately completed for each Mortgage Loan proposed to be sold to the Buyers: Loan Number Primary Borrower Last Name Primary Borrower First Name Property Address Property City Property State Property Zip Property County Note Amount Investor Commitment Number Commitment Price Commitment Expiration Original LTV Original CLTV Interest Rate Mortgage Date Primary SSN Secondary SSN Coborrower Last Name Coborrower First Name Primary Borrower DOB DU/LP Approval Number Warehouse Amount Loan Term Loan Purpose DTI Product Lien Type Balloon Flag Property Type Occupancy Code Borrower Mid FICO Score Coborrower Mid FICO Score Units MIN Primary Borrower Current Address

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&nbsp;&nbsp;&nbsp;&nbsp;SCHEDULE AS, Asset Schedule Fields – Page 2 13312-786/M/I Financial Warehouse Facility Primary Borrower Current City Primary Borrower Current State Primary Borrower Current Zip Wire Comments Payee Name Payee Address Payee City Payee State Payee Zip Payee Bank Name Funding Type Payee Account Number ABA Number Funding Amount Further Credit Bank Name or ABA Further Credit Account Number Amortization Type Document Type Mortgage Insurance First Payment Due Maturity Date Prepay Months Prepayment Penalty Description Sales Price Margin Ceiling / Max Rate First ARM Cap Period ARM Cap Next Rate Adjustment Next Payment Adjustment Frequency Payment Adjustment ARM Index Closing Agent Phone Number Number of Borrowers Program Description Escrow Indicator / Impound Balance Annual Income Fixed Period Interest Rate Adjustment Frequency Interest Only Term Full Appraisal Type Self-Employed Flag Collateral Type

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&nbsp;&nbsp;&nbsp;&nbsp;SCHEDULE AS, Asset Schedule Fields – Page 3 13312-786/M/I Financial Warehouse Facility AVM Model 1st Lien Type Program Code LPMI % Fee Agency Program Such other fields as the Agent requires from time to time in its sole discretion with notice to the Seller

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&nbsp;&nbsp;&nbsp;&nbsp;SCHEDULE BC, Buyers' Committed Sums – Solo Page 13312-786/M/I Financial Warehouse Facility SCHEDULE BC BUYERS' COMMITTED SUMS (in dollars) From October 21, 2025 until the Termination Date Buyer Committed Sum JPMorgan Chase Bank, N.A. $57,500,000 Truist Bank $47,500,000 The Huntington National Bank $47,500,000 Texas Capital Bank $47,500,000 Maximum Aggregate Commitment: $200,000,000

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&nbsp;&nbsp;&nbsp;&nbsp;SCHEDULE JML, Jumbo Mortgage Loan Criteria – Page 5 13312-786/M/I Financial Warehouse Facility SCHEDULE JML JUMBO MORTGAGE LOAN CRITERIA [on file with and available upon request from Agent]

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&nbsp;&nbsp;&nbsp;&nbsp;SCHEDULE JML, Jumbo Mortgage Loan Criteria – Page 6 13312-786/M/I Financial Warehouse Facility

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&nbsp;&nbsp;&nbsp;&nbsp;SCHEDULE DQ, Disqualifiers – Page 1 13312-786/M/I Financial Warehouse Facility SCHEDULE DQ DISQUALIFIERS "Disqualifier" means any of the following events; after the occurrence of any Disqualifier, unless it shall have been waived or cured in writing in accordance with the terms of the Agreement, the Market Value of the affected Purchased Loan shall be deemed to be zero, and the Agent shall be deemed to have marked such Purchased Loan to market: 1. Any event occurs, or is discovered to have occurred, after which the affected Purchased Loan fails to satisfy any element of the definition of "Eligible Loan". 2. In respect of any Purchased Loan, for any reason whatsoever any of the Seller's special representations concerning Purchased Loans set forth in Section 15.3 applicable to that type of Purchased Loan shall become untrue, or shall be discovered to be untrue, in any respect. 3. Any Purchased Loan shall become In Default or with respect to which the Customer has made a formal written request for, and/or the Seller has granted, forbearance of some or all of Customer's payment obligations thereunder. 4. The Wet Loan Period for such Purchased Loan shall have elapsed after the Purchase Date upon which a Wet Loan has been sold to the Buyers without all of the Wet Loan's Primary Loan Documents having been received by the Custodian. 5. For any Purchased Loan, any Primary Loan Document shall have been sent to the Seller or its designee for correction, collection or other action and shall not have been returned to the Custodian on or before twenty-one (21) days after it was so sent to the Seller. 6. Any Purchased Loan shall be assumed by (or otherwise become the liability of), or the real property securing it shall become owned by, any corporation, partnership or any other entity that is not a natural person or a trust for natural persons unless payment in full of such Purchased Loan is guaranteed by a natural person. The Agent, the Buyers and the Custodian may rely on the Seller's representation and warranty that no Purchased Loans have been so assumed by (or otherwise become the liability of) such a Person except as otherwise specified by written notice(s) to the Custodian. 7. Any Purchased Loan shall be assumed by (or otherwise become the liability of), or the real property securing it shall become owned by, an Affiliate of the Seller or any of the Seller's or its Affiliates' directors, members or appointed officers, provided, however, nothing herein shall be deemed to disqualify any Purchased Loans made to an employee or officer of Seller in the ordinary course of Seller's business. The Agent, the Buyers and the Custodian may rely on the Seller's representation and warranty that no Purchased Loans have been so assumed by (or otherwise become the liability of) such a Person except as otherwise specified by written notice(s) to the Custodian.

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&nbsp;&nbsp;&nbsp;&nbsp;SCHEDULE DQ, Disqualifiers – Page 2 13312-786/M/I Financial Warehouse Facility 8. Any Purchased Loan shipped to an Approved Investor shall not be paid for or returned to the Custodian or the Agent (whichever shipped it) on or before forty-five (45) days after it is shipped. 9. More than sixty (60) days shall have elapsed since the Purchase Date of any Purchased Loan which is not an Aged Mortgage Loan or more than ninety (90) days shall have elapsed since the Purchase Date of any Aged Mortgage Loan. 10. Any Purchased Loan that is shipped to the Seller for correction of one or more Primary Loan Documents when the Market Value of all Purchased Loans so shipped to the Seller exceeds five percent (5%) of the Maximum Aggregate Commitment (or such greater amount as approved by the Agent in its sole discretion). 11. The terms and conditions of any Purchased Loan has been amended, modified or waived (except to correct errors or omissions in Loan Documents), or any claim in respect of any Purchased Loan has been settled or compromised, or Seller has accepted other than cash or the exchange of comparable Purchased Loans (which is concurrently sold by the Seller to the Buyers) in liquidation of any Purchased Loan, in each case without the written consent of the Agent given on a case-by-case basis.

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&nbsp;&nbsp;&nbsp;&nbsp;SCHEDULE EL, Eligible Loans – Page 1 13312-786/M/I Financial Warehouse Facility SCHEDULE EL ELIGIBLE LOANS "Eligible Loans" means Single-family Loans that are amortizing Agency Mortgage Loans, Government Mortgage Loans, Jumbo Mortgage Loans, Non-Chase Jumbo Mortgage Loans, State Bond Mortgage Loans, RHS Mortgage Loans, Investment Property Mortgage Loans, Aged Mortgage Loans, Low FICO Mortgage Loans, and Wet Loans of a type previously listed, in each case, that satisfy all criteria for Eligible Loans set forth on this Schedule EL and are not subject to a Disqualifier. Each Mortgage Loan must be secured by a first priority Lien (subject only to Permitted Encumbrances) on its related Mortgaged Premises. It may bear interest at a fixed interest rate, at a fluctuating interest rate or at a fixed or fluctuating interest rate for part of its term followed, respectively, by a fluctuating or fixed interest rate for the remainder of its term. No Mortgage Loan shall be an Eligible Loan at any time: (1) If the Mortgaged Premises securing it is a mobile home, manufactured housing, or cooperative housing unit. (2) That contains or is otherwise subject to any contractual restriction or prohibition on the free transferability of such Mortgage Loan, all Liens securing it and all related rights (other than Legal Requirements requiring notification to its Customer(s) of any transfer of it or of its servicing or administration), either absolutely or as security. (3) If any of its owners-mortgagors is a corporation, partnership or any other entity that is not a natural person or a trust for natural persons unless its full payment when due is guaranteed by a natural person. (4) If any of its owner-mortgagors is an Affiliate of the Seller or any of the Seller's or any such Affiliate's directors, members or appointed officers; provided, however, nothing herein shall be deemed to disqualify any Purchased Loans made to an employee or officer of the Seller in the ordinary course of the Seller's business. (5) Whose related Mortgaged Premises are not covered by a Hazard Insurance Policy. (6) That is a construction, rehabilitation or commercial loan. The Agent, the Buyers and the Custodian may rely on the Seller's representation and warranty that no Purchased Loan is such a loan. (7) Where the Mortgage Note evidencing such Mortgage Loan (i) was not executed by a bona fide third person who had capacity to contract, or (ii) matures more than thirty (30) years from the date thereof. (8) That was originated more than thirty (30) days before its Purchase Date. (9) That is In Default or ever was In Default. (10) That contains any term or condition such that the repayment schedule results in the outstanding principal balance increasing over time, rather than amortizing, whether or not such

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&nbsp;&nbsp;&nbsp;&nbsp;SCHEDULE EL, Eligible Loans – Page 2 13312-786/M/I Financial Warehouse Facility Mortgage Loan is deemed to be an "option ARM", "reverse mortgage", "negative amortization" or "graduated payment" loan. The Agent, the Buyers and the Custodian may rely on the Seller's representation and warranty that any Mortgage Loan duly sold to the Buyers amortizes over time. (11) In connection with the origination of which a policy of single-premium life insurance on the life of a mortgagor, borrower or guarantor was purchased. (12) That (i) is subject to the special Truth-in-Lending disclosure requirements imposed by Section 32 of Regulation Z of the Federal Reserve Board (12 C.F.R. § 226.32) or any similar state or local Legal Requirement relating to high interest rate credit or lending transactions or (ii) contains any term or condition, or involves any loan origination practice, that (a) has been defined as "high cost", "high risk", "predatory", "covered", "threshold" or a similar term under any such applicable federal, state or local law, (b) has been expressly categorized as an "unfair" or "deceptive" term, condition or practice in any such applicable federal, state or local law (or the regulations promulgated thereunder) or (c) by the terms of such Legal Requirement exposes assignees of Mortgage Loans to possible civil or criminal liability or damages or exposes any Buyer or the Agent to regulatory action or enforcement proceedings, penalties or other sanctions. The Agent, the Buyers and the Custodian may rely on the Seller's representation and warranty that no Purchased Loan is such a loan. (13) That the Seller or any Affiliate has previously warehoused with any other Person, whether under a lending arrangement or an arrangement involving a sale in contemplation of a subsequent further sale to (or securitization by) a secondary mortgage market purchaser (other than the existing mortgage warehousing facility with Comerica Bank), whether with or without the Seller's having any conditional repurchase or other recourse obligation, and that was rejected or became ineligible or disqualified to be lent against or purchased and held by such other Person. The Agent, the Buyers and the Custodian may rely on the Seller's representation and warranty that no Purchased Loan is such a loan. (14) That the Seller or any Affiliate sold and transferred, or attempted to sell and transfer, to any other Person. (15) That has a Loan to Value ratio in excess of (a) one hundred five percent (105%) in the case of an Agency Mortgage Loan, a Government Mortgage Loan or a State Bond Mortgage Loan; (b) one hundred two and forty-one thousandths percent (102.041%) in the case of an RHS Mortgage Loan or (c) in the case of a Jumbo Mortgage Loan the applicable maximum Loan to Value specified on Schedule JML (or, in each case, such other percentage determined by the Agent in its sole discretion and specified in a written notice from the Agent to the Seller from time to time); (16) In the case of an eMortgage Loan, unless Seller shall have caused (i) the Authoritative Copy of the related eNote to be delivered to the eVault via a secure electronic file, (ii) the Controller status of the related eNote to be transferred to the Custodian, (iii) the Location status of the related eNote to be transferred to the Custodian, (iv) the Delegatee status of the related eNote to remain blank, in each case using MERS eDelivery and the MERS eRegistry, (v) the Master Servicer Field of the related eNote to remain blank until being changed to Seller or other

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&nbsp;&nbsp;&nbsp;&nbsp;SCHEDULE EL, Eligible Loans – Page 3 13312-786/M/I Financial Warehouse Facility servicer approved by Agent in connection with a Transfer of Control of the eNote to an Approved Investor, and (vi) the Subservicer Field of the related eNote to remain blank. (17) Unless all of the Seller's right, title and interest in and to the Purchased Loan is subject to a first priority perfected security interest in favor of the Agent for the benefit of the Buyers subject to no other liens, security interests, charges or encumbrances other than the Seller's right to repurchase the Purchased Loan hereunder and other Permitted Encumbrances with respect to the related Mortgaged Premises. (18) Unless all the representations and warranties set forth in this Agreement, including, without limitation, Section 15.3 and Schedule 15.3, are true and correct with respect to such Purchased Loan at all times on and after the related Purchase Date through the applicable Repurchase Date. (19) That is not covered by an Investor Commitment or Hedge Agreement. (20) That has an original term to stated maturity of more than thirty (30) years. (21) As to which any Disqualifier applies. (22) That was previously a Purchased Loan (except as a Wet Loan or as any type of Mortgage Loan that can, with seasoning, become an Aged Mortgage Loan in accordance with the terms hereof). (23) A Second Mortgage Loan, a Non-QM Mortgage Loan or a TPO Loan, a subprime Mortgage Loan or alt-A Mortgage Loan or an "Expanded Approval" loan or a similar loan such as is described in the applicable Agency's eligibility certification. (24) In the case of an eMortgage Loan, unless (i) the related eNote contains the Agency- Required eNote Legend; (ii) the eNote bears a digital or electronic signature; (iii) the Hash Value of the eNote indicated in the MERS eRegistry matches the Hash Value of the eNote as reflected in the eVault; (iv) there is a single Authoritative Copy of the eNote and such single Authoritative Copy is held in the eVault; (v) the Location status of the eNote on the MERS eRegistry reflects the MERS Org ID of the Custodian; (vi) the Controller status of the eNote on the MERS eRegistry reflects the MERS Org ID of the Custodian; (vii) the Secured Party status of the eNote on the MERS eRegistry reflects the MERS Org ID of the Custodian, or is blank and the Secured Party Delegatee status of the eNote on the MERS eRegistry is blank; (viii) the Delegatee status of the eNote on the MERS eRegistry is blank; (ix) the Master Servicer Field of the related eNote on the MERS eRegistry is blank until being changed to Seller or other servicer approved by Agent in connection with a Transfer of Control of the eNote to an Approved Investor, and the Subservicer Field of the related eNote is blank; (x) no Control Failure has occurred or exists with respect to such eNote; (xi) the eNote is a valid and enforceable Transferable Record; (xii) the Custodian has Control of the eNote evidencing such eMortgage Loan, and there is no defect with respect to the eNote that would result in the Custodian having less than full rights, benefits and defenses of Control of the eNote; (xiii) the single Authoritative Copy of the eNote is maintained electronically and has not been papered-out, nor is there another paper representation of such eNote; and (xiv) the Custodian shall have entered into an Approved Investor Agreement with the Approved Investor

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&nbsp;&nbsp;&nbsp;&nbsp;SCHEDULE EL, Eligible Loans – Page 4 13312-786/M/I Financial Warehouse Facility that will purchase such eNote, and such Approved Investor Agreement shall be in full force and effect. (25) Any Mortgage Loan with respect to which the Customer has made a formal written request for, and/or the Seller has granted, forbearance of some or all of Customer's payment obligations thereunder.

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&nbsp;&nbsp;&nbsp;&nbsp;SCHEDULE 1.2, Deposit Accounts – Solo Page 13312-786/M/I Financial Warehouse Facility SCHEDULE 1.2 DEPOSIT ACCOUNTS Funding Account 691319799 Operating Account 691319807 Cash Pledge Account 691319815 Repurchase Settlement Account 691319823 Escrow Account Bank: Huntington National Bank ABA No.: 0044-000-024 Account Name: M/I Financial, LLC Account No.: 01892748838 Income Account Bank: Huntington National Bank ABA No.: 0044-000-024 Account Name: M/I Financial, LLC Account No.: 01892748838

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&nbsp;&nbsp;&nbsp;&nbsp;SCHEDULE 15.2(f), Material Adverse Changes and Contingent Liabilities – Solo Page 13312-786/M/I Financial Warehouse Facility SCHEDULE 15.2(f) MATERIAL ADVERSE CHANGES AND CONTINGENT LIABILITIES None.

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&nbsp;&nbsp;&nbsp;&nbsp;SCHEDULE 15.2(g), Pending Litigation – Solo Page 13312-786/M/I Financial Warehouse Facility SCHEDULE 15.2(g) LITIGATION None.

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&nbsp;&nbsp;&nbsp;&nbsp;SCHEDULE 15.2(n), Existing Liens – Solo Page 13312-786/M/I Financial Warehouse Facility SCHEDULE 15.2(n) EXISTING LIENS None.

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&nbsp;&nbsp;&nbsp;&nbsp;SCHEDULE 15.2(s), Compliance Information – Solo Page 13312-786/M/I Financial Warehouse Facility SCHEDULE 15.2(s) COMPLIANCE INFORMATION Correct Legal Name Address Type of Organization Jurisdiction of Organization Tax identification number and other identification numbers M/I Financial, LLC 4131 Worth Avenue Suite 460 Columbus, OH 43219 Limited Liability Company Ohio 31-1076317

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&nbsp;&nbsp;&nbsp;&nbsp;SCHEDULE 15.3, Special Representations and Warranties with Respect to Each Purchased Loan – Page 1 13312-786/M/I Financial Warehouse Facility SCHEDULE 15.3 SPECIAL REPRESENTATIONS AND WARRANTIES WITH RESPECT TO EACH PURCHASED LOAN With respect to each Mortgage Loan, (i) as of the Purchase Date for the purchase of any Purchased Loans and as of the Effective Date of this Agreement and any Transaction hereunder, and (ii) at all times while the Transaction Documents or any Transaction hereunder is in force and effect, the Seller represents and warrants to the Agent and the Buyers that each of the statements set forth as lettered items of this Schedule 15.3 is true and correct in all material respects. For purposes of this Schedule 15.3 and the representations and warranties set forth herein, a breach of a representation or warranty shall be deemed to have been cured with respect to a Mortgage Loan if and when the Seller has taken or caused to be taken action such that the event, circumstance or condition that gave rise to such breach no longer adversely affects such Mortgage Loan. With respect to each representation and warranty below that is made to the best of the Seller's knowledge, if it is discovered by the Seller, the Agent or any Buyer that the substance of such representation and warranty is inaccurate, notwithstanding the 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 (if Agent shall determine that a Purchased Loan is not an Eligible Loan because of the inaccuracy of such a representation or warranty, Agent will give Seller written notice specifying the affected Purchased Loan or Loans). (a) Mortgage Loans as Described. The information set forth in the related Advance File is complete, true and correct as of the related Purchase Date. (b) Valid First Lien. The Mortgage is properly recorded (or, as to newly-originated Mortgage Loans, is in the process of being recorded) and is a valid, existing and enforceable first Lien with respect to each Mortgage Loan that is indicated by the Seller to be a first Lien on the Mortgaged Premises, including all improvements on the Mortgaged Premises, free and clear of all adverse claims, and Liens having priority over the Lien of the Mortgage, subject only to (i) the Lien of current real property taxes and assessments not yet delinquent, (ii) exceptions, covenants, conditions and restrictions, rights of way, easements and other matters of the public record as of the date of recording being acceptable to mortgage lending institutions generally and specifically referred to in the lender's title insurance policy delivered to the Seller and that do not adversely affect the purchase by, or the purchase price to be paid by, the Approved Investor, and (iii) other matters to which like properties are commonly subject that do not individually or in the aggregate 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 Premises. Any security agreement, chattel mortgage or equivalent document related to and delivered in connection with the Mortgage Loan establishes and creates a valid, existing and enforceable first lien and first priority security interest securing the related Mortgage Loan on the property described therein and the Seller has full right to sell and assign the related Collateral to the Agent for the benefit of the Buyers. (c) Validity of Mortgage Documents. With respect to each Mortgage Loan, the Seller or its designee has in its possession all Servicing Records (including for each eMortgage Loan, the eClosing Transaction Record) except for those Servicing Records that the Seller has disclosed to

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&nbsp;&nbsp;&nbsp;&nbsp;SCHEDULE 15.3, Special Representations and Warranties with Respect to Each Purchased Loan – Page 2 13312-786/M/I Financial Warehouse Facility the Agent are outstanding. The Mortgage Note and the related Mortgage are original and genuine, or in the case of an eNote, the copy of the eNote transmitted to the Custodian's eVault is the Authoritative Copy and the tamper-seal on the eNote matches the tamper-seal stored on the MERS eRegistry, and each is the legal, valid and binding obligation of the Customer thereof, enforceable in all respects in accordance with its terms except as enforceability may be limited by (i) bankruptcy, insolvency, liquidation, receivership, moratorium, reorganization or other similar laws affecting the enforcement of the rights of creditors and (ii) general principles of equity, whether enforcement is sought in a proceeding in equity or at law, and the Seller has taken all action required by this Agreement or requested by Agent to transfer such rights of enforceability to the Custodian, for the benefit of the Buyers. Neither the operation of any of the terms of any Mortgage or Mortgage Note, nor the proper exercise by any holder of any right thereunder, will render the Mortgage or Mortgage Note unenforceable, in whole or in part, or subject to any right of rescission, setoff, counterclaim or defense, and no such right of rescission, setoff, counterclaim or defense has been asserted with respect thereto. All parties to the Mortgage Note and the Mortgage had the legal capacity to enter into the Mortgage Loan and to execute and deliver the Mortgage Note and the Mortgage, and the Mortgage Note and the Mortgage have been duly and properly executed by such parties. All items required to be delivered pursuant to this Agreement shall be delivered to the Custodian within the time frames set forth in the Custodial Agreement, and if a document is delivered in imaged format, such images must be of sufficient quality to be readable and able to be copied. There is only one original executed Mortgage Note (or, in the case of an eNote, only one Authoritative Copy of the eNote, and each other copy of the eNote is readily identifiable as a copy that is not the Authoritative Copy of the eNote) with respect to such Mortgage Loan, and, if an eMortgage Loan, the Customer only signed the eNote at origination and did not also execute an original Paper Record. Without the Agent's prior written consent, the Seller has not amended or modified the Loan Documents, or waived any term or condition of them, or settled or compromised any claim in respect of any item of the Purchased Loans, any related rights or any of the Loan Documents, except only such amendments, modifications, waivers, settlements or compromises, if any, that (a) do not (i) affect the amount or timing of any payment of principal or interest payable with respect to such Purchased Loan, (ii) extend its scheduled maturity date, modify its interest rate or constitute a cancellation or discharge of its outstanding principal balance, (iii) materially and adversely affect the liability of any maker, guarantor or insurer or the security afforded by the real property, furnishings, fixtures, or equipment securing the Purchased Loan or (iv) materially and adversely affect its value, (b) have been approved by the insurer under the related private mortgage insurance policy, if any, and by the title insurer under the related lender's title insurance policy, to the extent required to avoid affecting or impairing the coverage of such policy or policies, and (c) are in accordance with Accepted Servicing Practices and the Agency Guidelines. (d) Customary Provisions. The Mortgage and related Mortgage Note contain customary and enforceable provisions such as to render the rights and remedies of the holder thereof adequate for the realization against the Mortgaged Premises 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 subject to applicable federal and state laws and judicial precedent with respect to bankruptcy and right of redemption. Upon default by a Customer on a Mortgage Loan and foreclosure on, or trustee's sale of, the Mortgaged Premises pursuant to the proper procedures, the holder of the Mortgage Loan will be able to deliver good and merchantable title to the Mortgaged Premises, subject to applicable federal and state laws and

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&nbsp;&nbsp;&nbsp;&nbsp;SCHEDULE 15.3, Special Representations and Warranties with Respect to Each Purchased Loan – Page 3 13312-786/M/I Financial Warehouse Facility judicial precedent with respect to bankruptcy and right of redemption. There is no homestead or other exemption or right available to the Customer or any other person that would interfere with the right to sell the Mortgaged Premises at a trustee's sale or the right to foreclose the Mortgage, subject to applicable federal and state laws and judicial precedent with respect to bankruptcy and right of redemption. The Mortgage Note and Mortgage are on forms that are conforming to the Agency Guidelines and the Investor Guidelines, as applicable. (e) Original Terms Unmodified. The terms of the Mortgage Note and the Mortgage have not been impaired, waived, altered or modified in any respect, except, so long as the Mortgage Note is not an eNote, by written instruments that (i) have been recorded in the applicable public recording office if required by law or if necessary to maintain the lien priority of the Mortgage and (ii) have been delivered to Buyer and (iii) if such instrument modifies an eNote, such modification is reflected on the MERS eRegistry, and the eNote and related Loan Documents remain valid, effective and enforceable and in compliance with all applicable Legal Requirements (including UETA and ESIGN) and Agency Guidelines; the substance of any such waiver, alteration or modification has been approved by the insurer under the private mortgage insurance policy, if any, and by the title insurer, to the extent required by the related policy provided by the Seller and is reflected appropriately on any and all documentation or data and is true and accurate. No other instrument of waiver, alteration or modification has been executed, and no Customer has been released, in whole or in part, except in connection with an assumption agreement approved by the insurer under the private mortgage insurance policy, if any, and by the title insurer, to the extent required by the policy, and which assumption agreement is a part of the Loan File. As of the Purchase Date, the full original principal amount of each Mortgage Loan has been fully disbursed as provided for in the Loan Documents, and there is no requirement for any future advances. (f) No Defenses. The Mortgage Note and the Mortgage are not subject to any right of rescission, set off, counterclaim or defense, including the defense of usury, nor will the operation of any of the terms of the Mortgage Note and the Mortgage, or the exercise of any right thereunder, render either the Mortgage Note or the Mortgage unenforceable, in whole or in part, or subject to any right of rescission, set off, counterclaim or defense, including the defense of usury, and no such right of rescission, set off, counterclaim or defense has been asserted with respect thereto; and the Customer was not, as of the origination date, subject to an Event of Insolvency. (g) No Outstanding Charges. There are no defaults by the Seller or any Subservicer in complying with the terms of the Mortgage, and (1) all taxes, special assessments, governmental assessments, insurance premiums and municipal charges that previously became due and owing have been paid or are not delinquent, or escrow funds have been established in an amount sufficient to pay for every such escrowed item that remains unpaid and that has been assessed but is not yet delinquent before any "economic loss" dates or discount dates (or if payments were made after any "economic loss" date or discount date, then Seller has paid any penalty or reimbursed any discount out of the Seller's funds) and (2) all flood and hazard insurance premiums and private mortgage insurance premiums that are due, have been paid without loss or penalty to the Customer. As of the Purchase Date, no violation of applicable law, local ordinances or city codes resulting from a deterioration or defect existing in any Mortgaged Premises has occurred. The Seller has received no notice of, and has no actual knowledge of, any event, including the bankruptcy filing or death of a Customer, that has resulted in a Customer default under the Mortgage Note or Mortgage. None of the Seller or any Subservicer has advanced funds, or induced, solicited or

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&nbsp;&nbsp;&nbsp;&nbsp;SCHEDULE 15.3, Special Representations and Warranties with Respect to Each Purchased Loan – Page 4 13312-786/M/I Financial Warehouse Facility knowingly received any advance from any Person other than the Customer, directly or indirectly, for the payment of any amount due under the Mortgage Loan, unless otherwise permitted in the Agency Guidelines or Investor Guidelines. (h) No Satisfaction of Mortgage. The Mortgage has not been satisfied, canceled, subordinated or rescinded, in whole or in part, and the Mortgaged Premises has not been released from the Lien of the Mortgage, in whole or in part, nor has any instrument been executed that would effect any such satisfaction, cancellation, subordination, rescission or release. Neither the Seller nor any Subservicer has waived the performance by the Customer of any action, if the Customer's failure to perform such action would cause the Mortgage Loan to be in default, and neither the Seller nor any Subservicer has waived any default resulting from any action or inaction by the Customer. (i) No Default. Other than payments due but not yet thirty (30) days or more delinquent, there is no default, breach, violation or event of acceleration existing under the Mortgage or the Mortgage Note and no event that, 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 permitting acceleration, and neither the Seller nor any Subservicer has waived any default, breach, violation or event permitting acceleration resulting from any action or inaction by the Customer. With respect to each Mortgage Loan (i) the first Lien securing the Mortgage Loan is in full force and effect, (ii) there is no default, breach, violation or event of acceleration existing under such first Lien Mortgage or the related Mortgage Note, and (iii) no event that, 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 thereunder. (j) Full Disbursement of Proceeds. The Mortgage Loan has been closed and the proceeds of the Mortgage Loan have been fully disbursed to or for the account of the Customer and there is no obligation for the mortgagee to advance additional funds thereunder 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 have been paid or are in the process of being paid, and the Customer is not entitled to any refund of any amounts paid or due to the mortgagee pursuant to the Mortgage Note or Mortgage with exception to escrow holdbacks. (k) No Mechanics' Liens. Subject to the exceptions in clause (b) above, there are no mechanics' or similar Liens or claims filed for work, labor or material (and no rights are outstanding that under law could give rise to such a Lien) affecting the related Mortgaged Premises that are or may be Liens prior to, or equal or coordinate with, the Lien of the related Mortgage. (l) No Additional Collateral. The Mortgage Note is not and has not been secured by any collateral except the Lien of the corresponding Mortgage on the Mortgaged Premises and the security interest of any applicable security agreement or chattel mortgage. (m) Origination; Payment Terms. The Mortgage Loan was originated by the Seller, which is 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,

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&nbsp;&nbsp;&nbsp;&nbsp;SCHEDULE 15.3, Special Representations and Warranties with Respect to Each Purchased Loan – Page 5 13312-786/M/I Financial Warehouse Facility a commercial bank, credit union, insurance company or other similar institution that is supervised and examined by a federal or state authority or duly licensed by state licensing authority, if applicable. The Seller and all other parties that 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) in compliance with any and all applicable licensing requirements of the laws of the state wherein the Mortgaged Premises is located, and either (1) organized under the laws of such state, (2) qualified to do business in such state, (3) federal savings and loan associations, savings banks or national banks having principal offices in such state, (4) not doing business in such state or (5) not required by any Legal Requirement to be qualified to do business in such state. Principal payments on the Mortgage Loan commenced or will commence no more than sixty (60) days after the proceeds of the Mortgage Loan were disbursed. The Mortgage Loan requires interest payable in arrears on the first day of the month. Each Mortgage Note requires a monthly payment that is sufficient (i) during the period before the first adjustment to the Mortgage interest rate, to amortize the original principal balance fully over the original term thereof (unless otherwise provided in the applicable Agency Guidelines) and to pay interest at the related Mortgage interest rate, and (ii) during the period following each interest rate adjustment date in the case of each adjustable rate Mortgage Loan, to amortize the outstanding principal balance fully as of the first day of such period over the then remaining term of such Mortgage Note and to pay interest at the related Mortgage interest rate. The Mortgage Note does not permit negative amortization. Interest on the Mortgage Note is calculated on the basis of a 360-day year consisting of twelve 30-day months. The Mortgage Loan is not a simple interest Mortgage Loan (meaning a Mortgage Loan on which interest is calculated on a daily basis). The Mortgage Loan does not require a balloon payment upon the maturity thereof. The Mortgage Note does not by its terms provide for the capitalization or forbearance of interest. (n) Ownership. Immediately before the Buyers' payment of the Purchase Price, the Seller was the sole owner and holder of the Mortgage Loan and the indebtedness evidenced by the Mortgage Note. Immediately before the Purchase Date, the Mortgage Loan, including the Mortgage Note and the Mortgage, is not assigned or pledged by the Seller (although it may be, or have been, subject to an Investor Commitment) and the Seller has good and marketable title thereto, full right to transfer and sell the Mortgage Loan to the Agent on behalf of the Buyers free and clear of any Lien, participation interest, equity, pledge or claim and had full right and authority subject to no interest or participation in, or agreement with any other Person to sell or otherwise transfer the Mortgage Loan, subject to any applicable Investor Commitment. Following the sale of the Mortgage Loan, Buyers will own such Mortgage Loan and the other Collateral free and clear of any Lien except for the Lien created pursuant to this Agreement and subject to Seller's repurchase rights and applicable Investor Commitments and Buyers shall have a valid and perfected first priority security interest in all of Seller's right, title and interest in and to such Mortgage Loan and the other Collateral then existing and thereafter arising in each case free and clear of any Lien, subject to Seller's repurchase rights and applicable Investor Commitment. After the related Purchase Date, the Seller will not have any right to modify or alter the terms of the sale of the Mortgage Loan and the Seller will not have any obligation or right to repurchase the Mortgage Loan, except as provided in this Agreement or as otherwise agreed to by the Seller, the Agent and each Buyer. The Seller has full right to sell, assign and transfer the Mortgage Loan without the consent of the related Customer or any other Person.

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&nbsp;&nbsp;&nbsp;&nbsp;SCHEDULE 15.3, Special Representations and Warranties with Respect to Each Purchased Loan – Page 6 13312-786/M/I Financial Warehouse Facility (o) Transfer of Mortgage Loan. The Mortgage Loan is a MERS Designated Mortgage Loan. The original Mortgage was recorded in the appropriate jurisdictions wherein such recordation is necessary to perfect the Lien thereof as against creditors of the Customer, or is in the process of being recorded. The Seller has registered the Mortgage Loan on the MERS System or will do so within five (5) Business Days after the Purchase Date. No Person (other than Agent, which may, at its election, list itself as interim funder) is listed as interim funder on the MERS System with respect to such Mortgage Loan. (p) Hazard Insurance; Flood Insurance. All buildings or other customarily insured improvements upon the Mortgaged Premises are insured by an insurer generally acceptable under the Investor Guidelines and against loss by fire, hazards covered by extended coverage insurance and such other hazards as are required in the Investor Guidelines pursuant to an insurance policy conforming to the requirements of Investor Guidelines and providing coverage as required by Agency Guidelines. All such insurance policies are in full force and effect and contain a standard mortgagee clause naming the originator of the Mortgage Loan, its successors and assigns as mortgagee and all premiums due and owing thereon have been paid. If required by the Flood Disaster Protection Act of 1973, as amended, or by regulations promulgated pursuant thereto, the Mortgage Loan is covered by a flood insurance policy meeting the requirements of the current guidelines of the Federal Insurance Administration is in effect which policy conforms to the requirements of the Investor Guidelines. The Mortgage obligates the Customer thereunder to maintain all such insurance at the Customer's cost and expense, and on the Customer's failure to do so, authorizes the holder of the Mortgage to maintain such insurance at the Customer's cost and expense and to seek reimbursement therefor from the Customer. Where required by state law or regulation, the Customer 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 in full force and effect. The Seller has not engaged in, and has no knowledge of the Customer, any Subservicer or any prior servicer having engaged in, any act or omission that 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, to Seller's knowledge, 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 or entity, and no such unlawful items have been received, retained or realized by the Seller, in any case, to the extent it would impair coverage under any such policy. (q) Title Insurance. The Mortgage Loan is covered by an ALTA, CLTA or TLTA lender's title insurance policy, acceptable to the applicable Agency or as mandated by applicable state law, if any, issued by a title insurer acceptable to the applicable Agency or qualified as required under applicable state law and qualified to do business in the jurisdiction where the Mortgaged Premises is located, insuring the Seller, its successors and assigns as to the first priority of the lien of the Mortgage in the original principal amount of the Mortgage Loan, subject to the exceptions in clause (b) above, and, if such Mortgage Loan is an adjustable rate Mortgage Loan, against any loss by reason of the invalidity or unenforceability of the lien resulting from the provisions of the Mortgage providing for adjustment in the Mortgage interest rate or monthly payment. Where required by state law or regulation, the Customer 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

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&nbsp;&nbsp;&nbsp;&nbsp;SCHEDULE 15.3, Special Representations and Warranties with Respect to Each Purchased Loan – Page 7 13312-786/M/I Financial Warehouse Facility the Mortgaged Premises 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. The Seller and its successors and assigns are the sole insureds of such lender's title insurance policy, and such lender's title insurance policy is in full force and effect and will be in full 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 the Seller has not done, by act or omission, anything that would impair the coverage of such lender's title insurance policy. (r) Reserved. (s) Private Mortgage Insurance Policy. In the event that a private mortgage insurance policy is required by the applicable Agency, the Mortgage Loan has a valid and transferable private mortgage insurance policy. Unless the private mortgage insurance policy for a Mortgage Loan was cancelled at the request of the Customer or automatically terminated, in either case in accordance with applicable law, all premiums have been paid and all provisions of such private mortgage insurance policy have been and are being complied with. Any Mortgage Loan subject to a primary mortgage insurance policy obligates the Customer thereunder to pay the private mortgage insurance policy premium, if any, with respect to such Mortgage Loan. (t) Optional Insurance. No single payment credit life insurance or other optional insurance product that has been considered "predatory" by Fannie Mae or Freddie Mac has been obtained with the proceeds of such Mortgage Loan in connection with the origination of such Mortgage Loan at the origination date. (u) Insurance. All insurance policies required by the applicable Agency in connection with the closing of the Mortgage Loan, of whatever type, remain in full force and effect. The Seller has not engaged in, and has no knowledge of the Customers having engaged in, any act or omission that would impair the coverage validity or binding effect of any such policies or 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 unlawful commission, unlawful fee, or other unlawful compensation has been or will be received by the Seller or any Subservicer or any designee of the Seller or any Subservicer or any corporation in which the Seller, any Subservicer or, to Seller's knowledge, any officer, director, or employee of the Seller or any Subservicer had a financial interest at the time of placement of such insurance. (v) Mortgaged Premises Undamaged; No Condemnation Proceedings. As of the related Purchase Date, there are no material uninsured casualty losses or material casualty losses where coinsurance has been, or the Seller has reason to believe will be, claimed by the insurance company or where the loss, exclusive of contents, is, or will be, materially greater than the recovery (less actual costs and expenses incurred in connection with such recovery) from the insurance carrier. No casualty insurance proceeds have been used by Seller to reduce Mortgage Loan balances or for any other purpose except to make repairs to the Mortgaged Premises, except as allowed pursuant to applicable law and the Loan Documents. All damage with respect to which casualty insurance proceeds have been received by or through the Seller has been properly repaired

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&nbsp;&nbsp;&nbsp;&nbsp;SCHEDULE 15.3, Special Representations and Warranties with Respect to Each Purchased Loan – Page 8 13312-786/M/I Financial Warehouse Facility or is in the process of being repaired using such proceeds. There is no material damage to the Mortgaged Premises from waste, fire, windstorm, flood, tornado, earthquake or earth movement, to Seller's actual knowledge, hazardous or toxic substances, or other casualty that would materially adversely affect the value of the Mortgaged Premises as security for the Mortgage Loan. There is no proceeding pending or, to Seller's actual knowledge, threatened in writing for the partial or total condemnation of the Mortgaged Premises that would adversely affect the Mortgage Loan. (w) Location of Improvements; No Encroachments. All improvements subject to the Mortgage that were considered in determining the appraised value of the Mortgaged Premises lie wholly within the boundaries and building restriction lines of the Mortgaged Premises (and wholly within the project with respect to a condominium unit) and no improvements on adjoining properties encroach upon the Mortgaged Premises except those that are insured against by the title insurance policy referred to in clause (q) above and all improvements on the Mortgaged Premises comply with all applicable zoning and subdivision laws and ordinances. (x) Appraisal. The Servicing Records contain an appraisal or an underwriting property valuation using an automated valuation model of the related Mortgaged Premises, or an Appraised Value Alternative, in each case, in a form acceptable to the applicable Agency or Approved Investor, the Agent or CL and consistent with the applicable Agency Guidelines, and in the case of an appraisal, made and signed, before the approval of the Mortgage Loan application, by a qualified appraiser, duly appointed by the Seller, who had no interest, direct or indirect in the Mortgaged Premises or in any loan made on the security thereof, whose compensation is not affected by the approval or disapproval of the Mortgage Loan and who met the minimum qualifications of the applicable Agency. Each appraisal of the Mortgage Loan was made in accordance with the requirements of Title XI of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989, as amended (12 U.S.C. 3331 et seq.) and the regulations promulgated thereunder, and if such Mortgage Loan is a "higher priced mortgage loan" as defined in 12 CFR § 1026.35(a)(1), the requirements of 12 CFR § 1026.35(c)(3) and (4), including their requirements, if applicable, for a second appraisal for higher priced mortgage loans to finance a consumer's acquisition of his or her principal dwelling that was acquired by its seller within ninety (90) or one hundred eighty (180) days before consummation of such mortgage loan, for more than one hundred ten percent (110%) or one hundred twenty percent (120%), respectively, of the Seller's acquisition price), all as in effect on the origination date of the Mortgage Loan. As used herein, the term "Appraised Value Alternative" means with respect to (i) refinanced Mortgage Loans underwritten with the use of the Fannie Mae direct underwriting system with respect to which a property inspection waiver has been issued, (ii) Fannie Mae "DU Refi" Mortgage Loans and (iii) Freddie Mac "Open Access" Mortgage Loans, the value entered by Seller into Fannie Mae's Desktop Underwriter or Freddie Mac's Loan Prospector system, as applicable. In the case of FHA streamlined Mortgage Loans, "Appraised Value Alternative" means the appraised value reported in the FHA Connection system for the Customer's previous loan that is being refinanced by the subject Mortgage Loan. (y) Occupancy of the Mortgaged Premises. As of the Purchase Date, the Mortgaged Premises are lawfully occupied under applicable law. As of the Purchase Date, all inspections, licenses and certificates required to be made or issued with respect to all occupied portions of the Mortgaged Premises and, with respect to the use and occupancy of the same, including certificates

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&nbsp;&nbsp;&nbsp;&nbsp;SCHEDULE 15.3, Special Representations and Warranties with Respect to Each Purchased Loan – Page 9 13312-786/M/I Financial Warehouse Facility of occupancy, have been made or obtained from the appropriate authorities and no improvement located on or part of the Mortgaged Premises is in violation of any zoning law or regulation. (z) Type of Mortgaged Premises. The Mortgaged Premises are located in the United States and consists of a single parcel of real property with a detached single family residence erected thereon, a townhouse or a two to four family dwelling, or an individual condominium unit, or an individual unit in a planned unit development or a de minimis planned unit development, or a cooperative unit in a cooperative project; provided that any condominium project or planned unit development generally conforms to the applicable Agency Guidelines regarding such dwellings. As of the date of origination, no portion of the Mortgaged Premises was used for commercial purposes, and since the date of origination, no portion of the Mortgaged Premises has been used for commercial purposes; provided that Mortgaged Premises that contain a home office shall not be considered as being used for commercial purposes as long as the Mortgaged Premises have not been altered for commercial purposes and is not storing any chemicals or raw materials other than those commonly used for homeowner repair, maintenance and/or household purposes. The Mortgaged Premises is not a Manufactured Home or a mobile home. As used herein, the term "Manufactured Home" means a single-family home constructed at a factory and shipped in one or more sections to a housing site. (aa) Environmental Matters. There is no pending action or proceeding directly involving any Mortgaged Premises of which Seller is aware in which compliance with any environmental law, rule or regulation is an issue 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. The Mortgaged Premises are free from any and all toxic or hazardous substances in unlawful quantities or concentrations and there exists no violation of any local, state or federal environmental law, rule or regulation with respect to the Mortgaged Premises. (bb) Unacceptable Investment. The Seller has no actual knowledge of any specific circumstances or condition with respect to the Mortgage, the Mortgaged Premises, the Customer or the Customer's credit standing that cause, or would reasonably be expected to cause, private institutional investors that invest in loans similar to the Mortgage Loan to regard the Mortgage Loan as an unacceptable investment or materially adversely affect the value or the marketability of the Mortgage Loan in comparison to similar loans. (cc) Servicemembers Civil Relief Act. The Customer has not notified the Seller or any Subservicer, and the Seller has no actual knowledge of any relief requested or allowed to the Customer under the Servicemembers Civil Relief Act of 2003, as amended, or other similar state or federal law. (dd) No Fraud. No fraud, material omission, misrepresentation, negligence or similar occurrence with respect to the Mortgage Loan has taken place on the part of the Seller, any Subservicer or any other Person involved in the origination of the Mortgage Loan, including the Customer, any builder or developer or any appraiser. To Seller's actual knowledge, the documents, instruments and agreements submitted for loan underwriting were not falsified and contain no untrue statement of material fact or omit to state a material fact required to be stated therein or necessary to make the information and statements therein not misleading. The Seller

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&nbsp;&nbsp;&nbsp;&nbsp;SCHEDULE 15.3, Special Representations and Warranties with Respect to Each Purchased Loan – Page 10 13312-786/M/I Financial Warehouse Facility has reviewed all of the documents constituting the Loan File and has made such inquiries as it deems necessary to make and confirm the accuracy of the representations set forth herein. (ee) Delinquency. The Mortgage Loan has not been dishonored or declared to be in default and no payment required under the Mortgage Loan is more than thirty (30) days past due. (ff) Compliance with Applicable Laws. Any and all requirements of any applicable federal, state or local law including usury, truth in lending, real estate settlement procedures, consumer credit protection, fair credit billing, fair credit reporting, fair debt collection practices, predatory and abusive lending laws and regulations, equal credit opportunity, fair housing and disclosure laws or unfair and deceptive practices laws applicable to the origination and servicing of the Mortgage Loan including any provisions relating to prepayment penalties, have been complied with in all material respects and the consummation of the transactions contemplated hereby will not involve the violation of any such laws or regulations. The Seller maintains, and shall maintain, evidence of such compliance as required by applicable law or regulation and shall make such evidence available for Agent's inspection at the Seller's office during normal business hours upon reasonable advance notice. Each Mortgage Loan at the time it was made complied in all material respects with applicable local, state, and federal laws, including all applicable predatory and abusive lending laws. (gg) Disclosure and Rescission Materials. The Customer has received all disclosure materials required by applicable law with respect to the making of mortgage loans of the same type as the Mortgage Loan and rescission materials required by applicable law and has acknowledged receipt of such materials to the extent required by applicable law and such documents will remain in the Loan File. (hh) Texas Refinance Loans. Each Mortgage Loan originated in the State of Texas pursuant to Article XVI, Section 50(a)(6) of the Texas Constitution (a "Texas Refinance Loan") has been originated in compliance with the provisions of Article XVI, Section 50(a)(6) of the Texas Constitution, Texas Civil Statutes and the Texas Finance Code. With respect to each Texas Refinance Loan that is a cash out refinancing, the related Loan Documents state that the Customer may prepay such Texas Refinance Loan in whole or in part without incurring a prepayment penalty. The Seller does not collect any such prepayment penalties in connection with any such Texas Refinance Loan. (ii) Anti-Money Laundering Laws. The Seller has at all times complied with all applicable anti-money laundering rules and regulations, in respect of the origination and servicing of each Mortgage Loan; Seller has established an anti-money laundering compliance program as and to the extent required by the anti-money laundering rules and regulations, has conducted the requisite due diligence in connection with the origination and servicing of each Mortgage Loan for purposes of the anti-money laundering rules and regulations to the extent applicable to the Seller, and, to the extent required by applicable law, maintains, and will maintain, either directly or through third parties, sufficient information to identify the applicable Customer for purposes of the anti-money laundering rules and regulations. No Mortgage Loan is subject to nullification pursuant to Executive Order 13224 (the "Executive Order") or the regulations promulgated by OFAC (the "OFAC Regulations") or in violation of the Executive Order or the OFAC Regulations,

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&nbsp;&nbsp;&nbsp;&nbsp;SCHEDULE 15.3, Special Representations and Warranties with Respect to Each Purchased Loan – Page 11 13312-786/M/I Financial Warehouse Facility and to Seller's actual knowledge no Customer is subject to the provisions of such Executive Order or the OFAC Regulations nor listed as a "blocked person" for purposes of the OFAC Regulations. (jj) Predatory Lending Regulations. The Mortgage Loan is not classified as (a) a "high cost" loan under the Home Ownership and Equity Protection Act of 1994 ("HOEPA") or (b) a "high cost", "threshold", "covered" or "predatory" loan under any other applicable state, federal or local law. The Mortgage Loan does not have an "annual percentage rate" or total "points and fees" payable by the related Customer (as each such term is calculated under HOEPA) that exceed the thresholds set forth by HOEPA and its implementing regulations for "high cost" loans, including 12 C.F.R. § 226.32(a)(1)(i). No predatory or deceptive lending practices, including the extension of credit without regard to the ability of the Customer to repay and the extension of credit that has no apparent benefit to the Customer, were employed in the origination of the Mortgage Loan. No term or condition of, and no practice used in connection with the origination of, such Mortgage Loan has been categorized as an "unfair" or "deceptive" term, condition or practice under any applicable federal, state or local law (or regulation promulgated thereunder) and the Mortgage Loan does not have any terms that expose Buyer to regulatory action or enforcement proceedings, penalties or other sanctions. (kk) State Laws. No Mortgage Loan is a "High-Cost Home Loan" as defined in the Arkansas Home Loan Protection Act effective July 16, 2003 (Act 1340 of 2003); no Mortgage Loan is a "High-Cost Home Loan" as defined in the Kentucky high-cost home loan statute effective June 24, 2003 (Ky. Rev. Stat. Section 360.100); no Mortgage Loan is a "High-Cost Home Loan" as defined in the New Jersey Home Ownership Act effective November 27, 2003 (N.J.S.A. 46:10B-22 et seq.); no Mortgage Loan is a "High-Cost Home Loan" as defined in the New Mexico Home Loan Protection Act effective January 1, 2004 (N.M. Stat. Ann. §§ 58-21A-1 et seq.); no Mortgage Loan is a "High-Risk Home Loan" as defined in the Illinois High-Risk Home Loan Act effective January 1, 2004 (815 Ill. Comp. Stat. 137/1 et seq.); no Mortgage Loan is a "High-Cost Home Mortgage Loan" as defined in the Massachusetts Predatory Home Loan Practices Act, effective November 7, 2004 (Mass. Ann. Laws Ch. 183C); no Mortgage Loan is a "High Cost Home Loan" as defined in the Indiana Home Loan Practices Act, effective January 1, 2005 (Ind. Code Ann. Sections 24-9-1 through 24-9-9); no Mortgage Loan that was originated on or after October 1, 2002 and on or before March 7, 2003 is secured by property located in the State of Georgia; no Mortgage Loan that was originated after March 7, 2003 is a "high cost home loan" as defined under the Georgia Fair Lending Act, as amended; no Mortgage Loan is a "high cost home loan," as defined in Section 6 L of the New York State Banking Law; and no Mortgage Loan is a "covered loan" as contemplated in the California Predatory Lending Act set forth in California Finance Code Sections 4970 to 4979.8. (ll) Arbitration. No Mortgage Loan is subject to mandatory arbitration to resolve any dispute arising out of or relating in any way to the Mortgage Loan transaction. (mm) Higher Cost Products. The Customer was not encouraged or required to select a Mortgage Loan product offered by the Mortgage Loan's originator that is a higher cost product designed for less creditworthy Customers, unless at the time of the Mortgage Loan's origination, such Customer did not qualify taking into account such facts as the Mortgage Loan's requirements and the Customer's credit history, income, assets and liabilities and debt-to-income ratios for a lower-cost credit product then offered by the Mortgage Loan's originator or any affiliate of the

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&nbsp;&nbsp;&nbsp;&nbsp;SCHEDULE 15.3, Special Representations and Warranties with Respect to Each Purchased Loan – Page 12 13312-786/M/I Financial Warehouse Facility Mortgage Loan's originator. If, at the time of loan application, the Customer qualified for a lower- cost credit product then offered by the Mortgage Loan's originator, the Mortgage Loan's originator offered such lower-cost credit product to Customer. (nn) Underwriting Methodology. With respect to delegated underwritten loans, the methodology used in underwriting the extension of credit for each Mortgage Loan does not rely solely on the extent of the Customer's equity in the collateral as the principal determining factor in approving such extension of credit. The methodology employed objective criteria such as the Customer's income, assets, liabilities and the proposed mortgage payment in accordance with Investor Guidelines. (oo) Points and Fees. No Customer was charged "points and fees" as defined in 12 CFR § 1026.32(b)(1), whether or not financed, in an amount greater than (i) three percent (3%) of the total loan amount — or, for Mortgage Loans of less than $100,000 (indexed for inflation), such different amount as is specified in 12 CFR § 1026.43(e)(3) — of any Mortgage Loan that is an "ATR Covered Loan" (i.e., a Mortgage Loan that is subject to the Truth in Lending Act of 1968, as amended, and is not exempt from the ability to repay requirements of Regulation Z (12 CFR § 1026.43(a) or (d)), or (ii) five percent (5%) of the principal amount of any Mortgage Loan that is an "ATR Exempt Loan" (i.e., a Mortgage Loan that is either not subject to the Truth in Lending Act of 1968, as amended, or is exempt from such ability to repay requirements in Regulation Z). All fees and charges (including finance charges), whether or not financed, assessed, collected or to be collected in connection with the origination and servicing of each Mortgage Loan, have been disclosed in writing to the Customer in accordance with applicable state and federal law and regulation. (pp) Prepayment Penalties. With respect to any Mortgage Loan that contains a provision permitting imposition of a penalty upon a prepayment before maturity: (i) the Mortgage Loan provides some benefit to the Customer (e.g., a rate or fee reduction) in exchange for accepting such prepayment penalty, (ii) the Mortgage Loan's originator had a written policy of offering the Customer the option of obtaining a mortgage loan that did not require payment of such a penalty, (iii) the prepayment penalty was adequately disclosed to the Customer in the Loan Documents pursuant to applicable state, local and federal law, and (iv) notwithstanding any state or federal law to the contrary, neither the Seller nor any Subservicer shall impose such prepayment premium in any instance when the mortgage debt is accelerated as the result of the Customer's default in making the loan payments. (qq) Single Premium Credit Insurance Policies. No proceeds from any Mortgage Loan were paid on the origination date to purchase a single premium credit insurance policy (e.g., life, mortgage, disability, accident, unemployment, or health insurance product) or debt cancellation agreement through Seller in connection with the origination of the Mortgage Loan or as a condition to the extension of credit. No proceeds from any Mortgage Loan were paid on the origination date to purchase single premium credit insurance policies or debt cancellation agreements as part of the origination of, or as a condition to closing, such Mortgage Loan. (rr) Origination Practices; Servicing. The origination practices used by the Seller and the collection and servicing practices used by the Seller and any Subservicer with respect to each Mortgage Loan have been in all material respects legal and customary in the mortgage origination

