Document:

EX-10.4

 Exhibit 10.4 

EXECUTIVE EMPLOYMENT AGREEMENT 

THIS EXECUTIVE EMPLOYMENT AGREEMENT (the “Agreement”) is made, entered into as of September 26, 2012 (the “Effective
Date”), by and between United Shore Financial Services, LLC, a Michigan limited liability company (the “Company”), with its registered office located at 770 S. Adams Road, Birmingham, Michigan 48009, and Timothy Forrester
(the “Executive”), whose address is 13 Bayberry Road, Princeton, NJ 08540-7418. 
 INTRODUCTORY STATEMENTS

 WHEREAS, the Company is engaged in the business of originating, purchasing, servicing and/or funding mortgage loans upon
residential real estate throughout the continental United States and servicing and/or reselling such loans in the secondary market (the “Business”); 

WHEREAS, the Executive desires to become employed by the Company and to serve as the Chief Financial Officer of the Company and the
Company desires to employ the Executive as the Chief Financial Officer; and 
 NOW, THEREFORE, in consideration of the above
Introductory Statements, the premises and mutual agreements set forth below, and upon the terms and subject to the conditions contained in this Agreement, the Employee and the Company agree as follows. 

1.    Employment. The Company agrees to hire the Executive and the Executive accepts such employment upon the terms and
conditions herein contained. 
 2.    Nature of Employment. The Company hires the Executive for a term of two (2) years
commencing on the Effective Date (the “Original Term”). Unless sooner terminated pursuant to the terms and conditions of this Agreement, the Original Term will be automatically renewed on the same terms and conditions set forth
herein (and as modified from time to time) for additional one (1) year periods (each a “Renewal Term” and together with the Original Term, the ‘‘Term”) commencing upon the expiration of the Original Term,
unless either the Company or the Executive elects not to extend the Agreement by providing the other party with at least thirty (30) days written notice prior to the expiration of the Original Term or applicable Renewal Term. During the Term,
the Company shall have the right to immediately terminate the Executive’s employment: (a) at any time for Just Cause (as defined below); or (b) at any time for any other reason without Just Cause or no reason at all. The Executive
shall have the right to terminate his employment with the Company at any time by providing the Company with not less than thirty (30) days advance written notice. In the event of such termination, the Executive shall continue to receive his
compensation and shall continue to render services to the Company through the date of termination. 
 In the event the Executive is terminated by the
Company without Just Cause pursuant to Section 2(b) of this Agreement during the Term, upon the Executive’s execution and delivery to the Company of a release in form and substance satisfactory to the Company, the Executive shall be
entitled to severance equal to the continued payment, in accordance with the Company’s policies and procedures, of his Annual Base Salary for a period of twelve (12) months. 

 For purposes of this Agreement, the term “Just Cause” shall mean the occurrence of any of
the following: (i) the Executive’s absence from work for more than one (1) week without approval of the Chief Executive Officer of the Company, who is currently Harreld N. Kirkpatrick, III (the “CEO”);
provided, that, such absence is not due to an accident, disability or illness; (ii) the failure of the Executive to comply with a material provision of this Agreement or any other agreement between the Executive and the Company;
(iii) the failure of the Executive to follow the lawful directives of the CEO or the board of directors of the Company (the “Board”); (iv) the Executive’s conviction of, or a plea of guilty to, a felony or engaging in
conduct to the detriment of the Company’s business, operations or reputation; (v) theft, misappropriation of property of the Company, or embezzlement by the Executive from the Company; or (vi) the Executive’s material misconduct,
insubordination or disloyalty to the Company. 
 3.    Duties. The Executive will be employed as the Chief Financial
Officer of the Company, reporting to the CEO and the Board. In this capacity, the Executive will devote his full time, energy and skill to the faithful performance of those duties customarily performed by a Chief Financial Officer, as well as those
additional duties commensurate with his position that may be assigned by the CEO or the Board from time to time. The Executive agrees to perform the duties and carry out the responsibilities assigned to him to the best of his ability and in a
diligent, businesslike and efficient manner, and in compliance with all laws and regulations. The Executive further agrees to comply with any policies and procedures established for Company employees. The Company reserves the right from time to time
and without prior notice to the Executive, to amend and change such policies and procedures as well as the nature and scope of the Executive’s duties and position with the Company for any reason and at any time. 

4.    Compensation & Fringe Benefits. 

(a)    Base Salary. For the services rendered by the Executive under this Agreement, the Company agrees to pay the
Executive a base salary in bi-weekly installments based upon an annual base salary of Two Hundred Thousand Dollars and 00/100 ($200,000.00) Dollars, payable in accordance with the Company’s standard
payroll practices and subject to any increases or decreases as determined by the Board or CEO from time to time (the “Annual Base Salary”). The Executive understands and acknowledges that the Company, through its payroll service,
will deduct from the gross amount of the Annual Base Salary and any other compensation all federal, state and local withholding taxes and other deductions which an employer is required by law to withhold from wage payments to employees, as well as
any voluntary health care contribution. 
 (b)    Annual Bonus. In addition to the Annual Base Salary and at the
discretion of the CEO, commencing on January l, 2013, the Executive will be entitled to an annual bonus upon the achievement of certain mutually agreeable performance measures; provided, that, the Executive’s annual performance
bonus will be at least $150,000 per annum unless otherwise agreed to by the parties; provided, further, that, the bonus shall be paid in accordance with the Company’s policy and procedures for employees receiving annual
performance bonuses. At the discretion of the CEO, the Executive may be entitled to a bonus for the interim period between the Effective Date and December 31, 2012. 

  
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 (c)    Vacation. The Executive will receive four (4) weeks
of paid time off for each year of the Term. The vacation will be subject to all of the Company’s policies and procedures related thereto, as the same may be amended and in effect from time to time. 

(d)    Employee Benefits. The Executive will be entitled to participate in and receive benefits under the
Company’s employee benefit plans, as may be in effect or amended from time to time, after the Executive becomes eligible to enroll pursuant to the Company’s current policies. 

5.    Facilities & Expense. The Company shall provide and maintain, or cause to be provided and maintained, such
equipment, supplies and personnel deemed necessary, in the Company’s sole and absolute discretion, for the Executive’s performance of his duties under this Agreement. The Executive is authorized to incur reasonable and appropriate expenses
for or on behalf of the Company with the prior approval of the CEO as shall be necessary and/or required to discharge his duties. The Executive shall be reimbursed for reasonable and appropriate expenses he incurs pursuant to the Company’s
standard practices, following the submission of documentation reasonably required by the Company to substantiate the business purpose of the expense(s), and subject to any maximum annual limitations or other restrictions on such expenses as may be
established by the Board or CEO from time to time. 
 Subject in all respects to the prior approval of the CEO, the Executive shall be reimbursed for his
reasonable travel expenses to and from Birmingham, MI until July 1, 2013. The Executive and the Company agree to work together to determine the most cost efficient way for the Executive to commute on the interim basis; provided,
that, the Executive must use best efforts to book his flights at least 14 days in advance to minimize costs. 

6.    Confidential Information. 

(a)    Intent & Restrictions. The Executive understands and acknowledges that, as a result of his
employment with the Company he will necessarily become informed of, and have access to, Confidential Information (as defined below) of the Company. The Executive agrees that during Term and following the termination of such employment, for any
reason, he shall keep in strict confidence all Confidential Information and only use the Confidential Information to further the business interests of the Company and perform his duties on behalf of the Company. The Executive shall not otherwise,
directly or indirectly, use, publish, communicate, furnish, divulge, disseminate or disclose or make accessible to any person or business entity any Confidential Information or assist any third parties in doing so, without the prior written consent
of the Company. 
 (b)    Acknowledgments. In light of the nature of the activities of the Company which are, by
their nature, competitive with the business activities of other companies providing financial services, the Company and the Executive acknowledge and agree that: (i) the Confidential Information, even though it may be developed, enhanced or
otherwise acquired or added to by the Executive, is the exclusive property of the Company to be held by the Executive in trust and solely for the Company’s benefit; (ii) the Confidential Information has been developed and/or acquired
through the Company’s expenditure of 

  
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significant time, effort, and money; (iii) the Confidential Information cannot be easily duplicated; (iv) the Confidential Information gives the Company an advantage over those who do
not know or use such information; (v) it is the policy of the Company to take reasonable measures to maintain the confidentiality and secrecy of the Confidential Information; (vi) the Confidential Information of the Company is not
generally known outside of the Company; (vii) it is the policy of the Company that its employees are only provided with access to and are permitted to use the Confidential Information of the Company on a need to know basis; (viii) it is
the intention of the Company and the Executive that the Confidential Information of the Company shall remain the sole and exclusive property of the Company; and (ix) the Executive agrees that during the Term and following the termination of
such employment, for any reason, he shall keep in strict confidence all of the Confidential Information. 

(c)    Exclusions. The Confidential Information shall not include information which: (i) becomes generally
available to the public other than as a result of disclosure by the Executive or his representatives; (ii) was available to the Executive on a non-confidential basis prior to its disclosure by the
Company; or (iii) becomes available to the Executive on a non-confidential basis from a source other than the Company, provided that such source is not bound by a confidentiality or similar agreement.

 (d)    Compelled Disclosure. In the event that the Executive shall become legally compelled to disclose all or
part of the Confidential Information, the Executive agrees to promptly notify the Company, in writing, of such situation and to cooperate with the Company so that the Company may seek a protective order, pursue another appropriate remedy and/or
waive compliance with the provisions of this Agreement, as the Company shall deem appropriate in its sole and absolute discretion. In such instance, the Executive agrees that he shall only reveal that portion of the Confidential Information which he
is legally required to reveal and shall request reasonable assurance that the Confidential Information shall be treated by the recipient thereof as being confidential. 

(e)    Return & Destruction. The Executive agrees, upon demand by the Company and/or immediately upon the
termination of the Executive’s employment with the Company, for any reason, to: (i) promptly return all documents and materials (as hereafter defined) containing any Confidential Information which has been furnished to him and all copies
thereof; and/or (ii) destroy all material, notes and other work product related in any way to the Confidential Information. The Executive shall not retain copies or duplicates of any such Confidential Information. 

(f)    Definition of Confidential lnformation. For purposes of this Agreement, “Confidential
Information” shall be defined as the Company’s and its Affiliates’ information that constitutes a trade secret under the Uniform Trade Secrets Act or that otherwise is not generally known to the public, which includes, but is not
limited to, all information regarding the Company’s or its Affiliates’: (i) assets and liabilities; (ii) credit, finances and business volume; (iii) internal and external operations, policies, rules and regulations;
(iv) business, strategic and marketing plans; (v) employee compensation and benefit plans; (vi) the identity of the Company’s or its Affiliates’ referral sources; 

  
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 (vii) the identity of the company’s officers, directors, shareholders, suppliers,
employees, consultants, and/or independent contractors; (viii) trade secrets or intellectual property, including, without limitation, methodologies, techniques and processes; (ix) costs, prices, pricing policies, pricing formulas and
margins; (x) marketing strategies and contract rights; (xi) books and records; (xii) opportunities and/or expectancies of the Company or its Affiliates; or (xiv) other information regarding the Company’s or its
Affiliates’ business and affairs which the Executive may acquire in connection with, incident to, or as a result of, the performance of his duties under this Agreement. 

7.    Restrictive Covenants. During the Executive’s employment with the Company and for a period of twenty four
(24) months following the termination of such employment, in the case of Sections 7(b), 7(c) and 7(d), and for a period of one (1) year in the case of Section 7(a), in each case, regardless of the
reason of termination, which periods shall be automatically extended for a period of time equal to the period(s) during which the Executive is in breach or in violation of any of the following restrictive covenants (collectively, the
“Restricted Period”), the Executive agrees that unless otherwise approved in writing by the Company, he will not, and will not permit his Affiliates to, directly or indirectly: 

(a)    operate, join, control or participate in (including as a joint venturer, agent, representative, employee, member,
stockholder, independent contractor, director, consultant or lender) any natural person, corporation, limited liability company, partnership, firm, joint venture, joint-stock company, trust, association, unincorporated entity or organization of any
kind, governmental authority or other entity of any kind (collectively, a “Person”) engaging or participating in the Business; provided, that, owning a passive equity interest of less than 1% of a publicly-held
corporation that engages or participates in any such activity shall be permitted; 
 (b)    solicit, request, counsel,
advise, influence or attempt to influence any customer, vendor or supplier of the Company or any of its Affiliates to discontinue, reduce, suspend, or otherwise change its relationship with the Company in any manner adverse or potentially adverse to
the Company or such Affiliate or otherwise seek to influence, alter or interfere with any customer, vendor or supplier of the Company or any of its Affiliates in any manner adverse or potentially adverse to the business of the Company or such
Affiliate; 
 (c)    solicit, induce, influence or persuade (or attempt to solicit, induce, influence or persuade) any
employee, broker, independent contractor or representative of the Company or its Affiliates, either directly or indirectly, to terminate or alter their position or engagement with the Company or such Affiliate, or otherwise hire or attempt to hire
any employee, broker, independent contractor or representative of the Company or any of its Affiliates that was employed by the Company at any time during the Restricted Period; or 

(d)    disparage, demean, defame, or otherwise make negative or derogatory statements about, the Company or the
Company’s employees, brokers, independent contracts or representatives. 

  
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 For purposes of this Agreement, “Affiliate” means as to any Person, any
other Person which, directly or indirectly, is controlled by, controls, or is under common control with, such Person. As used in the preceding sentence, “control” shall mean and include, but not necessarily be limited to, (i) the
ownership of 10% or more of the voting securities or other voting interest of such Person, (ii) the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of such Person, whether through
the ownership of voting securities, by contract or otherwise, and (iii) with respect to any individual, shall include the immediate family members of such individual. 

8.    Notice of Agreement. The Executive agrees that he shall inform any employer or prospective employer of
the existence of this Agreement and of the covenants provided for in the foregoing Sections 6 and 7. The parties further agree that the Company, during the Restricted Period, may give the Executive and any of his future employers
written notification of the existence of this Agreement and provide a summary or copy of Sections 6 and 7 of this Agreement to the Executive’s future employers. 

9.    Effect & Enforcement. The Executive agrees that in light of his position with the Company,
the consideration payable to him pursuant to this Agreement, and the additional information which the Executive may receive from the Company, the restrictions set forth in Sections 6 and 7 are reasonable and necessary to protect and
maintain the legitimate interests of the Company. The Executive further agrees that in the event of a breach by the Executive of the provisions of Sections 6 or 7 above, the Company may be irreparably harmed and the injury
resulting therefrom may be impossible to calculate with any reasonable degree of certainty, and the Company may not have an adequate remedy at law. Accordingly, the Executive hereby agrees that injunctive relief may be an appropriate remedy against
any such breach or threatened breach; provided, however, that nothing herein shall be construed as limiting any other legal or equitable remedies which the Company may have. If, for any reason any court determines that the restrictions
in this Agreement are not reasonable or that the consideration is inadequate, such restrictions shall be interpreted, modified or rewritten to include as much of the duration, scope and geographic area as will render such restrictions valid and
enforceable. The parties agree that the restrictive covenants contained in this Agreement shall be enforced independently of any other obligations between the parties, and that the existence of any other claim or defense shall not affect the
enforceability of this Agreement or the remedies hereunder. In the event that civil or arbitration proceedings are initiated to enforce or construe this Agreement, the party determined to have substantially prevailed upon his or its claims shall be
entitled to recover his or its reasonable costs and attorneys fees from the other party to the extent that they are approved and/or ordered by an arbitrator or court. 

10.    Surrender of Property of the Company. Upon the termination of the Executive’s employment with
the Company for any reason, the Executive agrees to promptly: (a) return and surrender to the Company all Company property and/or assets in his possession together with all goods, monies, receipts, keys, documents, credit cards, computers,
electronic communication devices and other property and written documents owned by or pertaining to the Company; and (b) provide the Company in writing with a list of all security passwords for Company computers, computer files and telephone
voice mail, if any, used by the Executive. The Executive further 

  
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agrees that in the event that he shall fail, refuse and/or neglect to return any such property to the Company within five (5) business days following receipt of the Company’s
transmittal of a written demand therefor to the last known address of the Executive, then the Executive shall promptly reimburse the Company for the actual replacement cost of all Company properly not returned or returned in damaged conditioned,
normal wear and tear excluded. 
 11.    Intellectual Property. The Executive acknowledges that all improvements,
inventions, know-how and discoveries, technology, patents, copyrightable materials, computer programs, designs, documentation, processes, techniques or procedures in any way related to the Company’s
manner or methods of conducting business which are made, acquired, developed, invented, conceived or written by the Executive alone or together with others, including all derivative works, during the course of the Executive’s employment with
Company (whether during business hours or otherwise and whether or not on the Company’s premises), or at any time using Confidential Information or proprietary information (“Developments”) are and shall be the exclusive
property the Company. The Executive shall fully disclose all Developments to the Company and hereby waives all moral rights in all Developments as of the moment they are created and transfers all interest in all Developments, including all
derivative works, exclusively to the Company on a world-wide, royalty-free basis as of the moment they are created and, as required by the Company, will protect the Company’s interest in such Developments. Moreover, all drawings, memoranda,
notes, records, files, correspondence, manuals, models, specifications, computer programs, maps and all other writings or materials of any type embodying any Developments are and shall be the sole and exclusive property of the Company. The Executive
agrees to execute any and all documents and instruments which the Company believes in its sole and absolute discretion are necessary to enable the Company to apply for or enforce its patent, copyright, industrial design, trademark right, service
mark right or any other industrial or intellectual property rights in the Developments. The Executive acknowledges that, from time to time, the Company uses the image, likeness, voice or other representation of its employees in connection with the
production of corporate reports, advertising and promotional materials, and training videos. The Executive agrees that if, during the course of employment, the Executive participates in such productions, the Company may use the Executive’s
image, likeness, voice or other representation, in all media and in all territories for the purposes described above during the Term without further compensation to the Executive. To the extent that the Executive claims to be the owner in whole or
in part of any copyrights, patents, trademarks, service marks, trade secrets, processes, methodologies or other intellectual property prior to the Effective Date, all such intellectual property is identified and described in Exhibit A
attached hereto and incorporated herein by this reference. 
 12.    Representations & Warranties of the
Executive. The Executive hereby represents and warrants to the Company as follows: (a) I am a United States citizen or otherwise eligible and permitted to be employed by the Company; (b) my current residential address is correctly
set forth above and I agree to provide prompt written notice to the Company when I change my address during the term of my employment with the Company and the Restricted Period; (c) my employment by the Company is not prohibited, limited by, or
otherwise subject to, the terms and conditions of any contractual agreements to which I am a party, including, but not limited to, any covenants not to compete; (d) I have never been convicted of a felony or other crime involving theft, fraud
and/or dishonesty, and I am not currently charged with a felony; and (e) I understand, 

  
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acknowledge and agree that the representations and warranties of me, as set in the Agreement are: (i) material to the Agreement; (ii) being relied upon by the Company; and
(iii) made by me in order to induce Company to execute the Agreement. 
 13.    Fiduciary Responsibility & Right of
Offset. The Executive hereby acknowledges and agrees that all funds coming into the possession of the Executive from donors, customers, members and/or others whether for donations, as consideration for products sold and/or services performed
by or through the Company, or otherwise, shall be received by the Executive in a fiduciary capacity and shall be held by the Executive in trust for the Company and shall immediately be remitted to the Company. If any such funds are not promptly
remitted to the Company. then the Company shall have a first lien upon all compensation due or sums which may become due to the Executive under this Agreement to the extent of such funds which were not remitted. The Company shall have the right to
immediately offset any amount owed, for any reason, by the Executive to the Company against amounts owed to the Executive by the Company and the Executive further authorizes any such sums to be withheld from any paycheck or other compensation due to
him. 
 14.    Notices. All notices to the parties hereto shall be delivered in writing by hand, by overnight registered
or certified mail (return receipt requested), by overnight nationwide courier or delivery service or via electronic mail, to the respective addresses set forth above or to such other addresses as the Company or the Executive may, from time to time,
designate in writing to one another. 
 15.    Binding Agreement & Modification. All covenants and agreements of
the parties contained in this Agreement shall be binding upon and inure to the benefit of the parties hereto, and their respective successors and assigns. The services rendered hereunder being of a personal nature, the Executive shall not assign any
of his rights or obligations hereunder without the prior written consent of the Company. 
 16.    Entire Agreement. This
Agreement constitutes the entire agreement and understanding of the parties pertaining to the subject matter contained herein and supersedes all prior and contemporaneous agreements, including any offer letters, representations and understandings,
whether written or oral, as to the matters herein set forth. The Executive acknowledges that the Company has made no representations or promises whatsoever to him except as expressly set forth in this Agreement. No supplement or modification to this
Agreement shall be binding unless executed in writing and signed by all parties. 
 17.    Counterparts & Execution By
Facsimile or by Email. This Agreement may be executed simultaneously in one or more counterparts, including counterparts delivered by facsimile or electronic transmission, each of which shall be deemed an original, but all of which together
shall constitute one and the same document. 
 18.    Headings. The section headings in this Agreement are for convenience
and reference only and shall not be deemed to alter or affect the construction, interpretation or substance of any provisions hereof. 

  
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 19.    Governing Law & Construction. This Agreement shall be governed
and construed under the laws of the State of Michigan (excluding conflict of law rules and principles), and if any provision shall be held invalid or unenforceable, in whole or in part, such provision shall be valid to the maximum extent provided by
law, and all remaining provisions of this Agreement shall be fully enforceable. 
 20.    Jurisdiction & Venue.
The Company and the Executive hereby unconditionally and irrevocably: (a) submit to the jurisdiction of the Circuit Court for the County of Oakland, Michigan, or if original jurisdiction can be established to the United States District Court
for the Eastern District of Michigan, Southern Division, City of Detroit, Michigan (the “Courts”), in any action arising out of or in anyway relating to this Agreement; (b) agree that all claims and any action may decided in
either of the Courts; and (c) waive to the fullest extent that they may effectively do so, the defenses of: (i) lack of subject matter jurisdiction of such Courts; (ii) the absence of personal jurisdiction by such Courts over the
parties hereto; and (iii) forum non-conveniens. 
 21.    Waiver of Jury
Trial. THE COMPANY AND THE EXECUTIVE HEREBY KNOWINGLY AND VOLUNTARILY WAIVE TRIAL BY JURY IN ANY JUDICIAL PROCEEDING INVOLVING, DIRECTLY OR INDIRECTLY, ANY MATTER (WHETHER SOUNDING IN TORT, CONTRACT OR OTHERWISE) IN ANY WAY ARISING OUT OF,
RELATED TO, OR CONNECTED WITH THIS AGREEMENT AND THE EMPLOYMENT RELATIONSHIP BETWEEN THE PARTIES. 
 22.    Arbitration.
If a material dispute arises under this Agreement, other than a breach by the Executive of Sections 6 or 7 above, workers’ compensation benefits, and claims for unemployment compensation benefits, the parties shall submit
such dispute to binding arbitration and such arbitration shall otherwise comply with and be governed by the provisions of the expedited employment arbitration rules of the American Arbitration Association; but if such rules are not then in effect,
then by the Uniform Arbitration Act, being MCLA Section 600.5001, et seq. or any successor act. If the Company and Executive are unable to agree upon the selection of a single arbitrator within fifteen (15) days following the
submission of a claim to arbitration, then the Executive and Company shall each select one (1) arbitrator within ten (10) days thereafter, and the arbitrators so selected shall agree on a mutually satisfactory neutral arbitrator within ten
(10) business days thereafter who shall serve as the sole arbitrator. The Company and the Executive shall each have the right to be represented by counsel in such proceedings and shall each be afforded reasonable discovery by the arbitrators in
connection therewith. A request for arbitration must be made in writing within six (6) months of the date of termination or three (3) months of the discovery of the claim, which is later, or within a shorter period of time if one is
prescribed by the statute upon which a claim is based. Failure to do so shall result in the claim being waived, and the Executive and Company hereby expressly waive any statute of limitations which is longer than six (6) months. 