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&nbsp;&nbsp;&nbsp;&nbsp;SCHEDULE 15.3, Special Representations and Warranties with Respect to Each Purchased Loan – Page 13 13312-786/M/I Financial Warehouse Facility and servicing industry and the collection and servicing practices used by the Seller and any Subservicer have been consistent with customary servicing procedures. The Mortgage Loan was underwritten in accordance with applicable Investor Guidelines. The Seller services the Mortgage Loan at all times since its origination. (ss) Escrow Payments. With respect to escrow deposits and payments that the Seller is entitled to collect, all such payments are in the possession of, or under the control of the 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 and the provisions of the related Mortgage Note and Mortgage. As to any Mortgage Loan that is the subject of an escrow, escrow of funds is not prohibited by applicable law. No escrow deposits or other charges or payments due under the Mortgage Note have been capitalized under any Mortgage or the related Mortgage Note. (tt) Interest on Escrows. As of the related Purchase Date, the Seller has credited to the account of the related Customer under the Mortgage Loan all interest required to be paid by applicable law or by the terms of the related Mortgage Note on any escrow account. Evidence of such credit shall be provided to the Agent upon request. (uu) Escrow Analysis. The Seller has properly conducted an escrow analysis for each escrowed Mortgage Loan in accordance with applicable law to the extent required by applicable law. All books and records with respect to each Mortgage Loan comply with applicable law and regulations, and have been adjusted to reflect the results of any required escrow analyses. Except as allowed by applicable law, no inflation factor was used in the escrow analysis. The Seller has delivered notification to the Customer(s) under each Mortgage Loan of all adjustments resulting from such escrow analyses. (vv) Escrow Holdbacks. The Mortgage Loan is not subject to outstanding escrow holdbacks except those specifically identified by the Seller or permitted in the Investor Guidelines. (ww) Credit Reporting. To the extent, if any, that the Seller is required to do so by the Fair Credit Reporting Act and its implementing regulations, the Seller has caused to be fully furnished, in accordance with such Act and regulations, accurate and complete information (i.e., favorable and unfavorable) on its Customer loan files to Equifax, Experian, and Trans Union Credit Information Company (three of the credit repositories), on a monthly basis. (xx) Interest Rate Adjustments. If applicable, with respect to each adjustable rate Mortgage Loan, all interest rate adjustments have been made in strict compliance with state and federal law and the terms of the related Mortgage Note. At the time the Mortgage Loan was originated, the Customer has executed a statement to the effect that the Customer has received all disclosure materials required by applicable law with respect to the making of adjustable rate mortgage loans. (yy) Regarding the Customer. The Customer is one or more natural persons and/or trustees for an Illinois land trust or a trustee under a "living trust" and such "living trust" is in compliance with Agency Guidelines for such trusts. The Customer is not an owner, officer, director or agent of the Seller or any Guarantor, or an Affiliate of the Seller. The Customer is not

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&nbsp;&nbsp;&nbsp;&nbsp;SCHEDULE 15.3, Special Representations and Warranties with Respect to Each Purchased Loan – Page 14 13312-786/M/I Financial Warehouse Facility an employee of the Seller, or a relative of an employee of the Seller unless (i) the Mortgage Loan was made in compliance with generally applied standards and requirements of the Seller's "employee" or "friends and family" mortgage loan programs under which loans are available to all of the Seller's eligible employees and (ii) such Mortgage Loan is otherwise an Eligible Loan. The Customer is not a government or a governmental subdivision or agency. The Customer occupies the Mortgaged Premises unless the Mortgaged Premises secure an Investment Property Mortgage Loan. (zz) Fannie Mae Announcement 95-19. As applicable, the Seller will transmit full file credit reporting data for each Mortgage Loan to the extent required pursuant to Fannie Mae Announcement 95-19 and to the extent required by the announcement, the Seller will report one of the following statuses each month as follows: new origination, current, delinquent (thirty (30) or more days), foreclosed, or charged-off. (aaa) Tax Identification/Back Up Withholding. All tax identifications for individual Customers, have been certified to the extent required by law. The Seller has complied with all IRS requirements regarding the obtainment and solicitation of taxpayer identification numbers of Mortgagors and the taxpayer identification numbers provided to the Agent or its designee as reflected on the system are correct. To the extent a Mortgage Loan is subject to back up withholding, the Seller has substantiated both the initial reason for the backup withholding and the amount of such backup withholding and the reason for such backup withholding in the amount currently withheld still exists. (bbb) IRS Forms. All IRS forms, including Forms 1099, 1098, 1041 and K-1, as appropriate, that are required to be filed with respect to activity occurring on or before the year in which the Purchase Date occurs and have been filed or will be filed in accordance, in all respects, with applicable law. (ccc) Electronic Drafting of Payments. If the Seller or a Subservicer drafts monthly payments electronically from the Customer's bank account, such drafting occurs in compliance with applicable federal, state, and local laws and regulations; and the applicable agreement with the Customer; and such applicable agreement with the Customer both legally and contractually can be fully assigned to the Agent on behalf of the Buyers pursuant to the assignment provisions contained therein, and will be fully assigned to the Agent on behalf of the Buyers pursuant to this Agreement. (ddd) U.S. Loan; Customer. The Mortgage Loan is denominated and payable only in United States dollars within the United States and the related Customer is a United States citizen or resident alien or, only if the Customer is a trustee as described in item (yy) in this Schedule 15.3 that is not a natural person, Customer is a corporation or other legal entity organized under the laws of the United States or any state thereof or the District of Columbia. (eee) CL Eligible. If the Mortgage Loan is a Jumbo Mortgage Loan, it is eligible for sale to CL (even if CL is not the Approved Investor). (fff) Investor Commitment or Hedge Agreement. The Mortgage Loan is subject to (a) a legally valid and binding Investor Commitment and satisfies all of the requirements related to such

------

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&nbsp;&nbsp;&nbsp;&nbsp;SCHEDULE 15.3, Special Representations and Warranties with Respect to Each Purchased Loan – Page 15 13312-786/M/I Financial Warehouse Facility Investor Commitment or (b) a legally valid and binding Hedge Agreement and satisfies all of the requirements related to such Hedge Agreement. (ggg) Agency Guidelines. The Mortgage Loan satisfies, and has been originated in accordance with, all applicable requirements of the applicable Agency Guidelines; (hhh) Whole Loan. The Mortgage Loan is a whole loan and not a participation interest. (iii) UCC Characterization. The Mortgage Loan is an "account", "chattel paper", "promissory note" or "payment intangible" within the meaning of Article 9 of the UCC of all applicable jurisdictions; (jjj) Bankruptcy Code Characterization. The Mortgage Loan is a "mortgage loan" within the meaning of the Bankruptcy Code. (kkk) No Previous Financing. The Mortgage Loan has not been previously financed by any other Person. (lll) No Equity Participation. No document relating to the Mortgage Loan provides for sharing in the appreciation of the value of the Mortgaged Premises, all except to the extent provided in the Mortgage or by applicable law after default by the Customer. The indebtedness evidenced by the Mortgage Note is not convertible to an ownership interest in the Mortgaged Premises, except to the extent provided in the Mortgage or by applicable law after default by the Customer, and the Seller does not own, directly or indirectly, any equity of any form in the Mortgaged Premises or the Customer. (mmm)Condominiums/ Planned Unit Developments. If the Mortgage Loan is a condominium loan, the related Mortgaged Premises is a condominium unit or a unit in a planned unit development (other than a de minimis planned unit development), such condominium or planned unit development project meets the eligibility requirements of the applicable Agency or Investor or is located in a condominium or planned unit development project that has received project approval from the applicable Agency or Investor and the representations and warranties required by the applicable Agency or Investor with respect to such condominium or planned unit development remain true and correct in all material respects. (nnn) Downpayment. The source of the down payment with respect to such Mortgage Loan has been fully verified by the Seller. (ooo) Due on Sale. The related 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 Premises are sold or transferred without the prior written consent of the mortgagee thereunder. (ppp) Flood Certification Contract. The Seller has obtained a life of loan, transferable flood certification contract for such Mortgage Loan and such contract is assignable without penalty, premium or cost to Buyer.

------

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&nbsp;&nbsp;&nbsp;&nbsp;SCHEDULE 15.3, Special Representations and Warranties with Respect to Each Purchased Loan – Page 17 13312-786/M/I Financial Warehouse Facility of the eNote to the Custodian's eVault and the tamper-seal of such eNote matches the tamper-seal of the eNote on the MERS eRegistry, and (v) the Custodian is named as the current Controller and Location of the eNote on the MERS eRegistry (provided that another Person may be identified as Controller and/or Location of such eNote pursuant to an eNote Control and Bailment Agreement for a period of up to sixty (60) days). The term "Agency eNote Clause" means the clause required by Fannie Mae and Freddie Mac to be inserted as the last numbered provision in all eNotes, which clause, as of the date of this Agreement, reads as follows: "[11]. ISSUANCE OF TRANSFERABLE RECORD; IDENTIFICATION OF NOTE HOLDER; CONVERSION FROM ELECTRONIC NOTE TO PAPER- BASED NOTE (A) I expressly state that I have signed this electronically created Note (the "Electronic Note") using an Electronic Signature. By doing this, I am indicating that I agree to the terms of this Electronic Note. I also agree that this Electronic Note may be Authenticated, Stored and Transmitted by Electronic Means (as defined in Section 11(F)), and will be valid for all legal purposes, as set forth in the Uniform Electronic Transactions Act, as enacted in the jurisdiction where the Property is located ("UETA"), the Electronic Signatures in Global and National Commerce Act ("E-SIGN"), or both, as applicable. In addition, I agree that this Electronic Note will be an effective, enforceable and valid Transferable Record (as defined in Section 11(F)) and may be created, authenticated, stored, transmitted and transferred in a manner consistent with and permitted by the Transferable Records sections of UETA or E-SIGN. (B) Except as indicated in Sections 11(D) and (E) below, the identity of the Note Holder and any person to whom this Electronic Note is later transferred will be recorded in a registry maintained by [Insert Name of Operator of Registry here\*] or in another registry to which the records are later transferred (the "Note Holder Registry"). The authoritative copy of this Electronic Note will be the copy identified by the Note Holder after loan closing but prior to registration in the Note Holder Registry. If this Electronic Note has been registered in the Note Holder Registry, then the authoritative copy will be the copy identified by the Note Holder of record in the Note Holder Registry or the Loan Servicer (as defined in the Security Instrument) acting at the direction of the Note Holder, as the authoritative copy. The current identity of the Note Holder and the location of the authoritative copy, as reflected in the Note Holder Registry, will be available from the Note Holder or Loan Servicer, as applicable. The only copy of this Electronic Note that is the authoritative copy is the copy that is within the control of the person identified as the Note Holder in the Note Holder Registry (or that person's designee). No other copy of this Electronic Note may be the authoritative copy. (C) If Section 11(B) fails to identify a Note Holder Registry, the Note Holder (which includes any person to whom this Electronic Note is later transferred) will be established by, and identified in accordance with, the systems

------

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&nbsp;&nbsp;&nbsp;&nbsp;SCHEDULE 15.3, Special Representations and Warranties with Respect to Each Purchased Loan – Page 18 13312-786/M/I Financial Warehouse Facility and processes of the electronic storage system on which this Electronic Note is stored. (D) I expressly agree that the Note Holder and any person to whom this Electronic Note is later transferred shall have the right to convert this Electronic Note at any time into a paper-based Note (the "Paper-Based Note"). In the event this Electronic Note is converted into a Paper-Based Note, I further expressly agree that: (i) the Paper-Based Note will be an effective, enforceable and valid negotiable instrument governed by the applicable provisions of the Uniform Commercial Code in effect in the jurisdiction where the Property is located; and (ii) my signing of this Electronic Note will be deemed issuance and delivery of the Paper-Based Note; (iii) I intend that the printing of the representation of my Electronic Signature upon the Paper-Based Note from the system in which the Electronic Note is stored will be my original signature on the Paper-Based Note and will serve to indicate my present intention to authenticate the Paper-Based Note; (iv) the Paper-Based Note will be a valid original writing for all legal purposes; and (v) upon conversion to a Paper-Based Note, my obligations in the Electronic Note shall automatically transfer to and be contained in the Paper-Based Note, and I intend to be bound by such obligations. (E) Any conversion of this Electronic Note to a Paper-Based Note will be made using processes and methods that ensure that: (i) the information and signatures on the face of the Paper-Based Note are a complete and accurate reproduction of those reflected on the face of this Electronic Note (whether originally handwritten or manifested in other symbolic form); (ii) the Note Holder of this Electronic Note at the time of such conversion has maintained control and possession of the Paper-Based Note; (iii) this Electronic Note can no longer be transferred to a new Note Holder; and (iv) the Note Holder Registry (as defined above), or any system or process identified in Section 11(C) above, shows that this Electronic Note has been converted to a Paper-Based Note, and delivered to the then-current Note Holder. (F) The following terms and phrases are defined as follows: (i) "Authenticated, Stored and Transmitted by Electronic Means" means that this Electronic Note will be identified as the Note that I signed, saved, and sent using electrical, digital, wireless, or similar technology; (ii) "Electronic Record" means a record created, generated, sent, communicated, received, or stored by electronic means; (iii) "Electronic Signature" means an electronic symbol or process attached to or logically associated with a record and executed or adopted by a person with the intent to sign a record; (iv) "Record" means information that is inscribed on a tangible medium or that is stored in an electronic or other medium and is retrievable in perceivable form; and (v) "Transferable Record" means an electronic record that: (a) would be a note under Article 3 of the Uniform Commercial Code if the electronic record were in writing and (b) I, as the issuer, have agreed is a Transferable Record."

------

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&nbsp;&nbsp;&nbsp;&nbsp;SCHEDULE 15.3, Special Representations and Warranties with Respect to Each Purchased Loan – Page 19 13312-786/M/I Financial Warehouse Facility \* Note: Insert "MERSCORP Holdings, Inc., a Delaware corporation" here as the name of the Operator of the Registry. (ttt) No Document Licenses or Fees. No eNote or other Electronic Record for such Mortgage Loan, regardless of format, is subject to any licensing condition that would prohibit, limit or inhibit the Buyers' ownership or use of such eNote and other Electronic Record or any of their rights and remedies under this Agreement and no Buyer is required to pay any royalties or any other fees due to its ownership or use of the eNotes and Electronic Records. (uuu) eClosing System and eVault. If the Mortgage Loan is an eMortgage Loan, (i) a copy of the eNote is being maintained in an eVault that satisfies the requirements of §§ 16(b) and 16(c) of UETA and §§ 201(b) and 201(c) of ESIGN and all applicable Agency Guidelines and Investor Guidelines, (ii) the eNote and other eMortgage Loan documents, the systems and processes used to create, register, transfer, store, retrieve, maintain and secure these documents, and the eClosing System used by the Customer to electronically sign these documents comply with all applicable provisions of UETA and/or ESIGN, including § 201 of ESIGN and § 16 of UETA, Agency Guidelines and Investor Guidelines, as applicable.

------

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SCHEDULE 23, Buyers' Addresses for Notice as of October 24, 2023 – Solo Page 13312-786/M/I Financial Warehouse Facility SCHEDULE 23 BUYERS' ADDRESSES FOR NOTICE (As of October 24, 2023) JPMorgan Chase: JPMorgan Chase's address appears in Article 23. Truist Bank: Mortgage Warehouse Lending Mail Code: 886-97-01-75 7455 Chancellor Drive Orlando, Florida 32809 Phone: (407) 835-6700 Email: steve.kleindienst@truist.com The Huntington National Bank: 525 Vine Street, 14th Floor Cincinnati, Ohio 45202 Attention: Equipment Finance Customer Service Phone: (866) 329-7286 Email: HBEF.Service@huntington.com Texas Capital Bank: Mortgage Finance - Warehouse Lending 1001 E. Lookout Drive, Suite 600 Richardson, Texas 75082 Attention: Lakeisha Binns-Willis Phone: (469) 372-4004 Email: lakeisha.willis@texascapitalbank.com

------

## Exhibit 10.2

**EXECUTION VERSION**

Master Repurchase Agreement And Securities Contract

Dated As Of October 21, 2025

By And Among

JPMorgan Chase Bank, N.A.

As Administrative Agent on Behalf of one or more buyers

And

M/I FINANCIAL, LLC

As Seller

1752672229

------

**TABLE OF CONTENTS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[1.1](#ie4842d0ee82a47998169dcfb4cb4923a_7)[&nbsp;&nbsp;&nbsp;&nbsp;](#ie4842d0ee82a47998169dcfb4cb4923a_7)[Definitions](#ie4842d0ee82a47998169dcfb4cb4923a_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ie4842d0ee82a47998169dcfb4cb4923a_7)[1](#ie4842d0ee82a47998169dcfb4cb4923a_7)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[1.2](#ie4842d0ee82a47998169dcfb4cb4923a_7)[&nbsp;&nbsp;&nbsp;&nbsp;](#ie4842d0ee82a47998169dcfb4cb4923a_7)[Conventions; Interpretation](#ie4842d0ee82a47998169dcfb4cb4923a_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ie4842d0ee82a47998169dcfb4cb4923a_7)[21](#ie4842d0ee82a47998169dcfb4cb4923a_7)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[1.3](#ie4842d0ee82a47998169dcfb4cb4923a_7)[&nbsp;&nbsp;&nbsp;&nbsp;](#ie4842d0ee82a47998169dcfb4cb4923a_7)[Incorporation of Fee and Pricing Letter](#ie4842d0ee82a47998169dcfb4cb4923a_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ie4842d0ee82a47998169dcfb4cb4923a_7)[22](#ie4842d0ee82a47998169dcfb4cb4923a_7)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[1.4](#ie4842d0ee82a47998169dcfb4cb4923a_7)[&nbsp;&nbsp;&nbsp;&nbsp;](#ie4842d0ee82a47998169dcfb4cb4923a_7)[Incorporation of Transaction Guidelines](#ie4842d0ee82a47998169dcfb4cb4923a_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ie4842d0ee82a47998169dcfb4cb4923a_7)[22](#ie4842d0ee82a47998169dcfb4cb4923a_7)

<u>[SECTION 2.](#ie4842d0ee82a47998169dcfb4cb4923a_7)[&nbsp;&nbsp;&nbsp;&nbsp;](#ie4842d0ee82a47998169dcfb4cb4923a_7)[REPURCHASE TRANSACTIONS](#ie4842d0ee82a47998169dcfb4cb4923a_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ie4842d0ee82a47998169dcfb4cb4923a_7)[22](#ie4842d0ee82a47998169dcfb4cb4923a_7)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[2.1](#ie4842d0ee82a47998169dcfb4cb4923a_7)[&nbsp;&nbsp;&nbsp;&nbsp;](#ie4842d0ee82a47998169dcfb4cb4923a_7)[Transactions.](#ie4842d0ee82a47998169dcfb4cb4923a_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ie4842d0ee82a47998169dcfb4cb4923a_7)[22](#ie4842d0ee82a47998169dcfb4cb4923a_7)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[2.2](#ie4842d0ee82a47998169dcfb4cb4923a_7)[&nbsp;&nbsp;&nbsp;&nbsp;](#ie4842d0ee82a47998169dcfb4cb4923a_7)[Entering into Transactions](#ie4842d0ee82a47998169dcfb4cb4923a_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ie4842d0ee82a47998169dcfb4cb4923a_7)[23](#ie4842d0ee82a47998169dcfb4cb4923a_7)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[2.3](#ie4842d0ee82a47998169dcfb4cb4923a_7)[&nbsp;&nbsp;&nbsp;&nbsp;](#ie4842d0ee82a47998169dcfb4cb4923a_7)[Price Differential.](#ie4842d0ee82a47998169dcfb4cb4923a_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ie4842d0ee82a47998169dcfb4cb4923a_7)[23](#ie4842d0ee82a47998169dcfb4cb4923a_7)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[2.4](#ie4842d0ee82a47998169dcfb4cb4923a_7)[&nbsp;&nbsp;&nbsp;&nbsp;](#ie4842d0ee82a47998169dcfb4cb4923a_7)[Repurchase.](#ie4842d0ee82a47998169dcfb4cb4923a_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ie4842d0ee82a47998169dcfb4cb4923a_7)[24](#ie4842d0ee82a47998169dcfb4cb4923a_7)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[2.5](#ie4842d0ee82a47998169dcfb4cb4923a_7)[&nbsp;&nbsp;&nbsp;&nbsp;](#ie4842d0ee82a47998169dcfb4cb4923a_7)[Fees](#ie4842d0ee82a47998169dcfb4cb4923a_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ie4842d0ee82a47998169dcfb4cb4923a_7)[25](#ie4842d0ee82a47998169dcfb4cb4923a_7)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[2.6](#ie4842d0ee82a47998169dcfb4cb4923a_7)[&nbsp;&nbsp;&nbsp;&nbsp;](#ie4842d0ee82a47998169dcfb4cb4923a_7)[Temporary Increase in the Maximum Transaction Amount](#ie4842d0ee82a47998169dcfb4cb4923a_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ie4842d0ee82a47998169dcfb4cb4923a_7)[25](#ie4842d0ee82a47998169dcfb4cb4923a_7)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[2.7](#ie4842d0ee82a47998169dcfb4cb4923a_7)[&nbsp;&nbsp;&nbsp;&nbsp;](#ie4842d0ee82a47998169dcfb4cb4923a_7)[Margin Maintenance.](#ie4842d0ee82a47998169dcfb4cb4923a_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ie4842d0ee82a47998169dcfb4cb4923a_7)[25](#ie4842d0ee82a47998169dcfb4cb4923a_7)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[2.8](#ie4842d0ee82a47998169dcfb4cb4923a_7)[&nbsp;&nbsp;&nbsp;&nbsp;](#ie4842d0ee82a47998169dcfb4cb4923a_7)[Default Rate](#ie4842d0ee82a47998169dcfb4cb4923a_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ie4842d0ee82a47998169dcfb4cb4923a_7)[26](#ie4842d0ee82a47998169dcfb4cb4923a_7)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[2.9](#ie4842d0ee82a47998169dcfb4cb4923a_7)[&nbsp;&nbsp;&nbsp;&nbsp;](#ie4842d0ee82a47998169dcfb4cb4923a_7)[\[Reserved\].](#ie4842d0ee82a47998169dcfb4cb4923a_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ie4842d0ee82a47998169dcfb4cb4923a_7)[26](#ie4842d0ee82a47998169dcfb4cb4923a_7)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[2.10](#ie4842d0ee82a47998169dcfb4cb4923a_7)[&nbsp;&nbsp;&nbsp;&nbsp;](#ie4842d0ee82a47998169dcfb4cb4923a_7)[Financing Expenses](#ie4842d0ee82a47998169dcfb4cb4923a_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ie4842d0ee82a47998169dcfb4cb4923a_7)[26](#ie4842d0ee82a47998169dcfb4cb4923a_7)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[2.11](#ie4842d0ee82a47998169dcfb4cb4923a_7)[&nbsp;&nbsp;&nbsp;&nbsp;](#ie4842d0ee82a47998169dcfb4cb4923a_7)[\[Reserved\].](#ie4842d0ee82a47998169dcfb4cb4923a_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ie4842d0ee82a47998169dcfb4cb4923a_7)[26](#ie4842d0ee82a47998169dcfb4cb4923a_7)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[2.12](#ie4842d0ee82a47998169dcfb4cb4923a_7)[&nbsp;&nbsp;&nbsp;&nbsp;](#ie4842d0ee82a47998169dcfb4cb4923a_7)[DEMAND FACILITY](#ie4842d0ee82a47998169dcfb4cb4923a_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ie4842d0ee82a47998169dcfb4cb4923a_7)[26](#ie4842d0ee82a47998169dcfb4cb4923a_7)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[2.13](#ie4842d0ee82a47998169dcfb4cb4923a_7)[&nbsp;&nbsp;&nbsp;&nbsp;](#ie4842d0ee82a47998169dcfb4cb4923a_7)[Administration of the Benchmark](#ie4842d0ee82a47998169dcfb4cb4923a_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ie4842d0ee82a47998169dcfb4cb4923a_7)[27](#ie4842d0ee82a47998169dcfb4cb4923a_7)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[2.14](#ie4842d0ee82a47998169dcfb4cb4923a_7)[&nbsp;&nbsp;&nbsp;&nbsp;](#ie4842d0ee82a47998169dcfb4cb4923a_7)[All Transactions are "Servicing Released"](#ie4842d0ee82a47998169dcfb4cb4923a_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ie4842d0ee82a47998169dcfb4cb4923a_7)[27](#ie4842d0ee82a47998169dcfb4cb4923a_7)

<u>[SECTION 3.](#ie4842d0ee82a47998169dcfb4cb4923a_7)[&nbsp;&nbsp;&nbsp;&nbsp;](#ie4842d0ee82a47998169dcfb4cb4923a_7)[YIELD PROTECTION AND TAXES.](#ie4842d0ee82a47998169dcfb4cb4923a_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ie4842d0ee82a47998169dcfb4cb4923a_7)[27](#ie4842d0ee82a47998169dcfb4cb4923a_7)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[3.1](#ie4842d0ee82a47998169dcfb4cb4923a_7)[&nbsp;&nbsp;&nbsp;&nbsp;](#ie4842d0ee82a47998169dcfb4cb4923a_7)[Increased Costs.](#ie4842d0ee82a47998169dcfb4cb4923a_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ie4842d0ee82a47998169dcfb4cb4923a_7)[27](#ie4842d0ee82a47998169dcfb4cb4923a_7)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[3.2](#ie4842d0ee82a47998169dcfb4cb4923a_7)[&nbsp;&nbsp;&nbsp;&nbsp;](#ie4842d0ee82a47998169dcfb4cb4923a_7)[Taxes.](#ie4842d0ee82a47998169dcfb4cb4923a_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ie4842d0ee82a47998169dcfb4cb4923a_7)[28](#ie4842d0ee82a47998169dcfb4cb4923a_7)

<u>[SECTION 4.](#ie4842d0ee82a47998169dcfb4cb4923a_7)[&nbsp;&nbsp;&nbsp;&nbsp;](#ie4842d0ee82a47998169dcfb4cb4923a_7)[CONDITIONS OF CLOSING/TRANSACTIONS.](#ie4842d0ee82a47998169dcfb4cb4923a_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ie4842d0ee82a47998169dcfb4cb4923a_7)[31](#ie4842d0ee82a47998169dcfb4cb4923a_7)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[4.1](#ie4842d0ee82a47998169dcfb4cb4923a_7)[&nbsp;&nbsp;&nbsp;&nbsp;](#ie4842d0ee82a47998169dcfb4cb4923a_7)[Conditions to Closing](#ie4842d0ee82a47998169dcfb4cb4923a_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ie4842d0ee82a47998169dcfb4cb4923a_7)[31](#ie4842d0ee82a47998169dcfb4cb4923a_7)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[4.2](#ie4842d0ee82a47998169dcfb4cb4923a_7)[&nbsp;&nbsp;&nbsp;&nbsp;](#ie4842d0ee82a47998169dcfb4cb4923a_7)[Conditions to initial Transaction.](#ie4842d0ee82a47998169dcfb4cb4923a_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ie4842d0ee82a47998169dcfb4cb4923a_7)[32](#ie4842d0ee82a47998169dcfb4cb4923a_7)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[4.3](#ie4842d0ee82a47998169dcfb4cb4923a_7)[&nbsp;&nbsp;&nbsp;&nbsp;](#ie4842d0ee82a47998169dcfb4cb4923a_7)[Conditions to All Transactions](#ie4842d0ee82a47998169dcfb4cb4923a_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ie4842d0ee82a47998169dcfb4cb4923a_7)[32](#ie4842d0ee82a47998169dcfb4cb4923a_7)

<u>[SECTION 5.](#ie4842d0ee82a47998169dcfb4cb4923a_7)[&nbsp;&nbsp;&nbsp;&nbsp;](#ie4842d0ee82a47998169dcfb4cb4923a_7)[SECURITY; PURCHASED ASSETS PROCESSING AND COLLECTION.](#ie4842d0ee82a47998169dcfb4cb4923a_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ie4842d0ee82a47998169dcfb4cb4923a_7)[33](#ie4842d0ee82a47998169dcfb4cb4923a_7)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[5.1](#ie4842d0ee82a47998169dcfb4cb4923a_7)[&nbsp;&nbsp;&nbsp;&nbsp;](#ie4842d0ee82a47998169dcfb4cb4923a_7)[Security Interest](#ie4842d0ee82a47998169dcfb4cb4923a_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ie4842d0ee82a47998169dcfb4cb4923a_7)[33](#ie4842d0ee82a47998169dcfb4cb4923a_7)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[5.2](#ie4842d0ee82a47998169dcfb4cb4923a_7)[&nbsp;&nbsp;&nbsp;&nbsp;](#ie4842d0ee82a47998169dcfb4cb4923a_7)[No Asset Sales or Liens](#ie4842d0ee82a47998169dcfb4cb4923a_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ie4842d0ee82a47998169dcfb4cb4923a_7)[34](#ie4842d0ee82a47998169dcfb4cb4923a_7)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[5.3](#ie4842d0ee82a47998169dcfb4cb4923a_7)[&nbsp;&nbsp;&nbsp;&nbsp;](#ie4842d0ee82a47998169dcfb4cb4923a_7)[Location of Records and Purchased Assets](#ie4842d0ee82a47998169dcfb4cb4923a_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ie4842d0ee82a47998169dcfb4cb4923a_7)[34](#ie4842d0ee82a47998169dcfb4cb4923a_7)

-i-

1752672229

------

**TABLE OF CONTENTS**

(continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[5.4](#ie4842d0ee82a47998169dcfb4cb4923a_7)[&nbsp;&nbsp;&nbsp;&nbsp;](#ie4842d0ee82a47998169dcfb4cb4923a_7)[Status of Purchased Assets](#ie4842d0ee82a47998169dcfb4cb4923a_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ie4842d0ee82a47998169dcfb4cb4923a_7)[34](#ie4842d0ee82a47998169dcfb4cb4923a_7)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[5.5](#ie4842d0ee82a47998169dcfb4cb4923a_7)[&nbsp;&nbsp;&nbsp;&nbsp;](#ie4842d0ee82a47998169dcfb4cb4923a_7)[Perfection Information](#ie4842d0ee82a47998169dcfb4cb4923a_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ie4842d0ee82a47998169dcfb4cb4923a_7)[34](#ie4842d0ee82a47998169dcfb4cb4923a_7)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[5.6](#ie4842d0ee82a47998169dcfb4cb4923a_7)[&nbsp;&nbsp;&nbsp;&nbsp;](#ie4842d0ee82a47998169dcfb4cb4923a_7)[Perfection, Third Parties, Further Assurances](#ie4842d0ee82a47998169dcfb4cb4923a_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ie4842d0ee82a47998169dcfb4cb4923a_7)[34](#ie4842d0ee82a47998169dcfb4cb4923a_7)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[5.7](#ie4842d0ee82a47998169dcfb4cb4923a_7)[&nbsp;&nbsp;&nbsp;&nbsp;](#ie4842d0ee82a47998169dcfb4cb4923a_7)[Termination; Revival](#ie4842d0ee82a47998169dcfb4cb4923a_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ie4842d0ee82a47998169dcfb4cb4923a_7)[35](#ie4842d0ee82a47998169dcfb4cb4923a_7)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[5.8](#ie4842d0ee82a47998169dcfb4cb4923a_7)[&nbsp;&nbsp;&nbsp;&nbsp;](#ie4842d0ee82a47998169dcfb4cb4923a_7)[Seller Remains Liable](#ie4842d0ee82a47998169dcfb4cb4923a_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ie4842d0ee82a47998169dcfb4cb4923a_7)[35](#ie4842d0ee82a47998169dcfb4cb4923a_7)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[5.9](#ie4842d0ee82a47998169dcfb4cb4923a_7)[&nbsp;&nbsp;&nbsp;&nbsp;](#ie4842d0ee82a47998169dcfb4cb4923a_7)[Security Covenants.](#ie4842d0ee82a47998169dcfb4cb4923a_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ie4842d0ee82a47998169dcfb4cb4923a_7)[35](#ie4842d0ee82a47998169dcfb4cb4923a_7)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[5.10](#ie4842d0ee82a47998169dcfb4cb4923a_7)[&nbsp;&nbsp;&nbsp;&nbsp;](#ie4842d0ee82a47998169dcfb4cb4923a_7)[Right to Collect](#ie4842d0ee82a47998169dcfb4cb4923a_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ie4842d0ee82a47998169dcfb4cb4923a_7)[36](#ie4842d0ee82a47998169dcfb4cb4923a_7)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[5.11](#ie4842d0ee82a47998169dcfb4cb4923a_7)[&nbsp;&nbsp;&nbsp;&nbsp;](#ie4842d0ee82a47998169dcfb4cb4923a_7)[Application of Mortgage Loan Sale Proceeds.](#ie4842d0ee82a47998169dcfb4cb4923a_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ie4842d0ee82a47998169dcfb4cb4923a_7)[36](#ie4842d0ee82a47998169dcfb4cb4923a_7)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[5.12](#ie4842d0ee82a47998169dcfb4cb4923a_7)[&nbsp;&nbsp;&nbsp;&nbsp;](#ie4842d0ee82a47998169dcfb4cb4923a_7)[\[Reserved\].](#ie4842d0ee82a47998169dcfb4cb4923a_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ie4842d0ee82a47998169dcfb4cb4923a_7)[38](#ie4842d0ee82a47998169dcfb4cb4923a_7)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[5.13](#ie4842d0ee82a47998169dcfb4cb4923a_7)[&nbsp;&nbsp;&nbsp;&nbsp;](#ie4842d0ee82a47998169dcfb4cb4923a_7)[Redelivery of Purchased Assets](#ie4842d0ee82a47998169dcfb4cb4923a_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ie4842d0ee82a47998169dcfb4cb4923a_7)[38](#ie4842d0ee82a47998169dcfb4cb4923a_7)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[5.14](#ie4842d0ee82a47998169dcfb4cb4923a_7)[&nbsp;&nbsp;&nbsp;&nbsp;](#ie4842d0ee82a47998169dcfb4cb4923a_7)[Servicing.](#ie4842d0ee82a47998169dcfb4cb4923a_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ie4842d0ee82a47998169dcfb4cb4923a_7)[38](#ie4842d0ee82a47998169dcfb4cb4923a_7)

<u>[SECTION 6.](#ie4842d0ee82a47998169dcfb4cb4923a_7)[&nbsp;&nbsp;&nbsp;&nbsp;](#ie4842d0ee82a47998169dcfb4cb4923a_7)[REPRESENTATIONS AND WARRANTIES.](#ie4842d0ee82a47998169dcfb4cb4923a_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ie4842d0ee82a47998169dcfb4cb4923a_7)[39](#ie4842d0ee82a47998169dcfb4cb4923a_7)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[6.1](#ie4842d0ee82a47998169dcfb4cb4923a_7)[&nbsp;&nbsp;&nbsp;&nbsp;](#ie4842d0ee82a47998169dcfb4cb4923a_7)[Organization and Qualification](#ie4842d0ee82a47998169dcfb4cb4923a_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ie4842d0ee82a47998169dcfb4cb4923a_7)[39](#ie4842d0ee82a47998169dcfb4cb4923a_7)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[6.2](#ie4842d0ee82a47998169dcfb4cb4923a_7)[&nbsp;&nbsp;&nbsp;&nbsp;](#ie4842d0ee82a47998169dcfb4cb4923a_7)[Authority, Valid Obligations; Approvals](#ie4842d0ee82a47998169dcfb4cb4923a_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ie4842d0ee82a47998169dcfb4cb4923a_7)[39](#ie4842d0ee82a47998169dcfb4cb4923a_7)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[6.3](#ie4842d0ee82a47998169dcfb4cb4923a_7)[&nbsp;&nbsp;&nbsp;&nbsp;](#ie4842d0ee82a47998169dcfb4cb4923a_7)[Title to Properties; Absence of Liens](#ie4842d0ee82a47998169dcfb4cb4923a_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ie4842d0ee82a47998169dcfb4cb4923a_7)[40](#ie4842d0ee82a47998169dcfb4cb4923a_7)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[6.4](#ie4842d0ee82a47998169dcfb4cb4923a_7)[&nbsp;&nbsp;&nbsp;&nbsp;](#ie4842d0ee82a47998169dcfb4cb4923a_7)[Compliance](#ie4842d0ee82a47998169dcfb4cb4923a_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ie4842d0ee82a47998169dcfb4cb4923a_7)[40](#ie4842d0ee82a47998169dcfb4cb4923a_7)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[6.5](#ie4842d0ee82a47998169dcfb4cb4923a_7)[&nbsp;&nbsp;&nbsp;&nbsp;](#ie4842d0ee82a47998169dcfb4cb4923a_7)[Financial Statements](#ie4842d0ee82a47998169dcfb4cb4923a_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ie4842d0ee82a47998169dcfb4cb4923a_7)[40](#ie4842d0ee82a47998169dcfb4cb4923a_7)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[6.6](#ie4842d0ee82a47998169dcfb4cb4923a_7)[&nbsp;&nbsp;&nbsp;&nbsp;](#ie4842d0ee82a47998169dcfb4cb4923a_7)[Events of Default: Solvency](#ie4842d0ee82a47998169dcfb4cb4923a_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ie4842d0ee82a47998169dcfb4cb4923a_7)[41](#ie4842d0ee82a47998169dcfb4cb4923a_7)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[6.7](#ie4842d0ee82a47998169dcfb4cb4923a_7)[&nbsp;&nbsp;&nbsp;&nbsp;](#ie4842d0ee82a47998169dcfb4cb4923a_7)[Taxes.](#ie4842d0ee82a47998169dcfb4cb4923a_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ie4842d0ee82a47998169dcfb4cb4923a_7)[41](#ie4842d0ee82a47998169dcfb4cb4923a_7)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[6.8](#ie4842d0ee82a47998169dcfb4cb4923a_7)[&nbsp;&nbsp;&nbsp;&nbsp;](#ie4842d0ee82a47998169dcfb4cb4923a_7)[Labor Relations; Litigation](#ie4842d0ee82a47998169dcfb4cb4923a_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ie4842d0ee82a47998169dcfb4cb4923a_7)[41](#ie4842d0ee82a47998169dcfb4cb4923a_7)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[6.9](#ie4842d0ee82a47998169dcfb4cb4923a_7)[&nbsp;&nbsp;&nbsp;&nbsp;](#ie4842d0ee82a47998169dcfb4cb4923a_7)[Contracts with Affiliates, etc.](#ie4842d0ee82a47998169dcfb4cb4923a_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ie4842d0ee82a47998169dcfb4cb4923a_7)[41](#ie4842d0ee82a47998169dcfb4cb4923a_7)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[6.10](#ie4842d0ee82a47998169dcfb4cb4923a_7)[&nbsp;&nbsp;&nbsp;&nbsp;](#ie4842d0ee82a47998169dcfb4cb4923a_7)[ERISA](#ie4842d0ee82a47998169dcfb4cb4923a_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ie4842d0ee82a47998169dcfb4cb4923a_7)[41](#ie4842d0ee82a47998169dcfb4cb4923a_7)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[6.11](#ie4842d0ee82a47998169dcfb4cb4923a_7)[&nbsp;&nbsp;&nbsp;&nbsp;](#ie4842d0ee82a47998169dcfb4cb4923a_7)[\[Reserved\].](#ie4842d0ee82a47998169dcfb4cb4923a_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ie4842d0ee82a47998169dcfb4cb4923a_7)[41](#ie4842d0ee82a47998169dcfb4cb4923a_7)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[6.12](#ie4842d0ee82a47998169dcfb4cb4923a_7)[&nbsp;&nbsp;&nbsp;&nbsp;](#ie4842d0ee82a47998169dcfb4cb4923a_7)[\[Reserved\].](#ie4842d0ee82a47998169dcfb4cb4923a_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ie4842d0ee82a47998169dcfb4cb4923a_7)[42](#ie4842d0ee82a47998169dcfb4cb4923a_7)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[6.13](#ie4842d0ee82a47998169dcfb4cb4923a_7)[&nbsp;&nbsp;&nbsp;&nbsp;](#ie4842d0ee82a47998169dcfb4cb4923a_7)[\[Reserved\].](#ie4842d0ee82a47998169dcfb4cb4923a_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ie4842d0ee82a47998169dcfb4cb4923a_7)[42](#ie4842d0ee82a47998169dcfb4cb4923a_7)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[6.14](#ie4842d0ee82a47998169dcfb4cb4923a_7)[&nbsp;&nbsp;&nbsp;&nbsp;](#ie4842d0ee82a47998169dcfb4cb4923a_7)[Anti-Money Laundering/International Trade Law Compliance](#ie4842d0ee82a47998169dcfb4cb4923a_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ie4842d0ee82a47998169dcfb4cb4923a_7)[42](#ie4842d0ee82a47998169dcfb4cb4923a_7)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[6.15](#ie4842d0ee82a47998169dcfb4cb4923a_7)[&nbsp;&nbsp;&nbsp;&nbsp;](#ie4842d0ee82a47998169dcfb4cb4923a_7)[Accuracy of Representations; Survival](#ie4842d0ee82a47998169dcfb4cb4923a_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ie4842d0ee82a47998169dcfb4cb4923a_7)[42](#ie4842d0ee82a47998169dcfb4cb4923a_7)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[6.16](#ie4842d0ee82a47998169dcfb4cb4923a_7)[&nbsp;&nbsp;&nbsp;&nbsp;](#ie4842d0ee82a47998169dcfb4cb4923a_7)[Seller Name](#ie4842d0ee82a47998169dcfb4cb4923a_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ie4842d0ee82a47998169dcfb4cb4923a_7)[42](#ie4842d0ee82a47998169dcfb4cb4923a_7)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[6.17](#ie4842d0ee82a47998169dcfb4cb4923a_7)[&nbsp;&nbsp;&nbsp;&nbsp;](#ie4842d0ee82a47998169dcfb4cb4923a_7)[Agency Approvals; Compliance with Agency Guides](#ie4842d0ee82a47998169dcfb4cb4923a_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ie4842d0ee82a47998169dcfb4cb4923a_7)[42](#ie4842d0ee82a47998169dcfb4cb4923a_7)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[6.18](#ie4842d0ee82a47998169dcfb4cb4923a_7)[&nbsp;&nbsp;&nbsp;&nbsp;](#ie4842d0ee82a47998169dcfb4cb4923a_7)[Accuracy of Information](#ie4842d0ee82a47998169dcfb4cb4923a_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ie4842d0ee82a47998169dcfb4cb4923a_7)[42](#ie4842d0ee82a47998169dcfb4cb4923a_7)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[6.19](#ie4842d0ee82a47998169dcfb4cb4923a_7)[&nbsp;&nbsp;&nbsp;&nbsp;](#ie4842d0ee82a47998169dcfb4cb4923a_7)[Compliance With Law, Etc.](#ie4842d0ee82a47998169dcfb4cb4923a_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ie4842d0ee82a47998169dcfb4cb4923a_7)[43](#ie4842d0ee82a47998169dcfb4cb4923a_7)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[6.20](#ie4842d0ee82a47998169dcfb4cb4923a_7)[&nbsp;&nbsp;&nbsp;&nbsp;](#ie4842d0ee82a47998169dcfb4cb4923a_7)[Investment Company Act Compliance](#ie4842d0ee82a47998169dcfb4cb4923a_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ie4842d0ee82a47998169dcfb4cb4923a_7)[43](#ie4842d0ee82a47998169dcfb4cb4923a_7)

-ii-

1752672229

------

**TABLE OF CONTENTS**

(continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[6.21](#ie4842d0ee82a47998169dcfb4cb4923a_7)[&nbsp;&nbsp;&nbsp;&nbsp;](#ie4842d0ee82a47998169dcfb4cb4923a_7)[No Broker](#ie4842d0ee82a47998169dcfb4cb4923a_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ie4842d0ee82a47998169dcfb4cb4923a_7)[43](#ie4842d0ee82a47998169dcfb4cb4923a_7)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[6.22](#ie4842d0ee82a47998169dcfb4cb4923a_7)[&nbsp;&nbsp;&nbsp;&nbsp;](#ie4842d0ee82a47998169dcfb4cb4923a_7)[\[Reserved\].](#ie4842d0ee82a47998169dcfb4cb4923a_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ie4842d0ee82a47998169dcfb4cb4923a_7)[43](#ie4842d0ee82a47998169dcfb4cb4923a_7)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[6.23](#ie4842d0ee82a47998169dcfb4cb4923a_7)[&nbsp;&nbsp;&nbsp;&nbsp;](#ie4842d0ee82a47998169dcfb4cb4923a_7)[Special Representations Relating to the Purchased Mortgage Loans](#ie4842d0ee82a47998169dcfb4cb4923a_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ie4842d0ee82a47998169dcfb4cb4923a_7)[43](#ie4842d0ee82a47998169dcfb4cb4923a_7)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[6.24](#ie4842d0ee82a47998169dcfb4cb4923a_7)[&nbsp;&nbsp;&nbsp;&nbsp;](#ie4842d0ee82a47998169dcfb4cb4923a_7)[Legal and Beneficial Owners of Equity Interests in the Seller](#ie4842d0ee82a47998169dcfb4cb4923a_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ie4842d0ee82a47998169dcfb4cb4923a_7)[44](#ie4842d0ee82a47998169dcfb4cb4923a_7)

<u>[SECTION 7.](#ie4842d0ee82a47998169dcfb4cb4923a_7)[&nbsp;&nbsp;&nbsp;&nbsp;](#ie4842d0ee82a47998169dcfb4cb4923a_7)[AFFIRMATIVE COVENANTS.](#ie4842d0ee82a47998169dcfb4cb4923a_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ie4842d0ee82a47998169dcfb4cb4923a_7)[44](#ie4842d0ee82a47998169dcfb4cb4923a_7)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[7.1](#ie4842d0ee82a47998169dcfb4cb4923a_7)[&nbsp;&nbsp;&nbsp;&nbsp;](#ie4842d0ee82a47998169dcfb4cb4923a_7)[Financial Statements and Other Reporting Requirements](#ie4842d0ee82a47998169dcfb4cb4923a_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ie4842d0ee82a47998169dcfb4cb4923a_7)[44](#ie4842d0ee82a47998169dcfb4cb4923a_7)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[7.2](#ie4842d0ee82a47998169dcfb4cb4923a_7)[&nbsp;&nbsp;&nbsp;&nbsp;](#ie4842d0ee82a47998169dcfb4cb4923a_7)[Conduct of Business](#ie4842d0ee82a47998169dcfb4cb4923a_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ie4842d0ee82a47998169dcfb4cb4923a_7)[46](#ie4842d0ee82a47998169dcfb4cb4923a_7)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[7.3](#ie4842d0ee82a47998169dcfb4cb4923a_7)[&nbsp;&nbsp;&nbsp;&nbsp;](#ie4842d0ee82a47998169dcfb4cb4923a_7)[Maintenance and Insurance](#ie4842d0ee82a47998169dcfb4cb4923a_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ie4842d0ee82a47998169dcfb4cb4923a_7)[47](#ie4842d0ee82a47998169dcfb4cb4923a_7)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[7.4](#ie4842d0ee82a47998169dcfb4cb4923a_7)[&nbsp;&nbsp;&nbsp;&nbsp;](#ie4842d0ee82a47998169dcfb4cb4923a_7)[Taxes.](#ie4842d0ee82a47998169dcfb4cb4923a_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ie4842d0ee82a47998169dcfb4cb4923a_7)[47](#ie4842d0ee82a47998169dcfb4cb4923a_7)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[7.5](#ie4842d0ee82a47998169dcfb4cb4923a_7)[&nbsp;&nbsp;&nbsp;&nbsp;](#ie4842d0ee82a47998169dcfb4cb4923a_7)[Sale of Notes](#ie4842d0ee82a47998169dcfb4cb4923a_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ie4842d0ee82a47998169dcfb4cb4923a_7)[47](#ie4842d0ee82a47998169dcfb4cb4923a_7)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[7.6](#ie4842d0ee82a47998169dcfb4cb4923a_7)[&nbsp;&nbsp;&nbsp;&nbsp;](#ie4842d0ee82a47998169dcfb4cb4923a_7)[Security Interest](#ie4842d0ee82a47998169dcfb4cb4923a_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ie4842d0ee82a47998169dcfb4cb4923a_7)[48](#ie4842d0ee82a47998169dcfb4cb4923a_7)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[7.7](#ie4842d0ee82a47998169dcfb4cb4923a_7)[&nbsp;&nbsp;&nbsp;&nbsp;](#ie4842d0ee82a47998169dcfb4cb4923a_7)[Inspection by the Administrative Agent](#ie4842d0ee82a47998169dcfb4cb4923a_7)</u><sup>-, Books and Records</sup><sup>&nbsp;&nbsp;&nbsp;&nbsp;48</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[7.8](#ie4842d0ee82a47998169dcfb4cb4923a_7)[&nbsp;&nbsp;&nbsp;&nbsp;](#ie4842d0ee82a47998169dcfb4cb4923a_7)[Use of Proceeds](#ie4842d0ee82a47998169dcfb4cb4923a_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ie4842d0ee82a47998169dcfb4cb4923a_7)[48](#ie4842d0ee82a47998169dcfb4cb4923a_7)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[7.9](#ie4842d0ee82a47998169dcfb4cb4923a_7)[&nbsp;&nbsp;&nbsp;&nbsp;](#ie4842d0ee82a47998169dcfb4cb4923a_7)[Transactions with Affiliates](#ie4842d0ee82a47998169dcfb4cb4923a_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ie4842d0ee82a47998169dcfb4cb4923a_7)[48](#ie4842d0ee82a47998169dcfb4cb4923a_7)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[7.10](#ie4842d0ee82a47998169dcfb4cb4923a_7)[&nbsp;&nbsp;&nbsp;&nbsp;](#ie4842d0ee82a47998169dcfb4cb4923a_7)[No Amendments to Organizational Documents](#ie4842d0ee82a47998169dcfb4cb4923a_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ie4842d0ee82a47998169dcfb4cb4923a_7)[49](#ie4842d0ee82a47998169dcfb4cb4923a_7)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[7.11](#ie4842d0ee82a47998169dcfb4cb4923a_7)[&nbsp;&nbsp;&nbsp;&nbsp;](#ie4842d0ee82a47998169dcfb4cb4923a_7)[Bank Accounts](#ie4842d0ee82a47998169dcfb4cb4923a_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ie4842d0ee82a47998169dcfb4cb4923a_7)[49](#ie4842d0ee82a47998169dcfb4cb4923a_7)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[7.12](#ie4842d0ee82a47998169dcfb4cb4923a_7)[&nbsp;&nbsp;&nbsp;&nbsp;](#ie4842d0ee82a47998169dcfb4cb4923a_7)[Name, Location](#ie4842d0ee82a47998169dcfb4cb4923a_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ie4842d0ee82a47998169dcfb4cb4923a_7)[49](#ie4842d0ee82a47998169dcfb4cb4923a_7)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[7.13](#ie4842d0ee82a47998169dcfb4cb4923a_7)[&nbsp;&nbsp;&nbsp;&nbsp;](#ie4842d0ee82a47998169dcfb4cb4923a_7)[Enforcement](#ie4842d0ee82a47998169dcfb4cb4923a_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ie4842d0ee82a47998169dcfb4cb4923a_7)[49](#ie4842d0ee82a47998169dcfb4cb4923a_7)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[7.14](#ie4842d0ee82a47998169dcfb4cb4923a_7)[&nbsp;&nbsp;&nbsp;&nbsp;](#ie4842d0ee82a47998169dcfb4cb4923a_7)[MERS](#ie4842d0ee82a47998169dcfb4cb4923a_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ie4842d0ee82a47998169dcfb4cb4923a_7)[49](#ie4842d0ee82a47998169dcfb4cb4923a_7)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[7.15](#ie4842d0ee82a47998169dcfb4cb4923a_7)[&nbsp;&nbsp;&nbsp;&nbsp;](#ie4842d0ee82a47998169dcfb4cb4923a_7)[\[Reserved\].](#ie4842d0ee82a47998169dcfb4cb4923a_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ie4842d0ee82a47998169dcfb4cb4923a_7)[50](#ie4842d0ee82a47998169dcfb4cb4923a_7)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[7.16](#ie4842d0ee82a47998169dcfb4cb4923a_7)[&nbsp;&nbsp;&nbsp;&nbsp;](#ie4842d0ee82a47998169dcfb4cb4923a_7)[\[Reserved\].](#ie4842d0ee82a47998169dcfb4cb4923a_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ie4842d0ee82a47998169dcfb4cb4923a_7)[50](#ie4842d0ee82a47998169dcfb4cb4923a_7)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[7.17](#ie4842d0ee82a47998169dcfb4cb4923a_7)[&nbsp;&nbsp;&nbsp;&nbsp;](#ie4842d0ee82a47998169dcfb4cb4923a_7)[Underwriting Guidelines](#ie4842d0ee82a47998169dcfb4cb4923a_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ie4842d0ee82a47998169dcfb4cb4923a_7)[50](#ie4842d0ee82a47998169dcfb4cb4923a_7)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[7.18](#ie4842d0ee82a47998169dcfb4cb4923a_7)[&nbsp;&nbsp;&nbsp;&nbsp;](#ie4842d0ee82a47998169dcfb4cb4923a_7)[Applicable Law](#ie4842d0ee82a47998169dcfb4cb4923a_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ie4842d0ee82a47998169dcfb4cb4923a_7)[50](#ie4842d0ee82a47998169dcfb4cb4923a_7)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[7.19](#ie4842d0ee82a47998169dcfb4cb4923a_7)[&nbsp;&nbsp;&nbsp;&nbsp;](#ie4842d0ee82a47998169dcfb4cb4923a_7)[Financial Covenants](#ie4842d0ee82a47998169dcfb4cb4923a_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ie4842d0ee82a47998169dcfb4cb4923a_7)[50](#ie4842d0ee82a47998169dcfb4cb4923a_7)

<u>[SECTION 8.](#ie4842d0ee82a47998169dcfb4cb4923a_7)[&nbsp;&nbsp;&nbsp;&nbsp;](#ie4842d0ee82a47998169dcfb4cb4923a_7)[NEGATIVE COVENANTS.](#ie4842d0ee82a47998169dcfb4cb4923a_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ie4842d0ee82a47998169dcfb4cb4923a_7)[50](#ie4842d0ee82a47998169dcfb4cb4923a_7)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[8.1](#ie4842d0ee82a47998169dcfb4cb4923a_7)[&nbsp;&nbsp;&nbsp;&nbsp;](#ie4842d0ee82a47998169dcfb4cb4923a_7)[No Merger](#ie4842d0ee82a47998169dcfb4cb4923a_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ie4842d0ee82a47998169dcfb4cb4923a_7)[50](#ie4842d0ee82a47998169dcfb4cb4923a_7)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[8.2](#ie4842d0ee82a47998169dcfb4cb4923a_7)[&nbsp;&nbsp;&nbsp;&nbsp;](#ie4842d0ee82a47998169dcfb4cb4923a_7)[Limitation on Debt and Contingent Indebtedness](#ie4842d0ee82a47998169dcfb4cb4923a_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ie4842d0ee82a47998169dcfb4cb4923a_7)[50](#ie4842d0ee82a47998169dcfb4cb4923a_7)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[8.3](#ie4842d0ee82a47998169dcfb4cb4923a_7)[&nbsp;&nbsp;&nbsp;&nbsp;](#ie4842d0ee82a47998169dcfb4cb4923a_7)[Business](#ie4842d0ee82a47998169dcfb4cb4923a_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ie4842d0ee82a47998169dcfb4cb4923a_7)[51](#ie4842d0ee82a47998169dcfb4cb4923a_7)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[8.4](#ie4842d0ee82a47998169dcfb4cb4923a_7)[&nbsp;&nbsp;&nbsp;&nbsp;](#ie4842d0ee82a47998169dcfb4cb4923a_7)[Liquidations, Dispositions of Substantial Assets](#ie4842d0ee82a47998169dcfb4cb4923a_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ie4842d0ee82a47998169dcfb4cb4923a_7)[51](#ie4842d0ee82a47998169dcfb4cb4923a_7)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[8.5](#ie4842d0ee82a47998169dcfb4cb4923a_7)[&nbsp;&nbsp;&nbsp;&nbsp;](#ie4842d0ee82a47998169dcfb4cb4923a_7)[Loans, Advances, and Investments](#ie4842d0ee82a47998169dcfb4cb4923a_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ie4842d0ee82a47998169dcfb4cb4923a_7)[52](#ie4842d0ee82a47998169dcfb4cb4923a_7)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[8.6](#ie4842d0ee82a47998169dcfb4cb4923a_7)[&nbsp;&nbsp;&nbsp;&nbsp;](#ie4842d0ee82a47998169dcfb4cb4923a_7)[Use of Proceeds](#ie4842d0ee82a47998169dcfb4cb4923a_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ie4842d0ee82a47998169dcfb4cb4923a_7)[52](#ie4842d0ee82a47998169dcfb4cb4923a_7)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[8.7](#ie4842d0ee82a47998169dcfb4cb4923a_7)[&nbsp;&nbsp;&nbsp;&nbsp;](#ie4842d0ee82a47998169dcfb4cb4923a_7)[Transactions with Affiliates.](#ie4842d0ee82a47998169dcfb4cb4923a_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ie4842d0ee82a47998169dcfb4cb4923a_7)[53](#ie4842d0ee82a47998169dcfb4cb4923a_7)

-iii-

1752672229

------

**TABLE OF CONTENTS**

(continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[8.8](#ie4842d0ee82a47998169dcfb4cb4923a_7)[&nbsp;&nbsp;&nbsp;&nbsp;](#ie4842d0ee82a47998169dcfb4cb4923a_7)[Liens.](#ie4842d0ee82a47998169dcfb4cb4923a_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ie4842d0ee82a47998169dcfb4cb4923a_7)[53](#ie4842d0ee82a47998169dcfb4cb4923a_7)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[8.9](#ie4842d0ee82a47998169dcfb4cb4923a_7)[&nbsp;&nbsp;&nbsp;&nbsp;](#ie4842d0ee82a47998169dcfb4cb4923a_7)[Plans](#ie4842d0ee82a47998169dcfb4cb4923a_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ie4842d0ee82a47998169dcfb4cb4923a_7)[53](#ie4842d0ee82a47998169dcfb4cb4923a_7)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[8.10](#ie4842d0ee82a47998169dcfb4cb4923a_7)[&nbsp;&nbsp;&nbsp;&nbsp;](#ie4842d0ee82a47998169dcfb4cb4923a_7)[Change of Principal Office](#ie4842d0ee82a47998169dcfb4cb4923a_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ie4842d0ee82a47998169dcfb4cb4923a_7)[53](#ie4842d0ee82a47998169dcfb4cb4923a_7)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[8.11](#ie4842d0ee82a47998169dcfb4cb4923a_7)[&nbsp;&nbsp;&nbsp;&nbsp;](#ie4842d0ee82a47998169dcfb4cb4923a_7)[Distributions](#ie4842d0ee82a47998169dcfb4cb4923a_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ie4842d0ee82a47998169dcfb4cb4923a_7)[53](#ie4842d0ee82a47998169dcfb4cb4923a_7)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[8.12](#ie4842d0ee82a47998169dcfb4cb4923a_7)[&nbsp;&nbsp;&nbsp;&nbsp;](#ie4842d0ee82a47998169dcfb4cb4923a_7)[Limitations on Payments of Certain Indebtedness](#ie4842d0ee82a47998169dcfb4cb4923a_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ie4842d0ee82a47998169dcfb4cb4923a_7)[53](#ie4842d0ee82a47998169dcfb4cb4923a_7)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[8.13](#ie4842d0ee82a47998169dcfb4cb4923a_7)[&nbsp;&nbsp;&nbsp;&nbsp;](#ie4842d0ee82a47998169dcfb4cb4923a_7)[No Changes in Accounting Practices or Fiscal Year](#ie4842d0ee82a47998169dcfb4cb4923a_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ie4842d0ee82a47998169dcfb4cb4923a_7)[53](#ie4842d0ee82a47998169dcfb4cb4923a_7)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[8.14](#ie4842d0ee82a47998169dcfb4cb4923a_7)[&nbsp;&nbsp;&nbsp;&nbsp;](#ie4842d0ee82a47998169dcfb4cb4923a_7)[No Changes to Underwriting Guidelines](#ie4842d0ee82a47998169dcfb4cb4923a_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ie4842d0ee82a47998169dcfb4cb4923a_7)[53](#ie4842d0ee82a47998169dcfb4cb4923a_7)

<u>[SECTION 9.](#ie4842d0ee82a47998169dcfb4cb4923a_7)[&nbsp;&nbsp;&nbsp;&nbsp;](#ie4842d0ee82a47998169dcfb4cb4923a_7)[EVENTS OF DEFAULT; EVENT OF TERMINATION.](#ie4842d0ee82a47998169dcfb4cb4923a_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ie4842d0ee82a47998169dcfb4cb4923a_7)[54](#ie4842d0ee82a47998169dcfb4cb4923a_7)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[9.1](#ie4842d0ee82a47998169dcfb4cb4923a_7)[&nbsp;&nbsp;&nbsp;&nbsp;](#ie4842d0ee82a47998169dcfb4cb4923a_7)[Event of Defaults of Default.](#ie4842d0ee82a47998169dcfb4cb4923a_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ie4842d0ee82a47998169dcfb4cb4923a_7)[54](#ie4842d0ee82a47998169dcfb4cb4923a_7)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[9.2](#ie4842d0ee82a47998169dcfb4cb4923a_7)[&nbsp;&nbsp;&nbsp;&nbsp;](#ie4842d0ee82a47998169dcfb4cb4923a_7)[Transaction Termination.](#ie4842d0ee82a47998169dcfb4cb4923a_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ie4842d0ee82a47998169dcfb4cb4923a_7)[56](#ie4842d0ee82a47998169dcfb4cb4923a_7)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[9.3](#ie4842d0ee82a47998169dcfb4cb4923a_7)[&nbsp;&nbsp;&nbsp;&nbsp;](#ie4842d0ee82a47998169dcfb4cb4923a_7)[Termination by the Administrative Agent.](#ie4842d0ee82a47998169dcfb4cb4923a_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ie4842d0ee82a47998169dcfb4cb4923a_7)[56](#ie4842d0ee82a47998169dcfb4cb4923a_7)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[9.4](#ie4842d0ee82a47998169dcfb4cb4923a_7)[&nbsp;&nbsp;&nbsp;&nbsp;](#ie4842d0ee82a47998169dcfb4cb4923a_7)[Remedies.](#ie4842d0ee82a47998169dcfb4cb4923a_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ie4842d0ee82a47998169dcfb4cb4923a_7)[56](#ie4842d0ee82a47998169dcfb4cb4923a_7)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[9.5](#ie4842d0ee82a47998169dcfb4cb4923a_7)[&nbsp;&nbsp;&nbsp;&nbsp;](#ie4842d0ee82a47998169dcfb4cb4923a_7)[Liability for Expenses and Damages.](#ie4842d0ee82a47998169dcfb4cb4923a_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ie4842d0ee82a47998169dcfb4cb4923a_7)[57](#ie4842d0ee82a47998169dcfb4cb4923a_7)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[9.6](#ie4842d0ee82a47998169dcfb4cb4923a_7)[&nbsp;&nbsp;&nbsp;&nbsp;](#ie4842d0ee82a47998169dcfb4cb4923a_7)[Liability for Interest.](#ie4842d0ee82a47998169dcfb4cb4923a_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ie4842d0ee82a47998169dcfb4cb4923a_7)[57](#ie4842d0ee82a47998169dcfb4cb4923a_7)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[9.7](#ie4842d0ee82a47998169dcfb4cb4923a_7)[&nbsp;&nbsp;&nbsp;&nbsp;](#ie4842d0ee82a47998169dcfb4cb4923a_7)[Other Rights.](#ie4842d0ee82a47998169dcfb4cb4923a_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ie4842d0ee82a47998169dcfb4cb4923a_7)[57](#ie4842d0ee82a47998169dcfb4cb4923a_7)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[9.8](#ie4842d0ee82a47998169dcfb4cb4923a_7)[&nbsp;&nbsp;&nbsp;&nbsp;](#ie4842d0ee82a47998169dcfb4cb4923a_7)[Seller's Repurchase Rights.](#ie4842d0ee82a47998169dcfb4cb4923a_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ie4842d0ee82a47998169dcfb4cb4923a_7)[57](#ie4842d0ee82a47998169dcfb4cb4923a_7)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[9.9](#ie4842d0ee82a47998169dcfb4cb4923a_7)[&nbsp;&nbsp;&nbsp;&nbsp;](#ie4842d0ee82a47998169dcfb4cb4923a_7)[Sale of Purchased Mortgage Loans.](#ie4842d0ee82a47998169dcfb4cb4923a_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ie4842d0ee82a47998169dcfb4cb4923a_7)[58](#ie4842d0ee82a47998169dcfb4cb4923a_7)

<u>[SECTION 10.](#ie4842d0ee82a47998169dcfb4cb4923a_7)[&nbsp;&nbsp;&nbsp;&nbsp;](#ie4842d0ee82a47998169dcfb4cb4923a_7)[SET-OFF.](#ie4842d0ee82a47998169dcfb4cb4923a_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ie4842d0ee82a47998169dcfb4cb4923a_7)[58](#ie4842d0ee82a47998169dcfb4cb4923a_7)

<u>[SECTION 11.](#ie4842d0ee82a47998169dcfb4cb4923a_7)[&nbsp;&nbsp;&nbsp;&nbsp;](#ie4842d0ee82a47998169dcfb4cb4923a_7)[GENERAL.](#ie4842d0ee82a47998169dcfb4cb4923a_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ie4842d0ee82a47998169dcfb4cb4923a_7)[58](#ie4842d0ee82a47998169dcfb4cb4923a_7)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[11.1](#ie4842d0ee82a47998169dcfb4cb4923a_7)[&nbsp;&nbsp;&nbsp;&nbsp;](#ie4842d0ee82a47998169dcfb4cb4923a_7)[Power of Attorney](#ie4842d0ee82a47998169dcfb4cb4923a_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ie4842d0ee82a47998169dcfb4cb4923a_7)[58](#ie4842d0ee82a47998169dcfb4cb4923a_7)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[11.2](#ie4842d0ee82a47998169dcfb4cb4923a_7)[&nbsp;&nbsp;&nbsp;&nbsp;](#ie4842d0ee82a47998169dcfb4cb4923a_7)[Written Notices](#ie4842d0ee82a47998169dcfb4cb4923a_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ie4842d0ee82a47998169dcfb4cb4923a_7)[59](#ie4842d0ee82a47998169dcfb4cb4923a_7)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[11.3](#ie4842d0ee82a47998169dcfb4cb4923a_7)[&nbsp;&nbsp;&nbsp;&nbsp;](#ie4842d0ee82a47998169dcfb4cb4923a_7)[Term of Agreement](#ie4842d0ee82a47998169dcfb4cb4923a_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ie4842d0ee82a47998169dcfb4cb4923a_7)[59](#ie4842d0ee82a47998169dcfb4cb4923a_7)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[11.4](#ie4842d0ee82a47998169dcfb4cb4923a_7)[&nbsp;&nbsp;&nbsp;&nbsp;](#ie4842d0ee82a47998169dcfb4cb4923a_7)[No Waivers](#ie4842d0ee82a47998169dcfb4cb4923a_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ie4842d0ee82a47998169dcfb4cb4923a_7)[60](#ie4842d0ee82a47998169dcfb4cb4923a_7)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[11.5](#ie4842d0ee82a47998169dcfb4cb4923a_7)[&nbsp;&nbsp;&nbsp;&nbsp;](#ie4842d0ee82a47998169dcfb4cb4923a_7)[Further Assurances](#ie4842d0ee82a47998169dcfb4cb4923a_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ie4842d0ee82a47998169dcfb4cb4923a_7)[60](#ie4842d0ee82a47998169dcfb4cb4923a_7)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[11.6](#ie4842d0ee82a47998169dcfb4cb4923a_7)[&nbsp;&nbsp;&nbsp;&nbsp;](#ie4842d0ee82a47998169dcfb4cb4923a_7)[Governing Law; Jurisdiction.](#ie4842d0ee82a47998169dcfb4cb4923a_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ie4842d0ee82a47998169dcfb4cb4923a_7)[60](#ie4842d0ee82a47998169dcfb4cb4923a_7)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[11.7](#ie4842d0ee82a47998169dcfb4cb4923a_7)[&nbsp;&nbsp;&nbsp;&nbsp;](#ie4842d0ee82a47998169dcfb4cb4923a_7)[Indemnification](#ie4842d0ee82a47998169dcfb4cb4923a_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ie4842d0ee82a47998169dcfb4cb4923a_7)[61](#ie4842d0ee82a47998169dcfb4cb4923a_7)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[11.8](#ie4842d0ee82a47998169dcfb4cb4923a_7)[&nbsp;&nbsp;&nbsp;&nbsp;](#ie4842d0ee82a47998169dcfb4cb4923a_7)[Amendments, Waivers, Etc.](#ie4842d0ee82a47998169dcfb4cb4923a_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ie4842d0ee82a47998169dcfb4cb4923a_7)[61](#ie4842d0ee82a47998169dcfb4cb4923a_7)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[11.9](#ie4842d0ee82a47998169dcfb4cb4923a_7)[&nbsp;&nbsp;&nbsp;&nbsp;](#ie4842d0ee82a47998169dcfb4cb4923a_7)[Binding Effect of Agreement; Assignment](#ie4842d0ee82a47998169dcfb4cb4923a_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ie4842d0ee82a47998169dcfb4cb4923a_7)[61](#ie4842d0ee82a47998169dcfb4cb4923a_7)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[11.10](#ie4842d0ee82a47998169dcfb4cb4923a_7)[&nbsp;&nbsp;&nbsp;&nbsp;](#ie4842d0ee82a47998169dcfb4cb4923a_7)[Computation of Interest and Fees, Payments, Etc.](#ie4842d0ee82a47998169dcfb4cb4923a_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ie4842d0ee82a47998169dcfb4cb4923a_7)[62](#ie4842d0ee82a47998169dcfb4cb4923a_7)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[11.11](#ie4842d0ee82a47998169dcfb4cb4923a_7)[&nbsp;&nbsp;&nbsp;&nbsp;](#ie4842d0ee82a47998169dcfb4cb4923a_7)[Interest Limitations](#ie4842d0ee82a47998169dcfb4cb4923a_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ie4842d0ee82a47998169dcfb4cb4923a_7)[63](#ie4842d0ee82a47998169dcfb4cb4923a_7)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[11.12](#ie4842d0ee82a47998169dcfb4cb4923a_7)[&nbsp;&nbsp;&nbsp;&nbsp;](#ie4842d0ee82a47998169dcfb4cb4923a_7)[No Marshalling](#ie4842d0ee82a47998169dcfb4cb4923a_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ie4842d0ee82a47998169dcfb4cb4923a_7)[63](#ie4842d0ee82a47998169dcfb4cb4923a_7)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[11.13](#ie4842d0ee82a47998169dcfb4cb4923a_7)[&nbsp;&nbsp;&nbsp;&nbsp;](#ie4842d0ee82a47998169dcfb4cb4923a_7)[**Table of Contents** and Section Headings](#ie4842d0ee82a47998169dcfb4cb4923a_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ie4842d0ee82a47998169dcfb4cb4923a_7)[63](#ie4842d0ee82a47998169dcfb4cb4923a_7)

-iv-

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**TABLE OF CONTENTS**

(continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[11.14](#ie4842d0ee82a47998169dcfb4cb4923a_7)[&nbsp;&nbsp;&nbsp;&nbsp;](#ie4842d0ee82a47998169dcfb4cb4923a_7)[USA Patriot Act](#ie4842d0ee82a47998169dcfb4cb4923a_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ie4842d0ee82a47998169dcfb4cb4923a_7)[63](#ie4842d0ee82a47998169dcfb4cb4923a_7)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[11.15](#ie4842d0ee82a47998169dcfb4cb4923a_7)[&nbsp;&nbsp;&nbsp;&nbsp;](#ie4842d0ee82a47998169dcfb4cb4923a_7)[Replacement Documents](#ie4842d0ee82a47998169dcfb4cb4923a_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ie4842d0ee82a47998169dcfb4cb4923a_7)[63](#ie4842d0ee82a47998169dcfb4cb4923a_7)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[11.16](#ie4842d0ee82a47998169dcfb4cb4923a_7)[&nbsp;&nbsp;&nbsp;&nbsp;](#ie4842d0ee82a47998169dcfb4cb4923a_7)[Entire Agreement; Miscellaneous](#ie4842d0ee82a47998169dcfb4cb4923a_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ie4842d0ee82a47998169dcfb4cb4923a_7)[63](#ie4842d0ee82a47998169dcfb4cb4923a_7)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[11.17](#ie4842d0ee82a47998169dcfb4cb4923a_7)[&nbsp;&nbsp;&nbsp;&nbsp;](#ie4842d0ee82a47998169dcfb4cb4923a_7)[Federal Reserve](#ie4842d0ee82a47998169dcfb4cb4923a_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ie4842d0ee82a47998169dcfb4cb4923a_7)[64](#ie4842d0ee82a47998169dcfb4cb4923a_7)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[11.18](#ie4842d0ee82a47998169dcfb4cb4923a_7)[&nbsp;&nbsp;&nbsp;&nbsp;](#ie4842d0ee82a47998169dcfb4cb4923a_7)[Signature Counterparts](#ie4842d0ee82a47998169dcfb4cb4923a_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ie4842d0ee82a47998169dcfb4cb4923a_7)[64](#ie4842d0ee82a47998169dcfb4cb4923a_7)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[11.19](#ie4842d0ee82a47998169dcfb4cb4923a_7)[&nbsp;&nbsp;&nbsp;&nbsp;](#ie4842d0ee82a47998169dcfb4cb4923a_7)[Confidentiality.](#ie4842d0ee82a47998169dcfb4cb4923a_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ie4842d0ee82a47998169dcfb4cb4923a_7)[64](#ie4842d0ee82a47998169dcfb4cb4923a_7)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[11.20](#ie4842d0ee82a47998169dcfb4cb4923a_7)[&nbsp;&nbsp;&nbsp;&nbsp;](#ie4842d0ee82a47998169dcfb4cb4923a_7)[WAIVER OF JURY TRIAL, SERVICE OF PROCESS AND DAMAGES](#ie4842d0ee82a47998169dcfb4cb4923a_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ie4842d0ee82a47998169dcfb4cb4923a_7)[66](#ie4842d0ee82a47998169dcfb4cb4923a_7)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[11.21](#ie4842d0ee82a47998169dcfb4cb4923a_7)[&nbsp;&nbsp;&nbsp;&nbsp;](#ie4842d0ee82a47998169dcfb4cb4923a_7)[Rehypothecation](#ie4842d0ee82a47998169dcfb4cb4923a_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ie4842d0ee82a47998169dcfb4cb4923a_7)[67](#ie4842d0ee82a47998169dcfb4cb4923a_7)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[11.22](#ie4842d0ee82a47998169dcfb4cb4923a_7)[&nbsp;&nbsp;&nbsp;&nbsp;](#ie4842d0ee82a47998169dcfb4cb4923a_7)[Intent](#ie4842d0ee82a47998169dcfb4cb4923a_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ie4842d0ee82a47998169dcfb4cb4923a_7)[67](#ie4842d0ee82a47998169dcfb4cb4923a_7)

EXHIBITS

Exhibit A - Closing Agenda

Exhibit B - Form of Compliance Certificate

Exhibit C - Schedule of Contracts with Affiliates Disclosure Schedule

Exhibit D - Fidelity & Mortgage Errors/Omissions Insurance Requirements

Exhibit E – [Reserved]

Exhibit F - Form of Power of Attorney

Exhibit G - eMortgage Loan Annex

Exhibit H - Benchmark Annex

SCHEDULES

Schedule DQ - Disqualifiers

Schedule EL – Eligible Mortgage Loans

Schedule 6.23 – Special Representations and Warranties with Respect to each Purchased Mortgage Loan

Schedule 6.24 – Owners of Equity Interest in the Seller

-v-

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<u>MASTER REPURCHASE AGREEMENT AND SECURITIES CONTRACT</u>

This Master Repurchase Agreement and Securities Contract is made as of October 21, 2025 (the "<u>Closing Date</u>") by and between M/I Financial, LLC, an Ohio limited liability company (the "<u>Seller</u>"), and JPMorgan Chase Bank, N.A., a national association as Administrative Agent (in such capacity, the "<u>Administrative Agent</u>"), acting on behalf of one or more buyers from time to time (the "<u>Buyers</u>").

<u>RECITALS</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A.&nbsp;&nbsp;&nbsp;&nbsp;Each Buyer has appointed the Administrative Agent to act for and on its behalf with respect to matters arising under this Agreement and other Repurchase Documents, and the Administrative Agent has accepted such appointment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B.&nbsp;&nbsp;&nbsp;&nbsp;Seller has requested that Administrative Agent enter into transactions with Seller whereby Seller may, from time to time, sell to Administrative Agent certain Purchased Assets (as defined herein), against the transfer of funds by Administrative Agent with a simultaneous agreement by Administrative Agent to sell to Seller such Purchased Assets at a date certain or on demand after the Purchase Date (as defined herein), against the transfer of funds by Seller (each such transaction, including a Wet-Ink Transaction, a "<u>Transaction</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C.&nbsp;&nbsp;&nbsp;&nbsp;Administrative Agent has agreed to enter into such Transactions, subject to the terms and conditions set forth in this Agreement.

Section 1.<u>DEFINITIONS AND EXHIBITS</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1<u>Definitions</u>. In this Agreement and in the other Repurchase Documents (unless the context thereof requires a contrary definition or unless the same will be defined therein, in which latter event, the definitions will be cumulative and not exclusive), the following words, phrases, and expressions will have the respective meanings attributed to them, to be equally applicable to both the singular and plural forms, unless the plural form is the term so defined:

"<u>Accepted Servicing Practices</u>" means, with respect to any Purchased Mortgage Loan, those mortgage servicing practices of prudent mortgage lending institutions which service mortgage loans of the same type as such Purchased Mortgage Loan in the jurisdiction where the related Mortgaged Property is located.

"<u>Account Debtor</u>" means an account debtor as defined in the UCC.

"<u>Accounts</u>" means all accounts, accounts receivable, contract rights, instruments, documents, chattel paper, tax refunds from foreign, federal, state or local governments and all obligations in any form including those arising out of the sale or lease of goods or the rendition of services; all guaranties, letters of credit and other security and supporting obligations for any of the above; and all books and records (including computer programs, tapes and data processing software) evidencing an interest in or relating to the above; and all "accounts" as the same is now or hereinafter defined in the UCC.

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"<u>Administrative Agent</u>" has the meaning set forth in the Preamble. For the avoidance of doubt, all references to "Administrative Agent" under this Agreement or any other Repurchase Document means Administrative Agent acting for and on behalf of the Buyers.

"<u>Administrative Agent's Methodology</u>" means as determined by Administrative Agent's investment bank New York mortgage finance business in its sole and absolute discretion using a commercially reasonable methodology that Administrative Agent uses for substantially similar assets and similarly situated counterparties.

"<u>Affiliate</u>" means and includes, with reference to any Person:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;any other Person that directly or indirectly through one or more intermediaries controls, is controlled by or is under common control with the specified Person,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;any other Person that is a director, manager, trustee, general partner, managing or sole member or executive officer, or serves in a similar capacity with respect to, the specified Person or of which the specified Person is a director, manager, trustee, general partner, managing or sole member or executive officer, or with respect to which the specified Person serves in a similar capacity, either alone or together with one or more other Persons similarly situated, has Control,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;any other Person that, directly or indirectly, through one or more intermediaries, is the beneficial owner of 10% or more of any class of equity securities – which does not include any MBS of, or otherwise has a beneficial interest equivalent to 25% or more ownership interest in, the specified Person, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;a Person of which the specified Person is directly or indirectly the owner of 25% or more of any class of equity securities of the specified Person.

"<u>Affiliate Pledge Agreement</u>" means each pledge agreement from an Affiliated Originator in favor of Administrative Agent.

"<u>Affiliated Originator</u>" means each Affiliate of Seller that originates Mortgage Loans that are Purchased Mortgage Loans.

"<u>Aged Transaction</u>" has the meaning specified in the Fee and Pricing Letter.

"<u>Aged Transaction Prepayment</u>" has the meaning specified in the Fee and Pricing Letter.

"<u>Agency</u>" means Fannie Mae, Freddie Mac, Ginnie Mae, the VA, HUD, the USDA, RHS, and any successor to any of the foregoing.

"<u>Agency Guides</u>" means (a) the "Selling Guide" and the "Servicing Guide" published by Fannie Mae, as amended, modified, supplemented or restated from time to time, (b) the "Sellers' & Servicers' Guide" published by Freddie Mac, as amended, modified, supplemented or restated from time to time, and (c) the "GNMA I Mortgage-Backed Securities Guide" and the "GNMA

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Mortgage-Backed Securities Guide" published by HUD, each as amended, modified, supplemented or restated from time to time.

"<u>Agency MBS</u>" means an MBS guaranteed or issued by Fannie Mae, Freddie Mac or Ginnie Mae, in each case representing, secured or backed by a pool of Mortgage Loans consisting of any Mortgage Loan that is a Purchased Mortgage Loan at the time of formation of the related pool.

"<u>Aging Fee</u>" has the meaning specified in the Fee and Pricing Letter.

"<u>Aggregate Asset Value</u>" means, with respect to the Purchased Mortgage Loans as of any date of determination, the aggregate Asset Value of all such Purchased Mortgage Loans as of such date of determination.

"<u>Aggregate Outstanding Purchase Price</u>" means the aggregate outstanding Purchase Price of all Transactions, as of any date of determination.

"<u>Agreement</u>" means this Master Repurchase Agreement and Securities Contract, including the exhibits and Disclosure Schedule attached hereto, as amended, restated or supplemented from time to time.

"<u>Anti-Terrorism Laws</u>" means any Laws relating to terrorism, trade sanctions programs and embargoes, import/export licensing, money laundering or bribery, and any regulation, order, or directive promulgated, issued or enforced pursuant to such Laws, all as amended, supplemented or replaced from time to time.

"<u>Applicable Requirements</u>" means, with respect to each Mortgage Loan, (i) the terms of the Mortgage Note, the Mortgage, and any other documents and agreements with respect to the Mortgage Loan, (ii) all Laws applicable to the origination, sale, pooling, or servicing of such Mortgage Loan or related mortgage servicing right, including without limitation those of the Consumer Financial Protection Bureau, (iii) applicable agreements or undertakings with any Agency, (iv) the judicial and administrative judgments, rulings, procedures, orders, remediation plans, stipulations, awards, writs, and injunctions applicable to any Mortgage Loan or related mortgage servicing right, and (v) all legal and contractual obligations to or with the Takeout Purchaser, any private or governmental mortgage insurer, or any Governmental Entity having jurisdiction with respect to such Mortgage Loan or related mortgage servicing right, including any applicable Agency seller or servicing guide, interpretation, or guidance.

"<u>Approved Accounting Method</u>" has the meaning specified in the Fee and Pricing Letter.

"<u>Asset Value</u>" means, with respect to each Purchased Mortgage Loan and any date of determination, an amount equal to the following, as applicable:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;if the Purchased Mortgage Loan is an Eligible Mortgage Loan, the product of the related Purchase Price Percentage and the lesser of: (i) the Market Value of such

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Purchased Mortgage Loan and (ii) the unpaid principal balance of such Purchased Mortgage Loan; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;if the Purchased Mortgage Loan is not an Eligible Mortgage Loan, zero.

"<u>Authorized Person</u>" means any person authorized by the Seller (the form and substance of which authorization must be satisfactory to Administrative Agent) to execute documents on behalf of the Seller to obtain or otherwise request Transactions in accordance with <u>Section 2</u> hereof.

"<u>Bank Data</u>" means any data or information (including personal data, text, sound, software, and/or image files) and associated records, in any form or medium, (i) of Administrative Agent or its Affiliates or their respective suppliers, customers, or other business partners that is transmitted, uploaded, or otherwise provided to, or obtained by, Seller in the performance of the Seller's obligations under, or in connection with the negotiation and execution of, this Agreement, (ii) that is created, generated, collected, processed, maintained, stored, archived, or received using or in connection with this Agreement, (iii) that is entered into, processed by, or stored on or in, or is accessed through software, equipment, or systems provided, operated, supported, or used by Seller in connection with this Agreement, (iv) that is derived or compiled from data and information described in clauses (i) through (iii) above (including metadata and correlations, trends, patterns, algorithms, and findings directly or indirectly derived or compiled by or on behalf of supplier from such data and information), whether by using such data or information exclusively or in combination with other data or information, and/or (v) summaries and analyses of or involving data and information described in clauses (i) through (iv) above.

"<u>Bankruptcy Code</u>" means Title 11 of the United States Code, now or hereafter in effect, as amended, or any successor thereto.

"<u>Benchmark</u>" means, with respect to any date of determination, the greater of (i) Daily Simple SOFR (or if a Benchmark Replacement Date has occurred, the applicable Benchmark Replacement Rate), and (ii) the Benchmark Floor. It is understood that the Benchmark shall be adjusted on a daily basis.

"<u>Benchmark Annex</u>" means that certain Benchmark Annex provided by Administrative Agent to Seller attached hereto as <u>Exhibit H</u>, which may be amended, restated, supplemented, or otherwise modified from time to time by the Administrative Agent in its sole discretion as set forth therein.

"<u>Benchmark Floor</u>" has the meaning specified in the Fee and Pricing Letter.

"<u>Benchmark Replacement Date</u>" has the meaning specified in the Benchmark Annex.

"<u>Benchmark Replacement Rate</u>" has the meaning specified in the Benchmark Annex.

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"<u>Business Day</u>" means any day, other than a Saturday, Sunday or any other day designated as a holiday under Federal or applicable State statute or regulation, on which Administrative Agent is open for all or substantially all of its domestic and international business (including dealings in foreign exchange) in New York, New York.

"<u>Capital Expenditures</u>" means, for any period, the aggregate of all expenditures incurred during such period for the acquisition or leasing (pursuant to a Capitalized Lease) of fixed or capital assets or additions to equipment, plant and property that should be capitalized under GAAP.

"<u>Capitalized Lease</u>" means any lease of any property (whether real, personal or mixed) with respect to which the discounted present value of the rental obligations as lessee thereunder, in conformity with GAAP, is required to be capitalized.

"<u>Central Elements</u>" means and includes the value of a substantial part of the Eligible Mortgage Loans; the prospects for payment of each portion of the Repurchase Price, both Purchase Price and Price Differential, when due; the validity or enforceability of this Agreement and the other Repurchase Documents and, as to any Person referred to in any reference to the Central Elements, such Person's property, business operations, financial condition and ability to fulfill and perform its obligations under this Agreement and the other Repurchase Documents to which it is a party, each taken as a whole, and such Person's prospects of continuing in business as a going concern.

"<u>Change of Control</u>" means in respect of the Seller, the occurrence of the Parent not owning directly, or indirectly, one hundred percent (100%) of the issued and outstanding ownership interests of the Seller.

"<u>Closing Agenda</u>" means the Closing Agenda attached hereto as Exhibit A.

"<u>Closing Date</u>" means October 21, 2025.

"<u>Code</u>" means the Internal Revenue Code of 1986, as amended.

"<u>Committed Amount</u>" has the meaning specified in the Fee and Pricing Letter.

"<u>Commodity Exchange Act</u>" means the Commodity Exchange Act (7 U.S.C. § 1 et seq.), as amended from time to time, and any successor statute.

"<u>Compliance Certificate</u>" means a certificate, in form attached as <u>Exhibit B</u> hereto, calculating (in detail satisfactory to Administrative Agent) Seller's compliance with the Financial Covenants.

"<u>Concentration Limit</u>" has the meaning specified in the Fee and Pricing Letter.

"<u>Confidential Information</u>" is defined in <u>Section 11.19</u>.

"<u>Confidential Term</u>" is defined in <u>Section 11.19</u>.

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"<u>Conforming Mortgage Loan</u>" means a Mortgage Loan secured by a First Mortgage that is saleable to a Governmental Entity excluding any Jumbo Mortgage Loans.

"<u>Connection Income Taxes</u>" means Other Connection Taxes that are imposed on or measured by net income (however denominated) or that are franchise Taxes or branch profits Taxes.

"<u>Consolidated</u>" (or "consolidated") or "<u>Consolidating</u>" (or "consolidating") means, when used with reference to any financial term in this Agreement or the other Repurchase Documents, the aggregate for two or more Persons of the amounts signified by such term for all such Persons determined on a consolidated (or consolidating) basis in accordance with GAAP, applied on a consistent basis. Unless otherwise specified herein, "Consolidated" and "Consolidating" shall refer to Seller and its Subsidiaries, determined on a Consolidated or Consolidating basis.

"<u>Covered Entity</u>" means (a) each Seller, each of Seller's Subsidiaries and all pledgors of Purchased Assets or other security for Obligations (including Affiliated Originators) and (b) each Person that, directly or indirectly, is in control of a Person described in <u>clause (a)</u> above. For purposes of this definition, control of a Person means the direct or indirect (x) ownership of, or power to vote, 10% or more of the issued and outstanding equity interests having ordinary voting power for the election of directors of such Person or other Persons performing similar functions for such Person, or (y) power to direct or cause the direction of the management and policies of such Person whether by ownership of equity interests, contract or otherwise.

"<u>Currency Agreement</u>" means any foreign exchange contract, currency swap agreement, futures contract, option contract, synthetic cap or other similar agreement or arrangement for the purpose of hedging the currency risk associated with the Seller's and its Subsidiaries' operations and not for speculative purposes.

"<u>Custodial Agreement</u>" means any custodial agreement entered into among Seller, Administrative Agent and a Custodian, as the same may be amended from time to time, in each case in form and substance acceptable to Administrative Agent.

"<u>Custodian</u>" means, with respect to each Purchased Mortgage Loan, JPMorgan Chase Bank, N.A. or any other entity designated by Administrative Agent to hold the Mortgage Documents on behalf of Administrative Agent and any other documents or agreements evidencing, securing, or related to the Purchased Mortgage Loan that Administrative Agent requires to be in the possession or control of such entity.

"<u>Daily Simple SOFR</u>" has the meaning specified in the Benchmark Annex.

"<u>Default</u>" means any event or condition that, with the giving of notice and/or the passage of time, would constitute an Event of Default.

"<u>Default Rate</u>" has the meaning specified in the Fee and Pricing Letter.

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"<u>Direct Disbursement Transaction</u>" has the meaning specified in the Transaction Guidelines.

"<u>Disclosure Schedule</u>" means <u>Exhibit C</u> attached to this Agreement.

"<u>Disqualifier</u>" means any of the circumstances or events affecting Purchased Mortgage Loans that are described on <u>Schedule DQ</u>.

"<u>Draw Fee</u>" has the meaning specified in the Fee and Pricing Letter.

"<u>Electronic Tracking Agreement</u>" means one or more Electronic Tracking Agreements with respect to (a) the tracking of changes in the ownership, mortgage servicers and servicing rights ownership of Mortgage Loans held on the MERS System, and (b) the tracking of the Control of eNotes held on the MERS eRegistry, each in a form reasonably acceptable to Seller and Administrative Agent, as the same may be amended (including by an Addendum to Electronic Tracking Agreement for eNotes), restated, supplemented or otherwise modified from time to time.

"<u>Eligible Mortgage Loan</u>" is defined on <u>Schedule EL</u>.

"<u>eMortgage Loan Annex</u>" means that certain eMortgage Loan Annex provided by Administrative Agent to Seller attached hereto as <u>Exhibit G</u>, which may be amended, restated, supplemented, or otherwise modified from time to time by the Administrative Agent in its sole discretion as set forth therein.

"<u>eMortgage Loan</u>" has the meaning set forth in the eMortgage Loan Annex.

"<u>eNote</u>" has the meaning set forth in the eMortgage Loan Annex.

"<u>ERISA</u>" means the Employee Retirement Income Security Act of 1974, as amended, and the rules and regulations thereunder.

"<u>ERISA Affiliate</u>" means any corporation or trade or business (whether or not incorporated) that together with Seller would be treated as a member of the same "control group" or treated as a single employer, within the meaning of Section 414(b), (c), (m) or (o) of the Code.

"<u>ERISA Event</u>" means (a) with respect to a Pension Plan, the occurrence of a Reportable Event; (b) a withdrawal by Seller or any ERISA Affiliate from a Pension Plan subject to Section 4063 of ERISA during a plan year in which it was a substantial employer (as defined in Section 4001(a)(2) of ERISA) or a cessation of operations that is treated as such a withdrawal under Section 4062(e) of ERISA; (c) a complete or partial withdrawal by Seller or any ERISA Affiliate from a Multiemployer Plan, or the occurrence of an event described in Section 4041A of ERISA that results in the termination of a Multiemployer Plan; (d) receipt of a notice of intent to terminate a Pension Plan, the treatment of a Pension Plan amendment as a termination under Section 4041(e) of ERISA, or the commencement of proceedings by the PBGC for the termination of, or the appointment of a trustee to administer, a Pension Plan or the receipt by Seller or any ERISA Affiliate of a notice that such action has been taken by PBGC with respect

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to a Multiemployer Plan; (e) the determination that any Pension Plan is considered to be "at risk" within the meaning of Section 303 of ERISA or a determination that a Multiemployer Plan is insolvent pursuant to Section 4245 of ERISA or is in endangered or critical status within the meaning of Section 432 of the Code or Section 305 of ERISA; or (f) the imposition of any liability under Title IV of ERISA, other than for PBGC premiums due but not delinquent under Section 4007 of ERISA, upon the Seller or any ERISA Affiliate.

"<u>Event of Default</u>" as defined in <u>Section 9.1</u>.

"<u>Excluded Taxes</u>" means any of the following Taxes imposed on or with respect to a Recipient or required to be withheld or deducted from a payment to a Recipient, (a) Taxes imposed on or measured by net income (however denominated), franchise Taxes, and branch profits Taxes, in each case, (i) imposed as a result of such Recipient being organized under the laws of, or having its applicable lending office located in, the jurisdiction imposing such Tax (or any political subdivision thereof) or (ii) that are Other Connection Taxes, (b) in case of a Buyer, U.S. federal withholding Taxes imposed on amounts payable to or for the account of such Buyer pursuant to a law in effect on the date on which such Buyer becomes a party hereto or such Buyer changes its lending office, except in each case to the extent that, pursuant to <u>Section 3.2</u>, amounts with respect to such Taxes were payable either to such Buyer's assignor immediately before such Buyer became a party hereto or to such Buyer immediately before it changed its lending office, (c) Taxes attributable to such Recipient's failure to comply with <u>Section 3.2(f)</u> and <u>(d)</u> any U.S. federal withholding Taxes imposed under FATCA.

"<u>Facility Termination Date</u>" has the meaning specified in the Fee and Pricing Letter.

"<u>Fannie Mae</u>" means the Federal National Mortgage Association and any successor to its functions.

"<u>FATCA</u>" 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.

"<u>Fee and Pricing Letter</u>" means the Fee and Pricing Letter, dated as of the Closing Date, between Administrative Agent and Seller, as the same may be amended from time to time.

"<u>FHA</u>" means the Federal Housing Administration and any successor agency or entity.

"<u>FHFA</u>" means the Federal Housing Finance Agency, and any successor to its function.

"<u>FICO Score</u>" means the credit score of the Mortgagor provided by Fair Isaac Corporation or such other organization providing credit scores on the origination date of a Mortgage Loan; provided, that if (a) two separate credit scores are obtained on such origination date, the FICO Score shall be the lower credit score; and (b) three separate credit scores are obtained on such origination date, the FICO Score shall be the middle credit score.

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"<u>Financial Covenants</u>" has the meaning specified in the Fee and Pricing Letter.

"<u>Financing Expenses</u>" means all fees, costs and out-of-pocket disbursements incurred by Administrative Agent or Buyers, as applicable, including fees of counsel and court costs, in any way arising from or in connection with this Agreement, any Repurchase Document, any of the Purchased Assets, any of the Obligations or the business relationship between the Administrative Agent, on the one hand, and the Seller on the other hand, including, without limitation, (a) audit fees; (b) all reasonable and documented fees and expenses (including recording fees and insurance policy fees) of Administrative Agent and/or its outside counsel for the preparation, examination, approval, negotiation, execution and delivery of, or the closing of any of the transactions contemplated by, this Agreement and any Repurchase Documents, including but not limited to the costs of conducting searches for (and obtaining copies of) UCC filings, tax liens, and judgments, filing fees; (c) all charges for wire transfers and check processing charges, security delivery fees, charges for overnight delivery of Mortgage Documents to Takeout Purchaser, recording fees, and overdraft charges; (d) all fees and out-of-pocket disbursements incurred by Administrative Agent, including reasonable attorneys' fees of outside counsel, in any way arising from or in connection with any action taken by Administrative Agent to monitor, advise, administer, enforce or collect any of the Obligations under this Agreement, any Repurchase Documents or any other obligations of the Seller and/or several, under this Agreement (or any Repurchase Documents), or any other existing or future document or agreement, or arising from or relating to the business relationship between Administrative Agent, on the one hand, and the Seller, on the other hand, or otherwise securing any of the Obligations, including any actions to lift the automatic stay or to otherwise in any way monitor or participate in any Insolvency proceeding of the Seller or any of its Subsidiaries; (e) all expenses and fees (including reasonable attorneys' fees) incurred in relation to, in connection with, in defense of and/or in prosecution of any claim and delivery or other action for possession of, or foreclosure on, any of the Purchased Assets, post-judgment enforcement of any rights or remedies including enforcement of any judgments, and prosecution of any appeals (whether discretionary or as of right and whether in connection with pre-judgment or post-judgment matters); (f) all costs, expenses and fees incurred by Administrative Agent in connection with any appraisals or environmental assessments of all or any of the Purchased Assets; (g) all other fees described in this Agreement; and (h) all costs, expenses and fees incurred by Administrative Agent and/or its counsel in connection with consultants, expert witnesses or other professionals retained by Administrative Agent and/or its counsel in order to assist, advise and/or give testimony with respect to any matter relating to the administration or enforcement of, or collection under, this Agreement or any Repurchase Documents, the Purchased Assets or the business relationship between Administrative Agent and the Seller.

"<u>First Mortgage</u>" means a Mortgage that evidences a mortgage lien (or comparable property right under applicable state law) on the real property (including improvements) described in the Mortgage, which lien (or comparable right) encumbers the interests of the legal and beneficial owners of the described real estate, is enforceable against such owners (and any person claiming by or through such owners), and is prior (both in time of recordation and right of enforcement) to any other lien, security interest, similar right encumbering such real property, or any other property interest (other than utility easements and the like not adversely affecting the

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marketability or value of the title to such real property) in or to, or otherwise encumbering or affecting, the described real property or to which the real property is subject.

"<u>Freddie Mac</u>" means the Federal Home Loan Mortgage Corporation and any successor to its functions.

"<u>GAAP</u>" means generally accepted accounting principles consistently applied as in effect from time to time.

"<u>Ginnie Mae</u>" means the Government National Mortgage Association, an agency of the United States of America and any successor to its functions.

"<u>Governmental Entity</u>" means any federal, state, or local governmental authority, agency, commission, court, or self-regulatory authority or commission, including any Agency and any Regulator.

"<u>Haircut Account</u>" has the meaning specified in the Transaction Guidelines.

"<u>Hedge Agreement</u>" means an Interest Rate Protection Agreement, a Currency Agreement or a forward sales agreement entered into in the ordinary course of the Seller's or any of its Subsidiaries' businesses to protect the Seller against changes in interest rates or the market value of assets.

"<u>HUD</u>" means the United States Department of Housing and Urban Development and any successor to its functions.

"<u>Income</u>" means, with respect to any Purchased Mortgage Loan, on any day, all payments of principal, interest and other distributions thereon or proceeds thereof paid to the relevant party.

"<u>Indebtedness</u>" means, for any Person: (a) obligations created, issued or incurred by such Person for borrowed money (whether by loan, the issuance and sale of debt securities or the sale of Property to another Person subject to an understanding or agreement, contingent or otherwise, to repurchase such Property from such Person); (b) obligations of such Person to pay the deferred purchase or acquisition price of Property or services, other than trade accounts payable (other than for borrowed money) arising, and accrued expenses incurred, in the ordinary course of business, so long as such trade accounts payable are payable within ninety (90) days after the date the respective goods are delivered or the respective services are rendered; (c) indebtedness to others secured by a Lien on the Property of such Person, whether or not the respective indebtedness so secured has been assumed by such Person; (d) obligations (contingent or otherwise) of such Person in respect of letters of credit or similar instruments issued or accepted by banks and other financial institutions for the account of such Person; (e) Capital Expenditures of such Person; (f) obligations of such Person under repurchase agreements, sale/buy-back agreements, early purchase agreements, or like arrangements; (g) indebtedness of others guaranteed by such Person; (h) all obligations of such Person incurred in connection with the acquisition or carrying of fixed assets by such Person; (i) indebtedness of general partnerships of

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which such Person is a general partner; and (j) to the extent not already included in <u>clauses (a)</u> through <u>(i)</u> above, any amounts either existing or reported on the financial statements of Seller, that Administrative Agent determines, in its sole discretion, are obligations of such Person that should be included as "Indebtedness" hereunder.

"<u>Indemnified Taxes</u>" means (a) Taxes, other than Excluded Taxes, imposed on or with respect to any payment made by or on account of any obligation of any Seller under any Repurchase Document and (b) to the extent not otherwise described in clause (a), Other Taxes.

"<u>Indemnitee</u>" as defined in <u>Section 11.7</u>.

"<u>Initial Financial Statement</u>" means the financial statements of the Seller most recently delivered to Administrative Agent on or prior to the date of this Agreement.

"<u>Insolvent</u>" or "<u>Insolvency</u>" means one or more of the following events with respect to a Person has occurred: death; dissolution; liquidation; termination of existence; "insolvent" or "insolvency" within the meaning of the Bankruptcy Code or other applicable statute; such Person's inability to pay its debts as they come due or failure to have adequate capital to conduct its business; such Person's failure to have assets having a fair saleable value net of any cost to dispose of such assets in excess of the amount required to pay the probable liability on its then existing debts (including unmatured, unliquidated and contingent debts); appointment of a receiver of any part of the property of, execution of a trust mortgage or any assignment for the benefit of creditors by, or the filing of a petition in bankruptcy or the commencement of any proceedings under any bankruptcy or insolvency laws or any laws relating to the relief of debtors, readjustment of indebtedness or reorganization of debtors by or against such Person, or the offering of a plan to creditors or such Person for composition or extension, except for any involuntary proceeding commenced against such Person that is dismissed within 30 days after the commencement thereof without the entry of an order for relief or the appointment of a trustee.

"<u>Insurer</u>" means a private mortgage insurer, which is acceptable to Administrative Agent.

"<u>Interest Rate Protection Agreement</u>" means, with respect to any or all of the Purchased Mortgage Loans, any short sale of any U.S. Treasury securities, futures contract, mortgage related security, Eurodollar futures contract, options related contract, interest rate swap, cap or collar agreement or similar arrangement providing for protection against fluctuations in interest rates or the exchange of nominal interest obligations, either generally or under specific contingencies, that is entered into by the Seller and a financial institution and is reasonably acceptable to the Administrative Agent.

"<u>Investor Commitment</u>" means an unexpired written commitment held by the Seller from an Takeout Purchaser to buy Purchased Mortgage Loans, and that specifies (a) the type or item(s) of Purchased Mortgage Loan, (b) a purchase date or purchase deadline date and (c) a purchase price or the criteria by which the purchase price will be determined.

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"<u>Investor Guidelines</u>" means (i) the eligibility requirements established by the Takeout Purchaser that must be satisfied by a Mortgage Loan originator to sell Mortgage Loans to the Takeout Purchaser and (ii) the specifications that a Mortgage Loan must meet, and the requirements that it must satisfy, to qualify for the Takeout Purchaser's program of Mortgage Loan purchases, as such requirements and specifications may be revised, supplemented or replaced from time to time.

"<u>Jumbo Mortgage Loan</u>" means a Mortgage Loan secured by a First Mortgage with a Mortgage that is bigger than the conforming loan limits set by the FHFA, including First Mortgages saleable to any Governmental Entity that exceed the FHFA loan limits.

"<u>Late Payment Fee</u>" has the meaning specified in the Fee and Pricing Letter.

"<u>Law</u>" means any law(s) (including common law), constitution, statute, treaty, regulation, rule, ordinance, opinion, issued guidance, release, ruling, order, executive order, injunction, writ, decree, bond, judgment, authorization or approval, lien or award of or any settlement arrangement, by agreement, consent or otherwise, with any governmental entity, agency, division of department, foreign or domestic.

"<u>Lien</u>" means any security interest in or lien on or against any property arising from any pledge, assignment, hypothecation, mortgage, security interest, deposit arrangement, trust receipt, conditional sale or title retaining contract, sale and leaseback transaction, capitalized lease, consignment or bailment for security, or any other type of lien, charge, encumbrance, title exception, preferential or priority arrangement affecting property (including with respect to stock, any stockholder agreements, voting rights agreements, buy-back agreements and all similar arrangements), whether based on common law or statute.

"<u>Litigation Threshold</u>" has the meaning specified in the Fee and Pricing Letter.