Any award by arbitration pursuant to the terms of this Agreement, shall contain findings of fact and conclusions of law and be final, non-appealable to the maximum extent permitted by law, binding upon the parties, and may be entered as a judgment and enforced by any court of competent jurisdiction. In reaching a decision the arbitrator will
interpret, apply and be bound 

  
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by all applicable federal, state or local laws in addition to this Agreement. The party determined to have substantially prevailed upon his or its claims shall be entitled to recover his or its
reasonable costs and attorneys fees from the other party to the extent that they are approved and/or ordered by an arbitrator, and the fees of the arbitrator shall be paid by the non-prevailing party. All such
arbitration proceedings shall be conducted in Southfield, Michigan or at such other location as may be mutually agreed upon by the Company and the Executive. 

This provision does not require the Executive to surrender any substantive statutory or common law benefit, right protection or defense, other
than a trial by jury. Executive and Company agree that the foregoing arbitration procedure is not intended to add to, create, or imply any contractual or other right of employment. BY SIGNING THIS AGREEMENT, EXECUTIVE ACKNOWLEDGES THAT HE IS GIVING
UP THE RIGHT TO A TRIAL IN A COURT OF LAW AS TO ANY DISCRIMINATION OR OTHER STATUTORY CLAIMS, AND IS HEREBY AGREEING TO SUBMIT ALL SUCH CLAIMS TO BINDING ARBITRATION. 

23.    Indemnification. Except as may be prohibited by applicable law, the Company agrees to indemnify and hold Executive
harmless from and against any and all claims or liabilities arising from, as a result of, or in connection with Executive’s employment by the Company while acting within the scope of his employment with the Company to the fullest extent
authorized by law, except to the extent it is reasonably determined by the CEO or the Board that the facts giving rise to such claims or liability are attributable to Executive’s gross negligence, willfull misconduct or knowing violation of
law; provided, that, Executive shall be entitled to challenge such determination pursuant to Section 22. Executive agrees to make himself reasonably available to the Company and to assist in good faith any investigation,
audit or other inquiry during the Term and following his termination for any reason. 

  
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 The parties hereto have executed this Agreement as of the day, month and year first above
written. 
  

					
	COMPANY:	 		 	EXECUTIVE:
			
	United Shore Financial Services, LLC	 		 	 /s/ Timothy Forrester

	a Michigan limited liability company	 		 	Timothy Forrester

  

			
	By:	 	 /s/ Harreld N. Kirkpatrick, III

		 	Harreld N. Kirkpatrick, III
	Its:	 	Chief Executive Officer

 EXHIBIT A 

SCHEDULE OF INTELLECTUAL PROPERTY CLAIMED BY EXECUTIVE 
  

	•	 	 Models, documents, narratives, analysis, presentations and other materials gathered prior to employment at the
Company.EX-10.5

 Exhibit 10.51 

EXECUTION COPY 
  

 
  

MASTER REPURCHASE AGREEMENT 

Between 
 BARCLAYS BANK
PLC, as Purchaser and Agent 
 and 

UNITED SHORE FINANCIAL SERVICES, LLC, as Seller 

Dated as of September 8, 2020 
  

 
  

 

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

 TABLE OF CONTENTS 

 

							
	 1.
	  	APPLICABILITY	  	 	1	 
	 2.
	  	DEFINITIONS AND INTERPRETATION	  	 	1	 
	 3.
	  	THE TRANSACTIONS	  	 	20	 
	 4.
	  	CONFIRMATION	  	 	24	 
	 5.
	  	TAKEOUT COMMITMENTS	  	 	24	 
	 6.
	  	PAYMENT AND TRANSFER	  	 	25	 
	 7.
	  	MARGIN MAINTENANCE	  	 	25	 
	 8.
	  	TAXES; TAX TREATMENT	  	 	26	 
	 9.
	  	SECURITY INTEREST; PURCHASER’S APPOINTMENT AS ATTORNEY-IN-FACT	  	 	28	 
	 10.
	  	CONDITIONS PRECEDENT	  	 	30	 
	 11.
	  	RELEASE OF PURCHASED ASSETS	  	 	33	 
	 12.
	  	RELIANCE	  	 	34	 
	 13.
	  	REPRESENTATIONS AND WARRANTIES	  	 	34	 
	 14.
	  	COVENANTS OF SELLER	  	 	37	 
	 15.
	  	REPURCHASE OF PURCHASED ASSETS	  	 	45	 
	 16.
	  	SERVICING OF THE MORTGAGE LOANS; SERVICER TERMINATION	  	 	46	 
	 17.
	  	EVENTS OF DEFAULT	  	 	49	 
	 18.
	  	REMEDIES	  	 	52	 
	 19.
	  	DELAY NOT WAIVER; REMEDIES ARE CUMULATIVE	  	 	54	 
	 20.
	  	USE OF EMPLOYEE PLAN ASSETS	  	 	54	 
	 21.
	  	INDEMNITY	  	 	54	 
	 22.
	  	WAIVER OF REDEMPTION AND DEFICIENCY RIGHTS	  	 	56	 
	 23.
	  	REIMBURSEMENT; SET-OFF	  	 	56	 
	 24.
	  	FURTHER ASSURANCES	  	 	57	 
	 25.
	  	ENTIRE AGREEMENT; PRODUCT OF NEGOTIATION	  	 	58	 
	 26.
	  	TERMINATION	  	 	58	 
	 27.
	  	REHYPOTHECATION; ASSIGNMENT	  	 	58	 
	 28.
	  	AMENDMENTS, ETC.	  	 	59	 
	 29.
	  	SEVERABILITY	  	 	59	 
	 30.
	  	BINDING EFFECT; GOVERNING LAW	  	 	59	 
	 31.
	  	WAIVER OF JURY TRIAL; CONSENT TO JURISDICTION AND VENUE; SERVICE OF PROCESS	  	 	59	 
	 32.
	  	SINGLE AGREEMENT	  	 	60	 
	 33.
	  	INTENT	  	 	60	 
	 34.
	  	NOTICES AND OTHER COMMUNICATIONS	  	 	62	 
	 35.
	  	CONFIDENTIALITY	  	 	63	 
	 36.
	  	DUE DILIGENCE	  	 	64	 
	 37.
	  	USA PATRIOT ACT; OFAC AND ANTI-TERRORISM	  	 	65	 
	 38.
	  	EXECUTION IN COUNTERPARTS	  	 	66	 
	 39.
	  	CONTRACTUAL RECOGNITION OF BAIL-IN	  	 	66	 
	 40.
	  	CONTRACTUAL RECOGNITION OF UK STAY IN RESOLUTION	  	 	67	 
	 41.
	  	NOTICE REGARDING CLIENT MONEY RULES	  	 	67	 

  
 - i - 

 SCHEDULES AND EXHIBITS 

 

			
	EXHIBIT A-1	  	MONTHLY CERTIFICATION
	EXHIBIT A-2	  	QUARTERLY CERTIFICATION
	EXHIBIT B	  	REPRESENTATIONS AND WARRANTIES WITH RESPECT TO MORTGAGE LOANS
	EXHIBIT C	  	FORM OF TRANSACTION NOTICE
	EXHIBIT D	  	FORM OF GOODBYE LETTER
	EXHIBIT E	  	FORM OF WAREHOUSE LENDER’S RELEASE
	EXHIBIT F	  	LIST OF DISAPPROVED MEMBERS OF THE MORTGAGE BACKED SECURITIES DIVISION OF THE FIXED INCOME CLEARING CORPORATION
	EXHIBIT G	  	FORM OF ESCROW INSTRUCTION LETTER
	EXHIBIT H	  	FORM OF SELLER MORTGAGE LOAN SCHEDULE
	EXHIBIT I	  	FORM OF CORRESPONDENT SELLER RELEASE
	EXHIBIT J	  	FORM OF SELLER FINANCIAL STATEMENTS (ANNUAL)
	EXHIBIT K	  	FORM OF SELLER FINANCIAL STATEMENTS (PERIODIC)

  
 - ii - 

 MASTER REPURCHASE AGREEMENT 

Dated as of September 8, 2020 
 BETWEEN:

 BARCLAYS BANK PLC, in its capacity as purchaser (together with its permitted successors and assigns in such capacity hereunder,
“Barclays” or a “Purchaser”) and agent pursuant hereto (together with its permitted successors and assigns in such capacity hereunder, “Agent”), 

and 
 United Shore Financial Services, LLC, in its capacity as a
seller (together with its permitted successors and assigns in such capacity hereunder, “Seller”). 
  

	1.	 APPLICABILITY 

Purchaser shall from time to time, upon the terms and conditions set forth herein, enter into transactions on a committed basis with respect to
the Committed Amount and may enter into transactions on an uncommitted basis with respect to the Uncommitted Amount in which Seller sells to Purchaser Eligible Mortgage Loans, on a servicing-released basis, and, if applicable, Takeout MBS, against
the transfer of funds by Purchaser, with a simultaneous agreement by Purchaser to transfer to Seller such Purchased Assets on a date certain not later than one year following such transfer, against the transfer of funds by Seller; provided,
that the Aggregate MRA Purchase Price shall not exceed, as of any date of determination, the lesser of (a) the Maximum Aggregate Purchase Price (less the Aggregate EPF Purchase Price) and (b) the Asset Base. Each such transaction
shall be referred to herein as a “Transaction,” and shall be governed by this Agreement. This Agreement sets forth the procedures to be used in connection with periodic requests for Purchaser to enter into Transactions with Seller.
Seller hereby acknowledges that Purchaser is under no obligation to enter into, any Transaction pursuant to this Agreement with respect to the Uncommitted Amount. Seller acknowledges that during the term of this Agreement, Agent may undertake to
join any of Sheffield Receivables Corporation, Barclays Bank Delaware, any other asset-backed commercial paper conduit administered by Agent or any Affiliate of the Agent as additional purchasers under this Agreement, and Seller hereby consents to
the joinder of such additional purchasers. 
  

	2.	 DEFINITIONS AND INTERPRETATION 

 

	 	(a)	 Defined Terms. 

“30+ Day Delinquent Mortgage Loan” means any Mortgage Loan that, as of any determination date, using the MBA Methodology, is
30 or more days delinquent (inclusive of any grace period). 
 “Accepted Servicing Practices” means with respect to any
Mortgage Loan, those prudent mortgage servicing practices (including collection procedures) of prudent mortgage lending institutions that service mortgage loans of the same type as the Mortgage Loans in the jurisdiction where the related Mortgaged
Property is located, and which are in accordance with 

 
the requirements of each Agency Program, applicable law, FHA regulations and VA regulations, if applicable, and the requirements of any private mortgage insurer so that the FHA insurance, VA
guarantee or any other applicable insurance or guarantee in respect of any Mortgage Loan is not voided or materially reduced. 

“Accrual Period” means, with respect to each Monthly Payment Date for any Transaction, the immediately prior calendar month
beginning with the first calendar day of such month to and including the last calendar day of such month; provided that with respect to the first Monthly Payment Date of a Transaction following the related Purchase Date, the Accrual Period
shall commence on the related Purchase Date and provided further that the last Accrual Period shall end on the day prior to the Termination Date. 

“Additional Eligible Loan Criteria” has the meaning assigned thereto in the Pricing Side Letter. 

“Additional Purchased Mortgage Loans” has the meaning assigned thereto in Section 7(b) hereof. 

“Adjustable Rate Mortgage Loan” means a Mortgage Loan that provides for the adjustment of the Mortgage Interest Rate payable
in respect thereto. 
 “Affiliate” means, with respect to any specified Person, any other Person controlling or controlled
by or under common control with such specified Person. For the purposes of this definition, (a) “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;” and (b) the term
“Affiliate” shall not include First Look Appraisals, LLC and Class Valuation LLC. 
 “Agency” means Freddie Mac,
Fannie Mae or Ginnie Mae, as applicable. 
 “Agency Guide” means the Freddie Mac Guide, the Fannie Mae Guide, or the Ginnie
Mae Guide, as applicable. 
 “Agency Mortgage Loans” means Fannie Mae Mortgage Loans, Freddie Mac Mortgage Loans, and
Ginnie Mae Mortgage Loans. 
 “Agency Program” means the Freddie Mac Program, the Fannie Mae Program or the Ginnie Mae
Program, as applicable. 
 “Agent” has the meaning set forth in the preamble. 

“Aggregate EPF Purchase Price” means as of any date of determination, an amount equal to the aggregate Purchase Price (as
defined in the Mortgage Loan Participation Purchase and Sale Agreement) for all Participation Certificates (as defined in the Mortgage Loan Participation Purchase and Sale Agreement) then owned by Purchaser under the Mortgage Loan Participation
Purchase and Sale Agreement. 

  
 - 2 - 

 “Aggregate MRA Purchase Price” means as of any date of determination, an
amount equal to the aggregate Purchase Price for all Purchased Assets, then subject to Transactions under this Agreement. 

“Agreement” means this Master Repurchase Agreement (including all exhibits, schedules and other addenda thereto), as it may
be amended, further supplemented or otherwise modified from time to time. 
 “ALTA” means the American Land Title
Association. 
 “Applicable Agency” means Ginnie Mae, Fannie Mae or Freddie Mac, as applicable. 

“Applicable Margin” has the meaning assigned thereto in the Pricing Side Letter. 

“Approvals” means with respect to Seller, the approvals obtained from the Applicable Agency or HUD in designation of Seller
as a Ginnie Mae-approved issuer, an FHA-approved mortgagee, a VA-approved lender, a Fannie Mae-approved lender or a Freddie Mac-approved Seller/Servicer, as applicable, in good standing. 

“Asset Base” has the meaning assigned thereto in the Pricing Side Letter. 

“Assignment and Acceptance” has the meaning assigned thereto in Section 27(b) hereof. 

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

“ATR Rules”: The “ability to repay” rules specified in the federal Truth-in-Lending Act as amended pursuant to
rulemaking authority provided under the federal Dodd-Frank Act which require lenders to make a reasonable, good-faith determination that a Mortgagor has an ability to repay the loan as determined by the following eight (8) underwriting factors:
(i) current or reasonably expected income or assets (other than the value of the property that secures the loan) that the Mortgagor will rely on to repay the loan, (ii) current employment status (if the originator relies on employment
income when assessing the Mortgagor’s ability to repay), (iii) monthly mortgage payment for the loan, (iv) monthly payment on any simultaneous loans secured by the same property, (v) monthly payments for property taxes and
required insurance, and certain other costs related to the property such as homeowners association fees or ground rent, (vi) debts, alimony, and child-support obligations, (vii) monthly debt-to-income ratio or residual income, calculated
using the total of all of the mortgage and nonmortgage obligations listed above, as a ratio of gross monthly income and (viii) credit history. 

“Attorney Bailee Letter” has the meaning assigned thereto in the Custodial and Disbursement Agreement. 

“Bail-In Action” means the exercise by the Bank of England (or any successor resolution authority) of any write-down or
conversion power existing from time to time (including, without limitation, any power to amend or alter the maturity of eligible liabilities of an institution under 

  
 - 3 - 

 
resolution or amend the amount of interest payable under such eligible liabilities or the date on which interest becomes payable, including by suspending payment for a temporary period and
together with any power to terminate and value transactions) under, and exercised in compliance with, any laws, regulations, rules or requirements in effect in the United Kingdom relating to the transposition of the European Banking Recovery and
Resolution Directive as amended from time to time, including but not limited to, the Banking Act 2009 as amended from time to time, and the instruments, rules and standards created thereunder, pursuant to which Purchaser’s obligations (or those
of Purchaser’s affiliates) can be reduced (including to zero), canceled or converted into shares, other securities, or other obligations of Purchaser or any other person. 

“Bank” means (i) Deutsche Bank National Trust Company and its successors and permitted assigns or (ii) such other
bank as may be mutually acceptable to the Seller and the Purchaser. 
 “Bankruptcy Code” means 11 U.S.C. §§ 101
et seq., as amended from time to time. 
 “Barclays Agreement” means any agreement (including, without limitation,
the Program Documents and the EPF Program Documents) in any amount entered into between Seller and Purchaser or any of its Affiliates. 

“Breakage Costs” has the meaning assigned thereto in Section 3(i) hereof. 

“Business Day” means any day other than (i) a Saturday or Sunday, or (ii) a day upon which the New York Stock
Exchange or the Federal Reserve Bank of New York is closed. 
 “Cash Equivalents” has the meaning assigned thereto in the
Pricing Side Letter. 
 “Certification” has the meaning assigned thereto in the Custodial and Disbursement Agreement. 

“Change in Control” means (a) any transaction or event as a result of which SFS Holding Corp ceases to own, beneficially
or of record, 50% of the stock of Seller on a fully diluted basis at any time, (b) the sale, transfer, or other disposition of all or substantially all of Seller’s assets (excluding any such action permitted under this Agreement or taken
in connection with any securitization transaction or routine sales of Mortgage Loans and Servicing Rights) or (c) the consummation of a merger or consolidation of Seller with or into another entity or any other corporate reorganization, if more
than 50% of the combined voting power of the continuing or surviving entity’s equity outstanding immediately after such merger, consolidation or such other reorganization is owned by persons who were not equity holders of the Seller immediately
prior to such merger, consolidation or other reorganization. 
 “Change in Law” means (a) the adoption of any
Requirement of Law, rule or regulation after the date of this Agreement, (b) any change in any Requirement of Law, rule or regulation or in the interpretation or application thereof by any Governmental Authority after the date of this Agreement
or (c) compliance by Purchaser (or any Affiliate thereof) with any request, guideline or directive (whether or not having the force of law) of any Governmental Authority made or issued after the date of this Agreement. 

  
 - 4 - 

 “Closing Protection Letter” means, with respect to any Wet-Ink Mortgage
Loan that becomes subject to a Transaction, letter of indemnification from a title company approved by Purchaser, in its sole good faith discretion, in any jurisdiction where insured closing letters are permitted under applicable law and regulation,
addressed to Seller, which is fully assignable to Purchaser, with coverage that is customarily acceptable to Persons engaged in the origination of mortgage loans, identifying the Settlement Agent covered thereby, which may be in the form of a
blanket letter. 
 “Code” means the Internal Revenue Code of 1986, as amended from time to time. 

“Collection Account” means the following account established by the Seller in accordance with Section 16(e) for the
benefit of Purchaser, Account Number: [***]1, ABA: # [***]. 
 “Collection
Account Control Agreement” means that certain Collection Account Control Agreement, dated as of September 8, 2020, by and among Purchaser, Seller and Bank, in form and substance reasonably acceptable to Purchaser to be entered into
with respect to the Collection Account, as the same may be amended, modified or supplemented from time to time. 
 “Committed
Amount” has the meaning assigned thereto in the Pricing Side Letter. 
 “Confirmation” has the meaning assigned
thereto in Section 4 hereof. 
 “Contract” means an agreement between an Originator and any Obligor, pursuant to or
under which such Obligor shall be obligated to pay for merchandise, insurance or services from time to time. 
 “Correspondent
Loan” means a Mortgage Loan that is (i) originated by a Correspondent Seller and underwritten in accordance with Seller’s underwriting guidelines and (ii) acquired by Seller from a Correspondent Seller in the ordinary course
of business. 
 “Correspondent Seller” means a mortgage loan originator that sells Mortgage Loans originated by it to
Seller as a “correspondent” or “private label” client. 
 “Correspondent Seller Release” means, with
respect to any Correspondent Loan, a release by the related Correspondent Seller, in the form of Exhibit I hereto (as the same may be modified, supplemented and in effect from time to time, subject to the approval of Purchaser), of all right, title
and interest, including any security interest, in such Correspondent Loan. 
 “Custodial and Disbursement Agreement” means
that certain Custodial and Disbursement Agreement, dated as of September 8, 2020, among Seller, Purchaser, Disbursement Agent and Custodian, entered into in connection with this Agreement and the Mortgage Loan Participation Purchase and Sale
Agreement, as the same may be amended, modified or supplemented from time to time. 
 “Custodian” means Deutsche Bank
National Trust Company, and its successors and permitted assigns, or such other entity as mutually agreed upon by Agent and Seller. 
  

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

  
 - 5 - 

 “Default” means any event that, with the giving of notice or the passage of
time or both, would constitute an Event of Default. 
 “Default Rate” has the meaning assigned thereto in the Pricing Side
Letter. 
 “Disbursement Agent” means Deutsche Bank National Trust Company and its successors and permitted assigns, or
such other entity as mutually agreed upon by Agent and Seller. 
 “Dollars” or “$” means, unless otherwise
expressly stated, lawful money of the United States of America. 
 “Dry Agency Mortgage Loan” means an Agency Mortgage Loan
that is not a Wet-Ink Mortgage Loan. 
 “Due Date” means the day of the month on which the Monthly Payment is due on a
Mortgage Loan, exclusive of any days of grace. 
 “Due Diligence Cap” has the meaning assigned thereto in the Pricing Side
Letter. 
 “Economic and Trade Sanctions and Anti-Terrorism Laws” means any laws relating to terrorism, trade sanctions
programs and embargoes, import/export licensing, money laundering, or bribery, all as amended, supplemented or replaced from time to time. 

“Effective Date” means September 8, 2020. 

“Electronic Tracking Agreement” means the electronic tracking agreement in form and substance acceptable to Purchaser and
Seller, dated as of September 8, 2020, among Purchaser, Seller, MERSCORP Holdings, Inc. and MERS, entered into in connection with this Agreement and the Mortgage Loan Participation Purchase and Sale Agreement, as the same may be amended,
modified or supplemented from time to time. 
 “Electronic Transmission” means the delivery of information in an electronic
format acceptable to the applicable recipient thereof. An Electronic Transmission shall be considered written notice for all purposes hereof (except when a request or notice by its terms requires execution). 

“Eligible Mortgage Loan” means a Mortgage Loan that (i) satisfies each of the representations and warranties in
Exhibit B to this Agreement in all material respects, (ii) if such Mortgage Loan is a Fannie Mae Mortgage Loan, a Freddie Mac Mortgage Loan, or a Ginnie Mae Mortgage Loan, it is in Strict Compliance with the eligibility requirements of
the Ginnie Mae Program, Fannie Mae Program or Freddie Mac Program, as applicable, (iii) with respect to all Mortgage Loans other than Wet-Ink Mortgage Loans, contains all required documents in the Mortgage File without exceptions unless
otherwise waived by Purchaser or permitted pursuant to the terms of this Agreement or the Custodial and Disbursement Agreement, and (iv) satisfies the Additional Eligible Loan Criteria. 

“EPF Custodial Account Control Agreement” means that certain Custodial Account Control Agreement, dated as of
September 8, 2020, among Seller, Purchaser and Bank entered into in connection with the Mortgage Loan Participation Purchase and Sale Agreement, as the same shall be amended, supplemented or otherwise modified from time to time. 

  
 - 6 - 

 “EPF Pricing Side Letter” means that certain Pricing Side Letter, dated as
of September 8, 2020, between Seller and Purchaser entered into in connection with the Mortgage Loan Participation Purchase and Sale Agreement, as the same shall be amended, supplemented or otherwise modified from time to time. 