"<u>LTV</u>" means with respect to any Mortgage Loan, the ratio of the original unpaid principal balance of the Mortgage Loan to the lesser of (i) the appraised value of the Mortgaged Property set forth in such appraisal and (ii) the sales price of the Mortgaged Property.

"<u>Manufactured Home</u>" means any prefabricated or manufactured home on which a lien secures a Mortgage Loan and which is considered and treated as "real estate" under applicable law.

"<u>Margin Call</u>" as defined in <u>Section 2.7.2</u>.

"<u>Margin Deficit</u>" as defined in <u>Section 2.7.2</u>.

"<u>Market Value</u>" means, with respect to a Mortgage Loan as of any date of determination, the lesser of (i) the unpaid principal balance of the Mortgage Loan and (ii) the fair market value of the Mortgage Loan as determined by Administrative Agent, using a commercially reasonable methodology that is, in its sole good faith discretion, in accordance with standards customarily applicable in the financial industry to third party service providers providing values on

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comparable assets to be used in connection with the financing of such assets. Administrative Agent's determination of Market Value shall be conclusive upon the parties, absent manifest error on the part of Administrative Agent.

"<u>Material Adverse Effect</u>" means a material adverse effect on the Central Elements.

"<u>Maximum Aging Limit</u>" has the meaning specified in the Fee and Pricing Letter.

"<u>Maximum Transaction Amount</u>" has the meaning specified in the Fee and Pricing Letter.

"<u>MBS</u>" means a mortgage pass-through security, collateralized mortgage obligation, real estate mortgage investment conduit or other security that (a) is based on and backed by an underlying pool of Mortgage Loans and (b) provides for payment by its issuer to its holder of specified principal installments and/or a fixed or floating rate of interest on the unpaid balance and for all prepayments to be passed through to the holder, whether issued in certificated or book-entry form and whether or not issued, guaranteed, insured or bonded by Ginnie Mae, Fannie Mae, Freddie Mac, an insurance company, a private issuer or any other investor.

"<u>MERS</u>" means Mortgage Electronic Registration Systems, Inc.

"<u>MERS Loan</u>" means any Mortgage Loan made by the Seller that is secured by a MERS Mortgage.

"<u>MERS Member</u>" means any entity which is a member of MERS, in good standing and in compliance with all rules, regulations, procedures and requirements set forth by MERS, including, but not limited to the payment of membership dues.

"<u>MERS Mortgage</u>" means the mortgage electronic registry system operated by the Electronic Agent that tracks changes in Mortgage ownership, mortgage servicers and servicing rights ownership.

"<u>MERS System</u>" means the Mortgage Electronic Registration System established by MERS.

"<u>Mortgage</u>" means a mortgage, deed of trust, deed to secure debt, or similar security instrument covering real property improved by a completed one-to-four family dwelling unit, including all related fixtures and equipment, located in the United States that secures the repayment of a Mortgage Loan and, if applicable, the lien noted on the certificate of title for the structure that has been affixed to the real property described in the Mortgage.

"<u>Mortgage Documents</u>" means, with respect to a Mortgage Loan, (i) the Mortgage Note, (ii) evidence of mortgage registration with MERS or, alternatively, an original unrecorded but recordable assignment (in blank) of the Mortgage securing such Mortgage Note, which assignment the Seller has duly executed and acknowledged, (iii) except in those jurisdictions where a "closing protection letter" (as described in this definition) is not permitted or readily available, a "closing protection letter" (in form and substance acceptable to Administrative

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Agent) from a title insurance company or agent (acceptable to Administrative Agent and addressed to the Seller and any successor owner of the Mortgage Loan), confirming that upon the closing of the Mortgage Loan, such title insurance company will insure the first lien position of the related Mortgage (subject only to Permitted Encumbrances), and (iv) such other documents pertaining to such Mortgage Loan as Administrative Agent may reasonably require from time to time.

"<u>Mortgage File</u>" means, with respect to a Mortgage Loan, the documents and instruments relating to such Mortgage Loan required under the Custodial Agreement.

"<u>Mortgage Loan</u>" means any one-to-four family residential mortgage loan (including a home equity line of credit) evidenced by a Mortgage Note and secured by a Mortgage.

"<u>Mortgage Loan Sale Proceeds</u>" means the proceeds of any sale, securitization or other disposition of any of the Purchased Assets, including without limitation, the proceeds of any Purchase Commitment.

"<u>Mortgage Note</u>" means the promissory note, together with all riders thereto and amendments thereof, or other evidence of the indebtedness of a Mortgagor secured by a Mortgage, including the credit line agreement and promissory note with respect to a home equity line of credit, and any eNote, as the context may require.

"<u>Mortgaged Property</u>" means the residential real property located in the United States (including all improvements, buildings, fixtures, building equipment and personal property thereon and all additions, alterations and replacements made at any time with respect to the foregoing) and all other collateral securing repayment of the debt evidenced by a Mortgage Note.

"<u>Mortgagor</u>" means the obligor of a Mortgage Loan.

"<u>Multiemployer Plan</u>" means a multiemployer plan as defined in Section 3(37) or 4001(a)(3) of ERISA to which Seller or any ERISA Affiliate contributes, is obligated to contribute, or within the preceding five (5) years, has made or had an obligation to make such contributions, or to which Seller or any ERISA Affiliate has any liability (contingent or otherwise).

"<u>Obligations</u>" means and includes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;all indebtedness and liabilities of any kind, nature or description whatsoever owed to Administrative Agent by Seller pursuant to the terms hereof or any transactions contemplated hereby (including, for the avoidance of doubt, payment of the Repurchase Price and Price Differential), whether direct or indirect, absolute or contingent, due or to become due or whether now existing or hereafter arising, and howsoever evidenced or acquired relating to the terms of this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;all future advances that Administrative Agent at any time may, but shall not be required to, make for the protection or preservation of Administrative Agent's

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rights and interests arising hereunder, including, without limitation, advances for taxes, levies, assessments, insurance, and reasonable attorneys' fees; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;all Financing Expenses.

"<u>OFAC</u>" means The Office of Foreign Assets Control of the U.S. Department of the Treasury.

"<u>Operating Account</u>" has the meaning specified in the Transaction Guidelines.

"<u>Organizational Documents</u>" means the corporate charter and by-laws, the articles of organization and operating agreement and the partnership certificate and partnership agreement, as applicable of a Person.

"<u>Other Connection Taxes</u>" means, with respect to any Recipient, Taxes imposed as a result of a present or former connection between such Recipient and the jurisdiction imposing such Tax (other than connections arising from such 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 any Repurchase Document, or sold or assigned an interest hereunder).

"<u>Other Taxes</u>" means all present or future stamp, court or documentary, intangible, recording, filing or similar Taxes that arise from any payment made under, 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 Repurchase Document.

"<u>Parent</u>" means M/I Homes, Inc., an Ohio corporation, together with its successors and permitted assigns.

"<u>PBGC</u>" means the Pension Benefit Guaranty Corporation or any successor entity.

"<u>Pension Plan</u>" means any employee pension benefit plan as defined in Section 3(2) of ERISA (other than a Multiemployer Plan) subject to the provisions of Title IV of ERISA or Section 412 of the Code or Section 302 of ERISA, and to which the Seller or any ERISA Affiliate contributes, is obligated to contribute or within the preceding five (5) years, has made or had an obligation to make, such contributions, or to which Seller or any ERISA Affiliate has any liability (contingent or otherwise).

"<u>Permitted Encumbrances</u>" means in respect of the Mortgaged Property securing a Purchased Mortgage Loan, (i) liens for taxes, not yet due and payable, special assessments or similar governmental charges not yet due and payable or still subject to payment without interest or penalty, (ii) zoning restrictions, utility easements, covenants, or conditions and restrictions of record, which shall neither defeat nor render invalid such lien or the priority thereof, nor materially impair the marketability or value of such real estate, nor be violated by the existing improvements or the intended use thereof, (iii) reservations as to oil, gas or mineral rights, provided such rights do not include the right to remove buildings or other material improvements

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on or near the surface of such real estate or to mine or drill on the surface thereof or otherwise enter the surface for purposes of mining, drilling or exploring for, or producing, transporting or otherwise handling oil, gas or other minerals of any kind; (iv) agreements for the installation, maintenance or repair of public utilities, provided such agreements do not create or evidence Liens on such real estate or authorize or permit any Person to file or acquire claims of Liens against such real estate; (v) subordinate liens disclosed to, and approved by, the Administrative Agent on the Purchase Date, (vi) such other liens as may have been approved in writing by Administrative Agent.

"<u>Permitted Liens</u>" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;Liens in favor of the Administrative Agent;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;Liens for Taxes, to the extent that payment of the same is not required in accordance with the provisions of <u>Section 7.4</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;Liens incurred or deposits made in the ordinary course of the Seller's business in connection with workers' compensation, unemployment insurance, social security and other similar laws; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;Liens outstanding at the date of this Agreement, but solely to the extent described on the Disclosure Schedule.

"<u>Person</u>" means an individual, estate, corporation, partnership, limited liability company, association, joint stock company, trust, unincorporated organization or other entity.

"<u>Plan</u>" means any employee benefit plan as defined in Section 3(3) of ERISA including a Pension Plan maintained by, contributed to by, or required to be contributed to by the Seller or with respect to which the Seller may have any liability (contingent or otherwise).

"<u>Price Differential</u>" means, for each Purchased Mortgage Loan or Transaction as of any date of determination, an amount equal to the product of (a) (i) prior to the occurrence of a Default or an Event of Default, the Pricing Rate, or (ii) following the occurrence and during the continuance of an Event of Default, the Default Rate, and (b) the Purchase Price for such Purchased Mortgage Loan or Transaction. Price Differential will be calculated in accordance with <u>Section 2.3.2</u>.

"<u>Pricing Margin</u>" has the meaning specified in the Fee and Pricing Letter.

"<u>Pricing Rate</u>" has the meaning specified in the Fee and Pricing Letter.

"<u>Private Investor</u>" means a Takeout Purchaser that does not have federal deposit insurance and is not a Governmental Entity.

"<u>Proceeds</u>" has the meaning ascribed to such term under the UCC.

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"<u>Property</u>" means any right or interest in or to property of any kind whatsoever, whether real, personal or mixed and whether tangible or intangible.

"<u>Purchase Commitment</u>" means, with respect to a Mortgage Loan, a commitment (subject to conditions typical in the industry) by Administrative Agent or another Takeout Purchaser to purchase the Mortgage Loan, provided that a commitment issued by a Takeout Purchaser other than Administrative Agent must be acceptable to Administrative Agent in its sole and absolute discretion.

"<u>Purchase Date</u>" means the date on which Purchased Assets are transferred by Seller to Administrative Agent on behalf of Buyers.

"<u>Purchase Price</u>" has the meaning specified in the Fee and Pricing Letter.

"<u>Purchase Price Percentage</u>" has the meaning specified in the Fee and Pricing Letter.

"<u>Purchased Assets</u>" means all of the following assets and property, tangible and intangible, of the Seller, whether now or hereafter existing, whether now owned or hereafter acquired, wherever located:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;all Purchased Mortgage Loans, including all related Mortgage Notes, Mortgages, promissory notes, mortgages, deeds of trust, deeds to secure real estate, assignments of leases and rents, other security agreements given to secure such Mortgage Loans, and all other documents, agreements, or instruments related to any such Mortgage Loans or the property given as security for any such Mortgage Loans, all rights to payment thereunder, all insurance contracts or guaranty rights with respect to any such Mortgage Loans or the real property securing any such Mortgage Loans including, without limitation, mortgage and title insurance policies, binders and commitments, fire and extended coverage insurance policies (including the right to any return premiums) and, if applicable, flood and earthquake insurance policies, participation certificates or agreements, FHA insurance and VA guaranties, and all rights in cash deposits consisting of impounds, insurance premiums or other funds held on account thereof, and all claims under any of the foregoing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;all rights of Seller under any and all commitments issued by (i) Ginnie Mae, Fannie Mae, Freddie Mac, another mortgage company or any other investor, purchaser or securities issuer, to guarantee, purchase or invest any of the Purchased Mortgage Loans or any MBS secured by, created from or representing any interest in any of the Purchased Mortgage Loans, whether such MBS are evidenced by book entry or certificate, based on or backed by any of them, or (ii) any broker or investor to purchase any MBS, whether evidenced by book entry or certificate, representing or secured by any interest in any of the Purchased Mortgage Loans, together with, in either case, all rights to deliver Purchased Mortgage Loans pursuant thereto and all proceeds arising from or pursuant to any and all such commitments or resulting from the disposition of Purchased Mortgage Loans pursuant thereto, including the Seller's right and entitlement to receive the entire purchase price paid for Purchased Mortgage Loans sold;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;all Servicing Rights and other contractual, possessory or other rights to service, administer and/or collect any of the Purchased Mortgage Loans at any date, and all such rights to the payment of money on account of such servicing, administration or collection activities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;all rights of Seller in, to and under any MBS secured by, created from or representing any interest in or otherwise relating to any of the Purchased Mortgage Loans, whether such MBS are evidenced by book entry or certificate (the Administrative Agent's security interest in each MBS created from, based on or backed by, in whole or in part, any of the Purchased Mortgage Loans shall automatically exist in, attach to, cover and affect all of the Seller's right, title and interest in that MBS when issued and its proceeds), all right to the payment of monies and non-cash distributions on account of any of such MBS and all new, substituted and additional securities at any time issued with respect thereto; all other investment property (including, without limit, securities, securities entitlements, and financial assets) secured by, created from or representing any interest in or otherwise relating to any of the Purchased Mortgage Loans, together with all investment property, financial assets, instruments or other property at any time substituted for all or for any part of the foregoing, and all interest, dividends, increases, profits, new investment property, financial assets, instruments or other property and or other increments, distributions or rights of any kind received on account of any of the foregoing, and all other income received in connection therewith, constituting, relating to, or secured by any of the foregoing Purchased Assets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;all rights of Seller in, to and under any agreements or other arrangements (including without limitation, an interest rate swap agreement, an interest rate cap agreement, and a forward sale agreement) entered into by Seller with respect to all or any part of the Purchased Assets, including without limitation, all rights to payment arising under such agreements or arrangements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;all Mortgage Documents with respect to any Purchased Mortgage Loans, and all other files, documents, instruments, surveys, appraisals, bonds, certificates, correspondence, computer programs, tapes, discs, cards, accounting records and other books, records, agreements, information and data of Seller relating to any of the foregoing Purchased Assets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;&nbsp;&nbsp;&nbsp;all Repurchase Documents (to the extent such Repurchase Documents and Seller's rights thereunder related to the Purchased Mortgage Loans or other Purchased Assets);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)&nbsp;&nbsp;&nbsp;&nbsp;all Income related to the Purchased Mortgage Loans or MBS;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;all insurance policies and insurance proceeds relating to any Purchased Mortgage Loan or MBS;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j)&nbsp;&nbsp;&nbsp;&nbsp;all Accounts, all funds, MBS and other securities from time to time held in such Accounts, and all other rights to the payment of money (including without

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limitation, pursuant to contracts, agreements or other arrangements, tax refunds and insurance proceeds) constituting or relating to any of the foregoing Purchased Assets, all chattel paper (both tangible and electronic), commercial tort claims, contract rights, documents, financial assets (including money of any jurisdiction), general intangibles (including, without limitation, payment intangibles and software), goods, instruments, investment property, software, supporting obligations, in each case constituting or relating to any of the foregoing Purchased Assets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k)&nbsp;&nbsp;&nbsp;&nbsp;all deposit accounts, deposits, money, investment property or other property (except real property which is not a fixture) which are now or later in possession or control of Administrative Agent, or as to which Administrative Agent now or later controls possession by documents or otherwise; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l)&nbsp;&nbsp;&nbsp;&nbsp;(i) all attachments, accessions, accessories, increases, and additions to and all replacements of and substitutions for any other collateral described above, (ii) with respect to software, any and all licenses, options, warranties, service contracts, program services, test rights, maintenance rights, support rights, improvement rights, renewal rights and indemnifications and any model conversions, (iii) all proceeds, products, and substitutions of any of the property described above, including, without limit, insurance and condemnation proceeds, and cash or other property which were proceeds and are recovered by a bankruptcy trustee or otherwise as a preferential transfer by Seller; and (iv) all records and data relating to any of the property described above, whether in the form of a writing, photograph, microfilm, microfiche, or electronic media, and all of Seller's right, title, and interest in and to all software required to utilize, create, maintain and process any such records or data on electronic media.

"<u>Purchased Mortgage Loan</u>" means any Mortgage Loan that has been purchased by Administrative Agent from Seller in connection with a Transaction, including any Mortgage Loan acceptable to and sold to Administrative Agent in substitution or replacement of such Mortgage Loan to the extent expressly permitted under the terms of this Agreement, and which has not been repurchased by Seller hereunder.

"<u>Recipient</u>" means Administrative Agent or any Buyer.

"<u>Regulator</u>" means the Office of the Comptroller of the Currency or any successor thereto or other Governmental Entity having jurisdiction over Administrative Agent or the Seller, including the Consumer Financial Protection Bureau.

"<u>Reportable Event</u>" means any of the events set forth in Section 4043(c) of ERISA or any regulations thereunder, other than events for which the thirty day notice to the PBGC has been waived by regulation.

"<u>Repurchase Date</u>" means the date on which Seller is to repurchase a Purchased Mortgage Loan subject to a Transaction from Administrative Agent, which date is the earlier of (a) the date specified in the Fee and Pricing Letter and/or the related Transaction Request, which shall in no event occur later than three hundred and sixty-four (364) days after the Purchase Date

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of such Purchased Mortgage Loan or (b) the date identified to Administrative Agent by Seller as the date that the related Purchased Mortgage Loan is to be sold pursuant to a Purchase Commitment.

"<u>Repurchase Documents</u>" means, collectively, this Agreement, the Fee and Pricing Letter, the Electronic Tracking Agreement, the Custodial Agreement, each Affiliate Pledge Agreement (if any), any Servicing Agreement, any Servicer Notice, any intercreditor agreement and any and all notes, instruments, certificates, documents, guarantees and agreements at any time evidencing, governing, securing or otherwise relating to any Transaction and/or any of the Indebtedness, and all schedules and exhibits thereto, and any other agreements, instruments or documents referred to herein or therein and/or delivered in connection herewith or therewith (including, without limitation, any subordination agreement), in each case as any of the foregoing may be amended, restated or supplemented from time to time.

"<u>Repurchase Price</u>" means the price at which a Purchased Mortgage Loan is to be transferred from Administrative Agent or its designee to Seller or a Takeout Purchaser, as applicable, upon termination of a Transaction, which price shall equal (1) the sum of (a) the Purchase Price, (b) any applicable fees and indemnities owed by Seller in connection with the Purchased Mortgage Loan and (c) the Price Differential due on such Purchase Price pursuant to <u>Section 2.3.2</u> as of the date of such determination minus (2) the sum of any Aged Transaction Prepayments made by Seller to Administrative Agent with respect to such Purchased Mortgage Loan.

"<u>Request for Temporary Increase</u>" as defined in <u>Section 2.6</u>.

"<u>RHS</u>" means The Rural Housing Service, an agency of the United States Department of Agriculture and any successor thereto, and including the Farmers Home Administration, as the predecessor in interest to the Rural Housing Service.

"<u>Sanctioned Country</u>" means a country subject to a sanctions program maintained under any Anti-Terrorism Law.

"<u>Sanctioned Person</u>" means any individual person, group, regime, entity or thing listed or otherwise recognized as a specially designated, prohibited, sanctioned or debarred person, group, regime, entity or thing, or subject to any limitations or prohibitions (including but not limited to the blocking of property or rejection of transactions), under any Anti-Terrorism Law.

"<u>Servicer</u>" means (i) Allied First Bank, sb, d/b/a Servbank and (ii) any other servicer approved by Administrative Agent in writing in its sole good faith discretion, individually or collectively as the context may require.

"<u>Servicer Notice</u>" means each servicer side letter entered into among Seller, Administrative Agent, and a Servicer.

"<u>Servicer Termination Event</u>" means, with respect to any Servicer, (a) such Servicer's servicer rating is downgraded by more than one rating category (including a category that is a

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plus or minus) by any rating agency and either Seller has knowledge of such downgrade or Administrative Agent has provided written notice of such downgrade to Seller or (b) a material breach subject to any applicable cure period by such Servicer of the related Servicing Agreement or Servicer Notice.

"<u>Servicing Account</u>" means with respect to each Servicer, the segregated deposit account established in the name of such Servicer in trust for the Administrative Agent.

"<u>Servicing Agreement</u>" means any servicing agreement, in each case together with the related Servicer Notice, if any, entered into between Seller and a particular Servicer, as the same may be amended from time to time, individually or collectively as the context may require, in each case, in form and substance acceptable to Administrative Agent.

"<u>Servicing Records</u>" means all servicing agreements, files, documents, records, data bases, computer tapes, copies of computer tapes, proof of insurance coverage, insurance policies, appraisals, other closing documentation, payment history records, and any other records relating to or evidencing the servicing of a Mortgage Loan.

"<u>Servicing Rights</u>" has the meaning specified in the Fee and Pricing Letter.

"<u>Settlement Party</u>" has the meaning specified in the Transaction Guidelines.

"<u>State Housing Agency Mortgage Loan</u>" means an Eligible Mortgage Loan being sold to an approved state-chartered agency program.

"<u>Subordinated Debt</u>" means unsecured Indebtedness of the Seller that is subordinated to the Obligations pursuant to a Subordination Agreement.

"<u>Subordination Agreement</u>" means each agreement pursuant to which Subordinated Debt is subordinated to the Obligations, including any subordination agreement described on the Closing Agenda. Each Subordination Agreement will be in form and substance satisfactory to the Administrative Agent in its sole discretion.

"<u>Subsidiary</u>" means, with respect to a Person, any Person of which (a) more than fifty percent (50%) of the outstanding ownership interests having general voting power under ordinary circumstances to elect a majority of the board of directors or the equivalent of such Person, or (b) more than 90% of the total assets and more than 90% of the total equity through the ownership of capital stock (which may be non-voting) or similar device or indicia of equity ownership.

"<u>Takeout Purchaser</u>" means Administrative Agent or other financially responsible third party that Administrative Agent may approve, in Administrative Agent's sole and absolute discretion, as a purchaser of Purchased Mortgage Loans.

"<u>Taxes</u>" means all present or future taxes, levies, imposts, duties, deductions, withholdings (including backup withholding), assessments, fees or other charges imposed by any Governmental Entity, including any interest, additions to tax or penalties applicable thereto.

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"<u>Temporary Increase</u>" as defined in <u>Section 2.6</u>.

"<u>Temporary Maximum Transaction Amount</u>" as defined in <u>Section 2.6</u>.

"<u>Transaction</u>" as defined in the Recitals to this Agreement.

"<u>Transaction Guidelines</u>" means the Finance Portal Transaction Guidelines setting forth the Administrative Agent's policies, procedures and guidelines, applicable to all Transactions, which may be amended, restated, supplemented, or otherwise modified from time to time by the Administrative Agent in its sole discretion as set forth therein.

"<u>Transaction Request</u>" has the meaning specified in the Transaction Guidelines.

"<u>UCC</u>" or "<u>Uniform Commercial Code</u>" means the Uniform Commercial Code of the State of New York as in effect from time to time.

"<u>Uncommitted Amount</u>" has the meaning specified in the Fee and Pricing Letter.

"<u>Underwriting Guidelines</u>" means the standards, procedures and guidelines of the Seller for underwriting Mortgage Loans, which are set forth in the written policies and procedures of the Seller.

"<u>U.S. Person</u>" means any Person that is a "United States person" as defined in Section 7701(a)(30) of the Code.

"<u>USDA</u>" means the United States Department of Agriculture and any successor thereto.

"<u>VA</u>" means the United States Department of Veterans Affairs and successor thereto.

"<u>Wet-Ink Mortgage Loan</u>" means an Eligible Mortgage Loan acceptable to Administrative Agent (a) which Seller is making subject to a Transaction simultaneously with the origination thereof or the acquisition thereof from a correspondent seller, and (b) for which the complete Mortgage File is in the possession of a title agent or a closing attorney or is in the process of being delivered to and reviewed by the Custodian.

"<u>Wet-Ink Transaction</u>" means any Transaction the subject of which is a Wet-Ink Mortgage Loan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2<u>Conventions; Interpretation</u>. For purposes of this Agreement, except as otherwise expressly provided herein or unless the context otherwise requires:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2.1References to any Person refer to such Person and its successor in title and assigns or (as the case may be) its successors, assigns, heirs, executors, administrators and other legal representatives;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2.2References to this Agreement refer to such document as originally executed and as may be amended, restated or otherwise modified from time to time in accordance with the provisions hereof;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2.3Words importing the singular only will include the plural and vice versa, and words importing the masculine gender will include the feminine gender and vice versa, and all references to dollars will be to United States Dollars;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2.4All accounting terms will be construed, applied and determined in accordance with GAAP; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2.5An Event of Default shall be deemed to be continuing unless it is expressly waived by the Administrative Agent in writing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.3<u>Incorporation of Fee and Pricing Letter</u>. The Fee and Pricing Letter is one of the Repurchase Documents as defined above. The Fee and Pricing Letter is incorporated by reference into this Agreement and Seller agrees to adhere to all terms, conditions and requirements of the Fee and Pricing Letter as incorporated herein. In the event of a conflict or inconsistency between this Agreement and the Fee and Pricing Letter, the terms of the Fee and Pricing Letter shall govern.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.4<u>Incorporation of Transaction Guidelines</u>. The Transaction Guidelines are incorporated by reference into this Agreement and Seller agrees to adhere to all terms, conditions and requirements of the Transaction Guidelines as incorporated herein. In the event of a conflict or inconsistency between this Agreement, the Fee and Pricing Letter and the Transaction Guidelines, the terms of this Agreement shall govern.

Section 2.<u>REPURCHASE TRANSACTIONS</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1<u>Transactions</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Upon the terms and subject to the conditions of this Agreement and the other Repurchase Documents, the Administrative Agent shall, with respect to the Committed Amount and may, with respect to the Uncommitted Amount, enter into Transactions with Seller, from time to time, from and after the date hereof and prior to the Facility Termination Date; <u>provided</u> that the Aggregate Outstanding Purchase Price of all Purchased Mortgage Loans subject to Transactions at any time will not exceed the Maximum Transaction Amount; <u>provided</u> <u>further</u>, that at the time of delivery by Seller to Administrative Agent of any Transaction Request and after giving effect to the related Transactions thereof, there has not occurred and is not continuing any Default or Event of Default. Seller shall promptly take such steps as may be necessary to comply with the requirements of this <u>Section 2.1(a)</u>. All Transaction Requests will be in such form as the Administrative Agent will reasonably require and as may be specified in the Transaction Guidelines. Transactions will be allocated first to the Committed Amount on the Purchase Date, commencing from the earliest Purchase Date to the most recent Purchase Date. To the extent that there is availability under the Maximum Transaction Amount, but any Transaction proposed by Seller would otherwise exceed the Committed Amount, then to the extent exceeded, such Transaction may be entered into on an uncommitted basis. AT NO TIME SHALL ADMINISTRATIVE AGENT BE UNDER ANY OBLIGATION TO ENTER INTO TRANSACTIONS WITH THE SELLER WITH RESPECT TO THE UNCOMMITTED AMOUNT (NOTWITHSTANDING ANYTHING EXPRESSED OR IMPLIED IN THIS AGREEMENT, THE REPURCHASE DOCUMENTS OR ELSEWHERE TO THE CONTRARY) AND ADMINISTRATIVE AGENT, AT ANY TIME AND FROM TIME TO TIME, WITHOUT NOTICE, AND IN ITS SOLE DISCRETION, MAY REFUSE TO ENTER INTO TRANSACTIONS WITH THE SELLER WITH RESPECT TO THE UNCOMMITTED AMOUNT WITHOUT INCURRING ANY LIABILITY DUE TO THIS REFUSAL AND WITHOUT AFFECTING THE SELLER'S LIABILITY UNDER THIS AGREEMENT AND THE REPURCHASE DOCUMENTS FOR ANY AND ALL OBLIGATIONS.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Transactions are subject to the following terms, conditions and requirements, in addition to any other terms, conditions and requirements set forth elsewhere in this Agreement and the other Repurchase Documents, and will be made only if approved by Administrative Agent in its sole discretion:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)The aggregate outstanding Purchase Price with respect to Mortgage Loans of the same type shall at no time exceed the Concentration Limit for such type of Mortgage Loans.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)At no time shall any Purchased Mortgage Loan for any reason cease to be an Eligible Mortgage Loan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)Unless sooner demanded, if a Transaction becomes an Aged Transaction, Seller shall (a) immediately, and without demand, make the Aged Transaction Prepayment plus any unpaid Price Differential as of such date, (b) make an additional Aged Transaction Prepayment every 30 days plus any unpaid Price Differential as of such date, and (c) repay the entire outstanding Repurchase Price with respect to such Transaction, plus unpaid Price Differential, charges, and fees related to such Transaction, no later than the date upon which the Maximum Aging Limit occurs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)The Seller shall pay, or cause to be paid, the Repurchase Price with respect to any Purchased Mortgage Loan concurrent with the repurchase of such Purchased Mortgage Loan, including in connection with any sale and assignment of such Purchased Mortgage Loan to a Takeout Purchaser and any sale or other disposition of an Agency MBS of which such Purchased Mortgage Loan is a part, if applicable.

Seller shall immediately take such steps as may be necessary to comply with the requirements of this <u>Section 2.1(b)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2<u>Entering into Transactions</u>. All Transactions under this Agreement shall be deemed Direct Disbursement Transactions and all procedures for initiating and entering into such Transactions shall be governed by and made in accordance with the Transaction Guidelines.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3<u>Price Differential</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3.1<u>Payment of Price Differential</u>. Seller shall pay Administrative Agent the Price Differential for each Purchased Mortgage Loan calculated from the Purchase Date until, but not including, the date on which the Repurchase Price is paid.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3.2<u>Invoice and Timing</u>. The Administrative Agent will provide Seller, on a monthly basis, an invoice setting forth the accrued Price Differential with respect to any Purchased Mortgage Loan and such Price Differential shall be due and payable (and will be withdrawn by the Administrative Agent from the Haircut Account, in accordance with the Transaction Guidelines), within three (3) Business Days of the date on which an invoice is made available by Administrative Agent to Seller setting forth the Price Differential accrued from the related Purchase Date until, but not including, the date on which the Repurchase Price for such Purchased Mortgage Loan is paid, as set forth in such invoice. Notwithstanding anything to the contrary in this <u>Section 2.3.2</u>, in the event the Asset Value of any Purchased Mortgage Loan is marked to zero and Seller requests Administrative Agent to release its security interest in such Purchased Mortgage Loan or any Purchased Assets related thereto, Administrative Agent shall not release any such

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security interest therein unless and until Seller shall have paid to Administrative Agent the Repurchase Price for such Purchased Mortgage Loan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.4<u>Repurchase</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.4.1<u>Payment of Repurchase Price</u>. The Repurchase Price for each applicable Purchased Mortgage Loan shall be payable in full by remitting to Operating Account in accordance with the Transaction Guidelines, upon the earliest to occur of (i) the Repurchase Date of the related Transaction, (ii) at Administrative Agent's sole option, upon such Purchased Mortgage Loan failing to be an Eligible Mortgage Loan, (iii) at Administrative Agent's sole option, upon the occurrence and continuance of an Event of Default, or (iv) the Facility Termination Date. Such obligation to repurchase exists without regard to any prior or intervening liquidation or foreclosure with respect to any Purchased Mortgage Loan. While it is anticipated that Seller will repurchase each Purchased Mortgage Loan on its related Repurchase Date, so long as no Default or Event of Default has occurred and is continuing, Seller may repurchase and Administrative Agent will sell any Purchased Mortgage Loan hereunder on demand to Seller.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.4.2<u>Effect of Payment of Repurchase Price</u>. On the Repurchase Date (or such other date on which the Repurchase Price is received in full by Administrative Agent), termination of the related Transaction will be effected by the repurchase by Seller or its designee of the Purchased Mortgage Loans and any related Purchased Assets and the simultaneous transfer of the Repurchase Price to Administrative Agent (in each case in accordance with the provisions of <u>Section 2.4.1</u>), and all of Administrative Agent's rights, title and interests therein shall then be conveyed to Seller or its designee; <u>provided</u> that Administrative Agent shall not be deemed to have terminated or conveyed its interest in such Purchased Mortgage Loans and any related Purchased Assets if an Event of Default shall then be continuing or shall be caused by such repurchase or if such repurchase gives rise to or perpetuates a Margin Deficit that is not satisfied in accordance with <u>Section 2.7</u>. Seller is obligated to obtain the related Mortgage Documents from the Custodian at Seller's expense on the Repurchase Date. To the extent any UCC financing statement filed against Seller by Administrative Agent specifically identifies such Purchased Mortgage Loans and any related Purchased Assets or, upon Seller's request, at the expense of Seller and within reasonable time to file such UCC financing statement, Administrative Agent, shall deliver an amendment thereto or termination thereof evidencing the release of such Purchased Mortgage Loans and any related Purchased Assets from Administrative Agent's security interest therein. Any such transfer or release shall be without recourse to Administrative Agent and without representation or warranty by Administrative Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.5<u>Fees</u>. The Seller will pay to the Administrative Agent each of the fees set forth in the Fee and Pricing Letter (including, but not limited to, Aging Fees, Late Payment Fees and Draw Fees).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.6<u>Temporary Increase in the Maximum Transaction Amount</u>. Seller may request a temporary increase of the Maximum Transaction Amount (a "<u>Temporary Increase</u>") by submitting to Administrative Agent an executed request for Temporary Increase in the form and substance acceptable to Administrative Agent in its sole discretion (a "<u>Request for Temporary Increase</u>"), setting forth the requested increased Maximum Transaction Amount (such increased amount, the "<u>Temporary Maximum Transaction Amount</u>"), the effective date and time of such Temporary Increase and the date and time on which such Temporary Increase shall terminate. Administrative Agent may from time to time, in its sole and absolute discretion, consent to such Temporary Increase, which consent shall be in writing. At any time that a Temporary Increase is in effect, the Maximum Transaction Amount shall equal the Temporary Maximum Transaction Amount for all purposes of this Agreement and all calculations and provisions relating to the

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Maximum Transaction Amount shall refer to the Temporary Maximum Transaction Amount. Upon the termination of a Temporary Increase, Seller shall be obligated to repurchase, and shall repurchase, upon notice by Administrative Agent to Seller, Purchased Mortgage Loans as are designated by Administrative Agent to be repurchased by Seller in order to reduce the Aggregate Outstanding Purchase Price to the Maximum Transaction Amount (as reduced by the termination of such Temporary Increase) and ensure no Concentration Limit is exceeded after giving effect to such repurchase and termination of the Temporary Increase.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.7<u>Margin Maintenance</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.7.1<u>Asset Value</u>. Administrative Agent shall have the right to determine the Asset Value of each Purchased Mortgage Loan at any time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.7.2<u>Margin Deficit and Margin Call</u>. If Administrative Agent shall determine on any Business Day that (i) the Aggregate Asset Value with respect to the Purchased Mortgage Loans is less than the Aggregate Outstanding Purchase Price of all Transactions or (ii) the Asset Value with respect to a Purchased Mortgage Loan is less than the outstanding Purchase Price of such Purchased Mortgage Loan (in any such case, a "<u>Margin Deficit</u>"), and such Margin Deficit is an amount that is equal to or greater than $500,000 then Administrative Agent may, by notice to Seller (as such notice is more particularly set forth below, a "<u>Margin Call</u>"), require Seller to either:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)in the case of a Margin Call delivered pursuant to <u>Section 2.7.2(i)</u>, deposit cash into the Operating Account in accordance with the Transaction Guidelines so that the Aggregate Asset Value will thereupon equal or exceed the Aggregate Outstanding Purchase Price of all Transactions; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)in the case of a Margin Call delivered pursuant to <u>Section 2.7.2(i)</u>, pay one or more Repurchase Prices (as selected by Administrative Agent), as applicable, in an amount sufficient to reduce the related Purchase Price so that the Aggregate Outstanding Purchase Price of all Transactions is less than or equal to the Aggregate Asset Value; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)in the case of a Margin Call delivered pursuant to <u>Section 2.7.2(ii)</u>, pay the Repurchase Price of the affected Purchased Mortgage Loan in an amount sufficient to reduce the related Purchase Price so that the outstanding Purchase Price of such Purchased Mortgage Loan is less than or equal to the Asset Value thereof.

If Administrative Agent delivers a Margin Call to Seller on any Business Day, then Seller shall transfer the cash required by such Margin Call to Administrative Agent no later than 6:00 p.m. (New York City time) on the next Business Day. Notice of a Margin Call may be provided by Administrative Agent to Seller electronically or in writing, such as via electronic mail.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.7.3<u>Administrative Agent's Discretion</u>. Administrative Agent's election not to make a Margin Call at any time there is a Margin Deficit shall not in any way limit or impair its right to make a Margin Call at any time a Margin Deficit exists.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.8<u>Default Rate</u>. If any Default or Event of Default occurs and is continuing, then the entire amount due (including without limitation Repurchase Prices and Price Differential) under this Agreement will bear interest at the Default Rate applicable thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.9<u>[Reserved]</u>.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.10<u>Financing Expenses</u>. The Seller will pay and indemnify the Administrative Agent and Buyers, as applicable, and hold each harmless against, all Financing Expenses. All Financing Expenses will (a) be paid at execution of this Agreement or, to the extent incurred or billed thereafter, be paid immediately on written demand therefor, (b) bear interest at the Default Rate from the fifth (5<sup>th</sup>) day following demand therefor until paid in full, and (c) constitute Obligations secured by the Purchased Assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.11[<u>Reserved</u>].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.12<u>DEMAND FACILITY</u>. SELLER HEREBY ACKNOWLEDGES AND AGREES THAT SELLER'S COMPLIANCE WITH THE TERMS AND CONDITIONS SET FORTH HEREIN, AND THE ABSENCE OF ANY EVENT OF DEFAULT HEREUNDER, SHALL NOT, IN ANY WAY WHATSOEVER, LIMIT, RESTRICT OR OTHERWISE AFFECT OR IMPAIR ADMINISTRATIVE AGENT'S RIGHT OR ABILITY TO MAKE DEMAND FOR PAYMENT OF ANY OR ALL OF THE OBLIGATIONS AT ANY SUCH TIME, IN ADMINISTRATIVE AGENT'S SOLE AND ABSOLUTE DISCRETION, WITH OR WITHOUT REASON OR CAUSE, AND THE EXISTENCE OF ANY EVENT OF DEFAULT HEREUNDER SHALL NOT BE THE SOLE REASON OR BASIS FOR ENABLING ADMINISTRATIVE AGENT TO MAKE DEMAND FOR PAYMENT OF ALL OR ANY PART OF SUCH OBLIGATIONS; PROVIDED THAT, UNLESS AN EVENT OF DEFAULT HAS OCCURRED, SELLER SHALL HAVE NINETY (90) DAYS TO SATISFY SUCH DEMAND FOR REPAYMENT FOLLOWING ITS RECEIPT OF NOTICE FROM THE ADMINISTRATIVE AGENT THAT ALL AMOUNTS ARE IMMEDIATELY DUE AND PAYABLE.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.13<u>Administration of the Benchmark</u>. The provisions of the Benchmark Annex are fully incorporated herein by reference.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.14<u>All Transactions are "Servicing Released"</u>. The sale of Mortgage Loans by Seller to Administrative Agent pursuant to Transactions under this Agreement includes the Servicing Rights related to the Mortgage Loans and all Transactions under this Agreement are "servicing released" purchase and sale transactions for all intents and purposes (other than tax purposes), it being understood that the Purchase Price paid by Administrative Agent to Seller for each such Mortgage Loan includes a premium that compensates Seller for the Servicing Rights related to the Mortgage Loan and upon payment of the Purchase Price by Administrative Agent to Seller, Administrative Agent becomes the owner of the Mortgage Loan which includes the Servicing Rights related thereto.

Section 3.<u>YIELD PROTECTION AND TAXES</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1<u>Increased Costs</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)<u>Increased Costs Generally</u>. If any change in Law shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)impose, modify or deem applicable any reserve, special deposit, compulsory loan, insurance charge or similar requirement against assets of, deposits with or for the account of, or credit extended or participated in by, Administrative Agent;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)subject any Recipient to any Taxes (other than (A) Indemnified Taxes, (B) Taxes described in <u>clauses (b)</u> through <u>(d)</u> of the definition of Excluded Taxes and (C) Connection Income Taxes) on its loans, loan principal, letters of credit, commitments, or other obligations, or its deposits, reserves, other liabilities or capital attributable thereto; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)impose on any Recipient any other condition, cost or expense (other than Taxes) affecting the Repurchase Documents or Transactions;

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and the result of any of the foregoing shall be to increase the cost to the applicable Recipient of making, continuing or maintaining any Transaction or of maintaining its obligation to enter into any Transaction, or to reduce the amount of any sum received or receivable by the applicable Recipients hereunder or under the Repurchase Documents (whether of Repurchase Price, Price Differential or any other amount) then, upon request of Administrative Agent, Seller will pay to Administrative Agent such additional amount or amounts as will compensate the applicable Recipient for such additional costs incurred or reduction suffered.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)<u>Capital Requirements</u>. If Administrative Agent determines that any change in Law affecting Administrative Agent or any lending office of Administrative Agent or Administrative Agent's holding company, if any, regarding capital or liquidity requirements, has or would have the effect of reducing the rate of return on Administrative Agent's capital or on the capital of Administrative Agent's holding company, if any, as a consequence of this Agreement or the Transactions made by Administrative Agent to a level below that which Administrative Agent or Administrative Agent's holding company could have achieved but for such change in Law (taking into consideration Administrative Agent's policies and the policies of Administrative Agent's holding company with respect to capital adequacy), then from time to time Seller will pay to such Administrative Agent such additional amount or amounts as will compensate Administrative Agent or Administrative Agent's holding company for any such reduction suffered.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)<u>Certificates for Reimbursement</u>. A certificate of Administrative Agent setting forth the amount or amounts necessary to compensate Administrative Agent or its holding company, as the case may be, as specified in paragraph (a) or (b) of this Section and delivered to Seller, shall be conclusive absent manifest error. Seller shall pay Administrative Agent the amount shown as due on any such certificate within 10 days after receipt thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)<u>Delay in Requests</u>. Failure or delay on the part of Administrative Agent to demand compensation pursuant to this Section shall not constitute a waiver of such Administrative Agent's right to demand such compensation; <u>provided</u> that the Seller shall not be required to compensate Administrative Agent pursuant to this <u>Section 3.1</u> for any increased costs incurred or reductions suffered more than nine months prior to the date that such Administrative Agent notifies Seller of the change in Law giving rise to such increased costs or reductions, and of such Administrative Agent's intention to claim compensation therefor (except that, if the change in Law giving rise to such increased costs or reductions is retroactive, then the nine-month period referred to above shall be extended to include the period of retroactive effect thereof).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2<u>Taxes</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)<u>Defined Terms</u>. For purposes of this <u>Section 3.2</u>, the term "applicable law" includes FATCA.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)<u>Payments Free of Taxes</u>. Any and all payments by or on account of any obligation of the Seller under any Repurchase Document shall be made without deduction or withholding for any Taxes, except as required by applicable law. If any applicable law (as determined in the good faith discretion of the Seller) requires the deduction or withholding of any Tax from any such payment by the Seller, then the Seller shall be entitled to make such deduction or withholding and shall timely pay the full amount deducted or withheld to the relevant Governmental Entity in accordance with applicable

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law and, if such Tax is an Indemnified Tax, then the sum payable by the Seller shall be increased as necessary so that after such deduction or withholding has been made (including such deductions and withholdings applicable to additional sums payable under this Section) the applicable Recipient receives an amount equal to the sum it would have received had no such deduction or withholding been made.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)<u>Payment of Other Taxes by the Seller</u>. The Seller shall timely pay to the relevant Governmental Entity in accordance with applicable law, or at the option of the Administrative Agent, timely reimburse it for the payment of, any Other Taxes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)<u>Indemnification by the Seller</u>. The Seller shall indemnify each Recipient, within ten (10) days after demand therefor, for the full amount of any Indemnified Taxes (including Indemnified Taxes imposed or asserted on or attributable to amounts payable under this Section) payable or paid by such Recipient or required to be withheld or deducted from a payment to such Recipient and any reasonable expenses arising therefrom or with respect thereto, whether or not such Indemnified Taxes were correctly or legally imposed or asserted by the relevant Governmental Entity. A certificate as to the amount of such payment or liability delivered to the Seller by a Buyer (with a copy to the Administrative Agent), or by the Administrative Agent on its own behalf or on behalf of a Buyer, shall be conclusive absent manifest error.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)<u>Evidence of Payments</u>. As soon as practicable after any payment of Taxes by the Seller to a Governmental Entity pursuant to this <u>Section 3.2</u>, the Seller shall deliver to the Administrative Agent the original or a certified copy of a receipt issued by such Governmental Entity evidencing such payment, a copy of the return reporting such payment or other evidence of such payment reasonably satisfactory to the Administrative Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)<u>Status of Buyers</u>. (i) If any Buyer is entitled to an exemption from or reduction of withholding Tax with respect to payments made under any Repurchase Document, such Buyer shall 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 such payments to be made without withholding or at a reduced rate of withholding. In addition, any Buyer, if reasonably requested by the Seller, shall 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 is subject to backup withholding or information reporting requirements. Notwithstanding anything to the contrary in the preceding two sentences, the completion, execution and submission of such documentation (other than such documentation set forth in <u>Section 3.2(f)(ii)(A)</u>, <u>(ii)(B)</u> and <u>(ii)(D)</u> below) shall not be required if in the Buyer's reasonable judgment such completion, execution or submission would subject such Buyer to any material unreimbursed cost or expense or would materially prejudice the legal or commercial position of such Buyer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)Without limiting the generality of the foregoing, in the event that the Seller is a U.S. Person,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A)If a Buyer is a U.S. Person, such Buyer shall deliver to the Seller on or prior to the date on which such Buyer becomes a Buyer under this Agreement (and from time to time thereafter upon the reasonable request of the Seller), executed originals of IRS Form W-9 certifying that such Buyer is exempt from U.S. federal backup withholding tax;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B)If a Buyer is not a U.S. Person, such Buyer shall, to the extent it is legally entitled to do so, deliver to the Seller (in such number of copies as shall be requested by the Seller) on or prior to the date on which such Buyer becomes a Buyer under this Agreement (and from time to time thereafter upon the reasonable request of the Seller), whichever of the following is applicable:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)If a Buyer claims the benefits of an income tax treaty to which the United States is a party (x) with respect to payments of interest under any Repurchase Document, executed originals of IRS Form W-8BEN-E establishing an exemption from, or reduction of, U.S. federal withholding Tax pursuant to the "interest" article of such tax treaty and (y) with respect to any other applicable payments under any Repurchase Document, IRS Form W-8BEN-E establishing an exemption from, or reduction of, U.S. federal withholding Tax pursuant to the "business profits" or "other income" article of such tax treaty;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)executed originals of IRS Form W-8ECI;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)if a Buyer claims the benefits of the exemption for portfolio interest under Section 881(c) of the Code, (x) a certificate to the effect that such Buyer is not a "bank" within the meaning of Section 881(c)(3)(A) of the Code, a "10 percent shareholder" of the Seller within the meaning of Section 881(c)(3)(B) of the Code, or a "controlled foreign corporation" described in Section 881(c)(3)(C) of the Code (a "<u>U.S. Tax Compliance Certificate</u>") and (y) executed originals of IRS Form W-8BEN-E; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)to the extent a Buyer 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A)if a Buyer is not a U.S. Person, to the extent it is legally entitled to do so, such Buyer shall deliver to the Seller (in such number of copies as shall be requested by the Seller) on or prior to the date on which such Buyer becomes a Buyer under this Agreement (and from time to time thereafter upon the reasonable request of the Seller), executed originals of any other form prescribed by applicable law as a basis for claiming exemption from or a reduction in U.S. federal withholding Tax, duly completed, together with such supplementary documentation as may be prescribed by applicable law to permit the Seller to determine the withholding or deduction required to be made; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B)if a payment made to a Buyer under any Repurchase Document would be subject to U.S. federal withholding Tax imposed by FATCA if such Buyer 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), such Buyer 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 and to determine that such Buyer has complied with such Buyer's obligations under FATCA or to determine the amount to deduct and withhold from such payment. Solely for purposes of this <u>clause (D)</u>, "FATCA" shall include any amendments made to FATCA after the date of this Agreement.

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Each Buyer agrees that if any form or certification it previously delivered expires or becomes obsolete or inaccurate in any respect, it shall update such form or certification or promptly notify the Seller in writing of its legal inability to do so.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)<u>Treatment of Certain Refunds</u>. If any party determines, in its sole discretion exercised in good faith, that it has received a refund of any Taxes as to which it has been indemnified pursuant to this <u>Section 3.2</u> (including by the payment of additional amounts pursuant to this <u>Section 3.2)</u>, it shall pay to the indemnifying party an amount equal to such refund (but only to the extent of indemnity payments made under this Section with respect to the Taxes giving rise to such refund), net of all out-of-pocket expenses (including Taxes) of such indemnified party and without interest (other than any interest paid by the relevant Governmental Entity with respect to such refund). Such indemnifying party, upon the request of such indemnified party, shall repay to such indemnified party the amount paid over pursuant to this paragraph (g) (plus any penalties, interest or other charges imposed by the relevant Governmental Entity) in the event that such indemnified party is required to repay such refund to such Governmental Entity. Notwithstanding anything to the contrary in this paragraph (g), in no event will the indemnified party be required to pay any amount to an indemnifying party pursuant to this paragraph (g) the payment of which would place the indemnified party in a less favorable net after-Tax position than the indemnified party would have been in if the Tax subject to indemnification and giving rise to such refund had not been deducted, withheld or otherwise imposed and the indemnification payments or additional amounts with respect to such Tax had never been paid. This paragraph shall not be construed to require any indemnified party to make available its Tax returns (or any other information relating to its Taxes that it deems confidential) to the indemnifying party or any other Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)<u>Survival</u>. Each party's obligations under this <u>Section 3.2</u> shall survive any assignment of rights by a Buyer and the repayment, satisfaction or discharge of all obligations under any Repurchase Document.

Section 4.<u>CONDITIONS OF CLOSING/TRANSACTIONS</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1<u>Conditions to Closing</u>. The obligation of the Administrative Agent to consummate the transactions contemplated hereby is subject to Administrative Agent's sole discretion and the fulfillment to the satisfaction of the Administrative Agent on the date hereof of the following conditions precedent (or the written waiver thereof by the Administrative Agent):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1.1Receipt by the Administrative Agent of all of this Agreement and the Fee and Pricing Letter, each of which will be in form and substance reasonably satisfactory to the Administrative Agent, and duly executed and delivered by the parties thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1.2The representations and warranties contained herein will be true and accurate on and as of the date hereof, the Seller will have performed and complied with all covenants and conditions required herein to be performed or complied with by it on or prior to date hereof, and no Default or Event of Default will exist and be continuing on the date hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1.3Payment of all invoiced Financing Expenses incurred by Administrative Agent to the date of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1.4No event or condition will have occurred that would reasonably be expected to have a Material Adverse Effect.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1.5Seller shall deliver to Administrative Agent documentation necessary to establish that Seller is exempt from U.S. federal and backup withholding Taxes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1.6Seller shall have provided such other documents as Administrative Agent or its counsel have requested.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2<u>Conditions to initial Transaction</u>. The obligation of Administrative Agent to enter into the initial Transaction is subject to the receipt by the Administrative Agent of all of the agreements, documents, instruments and certificates listed or described on the Closing Agenda, each of which will be in form and substance reasonably satisfactory to the Administrative Agent, and duly executed and delivered by the parties thereto, along with such additional instruments, certificates, opinions and other documents as the Administrative Agent will reasonably request; provided, that the Servicer Notice shall be received by the Administrative Agent no later than forty-five (45) days after the Closing Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3<u>Conditions to All Transactions</u>. The obligation of Administrative Agent to enter into any Transaction is subject to Administrative Agent's sole discretion and to the satisfaction of the following conditions precedent on the date of any such Transaction, in addition to satisfaction of all other conditions and requirements set forth in this Agreement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)<u>Due Diligence Review</u>. Administrative Agent shall have completed, to its satisfaction, its due diligence review of the related Purchased Mortgage Loans and Seller.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)<u>No Default</u>. No Default or Event of Default shall have occurred and be continuing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)<u>Requirements of Law</u>. Administrative Agent shall not have determined that the introduction of or a change in any Law or in the interpretation or administration of any Law applicable to Administrative Agent has made it unlawful, and no Governmental Entity shall have asserted that it is unlawful, for Administrative Agent to enter into the transactions contemplated by this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)<u>Representations and Warranties</u>. Both immediately prior to the Transaction Request and also after giving effect thereto and to the intended use thereof, the representations and warranties herein and in the other Repurchase Documents, or that are contained in any certificate furnished at any time under or in connection herewith, shall be true and correct on and as of the date of such Transaction Request 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).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)<u>Addendum to Electronic Tracking Agreement</u>. Prior to the Administrative Agent entering into any Transaction with respect to which a Purchased Asset is an eMortgage Loan, the Administrative Agent shall have received an Addendum to Electronic Tracking Agreement for eNotes, which will be in form and substance reasonably satisfactory to the Administrative Agent, and duly executed and delivered by the parties thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)[<u>Reserved</u>].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)<u>All Other Documents</u>. Seller shall have provided such other documents as Administrative Agent or its counsel have requested.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)<u>Maximum Transaction Amount</u>. After giving effect to the requested Transaction, the Aggregate Outstanding Purchase Price subject to then outstanding Transactions under this Agreement shall not exceed the Maximum Transaction Amount.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)<u>No Margin Deficit; Concentration Limit</u>. After giving effect to the requested Transaction, (i) no Margin Deficit shall exist and (ii) no Concentration Limit shall be exceeded.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j)<u>Mortgage Documents</u>. Seller shall have delivered to the Custodian the Mortgage Documents related to the proposed Purchased Mortgage Loans (with no material exceptions); provided, that with respect to each Wet-Ink Transaction, the Mortgage Documents may be in the possession of a title agent or a closing attorney and shall be delivered to the Custodian after the Purchase Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k)<u>Fees</u>. The Seller shall have paid to the Administrative Agent each of the fees set forth in the Fee and Pricing Letter (including, but not limited to, Aging Fees, Late Payment Fees and Draw Fees).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l)<u>Underwriting Guidelines</u>. The Seller shall have delivered to the Administrative Agent its current underwriting guidelines; provided, that if no changes have been made to the underwriting guidelines since the prior delivery to the Administrative Agent such obligation shall be deemed satisfied.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m)<u>Change of Control</u>. None of the following have occurred or are reasonably likely to occur: (i) the dissolution or liquidation of Seller, (ii) the sale, transfer, lease or other disposition of all or substantially all of Seller's assets, or (iii) any transaction or series of related transactions that has the substantial effect of any one or more of the foregoing.

Section 5.<u>SECURITY; PURCHASED ASSETS PROCESSING AND COLLECTION</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1<u>Security Interest</u>. Although the parties intend that all Transactions hereunder be sales and purchases (other than for accounting and tax purposes) and not loans, if any Transactions are deemed to be loans, and, as security for the payment and performance of all Obligations (including, without limitation, all Transactions and credit accommodations extended hereunder), the Seller hereby pledges, assigns and grants to the Administrative Agent a continuing first priority security interest in and Lien upon the Purchased Assets (subject only to Permitted Liens) and the Haircut Account, and Administrative Agent shall have all the rights and remedies of a "secured party" under the Uniform Commercial Code with respect thereto. Seller acknowledges that it has no rights to the Servicing Rights related to any Purchased Mortgage Loan. Without limiting the generality of the foregoing and for the avoidance of doubt, if any determination is made that the Servicing Rights related to any Purchased Mortgage Loan were not sold by Seller to Administrative Agent, or that the Servicing Rights are not an interest in such Purchased Mortgage Loan and are severable from such Purchased Mortgage Loan despite Administrative Agent's and Seller's express intent herein to treat them as included in the purchase and sale transaction, Seller hereby pledges, assigns and grants to Administrative Agent, a continuing first priority security interest in and lien upon the Servicing Rights related to such Purchased Mortgage Loans, and Administrative Agent shall have all the rights and remedies of a "secured party" under the Uniform Commercial Code with respect thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2<u>No Asset Sales or Liens</u>. The Seller will not sell, assign, transfer, set over to, or grant a Lien to any Person in or otherwise encumber all or any part of the Purchased Assets, except with respect to (a) Permitted Liens, and (b) the sale of Purchased Mortgage Loans and MBS in the ordinary course of business consistent with the Seller's past practices and subject to all of the terms and conditions of this Agreement, including, but not limited to, the requirements under <u>Section 2.1(b)(iv)</u> hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3<u>Location of Records and Purchased Assets</u>. The Seller will keep the Purchased Assets and records pertaining to Purchased Assets at the location set forth on the signature page hereto and at any other location described in writing to the Administrative Agent.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.4<u>Status of Purchased Assets</u>. At the time any Purchased Assets becomes subject to the Administrative Agent's Lien, the Seller will be the lawful owner thereof and will have the right to pledge, sell, assign, transfer or grant a security interest in the same to the Administrative Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.5<u>Perfection Information</u>. The Seller's **c**orrect legal name, jurisdiction of organization and federal taxpayer identification number are set forth on the signature page hereto. The Seller will not change any such name, jurisdiction or its legal structure without giving at least 30 days' prior written notice thereof to the Administrative Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.6<u>Perfection, Third Parties, Further Assurances</u>. The Seller authorizes the Administrative Agent to file all UCC financing statements, and amendments thereto and continuations thereof, describing the Purchased Assets necessary to perfect Administrative Agent's security interest hereunder. Where Purchased Assets are in the possession of a third party (other than Custodian), if requested by the Administrative Agent, the Seller will join with the Administrative Agent in notifying the third party of the Administrative Agent's security interest and obtaining an acknowledgment from the third party that it is holding the Purchased Assets for the benefit of the Administrative Agent. The Seller will cooperate with the Administrative Agent in obtaining control with respect to Purchased Assets consisting of deposit accounts, investment property, letter of credit rights and electronic chattel paper. The Seller agrees to take whatever other actions are reasonably requested by the Administrative Agent to perfect and continue the perfection of the Administrative Agent's security interest in the Purchased Assets. Upon request of the Administrative Agent, the Seller will deliver to the Administrative Agent any and all of the documents evidencing or constituting the Purchased Assets (including, without limitation, all negotiable documents, instruments, certificated securities and chattel paper), and the Seller will not create any chattel paper without placing thereon a legend indicating that the Administrative Agent has a security interest therein. The Seller hereby appoints the Administrative Agent as its irrevocable attorney-in-fact for the purpose of executing any documents necessary to perfect or to continue the perfection of the security interest granted in this Agreement. To the extent any Purchased Assets constitutes personal property, it is the intention of the parties that the Purchased Assets is and will remain personal property even though all or any portion of the Purchased Assets may hereafter become attached or affixed to real property.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.7<u>Termination; Revival</u>. At such time as all Obligations have been paid in full (other than unasserted indemnity claims that survive termination) and this Agreement and the other Repurchase Documents have been terminated in writing by Administrative Agent, the security interest granted herein will terminate and, at the expense of the Seller, the Administrative Agent will release its security interest in, and will duly assign, transfer and deliver to the Seller such of the Purchased Assets as has not theretofore been sold or otherwise applied or released pursuant to this Agreement. To the extent that the Seller makes a payment or other transfer to the Administrative Agent, or the Administrative Agent receives any payment of proceeds of Purchased Assets, which is later invalidated, declared to be a fraudulent transfer or preference, set aside or required to be repaid under any bankruptcy law, other law or equitable principle, the Administrative Agent's security interest in the Purchased Assets will be revived and continue as if the payment, transfer or proceeds had never been received by the Administrative Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.8<u>Seller Remains Liable</u>. The Seller shall remain liable for the performance of its obligations under the contracts and agreements included in the Purchased Assets to the same extent as if this Agreement had not been executed, and Administrative Agent's exercise of any of its rights with respect to the Purchased Assets or otherwise under this Agreement shall not release the Seller from any of such obligations. Moreover, regardless of Administrative Agent's security interest in the Purchased Assets or Administrative Agent's exercise of (or failure to exercise) any of its rights with respect to any such Purchased Assets, in no event shall Administrative Agent have any obligation or liability under any of such contracts or agreements, and Administrative Agent shall have no obligation or duty to take any action to collect or enforce any claim for payment with respect to any of the Purchased Assets.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.9<u>Security Covenants</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)The Seller will comply with, perform, and discharge each and every obligation, covenant, condition, duty, and agreement contained in any Purchase Commitments that are to be performed by the Seller.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Without the prior written consent of Administrative Agent, the Seller shall not waive, excuse, condone, forgive, or in any manner release or discharge any party to any agreement with the Seller from the obligations, covenants, conditions, or duties contained in any such agreement or amend, modify, or otherwise change, terminate, or assign any agreement or agree to do any of the foregoing, if (in any case) a consequence of doing so could be to adversely affect the Seller's condition (financial or otherwise) or to adversely affect the value of any of the Purchased Assets or Administrative Agent's security interest in any of the Purchased Assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)At its sole cost and expense, the Seller will promptly and diligently exercise each and every material right it may have under any of the Purchased Mortgage Loans and will appear in and defend in good faith any action or proceeding arising under, growing out of, or in any manner connected with the obligations, covenants, conditions, duties, agreements, or liabilities of the Seller under or in respect of any of the Purchased Mortgage Loans.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)Each Purchased Mortgage Loan subject to a Transaction shall be closed in accordance with best industry practices and all Applicable Requirements. The Seller acknowledges and agrees that it shall be liable to Administrative Agent for any acts or omissions of any Settlement Party that cause Administrative Agent to incur any loss or expense (including without limitation attorney's fees).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.10<u>Right to Collect</u>. Except as otherwise set forth below, unless and until the occurrence of an Event of Default under this Agreement, the Seller shall continue to collect all principal, interest and escrow payments due and to become due under the Purchased Mortgage Loans (and all such amounts shall be held in trust for the exclusive benefit of Administrative Agent as the owner of the related Purchased Asset), and may take such action as the Seller may deem necessary, advisable, convenient, or proper for the enforcement of such Purchased Mortgage Loans to the extent consistent with the Seller's covenants and agreements set forth in this Agreement, except that regardless of whether any Event of Default exists, Mortgage Loan Sale Proceeds shall be paid directly to the Operating Account or as Administrative Agent shall otherwise direct, for application as provided in this Agreement. Upon receipt of any prepayment on any Purchased Mortgage Loan, the Seller shall immediately pay such amount to Administrative Agent for application to repay the Purchase Price made with respect to such Purchased Mortgage Loan. Immediately upon and at all times after the occurrence of any Event of Default, Seller agrees upon Administrative Agent's request to notify all Account Debtors and other parties obligated to Seller under any Purchased Assets that all payments made to Seller on account of the Purchased Assets shall be remitted directly to the Operating Account, which amounts shall, at Administrative Agent's option, be applied to the payment of the Obligations, whether then due or not, in such order or at such time of application as Administrative Agent may determine in its sole discretion. Seller, at Administrative Agent's request, shall include a like statement on all invoices or other instructions sent by Seller to Account Debtors and other parties obligated to Seller with respect to the Purchased Assets. Administrative Agent shall be under no duty to demand, collect, receipt for, settle, compromise, adjust, sue for, foreclose, or realize upon the Purchased Assets.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.11<u>Application of Mortgage Loan Sale Proceeds</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Seller agrees to notify all purchasers of Purchased Mortgage Loans that all payments made to Seller of Mortgage Loan Sale Proceeds shall be remitted directly to the Operating Account. Seller shall bear all risk of loss of any cash proceeds deposited in the Operating Account, except for losses resulting from the gross negligence or willful misconduct of Administrative Agent. Any Mortgage Loan Sale Proceeds received by Seller shall at all times be held in trust for Administrative Agent, shall not be commingled with any property that is not part of the Purchased Assets and shall be immediately delivered to Administrative Agent in the form received for deposit to the Operating Account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Provided no Event of Default or Default is continuing or would result therefrom, Administrative Agent agrees from time to time at the request of Seller to deliver Purchased Mortgage Loans to Takeout Purchasers for sale to such Takeout Purchasers approved by Administrative Agent in its sole discretion. Such delivery shall be made under a bailee letter in form and substance satisfactory to Administrative Agent. Without limiting the foregoing, such bailee letter shall provide for the release of Administrative Agent's security interest in the applicable Purchased Mortgage Loan in exchange for receipt by the Administrative Agent in immediately available funds of the purchase price for such Purchased Mortgage Loan pursuant to the applicable Purchase Commitment for such Purchased Mortgage Loan, but in no event less than the Repurchase Price of such Purchased Mortgage Loan. To the extent that the purchase price for a Purchased Mortgage Loan would be less than the Repurchase Price required to be paid to the Administrative Agent as required above (a "<u>shortfall</u>"), Administrative Agent may in its sole discretion approve such sale and the Seller shall pay such shortfall to the Administrative Agent prior to or concurrent with the payment of such purchase price and prior to the release of the Administrative Agent's ownership interest in the affected Purchased Mortgage Loan. The proceeds from the sale of any Purchased Mortgage Loan under this Section shall be paid and applied as provided in <u>Section 5.11(c)</u> hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)Prior to the occurrence of an Event of Default or Default, all items or amounts which are remitted to the Operating Account, or otherwise delivered by or for the benefit of Seller to Administrative Agent on account of partial or full payment of, or with respect to, any Mortgage Loan Sale Proceeds with respect to any Purchased Mortgage Loan shall be applied, <u>first</u>, in satisfaction of the fees and expenses Administrative Agent incurred in connection with the Purchased Mortgage Loan, including satisfaction of any Margin Deficit, <u>second</u>, in satisfaction of any outstanding Obligations with respect to such Purchased Mortgage Loan, and <u>third</u>, to the Haircut Account. After the occurrence of an Event of Default or Default, all items or amounts which are remitted to the Operating Account, or otherwise delivered by or for the benefit of Seller to Administrative Agent on account of partial or full payment of, or with respect to, any Purchased Assets (including, without limitation, any Mortgage Loan Sale Proceeds) shall, at Administrative Agent's option, (i) be applied to the payment of the Obligations, whether then due or not, in such order or at such time of application as Administrative Agent may determine in its sole discretion, or, (ii) in the case of such amounts not already in the Operating Account, be deposited to the Operating Account. Seller agrees that Administrative Agent shall not be liable for any loss or damage which Seller may suffer as a result of Administrative Agent's processing of items or its exercise of any other rights or remedies under this Agreement, or any other Repurchase Document, including without limitation indirect, special or consequential damages, loss of revenues or profits, or any claim, demand or action by any third party arising out of or in connection with the processing of items or the exercise of any other rights or remedies

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under this Agreement or any other Repurchase Document. Seller agrees to indemnify and hold Administrative Agent harmless from and against all such third party claims, demands or actions, and all related expenses or liabilities, including, without limitation, attorney's fees, except to the extent (but only to the extent) caused solely by Administrative Agent's gross negligence or willful misconduct.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.12<u>[Reserved]</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.13<u>Redelivery of Purchased Assets</u>. If Administrative Agent, acting in its sole discretion, redelivers Purchased Assets to Seller or Seller's designee for the purpose of (a) the ultimate sale or exchange thereof; or (b) presentation, collection, renewal, or registration of transfer thereof; or (c) dealing with it preliminary to sale or exchange, including, but not limited to, for correction; such redelivery shall be in trust for the benefit of Administrative Agent and shall not constitute a sale to Seller or a release of Administrative Agent's ownership interest in it or in the proceeds or products of it, unless Administrative Agent specifically so agrees in writing. Any proceeds of Purchased Assets coming into Seller's possession as a result of any such redelivery shall be held in trust for Administrative Agent and immediately delivered to Administrative Agent for application to the Obligations. If Administrative Agent redelivers any Mortgage Documents with respect to any Purchased Mortgage Loan to Seller under this Section, Seller shall return such Mortgage Documents to Administrative Agent not more than ten (10) days from the date of delivery to Seller, and if Seller fails to do so within said period then Seller shall immediately repay the outstanding Repurchase Price with respect to such Purchased Mortgage Loan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.14<u>Servicing</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Seller shall, on behalf of Administrative Agent, service or contract with one or more Servicers to service the Purchased Assets consistent with the degree of skill and care that each Seller customarily requires with respect to similar assets owned or managed by it and in accordance with Accepted Servicing Practices. Each 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 in any Purchased Assets or any payment thereunder. Administrative Agent may terminate the servicing of any Purchased Asset with the then existing servicer in accordance with <u>Section 5.14(e)</u> hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Seller shall, or shall cause the related Servicer, to hold or cause to be held all escrow funds collected by such Seller or Servicer, as applicable, with respect to any Purchased Assets in trust accounts and shall apply the same for the purposes for which such funds were collected.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)Seller shall provide promptly to Administrative Agent a Servicer Notice addressed to and agreed to by each Servicer of the related Purchased Assets, advising such Servicer of such matters as Administrative Agent may reasonably request, including, without limitation, recognition by such Servicer of Administrative Agent's interest in such Purchased Assets and such 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 Assets and any related Income with respect thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)Seller shall hold all collections received by it on account of the Purchased Assets in trust for Administrative Agent; provided, that long as all amounts due and owing by Seller hereunder have been made to Administrative Agent and no Default, Event of Default or outstanding Margin Call exists, Seller shall be entitled to withdraw

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and use the collections with respect to the Purchased Assets; provided, further, that if an Event of Default exists, Seller shall remit all such collections to the Operating Account within two (2) Business Days after receipt thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)Upon the occurrence of an Event of Default hereunder or a Servicer Termination Event, Administrative Agent shall have the right to immediately terminate upon written notice the related Servicer's right to service the Purchased Assets without payment of any penalty or termination fee. Seller shall cooperate, and shall cause any Servicer to cooperate, in transferring the servicing of the Purchased Mortgage Loans to a successor servicer appointed by Administrative Agent in its sole discretion. For the avoidance of doubt any termination of a Servicer's rights to service by Administrative Agent as a result of an Event of Default shall be deemed part of an exercise of Administrative Agent's rights to cause the liquidation, termination or acceleration of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)If Seller should discover that, for any reason whatsoever, any entity responsible to such Seller by contract for managing or servicing any Purchased Asset has failed to perform fully its obligations under the Repurchase Documents or any of the obligations of such entities with respect to the Purchased Assets and such failure has not been promptly remedied, Seller shall promptly notify Administrative Agent.

Section 6.<u>REPRESENTATIONS AND WARRANTIES</u>.

The Seller represents and warrants to Administrative Agent on the Closing Date and on each day that a Transaction is outstanding hereunder:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1<u>Organization and Qualification</u>. Seller is an Ohio limited liability company, duly organized, validly existing and in good standing under the laws of the State of Ohio, and: (a) has all requisite power and authority to own its property and conduct its business as now conducted and as presently contemplated; (b) is duly qualified and in good standing in each jurisdiction where the nature of its properties or its business (present or proposed) requires such qualification, except in jurisdictions, if any, where a failure to be qualified, licensed or in good standing would not reasonably be expected to have a Material Adverse Effect in respect of the Seller; and (c) has no Subsidiaries or Affiliates, except as set forth on the Disclosure Schedule.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2<u>Authority, Valid Obligations; Approvals</u>. The execution, delivery and performance of this Agreement and the other Repurchase Documents, and the transactions and other documents contemplated hereby and thereby, are within the respective corporate, partnership or limited liability company authority and power of Seller and have been authorized by all necessary proceedings on the part of Seller and its managers and members, and do not and will not (a) contravene any provision of law or Seller's Organizational Documents, (b) contravene any provisions of, or constitute a breach or default under, any other material agreement, instrument, judgment, order, decree, permit, license or undertaking binding upon or applicable to Seller or any of its properties, or (c) result in the creation, other than in favor of the Administrative Agent, of any Lien upon any of the properties or assets of Seller. The Repurchase Documents have been duly executed and delivered and constitute the legal, valid and binding obligations of Seller, enforceable in accordance with their terms, subject to bankruptcy, insolvency and similar laws affecting creditors' rights in general and to the availability of equitable remedies. The execution, delivery and performance of this Agreement and the other Repurchase Documents, and the transactions and other documents contemplated hereby and thereby, also do not require any approval or consent of, or filing or registration with, any Person or governmental authority, except for (a) the filing of UCC financing statements to perfect the Administrative Agent's security interests in the Purchased Assets and (b) such other approvals or consents described on the Disclosure Schedule, each of which has been obtained. 

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.3<u>Title to Properties; Absence of Liens</u>. Seller and each of its Subsidiaries has good and marketable title to all of its properties, assets and rights necessary to permit Seller and each of its Subsidiaries to conduct its business as such business was conducted or proposed to be conducted on the date of the Initial Financial Statement (or, in the case of a Subsidiary formed or organized after the date thereof, on the date such Subsidiary is formed or organized). The Purchased Assets are free from all liens, charges and encumbrances whatsoever except for insubstantial and immaterial defects in title and Permitted Liens.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.4<u>Compliance</u>. Seller and each of its Subsidiaries: (a) has all necessary permits, approvals, authorizations, consents, licenses, franchises, registrations and other rights and privileges (including, without limit, patents, trademarks, trade names and copyrights) to allow it to own and operate its business without any violation of law or the rights of others, except where the failure to maintain such licenses or permits would not reasonably be expected to have a Material Adverse Effect in respect of the Seller; (b) is duly authorized, qualified and licensed under and in compliance with all applicable laws, regulations, authorizations and orders of public authorities (including, without limitation, laws relating to hazardous materials, hazardous waste, oil, and protection of the environment and laws relating to ERISA (to the extent applicable) or to employee benefit plans generally), except where the failure to maintain such licenses or permits would not reasonably be expected to have a Material Adverse Effect in respect of the Seller; and (c) has performed all obligations required to be performed by it under, and is not in default under or in violation of, its Organizational Documents or any agreement, lease, mortgage, note, bond, indenture, license or other instrument or undertaking to which it is a party or by which any of it or any of its properties are bound, in each case, except for any such violations, defaults or failures to comply, individually or in the aggregate, which would not have a Material Adverse Effect in respect of the Seller. Neither Seller nor any of its Subsidiaries has received any notice by any governmental authority or Person with respect to the generation, storage, or disposal or release or threat of release of hazardous substances or hazardous materials or with respect to any violation of any federal, state or local environmental, health or safety statute or regulation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.5<u>Financial Statements</u>. The Seller has furnished to the Administrative Agent its audited consolidated and consolidating financial statements of the Seller for the fiscal year ended December 31, 2024 and the management-prepared consolidated and consolidating financial statements balance sheet and statement of income as of June 30, 2025 and for the three-month period then ended, which fairly present the financial position of the Seller and its Subsidiaries in all material respects for such periods as at the close of business on such dates and the results of its operations for the three-month period then ended (subject to the absence of footnotes and normal year-end adjustments with respect to the interim statements). At the date hereof, the Seller and its Subsidiaries have no material Indebtedness or other liabilities, whether accrued, absolute, contingent or otherwise, and whether due or to become due, that are not set forth on the Initial Financial Statement. Since the last day of the latest fiscal period covered by the Initial Financial Statements, no event has occurred that would reasonably be expected to have a Material Adverse Effect in respect of the Seller.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.6<u>Events of Default: Solvency</u>. No Default or Event of Default exists, and Seller is not, or, immediately after giving effect to any Transaction, will not be, Insolvent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.7<u>Taxes</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.7.1Seller and each of its Subsidiaries has (i) filed all federal tax returns required to be filed for all Taxes, (ii) to the best of its knowledge, filed all state and other tax returns required to be filed for all Taxes, and (iii) fully paid all Taxes due from them, except those being contested in good faith through appropriate proceedings and with respect to which adequate reserves have been established and are being maintained to the extent required by GAAP and the Administrative Agent. Neither Seller nor any of its Subsidiaries has executed any waiver that would have the effect of extending the applicable statute of limitations in respect of any Tax, and each of them has established on its books reserves adequate for the payment of all Taxes.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.7.2Seller has at all times been classified as a corporation for U.S. federal income tax purposes. Seller has never been subject to U.S. federal withholding Tax under Section 1441, 1445 or 1446 of the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.8<u>Labor Relations; Litigation</u>. Neither Seller nor any of its Subsidiaries is engaged in any unfair labor practice and, except as set forth on the Disclosure Schedule, there is no litigation, proceeding, governmental investigation (administrative or judicial), regulatory enforcement action or labor dispute, pending or, to the best knowledge of the Seller, threatened against Seller or any Subsidiary, which, if decided adversely, would have a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.9<u>Contracts with Affiliates, etc.</u> Neither Seller nor any of its Subsidiaries is a party to or otherwise bound by any material agreements, instruments or contracts (whether written or oral) with any of its directors, managers, officers, equity holders, employees or Affiliates, or the directors, managers, officers, equity holders or employees of its Affiliates, except for those entered into in the ordinary course of business on an arm's length basis upon terms and conditions no more favorable than would prevail in a transaction with a Person unaffiliated with Seller. Each such contract between Seller and its Subsidiaries and any Affiliate is listed on the Schedule of Contracts with Affiliates attached hereto as <u>Exhibit C</u> or as otherwise disclosed to and approved in writing by Administrative Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.10<u>ERISA</u>. The Seller does not maintain any Plans and shall not adopt or agree to maintain or contribute to a Plan. The Seller shall promptly notify the Administrative Agent in writing in the event an ERISA Affiliate adopts a Plan. The Seller is not an employer under any Multiemployer Plan or any other Plan subject to Title IV of ERISA.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.11[Reserved].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.12[Reserved].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.13[Reserved].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.14<u>Anti-Money Laundering/International Trade Law Compliance</u>. No Covered Entity is a Sanctioned Person. No Covered Entity, either in its own right or through any third party, (a) has any of its assets in a Sanctioned Country or in the possession, custody or control of a Sanctioned Person in violation of any Anti-Terrorism Law; (b) does business in or with, or derives any of its income from investments in or transactions with, any Sanctioned Country or Sanctioned Person in violation of any Anti-Terrorism Law; or (c) engages in any dealings or transactions prohibited by any Anti-Terrorism Law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.15<u>Accuracy of Representations; Survival</u>. No representation or warranty made herein or in any other Repurchase Document contains, or at the time of delivery will contain, any untrue statement of material fact or omits, or will omit at the time of delivery, a material fact necessary to make such representation or warranty not misleading. All representations and warranties made herein or in the any other Repurchase Document will survive the execution of this Agreement and the other Repurchase Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.16<u>Seller Name</u>. Seller's exact name is the name set forth in this Agreement. Seller's chief executive office and principal place of business are at 4131 Worth Avenue, Suite 460, Columbus, Ohio 43219, or at such other address as shall have been set forth in a written notice to the Administrative Agent given subsequent to the Closing Date and at least ten (10) Business Days before such notice's effective date. Seller is a registered organization which is organized under the laws of one of the states comprising the United States (e.g. corporation, limited partnership, registered limited liability partnership or limited liability company), and Seller is located (as determined pursuant to the UCC) in the state under the laws of which it was organized.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.17<u>Agency Approvals; Compliance with Agency Guides</u>. Seller is (i) a Freddie Mac, Fannie Mae and Ginnie Mae approved seller(issuer)/servicer, an FHA/VA and USDA approved lender, and a HUD direct endorsement lender, and in each case, in good standing; (ii) in compliance with the terms and requirements of each Agency Guide applicable to it; and (iii) duly qualified and licensed as a mortgage banker or mortgage broker in each jurisdiction where such

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qualification is required in order for the Seller to transact its business as presently conducted or proposed to be conducted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.18<u>Accuracy of Information</u>. Neither this Agreement nor any of the documents or information documents, reports or other writings prepared by or on behalf of Seller and provided by Seller to Administrative Agent pursuant to this Agreement, any other financing agreement or in connection with the transactions contemplated hereby or thereby, contain any statement of a material fact with respect to Seller or such transactions that was untrue or misleading in any material respect when made or omit to state any material fact necessary to make the statements herein or therein, in light of the circumstances under which they were made, not misleading. Since Administrative Agent's due diligence review of Seller conducted prior to the Closing Date, there has been no change, nor any development or event involving a change known to Seller, which would render any of the financing agreements, such documents or information untrue or misleading in any material respect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.19<u>Compliance With Law, Etc.</u> Seller has complied in all respects with all Laws to the best of its knowledge. None of Seller or any Affiliate of Seller (a) is an "enemy" or an "ally of the enemy" as defined in the Trading with the Enemy Act of 1917, (b) is in violation of any Anti-Terrorism Laws, (c) is a blocked person described in Section 1 of Executive Order 13224 or to its knowledge engages in any dealings or transactions or is otherwise associated with any such blocked person, (d) is in violation of any country or list based economic and trade sanction administered and enforced by OFAC, (e) is a Sanctioned Person or Sanctioned Country, (f) has more than 10% of its assets located in Sanctioned Countries or with Sanctioned Persons, or (g) derives more than 10% of its operating income from investments in or transactions with Sanctioned Persons or Sanctioned Countries. The proceeds of any transaction have not been and will not be used to fund any operations in, finance any investments or activities in or make any payments to a Sanctioned Person or Sanctioned Country. None of Seller or any Affiliate of Seller (a) is a "broker" or "dealer" as defined in, or could be subject to a liquidation proceeding under, the Securities Investor Protection Act of 1970, or (b) is subject to regulation by any Governmental Entity limiting its ability to incur the Obligations. Seller and all of its Affiliates are in compliance with the Foreign Corrupt Practices Act of 1977 and any foreign counterpart thereto. None of Seller or any Affiliate of Seller has made, offered, promised or authorized a payment of money or anything else of value (a) in order to assist in obtaining or retaining business for or with, or directing business to, any foreign official, foreign political party, party official or candidate for foreign political office, (b) to any foreign official, foreign political party, party official or candidate for foreign political office, or (c) with the intent to induce the recipient to misuse his or her official position to direct business wrongfully to Seller, any Affiliate of Seller or any other Person, in violation of the Foreign Corrupt Practices Act of 1977.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.20<u>Investment Company Act Compliance</u>. Seller is not required to be registered as an "investment company" as defined under the Investment Company Act of 1940, as amended nor as an entity "controlled" by an "investment company" as defined under the Investment Company Act of 1940, as amended. No Transaction represents an "ownership interest" in Seller for purposes of the "Volcker Rule" (Section 619 of the Dodd-Frank Wall Street Reform and Consumer Protection Act). Seller is structured so as not to constitute a "covered fund" as defined in the final regulations issued December 10, 2013, implementing the "Volcker Rule" (Section 619 of the Dodd-Frank Wall Street Reform and Consumer Protection Act).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.21<u>No Broker</u>. Seller has not dealt with any broker, investment banker, agent, or other person, except for Administrative Agent, who may be entitled to any commission or compensation in connection with the sale of Purchased Mortgage Loans pursuant to this Agreement; <u>provided</u>, that if Seller has dealt with any broker, investment banker, agent, or other person, except for Administrative Agent, who may be entitled to any commission or compensation in connection with the sale of Purchased Mortgage Loans pursuant to this Agreement, such commission or compensation shall have been paid in full by Seller.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.22<u>[Reserved]</u>.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.23<u>Special Representations Relating to the Purchased Mortgage Loans</u>. With respect to each Purchased Mortgage Loan, Seller hereby makes all of the applicable representations and warranties set forth in <u>Schedule 6.23</u> hereto as of the related Purchase Date and continuously while such Purchased Mortgage Loan is subject to a Transaction. Further, as of each Purchase Date, Seller shall be deemed to have represented and warranted in like manner that Seller has no knowledge that any such representation or warranty may have ceased to be true in a material respect as of such date, except as otherwise stated in a written notice to Administrative Agent, any such exception to identify the applicable representation or warranty and specify in reasonable detail the related knowledge of Seller.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.24<u>Legal and Beneficial Owners of Equity Interests in the Seller</u>. The only equity (or other ownership) interest in the Seller consists of member interests. The sole legal and beneficial owners of an equity interest in the Seller (each an "<u>Owner</u>" and, collectively, the "<u>Owners</u>") and the nature of each Owner's interest are set forth on <u>Schedule 6.24</u> attached to, and made a part of, this Agreement.

Section 7.<u>AFFIRMATIVE COVENANTS</u>.

During the term of this Agreement and so long as any Obligations (other than (a) contingent reimbursement and indemnification obligations as to which no claim has been asserted and (b) Obligations related to any products or any Hedge Agreements) have been paid or performed in full, all Purchased Mortgage Loans have been repurchased and the Administrative Agent and the Buyers have no further commitments or other obligations under this Agreement or the other Repurchase Documents remain outstanding:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1<u>Financial Statements and Other Reporting Requirements</u>. The Seller will furnish to the Administrative Agent:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1.1as soon as available and in any event within ninety (90) days after the close of each of the Seller's fiscal years, audited Consolidated Financial Statements for the Seller and its Consolidated Subsidiaries, for such year, and the related balance sheet as at the end of such year (setting forth in comparative form the corresponding figures as of the end of and for the preceding fiscal year), all in reasonable detail, prepared in accordance with the Approved Accounting Method, and with all notes, and accompanied by

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)a report and unqualified opinion of a firm of independent certified public accountants of recognized standing selected by the Seller and reasonably acceptable to the Administrative Agent (as of the Closing Date, Deloitte & Touche LLP is acceptable to the Administrative Agent), stating that such accountants have audited such financial statements in accordance with generally accepted auditing standards and that, in their opinion, such financial statements present fairly, in all material respects, the Consolidated financial condition of the Seller and its Consolidated Subsidiaries, as of the date thereof and the Consolidated results of its operations and cash flows for the periods covered thereby in conformity with the Approved Accounting Method; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)a certificate signed by an Authorized Person stating that said financial statements fairly present the Consolidated financial condition and results of operations (for the Seller and its Consolidated Subsidiaries) as at the end of, and for, such year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1.2as soon as available and in any event within forty-five (45) days after the end of each calendar quarter, financial statements for the Seller and its Subsidiaries for the quarter just ended (or, at the request of the Administrative Agent, as of the end of any calendar month for the month just ended), all in reasonable detail, and certified by a responsible officer of the Seller that such financial statements were prepared in

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accordance with the Approved Accounting Method and present fairly in all material respects the Seller's and its Consolidated Subsidiaries' financial condition as of the date thereof and the results of their operations for the period covered, subject, however, to normal year-end audit adjustments and the omission of notes and schedules to the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1.3concurrently with each delivery of financial statements pursuant to <u>Sections 7.1.1</u> and <u>7.1.2</u> hereof, a Compliance Certificate certified by Seller's chief financial officer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1.4[Reserved];

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1.5[Reserved];

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1.6[Reserved];

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1.7within fifteen (15) days after receipt of each agency audit, including HUD, Ginnie Mae, Fannie Mae and Freddie Mac audits, a copy of such audit and, within fifteen (15) days of any response by Seller thereto, a copy of such response;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1.8except as otherwise set forth herein, as soon as reasonably practical and in no case later than five (5) Business Days after obtaining knowledge of the existence thereof, notice of (a) [reserved], (b) the occurrence of any condition or event with respect to Seller that would reasonably be expected to have a Material Adverse Effect, (c) any material litigation or any investigative proceedings of a federal, state or local governmental agency or authority commenced or threatened against Seller or any Subsidiary, individually or in the aggregate of the Litigation Threshold, or the issuance of any judgment, award, decree, order or other determination in or relating to any such litigation or proceedings, (d) the occurrence of an ERISA Event that would reasonably be expected to have a Material Adverse Effect, or any communications to, or receipt of communications from, the PBGC, the United States Department of Labor the Internal Revenue Service or a Pension Plan, a Multiemployer Plan, by Seller or any ERISA Affiliate relating to any Pension Plan or Multiemployer Plan (other than routine claims for benefits), along with copies of all such communications, (e) the assumption by the Seller or any ERISA Affiliate of an obligation to contribute to or any liability with respect to, a Multiemployer Plan; and (f) any communications given or received by Seller to or from any federal, state or local governmental agency or authority in any way relating to any investigation of, compliance with, any violation or potential violation of, or any potential liability under, any environmental law or regulation (including those relating to pollution control, hazardous materials and hazardous wastes) that would reasonably be expected to have a Material Adverse Effect, along with copies of all such communications;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1.9as soon as practicable and in no case later than three (3) Business Days after obtaining knowledge of the existence, thereof, give written notice to Administrative Agent of (a) any material litigation affecting any of the Purchased Assets, (b) the receipt of any notice from any Agency, the Consumer Financial Protection Bureau, or any other Governmental Entity having jurisdiction over the Seller or its property that any such Agency or Governmental Entity intends to put the Seller or any officer or employee of Seller on probation or other supervisory review status, (c) the receipt of any notice from any insurer or guarantor of, or Agency that purchases, residential mortgage loans that such insurer, guarantor, or Agency will cease insuring, guaranteeing, or purchasing, as applicable, residential mortgage loans from the Seller, (d) any notice from FHA or the VA that the Seller may lose its status as an approved mortgagee or Administrative Agent

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in good standing eligible to participate in the FHA insurance or the VA guaranty programs, (e) the receipt of any notification from the Consumer Financial Protection Bureau, any other Governmental Entity, or any Agency that the Seller has violated any Law and (f) any investigation, subpoena or civil investigative demands with respect to Seller or any Purchased Mortgage Loans from the Consumer Financial Protection Bureau, any Agency or any other Governmental Entity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1.10immediately and in no case later than three (3) Business Days after obtaining knowledge of the existence thereof, notice of the occurrence of any Default or Event of Default;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1.11from time to time, within five (5) Business Days such other financial data and information about Seller and any of its Subsidiaries and their Affiliates as the Administrative Agent may reasonably request; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1.12as soon as reasonable practicable, notice of any breach of a representation or warranty set forth in <u>Schedule 6.23</u> thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.2<u>Conduct of Business</u>. The Seller will: (a) maintain its corporate, limited liability company or other organizational existence, as applicable; (b) continue to have a fiscal year ending December 31st of each year (or such other fiscal year-end as may be deemed acceptable to the Administrative Agent in its reasonable discretion); (c) remain or engage in substantially the same business as that in which it is now engaged or proposed to be engaged as of the date hereof (or, in the case of a Subsidiary formed or organized after the date hereof, as of the date such Subsidiary is formed or organized); (d) duly observe and comply with all applicable laws and all requirements of any governmental authorities relative to it, its assets or to the conduct of its business, including the Secure and Fair Enforcement for Mortgage Licensing Act, 12 USC 5101-5116, all state mortgage loan originator licensing acts and all other state laws mandated by such Act, and all laws relating to the environment, pollution control, hazardous materials and hazardous waste; (e) maintain and keep in full force and effect all licenses and permits necessary to the proper conduct of its business as presently conducted or reasonably related thereto, except where the failure to maintain such licenses or permits would not reasonably be expected to have a Material Adverse Effect in respect of the Seller and, without limiting the foregoing; (f) do or cause to be done all things necessary to preserve and keep in full force and effect Seller's corporate or other applicable existence, rights, franchises, licenses and approvals, except where the failure to maintain such licenses or permits would not reasonably be expected to have a Material Adverse Effect in respect of the Seller, including without limitation, its status as a Freddie Mac, Fannie Mae and Ginnie Mae approved seller(issuer)/servicer, an FHA/VA and USDA approved lender, and a HUD direct endorsement lender, in each case in good standing, and comply with the terms and requirements of each Agency Guide applicable to it; and (g) upon Seller becoming aware of any Control Failure with respect to a Mortgage Loan that is an eMortgage Loan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.3<u>Maintenance and Insurance</u>. The Seller will, and will cause each of its Subsidiaries to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)maintain liability insurance protecting the Seller and its Subsidiaries against fire and other hazard insurance on its respective properties from which it conducts its business, with responsible insurance companies, in such amounts and against such risks as is customarily carried by similar businesses operating in the same vicinity. Copies of such policies shall be furnished to the Administrative Agent and the Buyers without charge upon the Administrative Agent's or any Buyer's request made from time to time; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)obtain and maintain at its own expense and keep in full force and effect a blanket fidelity bond and an errors and omissions insurance policy covering the Seller's officers and employees and other persons acting on behalf of the Seller. The

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amount of coverage shall be at least equal to the coverage that would be required by Fannie Mae or Freddie Mac, whichever is greater, with respect to the Seller if the Seller were servicing and administering the Mortgage Loans for Fannie Mae or Freddie Mac. In the event that any such bond or policy ceases to be in effect, the Seller shall obtain a comparable replacement bond or policy, as the case may be, meeting the requirements of this <u>Section 7.3</u>. Coverage of the Seller under any policy or bond obtained by an Affiliate of the Seller and providing the coverage required by this <u>Section 7.3</u> shall satisfy the requirements of this <u>Section 7.3</u>. Such bond and insurance policies shall name Administrative Agent as an additional insured and loss payee. Upon the request of the Administrative Agent, the Seller shall cause to be delivered to the Administrative Agent and the Buyers evidence of such fidelity bond and insurance policies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.4<u>Taxes</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.4.1The Seller will, and will cause each of its Subsidiaries to, pay or cause to be paid all Taxes on or assessed against it or its properties prior to such Taxes becoming delinquent, except for any Taxes that are being contested in good faith through appropriate proceedings and with respect to which adequate reserves, if and to the extent required by GAAP and the Administrative Agent, have been established and are being maintained, provided that no enforcement action to enforce a lien has been commenced against the Seller or any Subsidiary with respect to any such tax, assessment or charge that is material in amount.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.4.2Seller shall continue at all times to be classified as a corporation for U.S. federal income tax purposes. Seller shall not become subject to U.S. federal withholding Tax under Section 1441, 1445 or 1446 of the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.5<u>Sale of Notes</u>. The Seller will not, and will not permit any of its Subsidiaries to, sell, discount or dispose of any note, instrument, Account, or other obligation owing to any of them, except (a) to the Administrative Agent, (b) sale of Purchased Assets to the extent expressly permitted by <u>Section 5.2</u> hereof, and (c) sale of other Mortgage Loans (not constituting any part of the Purchased Assets) in the ordinary course of business consistent with the Seller's past practices.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.6<u>Security Interest</u>. Seller shall do all things necessary to preserve the Purchased Mortgage Loans and related Purchased 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 Entity. Seller will not allow any default for which Seller is responsible to occur under any Purchased Mortgage Loans or any Repurchase Documents and Seller shall fully perform or cause to be performed when due all of its obligations under any Purchased Mortgage Loans and any Repurchase Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.7<u>Inspection by the Administrative Agent</u><sup>-</sup><u>, Books and Records</u>. The Seller will permit the Administrative Agent or its designees, at any reasonable time and from time to time, but not less frequently than annually, during normal business hours, upon at least three (3) Business Days prior written notice (such notice may be provided by electronic means), to visit and inspect their properties, to examine and make copies of their books and records, and to discuss their affairs, finances and accounts with appropriate officers. The Seller will keep adequate books and records of account in which true and complete entries will be made reflecting all of its business and financial transactions, and such entries will be made in accordance with GAAP and applicable law. The Seller shall maintain originals (or copies, if the originals have been delivered to Takeout Purchaser) of surveys, certificates, correspondence, appraisals, accounting records, and other information or data relating to the Purchased Assets and will immediately give Administrative Agent written notice of any change in location of such records. Without in any way limiting the foregoing, the Seller agrees that the Administrative

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Agent may, at any reasonable time and from time to time, during normal business hours, and upon at least three (3) Business Days prior written notice (such notice may be provided by electronic means), conduct field or on-site audits of the Seller at the Administrative Agent's discretion. During the continuation of an Event of Default, the Seller will permit the Administrative Agent to arrange for verification of Accounts and other Purchased Assets of the Seller directly with the Account Debtors or obligors or by other methods, and to conduct field audits of the Seller and its Subsidiaries at the Administrative Agent's discretion. The Seller agrees to pay all reasonable out-of-pocket costs and expenses of the Administrative Agent in connection with up to two (2) inspections, visits and reviews under this <u>Section 7.7</u> per calendar year unless a Default or Event of Default has occurred and is continuing, in which case all such costs and expenses of the Administrative Agent incurred in the exercise of their rights pursuant to this <u>Section 7.7</u> shall be paid by the Seller.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.8<u>Use of Proceeds</u>. The Seller will use the Purchase Price of each Transaction solely to fund the origination or purchase of Purchased Mortgage Loans subject to the terms and conditions of this Agreement, and to pay the fees, costs and other expenses associated with closing the transactions contemplated herein. No portion of any Purchase Price will be used for the purpose of purchasing or carrying any "margin security" or "margin stock" as such terms are used in Regulations T, U or X of the Board of Governors of the Federal Reserve System.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.9<u>Transactions with Affiliates</u>. The Seller will not, enter into any transactions including, without limitation, any purchase, sale, lease or exchange of property or the rendering of any service, with any Affiliate unless such transactions are not otherwise prohibited under this Agreement (including, without limitation, the transactions permitted under <u>Section 8.2</u> or <u>Section 8.5</u>) and are in the ordinary course of the Seller's business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.10<u>No Amendments to Organizational Documents</u>. The Seller will not at any time cause or permit its Organizational Documents or the Organizational Documents of any of its Subsidiaries to be modified or supplemented in any respect that would materially affect the Administrative Agent's rights hereunder and with respect to the Purchased Assets and under the other Repurchase Documents or affect in any manner the Seller's ability to pay the Obligations when due.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.11<u>Bank Accounts</u>. The Seller has established all bank accounts with the Administrative Agent required for operating their line of credit and will thereafter maintain such accounts with Administrative Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.12<u>Name, Location</u>. Seller will not change its jurisdiction of organization. Seller will give Administrative Agent not less than thirty (30) days' prior written notice of all contemplated changes in Seller's name, location, chief executive office, principal place of business, and/or location of any Purchased Assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.13<u>Enforcement</u>. The Seller shall, at its sole cost and expense, (a) exercise promptly and diligently each and every material right it may have under or with respect to any Purchased Mortgage Loan that, if not so exercised, might materially and adversely affect the interests of the Seller or Administrative Agent with respect to such Purchased Mortgage Loan or the property securing such Purchased Mortgage Loan, and (b) appear in and defend in good faith any action or proceeding arising under, in any manner related to, or connected with, the obligations, covenants, conditions, duties, agreements, or liabilities of the Seller with respect to any Purchased Mortgage Loan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.14<u>MERS</u>. The Administrative Agent and the Seller hereby confirm the appointment of the Administrative Agent as collateral agent with respect to MERS Loans. During any time during which the Seller is using the MERS System, the Seller shall (i) at all times, maintain its status as a MERS Member, (ii) at all times, employ officers who have the authority, pursuant to a corporate resolution from MERS, to execute assignments of mortgage in the name of MERS in the event deregistration from the MERS System is necessary or desirable, (iii) at all times remain in compliance with all terms and conditions of membership in MERS, including the MERSCORP, Inc. "Rules of Membership" most recently promulgated by MERSCORP, Inc., the "MERS Procedures Manual" most recently promulgated by MERS, and any and all other guidelines or requirements set forth by MERS or MERSCORP, as each of the foregoing may be

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modified from time to time, including, but in no way limited to compliance with guidelines and procedures set forth with respect to technological capabilities, drafting and recordation of mortgages, registration of mortgages on the MERS System, including registration of the interest of the Administrative Agent in such mortgages and membership requirements, (iv) promptly, upon the request of the Administrative Agent, execute and deliver to the Administrative Agent an assignment of mortgage, in blank, with respect to any MERS Mortgage that the Administrative Agent determines shall be removed from the MERS System, (v) at all times maintain the Electronic Tracking Agreement in full force and effect, (vi) as soon as practicable, but in no event later than two (2) Business Days, provide to Administrative Agent a copy of any notice received from MERS or MERSCORP pursuant to Section 4(a) of the Electronic Tracking Agreement, and (vii) as soon as practical but in any event not later than seven (7) Business Days after any MERS Mortgage is funded from the Purchase Price of a Transaction, cause Administrative Agent (by its Org ID 1000116) to be designated as the "Interim Funder" in the "Associated Member" category for such MERS Mortgage on the Registration Details Screen of the MERS System (and any MERS Mortgage not so designated within said period shall automatically cease to be an Eligible Mortgage Loan, anything in this Agreement to the contrary notwithstanding). The Seller shall not de-register or attempt to de-register any mortgage from the MERS System unless the Seller has complied with the requirements set forth in the Electronic Tracking Agreement and the requirements hereof and the other Repurchase Documents relating to a release of a Mortgage Loan. Seller shall indemnify, defend (using counsel selected by Administrative Agent) and hold harmless Administrative Agent, its employees, agents, shareholders, officers and directors, from and against any and all claims, demands, penalties, fines, liabilities, settlements, damages, costs or expenses (including, without limit, attorney fees) of whatever kind arising out of or related to (i) Seller's failure to comply with or breach of the provisions of this paragraph or the Electronic Tracking Agreement, or (ii) the use by Seller and Administrative Agent of the MERS System in connection with Mortgage Loans under or in connection with this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.15<u>[Reserved]</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.16<u>[Reserved]</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.17<u>Underwriting Guidelines</u>. Seller will underwrite Eligible Mortgage Loans in compliance with its underwriting guidelines and applicable product profiles.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.18<u>Applicable Law</u>. To the best of its knowledge, Seller shall comply with the requirements of all Law and orders of any Governmental Entity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.19<u>Financial Covenants</u>. The Seller will comply with the Financial Covenants set forth in the Fee and Pricing Letter.

Section 8.<u>NEGATIVE COVENANTS</u>.

The Seller agrees that, until all of Seller's Obligations (other than (a) contingent reimbursement and indemnification obligations as to which no claim has been asserted and (b) Obligations related to any Products or any Hedge Agreements) have been paid or performed in full, all Purchased Mortgage Loans have been repurchased and the Administrative Agent and the Buyers have no further commitments or other obligations under this Agreement or the other Repurchase Documents, the Seller shall not, and shall not permit any Subsidiary to, either directly or indirectly, do any of the following, without the prior written consent of the Buyers:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.1<u>No Merger</u>. Merge or consolidate with or into any Person unless the Seller is the surviving entity and any of the Seller's Subsidiaries may merge with or into the Seller or another Subsidiary of the Seller.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.2<u>Limitation on Debt and Contingent Indebtedness</u>. At no time shall the Seller or any Subsidiary incur, create, contract, assume, have outstanding, guarantee or otherwise be or

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become, directly or indirectly, liable in respect of any Indebtedness except (collectively, "Permitted Indebtedness"):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)the Obligations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)trade debt (including, without limitation, trade debt for services provided by an Affiliate), equipment leases, loans for the purchase of equipment used in the ordinary course of the Seller's business and other accounts payable and accruals arising in the ordinary course of the Seller's business and indebtedness for taxes and assessments not yet due and payable owed in the ordinary course of business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)Seller's existing committed mortgage warehousing facility with the Administrative Agent, and if the Seller gives the Administrative Agent at least ten (10) Business Days prior written notice of the initial incurrence thereof, other Indebtedness under mortgage warehousing facilities, mortgage repurchase facilities or off-balance sheet indebtedness under other financing arrangements; provided that no prior notice shall be required with respect to any such facility, indebtedness or other financing arrangement entered into with the Administrative Agent;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)Indebtedness in respect of any exchange traded or over the counter derivative transaction or any Hedge Agreement entered into in the ordinary course of business and not for speculative purposes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)contingent repurchase obligations arising out of loan sale representations and warranties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)guaranties by Seller of Indebtedness of any other Person not in excess of Five Million Dollars ($5,000,000); <u>provided</u> <u>that</u> Seller may incur (i) guaranties the Indebtedness of any other Person in excess of Five Million Dollars ($5,000,000) with the Administrative Agent's prior written consent and (ii) contingent indebtedness of any amount with respect to debts or contingent indebtedness of Seller's Subsidiaries or Affiliates or the Affiliates of Seller's Subsidiaries which relate to residential mortgage warehouse or repurchase facilities or other, similar short-term secondary residential mortgage finance lines of credit extended to or guaranteed by those Subsidiaries, Affiliates or Subsidiaries' Affiliates; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)any other Debt which is not otherwise expressly provided for in this <u>Section 8.2</u> in an aggregate principal amount outstanding from time to time not to exceed Five Million Dollars ($5,000,000).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.3<u>Business</u>. The Seller shall not, directly or indirectly, engage in any businesses that differ materially from those currently engaged in by the Seller or any other businesses customarily engaged in by other Persons in the mortgage banking business.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.4<u>Liquidations, Dispositions of Substantial Assets</u>. Except as expressly provided below in this <u>Section 8.4</u>, neither the Seller nor any Subsidiary shall dissolve or liquidate or sell, transfer, lease or otherwise dispose of any material portion of its property or assets or business. Except as provided herein for the Purchased Mortgage Loans, the Seller and the Subsidiaries may (a) sell other Mortgage Loans and the right to service such other Mortgage Loans in the ordinary course of their business pursuant, if applicable, to other repurchase facilities or mortgage warehousing facilities allowed hereunder, (b) any Subsidiary may sell its property, assets or business to the Seller or another Subsidiary, (c) the Seller or any Subsidiary may sell or dispose of assets (which are not Purchased Assets, the Servicing Rights or the Haircut Account), so long as the consideration received is cash or cash equivalents and the sales price is at least equal to the fair market value of the assets sold and does not exceed $2,000,000 for each such sale or disposition or series of related sales or dispositions, and (d) any Subsidiary may liquidate or dissolve, in the case of this <u>clause (d)</u> only, if, at the time thereof and immediately thereafter, the Seller and the Subsidiaries are in compliance with all covenants set forth in the Repurchase Documents and no Default or Event of Default shall have occurred and be continuing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.5<u>Loans, Advances, and Investments</u>. Neither the Seller nor any Subsidiary shall make any loan (other than Mortgage Loans), advance, or capital contribution to, or investment in (including any investment in any Subsidiary, joint venture or partnership), or purchase or otherwise acquire any of the capital stock, securities, ownership interests, or evidences of indebtedness of, any Person (collectively, "<u>Investment</u>"), or otherwise acquire any interest in, or control of, another Person, except for the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Cash equivalents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Any acquisition of securities or evidences of indebtedness of others when acquired by the Seller in settlement of accounts receivable or other debts arising in the ordinary course of its business, so long as the aggregate amount of any such securities or evidences of indebtedness is not material to the business or condition (financial or otherwise) of the Seller;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)Mortgage Loans acquired in the ordinary course of the Seller's business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)Investment in any existing Subsidiary; <u>provided</u> <u>that</u> at the time any such investment is made and immediately thereafter, the Seller and the Subsidiaries are in compliance with all covenants set forth in the Repurchase Documents and no Default or Event of Default shall have occurred and be continuing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)Investments in Affiliates incurred in the ordinary course of business as currently conducted; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)Investments arising in connection with the Hedge Agreements entered into in the ordinary course of business and not for speculative purposes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.6<u>Use of Proceeds</u>. The Seller shall not, directly or indirectly, use any of the proceeds of the Transactions for the purpose, whether immediate, incidental or ultimate, of buying any "margin stock" or of maintaining, reducing or retiring any Debt or Contingent Indebtedness originally incurred to purchase a stock that is currently any "margin stock", or for

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any other purpose that might constitute this transaction a "purpose credit", in each case within the meaning of Regulation U or otherwise take or permit to be taken any action that would involve a violation of Regulation U, Regulation T or Regulation X.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.7<u>Transactions with Affiliates</u>. The Seller shall not enter into any transactions including, without limitation, any purchase, sale, lease or exchange of property or the rendering of any service, with any Affiliate unless such transactions are not otherwise prohibited under this Agreement (including, without limitation, the transactions permitted under <u>Section 8.2</u> or <u>Section 8.5</u>) and are in the ordinary course of the Seller's business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.8<u>Liens</u>. The Seller shall not grant, create, incur, assume, permit or suffer to exist any Lien upon any of its Mortgage Loans, the Purchased Assets, the Servicing Rights or the Haircut Account under <u>Section 5</u>, other than (a) Liens granted to the Administrative Agent for the benefit of the Buyers under this Agreement, (b) Liens under warehouse or repurchase facilities permitted under <u>Section 8.2(c)</u> or <u>Section 8.2(d) and (c) other Permitted Liens</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.9<u>Plans</u>. Neither the Seller nor any Subsidiary shall adopt or agree to maintain or contribute to an Plan. The Seller shall promptly notify the Administrative Agent and each Buyer in writing in the event an ERISA Affiliate adopts a Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.10<u>Change of Principal Office</u>. The Seller shall not change its jurisdiction of organization. The Seller shall not change its legal name or move its principal office, executive office or principal place of business from any address set forth in this Agreement, without prior written notice to the Administrative Agent and each Buyer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.11<u>Distributions</u>. The Seller shall make no payment of dividends or distributions to its shareholders if either before or after giving effect thereto a Default or an Event of Default exists or shall be caused thereby.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.12<u>Limitations on Payments of Certain Indebtedness</u>. Make any prepayment, repurchase, redemption, defeasance or any other payment in respect of any Indebtedness of the Seller owing to any members and managers of the Seller and all Affiliates of the Seller, including Parent, to whom or which the Seller is indebted as of the date of this Agreement in excess of One Million Dollars ($1,000,000), either for borrowed money or for any other obligation, excluding salary, bonus, other compensation obligations or unsecured Indebtedness owed to Parent, if, at the time of such prepayment, repurchase, redemption, defeasance or any other payment a Default or Event of Default exists or would result from such payment, except to the extent permitted under the terms of any applicable Subordination Agreement, or, if no Subordination Agreement exists, if permitted by the Buyers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.13<u>No Changes in Accounting Practices or Fiscal Year</u>. The Seller shall not make any significant change in accounting treatment or reporting practices, except as required or permitted by the Approved Accounting Method, or change its fiscal year, in each case without the prior written consent of the Administrative Agent (which consent shall not be unreasonably withheld, conditioned or delayed).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.14<u>No Changes to Underwriting Guidelines</u>. The Seller will not change its underwriting guidelines in any material respect that would be adverse to Buyers without the prior written consent of the Administrative Agent (which consent shall not be unreasonably withheld, conditioned or delayed) except as may be required from time to time to comply with Agency guidelines.