“EPF Program Documents” means the Mortgage Loan Participation Purchase and Sale Agreement, the EPF Pricing Side Letter, the
EPF Custodial Account Control Agreement and all other agreements, documents and instruments entered into by Seller on the one hand, and Purchaser or one of its Affiliates (or Custodian on its behalf) and/or Agent or one of its Affiliates on the
other, in connection herewith or therewith with respect to the transactions contemplated hereunder or thereunder and all amendments, restatements, modifications or supplements thereto. 

“ERISA” means, with respect to any Person, the Employee Retirement Income Security Act of 1974, as amended from time to time
and any successor thereto, and the regulations promulgated and rulings issued thereunder. 
 “Escrow Instruction Letter”
means the Escrow Instruction Letter from Seller to the Settlement Agent, in the form of Exhibit G hereto, as the same may be modified, supplemented and in effect from time to time. 

“Escrow Payments” means, with respect to a Mortgage Loan, the amounts constituting ground rents, taxes, assessments, water
charges, sewer rents, municipal charges, mortgage insurance premiums, fire and hazard insurance premiums, condominium charges and other payments as may be required to be escrowed by the Mortgagor with the Mortgagee pursuant to the terms of the
Mortgage or any other document. 
 “Event of Default” has the meaning assigned thereto in Section 17 hereof. 

“Event of Insolvency” means, with respect to any Person, 

(i) the filing of a voluntary petition (or the consent by such Person to the filing of any such petition against it),
commencing, or authorizing the commencement of any case or proceeding under any bankruptcy, insolvency, reorganization, liquidation, dissolution or similar law relating to the protection of creditors, or suffering any such petition or proceeding to
be commenced by another; or such Person shall consent or seek to the appointment of or taking possession by a custodian, receiver, conservator, trustee, liquidator, sequestrator or similar official of such Person, or for any substantial part of its
Property, or any general assignment for the benefit of creditors; 
 (ii) a proceeding shall have been instituted against
such Person under any bankruptcy, reorganization, arrangement, insolvency, readjustment of debt, dissolution, moratorium, delinquency or liquidation law of any jurisdiction, whether now or subsequently in effect, or a custodian, receiver,
conservator, liquidator, trustee, sequestrator or similar official for such Person or such Person’s Property (as a debtor or creditor protection procedure) is appointed by any Governmental Authority having the jurisdiction to do so or takes
possession of such Property and any such proceeding is not dismissed within sixty (60) days of filing; 

  
 - 7 - 

 (iii) that such Person or any Affiliate shall become insolvent; 

(iv) that such Person shall (a) admit in writing its inability to pay or discharge its debts or obligations generally as
they become due or mature, (b) admit in writing its inability to, or intention not to, perform any of its material obligations, or (c) generally fail to pay any of its debts or obligations as they become due or mature; or 

(v) any Governmental Authority shall have seized or appropriated, or assumed custody or control of, all or any substantial part
of the Property of such Person, or shall have taken any action to displace the management of such Person. 
 “Fannie Mae”
means the Federal National Mortgage Association or any successor thereto. 
 “Fannie Mae Guide” means the Fannie Mae MBS
Selling and Servicing Guide, as such Guide may hereafter from time to time be amended. 
 “Fannie Mae Mortgage Loan” means
a mortgage loan that is in Strict Compliance on the related Purchase Date with the eligibility requirements specified for the applicable Fannie Mae Program described in the Fannie Mae Guide. 

“Fannie Mae Program” means the Fannie Mae Guaranteed Mortgage-Backed Securities Programs, as described in the Fannie Mae
Guide. 
 “Fannie Mae Security” means an ownership interest in a pool of Fannie Mae Mortgage Loans, evidenced by a
book-entry account in a depository institution having book-entry accounts at the Federal Reserve Bank of New York, issued and guaranteed, with respect to timely payment of interest and ultimate payment of principal, by Fannie Mae and backed by a
pool of Fannie Mae Mortgage Loans, in substantially the principal amount and with substantially the other terms as specified with respect to such Fannie Mae Security in the related Takeout Commitment, if any. 

“FATCA” means Sections 1471 through 1474 of the Code, as of the date of this Agreement (or any amended or successor version
that is substantively comparable), any current or future regulations or official interpretations thereof and any agreements entered into pursuant to Section 1471(b)(1) of the Code. 

“FHA” means the Federal Housing Administration, an agency within HUD, or any successor thereto, and including the Federal
Housing Commissioner and the Secretary of Housing and Urban Development where appropriate under the FHA regulations. 
 “FICO
Score” means the credit score of the Mortgagor provided by Fair, Isaac & Company, Inc. or such other organization providing credit scores on or immediately prior to the origination date of a Mortgage Loan. 

  
 - 8 - 

 “Foreign Purchaser” has the meaning assigned thereto in Section 8(d).

 “Freddie Mac” means the Federal Home Loan Mortgage Corporation, and its successors in interest. 

“Freddie Mac Guide” means the Freddie Mac Sellers’ and Servicers’ Guide, as such Guide may hereafter from time to
time be amended. 
 “Freddie Mac Mortgage Loan” means a mortgage loan that is in Strict Compliance on the related Purchase
Date with the eligibility requirements specified for the applicable Freddie Mac Program described in the Freddie Mac Guide. 

“Freddie Mac Program” means the Freddie Mac Home Mortgage Guarantor Program or the Freddie Mac FHA/VA Home Mortgage Guarantor
Program, as described in the Freddie Mac Guide. 
 “Freddie Mac Security” means a modified pass-through mortgage-backed
participation certificate, evidenced by a book-entry account in a depository institution having book-entry accounts at the Federal Reserve Bank of New York, issued and guaranteed, with respect to timely payment of interest and ultimate payment of
principal, by Freddie Mac and backed by a pool of Freddie Mac Mortgage Loans in substantially the principal amount and with substantially the other terms as specified with respect to such Freddie Mac Security in the related Takeout Commitment, if
any. 
 “GAAP” means generally accepted accounting principles as in effect from time to time in the United States of
America. 
 “Ginnie Mae” means the Government National Mortgage Association and its successors in interest, a wholly-owned
corporate instrumentality of the government of the United States of America. 
 “Ginnie Mae Guide” means the Ginnie Mae
Mortgage-Backed Securities Guide, as such Guide may hereafter from time to time be amended. 
 “Ginnie Mae Mortgage Loan”
means a mortgage loan that is in Strict Compliance on the related Purchase Date with the eligibility requirements specified for the applicable Ginnie Mae Program in the applicable Ginnie Mae Guide, and such mortgage loan has not been purchased out
of a Ginnie Mae Security. 
 “Ginnie Mae Program” means the Ginnie Mae Mortgage-Backed Securities Programs, as described in
the Ginnie Mae Guide. 
 “Ginnie Mae Security” means a fully-modified pass-through mortgage-backed certificate guaranteed
by Ginnie Mae, evidenced by a book-entry account in a depository institution having book-entry accounts at the Federal Reserve Bank of New York and backed by a pool of Ginnie Mae Mortgage Loans, in substantially the principal amount and with
substantially the other terms as specified with respect to such Ginnie Mae Security in the related Takeout Commitment. 

  
 - 9 - 

 “Governmental Authority” means any United States government, any state or
other political subdivision, agency or instrumentality thereof, or any entity exercising executive, legislative, judicial, regulatory or administrative functions of or pertaining to government and any court or arbitrator having jurisdiction over
Seller, any of its Subsidiaries or any of their Property. 
 “High Cost Mortgage Loan” means a Mortgage Loan that is
(a) subject to, covered by or in violation of the provisions of the Homeownership and Equity Protection Act of 1994, as amended, (b) a “high cost,” “covered,” “threshold,” “abusive,”
“predatory” or “high risk” mortgage loan under any federal, state or local law, or any similarly classified loan using different terminology under any law imposing heightened regulation, scrutiny or additional legal liability for
residential mortgage loans having high interest rates, points and/or fees, or any other state or other regulation providing assignee liability to holders of such mortgage loans, (c) subject to or in violation of any such or comparable federal,
state or local statutes or regulations, or (d) a “High Cost Loan” or “Covered Loan,” as applicable, as such terms are defined in the current version of the Standard & Poor’s LEVELS® Glossary Revised, Appendix E. 
 “HUD” means the Department of
Housing and Urban Development, or any federal agency or official thereof which may from time to time succeed to the functions thereof with regard to FHA mortgage insurance. The term “HUD,” for purposes of this Agreement, is also deemed to
include subdivisions thereof such as the FHA and Ginnie Mae. 
 “Income” means, with respect to any Purchased Asset at any
time, any principal and/or interest thereon and all dividends, sale proceeds and all other proceeds as defined in Section 9-102(a)(64) of the Uniform Commercial Code and all other collections and distributions thereon (including, without
limitation, any proceeds received in respect of mortgage insurance) but excluding any Escrow Payments and any and all fees, reimbursements and income entitled to be retained by a Servicer pursuant to the related Servicing Agreement. 

“Indebtedness” has the meaning assigned thereto in the Pricing Side Letter. “Indemnified Party” has the
meaning assigned thereto in
 Section 21(a). 
 “Investment Company Act” means the Investment Company Act of
1940, as amended, including all rules and regulations promulgated thereunder. 
 “LIBOR” means for each day, the rate
(adjusted for statutory reserve requirements for eurocurrency liabilities) for eurodollar deposits for a period equal to one month appearing on Bloomberg Screen US 0001M Page or if such rate ceases to appear on Bloomberg Screen US 0001M Page, or any
other service providing comparable rate quotations as selected by the Buyer in good faith from time to time for purposes of providing quotations of interest rates applicable to U.S. dollar deposits in the London interbank market) for deposits in
Dollars with a term equivalent to such Interest Period, determined as of approximately 11:00 a.m. (London time) two (2) Business Days prior to the first day of such Interest Period; provided that if the first day of such Interest Period is not
a Business Day, then the daily LIBOR Rate shall be determined as of the immediately preceding Business Day. 
 “LIBOR
Floor” has the meaning assigned thereto in the Pricing Side Letter. 

  
 - 10 - 

 “Lien” means any mortgage, deed of trust, lien, claim, pledge, charge,
security interest or similar encumbrance. 
 “Margin Call” has the meaning assigned thereto in Section 7(b) hereof.

 “Margin Deficit” has the meaning assigned thereto in Section 7(b) hereof. 

“Market Value” means, with respect to any Transaction and as of any date of determination using parameters and valuation
methodology customarily used by Purchaser with respect to similarly structured repurchase facilities to value similarly situated counterparties, (i) the fair market value ascribed to a Purchased Asset or a Mortgage Loan by Agent in its sole,
good faith discretion, and (ii) zero, with respect to any Mortgage Loan that is a Purchased Asset but is not an Eligible Mortgage Loan. 

“Master Netting Agreement” means that certain Global Netting and Security Agreement, dated as of September 8, 2020,
among Purchaser, Seller, and certain Affiliates and Subsidiaries of Purchaser, entered into in connection with this Agreement and the Mortgage Loan Participation Purchase and Sale Agreement, as the same shall be amended, supplemented or otherwise
modified from time to time. 
 “Material Adverse Change” means, with respect to a Person, any material adverse change in
the business, financial condition, operations, performance or Property of such Person including the insolvency of such Person or its Parent Company, if applicable. 

“Material Adverse Effect” means (a) a Material Adverse Change with respect to Seller or any of its Affiliates;
(b) a material impairment of the ability of Seller or Servicer or any of their respective Affiliates that is a party to any Program Document to perform under any Program Document to which it is a party; (c) a material adverse effect upon
the legality, validity, binding effect or enforceability of any Program Document against Seller or any of their respective Affiliates that is a party to any Program Document; (d) a material adverse effect on the Market Value of the Purchased
Assets, taken as a whole; or (e) a material adverse effect on the Approvals of Seller. 
 “Maturity Date” has the
meaning assigned thereto in the Pricing Side Letter. 
 “Maximum Age Since Origination” has the meaning assigned thereto in
the Pricing Side Letter. 
 “Maximum Aggregate Purchase Price” has the meaning assigned thereto in the Pricing Side Letter.

 “MBA Methodology” means a method of calculating delinquency of a Mortgage Loan based upon the Mortgage Banker
Association method, under which method a Mortgage Loan is considered delinquent if the Monthly Payment related to such Mortgage Loan has not been received by the end of the day immediately preceding the loan’s next Due Date. 

“MERS” means Mortgage Electronic Registration Systems, Inc., a Delaware corporation, or any successor in interest thereto.

  
 - 11 - 

 “MERS Designated Mortgage Loan” means any Mortgage Loan as to which the
related Mortgage or Assignment of Mortgage, has been recorded in the name of MERS, as agent for the holder from time to time of the Mortgage Note. 

“MIN” means the mortgage identification number of Mortgage Loans registered with MERS on the MERS system. 

“Modified Loan” means an Eligible Mortgage Loan that (a) is insured by FHA or guaranteed by the VA,
(b) (1) was purchased out of a Ginnie Mae Security or from a third-party whole loan investor solely as a result of modifications to such Eligible Mortgage Loan, or (2) was purchased out of a Ginnie Mae Security or from a third-party
whole loan investor as a result of delinquent mortgage payments, but, without any loan modifications, subsequently became reperforming and (c) is a Ginnie Mae Mortgage Loan. 

“Monthly Payment” means the scheduled monthly payment of principal and interest on a Mortgage Loan as adjusted in accordance
with changes in the Mortgage Interest Rate pursuant to the provisions of the Mortgage Note for an Adjustable Rate Mortgage Loan. 

“Monthly Payment Date” means the tenth (10th) day of each calendar month beginning with September 2020; provided that if
such day is not a Business Day, the next succeeding Business Day. 
 “Mortgage” means a mortgage, deed of trust, or other
security instrument, securing a Mortgage Note. 
 “Mortgage File” has the meaning assigned thereto in the Custodial and
Disbursement Agreement. 
 “Mortgage Interest Rate” means, with respect to each Mortgage Loan, the annual rate at which
interest accrues on such Mortgage Loan from time to time in accordance with the provisions of the related Mortgage Note. 

“Mortgage Loan” means a Ginnie Mae Mortgage Loan, a Fannie Mae Mortgage Loan, a Freddie Mac Mortgage Loan, or a Wet-Ink
Mortgage Loan. 
 “Mortgage Loan Participation Purchase and Sale Agreement” means that certain Mortgage Loan Participation
Purchase and Sale Agreement, dated as of September 8, 2020, between Purchaser and Seller, as the same may be amended, modified or supplemented from time to time. 

“Mortgage Note” means a promissory note or other evidence of indebtedness of the obligor thereunder, evidencing a Mortgage
Loan, and secured by the related Mortgage. 
 “Mortgaged Property” means the real property (or leasehold estate, if
applicable) securing repayment of the debt evidenced by a Mortgage Note. 
 “Mortgagee” means the record holder of a
Mortgage Note secured by a Mortgage. 

  
 - 12 - 

 “Mortgagor” means the obligor or obligors on a Mortgage Note, including any
person who has assumed or guaranteed the obligations of the obligor thereunder. 
 “Negative Amortization” means the
portion of interest accrued at the Mortgage Interest Rate in any month which exceeds the Monthly Payment on the related Mortgage Loan for such month and which, pursuant to the terms of the Mortgage Note, is added to the principal balance of such
Mortgage Loan. 
 “Non-Utilization Fee” has the meaning assigned thereto in the Pricing Side Letter. 

“Notice Date” has the meaning assigned thereto in Section 3(c) hereof. 

“Obligations” means (a) all payment obligations due and payable by Seller to Purchaser in connection with a Transaction
hereunder, together with interest thereon (including interest which would be payable as post-petition interest in connection with any bankruptcy or similar proceeding) and other payment obligations and liabilities of Seller to Purchaser directly
arising under, or in connection with, the Program Documents or directly related to the Purchased Assets, whether now existing or hereafter arising; (b) any and all actual sums paid by Purchaser or on behalf of Purchaser pursuant to the Program
Documents as necessary or reasonably appropriate in order to preserve any Purchased Asset or its interest therein; (c) in the event of any proceeding for the collection or enforcement of any of Seller’s indebtedness, obligations or
liabilities referred to in clause (a), the reasonable expenses of retaking, holding, collecting, preparing for sale, selling or otherwise disposing of or realizing on any Purchased Asset, or of any exercise by Purchaser of its rights under the
Program Documents, including without limitation, reasonable outside attorneys’ fees and disbursements and court costs; and (d) all of Seller’s indemnity obligations to Purchaser pursuant to the Program Documents. 

“Obligor” means a Person obligated to make payments pursuant to a Contract; provided that in the event that any payments in
respect of a Contract are made by any other Person, such other Person shall also be deemed to be an Obligor. 
 “OFAC”
means the Office of Foreign Assets Control of the United States Department of Treasury. 
 “OFAC Lists” has the meaning
ascribed to it in Section 37(a). 
 “Originator” means Seller or any other third party originator as mutually agreed
upon by Agent and Seller. 
 “Other Agreement” means any (i) warehouse, credit, repurchase, line of credit, financing
or hedging agreements or other similar agreement relating to any Indebtedness in an amount greater than the greater of [***] of Seller’s Adjusted Tangible Net Worth and [***] between Seller, on the one hand, and any Person, on the other hand,
(ii) other agreement relating to any Indebtedness in an amount greater than the greater of [***] of Seller’s Adjusted Tangible Net Worth and [***] between Seller or any of its consolidated Subsidiaries, on the one hand, and any Person, on
the other hand, or (iii) Barclays Agreement. 
 “Other Taxes” has the meaning assigned thereto in Section 8(b).

  
 - 13 - 

 “Parent Company” means SFS Holding Corp. 

“Person” means any legal person, including any individual, corporation, partnership, association, joint stock company, trust,
limited liability company, unincorporated organization, governmental entity or other entity of similar nature. 
 “Price
Differential” means, with respect to any Purchased Mortgage Loan or Transaction as of any date of determination, an amount equal to the product of (A) the Pricing Rate (or during the continuation of an Event of Default, by daily
application of the Default Rate) and (B) the unpaid Purchase Price for such Purchased Mortgage Loan or Transaction. Price Differential will be calculated in accordance with Section 3(f) herein for the actual number of days elapsed during
such Accrual Period on a 360-day basis. 
 “Price Differential Determination Date” means, with respect to any Monthly
Payment Date, the second (2nd) Business Day preceding such date. 
 “Pricing Rate” means, as of any date of
determination and with respect to an Accrual Period for any Purchased Mortgage Loan or Transaction, an amount equal to the sum of (i) the greater of LIBOR and the LIBOR Floor plus (ii) the Applicable Margin. 

“Pricing Side Letter” means that certain Pricing Side Letter, dated as of September 8, 2020, between Seller and
Purchaser, entered into in connection with this Agreement, as the same may be amended, modified or supplemented from time to time. 

“Principal Balance” means the unpaid principal balance of a Mortgage Loan. 

“Program Documents” means this Agreement, the Pricing Side Letter, the Custodial and Disbursement Agreement, the Servicer
Side Letter, the Collection Account Control Agreement, the Electronic Tracking Agreement, the Master Netting Agreement, the EPF Program Documents, and all other agreements, documents and instruments entered into by Seller on the one hand, and
Purchaser or one of its Affiliates (or Custodian on its behalf) and/or Agent or one of its Affiliates on the other, in connection herewith or therewith with respect to the Transactions contemplated hereunder or thereunder and all amendments,
restatements, modifications or supplements thereto. 
 “Property” means any right or interest in or to property of any kind
whatsoever, whether real, personal or mixed and whether tangible or intangible. 
 “Purchase Date” means, with respect to
each Transaction, the date on which Purchased Assets, are sold by Seller to the Purchaser or its designee hereunder. 
 “Purchase
Price” has the meaning assigned thereto in the Pricing Side Letter. 
 “Purchase Price Percentage” has the meaning
assigned thereto in the Pricing Side Letter. 
 “Purchased Assets” means with respect to each Purchased Mortgage Loan,
whether now existing or hereafter acquired: (i) the Mortgage Loans, (ii) the related Servicing Rights, (iii) reserved, (iv) such other property, rights, titles or interest as are specified on the related

  
 - 14 - 

 
Transaction Notice, (v) all mortgage guarantees and insurance relating to such individual Mortgage Loans (issued by governmental agencies or otherwise) or the related Mortgaged Property and
any mortgage insurance certificate or other document evidencing such mortgage guarantees or insurance and all claims and payments related to such Mortgage Loans, (vi) all guarantees or other support for such Mortgage Loans, (vii) all
rights to Income and the rights to enforce such payments arising from such Mortgage Loans and any other contract rights, payments, rights to payment (including payments of interest or finance charges) with respect thereto, (viii) all Takeout
MBS, Takeout Commitments, and Trade Assignments (including the rights to receive the related purchase price related therefor) related to the Purchased Mortgage Loans, (ix) the Collection Account and all amounts on deposit therein, (x) all
Additional Purchased Mortgage Loans, (xi) all “accounts,” “deposit accounts,” “securities accounts,” “chattel paper,” “commercial tort claims,” “deposit accounts,”
“documents,” “general intangibles,” “instruments,” “investment property,” and “securities accounts,” relating to the foregoing as each of those terms is defined in the Uniform Commercial Code and all
cash and Cash Equivalents and all products and proceeds relating to or constituting any or all of the foregoing, (xii) any purchase agreements or other agreements or contracts relating to or constituting any or all of the foregoing,
(xiii) any other collateral pledged or otherwise relating to any or all of the foregoing, together with all files, material documents, instruments, surveys (if available), certificates, correspondence, appraisals, computer records, computer
storage media, accounting records and other books and records relating to the foregoing, and (xiv) any and all replacements, substitutions, distributions on, or proceeds with respect to, any of the foregoing. The term “Purchased
Assets” with respect to any Transaction at any time also shall include Additional Purchased Mortgage Loans delivered pursuant to Section 7(b) hereof. 

“Purchased Mortgage Loan” means a Mortgage Loan sold by Seller to Purchaser in a Transaction hereunder and not yet
repurchased by Seller. 
 “Purchaser” has the meaning set forth in the preamble hereof. 

“Purchaser’s Wire Instructions” has the meaning set forth in the Pricing Side Letter. 

“Qualified Insurer” means, with respect to any Mortgaged Property, any insurer duly qualified as such under the laws of the
states in which such Mortgaged Property is located, duly authorized and licensed in such state to transact the applicable insurance business and to write the insurance provided by the insurance policy issued by it. 

“Records” means all instruments, agreements and other books, records, and reports and data generated by other media for the
storage of information maintained by Seller or any other person or entity with respect to a Purchased Asset. Records shall include, without limitation, the Mortgage Notes, any Mortgages, the Mortgage Files, the Servicing Files, and any other
instruments necessary to document or service a Purchased Mortgage Loan, including, without limitation, the complete payment and modification history of each Purchased Mortgage Loan. 

“Repurchase Date” means, with respect to any Transaction involving Eligible Mortgage Loans, the earliest of (a) the
Termination Date, (b) the second Business Day following Seller’s written notice to Purchaser requesting a repurchase of such Transaction or (c) at the conclusion of the Maximum Age Since Origination for any Eligible Mortgage Loan
purchased hereunder. 