Section 9.<u>EVENTS OF DEFAULT; Event of Termination</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.1<u>Event of Defaults of Default</u>. The following events shall constitute events of default (each an "<u>Event of Default</u>") hereunder:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)The Seller shall default in the payment of (i) the Repurchase Price for any Purchased Mortgage Loans on the applicable Repurchase Date, (ii) any Price Differential, Buyers' Fees, Administrative Agent's Fees, Custodian's Fees when due and fail to cure such default within one (1) Business Day, (iii) any amount required to

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be paid or transferred or paid to eliminate any Margin Deficit within the time period specified in <u>Section 2.7</u> or (iv) any other Obligation, when the same shall become due and payable, whether at the due date thereof, or by acceleration or otherwise, and the Seller fails to pay any such other Obligation within three (3) Business Days of the due date therefor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)The Seller becomes Insolvent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)Any representation or warranty made by the Seller under any Repurchase Document shall have been incorrect or untrue in any material respect when made or repeated or deemed to have been made or repeated; <u>provided</u> <u>that</u>, notwithstanding the foregoing, solely with respect to a breach of the representations or warranties in <u>Section 6.23</u>, hereunder which was not willful or fraudulent, such breach shall not constitute a Default or Event of Default hereunder if such breach does not result in a Margin Deficit under <u>Section 2.7</u> hereof, or if such breach does result in a Margin Deficit under <u>Section 2.7</u> hereof, Seller performs its obligations under <u>Section 2.7</u> hereof with respect to the resulting Margin Call in accordance with the provisions thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)Any covenant contained in <u>Sections 7.1</u>, <u>7.2</u>, <u>7.3</u>, <u>7.4</u>, <u>7.14</u>, <u>7.19</u>, <u>7.18</u> or <u>8</u> (except for the covenants contained in <u>Sections 8.10</u> and <u>8.13</u>) or, to the extent any other Event of Default hereunder shall have occurred and is continuing, <u>Section 7.7,</u> shall have been breached.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)Any covenant contained in <u>Sections 7</u>, <u>8.10</u> or <u>8.13</u> (except for the covenants contained in <u>Sections 7.1</u>, <u>7.2</u>, <u>7.3</u>, <u>7.4</u>, <u>7.14</u>, <u>7.18</u> and <u>7.19</u> or, to the extent any other Event of Default hereunder shall have occurred and is continuing, <u>Section 7.7</u>) shall have been breached or any other covenant or agreement contained in any Repurchase Document is breached, and in each case, such breach is not cured within thirty (30) calendar days of the earlier of the Seller's knowledge of such breach or the Seller's receipt of notice of such breach from any source.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)Failure of the Seller or any of its Subsidiaries to pay any other Indebtedness in an aggregate amount in excess of Two Million Dollars ($2,000,000) when due, or any default in the payment when due of any principal or interest on any other Indebtedness or in the payment when due of any such Indebtedness, or any breach or default with respect to any other material term of any such Indebtedness, if the effect of any such failure, default, breach or event referred to in this <u>Section 9.1(f)</u> is to cause, or to permit, with or without the giving of notice or lapse of time or both, the holder or holders of such obligation (or a trustee on behalf of such holder or holders) to cause, such Indebtedness to become or be declared due before its stated maturity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)A Change of Control shall occur.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)Intentionally omitted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)The Seller shall repudiate or purport to disavow its obligations under any of the Repurchase Documents or shall contest their validity or enforceability.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j)This Agreement or any other Repurchase Document shall cease to be in full force and effect or its enforceability is disputed or challenged by the Seller or any Event of Default shall have occurred under this Agreement or a default or event of default (however denominated) shall have occurred under any other Repurchase Document.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k)The Seller shall take or omit to take any action (i) that would result in the suspension or loss of any of its statuses, once achieved or any of such statuses of any of its Subservicers, if any, of any Ginnie Mae, Fannie Mae or Freddie Mac Mortgage Loans pools for which the Seller is Servicer as an FHA- and VA-approved lender and mortgagee and a Ginnie Mae-, Fannie Mae- and Freddie Mac-approved issuer and servicer, or (ii) after which the Seller or any such relevant Subservicer would no longer be in good standing as such, or (iii) after which the Seller or any such relevant Subservicer would no longer currently satisfy all applicable Ginnie Mae, Fannie Mae and Freddie Mac net worth and all other applicable requirements, if all of the material effects of such act or omission shall have not been cured by the Seller or waived by the relevant Person (Ginnie Mae, Fannie Mae or Freddie Mac) before termination of such status; <u>provided</u> <u>that</u>, if an Event of Default occurs under this <u>Section 9.1(k)</u> as a result of an act or omission solely and exclusively of a Subservicer, such act or omission shall not result in an Event of Default hereunder so long as the Seller transfers the servicing of the affected Purchased Mortgage Loans to another Subservicer acceptable to the Administrative Agent in the exercise of its good faith discretion within thirty (30) days.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l)Any money judgment, writ, regulatory enforcement, garnishment, levy, order of attachment or warrant of attachment, or similar process involving in any case an amount in excess of One Million Dollars ($1,000,000) (in excess of relevant insurance coverage reasonably satisfactory to the Administrative Agent in its discretion) shall be entered or filed against the Seller or any of its Subsidiaries or any of their respective assets and shall remain undischarged, unvacated, unbonded or unstayed for a period of thirty (30) days or in any event later than five (5) days before the date of any proposed sale thereunder (unless, in respect of any such case, the judgment debtor or the subject of the writ or warrant of attachment or similar process is one of the Seller's Subsidiaries or such Subsidiary's property, and such order, case commencement, consent, assignment, inability or failure or admission would not reasonably be expected to have a Material Adverse Effect in respect of the Seller or any of its Subsidiaries).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m)The Seller, as Servicer, shall fail to service the Purchased Mortgage Loans in conformance in all material respects with Accepted Servicing Practices.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n)Any audited financial statement of the Seller is issued subject to any "going concern" or like qualification or exception.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o)The occurrence of any event or condition that the Administrative Agent reasonably determines would have a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.2<u>Transaction Termination</u>. If an Event of Default shall have occurred and be continuing, then, at the option of the Administrative Agent (which option shall be deemed to have been exercised, even if no notice has been given, upon the occurrence of an Event of Default under <u>Section 9.1(b)</u>), the Administrative Agent may, or at the direction of the Buyers shall, declare the Repurchase Date for any or all Transactions hereunder to be deemed immediately to occur.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.3<u>Termination by the Administrative Agent</u>. If the Administrative Agent has exercised or is deemed to have exercised the option to terminate any Transactions pursuant to <u>Section 9.2</u>, (a) the Seller's obligations hereunder to repurchase all Purchased Mortgage Loans in such Transactions shall thereupon become immediately due and payable, (b) to the extent permitted by applicable law, the Repurchase Price with respect to each such Transaction shall be increased by the aggregate amount obtained by daily multiplication of (i) the Default Rate by

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(ii) the Purchase Price for such Transaction as of the Repurchase Date as declared by Administrative Agent pursuant to <u>Section 9.2</u> (decreased as of any day by (A) any amounts retained by the Buyers with respect to such Purchase Price pursuant to <u>clause (c)</u> of this <u>Section 9.3</u>, (B) any proceeds from the sale of Purchased Mortgage Loans pursuant to <u>clause (a)</u> of <u>Section 9.4</u>, and (C) any amounts credited to the account of the Seller pursuant to <u>clause (b)</u> of <u>Section 9.4</u>) on a three hundred sixty (360) day per year basis for the actual number of days during the period from and including the date of the Event of Default giving rise to such option to but excluding the date of payment of the Repurchase Price as so increased, (c) all Income paid after such exercise or deemed exercise shall be payable to and retained by the Administrative Agent and applied to the aggregate unpaid Repurchase Prices owed by the Seller and (d) the Seller shall immediately deliver or cause the Custodian to deliver to the Administrative Agent any documents relating to Purchased Mortgage Loans subject to such Transactions then in the Custodian's, the Seller's, its Servicer's or its Subservicer's possession.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.4<u>Remedies</u>. Upon the occurrence and during the continuance of an Event of Default, the Administrative Agent, without prior notice to the Seller, may (and, at the direction of the Buyers, shall) (a) immediately sell, in a recognized market at such price or prices as the Administrative Agent may deem satisfactory, any or all Purchased Mortgage Loans subject to such Transactions on a servicing released or servicing retained basis and apply the proceeds thereof to the aggregate unpaid Repurchase Prices and any other amounts owing by the Seller hereunder, (b) in lieu of selling all or a portion of such Purchased Mortgage Loans, give the Seller credit for such Purchased Mortgage Loans in an amount equal to the Market Value therefor on such date against the aggregate unpaid Repurchase Prices and any other amounts owing by the Seller hereunder, (c) terminate and replace the Seller as Servicer (or any other Servicer or Subservicer) at the cost and expense of the Seller, (d) [reserved], (e) by notice to the Seller, declare the Facility Termination Date to have occurred, except that in the case of any event described in <u>Section 9.1(b)</u>, the Facility Termination Date shall be deemed to have occurred automatically upon the occurrence of such event, and (f) deliver a "Notice of Default" (as defined in the Electronic Tracking Agreement) to MERS and the Electronic Agent and exercise any rights as a result thereof. The proceeds of any disposition in <u>clause (a)</u> or <u>(b)</u> above shall be applied <u>first</u> to the reasonable out-of-pocket costs and expenses incurred by the Administrative Agent to the extent reimbursable by the Seller hereunder; <u>second</u> to the reasonable out-of-pocket costs and expenses incurred by the Buyers in connection with or as a result of an Event of Default (including legal fees, consulting fees, accounting fees, file transfer fees, inventory fees and costs and expenses incurred in respect of a transfer of the servicing of the Purchased Mortgage Loans and costs and expenses of disposition of such Purchased Mortgage Loans); <u>third</u> to the aggregate Price Differential owed hereunder (after taking into account any adjustments to the Price Differential made in accordance with <u>Section 2.3</u>); <u>fourth</u> to the remaining aggregate Repurchase Prices owed hereunder; <u>fifth</u> to any other accrued and unpaid Obligations (other than in respect of any Hedge Agreements or Products of the Buyers or Affiliates of the Buyers) of the Seller hereunder and under the other Repurchase Documents; <u>sixth</u> to any Servicer or Subservicer (other than the Seller) for payment of any servicing fees due and payable as of such date; <u>seventh</u> to the net obligations of the Seller under any Hedge Agreements related to the Purchased Mortgage Loans; <u>eighth</u> to the obligations of the Seller under any Products; and <u>ninth</u> any remaining proceeds to the Seller.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.5<u>Liability for Expenses and Damages</u>. The Seller shall be liable to the Buyers for (a) the amount of all reasonable out-of-pocket legal or other expenses incurred by the Buyers in connection with or as a result of an Event of Default, including such legal and other expenses of in-house or outside counsel, (b) damages in an amount equal to the reasonable out-of-pocket 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 (c) any other reasonable loss, damage, out-of-pocket cost or expense directly arising or resulting from the occurrence of an Event of Default in respect of a defaulting party.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.6<u>Liability for Interest</u>. To the extent permitted by applicable law, the Seller shall be liable to the Buyers for interest on any amounts owing by the Seller hereunder, from the date the Seller becomes liable for such amounts hereunder until such amounts are (a) paid in full by the Seller or (b) satisfied in full by the exercise of the Buyers' rights hereunder. Interest on any sum payable by the Seller under this <u>Section 9.6</u> shall be at a rate equal to the greater of the Pricing Rate for the relevant Transaction or the Prime Referenced Rate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.7<u>Other Rights</u>. In addition to its rights hereunder, the Buyers shall have any rights otherwise available to them under any other agreement or applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.8<u>Seller's Repurchase Rights</u>. For avoidance of doubt, subject to the terms and conditions of this Agreement, the Seller may repurchase Purchased Mortgage Loans, on a servicing released basis, and resell such Purchased Mortgage Loans; <u>provided</u> <u>that</u> upon the occurrence and during the continuance of an Event of Default, the Seller may repurchase Purchased Mortgage Loans by payment of the Repurchase Price therefor only upon approval of the Administrative Agent in its discretion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.9<u>Sale of Purchased Mortgage Loans</u>. The parties acknowledge and agree that (a) the Purchased Mortgage Loans subject to any Transaction hereunder are instruments traded in a recognized market, (b) in the absence of a generally recognized source for prices or bid or offer quotations for any Purchased Mortgage Loans, the Administrative Agent may establish the source therefor, (c) all prices, bids and offers shall be determined together with accrued Income (except to the extent contrary to market practice with respect to the relevant Purchased Mortgage Loans) and (d) in soliciting price, bid and offer quotations for any Purchased Mortgage Loan, it is reasonable for the Administrative Agent to use only the information provided by the Seller pursuant to <u>Section 7.1</u>. The parties further recognize that it may not be possible to purchase or sell all of the Purchased Mortgage Loans on a particular Business Day, or in a transaction with the same purchaser, or in the same manner because the market for such Purchased Mortgage Loans may not be liquid at such time. In view of the nature of the Purchased Mortgage Loans, the parties agree that liquidation of a Transaction or the underlying Purchased Mortgage Loans does not require a public purchase or sale and that a good faith private purchase or sale shall be deemed to have been made in a commercially reasonable manner. Accordingly, the Administrative Agent may elect the time and manner of liquidating any Purchased Mortgage Loan and nothing contained herein shall obligate the Administrative Agent to liquidate any Purchased Mortgage Loan on the occurrence of an Event of Default or to liquidate all Purchased Mortgage Loans in the same manner or on the same Business Day and no such exercise of any right or remedy shall constitute a waiver of any other right or remedy of the Administrative Agent or the Buyers.

Section 10.<u>SET-OFF</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)In addition to any rights and remedies of Administrative Agent hereunder and by law, Administrative Agent shall have the right, without prior notice to Seller, any such notice being expressly waived by Seller to the extent permitted by applicable law to setoff and appropriate and apply against any obligation from Seller or any Affiliate thereof to Administrative Agent or any of its Affiliates any and all deposits (except with respect to funds and/or proceeds which Seller holds in a custodial, escrow or trust capacity), 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 Administrative Agent or any Affiliate thereof to or for the credit or the account of Seller or any Affiliate thereof. Administrative Agent agrees promptly to notify Seller after any such set-off and application made by 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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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Administrative Agent shall at any time after an Event of Default has occurred that is continuing, have the right, in each case until such time as Administrative Agent determines otherwise, to retain, to suspend payment or performance of, or to decline to remit, any amount or property that Administrative Agent would otherwise be obligated to pay, remit or deliver to Seller hereunder.

Section 11.<u>GENERAL</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.1<u>Power of Attorney</u>. Seller hereby authorizes Administrative Agent to file such financing statement or statements relating to the Purchased Assets without Seller's signature thereon as Administrative Agent, at its option, may deem appropriate. Following an Event of Default that is continuing, Seller hereby appoints Administrative Agent as Seller's 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 Purchased Assets, including, but not limited to, the right to endorse notes, complete blanks in documents, transfer servicing, providing "good-bye" letters to the mortgagor, sign assignments on behalf of Seller as its attorney-in-fact, and sell any Purchased Assets "as is where is" in the name and on behalf of Seller. This power of attorney is coupled with an interest and given as security and is irrevocable without Administrative Agent's consent. At Administrative Agent's request, Seller shall immediately execute all powers of attorney in favor of Administrative Agent in the form attached hereto as <u>Exhibit F</u>. In addition, Seller shall direct by board resolution that, pursuant to its execution and delivery of such a power of attorney, certain personnel of Administrative Agent may take certain actions on behalf of Seller as its attorney-in-fact, with such resolution to survive until all Obligations of Seller hereunder are satisfied. Seller shall pay the filing costs for any financing statement or statements prepared pursuant to this <u>Section 11.1</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.2<u>Written Notices</u>. Any notices expressly required or permitted by this Agreement will be in writing, and will be deemed to have been given when delivered by hand, when sent by facsimile, 1 day after delivery to any national overnight delivery service (delivery charges prepaid), or 3 days after deposit in the U.S. mails (postage prepaid, certified and return receipt requested), and addressed to the parties at the addresses set forth on the signature pages hereto, or, in either case, to such other address as a party may designate in a written notice to the other party given in accordance with this Section. Notices and other communications provided to the Administrative Agent and the Buyers party hereto under this Agreement or any other Repurchase Document may be delivered or furnished by electronic communication (including email and Internet or intranet websites) pursuant to procedures approved by the Administrative Agent. The Administrative Agent or the Seller may, in its discretion, agree to accept notices and other communications to it hereunder by electronic communications (including email and any E-System) pursuant to procedures approved by it. Unless otherwise agreed to in a writing by and among the parties to a particular communication, (i) notices and other communications sent to an email address shall be deemed received upon the intended recipient's receipt of such notice or other communication and (ii) notices and other communications posted to any E-System shall be deemed received upon the deemed receipt by the intended recipient at its email address as described in the foregoing <u>clause (i)</u> of notification that such notice or other communication is available and identifying the website address therefore.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.3<u>Term of Agreement</u>. This Agreement and the other Repurchase Documents will continue in force and effect until the later of (i) such time as all of the Obligations have been paid in full (other than unasserted indemnity claims that survive termination) and no further credit can be extended to Seller under this Agreement or any other Repurchase Document and (ii) the Facility Termination Date. Prior to the Facility Termination Date, Administrative Agent may terminate this Agreement upon thirty (30) days prior notice to Seller. Notwithstanding anything to the contrary herein, the provisions of <u>Section 5.7</u>, <u>11.6</u>, <u>11.7</u> and <u>11.19</u> shall survive termination of the Repurchase Documents and the payment in full of the Obligations.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.4<u>No Waivers</u>. No failure or delay by the Administrative Agent in exercising any right, power or privilege hereunder will operate as a waiver thereof; nor will any single or partial exercise thereof preclude any other or further exercise thereof or the exercise of any other right, power or privilege. The rights and remedies herein provided are cumulative and not exclusive of any rights or remedies otherwise provided by law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.5<u>Further Assurances</u>. The Seller will do, make, execute and deliver all such additional and further acts, things, assurances, and instruments as the Administrative Agent may require more completely to vest in and assure to the Administrative Agent its rights hereunder and under the other Repurchase Documents, and in the Purchased Assets, and to carry into effect the provisions and intent of this Agreement and the other Repurchase Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.6<u>Governing Law; Jurisdiction</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Seller acknowledges that the obligations of Administrative Agent 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. THIS AGREEMENT AND ANY CLAIM, CONTROVERSY OR DISPUTE ARISING UNDER OR RELATED TO OR IN CONNECTION WITH THIS AGREEMENT, THE RELATIONSHIP OF THE PARTIES, AND/OR THE INTERPRETATION AND ENFORCEMENT OF THE RIGHTS AND DUTIES OF THE PARTIES WILL BE GOVERNED BY THE LAWS OF THE STATE OF NEW YORK, WITHOUT REGARD TO PRINCIPLES OF CONFLICTS OF LAWS (OTHER THAN SECTIONS 5-1401 AND 5-1402 OF THE NEW YORK GENERAL OBLIGATIONS LAW).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)ADMINISTRATIVE AGENT AND SELLER HEREBY WAIVE TRIAL BY JURY. ADMINISTRATIVE AGENT AND SELLER HEREBY IRREVOCABLY CONSENT 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 REPURCHASE DOCUMENTS IN ANY ACTION OR PROCEEDING. ADMINISTRATIVE AGENT AND SELLER HEREBY SUBMITS TO, AND WAIVES 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 REPURCHASE DOCUMENTS.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)TO THE EXTENT PERMITTED BY REQUIREMENTS OF LAW, ADMINISTRATIVE AGENT AND SELLER HEREBY WAIVE ANY RIGHT TO CLAIM OR RECOVER IN ANY LITIGATION WHATSOEVER INVOLVING ANY INDEMNIFIED PARTY, ANY SPECIAL, EXEMPLARY, PUNITIVE, INDIRECT, INCIDENTAL OR CONSEQUENTIAL DAMAGES OF ANY KIND OR NATURE WHATSOEVER OR ANY DAMAGES OTHER THAN, OR IN ADDITION TO, ACTUAL DAMAGES, WHETHER SUCH WAIVED DAMAGES ARE BASED ON STATUTE, CONTRACT, TORT, COMMON LAW OR ANY OTHER LEGAL THEORY, WHETHER THE LIKELIHOOD OF SUCH DAMAGES WAS KNOWN AND REGARDLESS OF THE FORM OF THE CLAIM OF ACTION. NO INDEMNIFIED PARTY SHALL BE LIABLE FOR ANY DAMAGES ARISING FROM THE USE BY UNINTENDED RECIPIENTS OF ANY INFORMATION OR OTHER MATERIALS DISTRIBUTED BY IT THROUGH TELECOMMUNICATIONS.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)ADMINISTRATIVE AGENT AND SELLER ACKNOWLEDGE THAT THE WAIVERS IN THIS <u>SECTION 11.6</u> ARE A MATERIAL INDUCEMENT TO ENTER INTO A BUSINESS RELATIONSHIP, THAT SUCH PARTY HAS

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ALREADY RELIED ON SUCH WAIVERS IN ENTERING INTO THE REPURCHASE DOCUMENTS, AND THAT SUCH PARTY WILL CONTINUE TO RELY ON SUCH WAIVERS IN THEIR RELATED FUTURE DEALINGS UNDER THE REPURCHASE DOCUMENTS.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)THE PROVISIONS OF THIS <u>SECTION 11.6</u> SHALL SURVIVE TERMINATION OF THE REPURCHASE DOCUMENTS AND THE PAYMENT IN FULL OF THE OBLIGATIONS.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.7<u>Indemnification</u>. The Seller hereby absolutely and unconditionally indemnifies and holds the Administrative Agent and its Affiliates (and the directors, officers, employees and agents of the Administrative Agent or its Affiliates) (each, an "<u>Indemnitee</u>") harmless against any and all claims, demands, suits, actions, causes of action, damages, losses, settlement payments, obligations, reasonable out-of-pocket costs and expenses and all other liabilities whatsoever that will at any time or times be incurred or sustained by an Indemnitee (except any of the foregoing incurred or sustained as a result of the gross negligence or willful misconduct of an Indemnitee) on account of, or in relation to, or in any way in connection with, associated with or ancillary to this Agreement, the other Repurchase Documents and the other documents executed or delivered in connection herewith, and the arrangements or transactions contemplated therein, whether or not all or any of the transactions contemplated by, associated with or ancillary to this Agreement or any of such documents are ultimately consummated. This Section shall not apply with respect to Taxes other than any Taxes that represent losses, claims or damages arising from any non-Tax claim.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.8<u>Amendments, Waivers, Etc.</u> This Agreement and the other Repurchase Documents, and any provision hereof or thereof, may be waived only by an instrument in writing signed by the Administrative Agent and may be amended only by an instrument in writing signed by the Seller and the Administrative Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.9<u>Binding Effect of Agreement; Assignment</u>. This Agreement will be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns. The foregoing shall not authorize any assignment by Seller of its rights or duties hereunder, and, except as otherwise provided herein, no such assignment shall be made (or be effective) without the prior written approval of Administrative Agent. The Administrative Agent may sell, assign, participate or otherwise transfer all or any portion of its right, title and interest in, and its obligations under, this Agreement and the other Repurchase Documents to any Person upon notice to but without consent from the Seller. With the prior written approval of the Administrative Agent, each Buyer may sell, assign, participate or otherwise transfer its right, title and interest in, and its obligations under, this Agreement and the other Repurchase Documents at any time without the consent of any other Person; <u>provided</u> that in the case of a participation, (i) such Buyer's obligations under this Agreement 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 in connection with such Buyer's rights and obligations under this Agreement and the other Repurchase Documents. The Administrative Agent and each Buyer may disclose to prospective assignees, purchasers, participants or transferees, their agents and attorneys, any financial or other information in the Administrative Agent's and such Buyer's possession regarding the Seller, provided that the Administrative Agent and such Buyer will require such information to be maintained as confidential by any proposed assignee, purchaser, participant or transferee pursuant to a confidentiality agreement substantially consistent with the terms of <u>Section 11.19</u> hereof or shall otherwise agree to be bound by the terms thereof. In connection with any such sale, assignment or transfer the Seller will execute and deliver, and cause its Subsidiaries to execute and deliver, such documents, instruments and agreements as the Administrative Agent, such Buyer or its proposed assignee may reasonably request to affect such sale, assignment or transfer. The Administrative Agent or such Buyer will be released from its obligations hereunder and any obligations incurred by its successor in interest to the extent of such sale, assignment or

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transfer. The Seller may not sell, assign or transfer its rights or obligations hereunder. The Administrative Agent shall maintain a register on which it will record each Buyer's rights hereunder, and each assignment and participation. Such register shall include the names and addresses of each Buyer (including all assignees, successors and participants) and the percentage or portion of such rights and obligations assigned to such Buyer. The entries in this register shall be conclusive absent manifest error, and each Person whose name is recorded in the register pursuant to the terms hereof shall be treated as a Buyer hereunder for all purposes of this Agreement, and failure to make any such recordation, or any error in such recordation shall not affect Seller's obligations in respect of such rights. If a Buyer sells a participation in its rights hereunder, it shall provide the Administrative Agent, and maintain the information described in this paragraph with respect to the register and permit the Administrative Agent to review such information as reasonably needed for the Administrative Agent to comply with its obligations under this Agreement or under any applicable requirement of law. The Seller shall not be required to incur any cost or expense incident to any sale to a Person of any interest in the Repurchase Documents and the Eligible Mortgage Loans pursuant to this <u>Section 11.10</u> and all such costs and expenses shall be for the account of the Buyer selling its rights in the Eligible Mortgage Loans to such Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.10<u>Computation of Interest and Fees, Payments, Etc.</u> Price Differential, fees and charges will be computed daily on the basis of a year of 360 days and paid for the actual number of days for which due. If the due date for any payment of principal is extended by operation of law, interest will be payable for such extended time. If any payment required by this Agreement or any other Repurchase Document becomes due on a day that is not a Business Day, such payment may be made on the next succeeding Business Day, and such extension will be included in computing interest in connection with such payment. All payments required of the Seller hereunder will be made by the Seller to the Administrative Agent at the address specified for payment in the Administrative Agent's invoices to the Seller (or at such other place as the Administrative Agent may from time to time specify in writing) in lawful money of the United States of America in federal or other funds immediately available to the recipient thereof at the prescribed place of payment without counterclaim or setoff.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.11<u>Interest Limitations</u>. If, at any time, the rate of interest together with all amounts that constitute interest and that are reserved, charged or taken by the Administrative Agent as compensation for fees, services or expenses incidental to the making, negotiating, or collection of the Obligations, are deemed by any competent court of law, governmental agency or tribunal to exceed the maximum rate of interest permitted to be charged by the Administrative Agent to the Seller under applicable law, then, during such time as such rate of interest would be deemed excessive, that portion of each sum paid attributable to that portion of such interest that exceeds the maximum rate of interest so permitted will be deemed a voluntary prepayment of principal of the Obligations, to be applied as determined by the Administrative Agent in its sole and absolute discretion. As used herein the term "applicable law" means the law in effect from time to time; provided, however, that, in the event that there is a change in the law that results in a higher permissible rate of interest, then this Agreement and the Transactions will be governed by such new law as of its effective date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.12<u>No Marshalling</u>. Seller, on its own behalf and on behalf of its successors and assigns hereby expressly waives all rights, if any, to require a marshalling of assets by Administrative Agent or to require that Administrative Agent first resort to some or any portion of the Purchased Assets before foreclosing upon, selling or otherwise realizing on any other portion thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.13<u>**Table of Contents** and Section Headings</u>. The table of contents and the Section and subsection headings herein are intended for convenience only and shall be ignored in construing this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.14<u>USA Patriot Act</u>. Administrative Agent, pursuant to the USA Patriot Act (Title III of Pub. L. 107-56 (signed into law October 26, 2001)) (the "<u>Act</u>"), hereby notifies Seller that pursuant to the requirements of the Act, it is required to obtain, verify and record information that identifies each Seller, which information includes the name and address of each

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Seller and other information that will allow Administrative Agent to identify each Seller in accordance with the Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.15<u>Replacement Documents</u>. Upon receipt of an affidavit of an officer of the Administrative Agent as to the loss, theft, destruction or mutilation of any of the Repurchase Documents, and a written undertaking from the Administrative Agent to indemnify the Seller from all claims, damages and expenses incurred by the Seller as a result of such loss, theft, destruction or mutilation, in form reasonably satisfactory to the Seller, the Seller will issue, in lieu thereof, a replacement therefor, in the same principal amount thereof (if applicable) and otherwise of like tenor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.16<u>Entire Agreement; Miscellaneous</u>. This Agreement and the other Repurchase Documents, including the exhibits hereto and thereto, set forth the entire agreement and understanding of the parties hereto in respect of the subject matter contained herein, and supersedes all prior agreements, promises, covenants, arrangements, communications, representations, warranties, whether oral or written, by any officer, employee or representative of any party hereto. The captions of the Sections of this Agreement are for ease of reference only and are not an integral part of this Agreement. The provisions of this Agreement are severable, and if any of these provisions will be held by any court of competent jurisdiction to be unenforceable under a particular circumstances, such holdings will not affect or impair such provisions under different circumstances or any other provision hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.17<u>Federal Reserve</u>. The Administrative Agent may at any time pledge or assign all or any portion of its rights under this Agreement and the other Repurchase Documents to any of the twelve Federal Reserve Banks organized under Section 4 of the Federal Reserve Act, 12 U.S.C. Section 341 or any Federal Home Loan Bank, provided that no such pledge or assignment or enforcement thereof will release the Administrative Agent from its obligations under any of the Repurchase Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.18<u>Signature Counterparts</u>. This Agreement may be executed in separate counterparts, each of which shall be deemed an original, and all of which taken together shall constitute one and the same agreement. A scanned or facsimile signature counterpart shall be deemed an original. The words "execution," "signed," "signature," and words of like import in this Agreement or in any other certificate, agreement or document related to this Agreement shall include images of manually executed signatures transmitted by facsimile or other electronic format (including, without limitation, "pdf", "tif" or "jpg") and other electronic signatures (including, without limitation, DocuSign and AdobeSign). The use of electronic signatures and electronic records (including, without limitation, any contract or other record created, generated, sent, communicated, received, or stored by electronic means) shall be of the same legal effect, validity and enforceability as a manually executed signature or use of a paper-based record-keeping system to the fullest extent permitted by applicable law, including the Federal Electronic Signatures in Global and National Commerce Act, the New York State Electronic Signatures and Records Act and any other applicable law, including, without limitation, any state law based on the Uniform Electronic Transactions Act or the UCC. Each of the parties hereto agrees that the transaction consisting of this Agreement may be conducted by electronic means. Each party agrees, and acknowledges that it is such party's intent, that if such party signs this Agreement using an electronic signature, it is signing, adopting, and accepting this agreement and that signing this Agreement using an electronic signature is the legal equivalent of having placed its handwritten signature on this Agreement on paper. Each party acknowledges that it is being provided with an electronic or paper copy of this Agreement in a usable format.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.19<u>Confidentiality</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Each of the parties hereto acknowledges and agrees that all written or computer readable information provided by one party to any other regarding the terms set forth in any of the Repurchase Documents or the transactions contemplated thereby or regarding Bank Data, operations, computer systems, technical data, business methods, and other information designated by the disclosing party or its agent to be confidential, or that should be considered confidential in nature by a reasonable person given the nature

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of the information and the circumstances of its disclosure (the "<u>Confidential Terms</u>") shall be kept confidential and shall not be divulged to any person (including, without limitation, any third-party vendors or other third-party agents) without the prior written consent of such other party except to the extent that (a) it is necessary to do so in working with legal counsel, auditors, taxing authorities or other governmental agencies or regulatory bodies or in order to comply with any applicable federal, state or local laws, process, or the rules and regulations of any stock exchange, (b) any of the Confidential Terms are in the public domain other than due to a breach of this covenant, (c) any assignee or any prospective assignee who has agreed in a written contract to comply with the requirements substantially similar to this Section 11.19 or (d) in the event of an Event of Default that is continuing Administrative Agent determines such information to be necessary to disclose in connection with the marketing and sales of the Purchased Mortgage Loans or otherwise to enforce or exercise Administrative Agent's rights hereunder, notwithstanding the foregoing or anything to the contrary contained herein or in any other Repurchase Document, the parties hereto may disclose to any and all persons, without limitation of any kind, the federal, state and local tax treatment of the Repurchase Documents, any fact relevant to understanding the federal, state and local tax treatment of the Repurchase Documents, 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 neither Administrative Agent nor Seller may disclose the name of or identifying information with respect to the other or any pricing terms 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 Repurchase Documents and is not relevant to understanding the federal, state and local tax treatment of the Repurchase Documents, without the prior written consent of the other, provided that Seller may identify Administrative Agent and the Maximum Transaction Amount to its Administrative Agent under other facilities and its other third party creditors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Notwithstanding anything in this Agreement to the contrary, both Administrative Agent and Seller shall comply with all applicable local, state and federal laws, including, without limitation, all privacy and data protection laws, rules and regulations that are applicable to the Purchased Mortgage Loans and/or any applicable terms of this Agreement (the "<u>Confidential Information</u>"). Seller and Administrative Agent understand 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 "<u>GLB Act</u>"), and each agrees to maintain such nonpublic personal information that it receives hereunder in accordance with the GLB Act and other applicable federal and state privacy laws. Seller and Administrative Agent shall each 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 GLB Act) of such party or any affiliate of such party which that party 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. Seller and Administrative Agent shall, at a minimum establish and maintain such data security program as is necessary to meet the objectives of the standards for safeguarding customer information issued by the Federal Trade Commission as set forth in the code of federal regulations at 16 C.F.R. part 314 or interagency guidelines establishing standards for safeguarding customer information as set forth in the code of federal regulations at 12 C.F.R. parts 30, 168, 170, 208, 211, 225, 263, 308 and 364. Upon request, Seller or Administrative Agent, as applicable will provide evidence reasonably satisfactory to allow the requesting party to confirm that the non-requesting party has satisfied its obligations as required under this section, without limitation, this may include the requesting party's review of audits, summaries of test

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results, and other equivalent evaluations of the non-requesting party. Seller and Administrative Agent each shall notify the other promptly following discovery of any breach or compromise of the security, confidentiality, or integrity of nonpublic personal information of the customers and consumers of the non-notifying party or any affiliate of the non-notifying party provided directly to the notifying party by the non-notifying party of such affiliate, the notifying party shall provide such notice to the non-notifying party by personal delivery, by facsimile with confirmation of receipt, or by overnight courier with confirmation of receipt of the applicable requesting individual.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)The Seller further agrees that, Bank Data is and shall remain the exclusive property of Administrative Agent. Seller shall not store, process, or use Bank Data for any purpose, except as expressly permitted pursuant to the terms of this Agreement. Seller shall not permit any Bank Data to be sold, assigned, leased or otherwise provided to third parties. Administrative Agent reserves all rights not expressly granted herein in or to the Bank Data.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)The provisions set forth in this <u>Section 11.19</u> shall survive the termination of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.20<u>WAIVER OF JURY TRIAL, SERVICE OF PROCESS AND DAMAGES</u>. EACH PARTY HEREBY KNOWINGLY, VOLUNTARILY AND INTENTIONALLY WAIVES THE RIGHT TO A TRIAL BY JURY WITH RESPECT TO ANY CLAIM BASED ON, ARISING OUT OF, UNDER OR IN CONNECTION WITH THIS AGREEMENT OR THE OTHER REPURCHASE DOCUMENTS OR ANY COURSE OF CONDUCT, COURSE OF DEALINGS, STATEMENTS (WHETHER VERBAL OR WRITTEN) OR ACTIONS OF ANY PARTY, INCLUDING, WITHOUT LIMITATION, ANY COURSE OF CONDUCT, COURSE OF DEALINGS, STATEMENTS OR ACTIONS OF THE ADMINISTRATIVE AGENT RELATING TO THE ADMINISTRATION OF THE TRANSACTIONS OR ENFORCEMENT OF THE REPURCHASE DOCUMENTS. THE SELLER HEREBY AGREES IT WILL NOT SEEK TO CONSOLIDATE ANY SUCH ACTION WITH ANY OTHER ACTION IN WHICH A JURY CANNOT BE OR HAS NOT BEEN WAIVED.

IN ANY ACTION OR PROCEEDINGS ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE OTHER REPURCHASE DOCUMENTS, OR THE INTERPRETATION OR ENFORCEMENT HEREOF OR THEREOF, THE SELLER HEREBY ABSOLUTELY AND IRREVOCABLY WAIVES PERSONAL SERVICE OF ANY SUMMONS, COMPLAINT, DECLARATION OR OTHER PROCESS AND HEREBY ABSOLUTELY AND IRREVOCABLE AGREES THAT THE SERVICE THEREOF MAY BE MADE IN THE MANNER AND TO THE ADDRESS SPECIFIED FOR NOTICES IN <u>SECTION 11.2</u> HEREOF.

EXCEPT AS PROHIBITED BY LAW, THE SELLER HEREBY WAIVES ANY RIGHT IT MAY HAVE TO CLAIM OR RECOVER IN ANY LITIGATION ANY SPECIAL, EXEMPLARY, PUNITIVE OR CONSEQUENTIAL DAMAGES OR ANY DAMAGES OTHER THAN, OR IN ADDITION TO, ACTUAL DAMAGES.

THE SELLER CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF THE ADMINISTRATIVE AGENT HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT THE ADMINISTRATIVE AGENT WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVERS AND AGREEMENTS, EACH OF WHICH CONSTITUTE A MATERIAL INDUCEMENT FOR THE

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ADMINISTRATIVE AGENT TO ACCEPT THIS AGREEMENT AND THE OTHER REPURCHASE DOCUMENTS AND TO MAKE THE TRANSACTIONS.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.21<u>Rehypothecation</u>. Administrative Agent may, in its sole and absolute discretion, transfer or assign, in whole or in part, its respective right, title and interest, including its security interest, in any or all of the Purchased Mortgage Loans and other Purchased Assets. Administrative Agent shall have free and unrestricted use of all Purchased Mortgage Loans and nothing shall preclude Administrative Agent from engaging in repurchase transactions with such Purchased Mortgage Loans or otherwise pledging, repledging, transferring, hypothecating, or rehypothecating such Purchased Mortgage Loans; <u>provided</u>, that no such transaction shall affect the obligations of Administrative Agent to transfer the Purchased Mortgage Loans to Seller on the Repurchase Date free and clear of any pledge, Lien, security interest, encumbrance, charge or other adverse claim. Administrative Agent shall have the right to assign any applicable representations and warranties set forth in <u>Schedule 6.23</u> in connection with any repurchase transaction or other pledge or hypothecation any or all of the Purchased Mortgage Loans and other Purchased Assets, and each counterparty under any such repurchase transaction shall be a repledgee as contemplated by Section 9-207 and Section 9-623 of the UCC. Nothing contained in this Agreement shall obligate Administrative Agent to segregate the Purchased Mortgage Loans delivered to Administrative Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.22<u>Intent</u>. Seller and Administrative Agent recognize and intend that:

11.22.1This Agreement and each Transaction hereunder constitutes a "<u>repurchase agreement</u>" as that term is defined in Section 101(47)(A)(i) of the Bankruptcy Code, a "<u>securities contract</u>" as that term is defined in Section 741(7)(A)(i) of the Bankruptcy Code and a "<u>master netting agreement</u>" as that term is defined in Section 101(38A)(A) of the Bankruptcy Code and that the security interest pledge in <u>Section 5.1</u> 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 and that each Purchased Mortgage Loan constitutes either a "mortgage loan" or "an interest in a mortgage" as such terms are used in the Bankruptcy Code. Seller and Administrative Agent 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). Each of Seller and Administrative Agent further agrees that neither shall challenge, and each hereby waives to the fullest extent available under applicable law its right to challenge, the characterization of this Agreement or any Transaction hereunder as a "master netting agreement," "repurchase agreement" and/or "securities contract" within the meaning of the Bankruptcy Code;

11.22.2Administrative Agent'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 herein is a contractual right to liquidate, accelerate or terminate such Transaction as described in Bankruptcy Code Sections 555, 559 and 561 and any payments or transfers of property made with respect to this Agreement or any Transaction to: (i) satisfy a Margin Deficit, or (ii) comply with a Margin Call, shall in each case be considered a "margin payment" as such term is defined in Bankruptcy Code Section 741(5); and any payments or transfers of property by Seller (i) in partial or full satisfaction of a repurchase obligation, or (ii) fees and costs under this Agreement or under any Transaction shall in each case constitute "settlement payments" as such term is defined in Bankruptcy Code Section 741(8) and Administrative Agent's right to set-off claims and appropriate and apply any and all deposits of money or property or any other indebtedness at any time held or owing by Administrative Agent to or for the credit of the account of any Affiliate against and on account of the obligations

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and liabilities of Seller pursuant to <u>Section 10</u> hereof is a contractual right as described in Bankruptcy Code Sections 553 and 561; and

11.22.3This Agreement and each Transaction hereunder is intended to create a mutuality of obligations among the parties, and as such, the Agreement and each Transaction constitutes a contract that (i) is between all of the parties and (ii) places each party in the same right and capacity.

*[Signatures on following page.]*

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IN WITNESS WHEREOF, the parties have caused this Agreement to be executed under seal by their respective duly authorized officers as of the date first above written.

M/I Financial, LLC, as Seller

By:<u>&nbsp;&nbsp;&nbsp;&nbsp;</u>

Name:<br>Title:

Federal ID: 31-1076317<br>Jurisdiction of Organization: Ohio

Address for Notices:

4131 Worth Avenue, Suite 460

Columbus, OH 43219

With a copy to:

4131 Worth Avenue, Suite 460

Columbus, OH 43219

Attn: Mac Taylor

[Signature Page to Master Repurchase Agreement and Securities Contract]

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JPMORGAN CHASE BANK, N.A.

By:<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>

Name:<br>Title:

Address for Notices:

JPMorgan Chase Bank, N.A.

383 Madison Avenue, 8th Floor

New York, NY 10179

Attention: Jupiter Warehouse

Email: JupiterWH_Finance@jpmorgan.com

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JupiterWH_Ops@jpmorgan.com

With a copy to:

JPMorgan Chase Bank, N.A.

383 Madison Avenue, 8th Floor

New York, NY 10179

Attention: SPG Legal

Email: JupiterWH_Legal@jpmorgan.com

[Signature Page to Master Repurchase Agreement and Securities Contract]

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<u>EXHIBIT A</u>

Closing Agenda

(Provided Separately)

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<u>EXHIBIT B: FORM OF COMPLIANCE CERTIFICATE</u>

FORM OF OFFICER'S CERTIFICATE WITH COMPUTATIONS TO SHOW <br><u>COMPLIANCE OR NON-COMPLIANCE WITH CERTAIN FINANCIAL COVENANTS</u>

***OFFICER'S CERTIFICATE***

AGENT:&nbsp;&nbsp;&nbsp;&nbsp;JPMorgan Chase Bank, N.A.

SELLER:&nbsp;&nbsp;&nbsp;&nbsp;M/I Financial, LLC

SUBJECT PERIOD: ______________ ended _____________, 20____

DATE: _________________, 20____

This certificate is delivered to the Administrative Agent and the Buyers under the Master Repurchase Agreement and Securities Contract dated as of October 21, 2025 (as supplemented, amended or restated from time to time, the "<u>Current Repurchase Agreement</u>"), among the Seller, the Administrative Agent and the Buyers from time-to-time party thereto. Unless they are otherwise defined in this request, terms defined in the Current Repurchase Agreement have the same meanings here as there.

The undersigned officer of the Seller certifies to the Administrative Agent that on the date of this certificate that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.&nbsp;&nbsp;&nbsp;&nbsp;The undersigned is an incumbent officer of the Seller, holding the title stated below the undersigned's signature below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.&nbsp;&nbsp;&nbsp;&nbsp;The Seller's financial statements that are attached to this certificate were prepared in accordance with the Approved Accounting Method (except that interim (*i.e.*, other than annual) financial statements exclude notes to financial statements and statements of changes to stockholders' equity and are subject to year-end adjustments) and (subject to the aforesaid proviso as to interim financial statements) present fairly and in all material respects the Seller's financial condition and results of operations as of _________________ for that quarter or year (the "<u>Subject Period</u>") and, in the case of quarterly financial statements delivered pursuant to <u>Section 7.1.2</u> of the Current Repurchase Agreement, for the year to that date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.&nbsp;&nbsp;&nbsp;&nbsp;The undersigned officer of the Seller supervised a review of the Seller's activities during the Subject Period in respect of the following matters and has determined the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;except to the extent that a representation or warranty speaks to a specific date, the representations and warranties of the Seller in the Current Repurchase Agreement and the other Repurchase Documents are true and correct in all material respects, other than the changes, if any, described on the attached <u>Annex A</u>;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;no event has occurred that could reasonably be expected to have a materially adverse effect on any of the Central Elements of the Seller;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;the Seller has complied with all of its obligations under the Repurchase Documents, other than the deviations, if any, described on the attached <u>Annex A</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;no Default or Event of Default has occurred and is continuing, other than those Events of Default and/or Defaults, if any, described on the attached <u>Annex A</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;compliance by the Seller with the financial covenants in the Fee and Pricing Letter, of the Current Repurchase Agreement is accurately calculated on the attached <u>Annex A</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;the Seller has not changed its name, chief executive office, principal place of business or entity type without giving the Administrative Agent and each Buyer the notice required by <u>Section 8.10</u> of the Current Repurchase Agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;&nbsp;&nbsp;&nbsp;the Seller was, as of the end of the Subject Period, in compliance with the applicable net worth requirements of, and in good standing with, CL, Fannie Mae, Ginnie Mae, Freddie Mac and HUD.

**M/I FINANCIAL, LLC**

By:&nbsp;&nbsp;&nbsp;&nbsp;<u>&nbsp;&nbsp;&nbsp;&nbsp;</u><br>&nbsp;&nbsp;&nbsp;&nbsp;Name:<u>&nbsp;&nbsp;&nbsp;&nbsp;</u><br>&nbsp;&nbsp;&nbsp;&nbsp;Title:<u>&nbsp;&nbsp;&nbsp;&nbsp;</u>

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***ANNEX A TO OFFICER'S CERTIFICATE***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.&nbsp;&nbsp;&nbsp;&nbsp;Describe changes from representations and warranties, if any — <u>clause 3(a)</u> of attached Officer's Certificate — if none, so state:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.&nbsp;&nbsp;&nbsp;&nbsp;Describe deviations from compliance with obligations, if any — <u>clause 3(b)</u> of attached Officer's Certificate — if none, so state:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.&nbsp;&nbsp;&nbsp;&nbsp;Describe Defaults or Events of Default, if any — <u>clause 3(c)</u> of attached Officer's Certificate — if none, so state:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.&nbsp;&nbsp;&nbsp;&nbsp;Calculate compliance with the Financial Covenants in the Fee and Pricing Letter:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;<u>Adjusted Tangible Net Worth</u>. The Seller's Adjusted Tangible Net Worth as of the last day of the quarter ended ______________, 20___ is $____________________ (the minimum under the Fee and Pricing Letter is $25,000,000).

<u>Tangible Net Worth</u>:

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shareholder's equity:  | $_________________ |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>Minus</u> intangible assets – goodwill, intellectual property: | $_________________ |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>Minus</u> capitalized Servicing Rights: | $_________________ |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>Minus</u> advances or loans to shareholders, employees (other than against future commissions) or Affiliates: | $_________________ |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>Minus</u> unconsolidated investments in Affiliates: | $_________________ |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TANGIBLE NET WORTH: | $_________________ |

---

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<u>Adjusted Tangible Net Worth</u>:

---

| | |
|:---|:---|
| Tangible Net Worth (from above): | $_________________ |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>Plus</u> the lesser of (x) 1.00% times the Outstanding Principal Balances of the Seller's Mortgage Loans with Servicing Rights and (y) capitalized value of Seller's and its Subsidiaries' Servicing Rights: | $_________________ |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>Plus</u> unpaid principal of Qualified Subordinated Debt of the Seller and its Subsidiaries: | $_________________ |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>Plus</u> the lesser of (x) 50% of the book value of Seller's Mortgage Loans held for investment purposes net of their reserves against Mortgage Loan investment losses on that day and (y) Twenty Million Dollars ($20000000) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>Minus</u> 50% of book value, net of related reserves, of Mortgage Loans held for investment and REO: | $_________________ |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>Minus</u> 50% of book value, net of related reserve, of other illiquid investments of the Seller and its Subsidiaries: | $_________________ |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>Minus</u> the book value of Seller's Mortgage Loans held for investment purposes net of their reserves against Mortgage Loan investment losses on that day: | $_________________ |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ADJUSTED TANGIBLE NET WORTH: | $_________________ |

---

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;<u>Leverage Ratio</u>. The Leverage Ratio as of the last day of the quarter ended ________________________ is ___ to 1.0 (the maximum ratio under the Fee and Pricing Letter is 12.0 : 1.0).

---

| | |
|:---|:---|
| Total Liabilities: | $_________________ |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>Plus</u> off balance sheet debt: | $_________________ |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>Minus</u> loan loss reserves (if included in liabilities): | $_________________ |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>Minus</u> deferred taxes arising from capitalizing excess servicing fees: | $_________________ |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>Minus</u> operating leases: | $_________________ |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>Minus</u> Qualified Subordinated Debt: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DEBT: | $_________________ |
| Debt (from above): | $_________________ |
| Adjusted Tangible Net Worth (from above): | $_________________ |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LEVERAGE RATIO: | _______ : 1.00 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;<u>Liquidity</u>. The Seller's Liquidity, as of the last day of the quarter ended __________________, 20___ was $_____________ (the minimum under the Fee and Pricing Letter is Ten Million Dollars ($10,000,000)).

<u>Liquidity</u>

---

| | |
|:---|:---|
| Cash (including Cash Pledge Account balance but excluding other pledged cash to third parties and restricted cash): | $_________________ |
| <u>Plus</u> Cash Equivalents: | $_________________ |
| <u>Plus</u> Unfunded Purchase Price | $_________________ |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LIQUIDITY: | $_________________ |

---

(d)&nbsp;&nbsp;&nbsp;&nbsp;<u>Net Income</u>. As of the last day of the calendar quarter ended ______________, 20____, the Seller's Net Income for the period of four (4) consecutive calendar quarters then ended was $______________ (the minimum under the Fee and Pricing Letter is $1.00).

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<u>EXHIBIT C: SCHEDULE OF CONTRACTS WITH AFFILIATES<br>DISCLOSURE SCHEDULE</u>

Section 6.1.&nbsp;&nbsp;&nbsp;&nbsp;Subsidiaries and Affiliates.

M/I Homes Service, LLC

MHO, LLC

Northeast Office Venture Limited Liability Company

TransOhio Residential Title Agency, Ltd.

M/I Homes of Indiana, L.P.

M/I Homes First Indiana LLC

M/I Homes Second Indiana LLC

M/I Homes of Florida, LLC

M/I Homes of Tampa, LLC

M/I Homes of Orlando, LLC

M/I Homes of Central Ohio, LLC

M/I Homes of Cincinnati, LLC

M/I Homes of Raleigh, LLC

M/I Homes of Charlotte, LLC

M/I Homes of DC, LLC

MHO Holdings, LLC

The Fields at Perry Hall, L.L.C.

Wilson Farm, L.L.C.

M/I Homes of Chicago, LLC

M/I Title Agency Ltd.

Prince Georges Utilities, LLC

M/I Homes of Houston, LLC

M/I Homes of San Antonio, LLC

M/I Homes of Austin, LLC

M/I Homes of DFW, LLC

M/I Homes of Ft. Myers/Naples, LLC

M/I Title, LLC

M/I Homes of Delaware, LLC

M/I Homes of Minneapolis/St. Paul, LLC

M/I Homes of Sarasota, LLC

M/I Homes of Nashville, LLC

M/I Homes of Michigan, LLC

M/I Homes of Alabama, LLC

Section 6.2.&nbsp;&nbsp;&nbsp;&nbsp;Consents and Approvals.

None.

Section 6.8.&nbsp;&nbsp;&nbsp;&nbsp;Litigation.

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None.

Existing Indebtedness (See definition of Permitted Indebtedness).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;Repurchase Facility with JPMorgan Chase Bank, N.A., as Agent, in a maximum amount not to exceed $200,000,000.

Existing Liens (See definition of Permitted Liens).

Liens related to the Existing Indebtedness described above.

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<u>EXHIBIT D: FIDELITY & MORTGAGE ERRORS / OMISSIONS INSURANCE REQUIREMENTS<br>Insurance Agency MUST have an A- or better rating</u>

<u>FIDELITY BOND:</u>

Minimum Coverage Limits shown below

<u>REQUIRED ENDORSEMENTS:</u>

Theft of Warehouse Lender Money & Collateral — naming JPMorgan Chase Bank, N.A.

Direct Loss Payee/Right of Action — naming JPMorgan Chase Bank, N.A.

Specific Warehouse Lender Loss Payee / Right of Action — naming JPMorgan Chase Bank, N.A.

Definition of Employee

Fraudulent Real Property Mortgages

Loan Closing Agent

Forged Documents

Computer Systems Fraud

Independent Contractor Endorsement

<u>MORTGAGE ERRORS & OMISSIONS / MORTGAGE IMPAIRMENT</u>

Minimum Coverage Limits shown below

<u>This policy must cover exposures such as:</u>

Failure to obtain or maintain fire and extended coverage perils

Failure to obtain or maintain flood insurance

Failure to determine that a property is in a flood zone

Failure to obtain PMI Insurance, FHA Insurance or VA Guaranty as well

Failure to pay real estate taxes

<u>REQUIRED ENDORSEMENTS:</u>

Direct Loss Payee / Right of Action — naming JPMorgan Chase Bank, N.A.

Note: For those servicing loans you may need mortgage impairment. Please consult your JPMorgan Chase Bank, N.A. representative.

\*\*\*Although it is not required, we do recommend our clients have Professional Liability Coverage\*\*\*

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<u>INSURANCE COVERAGE REQUIRED</u>

FIDELITY BOND

---

| | | |
|:---|:---|:---|
| Warehouse Line Size | Minimum Coverage | Maximum Deductible |
| (millions) |  |  |
| $1 — 15 | $300000 | $25000 |
| Greater than $15 -35 | $500000 | $50000 |
| Greater than $35 and higher | $1000000 | $100000 |

---

MORTGAGE ERRORS & OMISSIONS

---

| | | |
|:---|:---|:---|
| Warehouse Line Size | Minimum Coverage | Maximum Deductible |
| (millions) |  |  |
| $1 — 15 | $300000 | $25000 |
| Greater than $15 -35 | $500000 | $50000 |
| Greater than $35 and higher | $1000000 | $100000 |

---

<u>Additional Requirements:</u>

Insurer must include rider that such insurance policies shall in no event be terminated or materially modified without 30 days prior written notice to JPMorgan Chase Bank, N.A. JPMorgan Chase Bank, N.A. is also to be notified if you file a claim with your carrier.

<u>Renewals and Policy Expiration Notices:</u>

JPMorgan Chase Bank, N.A. customers shall provide JPMorgan Chase Bank, N.A. with written evidence of renewal of such insurance policies on the expiration date of such policies. A binder of insurance shall be valid proof of insurance. A binder is only acceptable for a maximum of 60 days from the date on the binder. After that time, JPMorgan Chase Bank, N.A. requires a copy of the full policies including all riders/endorsements along with evidence of paid premium. JPMorgan Chase Bank, N.A. does NOT accept Certificates of Insurance as valid proof of coverage.

<u>Approved Insurance Carriers:</u>

Each insurer must have and maintain at least the following rating by either Standard & Poors (S & P) or A.M. Best Co.:

Policyholder's rating of "A-" or better; provided that an insurer with a lesser rating shall be permitted if such Insurer presents a reinsurance agreement, containing a direct access clause, with one or more insurers which hold a policyholder's rating of "A-" or better. If your insurance provider is unable to write the coverages required, please contact us for a referral to an insurance broker that can assist you with our requirements.

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<u>EXHIBIT E</u>:

[RESERVED]

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<u>EXHIBIT F: FORM OF POWER OF ATTORNEY</u>

JPMorgan Chase Bank, N.A.

383 Madison Avenue, 8th Floor

New York, NY 10179

Attention: Jupiter Warehouse

Email: JupiterWH_Finance@jpmorgan.com

Re:&nbsp;&nbsp;&nbsp;&nbsp;Master Repurchase Agreement and Securities Contract, dated as of October 21, 2025 (as amended from time to time, the "<u>Agreement</u>") by and among M/I Financial, LLC, an Ohio limited liability company ("<u>Seller</u>") and JPMorgan Chase Bank, N.A. (together with its successors and assigns, the "<u>Administrative Agent</u>") acting on behalf of one or more buyers from time to time

All:

KNOW ALL MEN BY THESE PRESENTS, that Seller hereby irrevocably constitutes and appoints Administrative Agent and any officer or director of Administrative Agent, with full power of substitution, as its true and lawful attorney-in-fact with full power and authority, in the place and stead of Seller and in the name of Seller or in its own name, from time to time in the Administrative Agent's discretion, to: (1) execute, witness, attest and deliver, on behalf of the Administrative Agent, (a) all mortgage documents reasonably necessary or appropriate to properly effect the transfer of the Purchased Assets from the Seller to Administrative Agent, (b) all release or satisfaction documents reasonably necessary or appropriate to properly effect the release or satisfaction of mortgages, deeds of trust or other similar security instruments with respect to the Purchased Assets, (c) all documents reasonably necessary to correct or otherwise remedy any errors or deficiencies contained in any documents contemplated by part (a) above, and (d) lost note affidavits or other lost document affidavits relating to the Purchased Assets; (2) take any action to carry out the transfer of servicing with respect to the Purchased Assets from Seller to a successor servicer appointed by Administrative Agent in its discretion, in the name of Seller or its own name, or otherwise, and prepare and send or cause to be sent "good-bye" letters to all mortgagors under the Purchased Assets, transferring the servicing of the Purchased Assets to a successor servicer appointed by Seller in its discretion, (3) receive, endorse and collect all checks made payable to the order of Seller representing any payment on account of the Purchased Assets; and (4) preserve any rights of Seller under the Agreement and any other agreement related to the transactions contemplated thereby, and to take any and all appropriate action and to execute any and all documents and instruments which may be necessary or desirable to accomplish such preservation of rights.

Seller hereby ratifies all that said attorneys shall lawfully do or cause to be done by virtue hereof. This power of attorney is a power coupled with an interest and shall be irrevocable.

Any capitalized term used but not defined herein has the meaning assigned to such term in the Agreement.

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TO INDUCE ANY THIRD PARTY TO ACT HEREUNDER, SELLER HEREBY AGREES THAT ANY THIRD PARTY RECEIVING A DULY EXECUTED COPY OR FACSIMILE OF THIS INSTRUMENT MAY ACT HEREUNDER, AND THAT REVOCATION OR TERMINATION HEREOF SHALL BE INEFFECTIVE AS TO SUCH THIRD PARTY UNLESS AND UNTIL ACTUAL NOTICE OR KNOWLEDGE OF SUCH REVOCATION OR TERMINATION SHALL HAVE BEEN RECEIVED BY SUCH THIRD PARTY FROM ADMINISTRATIVE AGENT, AND SELLER ON ITS OWN BEHALF AND ON BEHALF OF SELLER'S ASSIGNS, HEREBY AGREES TO INDEMNIFY AND HOLD HARMLESS ANY SUCH THIRD PARTY FROM AND AGAINST ANY AND ALL CLAIMS THAT MAY ARISE AGAINST SUCH THIRD PARTY BY REASON OF SUCH THIRD PARTY HAVING RELIED ON THE PROVISIONS OF THIS INSTRUMENT.

IN WITNESS WHEREOF Seller has caused this Power of Attorney to be executed and Seller's seal to be affixed this day of _____________________, 20[_].

M/I Financial, LLC

By:&nbsp;&nbsp;&nbsp;&nbsp;

Name:

Title:

STATE OF&nbsp;&nbsp;&nbsp;&nbsp;)

&nbsp;&nbsp;&nbsp;&nbsp;)&nbsp;&nbsp;&nbsp;&nbsp;ss.:

COUNTY OF&nbsp;&nbsp;&nbsp;&nbsp;)

On the __________________day of _______________, 20[_], before me, a Notary Public in and for said State, personally appeared ____________________, known to me to be of M/I Financial, LLC, an Ohio limited liability company, the institution that executed the within instrument and also known to me to be the person who executed it on behalf of said corporation, and acknowledged to me that such corporation executed the within instrument.

IN WITNESS WHEREOF, I have hereunto set my hand affixed my office seal the day and year in this certificate first above written.

<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u><br>Notary Public

My Commission expires&nbsp;&nbsp;&nbsp;&nbsp;

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<u>EXHIBIT G: EMORTAGE LOAN ANNEX</u>

**Section 1.&nbsp;&nbsp;&nbsp;&nbsp;Applicability.** This eMortgage Loan Annex (this "<u>Annex</u>") shall govern all Transactions involving eMortgage Loans. The provisions of this eMortgage Loan Annex are hereby incorporated into the Master Repurchase Agreement and Securities Contract, dated as of October 21, 2025 (as amended from time to time, the "<u>Agreement</u>") by and among M/I Financial, LLC, an Ohio limited liability company ("<u>Seller</u>") and JPMorgan Chase Bank, N.A. (together with its successors and assigns, the "<u>Administrative Agent</u>") acting on behalf of one or more buyers from time to time. To the extent of any conflict between this Annex and the Agreement with respect to the subject matter hereof, the provisions of this Annex shall control.

**Section 2. &nbsp;&nbsp;&nbsp;&nbsp;Defined Terms.** As used in this Annex, the following terms shall have the following meanings. Capitalized terms used herein that are not otherwise defined herein shall have the meanings set forth in the Agreement.

"<u>Agency Guidelines</u>" means those requirements, standards, policies, procedures and other guidance documents governing the Agencies' respective standards and requirements for their purchase or guaranty of residential mortgage loans, as issued or adopted, and as supplemented and amended, by the Agencies from time to time.

"<u>Agency-Required eNote Legend</u>" means the legend or paragraph required by Fannie Mae or Freddie Mac, as applicable, to be set forth in the text of an eNote, which includes the provisions set forth in the related Custodial Agreement, as may be amended from time to time by Fannie Mae or Freddie Mac, as applicable.

"<u>Approved eMortgage Take-out Investor</u>" means an institution which has made a Take-out Commitment and that has been specifically approved in writing by Administrative Agent for purchases of eMortgage Loans and with which Administrative Agent and Seller have entered into an eNote Control and Bailment Agreement; <u>provided</u>, <u>however</u>, that if at any time such eNote Control and Bailment Agreement ceases to be in full force and effect or if such Approved eMortgage Take-out Investor shall fail to perform any of its obligations thereunder, such Approved eMortgage Take-out Investor shall cease to be an Approved eMortgage Take-out Investor automatically upon any such failure.

"<u>Authoritative Copy</u>" means, with respect to an eNote, the single unique, identifiable and legally controlling copy of such eNote meeting the requirements of Section 16(c) of the UETA and Section 7201(c) of E-SIGN, and that is registered on the MERS eRegistry and stored, at all times, in an eVault that complies with applicable eCommerce Laws, maintained by the Person named in the Location specified in the MERS eRegistry.

"<u>Control</u>" means, with respect to an eNote, the "control" of such eNote within the meaning of the UETA and/or, as applicable, E-SIGN, which is established by reference to the MERS eRegistry and any party designated therein as the Controller.

"<u>Control Failure</u>" means, with respect to an eNote, the failure of the Controller status of the eNote in the MERS eRegistry to reflect Administrative Agent's MERS Org ID as a result of

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an unauthorized Transfer of Control or unauthorized Transfer of Control and Location, in either case, initiated by Custodian in contravention of the terms of the Custodial Agreement

"<u>Controller</u>" means, with respect to an eNote, the Person identified on the MERS eRegistry as the Person having "control" of the Authoritative Copy of such eNote within the meaning of Section 7201 of E-SIGN and Section 16 of the UETA.

"<u>Delegatee</u>" means, with respect to an eNote, the party designated in the MERS eRegistry as the "Delegatee" or "Delegatee for Transfers", who in such capacity is authorized by the Controller to perform certain MERS eRegistry transactions on behalf of the Controller such as Transfers of Control and Transfers of Control and Location.

"<u>eClosing System</u>" means the systems and processes used in the origination and closing of an eMortgage Loan and through which the eNote and other Mortgage Documents are accessed, presented and signed electronically.

"<u>eClosing Transaction Record</u>" means, for each eMortgage Loan, a record of each eNote and Electronic Record presented and signed using the applicable eClosing System and all actions relating to the creation, execution, and transferring of the eNote and such other Electronic Records required to be maintained pursuant to the applicable Agency Guidelines and required to demonstrate compliance with all applicable eCommerce Laws. An eClosing Transaction Record shall include, without limitation, systems logs and audit trails that establish a temporal and process link between the presentation of identity documents and the electronic signing of each eNote and Electronic Record, together with identifying information that can be used to verify the Electronic Signature (as such term is defined on the related Agency-Required eNote Legend) and its attribution to the signer's identity and evidence of the signer's agreement to conduct the transaction electronically and of the signer's execution of each Electronic Signature.

"<u>eCommerce Laws</u>" means E-SIGN, the UETA, any applicable state or local equivalent or similar laws and regulations, and any rules, regulations and guidelines promulgated under any of the foregoing.

"<u>Electronic Agent</u>" means MERSCORP Holdings, Inc., or its successor in interest or assigns.

"<u>Electronic Record</u>" means, with respect to an eMortgage Loan, the related eNote and all other documents comprising the Mortgage File electronically created, generated, communicated, delivered or stored by electronic means and capable of being accurately reproduced in perceivable form.

"<u>eMortgage Loan</u>" means a Mortgage Loan (i) that is a MOM Loan, (ii) with respect to which there is an eNote registered on the MERS eRegistry in compliance with the MERS eRegistry Procedures Manual and conforms to all applicable Agency Guidelines, and (iii) as to which some or all of the other documents comprising the related Mortgage File may be created electronically and not by traditional paper documentation with a pen and ink signature.

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"<u>eMortgage Originator</u>" means Seller or other entity approved by the Administrative Agent.

"<u>eNote</u>" means, with respect to any eMortgage Loan, the Mortgage Note that is electronically issued, created, presented and executed in accordance with the requirements of, and is a valid and enforceable Transferable Record under, applicable eCommerce Laws and otherwise conforms to all applicable Agency Guidelines.

"<u>eNote Control and Bailment Agreement</u>" means a master control and bailment agreement, by and among an Approved eMortgage Take-out Investor, Administrative Agent and Seller, setting forth the bailment terms and conditions for all transfers of the Control and/or Location of eNotes and deliveries of the Authoritative Copies thereof, from Administrative Agent to an Approved eMortgage Take-out Investor (or their respective designees) for the purposes of such Approved eMortgage Take-out Investor's inspection and determination to purchase related eMortgage Loans from Seller, all in such form and containing such terms and conditions as approved by Administrative Agent in its sole and absolute discretion.

"<u>eNote Delivery Requirements</u>" has the meaning assigned to such term in <u>Section 3(b)</u> of this Annex.

"<u>eRisk Determination</u>" has the meaning set forth in <u>Section 5</u> of this Annex.

"<u>E-SIGN</u>" means the Electronic Signature In Global and National Commerce Act, Pub. L. No. 106-229, 114 Stat. 464 (codified at 15 U.S.C. §§ 7001-31), as the same may be supplemented, amended, recodified or replaced from time to time.

"<u>eVault</u>" means an electronic storage system that uses computer hardware and software established and maintained by an eVault Provider to store and maintain eNotes and other Electronic Records, including any and all addenda, amendments, supplements or other modifications of eNotes that are Electronic Records, in compliance with applicable eCommerce Laws and Agency Guidelines.

"<u>eVault Provider</u>" means eOriginal, Inc., or its successor in interest or assigns, or such other entity agreed upon by Seller, the applicable Custodian and Administrative Agent.

"<u>Hash Value</u>" means, with respect to an eNote, the unique, tamper-evident digital signature of such eNote that is stored with MERS.

"<u>Loan Record</u>" means, with respect to an eMortgage Loan, the "Loan Record" includes the eMortgage Loan's eClosing Transaction Record, the version of the eClosing System used to the origination of such eMortgage Loan, and any and all files, documents, records, systems logs, audit trail and other data and information relating to the related eNote and other electronic documents throughout the life of such eMortgage Loan.

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"<u>Location</u>" means, with respect to an eNote, the Person identified on the MERS eRegistry as the Person that stores and maintains the Authoritative Copy of such eNote, as the Controller of such eNote or as such Controller's designated custodian.

"<u>MERS</u>" means Mortgage Electronic Registration Systems, Inc., a corporation organized and existing under the laws of the State of Delaware, or any successor thereto.

"<u>MERS eDelivery</u>" means the electronic system, operated and maintained by the Electronic Agent that is used by MERS eRegistry to deliver eNotes, other Electronic Records and data from one MERS eRegistry member to another using a system-to-system interface and conforming to the standards of the MERS eRegistry.

"<u>MERS eRegistry</u>" means the electronic registry, operated and maintained by the Electronic Agent, that serves as the system of record to identify the current Controller and Location of the Authoritative Copy of an eNote, and any other Person who is authorized by the Controller to make certain updates or initiate certain actions in the MERS eRegistry on behalf of Controller with respect to such eNote.

"<u>MERS eRegistry Procedures Manual</u>" means the MERS eRegistry Procedures Manual issued by MERS, as amended, replaced, supplemented or otherwise modified and in effect from time to time.

"<u>MERS Mortgage Loan</u>" means any Mortgage Loan registered on the MERS System.

"<u>MERS Org ID</u>" means a number assigned by the Electronic Agent that uniquely identifies MERS members, or, in the case of a MERS Org ID that is a "Secured Party Org ID", uniquely identifies MERS eRegistry members.

"<u>MERS System</u>" means the mortgage electronic registry system operated by the Electronic Agent that tracks changes in Mortgage ownership, mortgage servicers and servicing rights ownership.

"<u>MIN</u>" means the mortgage identification number for any MERS Mortgage Loan and, in the case of eMortgage Loans, the eNote evidencing such eMortgage Loan.

"<u>MOM Loan</u>" means any Mortgage Loan as to which MERS is acting as mortgagee, solely as nominee for the originator of such Mortgage Loan and its successors and assigns.

"<u>Mortgage Note</u>" means the promissory note, together with all riders thereto and amendments thereof, or other evidence of the indebtedness of a Mortgagor secured by a Mortgage, including the credit agreement and promissory note with respect to a HELOC (if applicable) and any eNote, as the context may require.

"<u>Servicing Agent</u>" means, with respect to an eNote, the field entitled, "Servicing Agent" in the MERS eRegistry.

"<u>Take-out Commitment</u>" has the meaning set forth in the Custodial Agreement.

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"<u>Transfer of Control</u>" means, with respect to an eNote, a MERS eRegistry transfer transaction used to request a change to the current Controller of such eNote.

"<u>Transfer of Control and Location</u>" means, with respect to an eNote, a MERS eRegistry transfer transaction used to request a change to the current Controller and Location of such eNote.

"<u>Transferable Record</u>" means an Electronic Record under E-SIGN and the UETA that (i) would be a note under the UCC if the Electronic Record were in writing, (ii) the issuer of the Electronic Record has expressly agreed is a "transferable record" within the meaning of Section 16 of the UETA, Section 201 of E-SIGN (codified at 15 U.S.C. § 7021), and other applicable eCommerce Laws, and (iii) for purposes of E-SIGN, relates to a loan secured by real property.

"<u>UETA</u>" means the Uniform Electronic Transactions Act, as adopted in the relevant jurisdiction, and as may be supplemented, modified or replaced from time to time.

**Section 3.&nbsp;&nbsp;&nbsp;&nbsp;Conditions Precedent with respect to eMortgage Loans.** In addition to any other requirements set forth in the Agreement, Administrative Agent's agreement (on behalf of Buyers) to enter into Transactions with respect to eMortgage Loans is subject to the satisfaction of the following further conditions precedent, both immediately prior to entering into such Transaction and also after giving effect thereto to the intended use thereof:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Administrative Agent shall have received and approved (x) copies of the reports and findings of a full technical, security and legal review and analysis of the eClosing System and eVault, conducted by Administrative Agent or by third parties selected by Administrative Agent, in form and substance acceptable to Administrative Agent in all respects (such review shall include, without limitation, (A) a certified third party security assessment report, (B) completion of systems testing and verification of integration with MERS eRegistry and MERS eDelivery, and (C) a legal analysis of the eClosing System and eVault, and such systems' policies, procedures and processes) and (y) without limiting the generality of the foregoing, copies of any audits and/or due diligence reviews and inspections completed in connection to the Seller's or any Servicer's eVault provider's application for an Agency's approval to sell, servicer or maintain eNotes and eMortgage Loans, and reports of findings and remedial actions taken to address the findings discovered in audit and due diligence analysis and review following implementation and/or completion of such remedial actions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Seller shall deliver to the related Custodian each of Administrative Agent's and Seller's MERS Org IDs, and shall cause (i) the Authoritative Copy of the related eNote to be delivered to the

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eVault via a secure electronic file, (ii) the Controller status of the related eNote to be transferred to Administrative Agent, (iii) the Location status of the related eNote to be transferred to such Custodian, (iv) the Delegatee status of the related eNote to be transferred to such Custodian, in each case using MERS eDelivery and the MERS eRegistry and (v) the Servicing Agent status of the related eNote to be transferred to Servicer (collectively, the "<u>eNote Delivery Requirements</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)Seller shall have entered into an electronic tracking agreement with respect to the tracking of the Control of eNotes in form and substance acceptable to Administrative Agent.

**Section 4.&nbsp;&nbsp;&nbsp;&nbsp;Repurchase.** In connection with the repurchase of any eMortgage Loan in accordance with the Agreement, upon receipt of the related Repurchase Price by Administrative Agent for the benefit of Buyers, Seller may submit a Request for Release (as defined in the Custodial Agreement) to Custodian, and Custodian shall deliver the eNote via MERS eDelivery and initiate a Transfer of Control and Location of the related eNote on the MERS eRegistry as set forth in the Request for Release.

**Section 5.&nbsp;&nbsp;&nbsp;&nbsp;eRisk Determination.** If at any time any Buyer or Administrative Agent determines (which determination shall be conclusive absent manifest error) that any change in any requirement of law with respect to eMortgage Loans or change in the MERS eRegistry, or the occurrence of any event or circumstance applicable to eMortgage Loans, has or would have the effect of imposing or increasing the risk to Administrative Agent or such Buyer of making or maintaining any Transaction with respect to eMortgage Loans hereunder (or of maintaining its obligations with respect to any such Transaction) (any such determination, an "<u>eRisk Determination</u>"), then Administrative Agent shall give notice thereof to Seller by telephone or electronic transmission, and (i) Administrative Agent and Seller shall endeavor to establish alternative terms and conditions applying to such Transactions hereunder to address such changes and/or eliminate or reduce such risk in a manner satisfactory to Administrative Agent and enter into such amendments or other modifications of any Repurchase Documents that Buyers and Administrative Agent deem appropriate, and (ii) until Administrative Agent notifies Seller that the circumstances giving rise to such eRisk Determination no longer exist or Administrative Agent has received the amendments or modifications referred to in clause (i) above, no eMortgage Loan shall be an Eligible Mortgage Loan under the Agreement.

**Section 6.&nbsp;&nbsp;&nbsp;&nbsp;<u>Documents and Records Relating to eMortgage Loans</u>.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)<u>eClosing Transaction Records and Post-Purchase Support.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)Seller shall cause the Servicer and the eMortgage Originator, as applicable, to store and maintain the eClosing Transaction Record of each eMortgage Loan at all times in a manner that preserves the integrity and reliability

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of the eClosing Transaction Record for the life of such eMortgage Loan *plus* a period consistent with applicable Agency Guidelines requirements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)Seller shall cause Servicer and the Custodian to cooperate with Administrative Agent in all activities reasonably necessary to enforce eMortgage Loans and related eNotes subject to a Transaction. Seller shall cause Servicer, Custodian or such other party, to provide, upon request by Administrative Agent such affidavits, certifications, records and information in its possession or reasonably obtainable by it regarding the creation and/or maintenance of the eNote and other Electronic Records in connection with any eMortgage Loan that Administrative Agent deems necessary or advisable to ensure admissibility of such eNote and other Electronic Records in a legal proceeding and shall include, among other things: (A) a description of how the executed eNote and other Electronic Records have been stored to prevent against unauthorized access and unauthorized alteration and a description of how the eClosing System and the eVault can detect such unauthorized access or alteration; (B) a description of the eClosing System and the eVault controls in place to ensure compliance with applicable eCommerce Laws, including, without limitation, Section 201 of E-SIGN and Section 16 of the UETA; (C) a description of the steps followed by a Mortgagor to execute the eNote or other Electronic Record using the eClosing System, as applicable; (D) a copy of each screen, as it would have appeared to the Mortgagor, of the eNote or other Electronic Record that Administrative Agent is trying to enforce, when Mortgagor signed the eNote or other Electronic Record; (E) a description of the eClosing System and the eVault controls in place at the time of signing to ensure the integrity of the data; and (F) testimony by an authorized official or employee of eMortgage Originator to support admission of the eNote and other Electronic Records into legal proceeding to defend and enforce the eMortgage Loan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)Seller shall cause Custodian to maintain an eClosing System which shall comply with the Agency Guidelines with respect to such system.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)Seller shall cause Custodian to retain in the Loan Record of each eMortgage Loan, the applicable eClosing Transaction Record and retain such Loan Record in a manner that will provide Administrative Agent or its designees with ready access to such documents and records promptly following any request by Administrative Agent. With respect to any eMortgage Loan subject to a Transaction, Seller shall cause eMortgage Originator to provide to Administrative Agent, promptly upon request, with the eNote, any related electronic document, and the Loan Record in a format that is compatible with Administrative Agent's systems then in use.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)<u>Access to eClosing Systems, eVaults, and Expertise</u>. Promptly following any request by Administrative Agent, Seller shall cause eMortgage Originator to, and eMortgage Originator shall request each Servicer of eMortgage Loans and eVault

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provider (if any), to give Administrative Agent and each Buyer access to (i) each eVault storing the Authoritative Copy of any eNote evidencing a Mortgage Loan, (ii) all software and systems used for the origination, management or administration of any Mortgage Loan or any related Mortgage File or Loan Record, and access to all media in which any of such Mortgage File or Loan Record may be recorded or stored; (iii) eMortgage Originator's, or such Servicer's or eVault provider's know-how, expertise, and relevant data (such as customer lists) regarding any Mortgage Loan or the policies, procedures and processes of such Person in originating, maintaining, servicing and otherwise managing eMortgage Loans and eNotes, and (iv) the personnel responsible for such matters.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)<u>Business Continuity and Disaster Recovery</u>. Seller shall cause the Custodian to agree to maintain, and to cause each of its eVault providers to maintain, at all times, (i) a disaster recovery program, (ii) a business continuity plan, and (iii) an incident response plan, each in scope and substance acceptable to Administrative Agent and Buyers.

**Section 7.&nbsp;&nbsp;&nbsp;&nbsp;<u>Representations</u>.** In addition to any other representations and warranties set forth in the Agreement, Seller represents and warrants to Administrative Agent and Buyers that as of the Purchase Date with respect to any eMortgage Loan, and at all times while any eMortgage Loan is subject to Transactions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)<u>MERS</u>. eMortgage Originator is a member of the MERS System in good standing, and eMortgage Originator, each of eMortgage Originator's eVault providers, each Servicer with respect to eMortgage Loans, and each Approved eMortgage Take-out Investor is a member of MERS eRegistry in good standing and whose operations are integrated with MERS eRegistry and MERS eDelivery in compliance with the MERS eRegistry Procedures Manual and the applicable Agency Guidelines.

**Section 8.&nbsp;&nbsp;&nbsp;&nbsp;<u>Covenants</u>.** In addition to any other covenants set forth in the Agreement, on and as of the date of this Annex and each Purchase Date and on each day until this Annex is no longer in force, Seller covenants to the following where applicable:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Seller shall give notice to Administrative Agent immediately (or at such time as noted below) after a responsible officer of the Seller has any knowledge of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)upon Seller becoming aware of any Control Failure with respect to an Mortgage Loan that is an eMortgage Loan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) promptly of any proposed changes, but at least thirty (30) days prior to the proposed effective date of such changes, to eMortgage Originator's eClosing System and/or eVault or related policies, procedures and/or processes that may adversely affect the performance of such eClosing System or eVault or that may adversely affect the enforceability of eMortgage Loans and eNotes or compliance with applicable Agency Guidelines and eCommerce Laws.

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Administrative Agent may, in its sole discretion, require that the legal analysis, technical review and security review be updated, at Seller's expense, with respect to any such proposed changes; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)upon any occurrence of a data security incident regarding the eClosing System or eVault that results in the unauthorized access to or acquisition of an eNote and any other records, including details of such data security incident, a summary of external third party forensic examinations of such data security incident, planned remediation steps to correct the data security incident and prevent similar incidents in the future, and certification that the remediation steps have been completed and preventative measures have been deployed, and a copy of the final incident report of an external third party forensic examiner of such data security incident.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Neither the Seller nor the Servicer shall implement any change to the eClosing System and/or the eVault or its related policies, procedures and/or processes, without the Administrative Agent's prior written consent, that is inconsistent with applicable Agency Guidelines or could be reasonably likely to adversely affect the enforceability of the eNotes and/or eMortgage Loans or compliance with applicable eCommerce Laws.

**Section 9.&nbsp;&nbsp;&nbsp;&nbsp;<u>Additional Asset Representations and Warranties</u>.** In addition to the Asset Representations and Warranties, Seller represents and warrants to Administrative Agent and Buyers, with respect to each Purchased Asset that is an eMortgage Loan that the related eNote satisfies all of the following criteria:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)the eNote bears a digital or electronic signature;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)the Hash Value of the eNote indicated in the MERS eRegistry matches the Hash Value of the eNote as reflected in the eVault;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)there is a single Authoritative Copy of the eNote within the meaning of Section 9-105 of the UCC, Section 16 of the UETA or Section 7021 of E-SIGN, as applicable, that is held in the eVault;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)the Location status of the eNote on the MERS eRegistry reflects the MERS Org ID of the related Custodian;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)the Controller status of the eNote on the MERS eRegistry reflects the MERS Org ID of Administrative Agent;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)the Delegatee status of the eNote on the MERS eRegistry reflects the MERS Org ID of the related Custodian;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)the Servicing Agent status of the eNote on the MERS eRegistry reflects the Servicer's MERS Org ID;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)there is no Control Failure with respect to such eNote;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)the eNote is a valid and enforceable Transferable Record or comprises "electronic chattel paper" within the meaning of the UCC;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j)there is no defect with respect to the eNote that would result in Administrative Agent having less than full rights, benefits and defenses of "Control" (within the meaning of the UETA or the UCC, as applicable) of the Transferable Record;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k)the single Authoritative Copy of the eNote is maintained electronically and has not been papered-out, nor is there another paper representation of such eNote;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l)such eMortgage Loan was originated using the current form of Uniform Fannie Mae/Freddie Mac form of eNote or in such other form acceptable to the applicable Agency, Approved eMortgage Take-out Investor, and Administrative Agent, and in compliance with all applicable eCommerce Laws and Agency Guidelines;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m)the eNote contains the Agency-Required eNote Legend;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n)the tamper-seal of such eNote matches the tamper-seal of the eNote on the eRegistry;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o)such eNote is intended to be sold to Fannie Mae or Freddie Mac, unless otherwise expressly approved by Administrative Agent.

**Section 10.&nbsp;&nbsp;&nbsp;&nbsp;<u>Mortgage Loan Schedule Fields</u>.** In addition to any other requirements set forth in the Agreement, the Mortgage File shall include following additional information:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ENOTE_FLAG

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• MIN#

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• TAKE-OUT DESIGNATION

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<u>EXHIBIT H: BENCHMARK ANNEX</u>

**Section 1. &nbsp;&nbsp;&nbsp;&nbsp;<u>SOFR</u>**

"<u>Daily Simple SOFR</u>" means, with respect to each day or any portion thereof (an "<u>Accrual Day</u>"), the SOFR appearing as the rate for the day that is one (1) U.S. Government Securities Business Day prior to (i) if such Accrual Day is a U.S. Government Securities Business Day, such Accrual Day or (ii) if such Accrual Day is not a U.S. Government Securities Business Day, the U.S. Government Securities Business Day immediately preceding such Accrual Day. If the rate for any such U.S. Government Securities Business Day has not been published by the applicable administrator within two (2) U.S. Government Securities Business Days following such day (and a Benchmark Replacement Rate has not been determined by Administrative Agent as provided herein), then the SOFR for such day will be the last appearing SOFR published prior to such day.

"<u>SOFR</u>" means a rate per annum equal to the secured overnight financing rate as administered by the Federal Reserve Bank of New York (or a successor administrator of the secured overnight financing rate) on its website. 

"<u>U.S. Government Securities Business Day</u>" means any day except for (i) a Saturday, (ii) a Sunday and (iii) a day on which the Securities Industry and Financial Markets Association recommends that the fixed income departments of its members be closed for the entire day for purposes of trading in United States government securities.

**Section 2.&nbsp;&nbsp;&nbsp;&nbsp;<u>Benchmark</u>**

"<u>Available Tenor</u>" means, as of any date of determination and with respect to the then-current Benchmark, as applicable, (x) if the then-current Benchmark is a term rate, any tenor for such Benchmark that is or may be used for determining the length of an interest period or (y) otherwise, any payment period for interest calculated with reference to such Benchmark, as applicable, pursuant to this Agreement as of such date.

"<u>Benchmark Administration Changes</u>" means, with respect to the Benchmark (including any Benchmark Replacement Rate), any technical, administrative or operational changes, including without limitation changes to the timing and frequency of determining rates and making payments of price differential, length of lookback periods, and other administrative matters as may be appropriate, in the sole and good faith discretion of Administrative Agent using Administrative Agent's Methodology, to reflect the adoption and implementation of such Benchmark and to permit the administration thereof by Administrative Agent in a manner substantially consistent with market practice (or, if Administrative Agent determines that adoption of any portion of such market practice is not administratively feasible or that no market practice for the administration of such Benchmark exists, in such other manner of administration as Administrative Agent decides is reasonably necessary in connection with the administration of this Agreement).

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"<u>Benchmark Replacement Date</u>" means the date the Administrative Agent determines is consistent with Administrative Agent's Methodology in implementing the applicable Benchmark Replacement Rate.

"<u>Benchmark Replacement Rate</u>" means an alternative benchmark rate (including any mathematical or other adjustments to such benchmark rate (if any) incorporated therein) selected by Administrative Agent giving due consideration to Administrative Agent's Methodology any evolving or then-prevailing market convention for determining a benchmark rate as a replacement for the then-current Benchmark for U.S. dollar-denominated syndicated or bilateral credit facilities at such time.

"<u>Benchmark Transition Event</u>" means the occurrence of a determination by the Administrative Agent that one or more of the following events has occurred with respect to the then-current Benchmark:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)a public statement or publication of information by or on behalf of the administrator of such Benchmark (or the published component used in the calculation thereof) announcing that such administrator has ceased or will cease to provide all Available Tenors of such Benchmark (or such component thereof), permanently or indefinitely, <u>provided</u> that, at the time of such statement or publication, there is no successor administrator that will continue to provide any Available Tenor of such Benchmark (or such component thereof);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)a public statement or publication of information by the regulatory supervisor for the administrator of such Benchmark (or the published component used in the calculation thereof), the Board of Governors of the Federal Reserve System, the Federal Reserve Bank of New York, an insolvency official with jurisdiction over the administrator for such Benchmark (or such component), a resolution authority with jurisdiction over the administrator for such Benchmark (or such component) or a court or an entity with similar insolvency or resolution authority over the administrator for such Benchmark (or such component), which states that the administrator of such Benchmark (or such component) has ceased or will cease to provide all Available Tenors of such Benchmark (or such component thereof) permanently or indefinitely, <u>provided</u> that, at the time of such statement or publication, there is no successor administrator that will continue to provide any Available Tenor of such Benchmark (or such component thereof);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)a public statement or publication of information by the regulatory supervisor for the administrator of such Benchmark (or the published component used in the calculation thereof) announcing that all Available Tenors of such Benchmark (or such component thereof) are no longer representative; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)continued implementation of the Benchmark is no longer administratively feasible, no significant market practice for the administration of the Benchmark exists, or due to external factors the Benchmark will not adequately and fairly reflect the cost to Administrative Agent of purchasing or maintaining the facility.

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"<u>Benchmark Transition Notice</u>" means a notice given by Administrative Agent which (i) sets forth in reasonable detail the circumstances of the Benchmark Transition Event, (ii) designates a Benchmark Replacement Date, and (iii) if feasible, identifies any applicable Benchmark Administration Changes.

**Section 3.&nbsp;&nbsp;&nbsp;&nbsp;<u>Benchmark Administration</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)<u>Benchmark Replacement</u>. If prior to any payment date, Administrative Agent determines in its sole and good faith discretion that a Benchmark Transition Event has occurred, then Administrative Agent may deliver a Benchmark Transition Notice to Seller and each Buyer, whereupon the Benchmark Replacement Rate selected by Administrative Agent will replace the then-current Benchmark effective as of the applicable Benchmark Replacement Date, together with any Benchmark Administration Changes identified in such Benchmark Transition Notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)<u>Benchmark Administration</u>. Administrative Agent will have the right, in its sole and good faith discretion using Administrative Agent's Methodology, to make Benchmark Administration Changes from time to time with respect to the Benchmark (including any Benchmark Replacement Rate), upon written notice to Seller and each Buyer, and any such Benchmark Administration Changes will become effective without any further action or consent of Seller or any other party to this Agreement or the other Principal Agreements.

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**SCHEDULE DQ**

<u>DISQUALIFIERS</u>

"<u>Disqualifier</u>" means any of the following events; after the occurrence of any Disqualifier, unless it shall have been waived or cured in writing in accordance with the terms of the Agreement, the Market Value of the affected Purchased Mortgage Loan shall be deemed to be zero, and the Administrative Agent shall be deemed to have marked such Purchased Mortgage Loan to market:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.Any event occurs, or is discovered to have occurred, after which the affected Purchased Mortgage Loan fails to satisfy any element of the definition of "<u>Eligible Mortgage Loan</u>".

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.In respect of any Purchased Mortgage Loan, for any reason whatsoever any of the Seller's special representations concerning Purchased Mortgage Loans set forth in <u>Section 6.23</u> applicable to that type of Purchased Mortgage Loan shall become untrue, or shall be discovered to be untrue, in any respect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.Any Purchased Mortgage Loan shall become in default or with respect to which the Mortgagor has made a formal written request for, and/or the Seller has granted, forbearance of some or all of Mortgagor's payment obligations thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.The Maximum Aging Limit for such Purchased Mortgage Loan shall have elapsed after the Purchase Date upon which a Wet-Ink Mortgage Loan has been sold to the Buyers without all of the Wet-Ink Mortgage Loan's Mortgage Documents having been received by the Custodian.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.For any Purchased Mortgage Loan, any Mortgage Document shall have been sent to the Seller or its designee for correction, collection or other action and shall not have been returned to the Custodian on or before twenty-one (21) days after it was so sent to the Seller.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.Any Purchased Mortgage Loan shall be assumed by (or otherwise become the liability of), or the real property securing it shall become owned by, any corporation, partnership or any other entity that is not a natural person or a trust for natural persons unless payment in full of such Purchased Mortgage Loan is guaranteed by a natural person. The Administrative Agent, the Buyers and the Custodian may rely on the Seller's representation and warranty that no Purchased Mortgage Loans have been so assumed by (or otherwise become the liability of) such a Person except as otherwise specified by written notice(s) to the Custodian.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.Any Purchased Mortgage Loan shall be assumed by (or otherwise become the liability of), or the real property securing it shall become owned by, an Affiliate of the Seller or any of the Seller's or its Affiliates' directors, members or appointed officers, provided, however, nothing herein shall be deemed to disqualify any Purchased Mortgage Loans made to an employee or officer of Seller in the ordinary course of Seller's business. The Administrative Agent, the Buyers and the Custodian may rely on the Seller's representation and warranty that no

Schedule DQ

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Purchased Mortgage Loans have been so assumed by (or otherwise become the liability of) such a Person except as otherwise specified by written notice(s) to the Custodian.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.Any Purchased Mortgage Loan shipped to an Agency or Takeout Purchaser shall not be paid for or returned to the Custodian or the Administrative Agent (whichever shipped it) on or before forty-five (45) days after it is shipped.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.More than sixty (60) days shall have elapsed since the Purchase Date of any Purchased Mortgage Loan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.Any Purchased Mortgage Loan that is shipped to the Seller for correction of one or more Mortgage Documents when the Market Value of all Purchased Mortgage Loans so shipped to the Seller exceeds five percent (5%) of the Maximum Transaction Amount (or such greater amount as approved by the Administrative Agent in its sole discretion).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.The terms and conditions of any Purchased Mortgage Loan has been amended, modified or waived (except to correct errors or omissions in Mortgage Documents), or any claim in respect of any Purchased Mortgage Loan has been settled or compromised, or Seller has accepted other than cash or the exchange of comparable Purchased Mortgage Loans (which is concurrently sold by the Seller to the Buyers) in liquidation of any Purchased Mortgage Loan, in each case without the written consent of the Administrative Agent given on a case-by-case basis.

Schedule DQ

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**SCHEDULE EL**

<u>ELIGIBLE MORTGAGE LOANS</u>

"<u>Eligible Mortgage Loans</u>" means Single-family Loans that are amortizing Conforming Mortgage Loans, Jumbo Mortgage Loans, State Housing Agency Mortgage Loans, and Wet-Ink Mortgage Loans of a type previously listed, in each case, that satisfy all criteria for Eligible Mortgage Loans set forth on this <u>Schedule EL</u> and are not subject to a Disqualifier. Each Mortgage Loan must be secured by a first priority Lien (subject only to Permitted Encumbrances) on its related Mortgaged Property. It may bear interest at a fixed interest rate, at a fluctuating interest rate or at a fixed or fluctuating interest rate for part of its term followed, respectively, by a fluctuating or fixed interest rate for the remainder of its term. No Mortgage Loan shall be an Eligible Mortgage Loan at any time:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)If the Mortgaged Property securing it is a mobile home, manufactured housing, or cooperative housing unit.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)That contains or is otherwise subject to any contractual restriction or prohibition on the free transferability of such Mortgage Loan, all Liens securing it and all related rights (other than Law requiring notification to its Mortgagor(s) of any transfer of it or of its servicing or administration), either absolutely or as security.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)If any of its owners-mortgagors is a corporation, partnership or any other entity that is not a natural person or a trust for natural persons unless its full payment when due is guaranteed by a natural person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4)If any of its owner-mortgagors is an Affiliate of the Seller or any of the Seller's or any such Affiliate's directors, members or appointed officers; <u>provided</u>, <u>however</u>, nothing herein shall be deemed to disqualify any Purchased Mortgage Loans made to an employee or officer of the Seller in the ordinary course of the Seller's business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5)Whose related Mortgaged Property is not covered by a hazard insurance policy that complies with applicable Agency or Investor Guidelines.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6)That is a construction, rehabilitation or commercial loan. The Administrative Agent, the Buyers and the Custodian may rely on the Seller's representation and warranty that no Purchased Mortgage Loan is such a loan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7)Where the Mortgage Note evidencing such Mortgage Loan (i) was not executed by a bona fide third person who had capacity to contract, or (ii) matures more than thirty (30) years from the date thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8)That was originated more than thirty (30) days before its Purchase Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9)That is in default or ever was in default.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10)That contains any term or condition such that the repayment schedule results in the outstanding principal balance increasing over time, rather than amortizing, whether or not such Mortgage Loan is deemed to be an "option ARM", "reverse mortgage", "negative amortization" or "graduated payment" loan. The Administrative Agent, the Buyers and the Custodian may rely on the Seller's representation and warranty that any Mortgage Loan duly sold to the Buyers amortizes over time.

Schedule EL

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11)In connection with the origination of which a policy of single-premium life insurance on the life of a mortgagor, borrower or guarantor was purchased.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12)That (i) is subject to the special Truth-in-Lending disclosure requirements imposed by Section 32 of Regulation Z of the Federal Reserve Board (12 C.F.R. § 226.32) or any similar state or local Law relating to high interest rate credit or lending transactions or (ii) contains any term or condition, or involves any loan origination practice, that (a) has been defined as "high cost", "high risk", "predatory", "covered", "threshold" or a similar term under any such applicable federal, state or local law, (b) has been expressly categorized as an "unfair" or "deceptive" term, condition or practice in any such applicable federal, state or local law (or the regulations promulgated thereunder) or (c) by the terms of such Law exposes assignees of Mortgage Loans to possible civil or criminal liability or damages or exposes any Buyer or the Administrative Agent to regulatory action or enforcement proceedings, penalties or other sanctions. The Administrative Agent, the Buyers and the Custodian may rely on the Seller's representation and warranty that no Purchased Mortgage Loan is such a loan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13)That the Seller or any Affiliate has previously warehoused with any other Person, whether under a lending arrangement or an arrangement involving a sale in contemplation of a subsequent further sale to (or securitization by) a secondary mortgage market purchaser (other than the existing mortgage warehousing facility with Comerica Bank), whether with or without the Seller's having any conditional repurchase or other recourse obligation, and that was rejected or became ineligible or disqualified to be lent against or purchased and held by such other Person. The Administrative Agent, the Buyers and the Custodian may rely on the Seller's representation and warranty that no Purchased Mortgage Loan is such a loan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14)That the Seller or any Affiliate sold and transferred, or attempted to sell and transfer, to any other Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15)That has a LTV ratio in excess of (a) one hundred five percent (105%) in the case of a State Housing Agency Mortgage Loan; or (b) in the case of a Jumbo Mortgage Loan the applicable maximum LTV specified in the Credit Requirements defined in the Fee and Pricing Letter (or, in each case, such other percentage determined by the Administrative Agent in its sole discretion and specified in a written notice from the Administrative Agent to the Seller from time to time);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16)[Reserved].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17)Unless all of the Seller's right, title and interest in and to the Purchased Mortgage Loan is subject to a first priority perfected security interest in favor of the Administrative Agent for the benefit of the Buyers subject to no other liens, security interests, charges or encumbrances other than the Seller's right to repurchase the Purchased Mortgage Loan hereunder and other Permitted Encumbrances with respect to the related Mortgaged Property.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(18)Unless all the representations and warranties set forth in this Agreement, including, without limitation, <u>Section 6.23</u> and <u>Schedule 6.23</u>, are true and correct with respect to such Purchased Mortgage Loan at all times on and after the related Purchase Date through the applicable Repurchase Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(19)That is not covered by an Investor Commitment or Hedge Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(20)That has an original term to stated maturity of more than thirty (30) years.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(21)As to which any Disqualifier applies.

Schedule EL

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(22)[Reserved].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(23)[Reserved].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(24)[Reserved].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(25)Any Mortgage Loan with respect to which the Mortgagor has made a formal written request for, and/or the Seller has granted, forbearance of some or all of Mortgagor's payment obligations thereunder.

Schedule EL

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**SCHEDULE 6.23**

SPECIAL REPRESENTATIONS AND WARRANTIES <br><u>WITH RESPECT TO EACH PURCHASED MORTGAGE LOAN</u>

With respect to each Mortgage Loan, (i) as of the Purchase Date for the purchase of any Purchased Mortgage Loans and as of the Closing Date of this Agreement and any Transaction hereunder, and (ii) at all times while the Repurchase Documents or any Transaction hereunder is in force and effect, the Seller represents and warrants to the Administrative Agent and the Buyers that each of the statements set forth as lettered items of this <u>Schedule 6.23</u> is true and correct in all material respects. For purposes of this <u>Schedule 6.23</u> and the representations and warranties set forth herein, a breach of a representation or warranty shall be deemed to have been cured with respect to a Mortgage Loan if and when the Seller has taken or caused to be taken action such that the event, circumstance or condition that gave rise to such breach no longer adversely affects such Mortgage Loan. With respect to each representation and warranty below that is made to the best of the Seller's knowledge, if it is discovered by the Seller, the Administrative Agent or any Buyer that the substance of such representation and warranty is inaccurate, notwithstanding the 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 (if Administrative Agent shall determine that a Purchased Mortgage Loan is not an Eligible Mortgage Loan because of the inaccuracy of such a representation or warranty, Administrative Agent will give Seller written notice specifying the affected Purchased Mortgage Loan or Loans).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)<u>Mortgage Loans as Described</u>. The information set forth in the related Mortgage File is complete, true and correct as of the related Purchase Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)<u>Valid First Lien</u>. The Mortgage is properly recorded (or, as to newly-originated Mortgage Loans, is in the process of being recorded) and is a valid, existing and enforceable first Lien with respect to each Mortgage Loan that is indicated by the Seller to be a first Lien on the Mortgaged Property, including all improvements on the Mortgaged Property, free and clear of all adverse claims, and Liens having priority over the Lien of the Mortgage, subject only to (i) the Lien of current real property taxes and assessments not yet delinquent, (ii) exceptions, covenants, conditions and restrictions, rights of way, easements and other matters of the public record as of the date of recording being acceptable to mortgage lending institutions generally and specifically referred to in the lender's title insurance policy delivered to the Seller and that do not adversely affect the purchase by, or the purchase price to be paid by, the Takeout Purchaser, and (iii) other matters to which like properties are commonly subject that do not individually or in the aggregate 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, existing and enforceable first lien and first priority security interest securing the related Mortgage Loan on the property described therein and the Seller has full right to sell and assign the related Purchased Assets to the Administrative Agent for the benefit of the Buyers.