  
 - 15 - 

 “Repurchase Price” means the price at which Purchased Assets are to be
transferred from Purchaser or its designee to Seller upon termination of a Transaction, which will be determined in each case as the sum of: (i) any portion of the Purchase Price not yet repaid to Purchaser, (ii) the Price Differential
accrued and unpaid thereon, (iii) Breakage Costs, if any, and (iv) any accrued and unpaid fees or expenses or indemnity amounts and any other outstanding amounts owing under the Program Documents from Seller to Purchaser. 

“Request for Release of Documents” means the Request for Release and Receipt set forth as Annex 5 to the Custodial and
Disbursement Agreement, as applicable. 
 “Requirement of Law” means as to any Person, the certificate of incorporation and
by-laws or other organizational or governing documents of such Person, and any law, treaty, rule or regulation or determination of an arbitrator or a court or other Governmental Authority, in each case applicable to or binding upon such Person or
any of its Property or to which such Person or any of its Property is subject. 
 “Responsible Officer” means (i) as
to any Person, the chief executive officer or, with respect to financial matters, the chief financial officer of such Person and (ii) as to Seller, President, Chief Strategy Officer any manager, director or managing member. 

“Restricted Mortgage Loan” means (i) a “Growing Equity Loan,” “Manufactured Home Loan,”
“Graduated Payment Loan,” “Buydown Loan,” “Project Loan,” “Construction Loan” or “HECM Loan,” each as defined in the applicable Agency Guide, (ii) a 30+ Day Delinquent Mortgage Loan,
(iii) a Mortgage Loan for which the related Escrow Payments have not been made by the next succeeding Due Date, or (iv) a High Cost Mortgage Loan. 

“SEC” has the meaning ascribed thereto in Section 35. 

“Section 404 Notice” means the notice required pursuant to Section 404 of the Helping Families Save Their Homes Act of
2009 (P.L. 111-22), which amends 15 U.S.C. Section 1641 et seq., to be delivered by a creditor that is an owner or an assignee of a Mortgage Loan to the related Mortgagor within thirty (30) days after the date on which such Mortgage
Loan is sold or assigned to such creditor. 
 “Security” means a Ginnie Mae Security, a Fannie Mae Security or a Freddie
Mac Security, as applicable. 
 “Seller” has the meaning set forth in the preamble hereof. 

“Seller Mortgage Loan Schedule” means the list of Purchased Mortgage Loans proposed to be purchased by Purchaser, in the form
of Exhibit H hereto, that will be delivered in an excel spreadsheet format by Seller to Purchaser and Custodian and attached by the Custodian to the related Certification. 

“Servicer” means Cenlar, FSB or Nationstar Mortgage, LLC d/b/a Mr. Cooper, or any servicer or subservicer approved by
Agent in its sole and good faith reasonable discretion (not to be unreasonably delayed or denied). 

  
 - 16 - 

 “Servicer Side Letter” means, if Mortgage Loans are serviced by a third
party servicer pursuant to a servicing agreement, the side letter agreement related to such servicing agreement among the Seller, the Servicer and the Purchaser or as mutually agreed upon by the parties hereto. 

“Servicing File” means with respect to each Mortgage Loan, the file retained by Seller or its designee consisting of all
documents that a prudent originator and servicer would include (including copies of the Mortgage File), all documents necessary to document and service the Mortgage Loans and any and all documents required to be delivered in connection with any
transfer of servicing pursuant to the Program Documents. 
 “Servicing Records” means with respect to a Mortgage Loan, the
related 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 coverage, insurance policies, appraisals, other closing
documentation, payment history records, and any other records relating to or evidencing the servicing of such Mortgage Loan. 

“Servicing Rights” means contractual, possessory or other rights of Seller or any other Person to administer or service a
Mortgage Loan or to possess the Servicing File. 
 “Servicing Term” has the meaning assigned thereto in Section 16(b).

 “Settlement Agent” means, with respect to any Transaction the subject of which is a Wet- Ink Mortgage Loan, the entity
approved by Agent, in its sole good-faith discretion, which may be a title company, escrow company or attorney in accordance with local law and practice in the jurisdiction where the related Wet-Ink Mortgage Loan is being originated. 

“Special Purpose Entity” means a legal entity (commonly referred to as an SPE, special purpose vehicle
(“SPV”), or financial vehicle corporation (“FVC”)), whether a limited company, trust or limited partnership, which is an organization having limited predefined purposes relating to a single asset or series of
related assets which secure debt generally in the context of structured finance transactions which includes, without limitation, securitization transactions. 

“Strict Compliance” means compliance of Seller and the Mortgage Loans with the requirements of the Agency Guide as amended by
any agreements between Seller or a Takeout Investor, on the one hand, and the Applicable Agency, on the other hand, sufficient to enable Seller to issue and to service and Ginnie Mae to guarantee or Fannie Mae or Freddie Mac to issue and guarantee a
Security. 
 “Structuring Fee” has the meaning assigned thereto in the Pricing Side Letter. 

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

  
 - 17 - 

 
such Person or one or more Subsidiaries of such Person or by such Person and one or more Subsidiaries of such Person. All references to “Subsidiary” or “Subsidiaries” in this
Agreement or any Program Documents shall exclude all Subsidiaries of the Seller which are Special Purpose Entities. 
 “Takeout
Commitment” means (i) a fully executed trade confirmation from the related Takeout Investor to Seller confirming the details of a forward trade between the Takeout Investor and Seller with respect to one or more Purchased Assets, which
trade confirmation shall be enforceable and in full force and effect, and shall be validly and effectively assigned to Purchaser pursuant to a Trade Assignment, and relate to pools of Mortgage Loans that satisfy the “good delivery
standards” of the Securities Industry and Financial Markets Association as set forth in the Securities Industry and Financial Markets Association Uniform Practices Manual, as amended from time to time or (ii) a commitment (a) to swap
one or more identified Purchased Mortgage Loans with a Takeout Investor that is an Agency for a Security and (b) to sell the related Security or Takeout MBS to a Takeout Investor. 

“Takeout Investor” means either (i) Barclays Capital, Inc., or any successor thereto, (ii) any member of the
Mortgage Backed Securities Division of the Fixed Income Clearing Corporation, unless such member is disapproved by Agent in its sole discretion or (iii) any other Person disapproved by Agent in its reasonable discretion; in all cases, any
disapproved Takeout Investors will be evidenced in writing from time to time and approvals will not be unreasonably delayed or denied by Agent. 

“Takeout MBS” means to the extent any Purchased Mortgage Loans are pooled into Securities, and such Securities do not settle
on the date they are issued, partial interests in such Securities backed by such Purchased Mortgage Loans. 
 “Taxes” has
the meaning assigned thereto in Section 8(a). 
 “Termination Date” means the earliest to occur of (i) the
Maturity Date, (ii) the termination of the Mortgage Loan Participation Purchase and Sale Agreement, (iii) at the option of Purchaser, the occurrence of an Event of Default under this Agreement after the expiration of any applicable grace
period, and (iv) the one-hundred twentieth (120th) calendar day after the Purchaser delivers a notice of termination to the Seller, or the Seller delivers a notice of termination to the Purchaser, provided that if such day is not a
Business Day, the immediately preceding Business Day. 
 “Trade Assignment” means an assignment to Purchaser of a forward
trade between the Takeout Investor and Seller with respect to one or more Purchased Mortgage Loans, together with the related trade confirmation from the Takeout Investor to Seller that has been fully executed, is enforceable and is in full force
and effect and confirms the details of such forward trade. 
 “Transaction” has the meaning assigned thereto in
Section 1 hereof. 
 “Transaction Fee” has the meaning assigned thereto in the Pricing Side Letter. 

  
 - 18 - 

 “Transaction Notice” means a written request of Seller to enter into a
Transaction in a form attached as Exhibit C hereto or such other form as shall be mutually agreed upon between Seller and Purchaser, which is deemed to be delivered to the Purchaser in accordance with Section 3(c) herein. 

“Uncommitted Amount” shall have the meaning set forth in the Pricing Side Letter. 

“Uniform Commercial Code” means the Uniform Commercial Code as in effect from time to time in the State of New York; provided
that if by reason of mandatory provisions of law, the perfection or the effect of perfection or non-perfection of the security interest in any Purchased Assets or the continuation, renewal or enforcement thereof is governed by the Uniform Commercial
Code as in effect in a jurisdiction other than New York, “Uniform Commercial Code” means the Uniform Commercial Code as in effect in such other jurisdiction for purposes of the provisions hereof relating to such perfection or effect of
perfection or non-perfection. 
 “VA” shall mean the U.S. Department of Veterans Affairs, an agency of the United States of
America, or any successor thereto including the Secretary of Veterans Affairs. 
 “Warehouse Lender” means any lender
providing financing to Seller for the purpose of warehousing, originating or purchasing a Mortgage Loan, which lender has a security interest in such Mortgage Loan to be purchased by Purchaser. 

“Warehouse Lender’s Release” means a letter, in the form of Exhibit E, from a Warehouse Lender to Purchaser,
unconditionally releasing all of Warehouse Lender’s right, title and interest in certain Mortgage Loans identified therein upon payment to the Warehouse Lender. 

“Wet-Ink Mortgage Loan” means a Mortgage Loan that Seller is selling to Purchaser simultaneously with the origination thereof
that is funded as part, either directly or indirectly, with the Purchase Price paid by Purchaser hereunder and for which the Custodian shall not have received a complete Mortgage File. 

“Wet-Ink Mortgage Loan Document Receipt Date” means for any Wet-Ink Mortgage Loan, the date that the Custodian executes an
original trust receipt without exceptions. 
 (b) Interpretation. 

Headings are for convenience only and do not affect interpretation. The following rules of this subsection (b) apply unless the context
requires otherwise. The singular includes the plural and conversely. A gender includes all genders. Where a word or phrase is defined, its other grammatical forms have a corresponding meaning. A reference to a subsection, Section, Annex or Exhibit
is, unless otherwise specified, a reference to a section of, or annex or exhibit to, this Agreement. A reference to a party to this Agreement or another agreement or document includes the party’s successors and permitted substitutes or assigns.
A reference to an agreement or document is to the agreement or document as amended, modified, novated, supplemented or replaced, except to the extent prohibited by any Program Document. A reference to legislation or to a provision of legislation
includes any modification or re-enactment 

  
 - 19 - 

 
of it, a legislative provision substituted for it and a regulation or statutory instrument issued under it. A reference to writing includes a facsimile transmission and any means of reproducing
words in a tangible and permanently visible form. A reference to conduct includes, without limitation, an omission, statement or undertaking, whether or not in writing. An Event of Default exists until it has been waived in writing by Purchaser or
has been timely cured. The words “hereof,” “herein,” “hereunder” and similar words refer to this Agreement as a whole and not to any particular provision of this Agreement. The term “including” is not limiting
and means “including without limitation.” In the computation of periods of time from a specified date to a later specified date, the word “from” means “from and including,” the words “to” and “until”
each mean “to but excluding,” and the word “through” means “to and including.” This Agreement may use several different limitations, tests or measurements to regulate the same or similar matters. All such limitations,
tests and measurements are cumulative and shall each be performed in accordance with their terms. Unless the context otherwise clearly requires, all accounting terms not expressly defined herein shall be construed, and all financial computations
required under this Agreement shall be made, in accordance with GAAP, consistently applied. References herein to “fiscal year” and “fiscal quarter” refer to such fiscal periods of Seller. 

Except where otherwise provided in this Agreement, any determination, consent, approval, statement or certificate made or confirmed in writing
with notice to Seller by Purchaser or an authorized officer of Purchaser as required by this Agreement is conclusive in the absence of manifest error. A reference to an agreement includes a security interest, guarantee, agreement or legally
enforceable arrangement whether or not in writing related to such agreement. 
 A reference to a document includes an agreement in writing
or a certificate, notice, instrument or document, or any information recorded in electronic form. Where Seller is required to provide any document to Purchaser under the terms of this Agreement, the relevant document shall be provided in writing or
printed form unless Purchaser requests otherwise. 
 This Agreement is the result of negotiations among, and has been reviewed by counsel
to, Purchaser and Seller, and is the product of all parties. In the interpretation of this Agreement, no rule of construction shall apply to disadvantage one party on the ground that such party proposed or was involved in the preparation of any
particular provision of this Agreement or this Agreement itself. Except where otherwise expressly stated, Purchaser may give or withhold, or give conditionally, approvals and consents and may form opinions and make determinations in its absolute
sole discretion. Except as specifically required herein, any requirement of good faith, discretion or judgment by Purchaser or Agent shall not be construed to require Purchaser or Agent to request or await receipt of information or documentation not
immediately available from or with respect to Seller, any other Person or the Purchased Assets themselves. 
  

	3.	 THE TRANSACTIONS 

(a) It is acknowledged and agreed that, notwithstanding any other provision of this Agreement to the contrary, the facility provided under this
Agreement is (i) a committed facility with respect to the Committed Amount and (ii) an uncommitted facility with respect to the Uncommitted Amount, and Purchaser shall have no obligation to enter into any Transactions hereunder with
respect to the Uncommitted Amount. All purchases of Mortgage Loans hereunder shall be first deemed committed up to the Committed Amount and then the remainder, if any, shall be deemed uncommitted up to the Uncommitted Amount. 

  
 - 20 - 

 (b) Subject to the terms and conditions of the Program Documents, Purchaser may enter into
Transactions provided, that the Aggregate MRA Purchase Price shall not exceed, as of any date of determination, the lesser of (i) the Maximum Aggregate Purchase Price (less the Aggregate EPF Purchase Price) and (ii) the Asset
Base. 
 (c) Unless otherwise agreed, Seller shall request that Purchaser enter into a Transaction with respect to any Eligible Mortgage
Loan by delivering to the indicated required parties (each, a “Required Recipient”) the required delivery items (each, a “Required Delivery Item”) set forth in the table below by the corresponding required delivery
time (the “Required Delivery Time”), and such Transaction shall occur no later than the corresponding required purchase time (the “Required Purchase Time” ): 

 

									
	 Purchased Asset

Type
	  	 Required Delivery

Items
	  	 Required Delivery Time
	  	 Required

Recipient
	  	 Required

Purchase Time

	 Eligible
 Mortgage Loans (other than Wet-Ink
Mortgage Loans)
	  	 Seller Mortgage Loan
 Schedule
	  	No later than 5:00 p.m. (New York City time) on the Business Day prior to the requested Purchase Date	  	Purchaser and Custodian	  	No later than 5:00 p.m. (New York City time) on the requested Purchase Date
					
		  	For Correspondent Loans, the Correspondent Seller Release, duly executed and delivered by each applicable Correspondent Seller	  	No later than 5:00 p.m. (New York City time) on the Business Day prior to the requested Purchase Date	  	Purchaser	  	
					
		  	The complete Mortgage Files to Custodian for each Mortgage Loan subject to such Transaction	  	No later than 5:00 p.m. (New York City time) on the Business Day prior to the requested Purchase Date	  	Custodian	  	
					
	AM Funded Wet-Ink Mortgage Loans	  	Seller Mortgage Loan Schedule	  	No later than 5:00 p.m. (New York City time) on the Business Day prior to the requested Purchase Date	  	Purchaser and Custodian	  	No later than 12:00 noon (New York City time) on the requested Purchase Date
					
	PM Funded Wet-Ink Mortgage Loans	  	Seller Mortgage Loan Schedule	  	No later than 2:30 p.m. (New York City time) on the requested Purchase Date	  	Purchaser and Custodian	  	No later than 4:30 p.m. (New York City time) on the requested Purchase Date

  
 - 21 - 

 The date on which any notice pursuant to this Section 3(c) is given is known as
the “Notice Date”. By submitting a Seller Mortgage Loan Schedule, Seller hereby agrees that it shall be deemed to have made all of the representations and warranties set forth in the form of Transaction Notice attached as Exhibit C
hereto. 
 (d) With respect to each Wet-Ink Mortgage Loan, within the time period specified in the Pricing Side Letter, Seller shall cause
the related Settlement Agent to deliver, or shall promptly deliver upon receipt from Settlement Agent, to the Custodian the remaining documents in the Mortgage File. 

(e) Upon Seller’s request to enter into a Transaction pursuant to Section 3(c) and assuming all conditions precedent set forth in
this Section 3 and in Sections 10(a) and (b) have been met, and provided no Default or Event of Default shall have occurred and be continuing, on the requested Purchase Date, Purchaser shall, in the case of a Transaction with respect to
the Committed Amount, and may, in its sole discretion with respect to the Uncommitted Amount, purchase the Eligible Mortgage Loans included in the related Seller Mortgage Loan Schedule by transferring the Purchase Price (net of any related
Structuring Fee, Non-Utilization Fee, or any other unpaid fees and expense then due and payable by Seller to Purchaser pursuant to this Agreement) in accordance with the following wire instructions or as otherwise provided: 

Receiving Bank: Deutsche Bank Trust Company America 

ABA#: [***] 
 Account Name:
Disbursement Account for Barclays Bank PLC 
 Account Number: [***] 

Attention: [***] 
 Seller acknowledges and agrees
that the Purchase Price includes a mutually negotiated premium allocable to the portion of the Purchased Assets that constitutes the related Servicing Rights. 

(f) On the related Price Differential Determination Date, Agent shall calculate the Price Differential for each outstanding Transaction
payable on the Monthly Payment Date utilizing the Pricing Rate. Not less than two (2) Business Days prior to each Monthly Payment Date, Agent shall provide Seller with an invoice for the amount of the Price Differential due and payable with
respect to all outstanding Transactions, setting forth the calculations thereof in reasonable detail and all accrued fees and expenses then due and owing to Purchaser. On the earliest of (1) the Monthly Payment Date or (2) the Termination
Date, Seller shall pay to Purchaser the Price Differential then due and payable for (x) all outstanding Transactions and (y) Purchased Assets for which Purchaser has received the related Repurchase Price (other than Price Differential) pursuant
to Section 3(g) during the prior calendar month. 

  
 - 22 - 

 (g) With respect to a Transaction, upon the earliest of (1) the Repurchase Date and
(2) the Termination Date, Seller shall pay to Purchaser the related Repurchase Price (other than the related accrued Price Differential) together with any other Obligations then due and payable under this Agreement, and shall repurchase all
Purchased Assets then subject to such Transaction. The Repurchase Price shall be transferred directly to Purchaser, and Purchaser shall transfer to Seller the related Purchased Assets. 

(h) If Agent determines in its good faith and commercially reasonable discretion that any Change in Law (except a Change in Law with regard to
Taxes (or taxes expressly excluded from Taxes), which is governed solely by Section 8) or any change in accounting rules regarding capital requirements has the effect of reducing the rate of return on Purchaser’s capital or on the
capital of any Affiliate of Purchaser under this Agreement as a consequence of such Change in Law or change in accounting rules, then from time to time Seller will compensate Purchaser or Purchaser’s Affiliate, as applicable, for such reduced
rate of return suffered as a consequence of such Change in Law or change in accounting rules on terms similar to those imposed by Purchaser, except for such amounts which could have been reasonably mitigated by the Purchaser. Further, if due to the
introduction of, any change in, or the compliance by Purchaser with (i) any eurocurrency reserve requirement, or (ii) the interpretation of any law, regulation or any guideline or request from any central bank or other Governmental
Authority whether or not having the force of law, there shall be an increase in the cost to Purchaser or any Affiliate of Purchaser in engaging in the present or any future Transactions (except a Change in Law with regard to Taxes (or taxes
expressly excluded from Taxes), which is governed solely by Section 8), then Seller shall, from time to time and upon demand by Purchaser, compensate Purchaser or Purchaser’s Affiliate for such increased costs, and such amounts shall be
deemed a part of the Obligations hereunder. Purchaser shall provide Seller with reasonably detailed notice as to any such Change in Law, change in accounting rules or change in compliance promptly following Purchaser’s receipt of actual
knowledge thereof. 
 (i) Seller shall indemnify the Purchaser and hold the Purchaser harmless from any losses, out of pocket costs and/or
expenses which the Purchaser may sustain or incur as a result of terminating any Transaction on or before a Repurchase Date arising from the reemployment of funds obtained by the Purchaser hereunder or from actual out of pocket fees and expenses
payable to terminate the deposits from which such funds were obtained (“Breakage Costs”). The Agent shall deliver to Seller a statement setting forth the amount and basis of determination of any Breakage Costs in such detail as
determined in good faith by the Purchaser to be adequate, it being agreed that such statement and the method of its calculation shall be adequate and shall be conclusive and binding upon Seller, absent manifest or demonstrable error. The provisions
of this Section 3(i) shall survive termination of this Agreement. 
 (j) If on any Business Day Agent determines in good faith (which
determination shall be conclusive absent manifest or demonstrable error) (a) that adequate and reasonable means do not exist for ascertaining LIBOR; or (b) that LIBOR will not adequately and fairly reflect the cost to Purchaser of entering
into or maintaining outstanding Transactions; or (c) that it has become unlawful for any Purchaser to honor its obligation to enter into or maintain outstanding 

  
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Transactions hereunder using LIBOR, then Agent shall give notice thereof to Seller by telephone, facsimile, or other electronic means as promptly as practicable thereafter and, until Agent
notifies Seller that the circumstances giving rise to such notice no longer exist, the Pricing Rate included in any Confirmation with respect to new Transactions and in any calculation of the Price Differential with respect to outstanding
Transactions will be determined, subject to the timely approval of Seller after receipt of notice of such revised rate, at a rate per annum that Purchaser determines in its good faith reasonable discretion adequately reflects the cost to Purchaser
of making or maintaining such Transactions. 
  

	4.	 CONFIRMATION 

In the event that parties hereto desire to enter into a Transaction on terms other than as set forth in this Agreement, the parties shall
execute a confirmation prior to entering into such Transaction, which confirmation shall be in a form that is mutually acceptable to Purchaser and Seller and shall specify such terms, including, without limitation, the Purchase Date, the Purchase
Price, the Pricing Rate therefor and the Repurchase Date (a “Confirmation”). Any such Confirmation, together with this Agreement, shall constitute conclusive evidence of the terms agreed to between Purchaser and Seller with respect
to the Transaction to which the Confirmation relates, absent manifest or demonstrable error. In the event of any conflict between this Agreement and a Confirmation, the terms of the Confirmation shall control with respect to the related Transaction.

  

	5.	 TAKEOUT COMMITMENTS 

With respect to each Purchased Mortgage Loan subject to a Takeout Commitment, Seller shall instruct the related Takeout Investor to remit
directly to Purchaser or the Bank in accordance with the terms of the Custodial and Disbursement Agreement no later than 4:00 p.m. (New York City time) on a Business Day an amount equal to the Repurchase Price for such Purchased Mortgage Loan in
accordance with the Purchaser’s Wire Instructions. Simultaneously with or prior to such payment, Seller shall deliver to Purchaser via facsimile or electronic mail a payoff file in mutually agreeable form (the “Payoff File”)
and shall indicate on such Payoff File the Mortgage Loan identification numbers which identified the applicable eligible Mortgage Loans when it was purchased by Purchaser hereunder. Upon receipt by Purchaser of payment of the Repurchase Price in
respect of such Purchased Mortgage Loan, Purchaser shall release and remit to Seller any amount in excess of the Repurchase Price (other than the related Price Differential) on the next succeeding Business Day; provided, that both immediately before
and after giving effect to such release and remittance, (i) there is no Default or Event of Default under this Agreement or any other Program Document and (ii) there is no Margin Deficit. 

With respect to Takeout MBS, Seller shall inform Purchaser immediately when any Securities backed by Purchased Mortgage Loans become Takeout
MBS and shall provide the related CUSIP number(s) on the related issuance date. Simultaneously upon the transfer of the Takeout MBS to the Purchaser, (i) the Seller shall be construed to have transferred the Repurchase Price to the Purchaser
for the related pooled Purchased Mortgage Loans backing such Takeout MBS; (ii) the Seller and Purchaser shall have entered into a new Transaction with respect such Takeout MBS; and (iii) the Purchaser shall be construed to have transferred
the Purchase Price for the related Takeout MBS to the Seller. The Takeout MBS will be delivered to 

  
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the securities account of the securities intermediary, at which time they will be subject to this Agreement. The Seller shall arrange for the sale of the Takeout MBS to a Takeout Investor, the
proceeds of such sale to be credited to the account of the paying agent to satisfy the Repurchase Price with respect to the Takeout MBS. 
  

	6.	 PAYMENT AND TRANSFER 

(a) Unless otherwise agreed by Seller and Purchaser, all transfers of funds hereunder shall be in Dollars in immediately available funds.
Seller shall remit (or, if applicable, shall cause to be remitted) directly to Purchaser all payments required to be made by it to Purchaser hereunder or under any other Program Document in accordance with wire instructions provided by Purchaser.
Any payments received by Purchaser after 5:00 p.m. (New York City time) shall be applied on the next succeeding Business Day. 
 (b)
Following Seller’s receipt of the Closing Protection Letter and Escrow Instruction Letter, the Disbursement Agent will aggregate and disburse funds directly to the loan closing with respect to Wet-Ink Mortgage Loans that are subject to a
Transaction hereunder. 
  

	7.	 MARGIN MAINTENANCE 

(a) Agent shall determine the Market Value of the Purchased Assets at any time as determined by Agent in its sole discretion. Agent shall have
the right to mark to market the Purchased Assets on a daily basis in connection with which the Market Value with respect to one or more of the Purchased Assets may be determined to be zero in accordance with the terms herein. 

(b) If, as of any date of determination, the lesser of (i) 100% of the Principal Balance of the Purchased Mortgage Loans and face amount
of the Takeout MBS and (ii) the aggregate Market Value of all Purchased Assets then subject to all Transactions, taking into account the cash then on deposit in the Collection Account, multiplied by the applicable Purchase Price Percentage is
less than the Repurchase Price for all such Transactions (a “Margin Deficit”), then Agent may, by notice to the Seller (as such notice is more particularly set forth below, a “Margin Call”), require Seller to
transfer to Purchaser or its designee cash or, at Purchaser’s option (and provided Seller has additional Eligible Mortgage Loans), additional Eligible Mortgage Loans to Purchaser (“Additional Purchased Mortgage Loans”) to cure
the Margin Deficit provided that such Margin Deficit shall equal or exceed $250,000. If the Agent delivers a Margin Call to the Seller on or prior to 10:00 a.m. (New York City time) on any Business Day, then the Seller shall transfer cash or
Additional Purchased Mortgage Loans to Purchaser or its designee no later than 5:00 p.m. (New York City time) on the same Business Day. In the event the Agent delivers a Margin Call to Seller after 10:00 a.m. (New York City time) on any Business
Day, Seller shall be required to transfer cash or Additional Purchased Mortgage Loans no later than 12:00 noon (New York City time) on the next succeeding Business Day. 

(c) Any cash transferred to Purchaser or its designee pursuant to Section 16(f)(ii) herein shall reduce the Repurchase Price of the
related Transactions. 
 (d) The failure of Purchaser, on any one or more occasions, to exercise its rights hereunder, shall not change or
alter the terms and conditions of this Agreement or limit the right 

  
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of the Purchaser to do so at a later date. Seller and Purchaser each agree that a failure or delay by a Purchaser to exercise its rights hereunder shall not limit or waive Purchaser’s rights
under this Agreement or otherwise existing by law or in any way create additional rights for Seller. 
 (e) For the avoidance of doubt, it
is hereby understood and agreed that Seller shall be responsible for satisfying any Margin Deficit existing as a result of any reduction of the Principal Balance of any Purchased Mortgage Loan pursuant to any action by any bankruptcy court. 

 

	8.	 TAXES; TAX TREATMENT 

(a) All payments made by Seller under this Agreement shall be made free and clear of, and without deduction or withholding for or on account
of, any present or future taxes, levies, imposts, deductions, charges or withholdings, and all liabilities (including penalties, interest and additions to tax) with respect thereto imposed by any Governmental Authority therewith or thereon,
excluding income taxes, branch profits taxes, franchise taxes or any other tax imposed on net income by the United States, a state or a foreign jurisdiction under the laws of which Purchaser is organized or of its applicable lending office, or a
state or foreign jurisdiction with respect to which Purchaser has a present or former connection (other than any connection arising from executing, delivering, being party to, engaging in any transaction pursuant to, performing its obligations under
or enforcing any Program Document), or any political subdivision thereof taxes imposed under FATCA (collectively, such non-excluded taxes are hereinafter called “Taxes”), all of which shall be paid by Seller for its own account not later
than the date when due. If Seller is required by law or regulation to deduct or withhold any Taxes from or in respect of any amount payable hereunder, it shall: (a) make such deduction or withholding, (b) pay the amount so deducted or
withheld to the appropriate Governmental Authority not later than the date when due, (c) deliver to the Purchaser, promptly, original tax receipts and other evidence satisfactory to the Purchaser of the payment when due of the full amount of
such Taxes; and (d) except as otherwise expressly provided in Section 8(d) below, pay to the Purchaser such additional amounts (including all Taxes imposed by any Governmental Authority on such additional amounts) as may be necessary so
that after such deduction or withholding on account of Taxes has been made (including such deductions and withholding applicable to additional amounts payable under this Section) the Purchaser receives, free and clear of all Taxes, a net amount
equal to the amount it would have received under this Agreement, as if no such deduction or withholding had been made. 
 (b) In addition,
Seller agrees to pay to the relevant Governmental Authority in accordance with applicable law any current or future stamp or documentary taxes or any other excise or property taxes, charges or similar levies (including, without limitation, mortgage
recording taxes, transfer taxes and similar fees) imposed by any taxing authority that arise from any payment made hereunder or from the execution, delivery or registration of, or otherwise with respect to, this Agreement except such taxes imposed
with respect to an assignment as a result of a present or former connection between Purchaser and the jurisdiction imposing such taxes (other than connections arising from Purchaser 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 Program Document, or sold or assigned any Purchased Asset or Program Document) (“Other
Taxes”). 

  
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 (c) Seller agrees to indemnify Purchaser for the full amount of Taxes and Other Taxes, and
the full amount of Taxes of any kind imposed by any jurisdiction on amounts payable under this Section 8, and any liability (including penalties, interest and expenses arising thereon or with respect thereto) arising therefrom or with respect
thereto, provided, that the Purchaser shall have provided Seller with evidence, reasonably satisfactory to Seller, of payment of Taxes or Other Taxes, as the case may be. 

(d) Any Purchaser that is either (i) not incorporated under the laws of the United States, any State thereof, or the District of Columbia
or (ii) not otherwise treated as a “United States person” under the Code (a “Foreign Purchaser”) shall provide Seller and Agent with original properly completed and duly executed United States Internal Revenue Service
(“IRS”) Forms W-8BEN-E or W-8ECI or any successor form prescribed by the IRS (or IRS Form W-8IMY, with IRS Form W-8BEN-E or W-8ECI attached), certifying that such Person is either (1) entitled to benefits under an income tax
treaty to which the United States is a party which eliminates United States withholding tax under Sections 1441 through 1442 of the Code on payments to it or (2) otherwise fully exempt from United States withholding tax under Sections 1441
through 1442 of the Code on payments to it or certifying that the income receivable pursuant to this Agreement is effectively connected with the conduct of a trade or business in the United States in either case, on or prior to the date upon which
each such Foreign Purchaser becomes a Purchaser. Each Foreign Purchaser will resubmit the appropriate form eliminating withholding tax on payments to it on the earliest of (A) the third anniversary of the prior submission, or (B) on or
before the expiration of thirty (30) days after there is a “change in circumstances” with respect to such Person as defined in Treas. Reg. Section 1.1441-1(e)(4)(ii)(D). For any period with respect to which the Foreign Purchaser has
failed to provide Seller with the appropriate form or other relevant document as expressly required under this Section 8(d) (unless such failure is due to a change in treaty, law, or regulation occurring subsequent to the date on which a form
originally was required to be provided under the first sentence of this Section 8(d) or except to the extent that, pursuant to this Section 8, amounts payable with respect to such taxes were payable to Purchaser’s assignor immediately
before Purchaser became a party hereto) such Person shall not be entitled to “gross-up” of Taxes under Section 8(a) or indemnification under Section 8(c) with respect to Taxes imposed by the United States which are imposed
because of such failure; provided, however, that should a Foreign Purchaser, which is otherwise exempt from a withholding tax, become subject to Taxes because of its failure to deliver a form required hereunder, Seller shall, at no
cost or expense to Seller, take such steps as such Foreign Purchaser shall reasonably request to assist such Foreign Purchaser to recover such Taxes. Upon the execution of this Agreement, each Purchaser that is a “United States person”
within the meaning of the Code shall deliver to Seller a duly executed original of Internal Revenue Service Form W-9 or such other documentation or information prescribed by applicable laws or reasonably requested by Seller as will enable Seller to
determine whether or not Purchaser is subject to backup withholding or information reporting requirements. Unless Seller has received such forms or other documents or information as required by this Section 8(d) to establish Purchaser’s
exception from backup withholding tax, Seller shall not be required to pay additional sums or indemnify Purchaser for any backup amount withheld. 

(e) If a payment made to Purchaser under this Agreement would be subject to United States federal withholding tax imposed by FATCA if Agent or
Purchaser were to fail to comply 

  
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with the applicable reporting requirements of FATCA (including those contained in Section 1471(b) or 1472(b) of the Code, as applicable), Purchaser shall deliver to Seller at the time or times
prescribed by law and at such time or times reasonably requested by 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 Seller as may be necessary for Seller to comply with its obligations under FATCA or to determine the amount to deduct and withhold from such payment. Solely for purposes of this clause (e), “FATCA” shall include any amendments made to
FATCA after the date of this Agreement. 
 (f) Without prejudice to the survival of any other agreement of Seller hereunder, the agreements
and obligations of Seller contained in this Section 8 shall survive the termination of this Agreement. Nothing contained in this Section 8 shall require Purchaser to make available any of its tax returns or other information that it deems
to be confidential or proprietary. 
 (g) Each party to this Agreement acknowledges that it is its intent solely for purposes of U.S.
federal, state and local income and franchise taxes to treat each Transaction as indebtedness of the Seller that is secured by the Purchased Assets and that the Purchased Assets are owned by Seller in the absence of an Event of Default by the
Seller. All parties to this Agreement agree to such treatment and agree to take no action inconsistent with this treatment, unless required by law. 
  

	9.	 SECURITY INTEREST; PURCHASER’S APPOINTMENT AS ATTORNEY-IN-FACT 

(a) Seller and Purchaser intend that (other than for tax and accounting purposes) the Transactions hereunder be sales to Purchaser of the
Purchased Assets and not loans from Purchaser to Seller secured by the Purchased Assets. However, in order to preserve Purchaser’s rights under this Agreement in the event that a court or other forum recharacterizes the Transactions hereunder
as other than sales, and as security for Seller’s performance of all of its Obligations, Seller hereby grants to Purchaser a first priority security interest in the Purchased Assets. Seller acknowledges and agrees that its rights with respect
to the Purchased Assets are and shall continue to be at all times junior and subordinate to the rights of Purchaser hereunder. 
 (b) Seller
hereby irrevocably constitutes and appoints Purchaser and any officer or agent thereof, with full power of substitution, as its true and lawful attorney-in-fact with full irrevocable 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 Purchaser’s reasonable discretion, to file such financing statement or statements relating to the Purchased Assets as Purchaser at its option may deem necessary or reasonably appropriate,
and if an Event of Default shall have occurred and be continuing, for the purpose of carrying out the terms of this Agreement, to take any and all appropriate action and to execute any and all documents and instruments which may be reasonably
necessary or appropriate to accomplish the purposes of this Agreement, and, in each case, subject to the terms of this Agreement. Without limiting the generality of the foregoing, Seller hereby gives Purchaser the power and right, on behalf of
Seller, without assent by, but with notice to, Seller, to do the following if an Event of Default shall have occurred and be continuing and Purchaser has elected to exercise its remedies pursuant to Section 18 hereof: 

  
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 (i) in the name of Seller, or in its own name, or otherwise, to take
possession of and endorse and collect any checks, drafts, notes, acceptances or other instruments for the payment of moneys due with respect to any Purchased Assets and to file any claim or to take any other action or initiate and maintain any
appropriate proceeding in any appropriate court of law or equity or otherwise deemed necessary or reasonably appropriate by Purchaser for the purpose of collecting any and all such moneys due with respect to any Purchased Assets whenever payable;

 (ii) to pay or discharge taxes and Liens levied or placed on or threatened against the Purchased Assets; 

(iii) (A) to direct any party liable for any payment under any Purchased Assets to make payment of any and all moneys due
or to become due thereunder directly to Purchaser or as Purchaser shall direct, (B) in the name of Seller, or in its own name, or otherwise as appropriate, to directly send or cause the applicable servicer to send “hello” letters,
“goodbye” letters in the form of Exhibit D, and Section 404 Notices; (C) to ask or demand for, collect, receive payment of and receipt for any and all moneys, claims and other amounts due or to become due at any time in
respect of or arising out of any Purchased Assets; (D) to sign and endorse any invoices, assignments, verifications, notices and other documents in connection with any Purchased Assets; (E) to commence and prosecute any suits, actions or
proceedings at law or in equity in any court of competent jurisdiction to collect the Purchased Assets or any proceeds thereof and to enforce any other right in respect of any Purchased Assets; (F) to defend any suit, action or proceeding
brought against Seller with respect to any Purchased Assets; (G) to settle, compromise or adjust any suit, action or proceeding described in clause (F) above and, in connection therewith, to give such discharges or releases as Purchaser
may deem appropriate; and (H) generally, to sell, transfer, pledge and make any agreement with respect to or otherwise deal with any Purchased Assets as fully and completely as though Purchaser was the absolute owner thereof for all purposes,
and to do, at Purchaser’s option and Seller’s expense, at any time, and from time to time, all acts and things which Purchaser deems necessary to protect, preserve or realize upon the Purchased Assets and Purchaser’s Liens thereon and
to effect the intent of this Agreement, all as fully and effectively as Seller might do. 
 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. 

Seller also authorizes Purchaser, from time to time if an Event of Default shall have occurred and be continuing, to execute any endorsements,
assignments or other instruments of conveyance or transfer with respect to the Purchased Assets in connection with any sale provided for in Section 18 hereof. 

The powers conferred on Purchaser hereunder are solely to protect Purchaser’s interests in the Purchased Assets and shall not impose any
duty upon it to exercise any such powers. Purchaser shall be accountable only for amounts that they actually receive as a result of the exercise of such powers, and neither Purchaser nor any of its officers, directors, employees or agents shall be
responsible to Seller for any act or failure to act hereunder. 

  
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	10.	 CONDITIONS PRECEDENT 

(a) As conditions precedent to the effectiveness of this Agreement, Purchaser shall have received on or before the Effective Date the
following, in form and substance satisfactory to Purchaser and duly executed by each party thereto (as applicable): 
 (i)
Each of the Program Documents duly executed and delivered by the parties thereto and being in full force and effect, free of any modification, breach or waiver; 

(ii) A certificate of an officer of Seller attaching certified copies of Seller’s articles of organization, operating
agreement and corporate resolutions, as applicable, approving the Program Documents and Transactions thereunder (either specifically or by general resolution), and all documents evidencing other necessary corporate action or governmental approvals
as may be required in connection with the Program Documents; 
 (iii) A certified copy of a good standing certificate from
the jurisdiction of organization of Seller, dated as of no earlier than the date which is ten (10) Business Days prior to the Purchase Date with respect to the initial Transaction hereunder; 

(iv) An incumbency certificate of the secretary of Seller certifying the names, true signatures and titles of Seller’s
representatives who are duly authorized to request Transactions hereunder and to execute the Program Documents and the other documents to be delivered thereunder; 

(v) An opinion of Seller’s counsel as to such matters as Purchaser may reasonably request (including, without limitation,
with respect to Purchaser’s perfected security interest in the Purchased Assets, a non-contravention, enforceability and corporate opinion with respect to Seller, an opinion with respect to the inapplicability of the Investment Company Act to
Seller, an opinion that this Agreement constitutes a “repurchase agreement”, a “securities contract” and a “master netting agreement” within the meaning of the Bankruptcy Code and an opinion that no Transaction
constitutes an avoidable transfer under Sections 546(e), 546(f), and 546(j) of the Bankruptcy Code, each in form and substance acceptable to Purchaser; 

(vi) Seller shall have paid to Purchaser and Purchaser shall have received all accrued and unpaid fees and expenses owed to
Purchaser in accordance with the Program Documents, including without limitation, the Structuring Fee, the Non-Utilization Fee, and any Transaction Fees then due and owing pursuant to Section 2 of the Pricing Side Letter, in immediately
available funds, and without deduction, set-off or counterclaim; 
 (vii) A copy of the insurance policies required by
Section 14(q) of this Agreement; 
 (viii) Duly completed and filed Uniform Commercial Code financing statements acceptable
to Purchaser and covering the Purchased Assets on Form UCC1; 

  
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 (ix) Purchaser or Agent shall have completed the due diligence review
pursuant to Section 36, and such review shall be satisfactory to Purchaser and Agent in their sole discretion; 
 (x)
Seller shall have provided evidence, satisfactory to Purchaser and Agent, that Servicer’s and Seller’s Approvals are in good standing; and 

(xi) Any other documents reasonably requested by Purchaser or Agent to the extent accessible without an undue cost or undue
burden subject to confidentiality restrictions. 
 (b) As conditions precedent to each Transaction pursuant to this Agreement (including the
initial Transaction), each of the following conditions precedent must have been satisfied: 
 (i) Purchaser or its designee
shall have received on or before the Purchase Date with respect to Eligible Mortgage Loans that are to be the subject of such Transaction (unless otherwise specified in this Agreement) the following, in form and substance reasonably satisfactory to
Purchaser and (if applicable) duly executed: 
  

	 	(A)	 Seller shall have paid to Purchaser and Purchaser shall have received all accrued and unpaid fees and expenses
owed to Purchaser in accordance with the Program Documents, including without limitation, the Structuring Fee, the Non-Utilization Fee and any Transaction Fee then due and owing pursuant to Section 2 of the Pricing Side Letter, in immediately
available funds, and without deduction, set-off or counterclaim; 

  

	 	(B)	 The Seller Mortgage Loan Schedule with respect to such Purchased Assets, delivered pursuant to
Section 3(c); 

  

	 	(C)	 Such certificates or other documents as Purchaser may reasonably request; 

 

	 	(D)	 Purchaser shall have received the Structuring Fee, the Non- Utilization Fee, and the Transaction Fees in
respect of such Transaction then due and owing pursuant to Section 2 of the Pricing Side Letter, in immediately available funds, and without deduction, set-off or counterclaim; 

 

	 	(E)	 With respect to Mortgage Loans that are Dry Agency Mortgage Loans, an original trust receipt executed by the
Custodian without exceptions and with respect to Wet-Ink Mortgage Loans, an original trust receipt executed by the Wet-Ink Mortgage Loan Document Receipt Date by the Custodian without exceptions; 

 

	 	(F)	 Such other certifications of Custodian as are required under Sections 2 of the Custodial and Disbursement
Agreement; 

  
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	 	(G)	 With respect to any table-funded Wet-Ink Mortgage Loan that is the subject of such Transaction, (x) a copy
of the Escrow Instruction Letter in the form attached as Exhibit G hereto, signed by the Settlement Agent and (y) a copy of the Closing Protection Letter from each title company in form and substance reasonably acceptable to Purchaser in
its sole discretion; and 

  

	 	(H)	 A duly executed Warehouse Lender’s Release from any Warehouse Lender (including any party that has a
precautionary security interest in a Mortgage Loan) having a security interest in any Mortgage Loans subject to such Transaction, substantially in the form of Exhibit E, addressed to Purchaser, releasing any and all of its right, title and
interest in, to and under such Mortgage Loan (including, without limitation, any security interest that such secured party or secured party’s agent may have by virtue of its possession, custody or control thereof) and, to the extent applicable,
has filed Uniform Commercial Code termination statements in respect of any Uniform Commercial Code filings made in respect of such Mortgage Loan, and each such Warehouse Lender’s Release and Uniform Commercial Code termination statement has
been delivered to Purchaser prior to such Transaction and to the Custodian as part of the Mortgage File. 

(ii) No Default or Event of Default shall have occurred and be continuing; 

(iii) Purchaser shall not have determined that the introduction of or a change in any Requirement of Law or in the
interpretation or administration of any requirement of law applicable to Purchaser has made it unlawful, and no Governmental Authority shall have asserted that it is unlawful, for Purchaser to enter into Transactions with the applicable Pricing
Rate; 
 (iv) Both immediately prior to the related Transaction and also after giving effect thereto and to the intended use
thereof, all representations and warranties in the Program Documents shall be true and correct on the date of such Transaction (with the same force and effect as if made on such date) and Seller is in compliance with the terms and conditions of the
Program Documents, other than as may be expressly waived by the Purchaser; 
 (v) The then Aggregate MRA Purchase Price when
added to the Purchase Price for the requested Transaction, shall not exceed, as of any date of determination, the lesser of (a) the Maximum Aggregate Purchase Price (less the Aggregate EPF Purchase Price) and (b) the Asset Base; 

(vi) The Purchase Price for the requested Transaction shall not be less than $1,000,000; 

  
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 (vii) Purchaser shall have determined that all actions necessary to
establish or maintain Purchaser’s perfected security interest in the Purchased Assets have been taken; 
 (viii)
Purchaser or its designee shall have received any other documents reasonably requested by Purchaser to the extent accessible without an undue cost or undue burden and subject to confidentiality restrictions; 

(ix) There is no Margin Deficit at the time immediately prior to entering into a new Transaction (other than a Margin Deficit
that will be cured contemporaneous with such Transaction in accordance with the provisions of Section 7 hereof) and no Margin Deficit will exist immediately after giving effect thereto; and 

(x) None of the following shall have occurred and/or be continuing: 

 

	 	(A)	 an event or events shall have occurred in the good faith determination of Purchaser resulting in the effective
absence of a “repo market” or comparable “lending market” for financing debt obligations secured by mortgage loans or securities or an event or events shall have occurred resulting in Purchaser not being able to finance Eligible
Mortgage Loans through the “repo market” or “lending market” with traditional counterparties at rates which would have been reasonable prior to the occurrence of such event or events; or 

 

	 	(B)	 an event or events shall have occurred resulting in the effective absence of a “securities market”
for securities backed by mortgage loans or an event or events shall have occurred resulting in Purchaser not being able to sell securities backed by mortgage loans at prices which would have been reasonable prior to such event or events; or

  

	 	(C)	 there shall have occurred a Material Adverse Change in the financial condition of Purchaser which affects (or
can reasonably be expected to affect) materially and adversely the ability of Purchaser to fund its obligations under this Agreement. 

(xi) Delivery of all due diligence results to the extent diligence is performed by Purchaser or Agent with respect to such
Transaction; and 
 (xii) All Mortgage Loans referenced on the related Seller Mortgage Loan Schedule are Eligible Mortgage
Loans. 
  