Schedule 6.23

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)<u>Validity of Mortgage Documents</u>. With respect to each Mortgage Loan, the Seller or its designee has in its possession all Servicing Records (including for each eMortgage Loan, the eClosing Transaction Record) except for those Servicing Records that the Seller has disclosed to the Administrative Agent are outstanding. The Mortgage Note and the related Mortgage are original and genuine, or in the case of an eNote, the copy of the eNote transmitted to the Custodian's eVault is the Authoritative Copy and the tamper-seal on the eNote matches the tamper-seal stored on the MERS eRegistry, and each is the legal, valid and binding obligation of the Mortgagor thereof, enforceable in all respects in accordance with its terms except as enforceability may be limited by (i) bankruptcy, insolvency, liquidation, receivership, moratorium, reorganization or other similar laws affecting the enforcement of the rights of creditors and (ii) general principles of equity, whether enforcement is sought in a proceeding in equity or at law, and the Seller has taken all action required by this Agreement or requested by Administrative Agent to transfer such rights of enforceability to the Custodian, for the benefit of the Buyers. Neither the operation of any of the terms of any Mortgage or Mortgage Note, nor the proper exercise by any holder of any right thereunder, will render the Mortgage or Mortgage Note unenforceable, in whole or in part, or subject to any right of rescission, setoff, counterclaim or defense, and no such right of rescission, setoff, counterclaim or defense has been asserted with respect thereto. All parties to the Mortgage Note and the Mortgage had the legal capacity to enter into the Mortgage Loan and to execute and deliver the Mortgage Note and the Mortgage, and the Mortgage Note and the Mortgage have been duly and properly executed by such parties. All items required to be delivered pursuant to this Agreement shall be delivered to the Custodian within the time frames set forth in the Custodial Agreement, and if a document is delivered in imaged format, such images must be of sufficient quality to be readable and able to be copied. There is only one original executed Mortgage Note (or, in the case of an eNote, only one Authoritative Copy of the eNote, and each other copy of the eNote is readily identifiable as a copy that is not the Authoritative Copy of the eNote) with respect to such Mortgage Loan, and, if an eMortgage Loan, the Mortgagor only signed the eNote at origination and did not also execute an original Mortgage Documents. Without the Administrative Agent's prior written consent, the Seller has not amended or modified the Mortgage Documents, or waived any term or condition of them, or settled or compromised any claim in respect of any item of the Purchased Mortgage Loans, any related rights or any of the Mortgage Documents, except only such amendments, modifications, waivers, settlements or compromises, if any, that (a) do not (i) affect the amount or timing of any payment of principal or interest payable with respect to such Purchased Mortgage Loan, (ii) extend its scheduled maturity date, modify its interest rate or constitute a cancellation or discharge of its outstanding principal balance, (iii) materially and adversely affect the liability of any maker, guarantor or insurer or the security afforded by the real property, furnishings, fixtures, or equipment securing the Purchased Mortgage Loan or (iv) materially and adversely affect its value, (b) have been approved by the insurer under the related private mortgage insurance policy, if any, and by the title insurer under the related lender's title insurance policy, to the extent required to avoid affecting or impairing the coverage of such policy or policies, and (c) are in accordance with Accepted Servicing Practices and the Agency Guidelines.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)<u>Customary Provisions</u>. The Mortgage and related Mortgage Note contain customary and enforceable provisions such as to render the rights and remedies of the holder

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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 subject to applicable federal and state laws and judicial precedent with respect to bankruptcy and right of redemption. 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, subject to applicable federal and state laws and judicial precedent with respect to bankruptcy and right of redemption. There is no homestead or other exemption or right available to the Mortgagor or any other person that would interfere with the right to sell the Mortgaged Property at a trustee's sale or the right to foreclose the Mortgage, subject to applicable federal and state laws and judicial precedent with respect to bankruptcy and right of redemption. The Mortgage Note and Mortgage are on forms that are conforming to the Agency Guidelines and the Investor Guidelines, as applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)<u>Original Terms Unmodified</u>. The terms of the Mortgage Note and the Mortgage have not been impaired, waived, altered or modified in any respect, except, so long as the Mortgage Note is not an eNote, by written instruments that (i) have been recorded in the applicable public recording office if required by law or if necessary to maintain the lien priority of the Mortgage and (ii) have been delivered to Buyer and (iii) if such instrument modifies an eNote, such modification is reflected on the MERS eRegistry, and the eNote and related Mortgage Documents remain valid, effective and enforceable and in compliance with all applicable Law (including UETA and ESIGN) and Agency Guidelines; the substance of any such waiver, alteration or modification has been approved by the insurer under the private mortgage insurance policy, if any, and by the title insurer, to the extent required by the related policy provided by the Seller and is reflected appropriately on any and all documentation or data and is true and accurate. No other instrument of waiver, alteration or modification has been executed, and no Mortgagor has been released, in whole or in part, except in connection with an assumption agreement approved by the insurer under the private mortgage insurance policy, if any, and by the title insurer, to the extent required by the policy, and which assumption agreement is a part of the Mortgage File. As of the Purchase Date, the full original principal amount of each Mortgage Loan has been fully disbursed as provided for in the Mortgage Documents, and there is no requirement for any future advances.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)<u>No Defenses</u>. The Mortgage Note and the Mortgage are not subject to any right of rescission, set off, counterclaim or defense, including the defense of usury, nor will the operation of any of the terms of the Mortgage Note and the Mortgage, or the exercise of any right thereunder, render either the Mortgage Note or the Mortgage unenforceable, in whole or in part, or subject to any right of rescission, set off, counterclaim or defense, including the defense of usury, and no such right of rescission, set off, counterclaim or defense has been asserted with respect thereto; and the Mortgagor was not, as of the origination date, subject to an event of Insolvency.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)<u>No Outstanding Charges</u>. There are no defaults by the Seller or any subservicer in complying with the terms of the Mortgage, and (1) all taxes, special assessments, governmental assessments, insurance premiums and municipal charges that previously became due and owing

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have been paid or are not delinquent, or escrow funds have been established in an amount sufficient to pay for every such escrowed item that remains unpaid and that has been assessed but is not yet delinquent before any "economic loss" dates or discount dates (or if payments were made after any "economic loss" date or discount date, then Seller has paid any penalty or reimbursed any discount out of the Seller's funds) and (2) all flood and hazard insurance premiums and private mortgage insurance premiums that are due, have been paid without loss or penalty to the Mortgagor. As of the Purchase Date, no violation of applicable law, local ordinances or city codes resulting from a deterioration or defect existing in any Mortgaged Property has occurred. The Seller has received no notice of, and has no actual knowledge of, any event, including the bankruptcy filing or death of a Mortgagor, that has resulted in a Mortgagor default under the Mortgage Note or Mortgage. None of the Seller or any subservicer has advanced funds, or induced, solicited or knowingly received any advance from any Person other than the Mortgagor, directly or indirectly, for the payment of any amount due under the Mortgage Loan, unless otherwise permitted in the Agency Guidelines or Investor Guidelines.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)<u>No Satisfaction of Mortgage</u>. 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 effect any such satisfaction, cancellation, subordination, rescission or release. Neither the Seller nor any subservicer has 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, and neither the Seller nor any subservicer has waived any default resulting from any action or inaction by the Mortgagor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)<u>No Default</u>. Other than payments due but not yet thirty (30) days or more delinquent, there is no default, breach, violation or event of acceleration existing under the Mortgage or the Mortgage Note and no event that, 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 permitting acceleration, and neither the Seller nor any subservicer has waived any default, breach, violation or event permitting acceleration resulting from any action or inaction by the Mortgagor. With respect to each Mortgage Loan (i) the first Lien securing the Mortgage Loan is in full force and effect, (ii) there is no default, breach, violation or event of acceleration existing under such first lien Mortgage or the related Mortgage Note, and (iii) no event that, 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 thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j)<u>Full Disbursement of Proceeds</u>. The Mortgage Loan has been closed and the proceeds of the Mortgage Loan have been fully disbursed to or for the account of the Mortgagor and there is no obligation for the mortgagee to advance additional funds thereunder 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 have been paid or are in the process of being paid, and the Mortgagor is not entitled to any refund of any amounts paid or due to the mortgagee pursuant to the Mortgage Note or Mortgage with exception to escrow holdbacks.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k)<u>No Mechanics' Liens</u>. Subject to the exceptions in <u>clause (b)</u> above, there are no mechanics' or similar Liens or claims filed for work, labor or material (and no rights are outstanding that under law could give rise to such a Lien) affecting the related Mortgaged Property that is or may be Liens prior to, or equal or coordinate with, the Lien of the related Mortgage.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l)<u>No Additional Collateral</u>. The Mortgage Note is not and has not been secured by any collateral except the Lien of the corresponding Mortgage on the Mortgaged Property and the security interest of any applicable security agreement or chattel mortgage.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m)<u>Origination; Payment Terms</u>. The Mortgage Loan was originated by the Seller, which is 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 other similar institution that is supervised and examined by a federal or state authority or duly licensed by state licensing authority, if applicable. The Seller and all other parties that 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) in compliance with any and all applicable licensing requirements of the laws of the state wherein the Mortgaged Property is located, and either (1) organized under the laws of such state, (2) qualified to do business in such state, (3) federal savings and loan associations, savings banks or national banks having principal offices in such state, (4) not doing business in such state or (5) not required by any Law to be qualified to do business in such state. Principal payments on the Mortgage Loan commenced or will commence no more than sixty (60) days after the proceeds of the Mortgage Loan were disbursed. The Mortgage Loan requires interest payable in arrears on the first day of the month. Each Mortgage Note requires a monthly payment that is sufficient (i) during the period before the first adjustment to the Mortgage interest rate, to amortize the original principal balance fully over the original term thereof (unless otherwise provided in the applicable Agency Guidelines) and to pay interest at the related Mortgage interest rate, and (ii) during the period following each interest rate adjustment date in the case of each adjustable rate Mortgage Loan, to amortize the outstanding principal balance fully as of the first day of such period over the then remaining term of such Mortgage Note and to pay interest at the related Mortgage interest rate. The Mortgage Note does not permit negative amortization. Interest on the Mortgage Note is calculated on the basis of a 360-day year consisting of twelve 30-day months. The Mortgage Loan is not a simple interest Mortgage Loan (meaning a Mortgage Loan on which interest is calculated on a daily basis). The Mortgage Loan does not require a balloon payment upon the maturity thereof. The Mortgage Note does not by its terms provide for the capitalization or forbearance of interest.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n)<u>Ownership</u>. Immediately before the Buyers' payment of the Purchase Price, the Seller was the sole owner and holder of the Mortgage Loan and the indebtedness evidenced by the Mortgage Note. Immediately before the Purchase Date, the Mortgage Loan, including the Mortgage Note and the Mortgage, is not assigned or pledged by the Seller (although it may be, or have been, subject to an Investor Commitment) and the Seller has good and marketable title thereto, full right to transfer and sell the Mortgage Loan to the Administrative Agent on behalf of the Buyers free and clear of any Lien, participation interest, equity, pledge or claim and had full

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right and authority subject to no interest or participation in, or agreement with any other Person to sell or otherwise transfer the Mortgage Loan, subject to any applicable Investor Commitment. Following the sale of the Mortgage Loan, Buyers will own such Mortgage Loan and the other Purchased Assets free and clear of any Lien except for the Lien created pursuant to this Agreement and subject to Seller's repurchase rights and applicable Investor Commitments and Buyers shall have a valid and perfected first priority security interest in all of Seller's right, title and interest in and to such Mortgage Loan and the other Purchased Assets then existing and thereafter arising in each case free and clear of any Lien, subject to Seller's repurchase rights and applicable Investor Commitment. After the related Purchase Date, the Seller will not have any right to modify or alter the terms of the sale of the Mortgage Loan and the Seller will not have any obligation or right to repurchase the Mortgage Loan, except as provided in this Agreement or as otherwise agreed to by the Seller, the Administrative Agent and each Buyer. The Seller has full right to sell, assign and transfer the Mortgage Loan without the consent of the related Mortgagor or any other Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o)<u>Transfer of Mortgage Loan</u>. The Mortgage Loan is a MERS Loan. The original Mortgage was recorded in the appropriate jurisdictions wherein such recordation is necessary to perfect the Lien thereof as against creditors of the Mortgagor, or is in the process of being recorded. The Seller has registered the Mortgage Loan on the MERS System or will do so within five (5) Business Days after the Purchase Date. No Person (other than Administrative Agent, which may, at its election, list itself as interim funder) is listed as interim funder on the MERS System with respect to such Mortgage Loan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p)<u>Hazard Insurance; Flood Insurance</u>. All buildings or other customarily insured improvements upon the Mortgaged Property are insured by an insurer generally acceptable under the Investor Guidelines and against loss by fire, hazards covered by extended coverage insurance and such other hazards as are required in the Investor Guidelines pursuant to an insurance policy conforming to the requirements of Investor Guidelines and providing coverage as required by Agency Guidelines. All such insurance policies are in full force and effect and contain a standard mortgagee clause naming the originator of the Mortgage Loan, its successors and assigns as mortgagee and all premiums due and owing thereon have been paid. If required by the Flood Disaster Protection Act of 1973, as amended, or by regulations promulgated pursuant thereto, the Mortgage Loan is covered by a flood insurance policy meeting the requirements of the current guidelines of the Federal Insurance Administration is in effect which policy conforms to the requirements of the Investor Guidelines. The Mortgage obligates the Mortgagor thereunder to maintain all such insurance at the Mortgagor's cost and expense, and on the Mortgagor's failure to do so, authorizes the holder of the Mortgage to maintain such insurance at the Mortgagor's cost and expense and to seek reimbursement therefor from the 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 in full force and effect. The Seller has not engaged in, and has no knowledge of the Mortgagor, any subservicer or any prior servicer having engaged in, any act or omission that would impair the coverage of any such policy, the benefits of the endorsement provided for herein, or the validity

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and binding effect of either, including, to Seller's knowledge, 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 or entity, and no such unlawful items have been received, retained or realized by the Seller, in any case, to the extent it would impair coverage under any such policy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q)<u>Title Insurance</u>. The Mortgage Loan is covered by an ALTA, CLTA or TLTA lender's title insurance policy, acceptable to the applicable Agency or as mandated by applicable state law, if any, issued by a title insurer acceptable to the applicable Agency or qualified as required under applicable state law and qualified to do business in the jurisdiction where the Mortgaged Property is located, insuring the Seller, its successors and assigns as to the first priority of the lien of the Mortgage in the original principal amount of the Mortgage Loan, subject to the exceptions in <u>clause (b)</u> above, and, if such Mortgage Loan is an adjustable rate Mortgage Loan, against any loss by reason of the invalidity or unenforceability of the lien resulting from the provisions of the Mortgage providing for adjustment in the Mortgage interest rate or 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. The Seller and its successors and assigns are the sole insureds of such lender's title insurance policy, and such lender's title insurance policy is in full force and effect and will be in full 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 the Seller has not done, by act or omission, anything that would impair the coverage of such lender's title insurance policy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r)<u>Reserved</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s)<u>Private Mortgage Insurance Policy</u>. In the event that a private mortgage insurance policy is required by the applicable Agency, the Mortgage Loan has a valid and transferable private mortgage insurance policy. Unless the private mortgage insurance policy for a Mortgage Loan was cancelled at the request of the Mortgagor or automatically terminated, in either case in accordance with applicable law, all premiums have been paid and all provisions of such private mortgage insurance policy have been and are being complied with. Any Mortgage Loan subject to a primary mortgage insurance policy obligates the Mortgagor thereunder to pay the private mortgage insurance policy premium, if any, with respect to such Mortgage Loan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t)<u>Optional Insurance</u>. No single payment credit life insurance or other optional insurance product that has been considered "predatory" by Fannie Mae or Freddie Mac has been obtained with the proceeds of such Mortgage Loan in connection with the origination of such Mortgage Loan at the origination date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u)<u>Insurance</u>. All insurance policies required by the applicable Agency in connection with the closing of the Mortgage Loan, of whatever type, remain in full force and

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effect. The Seller has not engaged in, and has no knowledge of the Mortgagors having engaged in, any act or omission that would impair the coverage validity or binding effect of any such policies or 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 unlawful commission, unlawful fee, or other unlawful compensation has been or will be received by the Seller or any subservicer or any designee of the Seller or any subservicer or any corporation in which the Seller, any subservicer or, to Seller's knowledge, any officer, director, or employee of the Seller or any subservicer had a financial interest at the time of placement of such insurance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)<u>Mortgaged Premises Undamaged; No Condemnation Proceedings</u>. As of the related Purchase Date, there are no material uninsured casualty losses or material casualty losses where coinsurance has been, or the Seller has reason to believe will be, claimed by the insurance company or where the loss, exclusive of contents, is, or will be, materially greater than the recovery (less actual costs and expenses incurred in connection with such recovery) from the insurance carrier. No casualty insurance proceeds have been used by Seller to reduce Mortgage Loan balances or for any other purpose except to make repairs to the Mortgaged Property, except as allowed pursuant to applicable law and the Mortgage Documents. All damage with respect to which casualty insurance proceeds have been received by or through the Seller has been properly repaired or is in the process of being repaired using such proceeds. There is no material damage to the Mortgaged Property from waste, fire, windstorm, flood, tornado, earthquake or earth movement, to Seller's actual knowledge, hazardous or toxic substances, or other casualty that would materially adversely affect the value of the Mortgaged Property as security for the Mortgage Loan. There is no proceeding pending or, to Seller's actual knowledge, threatened in writing for the partial or total condemnation of the Mortgaged Property that would adversely affect the Mortgage Loan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(w)<u>Location of Improvements; No Encroachments</u>. All improvements subject to the Mortgage that 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 wholly within the project with respect to a condominium unit) and no improvements on adjoining properties encroach upon the Mortgaged Property except those that are insured against by the title insurance policy referred to in <u>clause (q)</u> above and all improvements on the Mortgaged Property comply with all applicable zoning and subdivision laws and ordinances.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x)<u>Appraisal</u>. The Servicing Records contain an appraisal or an underwriting property valuation using an automated valuation model of the related Mortgaged Property, or an Appraised Value Alternative, in each case, in a form acceptable to the applicable Agency or Takeout Purchaser, the Administrative Agent and consistent with the applicable Agency Guidelines, and in the case of an appraisal, made and signed, before the approval of the Mortgage Loan application, by a qualified appraiser, duly appointed by the Seller, who had no interest, direct or indirect in the Mortgaged Property or in any loan made on the security thereof, whose compensation is not affected by the approval or disapproval of the Mortgage Loan and who met the minimum qualifications of the applicable Agency. Each appraisal of the Mortgage

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Loan was made in accordance with the requirements of Title XI of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989, as amended (12 U.S.C. 3331 et seq.) and the regulations promulgated thereunder, and if such Mortgage Loan is a "higher priced mortgage loan" as defined in 12 CFR § 1026.35(a)(1), the requirements of 12 CFR § 1026.35(c)(3) and (4), including their requirements, if applicable, for a second appraisal for higher priced mortgage loans to finance a consumer's acquisition of his or her principal dwelling that was acquired by its seller within ninety (90) or one hundred eighty (180) days before consummation of such mortgage loan, for more than one hundred ten percent (110%) or one hundred twenty percent (120%), respectively, of the Seller's acquisition price), all as in effect on the origination date of the Mortgage Loan. As used herein, the term "<u>Appraised Value Alternative</u>" means with respect to (i) refinanced Mortgage Loans underwritten with the use of the Fannie Mae direct underwriting system with respect to which a property inspection waiver has been issued, (ii) Fannie Mae "DU Refi" Mortgage Loans and (iii) Freddie Mac "Open Access" Mortgage Loans, the value entered by Seller into Fannie Mae's Desktop Underwriter or Freddie Mac's Loan Prospector system, as applicable. In the case of FHA streamlined Mortgage Loans, "<u>Appraised Value Alternative</u>" means the appraised value reported in the FHA connection system for the Mortgagor's previous loan that is being refinanced by the subject Mortgage Loan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(y)<u>Occupancy of the Mortgaged Premises</u>. As of the Purchase Date, the Mortgaged Property is lawfully occupied under applicable law. As of the Purchase Date, 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 certificates of occupancy, have been made or obtained from the appropriate authorities and no improvement located on or part of the Mortgaged Property is in violation of any zoning law or regulation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(z)<u>Type of Mortgaged Premises</u>. The Mortgaged Property is located in the United States and consists of a single parcel of real property with a detached single family residence erected thereon, a townhouse or a two to four family dwelling, or an individual condominium unit, or an individual unit in a planned unit development or a *de minimis* planned unit development, or a cooperative unit in a cooperative project; <u>provided</u> <u>that</u> any condominium project or planned unit development generally conforms to the applicable Agency Guidelines regarding such dwellings. As of the date of origination, no portion of the Mortgaged Property was used for commercial purposes, and since the date of origination, no portion of the Mortgaged Property has been used for commercial purposes; <u>provided</u> <u>that</u> Mortgaged Property that contains a home office shall not be considered as being used for commercial purposes as long as the Mortgaged Property has not been altered for commercial purposes and is not storing any chemicals or raw materials other than those commonly used for homeowner repair, maintenance and/or household purposes. The Mortgaged Property is not a Manufactured Home or a mobile home.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(aa)<u>Environmental Matters</u>. There is no pending action or proceeding directly involving any Mortgaged Property of which Seller is aware in which compliance with any environmental law, rule or regulation is an issue 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

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enjoyment of said property. The Mortgaged Property is free from any and all toxic or hazardous substances in unlawful quantities or concentrations and there exists no violation of any local, state or federal environmental law, rule or regulation with respect to the Mortgaged Property.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ab)<u>Unacceptable Investment</u>. The Seller has no actual knowledge of any specific circumstances or condition with respect to the Mortgage, the Mortgaged Property, the Mortgagor or the Mortgagor's credit standing that cause, or would reasonably be expected to cause, private institutional investors that invest in loans similar to the Mortgage Loan to regard the Mortgage Loan as an unacceptable investment or materially adversely affect the value or the marketability of the Mortgage Loan in comparison to similar loans.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ac)<u>Servicemembers Civil Relief Act</u>. The Mortgagor has not notified the Seller or any subservicer, and the Seller has no actual knowledge of any relief requested or allowed to the Mortgagor under the Servicemembers Civil Relief Act of 2003, as amended, or other similar state or federal law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ad)<u>No Fraud</u>. No fraud, material omission, misrepresentation, negligence or similar occurrence with respect to the Mortgage Loan has taken place on the part of the Seller, any subservicer or any other Person involved in the origination of the Mortgage Loan, including the Mortgagor, any builder or developer or any appraiser. To Seller's actual knowledge, the documents, instruments and agreements submitted for loan underwriting were not falsified and contain no untrue statement of material fact or omit to state a material fact required to be stated therein or necessary to make the information and statements therein not misleading. The 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ae)<u>Delinquency</u>. The Mortgage Loan has not been dishonored or declared to be in default and no payment required under the Mortgage Loan is more than thirty (30) days past due.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(af)<u>Compliance with Applicable Laws</u>. Any and all requirements of any applicable federal, state or local law including usury, truth in lending, real estate settlement procedures, consumer credit protection, fair credit billing, fair credit reporting, fair debt collection practices, predatory and abusive lending laws and regulations, equal credit opportunity, fair housing and disclosure laws or unfair and deceptive practices laws applicable to the origination and servicing of the Mortgage Loan including any provisions relating to prepayment penalties, have been complied with in all material respects and the consummation of the transactions contemplated hereby will not involve the violation of any such laws or regulations. The Seller maintains, and shall maintain, evidence of such compliance as required by applicable law or regulation and shall make such evidence available for Administrative Agent's inspection at the Seller's office during normal business hours upon reasonable advance notice. Each Mortgage Loan at the time it was made complied in all material respects with applicable local, state, and federal laws, including all applicable predatory and abusive lending laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ag)<u>Disclosure and Rescission Materials</u>. The Mortgagor has received all disclosure materials required by applicable law with respect to the making of mortgage loans of the same type as the Mortgage Loan and rescission materials required by applicable law and has

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acknowledged receipt of such materials to the extent required by applicable law and such documents will remain in the Mortgage File.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ah)<u>Texas Refinance Loans</u>. Each Mortgage Loan originated in the State of Texas pursuant to Article XVI, Section 50(a)(6) of the Texas Constitution (a "<u>Texas Refinance Loan</u>") has been originated in compliance with the provisions of Article XVI, Section 50(a)(6) of the Texas Constitution, Texas Civil Statutes and the Texas Finance Code. With respect to each Texas Refinance Loan that is a cash out refinancing, the related Mortgage Documents state that the Mortgagor may prepay such Texas Refinance Loan in whole or in part without incurring a prepayment penalty. The Seller does not collect any such prepayment penalties in connection with any such Texas Refinance Loan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ai)<u>Anti-Money Laundering Laws</u>. The Seller has at all times complied with all applicable anti-money laundering rules and regulations, in respect of the origination and servicing of each Mortgage Loan; Seller has established an anti-money laundering compliance program as and to the extent required by the anti-money laundering rules and regulations, has conducted the requisite due diligence in connection with the origination and servicing of each Mortgage Loan for purposes of the anti-money laundering rules and regulations to the extent applicable to the Seller, and, to the extent required by applicable law, maintains, and will maintain, either directly or through third parties, sufficient information to identify the applicable Mortgagor for purposes of the anti-money laundering rules and regulations. No Mortgage Loan is subject to nullification pursuant to Executive Order 13224 (the "<u>Executive Order</u>") or the regulations promulgated by OFAC (the "<u>OFAC Regulations</u>") or in violation of the Executive Order or the OFAC Regulations, and to Seller's actual knowledge no Mortgagor is subject to the provisions of such Executive Order or the OFAC Regulations nor listed as a "blocked person" for purposes of the OFAC Regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(aj)<u>Predatory Lending Regulations</u>. The Mortgage Loan is not classified as (a) a "high cost" loan under the Home Ownership and Equity Protection Act of 1994 ("<u>HOEPA</u>") or (b) a "high cost", "threshold", "covered" or "predatory" loan under any other applicable state, federal or local law. The Mortgage Loan does not have an "annual percentage rate" or total "points and fees" payable by the related Mortgagor (as each such term is calculated under HOEPA) that exceed the thresholds set forth by HOEPA and its implementing regulations for "high cost" loans, including 12 C.F.R. § 226.32(a)(1)(i). No predatory or deceptive lending practices, including the extension of credit without regard to the ability of the Mortgagor to repay and the extension of credit that has no apparent benefit to the Mortgagor, were employed in the origination of the Mortgage Loan. No term or condition of, and no practice used in connection with the origination of, such Mortgage Loan has been categorized as an "unfair" or "deceptive" term, condition or practice under any applicable federal, state or local law (or regulation promulgated thereunder) and the Mortgage Loan does not have any terms that expose Buyer to regulatory action or enforcement proceedings, penalties or other sanctions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ak)<u>State Laws</u>. No Mortgage Loan is a "High-Cost Home Loan" as defined in the Arkansas Home Loan Protection Act effective July 16, 2003 (Act 1340 of 2003); no Mortgage Loan is a "High-Cost Home Loan" as defined in the Kentucky high-cost home loan statute

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effective June 24, 2003 (Ky. Rev. Stat. Section 360.100); no Mortgage Loan is a "High-Cost Home Loan" as defined in the New Jersey Home Ownership Act effective November 27, 2003 (N.J.S.A. 46:10B-22 et seq.); no Mortgage Loan is a "High-Cost Home Loan" as defined in the New Mexico Home Loan Protection Act effective January 1, 2004 (N.M. Stat. Ann. §§ 58-21A-1 et seq.); no Mortgage Loan is a "High-Risk Home Loan" as defined in the Illinois High-Risk Home Loan Act effective January 1, 2004 (815 Ill. Comp. Stat. 137/1 et seq.); no Mortgage Loan is a "High-Cost Home Mortgage Loan" as defined in the Massachusetts Predatory Home Loan Practices Act, effective November 7, 2004 (Mass. Ann. Laws Ch. 183C); no Mortgage Loan is a "High Cost Home Loan" as defined in the Indiana Home Loan Practices Act, effective January 1, 2005 (Ind. Code Ann. Sections 24-9-1 through 24-9-9); no Mortgage Loan that was originated on or after October 1, 2002 and on or before March 7, 2003 is secured by property located in the State of Georgia; no Mortgage Loan that was originated after March 7, 2003 is a "high cost home loan" as defined under the Georgia Fair Lending Act, as amended; no Mortgage Loan is a "high cost home loan," as defined in Section 6 L of the New York State Banking Law; and no Mortgage Loan is a "covered loan" as contemplated in the California Predatory Lending Act set forth in California Finance Code Sections 4970 to 4979.8.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(al)<u>Arbitration</u>. No Mortgage Loan is subject to mandatory arbitration to resolve any dispute arising out of or relating in any way to the Mortgage Loan transaction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(am)<u>Higher Cost Products</u>. The Mortgagor was not encouraged or required to select a Mortgage Loan product offered by the Mortgage Loan's originator that is a higher cost product designed for less creditworthy Mortgagors, unless at the time of the Mortgage Loan's origination, such Mortgagor did not qualify taking into account such facts as the Mortgage Loan's requirements and the Mortgagor's credit history, income, assets and liabilities and debt-to-income ratios for a lower-cost credit product then offered by the Mortgage Loan's originator or any affiliate of the Mortgage Loan's originator. If, at the time of loan application, the Mortgagor qualified for a lower-cost credit product then offered by the Mortgage Loan's originator, the Mortgage Loan's originator offered such lower-cost credit product to Mortgagor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(an)<u>Underwriting Methodology</u>. With respect to delegated underwritten loans, the methodology used in underwriting the extension of credit for each Mortgage Loan does not rely solely on the extent of the Mortgagor's equity in the collateral as the principal determining factor in approving such extension of credit. The methodology employed objective criteria such as the Mortgagor's income, assets, liabilities and the proposed mortgage payment in accordance with Investor Guidelines.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ao)<u>Points and Fees</u>. No Mortgagor was charged "points and fees" as defined in 12 CFR § 1026.32(b)(1), whether or not financed, in an amount greater than (i) three percent (3%) of the total loan amount — or, for Mortgage Loans of less than $100,000 (indexed for inflation), such different amount as is specified in 12 CFR § 1026.43(e)(3) — of any Mortgage Loan that is an "ATR Covered Loan" (*i.e.*, a Mortgage Loan that is subject to the Truth in Lending Act of 1968, as amended, and is not exempt from the ability to repay requirements of Regulation Z (12 CFR § 1026.43(a) or (d)), or (ii) five percent (5%) of the principal amount of any Mortgage Loan that is an "ATR Exempt Loan" (*i.e*., a Mortgage Loan that is either not

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subject to the Truth in Lending Act of 1968, as amended, or is exempt from such ability to repay requirements in Regulation Z). All fees and charges (including finance charges), whether or not financed, assessed, collected or to be collected in connection with the origination and servicing of each Mortgage Loan, have been disclosed in writing to the Mortgagor in accordance with applicable state and federal law and regulation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ap)<u>Prepayment Penalties</u>. With respect to any Mortgage Loan that contains a provision permitting imposition of a penalty upon a prepayment before maturity: (i) the Mortgage Loan provides some benefit to the Mortgagor (*e.g.*, a rate or fee reduction) in exchange for accepting such prepayment penalty, (ii) the Mortgage Loan's originator had a written policy of offering the Mortgagor the option of obtaining a mortgage loan that did not require payment of such a penalty, (iii) the prepayment penalty was adequately disclosed to the Mortgagor in the Mortgage Documents pursuant to applicable state, local and federal law, and (iv) notwithstanding any state or federal law to the contrary, neither the Seller nor any subservicer shall impose such prepayment premium in any instance when the mortgage debt is accelerated as the result of the Mortgagor's default in making the loan payments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(aq)<u>Single Premium Credit Insurance Policies</u>. No proceeds from any Mortgage Loan were paid on the origination date to purchase a single premium credit insurance policy (*e.g.*, life, mortgage, disability, accident, unemployment, or health insurance product) or debt cancellation agreement through Seller in connection with the origination of the Mortgage Loan or as a condition to the extension of credit. No proceeds from any Mortgage Loan were paid on the origination date to purchase single premium credit insurance policies or debt cancellation agreements as part of the origination of, or as a condition to closing, such Mortgage Loan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ar)<u>Origination Practices; Servicing</u>. The origination practices used by the Seller and the collection and servicing practices used by the Seller and any subservicer with respect to each Mortgage Loan have been in all material respects legal and customary in the mortgage origination and servicing industry and the collection and servicing practices used by the Seller and any subservicer have been consistent with customary servicing procedures. The Mortgage Loan was underwritten in accordance with applicable Investor Guidelines. The Seller services the Mortgage Loan at all times since its origination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(as)<u>Escrow Payments</u>. With respect to escrow deposits and payments that the Seller is entitled to collect, all such payments are in the possession of, or under the control of the 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 and the provisions of the related Mortgage Note and Mortgage. As to any Mortgage Loan that is the subject of an escrow, escrow of funds is not prohibited by applicable law. No escrow deposits or other charges or payments due under the Mortgage Note have been capitalized under any Mortgage or the related Mortgage Note.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(at)<u>Interest on Escrows</u>. As of the related Purchase Date, the Seller has credited to the account of the related Mortgagor under the Mortgage Loan all interest required to be paid by applicable law or by the terms of the related Mortgage Note on any escrow account. Evidence of such credit shall be provided to the Administrative Agent upon request.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(au)<u>Escrow Analysis</u>. The Seller has properly conducted an escrow analysis for each escrowed Mortgage Loan in accordance with applicable law to the extent required by applicable law. All books and records with respect to each Mortgage Loan comply with applicable law and regulations, and have been adjusted to reflect the results of any required escrow analyses. Except as allowed by applicable law, no inflation factor was used in the escrow analysis. The Seller has delivered notification to the Mortgagor(s) under each Mortgage Loan of all adjustments resulting from such escrow analyses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(av)<u>Escrow Holdbacks</u>. The Mortgage Loan is not subject to outstanding escrow holdbacks except those specifically identified by the Seller or permitted in the Investor Guidelines.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(aw)<u>Credit Reporting</u>. To the extent, if any, that the Seller is required to do so by the Fair Credit Reporting Act and its implementing regulations, the Seller has caused to be fully furnished, in accordance with such Act and regulations, accurate and complete information (*i.e.*, favorable and unfavorable) on its Mortgagor loan files to Equifax, Experian, and Trans Union Credit Information Company (three of the credit repositories), on a monthly basis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ax)<u>Interest Rate Adjustments</u>. If applicable, with respect to each adjustable rate Mortgage Loan, all interest rate adjustments have been made in strict compliance with state and federal law and the terms of the related Mortgage Note. At the time the Mortgage Loan was originated, 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ay)<u>Regarding the Mortgagor</u>. The Mortgagor is one or more natural persons and/or trustees for an Illinois land trust or a trustee under a "living trust" and such "living trust" is in compliance with Agency Guidelines for such trusts. The Mortgagor is not an owner, officer, director or agent of the Seller or any guarantor, or an Affiliate of the Seller. The Mortgagor is not an employee of the Seller, or a relative of an employee of the Seller unless (i) the Mortgage Loan was made in compliance with generally applied standards and requirements of the Seller's "employee" or "friends and family" mortgage loan programs under which loans are available to all of the Seller's eligible employees and (ii) such Mortgage Loan is otherwise an Eligible Mortgage Loan. The Mortgagor is not a government or a governmental subdivision or agency. The Mortgagor occupies the Mortgaged Property unless the Mortgaged Property is an investment property.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(az)<u>Fannie Mae Announcement 95-19</u>. As applicable, the Seller will transmit full file credit reporting data for each Mortgage Loan to the extent required pursuant to Fannie Mae Announcement 95-19 and to the extent required by the announcement, the Seller will report one of the following statuses each month as follows: new origination, current, delinquent (thirty (30) or more days), foreclosed, or charged-off.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ba)<u>Tax Identification/Back Up Withholding</u>. All tax identifications for individual Mortgagors, have been certified to the extent required by law. The Seller has complied with all IRS requirements regarding the obtainment and solicitation of taxpayer identification numbers of

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Mortgagors and the taxpayer identification numbers provided to the Administrative Agent or its designee as reflected on the system are correct. To the extent a Mortgage Loan is subject to back up withholding, the Seller has substantiated both the initial reason for the backup withholding and the amount of such backup withholding and the reason for such backup withholding in the amount currently withheld still exists.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(bb)<u>IRS Forms</u>. All IRS forms, including Forms 1099, 1098, 1041 and K-1, as appropriate, that are required to be filed with respect to activity occurring on or before the year in which the Purchase Date occurs and have been filed or will be filed in accordance, in all respects, with applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(bc)<u>Electronic Drafting of Payments</u>. If the Seller or a subservicer drafts monthly payments electronically from the Mortgagor's bank account, such drafting occurs in compliance with applicable federal, state, and local laws and regulations; and the applicable agreement with the Mortgagor; and such applicable agreement with the Mortgagor both legally and contractually can be fully assigned to the Administrative Agent on behalf of the Buyers pursuant to the assignment provisions contained therein, and will be fully assigned to the Administrative Agent on behalf of the Buyers pursuant to this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(bd)<u>U.S. Loan; Mortgagor</u>. The Mortgage Loan is denominated and payable only in United States dollars within the United States and the related Mortgagor is a United States citizen or resident alien or, only if the Mortgagor is a trustee as described in <u>item (yy)</u> in this <u>Schedule 6.23</u> that is not a natural person, Mortgagor is a corporation or other legal entity organized under the laws of the United States or any state thereof or the District of Columbia.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(be)<u>JPMorgan Chase Bank Eligible</u>. If the Mortgage Loan is a Jumbo Mortgage Loan, it is eligible for sale to JPMorgan Chase Bank, N.A. (even if JPMorgan Chase Bank, N.A. is not the Takeout Purchaser).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(bf)<u>Investor Commitment or Hedge Agreement</u>. The Mortgage Loan is subject to (a) a legally valid and binding Investor Commitment and satisfies all of the requirements related to such Investor Commitment or (b) a legally valid and binding Hedge Agreement and satisfies all of the requirements related to such Hedge Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(bg)<u>Agency Guidelines</u>. The Mortgage Loan satisfies, and has been originated in accordance with, all applicable requirements of the applicable Agency Guidelines;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(bh)<u>Whole Loan</u>. The Mortgage Loan is a whole loan and not a participation interest.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(bi)<u>UCC Characterization</u>. The Mortgage Loan is an "account", "chattel paper", "promissory note" or "payment intangible" within the meaning of Article 9 of the UCC of all applicable jurisdictions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(bj)<u>Bankruptcy Code Characterization</u>. The Mortgage Loan is a "mortgage loan" within the meaning of the Bankruptcy Code.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(bk)<u>No Previous Financing</u>. The Mortgage Loan has not been previously financed by any other Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(bl)<u>No Equity Participation</u>. No document relating to the Mortgage Loan provides for sharing in the appreciation of the value of the Mortgaged Property, all except to the extent provided in the Mortgage or by applicable law after default by the Mortgagor. The indebtedness evidenced by the Mortgage Note is not convertible to an ownership interest in the Mortgaged Property, except to the extent provided in the Mortgage or by applicable law after default by the Mortgagor, and the Seller does not own, directly or indirectly, any equity of any form in the Mortgaged Property or the Mortgagor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(bm)<u>Condominiums/ Planned Unit Developments</u>. If the Mortgage Loan is a condominium loan, the related Mortgaged Property is a condominium unit or a unit in a planned unit development (other than a *de minimis* planned unit development), such condominium or planned unit development project meets the eligibility requirements of the applicable Agency or investor or is located in a condominium or planned unit development project that has received project approval from the applicable Agency or investor and the representations and warranties required by the applicable Agency or investor with respect to such condominium or planned unit development remain true and correct in all material respects.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(bn)<u>Downpayment</u>. The source of the down payment with respect to such Mortgage Loan has been fully verified by the Seller.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(bo)<u>Due on Sale</u>. The related 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(bp)<u>Flood Certification Contract</u>. The Seller has obtained a life of loan, transferable flood certification contract for such Mortgage Loan and such contract is assignable without penalty, premium or cost to Buyer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(bq)<u>No Construction Loans</u>. The Mortgage Loan was not made in connection with (a) the construction or rehabilitation of any Mortgaged Property or (b) facilitating the trade-in or exchange of any Mortgaged Property.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(br)<u>eMortgage Loans</u>. If the Mortgage Loan is an eMortgage Loan (i) the Mortgage Loan is evidenced by an eNote that is a valid and enforceable Transferable Record pursuant to all applicable provisions of UETA and/or ESIGN, and there is no defect with respect to the eNote that would confer upon the Administrative Agent on behalf of the Buyers or any subsequent transferor, less than the full rights, benefits and defenses of "control" (as defined by UETA and ESIGN) of the Transferable Record, (ii) prior to transfer to the Administrative Agent on behalf of the Buyers, the Seller is an entity entitled to enforce the Mortgage Loan, (iii) all electronic signatures associated with the Mortgage Loan are authenticated and authorized and the type of electronic signature used by the Mortgagor to sign the related eNote and any other electronic record associated therewith (A) is legal and enforceable under applicable law, and (B) was not

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effected by means of audio or video recording, (iv) the Seller has established procedures and controls limiting access to MERS eDelivery and the MERS eRegistry to duly authorized individuals, and Buyer is entitled to rely on any transmission, transfer or other communication via these systems to be the authorized act of the Seller, (v) with respect to the eNote and each other Electronic Record contained in the Mortgage File, the Seller has collected and continues to retain as part of the eClosing Transaction Record (A) any and all consents, agreements and disclosures required to create a valid and binding electronic record under UETA and ESIGN and (B) appropriate evidence, to document the agreement of each signer of such eNote or other Electronic Record to use an electronic signature, to demonstrate such signer's execution of a particular electronic signature, and to prove its attribution of the electronic signature to such signer, (vi) any transfers of "control" (as defined by UETA and ESIGN) of the eNote are authenticated and authorized, (vii) the Authoritative Copy of the eNote has not been altered since it was electronically signed by its issuer(s), (viii) there has been, at all times, one and only one Authoritative Copy of the eNote in existence, and all other copies are readily identifiable as non-authoritative copies, and (ix) the eNote is not subject to a defense, claim of ownership or security interest, or claim in recoupment of any party that can be asserted against the Seller, the Administrative Agent, any Buyer or any subsequent transferor.

The term "**Agency eNote Clause**" means the clause required by Fannie Mae and Freddie Mac to be inserted as the last numbered provision in all eNotes, which clause, as of the date of this Agreement, reads as follows:

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"[11]. ISSUANCE OF TRANSFERABLE RECORD; IDENTIFICATION OF NOTE HOLDER; CONVERSION FROM ELECTRONIC NOTE TO PAPER-BASED NOTE

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A)&nbsp;&nbsp;&nbsp;&nbsp;I expressly state that I have signed this electronically created Note (the "Electronic Note") using an Electronic Signature. By doing this, I am indicating that I agree to the terms of this Electronic Note. I also agree that this Electronic Note may be Authenticated, Stored and Transmitted by Electronic Means (as defined in Section 11(F)), and will be valid for all legal purposes, as set forth in the Uniform Electronic Transactions Act, as enacted in the jurisdiction where the Property is located ("UETA"), the Electronic Signatures in Global and National Commerce Act ("E-SIGN"), or both, as applicable. In addition, I agree that this Electronic Note will be an effective, enforceable and valid Transferable Record (as defined in Section 11(F)) and may be created, authenticated, stored, transmitted and transferred in a manner consistent with and permitted by the Transferable Records sections of UETA or E-SIGN.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B)&nbsp;&nbsp;&nbsp;&nbsp;Except as indicated in Sections 11(D) and (E) below, the identity of the Note Holder and any person to whom this Electronic Note is later transferred will be recorded in a registry maintained by [Insert Name of Operator of Registry here\*] or in another registry to which the records are later transferred (the "Note Holder Registry"). The authoritative copy of this Electronic Note will be the copy identified by the Note Holder after loan closing but prior to registration in the Note Holder Registry. If this Electronic Note has been registered in the Note Holder Registry, then the authoritative copy will be the copy identified by the Note Holder of record in the Note Holder Registry or the Loan Servicer (as defined in the Security Instrument) acting at the direction of the Note Holder, as the authoritative copy. The current identity of the Note Holder and the location of the authoritative copy, as reflected in the Note Holder Registry, will be available from the Note Holder or Loan Servicer, as applicable. The only copy of this Electronic Note that is the authoritative copy is the copy that is within the control of the person identified as the Note Holder in the Note Holder Registry (or that person's designee). No other copy of this Electronic Note may be the authoritative copy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C)&nbsp;&nbsp;&nbsp;&nbsp;If Section 11(B) fails to identify a Note Holder Registry, the Note Holder (which includes any person to whom this Electronic Note is later transferred) will be established by, and identified in accordance with, the systems and processes of the electronic storage system on which this Electronic Note is stored.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D)&nbsp;&nbsp;&nbsp;&nbsp;I expressly agree that the Note Holder and any person to whom this Electronic Note is later transferred shall have the right to convert this Electronic Note at any time into a paper-based Note (the "Paper-Based Note"). In the event this Electronic Note is converted into a Paper-Based Note, I further expressly

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agree that: (i) the Paper-Based Note will be an effective, enforceable and valid negotiable instrument governed by the applicable provisions of the Uniform Commercial Code in effect in the jurisdiction where the Property is located; and (ii) my signing of this Electronic Note will be deemed issuance and delivery of the Paper-Based Note; (iii) I intend that the printing of the representation of my Electronic Signature upon the Paper-Based Note from the system in which the Electronic Note is stored will be my original signature on the Paper-Based Note and will serve to indicate my present intention to authenticate the Paper-Based Note; (iv) the Paper-Based Note will be a valid original writing for all legal purposes; and (v) upon conversion to a Paper-Based Note, my obligations in the Electronic Note shall automatically transfer to and be contained in the Paper-Based Note, and I intend to be bound by such obligations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(E)&nbsp;&nbsp;&nbsp;&nbsp;Any conversion of this Electronic Note to a Paper-Based Note will be made using processes and methods that ensure that: (i) the information and signatures on the face of the Paper-Based Note are a complete and accurate reproduction of those reflected on the face of this Electronic Note (whether originally handwritten or manifested in other symbolic form); (ii) the Note Holder of this Electronic Note at the time of such conversion has maintained control and possession of the Paper-Based Note; (iii) this Electronic Note can no longer be transferred to a new Note Holder; and (iv) the Note Holder Registry (as defined above), or any system or process identified in Section 11(C) above, shows that this Electronic Note has been converted to a Paper-Based Note, and delivered to the then-current Note Holder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(F)&nbsp;&nbsp;&nbsp;&nbsp;The following terms and phrases are defined as follows: (i) "Authenticated, Stored and Transmitted by Electronic Means" means that this Electronic Note will be identified as the Note that I signed, saved, and sent using electrical, digital, wireless, or similar technology; (ii) "Electronic Record" means a record created, generated, sent, communicated, received, or stored by electronic means; (iii) "Electronic Signature" means an electronic symbol or process attached to or logically associated with a record and executed or adopted by a person with the intent to sign a record; (iv) "Record" means information that is inscribed on a tangible medium or that is stored in an electronic or other medium and is retrievable in perceivable form; and (v) "Transferable Record" means an electronic record that: (a) would be a note under Article 3 of the Uniform Commercial Code if the electronic record were in writing and (b) I, as the issuer, have agreed is a Transferable Record."

\* Note: Insert "MERSCORP Holdings, Inc., a Delaware corporation" here as the name of the Operator of the Registry.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(bt)<u>No Document Licenses or Fees</u>. No eNote or other Electronic Record for such Mortgage Loan, regardless of format, is subject to any licensing condition that would prohibit, limit or inhibit the Buyers' ownership or use of such eNote and other Electronic Record or any of

Schedule 6.23

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their rights and remedies under this Agreement and no Buyer is required to pay any royalties or any other fees due to its ownership or use of the eNotes and Electronic Records.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(bu)<u>eClosing System and eVault</u>. If the Mortgage Loan is an eMortgage Loan, (i) a copy of the eNote is being maintained in an eVault that satisfies the requirements of §§ 16(b) and 16(c) of UETA and §§ 201(b) and 201(c) of ESIGN and all applicable Agency Guidelines and Investor Guidelines, (ii) the eNote and other eMortgage Loan documents, the systems and processes used to create, register, transfer, store, retrieve, maintain and secure these documents, and the eClosing System used by the Mortgagor to electronically sign these documents comply with all applicable provisions of UETA and/or ESIGN, including § 201 of ESIGN and § 16 of UETA, Agency Guidelines and Investor Guidelines, as applicable.

Schedule 6.23

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**SCHEDULE 6.24**

OWNERS OF EQUITY INTEREST IN THE SELLER

1. M/I Homes, Inc. owns 100% of the equity interest in the Seller.

Schedule 6.24

1752672229

## Ex-22

**Exhibit 22**

**SUBSIDIARY GUARANTORS OF THE COMPANY**

1. MHO Holdings, LLC, a Florida limited liability company

2. MHO, LLC, a Florida limited liability company

3. M/I Homes First Indiana LLC, an Indiana limited liability company

4. M/I Homes of Austin, LLC, an Ohio limited liability company

5. M/I Homes of Central Ohio, LLC, an Ohio limited liability company

6. M/I Homes of Charlotte, LLC, a Delaware limited liability company

7. M/I Homes of Chicago, LLC, a Delaware limited liability company

8. M/I Homes of Cincinnati, LLC, an Ohio limited liability company

9. M/I Homes of DC, LLC, a Delaware limited liability company

10. M/I Homes of DFW, LLC, a Delaware limited liability company

11. M/I Homes of Florida, LLC, a Florida limited liability company

12. M/I Homes of Houston, LLC, a Delaware limited liability company

13. M/I Homes of Indiana, L.P., an Indiana limited partnership

14. M/I Homes of Orlando, LLC, a Florida limited liability company

15. M/I Homes of Raleigh, LLC, a Delaware limited liability company

16. M/I Homes of San Antonio, LLC, a Delaware limited liability company

17. M/l Homes of Tampa, LLC, a Florida limited liability company

18. M/I Homes of Ft. Myers/Naples, LLC, a Florida limited liability company

19. M/I Homes Second Indiana LLC, an Indiana limited liability company

20. M/I Homes Service, LLC, an Ohio limited liability company

21. M/I Homes of Delaware, LLC, a Delaware limited liability company

22. Northeast Office Venture, Limited Liability Company, a Delaware limited liability company

23. Prince Georges Utilities, LLC, a Maryland limited liability company

24. The Fields at Perry Hall, L.L.C., a Maryland limited liability company

25. Wilson Farm, L.L.C., a Maryland limited liability company

26. M/I Homes of Minneapolis/St. Paul, LLC, a Delaware limited liability company

27. M/I Homes of Sarasota, LLC, a Delaware limited liability company

28. M/I Homes of Alabama, LLC, a Delaware limited liability company

29. M/I Homes of Michigan, LLC, a Delaware limited liability company

30. M/I Homes of Nashville, LLC, a Delaware limited liability company

## Exhibit 31.1

**Exhibit 31.1**

**CERTIFICATION PURSUANT TO SECTION 302**

**OF THE SARBANES-OXLEY ACT OF 2002**

---

| | |
|:---|:---|
| I, Robert H. Schottenstein, certify that: | I, Robert H. Schottenstein, certify that: |
| 1. | I have reviewed this Quarterly Report on Form 10-Q of M/I Homes, Inc. for the fiscal quarter ended September 30, 2025; |
| 2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
| 3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
| 4. | The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
|  | (a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
|  | (b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
|  | (c) evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
|  | (d) disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and |
| 5. | The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): |
|  | (a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and |
|  | (b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. |

---

---

| | | |
|:---|:---|:---|
| /s/Robert H. Schottenstein | Date: | October 24, 2025 |
| Robert H. Schottenstein | | |
| Chairman, Chief Executive Officer and | | |
| President | | |

---

## Exhibit 31.2

**EXHIBIT 31.2**

**CERTIFICATION PURSUANT TO SECTION 302**

**OF THE SARBANES-OXLEY ACT OF 2002**

---

| | |
|:---|:---|
| I, Phillip G. Creek, certify that: | I, Phillip G. Creek, certify that: |
| 1. | I have reviewed this Quarterly Report on Form 10-Q of M/I Homes, Inc. for the fiscal quarter ended September 30, 2025; |
| 2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
| 3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
| 4. | The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
|  | (a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
|  | (b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
|  | (c) evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
|  | (d) disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and |
| 5. | The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): |
|  | (a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and |
|  | (b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. |

---

---

| | | |
|:---|:---|:---|
| /s/Phillip G. Creek | Date: | October 24, 2025 |
| Phillip G. Creek | | |
| Executive Vice President and Chief Financial Officer | | |

---

## Exhibit 32.1

**EXHIBIT 32.1**

**CERTIFICATION PURSUANT TO**

**18 U.S.C. SECTION 1350**

**AS ADOPTED PURSUANT TO**

**SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002**

In connection with the Quarterly Report of M/I Homes, Inc. (the "Company") on Form 10-Q for the period ended September 30, 2025, as filed with the Securities and Exchange Commission on the date hereof (the "Report"), I, Robert H. Schottenstein, Chairman, Chief Executive Officer and President of the Company, certify, pursuant to 18 U.S.C. § 1350, as adopted pursuant to § 906 of the Sarbanes-Oxley Act of 2002, that:

1. The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

---

| | | |
|:---|:---|:---|
| /s/Robert H. Schottenstein | Date: | October 24, 2025 |
| Robert H. Schottenstein | | |
| Chairman, Chief Executive Officer and | | |
| President | | |

---

## Exhibit 32.2

**EXHIBIT 32.2**

**CERTIFICATION PURSUANT TO**

**18 U.S.C. SECTION 1350**

**AS ADOPTED PURSUANT TO**

**SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002**

In connection with the Quarterly Report of M/I Homes, Inc. (the "Company") on Form 10-Q for the period ended September 30, 2025, as filed with the Securities and Exchange Commission on the date hereof (the "Report"), I, Phillip G. Creek, Executive Vice President and Chief Financial Officer of the Company, certify, pursuant to 18 U.S.C. § 1350, as adopted pursuant to § 906 of the Sarbanes-Oxley Act of 2002, that:

1. The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

---

| | | |
|:---|:---|:---|
| /s/Phillip G. Creek | Date: | October 24, 2025 |
| Phillip G. Creek | | |
| Executive Vice President and Chief Financial Officer | | |

---

<br>