	11.	 RELEASE OF PURCHASED ASSETS 

Upon timely payment in full of the Repurchase Price and all other Obligations (if any) then owing with respect to a Purchased Asset pursuant to
Section 3(f) hereof, unless a Margin Deficit or an Event of Default shall have occurred and be continuing: (a) Purchaser shall automatically and without any further action terminate any security interest that Purchaser may

  
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have in such Purchased Asset, (b) the Purchaser shall automatically and without further action sell and release to the Seller or the applicable Takeout Investor, as the case may be, such
Purchased Asset, and (c) with respect to such Purchased Asset, Purchaser shall or shall direct Custodian to release such Purchased Asset to Seller or the applicable Takeout Investor, as the case may be. Except as set forth in
Section 16(f)(ii) and Section 15, Seller shall give at least two (2) Business Days prior written notice to Purchaser if such repurchase shall occur on any date other than the Repurchase Date. 

If such a Margin Deficit is applicable, Purchaser shall notify Seller of the amount thereof and Seller may thereupon satisfy the Margin Call
in the manner specified in Section 7. 
  

	12.	 RELIANCE 

With respect to any Transaction, Purchaser may conclusively rely upon, and shall incur no liability to Seller in acting upon, any request or
other communication that Purchaser reasonably believes, in good faith, to have been given or made by a person authorized to enter into a Transaction on Seller’s behalf. 
  

	13.	 REPRESENTATIONS AND WARRANTIES 

Seller hereby represents and warrants to Purchaser and Agent, and shall on and as of the Purchase Date for any Transaction and on and as of
each date thereafter through and including the related Repurchase Date be deemed to represent and warrant to Purchaser and Agent that: 
 (a)
Due Organization, Qualification, Power, Authority and Due Authorization. Seller is duly organized, validly existing and in good standing under the laws of the jurisdiction of its organization and it has qualified to do business in each
jurisdiction in which it is legally required to do so other than as would not, in the aggregate, reasonably be expected to have a Material Adverse Effect. Seller has the power and authority under its certificate of formation, operating agreement and
applicable law to enter into this Agreement and the Program Documents and to perform all acts contemplated hereby and thereby or in connection herewith and therewith; this Agreement and the Program Documents and the transactions contemplated hereby
and thereby have been duly authorized by all necessary action and do not require any additional approvals or consents or other action by, or any notice to or filing with, any Person other than any that have heretofore been obtained, given or made or
filings and recordings in respect of the Liens created pursuant to the Program Documents. 
 (b) No contravention. The consummation
of the transactions contemplated by this Agreement and Program Documents are in the ordinary course of business of Seller and will not conflict with, result in the breach of or violate any provision of the certificate of formation and operating
agreement of Seller or result in the breach of any provision of, or conflict with or constitute a default under or result in the acceleration of any obligation under, any material agreement, indenture, loan or credit agreement or other instrument to
which Seller, the Purchased Assets or any of Seller’s Property is or may be subject to, or result in the violation of any law, rule, regulation, order, judgment or decree to which Seller, the Purchased Assets or Seller’s Property is
subject. Without limiting the generality of the foregoing, the consummation of the Transactions will not violate any policy, regulation or guideline of the FHA or VA or result in 

  
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the voiding or reduction of the FHA insurance, VA guarantee or any other insurance or guarantee in respect of any Mortgage Loan, and such FHA insurance or VA guarantee is in full force and effect
or shall be in full force and effect as required by the applicable Agency Guide. 
 (c) Legal Proceeding. There is no action, suit,
proceeding, inquiry or investigation, at law or in equity, or before or by any court, public board or body pending or, to Seller’s knowledge, threatened against or affecting Seller (or, to Seller’s knowledge, any basis therefor) wherein an
unfavorable decision, ruling or finding would adversely affect the validity of the Purchased Assets or the validity or enforceability of this Agreement, the Program Documents or any agreement or instrument to which Seller is a party and which is
used or contemplated for use in the consummation of the Transactions could adversely affect the proceedings of Seller in connection herewith or would or could materially and adversely affect Seller’s ability to carry out its obligations
hereunder. 
 (d) Valid and Binding Obligations. This Agreement, the Program Documents and every other document to be executed by
Seller in connection with this Agreement is and will be the legal, valid, binding and subsisting obligations of Seller, enforceable in accordance with their respective terms, except that (A) the enforceability thereof may be limited by
bankruptcy, insolvency, moratorium, receivership and other similar laws relating to creditors’ rights generally and (B) the remedy of specific performance and injunctive and other forms of equitable relief may be subject to equitable
defenses and to the discretion of the court before which any proceeding therefor may be brought. 
 (e) Financial Statements. The
financial statements of Seller, copies of which have been furnished to Purchaser, (i) are, as of the dates and for the periods referred to therein, complete and correct in all material respects, (ii) present fairly the financial condition
and results of operations of Seller as of the dates and for the periods indicated and (iii) have been prepared in accordance with GAAP consistently applied, except as noted therein (subject as to interim statements to normal year-end
adjustments). Since the date of the most recent financial statements, there has been no Material Adverse Change with respect to Seller. Except as disclosed in such financial statements or pursuant to Section 14(i) hereof, Seller is not subject
to any contingent liabilities or commitments that, individually or in the aggregate, could reasonably be expected to result in a Material Adverse Change with respect to Seller. 

(f) Accuracy of Information. Neither this Agreement nor any representations and warranties or information relating to Seller that
Seller has delivered or caused to be delivered to Purchaser, including, but not limited to, all documents related to this Agreement, the Program Documents or Seller’s financial statements, contains any untrue statement of a material fact or
omits to state a material fact necessary to make the statements made therein or herein in light of the circumstances under which they were made, not misleading. Since the furnishing of such documents or information, there has been no change, nor any
development or event involving a prospective change that would render any of such documents or information untrue or misleading in any material respect, unless Seller delivered such other documents or information informing Purchaser or Agent of such
change. 
 (g) No Consents. No consent, license, approval or authorization from, or registration, filing or declaration with, any
regulatory body, administrative agency or other governmental 

  
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instrumentality, nor any consent, approval, waiver or notification of any creditor, lessor or other non-governmental Person, is required in connection with the execution, delivery and performance
by Seller or its Parent Company, if any, of this Agreement or any other Program Document to which it is a party, other than any that have heretofore been obtained, given or made or filings and recordings in respect of the Liens created pursuant to
the Program Documents. 
 (h) Compliance With Law, Etc. No practice, procedure or policy employed by Seller in the conduct of its
businesses violates any law, regulation, judgment, agreement, regulatory consent, order or decree applicable to it which, if enforced, would result in a Material Adverse Effect. 

(i) Solvency. Seller is not insolvent within the meaning of 11 U.S.C. Section 101(32) and will not be rendered insolvent by any
Transaction and, after giving effect to each such Transaction, Seller will not be left with an unreasonably small amount of capital with which to engage in its business. Seller does not intend to incur, nor believes that it has incurred, debts
beyond its ability to pay such debts as they mature. Seller is not contemplating the commencement of insolvency, bankruptcy, liquidation or consolidation proceedings or the appointment of a receiver, liquidator, conservator, trustee or similar
official in respect of Seller or any of its assets. The audited annual financial statements of Seller or the notes thereto or other opinions or conclusions stated therein have not been qualified or limited by reference to the status of such Person
as a “going concern” or a reference of similar import or indicate that Seller has a negative net worth or is insolvent. 
 (j)
Fraudulent Conveyance. The amount of consideration being received by Seller in respect of each Transaction, taken as a whole, constitutes reasonably equivalent value and fair consideration for the related Purchased Assets. Seller is not
transferring any Purchased Assets with any intent to hinder, delay or defraud any of its creditors. The Agreement and the Program Documents, any other document contemplated hereby or thereby and each Transaction have not been entered into
fraudulently by Seller hereunder, or with the intent to hinder, delay or defraud any creditor or Purchaser. 
 (k) Investment Company Act
Compliance. Seller is not required to be registered as an “investment company” as defined under the Investment Company Act nor is an entity “controlled by” an entity required to be registered as an “investment
company” as defined under the Investment Company Act. 
 (l) Taxes. Seller has timely filed all federal and state income and
other material tax returns that are required to be filed by it and has paid all taxes, including any assessments received by it, to the extent that such taxes are reflected on such returns and have become due or otherwise are federal, state income
or other material taxes (other than for taxes that are being contested in good faith or for which it has established adequate reserves). Any taxes, fees and other governmental charges payable by Seller in connection with a Transaction and the
execution and delivery of the Program Documents have been or will be paid on or about the date of such Transaction. 

  
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 (m) Additional Representations. With respect to each Purchased Asset to be sold
hereunder by Seller to Purchaser, Seller hereby makes all of the applicable representations and warranties set forth in Exhibit B as of the date the related Mortgage File is delivered to Purchaser or the Custodian with respect to the
Purchased Assets and continuously while such Purchased Asset 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 the Purchaser, any such exception to identify the applicable representation or warranty and specify in
reasonable detail the related knowledge of Seller. 
 (n) No Broker. Seller has not dealt with any broker, investment banker, agent,
or other person, except for Purchaser, who may be entitled to any commission or compensation in connection with the sale of Purchased Assets pursuant to this Agreement; provided, that if Seller has dealt with any broker, investment banker,
agent, or other person, except for Purchaser, who may be entitled to any commission or compensation in connection with the sale of Purchased Assets pursuant to this Agreement, such commission or compensation shall have been paid in full by Seller.

 (o) [Reserved]. 

(p) Approvals. Seller has all requisite Approvals. 

(q) Custodian. The Custodian is an eligible custodian under each Agency Guide and each Agency Program, and is not an Affiliate of
Seller. 
 (r) No Adverse Actions. Seller has not received from any Agency a notice of extinguishment or a notice indicating material
breach, default or material non-compliance which the Agent reasonably determines may entitle an Agency to terminate, suspend, sanction or levy penalties against the Seller, or a notice from any Agency, HUD, FHA or VA indicating any adverse fact or
circumstance in respect of Seller which the Agent reasonably determines may entitle such Agency, HUD, FHA or VA, as the case may be, to revoke any Approval or otherwise terminate, suspend Seller as an Agency approved issuer or servicer, or with
respect to which such adverse fact or circumstance has caused any Agency, HUD, FHA or VA, as the case may be, to terminate Seller, without any subsequent rescission thereof in such notice. 

(s) [Reserved]. 
 (t)
Affiliated Parties. Seller is not an Affiliate of the Custodian, Disbursement Agent, Settlement Agent or any other party to a Program Document hereunder. 

The representations and warranties set forth in this Agreement shall survive transfer of the Purchased Assets to Purchaser and shall continue
for so long as the Purchased Assets are subject to this Agreement. 
  

	14.	 COVENANTS OF SELLER 

Seller hereby covenants and agrees with Purchaser and Agent as follows: 

(a) Defense of Title. Seller warrants and will defend the right, title and interest of Purchaser in and to all Purchased Assets against
all adverse claims and demands. 

  
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 (b) No Amendment or Compromise. None of Seller or those acting on Seller’s
behalf shall amend, modify, or waive any term or condition of, or settle or compromise any claim in respect of, any item of the Purchased Assets, any related rights or any of the Program Documents without the prior written consent of Purchaser,
except if such amendment or modification does not (i) affect the amount or timing of any payment of principal or interest payable with respect to a Purchased Asset, extend its scheduled maturity date, modify its interest rate, or constitute a
cancellation or discharge of its outstanding principal balance or (ii) materially and adversely affect the security afforded by the real property, furnishings, fixtures, or equipment securing the Purchased Asset. Notwithstanding the foregoing,
the Seller may amend, modify or waive any term or condition of the individual Mortgage Loans in accordance with Accepted Servicing Practices and the Agency Guides; provided, that Seller shall promptly notify Purchaser of any amendment, modification
or waiver that causes any Purchased Mortgage Loan to cease to be an Eligible Mortgage Loan. 
 (c) No Assignment; No Liens. Except as
permitted herein, Seller shall not sell, assign, transfer or otherwise dispose of, or grant any option with respect to, or pledge, hypothecate or grant a security interest in, or Lien on or otherwise encumber (except pursuant to the Program
Documents) any of the Purchased Assets or any interest therein, provided that this Section 14(c) shall not prevent any of the following: any contribution, sale, assignment, transfer or conveyance of Purchased Assets in accordance with
the Program Documents and any forward purchase commitment or other type of take out commitment for the Purchased Assets (without vesting rights in the related purchasers as against Purchaser). 

(d) No Economic Interest. Neither Seller nor any Affiliate thereof will acquire any economic interest in or obligation with respect to
any Purchased Mortgage Loan except for record title to the Mortgage relating to such Purchased Mortgage Loan and the right and obligation to repurchase the Mortgage Loan hereunder and the right to receive amounts pursuant to Section 16. 

(e) Preservation of Purchased Assets. Seller shall take all actions necessary or appropriate to preserve the Purchased Assets so that
they remain subject to a first priority perfected security interest hereunder and deliver evidence that such actions have been taken, including, without limitation, duly completed and filed Uniform Commercial Code financing statements on Form UCC1.
Without limiting the foregoing, Seller will comply with all applicable laws, rules, regulations and other laws of any Governmental Authority applicable to Seller relating to the Purchased Assets and cause the Purchased Assets to comply with all
applicable laws, rules, regulations and other laws of any such Governmental Authority. Seller will not allow any default to occur for which Seller is responsible under any Purchased Assets or any Program Documents and Seller shall fully perform or
cause to be performed when due all of its obligations under any Purchased Assets or the Program Documents. 

  
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 (f) Maintenance of Papers, Records and Files. 

(i) Seller shall maintain all Records relating to the Purchased Assets not in the possession of Custodian or released in
accordance with the Custodial Agreement in good and complete condition in accordance with industry practices and preserve them against loss. Seller shall collect and maintain or cause to be collected and maintained all such Records in accordance
with industry custom and practice, and all such Records shall be in Purchaser’s or Custodian’s possession unless Purchaser otherwise approves in writing. Seller will not cause or authorize any such papers, records or files that are an
original or an only copy to leave Custodian’s possession, except for individual items removed in connection with servicing a specific Mortgage Loan, in which event Seller will obtain or cause to be obtained a receipt from the Custodian for any
such paper, record or file, or as otherwise permitted under the Custodial and Disbursement Agreement. 
 (ii) For so long as
Purchaser has an interest in or Lien on any Purchased Asset, Seller will hold or cause to be held all related Records for the sole benefit of Purchaser. 

(iii) Upon reasonable advance notice from Custodian or Purchaser and during normal business hours, Seller shall (x) make
any and all such Records available to Custodian or Agent for examination, either by its own officers or employees, or by agents or contractors, or both, and make copies of all or any portion thereof, (y) permit Agent or its authorized agents to
discuss the affairs, finances and accounts of Seller with its chief operating officer and chief financial officer and to discuss the affairs, finances and accounts of Seller with its independent certified public accountants. 

(g) Financial Statements and Other Information. 

(i) Seller shall keep or cause to be kept in reasonable detail books and records setting forth an account of its assets and
business and, as applicable, shall clearly reflect therein the transfer of Purchased Assets to Purchaser. Seller shall furnish or cause to be furnished to Purchaser the following: 

 

	 	(A)	 Financial Statements. 

(1) Within ninety-five (95) days after the end of each fiscal year of Seller, the consolidated audited balance sheets of
Seller and its consolidated Subsidiaries, which will be in conformity with GAAP, and the related consolidated audited statements of income and changes in equity showing the financial condition of Seller and its consolidated Subsidiaries as of the
close of such fiscal year and the results of operations during such year, and consolidated audited statements of cash flows, as of the close of such fiscal year, setting forth, in each case, in comparative form the corresponding figures for the
preceding year. The foregoing consolidated financial statements are to be reported on by, and to carry the unqualified report (in a form substantially similar to the form of financial statements attached hereto as Exhibit J, or in a form
otherwise acceptable to Purchaser and Agent) of, an independent public accountant of national standing; 

  
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 (2) Reserved. 

(3) As soon as is practicable, but in any event within thirty (30) days after the end of each month, consolidated
unaudited balance sheets and consolidated statements of income and changes in equity (in a form substantially similar to the form of financial statements attached hereto as Exhibit K, or in a form otherwise acceptable to Purchaser and Agent)
showing the financial condition and results of operations of Seller and its consolidated Subsidiaries on a consolidated basis as of the end of each such month and for the then elapsed portion of the fiscal year, setting forth, in each case, in
comparative form the corresponding figures for the corresponding month of the preceding fiscal year, certified by a financial officer of Seller who is qualified to make such certification as presenting fairly the financial position and results of
operations of Seller and its consolidated Subsidiaries and as having been prepared in accordance with GAAP consistently applied, in each case, subject to normal year-end audit adjustments; 

(4) Reserved; 

(5) Such supplements to the aforementioned documents and such other information regarding the operations, business, affairs and
financial condition of Seller’s Parent Company, Seller or any of Seller’s consolidated Subsidiaries as Purchaser or Agent may reasonably request to the extent accessible without an undue cost or undue burden and subject to confidentiality
restrictions. 
 Seller’s obligation to deliver any report or other document under this Section 14(g)(i)(A)
shall be deemed to have been satisfied if, and as of the date, such report or other document is filed with the SEC pursuant to the SEC’s Electronic Data Gathering & Analysis Recovery system. 

(6) The audited annual financial statements of Seller or the notes thereto or other opinions or conclusions stated therein
shall not be qualified or limited by reference to the status of Seller as a “going concern” or a reference of similar import nor shall indicate that such Seller has a negative net worth or is insolvent 

 

	 	(B)	 Reserved. 

  

	 	(C)	 Other Information. Upon the request of Purchaser or Agent, such other information or reports as
Purchaser or Agent may from time to time reasonably request; provided, however, such request will not cause Seller any undue material expense and such request is limited to information accessible without an undue cost or undue burden
and subject to confidentiality restrictions. 

 (ii) Seller shall at all times comply with the financial
covenants set forth in Section 4 of the Pricing Side Letter. 

  
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 (iii) Certifications. Seller shall execute and deliver a
certification (i) substantially in the form of Exhibit A-1 attached hereto within thirty (30) days after the end of each of the first two calendar months of each fiscal quarter of Seller, and substantially in the form of Exhibit
A-2 attached hereto within (x) forty-five (45) days after the end of each of the first three fiscal quarters of each fiscal year of Seller, and (y) ninety (90) days after the end of each fiscal year of Seller. Each
certification to be executed and delivered hereunder shall be sent via electronic mail to creditsecuritizedp1@barclayscapital.com or such other email address as the Agent may furnish to the Seller from time to time by written notice. 

(h) Agency Reporting. Seller shall comply with the applicable reporting requirements of each Agency Guide and HUD. 

(i) Notice of Material Events. Seller shall promptly inform Purchaser and Agent in writing of any of the following of which any
Responsible Officer is aware: 
 (i) any Default, Event of Default by Seller of any material obligation under any Program
Document or any Servicer Termination Event, or any default or event of default (howsoever defined thereunder) for an amount equal to or greater than [***] by Seller under any Other Agreement; 

(ii) Seller’s failure to comply with any financial covenant or margin maintenance requirement under any agreement for
Indebtedness; 
 (iii) any material decrease in the insurance coverage of Seller as required to be maintained pursuant to
Section 14(q) hereof, or any other Person pursuant to any Program Documents, with copy of evidence of same attached; 
 (iv)
the commencement of, or any determination in, any material dispute, litigation, investigation, proceeding, sanctions or suspension between Seller or its Parent Company, on the one hand, and any Governmental Authority or any other Person, on the
other, which is equal to or exceeds [***] in the aggregate; 
 (v) any material change in accounting policies or financial
reporting practices of Seller which could reasonably be expected to have a Material Adverse Effect; 
 (vi) any event,
circumstance or condition that has resulted, or has a reasonable likelihood of resulting in either a Material Adverse Change or a Material Adverse Effect with respect to Seller; 

(vii) any material modifications to Seller’s underwriting or acquisition guidelines other than changes made in conformity
to changes made by Agencies; 
 (viii) if Seller’s, to the extent it is a Servicer, HUD ranking falls below “Tier
2” lender; 
 (ix) any penalties, sanctions or charges levied, or threatened to be levied, against Seller or any
Servicer or any change, or change threatened, in Approval status, or 

  
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actions taken, or threatened in writing to be taken, against Seller or Servicer by or disputes in writing between Seller or Servicer and any Applicable Agency, or any supervisory or regulatory
Governmental Authority (including, but not limited to HUD, FHA and VA) supervising or regulating the origination or servicing of mortgage loans by, or the issuer status of, Seller or any Servicer (which, in the event of a Governmental Authority,
could reasonably be expected to have a Material Adverse Effect); or 
 (x) any Change in Control of Seller. 

(j) Maintenance of Approvals. Seller shall take all necessary actions to maintain its Approvals at all times during the term of this
Agreement. If, for any reason, Seller ceases to maintain any such Approval, Seller shall notify Purchaser and Agent within one (1) Business Day. 

(k) Maintenance of Licenses. Seller shall (i) maintain all licenses, permits or other approvals necessary for Seller to conduct
its business and to perform its obligations under the Program Documents, (ii) remain in good standing to the extent required under, and comply in all material respects with, all laws of each state in which it conducts business or any Mortgaged
Property is located, and (iii) conduct its business strictly in accordance with applicable law. 
 (l) Taxes, Etc. Seller shall
pay and discharge or cause to be paid and discharged, when due all federal, state income and other material taxes, assessments and governmental charges or levies imposed upon it or upon its income and profits or upon any of its Property, real,
personal or mixed (including without limitation, the Purchased Assets) or upon any part thereof, as well as any other lawful claims which, if unpaid, might become a Lien upon such properties or any part thereof, except for any such taxes,
assessments and governmental charges, levies or claims as are appropriately contested in good faith by appropriate proceedings diligently conducted and with respect to which adequate reserves are provided. Seller shall or cause to be filed on a
timely basis all federal, state income and other material tax and information returns, reports and any other information statements or schedules required to be filed by or in respect of it. 

(m) Nature of Business. Seller shall not make any material change in the nature of its business as carried on at the date hereof, it
being understood that Seller may engage in business lines and transactions related to the mortgage banking and/or lending business or businesses ancillary to the mortgage banking and/or lending business and/or the servicing of Mortgage Loans. 

(n) Limitation on Distributions. Seller shall have the right to pay dividends so long as such dividend distribution does not result in
any breach of the financial covenants set forth in Section 4 of the Pricing Side Letter. Notwithstanding the foregoing, if an Event of Default has occurred and is continuing, Seller shall not make any payment of any dividends or make
distributions on account of, or set apart assets for a sinking or other analogous fund for the purchase, redemption, defeasance, retirement or other acquisition of, any capital stock, senior or subordinate debt of Seller or other equity interests,
respectively, thereof, whether now or hereafter outstanding, or make any other distribution in respect thereof, either directly or indirectly, whether in cash or Property or in obligations of Seller; provided, however, that Seller

  
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shall be permitted to make distributions to any shareholder or equity holder as are necessary to comply with the federal, state or local tax obligations of such shareholder or equity holder as a
result of its ownership of such equity interests in Seller, notwithstanding the occurrence and continuance of an Event of Default (other than an Event of Default referred to in Section 17(f)). 

(o) Use of Custodian. Without the prior written consent of Purchaser, Seller shall not use a third party custodian as document
custodian other than the Custodian for the Mortgage File relating to the Purchased Mortgage Loans. 
 (p) Change of Control. Seller
shall not, at any time, directly or indirectly (i) be subject to a Change in Control without the prior written consent of Purchaser (not to be unreasonably delayed or denied); (ii) form or enter into any partnership, joint venture,
syndicate or other combination which would have a Material Adverse Effect with respect to Seller; or (iii) make any Material Adverse Change with respect to Seller. 

(q) Insurance. Seller shall obtain and maintain insurance with responsible companies in such amounts and against such risks as are
customarily carried by business entities engaged in similar businesses similarly situated, including without limitation, the insurance required to be obtained and maintained by each Agency pursuant to the Agency Guides, and will furnish Purchaser on
request full information as to all such insurance, and provide within fifteen (15) days after receipt of such request the certificates or other documents evidencing renewal of each such policy. Seller shall continue to maintain coverage, for
itself and its consolidated Subsidiaries, that encompasses employee dishonesty, forgery or alteration, theft, disappearance and destruction, robbery and safe burglary, Property (other than money and securities), and computer fraud in an aggregate
amount of at least such amount as is required by each Agency. 
 (r) Affiliate Transaction. Seller shall not, at any time, directly
or indirectly, sell, lease or otherwise transfer any Property or assets to, or otherwise acquire any Property or assets from, or otherwise engage in any transactions with, any of its Affiliates, if such transaction is material to such parties in the
aggregate, unless the terms thereof are no less favorable to Seller than those that could be obtained at the time of such transaction in an arm’s length transaction (after taking into consideration all aspects of such transaction and any
related transactions) with a Person who is not such an Affiliate; provided however, except as provided in Section 14(n), Seller may pay dividends or distributions with respect to any capital stock or other equity interests with respect to
Parent Company, Seller or its Affiliates. 
 (s) Change of Fiscal Year. Seller shall not, at any time, directly or indirectly, except
upon ninety (90) days’ prior written notice to Purchaser, change the date on which its fiscal year begins from its current fiscal year beginning date. 

(t) Transfer of Servicing Rights, Servicing Files and Servicing. With respect to the Servicing Rights of each Purchased Mortgage Loan,
Seller shall transfer such Servicing Rights to Purchaser or its designee on the related Purchase Date. With respect to the Servicing Files and the physical and contractual servicing of each Purchased Mortgage Loan to the extent in the possession of
Seller, Seller shall deliver such Servicing Files and the physical and contractual servicing to Purchaser or its designee upon the expiration of the Servicing Term unless either such Servicing Term is renewed by Purchaser or the termination of the
Seller as servicer 

  
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pursuant to Section 16. Seller’s transfer of the Servicing Rights, Servicing Files and the physical and contractual servicing under this Section shall be in accordance with customary
standards in the industry including the transfer of the gross amount of all escrows, if any, held for the related Mortgagors (without reduction for unreimbursed advances or “negative escrows”). 

(u) Audit and Approval Maintenance. Seller shall (i) at all times maintain copies of relevant portions of all final written Agency
audits, examinations, evaluations, monitoring reviews and reports of its origination and servicing operations (including those prepared on a contract basis for any such agency) in which there are material adverse findings, including without
limitation notices of defaults, notices of termination of approved status, notices of imposition of supervisory agreements or interim servicing agreements, and notices of probation, suspension, or non-renewal, and all necessary approvals from each
Agency, (ii) promptly provide Agent with copies of such audits, examinations, evaluations, monitoring reviews and reports promptly upon receipt from any Agency or agent of any Agency, and (iii) take all actions necessary to maintain its
respective Approvals. 
 (v) MERS. The Seller is a member of MERS in good standing and current in the payment of all fees and
assessments imposed by MERS, and has complied in all material respects with all rules and procedures of MERS. In connection with the assignment of any Purchased Mortgage Loan registered on the MERS system, the Seller agrees that it will, at the
Seller’s own cost and expense, promptly cause the MERS system to indicate that such Mortgage Loan has been transferred to the Purchaser in accordance with the terms of this Agreement by including in MERS’ computer files (a) the code
in the field which identifies the specific owner of the Mortgage Loans and (b) the code in the field “Pool Field” which identifies the series in which such Mortgage Loans were sold. The Seller further agrees that it will not alter
codes referenced in this paragraph with respect to any Mortgage Loan at any time that such Mortgage Loan is subject to this Agreement, and the Seller shall retain its membership in MERS at all times during the term of this Agreement. 

(w) Fees and Expenses. Seller shall timely pay to Purchaser all fees and actual out of pocket expenses as set forth in the Pricing Side
Letter. 
 (x) Agency Status. Once the Seller or any of its subservicers has obtained any status with an Agency’s mortgage loan
pool for which Seller is issuer or servicer, Seller shall not take or omit to take any act that (i) would result in the suspension or loss of any of such status, or (ii) after which Seller or any such relevant subservicer would no longer
be in good standing with respect to such status, or (iii) after which Seller or any such relevant subservicer would no longer satisfy all applicable Agency net worth requirements, if both (x) all of the material effects of such act or
omission shall not have been cured by Seller or waived by the applicable Agency before termination of such status and (y) the termination of such status could reasonably be expected to have a Material Adverse Effect. 

(y) Further Documents. Seller shall, upon request of Purchaser or Agent, promptly execute and deliver to Purchaser or Agent all such
other and further documents and instruments of transfer, conveyance and assignment, and shall take such other action as Purchaser or Agent may reasonably require to more effectively transfer, convey, assign to and vest in Purchaser and to put
Purchaser in possession of the Property to be transferred, conveyed, assigned and 

  
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delivered hereunder and otherwise to carry out more effectively the intent of the provisions under this Agreement to the extent accessible without an undue cost or undue burden and subject to
confidentiality restrictions. 
 (z) Due Diligence. Seller will permit Purchaser, Agent or their respective agents or designees to
perform due diligence reviews on the Mortgage Loans subject to each Transaction hereunder within thirty (30) days following the related Purchase Date. Seller shall cooperate in all respects with such diligence and shall provide Purchaser, Agent
or their respective agents or designees with all loan files and other information (including, without limitation, Seller’s quality control procedures and results) reasonably requested by Purchaser, Agent or their respective agents or designees
and shall bear all costs and expenses associated with such due diligence; provided that Seller shall not be responsible for costs and expenses incurred by Purchaser in excess of the Due Diligence Cap; provide further, that such Due Diligence Cap
shall not apply to loan-level due diligence or upon the occurrence and during the continuance of an Event of Default. 
 (aa) Event of
Insolvency. Neither Seller nor any of its Affiliates or consolidated Subsidiaries, shall take any corporate action in furtherance of, or any action which would result in any an Event of Insolvency. 

(bb) Non-Utilization Fee. Seller shall pay to Purchaser the due and owing portion of the Non-Utilization Fee if and as required under
Section 2 of the Pricing Side Letter; provided that Purchaser may, in its sole discretion, net any Non- Utilization Fee from the proceeds of any Purchase Price paid by Purchaser to Seller to the extent such amounts were not otherwise received
by Purchaser in accordance with this clause (bb). 
  

	15.	 REPURCHASE OF PURCHASED ASSETS 

Upon discovery by Seller of a breach of any of the representations and warranties set forth on Exhibit B to this Agreement, Seller shall
give prompt written notice thereof to Purchaser. Upon any such discovery by Purchaser, Purchaser will notify Seller in writing. It is understood and agreed that the representations and warranties set forth in Exhibit B to this Agreement with
respect to the Purchased Assets shall survive delivery of the respective Mortgage Files to the Purchaser or Custodian with respect to the Purchased Assets and shall inure to the benefit of Purchaser. The fact that Purchaser has conducted or has
failed to conduct any partial or complete due diligence investigation in connection with its purchase of any Purchased Asset shall not affect Purchaser’s right to demand repurchase or any other remedy as provided under this Agreement. Seller
shall, within five (5) Business Days of the earlier of Seller’s discovery or receipt of notice with respect to any Purchased Asset of (i) any breach of a representation or warranty contained in Exhibit B of this Agreement or
(ii) any failure to deliver any of the items required to be delivered as part of the Mortgage File within the time period required for delivery pursuant to the Custodial and Disbursement Agreement, promptly cure such breach or delivery failure
in all material respects. If within five (5) Business Days after the 

  
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earlier of Seller’s discovery of such breach or delivery failure or receipt of notice thereof that such breach or delivery failure has not been remedied by Seller, Seller shall promptly upon
receipt of written instructions from Purchaser, at Purchaser’s option, repurchase such Purchased Asset at a purchase price equal to the Repurchase Price with respect to such Purchased Asset by wire transfer to the account designated by
Purchaser. 
  

	16.	 SERVICING OF THE MORTGAGE LOANS; SERVICER TERMINATION 

(a) Subservicing. 

(i) Upon payment of the Purchase Price, Purchaser shall own the servicing rights related to the Purchased Mortgage Loans
including the Mortgage File related to such Purchased Mortgage Loans. Seller and Purchaser each agrees and acknowledges that the Mortgage Loans sold hereunder shall be sold to Purchaser on a servicing released basis, and that Purchaser is engaging
and hereby does engage Seller to provide subservicing of each such Mortgage Loan for the benefit of Purchaser; provided that with respect to one or more Purchased Mortgage Loans, a Servicer other than the Seller may subservice the Mortgage Loans for
the benefit of Purchaser. 
 (ii) So long as a Purchased Mortgage Loan is outstanding, Seller shall neither assign, encumber
or pledge its obligation to subservice such Mortgage Loans in whole or in part, nor delegate its rights or duties under this Agreement (to other than a subservicer) without the prior written consent of Purchaser, the granting of which consent shall
be in the sole discretion of Purchaser. Seller hereby acknowledges and agrees that (i) Purchaser is entering into this Agreement in reliance upon Seller’s representations as to the adequacy of its financial standing, servicing facilities,
personnel, records, procedures, reputation and integrity, and the continuance thereof; and (ii) Seller’s engagement hereunder to provide mortgage servicing for the benefit of Purchaser is intended by the parties to be a “personal
service contract” and Seller is hereunder intended by the parties to be an “independent contractor”. 
 (iii)
Servicer shall subservice and administer the Mortgage Loans it is subservicing on behalf of Purchaser in accordance with Accepted Servicing Practices. Servicer shall have no right to modify or alter the terms of any such Mortgage Loan or consent to
the modification or alteration of the terms of any such Mortgage Loan except in Strict Compliance with the related Agency Program. Servicer shall at all times maintain accurate and complete records of its servicing of the Mortgage Loans it is
subservicing on behalf of Purchaser, and Agent may, at any time during Servicer’s business hours on reasonable notice, examine and make copies of such Servicing Records. Seller agrees that Purchaser is the 100% beneficial owner of all Servicing
Records relating to the Mortgage Loans. Seller covenants to hold or cause to be held such Servicing Records for the benefit of Purchaser and to safeguard such Servicing Records and to deliver them promptly to Agent or its designee (including the
Custodian) at Agent’s request or otherwise as required by operation of this Section 16. 
 (b) Servicing Term. Seller shall
subservice such Mortgage Loans on behalf of Purchaser for a term of thirty (30 days commencing as of the related Purchase Date, which term 

  
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may be extended in writing by Agent in its sole reasonable discretion, on a monthly basis, for an additional thirty-day period, and Seller shall, in turn, extend in writing the Servicer’s
subservicing for thirty (30) days, on a monthly basis (each, a “Servicing Term”). Notwithstanding the forgoing, Purchaser and/or Agent shall have the right to immediately terminate the Seller or any Servicer at any time
following the occurrence of an Event of Default in accordance with Section 17(r) hereof (a “Servicer Termination Event”), and Seller shall immediately terminate the Servicer following the occurrence of a Servicer
Termination Event. If such Servicing Term is not extended by Agent or if Purchaser or Agent has terminated Seller or Servicer as a result of a Servicer Termination Event, Seller shall transfer or shall cause such Servicer to transfer such servicing
to Purchaser or its designee at no cost or expense to Purchaser as provided in Section 14(t). Seller shall hold or cause to be held all Escrow Payments collected with respect to the Mortgage Loans it or a Servicer is subservicing on
behalf of Purchaser in segregated accounts for the sole benefit of the related Mortgagor and shall apply the same for the purposes for which such funds were collected. If Seller or Servicer should discover that, for any reason whatsoever, it or the
Servicer has failed to fully perform its servicing obligations in any respect with respect to the Mortgage Loans it is subservicing on behalf of Purchaser, Seller shall promptly notify Purchaser and Agent. 

(c) Servicing Reports. As requested by Purchaser from time to time, Seller shall furnish to Purchaser reports in form and scope
satisfactory to Purchaser, setting forth (i) data regarding the performance of the individual Mortgage Loans, (ii) a summary report of all Mortgage Loans serviced by the Seller and originated pursuant to an Agency Guide, HUD and/or FHA
guidelines (on a portfolio basis), in each case, for the immediately preceding month, including, without limitation, all collections, delinquencies, defaults, defects, claim rates, losses and recoveries, and (iii) any other information
reasonably requested by Purchaser. 
 (d) Backup Servicer. The Agent, in its sole discretion, may appoint a backup servicer at any
time during the term of this Agreement. In such event, Seller shall commence monthly delivery to such backup servicer of the servicing information required to be delivered to Purchaser pursuant to Section 16(d) hereof and any other information
reasonably requested by backup servicer, all in a format that is reasonably acceptable to such backup servicer. Purchaser shall pay all costs and expenses of such backup servicer, including, but not limited to all fees of such backup servicer in
connection with the processing of such information and the maintenance of a servicing file with respect to the Purchased Mortgage Loans. Seller shall cooperate fully with such backup servicer in the event of a transfer of servicing hereunder and
will provide such backup servicer with all documents and information necessary for such backup servicer to assume the servicing of the Purchased Mortgage Loans. 

(e) Collection Account. Prior to the initial Purchase Date, Seller shall establish and maintain a separate account (the
“Collection Account”) with the Bank in the Agent’s name for the sole and exclusive benefit of the Purchaser. Such account shall be subject to the Collection Account Control Agreement. Servicer shall deposit or credit to the
Collection Account all amounts collected on account of the Mortgage Loans within two (2) Business Days of receipt, and remit such collections in accordance with Section 16(f) hereof. Following the occurrence and during the continuance of
an Event of Default, such amounts shall be deposited or credited irrespective of any right of setoff or counterclaim arising in favor of Seller (or any third party claiming through it) under any other agreement or arrangement. Amounts on deposit in
the Collection Account shall be distributed as provided in Section 16(f). 

  
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 (f) Income Payments. 

(i) Where a particular term of a Transaction extends over the date on which Income is paid in respect of any Purchased Asset
subject to that Transaction, (i) Seller shall deposit or cause to be deposited such Income into the Collection Account no later than two (2) Business Days after receipt thereof, and (ii) such Income shall be the Property of Purchaser
subject to subsections 16(f)(ii) and (iii) below. The Collection Account shall be subject to the terms and conditions of the Collection Account Control Agreement. 

(ii) Except as otherwise provided in Section 16(f)(iv), on the Monthly Payment Date, Purchaser shall cause amounts deposited in
the Collection Account to be released to Seller, which amounts shall be applied by Seller (A) to reduce outstanding Price Differential due and payable in respect of Purchased Assets for which Purchaser has received the related Repurchase Price
(other than Price Differential) pursuant to Section 3(g) during the prior calendar month, (B) to reduce the Repurchase Price for all outstanding Transactions, (C) to pay all other Obligations then due and payable to Purchaser and
(D) to pay to Seller any remaining amounts. 
 (iii) Notwithstanding anything herein or in the Collection Account
Control Agreement to the contrary, Purchaser shall in no event cause amounts deposited in the Collection Account to be released to Seller to the extent that such action would result in the creation of a Margin Deficit (unless prior thereto or
simultaneously therewith Seller cures such Margin Deficit in accordance with Section 7), or if an Event of Default is then continuing. Further, if an uncured Margin Deficit exists as of such Monthly Payment Date, Purchaser shall cause the Bank
to disburse the Income related to the Transaction for which the Margin Deficit exists to Purchaser (up to the amount of such Margin Deficit), which amounts shall be applied by Purchaser to reduce the related Repurchase Price. 

(iv) If a successor servicer takes delivery of such Mortgage Loans either under the circumstances set forth in
Section 16(i) or otherwise, all amounts deposited in the Collection Account shall be paid to Purchaser promptly upon such delivery. 

(g) [Reserved] 
 (h)
Reserved. 
 (i) Servicer Termination. Purchaser, in its sole discretion, may terminate Seller’s or any Servicer’s
rights and obligations as servicer or subservicer, as applicable, of the affected Mortgage Loans that it is servicing or subservicing, as applicable, on behalf of Purchaser and require Seller or Servicer, as applicable, to deliver the related
Servicing Records to Purchaser or its designee upon the occurrence of (i) an Event of Default or (ii) upon the expiration of the Servicing Term as set forth in Section 16(b) by delivering written notice to Seller and Servicer
requiring such termination. Such termination shall be effective upon Seller’s or such Servicer’s receipt of such written notice; provided, that Seller’s and such Servicer’s subservicing rights

  
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shall be terminated immediately upon the occurrence a Servicer Termination Event, regardless of whether notice of such event shall have been given to or by Purchaser, Seller or such Servicer.
Upon any such termination, all authority and power of Seller or Servicer respecting its rights to subservice and duties under this Agreement relating thereto, shall pass to and be vested in the successor servicer appointed by Purchaser and Purchaser
is hereby authorized and empowered to transfer such rights to subservice the Mortgage Loans for such price and on such terms and conditions as Purchaser shall reasonably determine. Seller shall, and shall cause such Servicer to, promptly take such
actions and furnish to Purchaser such documents that Purchaser deems necessary or appropriate to enable Purchaser to enforce such Mortgage Loans and shall, and shall cause such Servicer to, perform all acts and take all actions so that the Mortgage
Loans and all files and documents relating to such Mortgage Loans held by Seller or Servicer, together with all escrow amounts relating to such Mortgage Loans, are delivered to successor servicer, including but not limited to preparing, executing
and delivering to the successor servicer any and all documents and other instruments, placing in the successor servicer’s possession all Servicing Records pertaining to such Mortgage Loans and doing or causing to be done, all at Seller’s
sole expense. To the extent that the approval of the Applicable Agency is required for any such sale or transfer, Seller shall fully cooperate with Purchaser to obtain such approval. All amounts paid by any purchaser of such rights to service or
subservice the Mortgage Loans shall be the property of Purchaser. The subservicing rights required to be delivered to successor servicer in accordance with this Section 16(i) shall be delivered free of any servicing rights in favor of Seller or
any third party (other than Purchaser) and free of any title, interest, lien, encumbrance or claim of any kind of Seller other than record title to the Mortgages relating to the Mortgage Loans and the right and obligation to repurchase the Mortgage
Loans hereunder. No exercise by Purchaser of its rights under this Section 16(i) shall relieve Seller of responsibility or liability for any breach of this Agreement. 

(j) Conflicts. For the avoidance of doubt, if a Servicer Side Letter conflicts with any provision set forth in this Section 16,
the applicable Servicer Side Letter shall control with respect to such provision. 
  

	17.	 EVENTS OF DEFAULT 

With respect to any Transactions covered by or related to this Agreement, the occurrence of any of the following events shall constitute an
“Event of Default”: 
 (a) Seller fails to transfer the Purchased Assets to the Purchaser on the applicable Purchase Date
(provided the Purchaser has tendered the related Purchase Price and Seller has not repaid such Purchase Price on the same day as such tender); 

(b) Seller either fails to repurchase the Purchased Assets on the applicable Repurchase Date or fails to perform its obligations under
Section 7 (including, without limitation, the failure to timely cure a Margin Deficit) or the last sentence of Section 15; 
 (c)
Seller shall fail to (i) remit to Purchaser when due any payment required to be made under the terms of this Agreement, any of the other Program Documents or any other contracts or agreements delivered in connection herewith or therewith, or
(ii) perform, observe or comply with any material term, condition, covenant or agreement contained in this Agreement or 

  
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any of the other Program Documents (other than the other “Events of Default” set forth in this Section 17) or any other contracts or agreements delivered in connection herewith or
therewith, and such failure is not cured within the time period expressly provided for therein, or, if no such cure period is provided, within [***] Business Days of the earlier of (x) Seller’s receipt of written notice from Purchaser or
Custodian of such breach or (y) the date on which Seller obtains notice or knowledge of the facts giving rise to such breach; 
 (d)
Any representation or warranty made by Seller (or any of Seller’s officers) in the Program Documents or in any other document delivered in connection therewith, or in any other contract or agreement, shall have been incorrect or untrue in any
material respect when made or repeated or deemed by the terms thereof to have been incorrect or untrue in any material respect when made or repeated (other than the representations or warranties in Exhibit B which shall be considered solely
for the purpose of determining whether the related Purchased Asset is an Eligible Mortgage Loan, unless (i) Seller shall have made any such representation or warranty with the knowledge that it was materially false or misleading at the time
made or repeated or deemed to have been made or repeated, or (ii) any such representation or warranty shall have been determined by Purchaser in its sole discretion to be materially false or misleading on a regular basis); provided, with
respect to the representations provided in Sections 13(a) and (f), if the Seller provides Purchaser with written evidence reasonably satisfactory to Purchaser that such failure is solely the result of an administrative error, such failure shall only
be deemed an Event of Default if such failure to comply shall continue unremedied for [***] Business Days or such failure shall be determined by Purchaser in its good faith discretion to result in a Material Adverse Effect; 

(e) Seller shall be in default (x) for an amount greater than [***] of Seller’s Adjusted Tangible Net Worth and [***] under any
Other Agreement or (y) under any Barclays Agreement, in either case, beyond any applicable cure period and such default has resulted in the acceleration of all obligations under such Other Agreement; 

(f) Any Event of Insolvency of Seller or any of its consolidated Subsidiaries; 

(g) Any final judgment or order for the payment of money in excess of [***] in the aggregate (to the extent that it is, in the reasonable
determination of Purchaser, uninsured and provided that any insurance or other credit posted in connection with an appeal shall not be deemed insurance for these purposes) shall be rendered against Seller or any of Seller’s Affiliates by one or
more courts, administrative tribunals or other bodies having jurisdiction over them and the same shall not be discharged (or provisions shall not be made for such discharge) satisfied, or bonded, or a stay of execution thereof shall not be procured,
within [***] days from the date of entry thereof and Seller or any of Seller’s Affiliates, as applicable, shall not, within said period of [***] days, or such longer period during which execution of the same shall have been stayed or bonded,
appeal therefrom and cause the execution thereof to be stayed during such appeal; 
 (h) Any Governmental Authority or any person, agency or
entity acting or purporting to act under governmental authority (i) shall have taken any action to condemn, seize or appropriate, or to assume custody or control of, all or any substantial part of the Property of Seller or any of Seller’s
Affiliates, or shall have taken any action to displace the management of 

  
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Seller or any of Seller’s Affiliates or to curtail its authority in the conduct of the business of Seller or any of Seller’s Affiliates, or (ii) takes any action in the nature of
enforcement to remove, limit or restrict the approval of Seller or any of Seller’s Affiliates as an issuer, purchaser or a seller/servicer of Mortgage Loans or securities backed thereby; 

(i) Seller shall fail to comply with any of the financial covenants set forth in Section 4 of the Pricing Side Letter; 

(j) Any Material Adverse Effect shall have occurred and not have been waived; 

(k) This Agreement shall for any reason cease to create a valid first priority security interest or ownership interest upon transfer in any
material portion of the Purchased Assets purported to be covered hereby; 
 (l) A Change in Control of Seller shall have occurred that has
not been approved by Agent unless (i) waived by Agent in writing, or (ii) the Seller shall have repurchased all Purchased Assets subject to Transactions within thirty (30) days thereof; 

(m) Purchaser or Agent shall reasonably request, subject to confidentiality restrictions, in good faith and commercially reasonable
discretion, specifying the reasons for such request, reasonable information, and/or written responses to such requests, regarding the financial well-being of Seller, and such reasonable information is accessible without an undue cost or undue burden
and/or responses shall not have been provided within ten (10) Business Days of such request; 
 (n) A material event of default shall
have occurred and be continuing beyond the expiration of any applicable cure periods under any of the Program Documents or the EPF Program Documents; 

(o) Seller ceases to be a member of MERS in good standing (unless MERS is no longer acting in such capacity) for any reason at any time Seller
is servicing MERS Designated Loans; 
 (p) Change of Servicer without prior written notice to the Agent unless (i) waived by Agent in
writing, or (ii) the Seller shall have repurchased all Purchased Assets serviced by such Servicer and subject to Transactions within thirty (30) days thereof; 

(q) Failure of Seller to meet the qualifications to maintain all requisite Approvals, such Approvals are revoked or such Approvals are
materially and modified; 
 (r) Failure by Seller or Servicer to remit when due Income payments required to be made under the terms of this
Agreement, the related Servicing Agreement or such Mortgage Loan; 
 (s) Seller and its Affiliates fail to operate or conduct their business
operations or any material portion thereof in the ordinary course; or 

  
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 (t) Seller fails to replace Servicer (which includes transferring any such obligations to an
existing Servicer) within sixty (60) Business Days of a Servicer Termination Event. 
  

	18.	 REMEDIES 

Upon the occurrence of (i) an Event of Default (other than that referred to in Section 17(f)), the Purchaser, at its option, shall have
the right to exercise any or all of the following rights and remedies and (ii) an Event of Default referred to in Section 17(f), the following rights and remedies shall immediately and automatically take effect without any further action
by any Person. 
 (a) (i) The Repurchase Date for each Transaction hereunder shall, if it has not already occurred, be deemed
immediately to occur (except that, in the event that the Purchase Date for any Transaction has not yet occurred as of the date of such exercise or deemed exercise, such Transaction shall be deemed immediately canceled). Seller’s Obligations
hereunder, to repurchase all Purchased Assets at the Repurchase Price therefor on the Repurchase Date in such Transactions shall thereupon become immediately due and payable; all Income paid after such exercise or deemed exercise shall be remitted
to and retained by Purchaser and applied to the aggregate Repurchase Prices and any other amounts owing by Seller hereunder; Seller shall immediately deliver to Purchaser or its designee any and all original papers, records and files relating to the
Purchased Assets subject to such Transaction then in its possession and/or control; and all right, title and interest in and entitlement to such Purchased Assets and Servicing Rights thereon shall become property of Purchaser. 

(ii) Purchaser may (A) sell, on or following the Business Day following the date on which the Repurchase Price becomes due
and payable pursuant to Section 18(a)(i) without notice or demand of any kind, at a public or private sale and at such price or prices as Purchaser may reasonably deem satisfactory, any or all or portions of the Purchased Assets on a
servicing-released or servicing-retained basis, as Purchaser may determine in its sole discretion and/or (B) in its sole discretion elect, in lieu of selling all or a portion of such Purchased Assets, to give Seller credit for such Purchased
Assets (including credit for the Servicing Rights in respect of sales on a servicing-retained basis) in an amount equal to the Market Value of the Purchased Assets against the aggregate unpaid Repurchase Price and any other amounts owing by Seller
hereunder. Seller shall remain liable to Purchaser for any amounts that remain owing to Purchaser following a sale and/or credit under the preceding sentence. The proceeds of any disposition of Purchased Assets shall be applied first to the
reasonable out of pocket costs and reasonable expenses including but not limited to outside legal fees incurred by Purchaser in connection with or as a result of an Event of Default; second Breakage Costs; third to the aggregate
Repurchase Prices; fourth to all other Obligations; and fifth to Seller. 
 (iii) The parties recognize that it
may not be possible to purchase or sell all of the Purchased Assets on a particular Business Day, or in a transaction with the same purchaser, or in the same manner because the market for such Purchased Assets may not be liquid. In view of these
characteristics of the Purchased Assets, the parties agree that liquidation of a Transaction or the underlying Purchased Assets does not require a public purchase or sale and that a good faith private purchase or sale shall be deemed to have

  
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been made in a commercially reasonable manner. Accordingly, Purchaser may elect the time and manner of liquidating any Purchased Asset and nothing contained herein shall obligate Purchaser to
liquidate any Purchased Asset upon the occurrence of an Event of Default or to liquidate all Purchased Assets in the same manner or on the same Business Day or shall constitute a waiver of any right or remedy of Purchaser. Notwithstanding the
foregoing, the parties to this Agreement agree that the Transactions have been entered into in consideration of and in reliance upon the fact that all Transactions hereunder constitute a single business and contractual obligation and that each
Transaction has been entered into in consideration of the other Transactions. 
 (iv) The Purchaser may terminate the
Agreement. 
 (b) Seller hereby acknowledges, admits and agrees that Seller’s obligations under this Agreement are recourse obligations
of Seller. In addition to its rights hereunder, upon the occurrence of an Event of Default, Purchaser shall have the right to proceed against any of Seller’s assets or the assets of any of Seller’s consolidated Subsidiaries that are party
to an agreement with the Purchaser or any of Purchaser’s Affiliates, which may be in the possession of Purchaser, any of Purchaser’s Affiliates or their designee (including the Custodian), including the right to liquidate such assets and
to set off the proceeds against monies owed by Seller to Purchaser pursuant to this Agreement. Purchaser may set off cash, the proceeds of the liquidation of the Purchased Assets and Additional Purchased Mortgage Loans and all other sums or
obligations owed by Purchaser to Seller or against all of Seller’s Obligations to Purchaser, or Seller’s obligations or the obligations of any of Seller’s Affiliates or Subsidiaries to Purchaser under any other agreement between the
parties, or otherwise, whether or not such obligations are then due, without prejudice to Purchaser’s right to recover any deficiency. 

(c) Purchaser shall have the right to obtain physical possession of the Records and all other files of Seller relating to the Purchased Assets
and all documents relating to the Purchased Assets which are then or may thereafter come into the possession of Seller or any third party acting for Seller and Seller shall deliver to Purchaser such assignments as Purchaser shall request. 

(d) Purchaser shall have the right to direct all Persons servicing the Purchased Assets to take such action with respect to the Purchased
Assets as Purchaser determines appropriate, including, without limitation, using its rights under a power of attorney granted pursuant to Section 9(b) hereof. 

(e) Purchaser shall, without regard to the adequacy of the security for the Obligations, be entitled to the appointment of a receiver by any
court having jurisdiction, without notice, to take possession of and protect, collect, manage, liquidate, and sell the Purchased Assets or any portion thereof, collect the payments due with respect to the Purchased Assets or any portion thereof, and
do anything that Purchaser is authorized hereunder to do. Seller shall pay all out of pocket costs and reasonable expenses incurred by Purchaser in connection with the appointment and activities of such receiver, and such shall be deemed part of the
Obligations hereunder. 
 (f) In addition to all the rights and remedies specifically provided herein, Purchaser shall have all other rights
and remedies provided by applicable federal, state, foreign and local laws, whether existing at law, in equity or by statute, including, without limitation, all rights and remedies available to a purchaser/secured party under the Uniform Commercial
Code. 

  
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 Except as otherwise expressly provided in this Agreement, Purchaser shall have the right to
exercise any of its rights and/or remedies without presentment, demand, protest or further notice of any kind, other than as expressly set forth herein, all of which are hereby expressly waived by Seller. 

Purchaser may enforce its rights and remedies hereunder without prior judicial process or hearing, and Seller hereby expressly waives, to the
extent permitted by law, any right Seller might otherwise have to require Purchaser to enforce its rights by judicial process. Seller also waives, to the extent permitted by law, any defense Seller might otherwise have to the Obligations, or any
guaranty thereof, arising from use of nonjudicial process, enforcement and sale of all or any portion of the Purchased Assets or from any other election of remedies. Seller recognizes that nonjudicial remedies are consistent with the usages of the
trade, are responsive to commercial necessity and are the result of a bargain at arm’s length. 
 (h) Seller shall cause all sums
received by it with respect to the Purchased Assets to be deposited in the Collection Account promptly upon receipt thereof but in no event later than two (2) Business Days thereafter. Seller shall be liable to Purchaser for the amount of all
losses, costs and/or expenses (plus interest thereon at a rate equal to the Default Rate) that Purchaser has sustained or directly incurred in connection with Breakage Costs. 
  

	19.	 DELAY NOT WAIVER; REMEDIES ARE CUMULATIVE 

No failure on the part of Purchaser to exercise, and no delay by Purchaser in exercising, any right, power or remedy hereunder shall operate as
a waiver thereof, nor shall any single or partial exercise by Purchaser of any right, power or remedy hereunder preclude any other or further exercise thereof or the exercise of any other right, power or remedy. All rights and remedies of Purchaser
provided for herein are cumulative and in addition to any and all other rights and remedies provided by law, the Program Documents and the other instruments and agreements contemplated hereby and thereby, and are not conditional or contingent on any
attempt by Purchaser to exercise any of its rights under any other related document. Purchaser may exercise at any time after the occurrence of an Event of Default one or more remedies permitted hereunder, as it so desires, and may thereafter at any
time and from time to time exercise any other remedy or remedies permitted hereunder. 
  

	20.	 USE OF EMPLOYEE PLAN ASSETS 

No assets of an employee benefit plan subject to any provision of ERISA shall be used by either party hereto in a Transaction. 

 

	21.	 INDEMNITY 

(a) Seller agrees to indemnify and hold harmless Purchaser, Agent and their Affiliates and their respective officers, directors, employees,
agents and advisors (each, an “Indemnified Party”) from and against (and will reimburse each Indemnified Party as the same is incurred within thirty (30) days following receipt of an invoice therefor) any and all claims,
damages, 

  
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losses, liabilities, taxes, increased costs and all other reasonable expenses including reasonable out-of-pocket expenses (including, without limitation, reasonable fees and expenses of outside
counsel and audit and due diligence fees) that may be incurred by or asserted or awarded against any Indemnified Party, in each case arising out of or in connection with or by reason of (including without limitation, in connection with) (i) any
investigation, litigation or other proceeding (whether or not such Indemnified Party is a party thereto) relating to, resulting from or arising out of any of the Program Documents and all other documents related thereto, any breach by Seller of any
representation or warranty or covenant in this Agreement or any other Program Document, and all actions taken pursuant thereto, (ii) the Transactions, the actual or proposed use of the proceeds of the Transactions, this Agreement or any of the
transactions contemplated hereby, including, without limitation, any acquisition or proposed acquisition, or any indemnity payable under the servicing agreement or other servicing arrangement, (iii) the actual or alleged presence of hazardous
materials on any Property or any environmental action relating in any way to any Property, (iv) the actual or alleged violation of any federal, state, municipal or local predatory lending laws, or (v) the reduction of the Principal Balance
due to a cram down or similar action authorized by any bankruptcy proceeding or other case arising out of or relating to any petition under the Bankruptcy Code, in each case, except to the extent such claim, damage, loss, liability or expense is
found in a final, non-appealable judgment by a court of competent jurisdiction to have resulted directly from such Indemnified Party’s fraud, gross negligence or willful misconduct or is the result of a claim made by Seller against the
Indemnified Party, and Seller is ultimately the successful party in any resulting litigation or arbitration. Notwithstanding the foregoing, it is understood and agreed that any indemnification relating to Taxes (and taxes expressly excluded from
taxes) shall be governed solely by Section 8; provided, however, that any breach by Seller of Section 13(l) or
 Section 14(l) of this Agreement shall be governed by this clause (a). 

(b) Seller hereby agrees not to assert any claim against Purchaser or any of its Affiliates, or any of their respective officers, directors,
employees, attorneys and agents, on any theory of liability, for special, indirect, consequential or punitive damages arising out of or otherwise relating to the Program Documents, the actual or proposed use of the proceeds of the Transactions, this
Agreement or any of the transactions contemplated thereby. Purchaser hereby agrees not to assert any claim against Seller for special, indirect, consequential or punitive damages arising out of or otherwise relating to the Program Documents. THE
FOREGOING INDEMNITY AND AGREEMENT NOT TO ASSERT CLAIMS EXPRESSLY APPLIES, WITHOUT LIMITATION, TO THE NEGLIGENCE (BUT NOT GROSS NEGLIGENCE OR WILLFUL MISCONDUCT) OF THE INDEMNIFIED PARTIES. 

(c) If Seller fails to pay when due any costs, expenses or other amounts payable by it under this Agreement, including, without limitation,
reasonable fees and expenses of counsel and indemnities, such amount may be paid on behalf of Seller by Purchaser, in its sole discretion and Seller shall remain liable for any such payments by Purchaser and such amounts shall be deemed part of the
Obligations hereunder. No such payment by Purchaser shall be deemed a waiver of any of Purchaser’s rights under the Program Documents. 

(d) Without prejudice to the survival of any other agreement of Seller hereunder, the covenants and obligations of Seller contained in this
Section 21 shall survive the payment in full of the Repurchase Price and all other amounts payable hereunder and delivery of the Purchased Assets by Purchaser against full payment therefor. 

  
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	22.	 WAIVER OF REDEMPTION AND DEFICIENCY RIGHTS 

Seller hereby expressly waives, to the fullest extent permitted by law, every statute of limitation on a deficiency judgment, any reduction in
the proceeds of any Purchased Assets as a result of restrictions upon Purchaser or Custodian contained in the Program Documents or any other instrument delivered in connection therewith, and any right that they may have to direct the order in which
any of the Purchased Assets shall be disposed of in the event of any disposition pursuant hereto. 
  

	23.	 REIMBURSEMENT; SET-OFF 

(a) Seller agrees to pay on demand all reasonable out-of-pocket costs and expenses of Purchaser in connection with the initial and subsequent
negotiation, modification, renewal and amendment of the Program Documents (including, without limitation, (A) all collateral review and UCC search and filing fees and expenses and (B) the reasonable fees and expenses of outside counsel for
Purchaser with respect to advising Purchaser as to its rights and responsibilities, or the perfection, protection or preservation of rights or interests, under this Agreement and any other Program Document, with respect to negotiations with Seller
or with other creditors of Seller arising out of any Default or any events or circumstances that may give rise to a Default and with respect to presenting claims in or otherwise participating in or monitoring any bankruptcy, insolvency or other
similar proceeding involving creditors’ rights generally and any proceeding ancillary thereto). Seller agrees to pay on demand, with interest at the Default Rate to the extent that an Event of Default has occurred, all costs and expenses,
including without limitation, reasonable outside attorneys’ fees and disbursements (and fees and disbursements of Purchaser’s outside counsel) expended or incurred by Purchaser and/or Custodian in connection with the modification, renewal,
amendment and enforcement (including any waivers) of the Program Documents (regardless of whether a Transaction is entered into hereunder), the taking of any action, including legal action, required or permitted to be taken by Purchaser (without
duplication to Purchaser) and/or Custodian pursuant thereto or by refinancing or restructuring in the nature of a “workout.” Further, Seller agrees to pay, with interest at the Default Rate to the extent that an Event of Default has
occurred, all out-of-pocket costs and reasonable expenses, including without limitation, reasonable outside attorneys’ fees and disbursements (and fees and disbursements of Purchaser’s outside counsel) expended or incurred by Purchaser in
connection with (a) the rendering of legal advice as to Purchaser’s rights, remedies and obligations under any of the Program Documents, (b) the collection of any sum which becomes due and remains unpaid to Purchaser under any Program
Document, (c) any proceeding for declaratory relief, any counterclaim to any proceeding, or any appeal, or (d) the protection, preservation or enforcement of any rights of Purchaser. For the purposes of this Section 23(a),
attorneys’ fees shall include, without limitation, fees incurred in connection with the following: (1) discovery; (2) any motion, proceeding or other activity of any kind in connection with a bankruptcy proceeding or case arising out
of or relating to any petition under the Bankruptcy Code, as the same shall be in effect from time to time, or any similar law; (3) garnishment, levy, and debtor and third party examinations; and (4) post-judgment motions and proceedings
of any kind, including without limitation any activity taken to collect or enforce any judgment. Any and all of the foregoing 

  
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amounts referred to in this Section 23(a) shall be deemed a part of the Obligations hereunder. Without prejudice to the survival of any other agreement of Seller hereunder, the covenants and
obligations of Seller contained in this Section 23(a) shall survive the payment in full of the Repurchase Price and all other amounts payable hereunder and delivery of the Purchased Assets by Purchaser against full payment therefor. 

(b) In addition to any rights and remedies of Purchaser hereunder and at law, upon the occurrence of an Event of Default, Purchaser and its
Affiliates shall have the right, without prior notice to Seller, any such notice being expressly waived by Seller to the extent permitted by applicable law, upon any amount becoming due and payable (whether at the stated maturity, by acceleration or
otherwise) by Seller hereunder or under any other agreement (including, without limitation, the Mortgage Loan Participation Purchase and Sale Agreement) entered into between Seller or any of its Affiliates on the one hand, and Purchaser or any of
its Affiliates on the other hand, to set-off and appropriate and apply against such amount any and all Property and deposits (general or special, time or demand, provisional or final), in any currency, or any other credits, indebtedness or claims,
in any currency, or any other collateral (in the case of collateral not in the form of cash or such other marketable or negotiable form, by selling such collateral in a recognized market therefor or as otherwise permitted by law or as may be in
accordance with custom, usage or trade practice), in each case, whether direct or indirect, absolute or contingent, matured or unmatured, at any time held or owing by Purchaser or any Affiliate thereof to or for the credit or the account of Seller
or any of its Affiliates except and to the extent that any of the same are held by Seller or such Affiliates for the account of another Person. Upon the occurrence of an Event of Default, Purchaser may also set-off cash and all other sums or
obligations owed by Purchaser or its Affiliates to Seller or its Affiliates (whether under this Agreement or under any other agreement between the parties (including, without limitation, the Mortgage Loan Participation Purchase and Sale Agreement)
or between Seller or any of its Affiliates, on the one hand, and Purchaser or any of its Affiliates, on the other) against all of Seller’s obligations to Purchaser or its Affiliates (whether under this Agreement or under any other agreement
(including, without limitation, the Mortgage Loan Participation Purchase and Sale Agreement) between the parties or between Seller or any of its Affiliates, on the one hand, and Purchaser or any of its Affiliates, on the other), whether or not such
obligations are then due. The exercise of any such right of set-off shall be without prejudice to Purchaser’s or its Affiliate’s right to recover any deficiency. Purchaser agrees to promptly notify Seller after any such set-off and
application made by Purchaser; provided that the failure to give such notice shall not affect the validity of such set-off and application. 
  

	24.	 FURTHER ASSURANCES 

Seller agrees to do such further acts and things and to execute and deliver to Purchaser such additional assignments, acknowledgments,
agreements, powers and instruments as are reasonably required by Purchaser and necessary to carry into effect the intent and purposes of this Agreement, to perfect the interests of Purchaser in the Purchased Assets or to better assure and confirm
unto Purchaser its rights, powers and remedies hereunder. 

  
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	25.	 ENTIRE AGREEMENT; PRODUCT OF NEGOTIATION 

This Agreement supersedes and integrates all previous negotiations, contracts, agreements and understandings between the parties relating to a
sale and repurchase of Purchased Assets and Additional Purchased Mortgage Loans, and it, together with the other Program Documents, and the other documents delivered pursuant hereto or thereto, contains the entire final agreement of the parties. No
prior negotiation, agreement, understanding or prior contract shall have any validity hereafter. 
  

	26.	 TERMINATION 

This Agreement shall remain in effect until the Termination Date. However, no such termination shall affect Seller’s outstanding
obligations to Purchaser at the time of such termination. Seller’s obligations to indemnify Purchaser pursuant to this Agreement and the other Program Documents shall survive the termination hereof. 

 

	27.	 REHYPOTHECATION; ASSIGNMENT 

(a) Purchaser may, in its sole election, and without the consent of the Seller engage in repurchase transactions with the Purchased Assets or
otherwise pledge, hypothecate, assign, transfer or otherwise convey the Purchased Assets with a counterparty of Purchaser’s choice, in all cases subject to Purchaser’s obligation to reconvey the Purchased Assets (and not substitutes
therefor) on the Repurchase Date, all at no cost to the Seller. In the event Purchaser engages in a repurchase transaction with any of the Purchased Assets or otherwise pledges or hypothecates any of the Purchased Assets, Purchaser shall have the
right to assign to Purchaser’s counterparty any of the applicable representations or warranties in Exhibit B to this Agreement and the remedies for breach thereof, as they relate to the Purchased Assets that are subject to such
repurchase transaction. 
 (b) The Program Documents and the Seller’s rights and obligations thereunder are not assignable by Seller
without the prior written consent of Purchaser. Any Person into which Seller may be merged or consolidated, or any corporation resulting from any merger, conversion or consolidation to which Seller shall be a party, or any Person succeeding to the
business of Seller, shall be the successor of Seller hereunder, without the execution or filing of any paper or any further act on the part of any of the parties hereto, anything herein to the contrary notwithstanding. Without any requirement for
further consent of the Seller and at no cost or expense to the Seller, each of Purchaser and Agent may, in its sole election, assign or participate all or a portion of its rights and obligations under this Agreement and the Program Documents with a
counterparty of Purchaser’s or Agent’s choice. Purchaser or Agent shall notify Seller of any such assignment and participation and shall maintain, for review by Seller upon written request, a register of assignees and participants and a
copy of any executed assignment and acceptance by Purchaser or Agent and assignee (“Assignment and Acceptance”), specifying the percentage or portion of such rights and obligations assigned. The Seller agrees that, for any such
permitted assignment, Seller will cooperate with the prompt execution and delivery of documents reasonably necessary for such assignment process to the extent that Seller incurs no cost or expense that is not paid by the Purchaser or Agent, as
applicable. Upon such assignment, (a) such assignee shall be a party hereto and to each Program Document to the extent of the 

  
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percentage or portion set forth in the Assignment and Acceptance, and shall succeed to the applicable rights and obligations of Purchaser or Agent hereunder, and (b) Purchaser or Agent
shall, to the extent that such rights and obligations have been so assigned by it to either (i) an Affiliate of Purchaser or Agent which assumes the obligations of Purchaser or Agent hereunder or (ii) to another Person which assumes the
obligations of Purchaser or Agent hereunder, be released from their obligations hereunder accruing thereafter and under the Program Documents. 

(c) Purchaser and Agent may distribute to any prospective assignee, participant or pledgee any document or other information delivered to
Purchaser by Seller subject to the confidentiality restrictions contained in Section 35 hereof; accordingly, such prospective assignee, participant or pledgee shall be required to agree to confidentiality provisions similar to those set forth in
Section 35. 
  

	28.	 AMENDMENTS, ETC. 

No amendment or waiver of any provision of this Agreement nor any consent to any failure to comply herewith or therewith shall in any event be
effective unless the same shall be in writing and signed by Seller, Purchaser and Agent, and then such amendment, waiver or consent shall be effective only in the specific instance and for the specific purpose for which given. 

 

	29.	 SEVERABILITY 

If any provision of any Program Document is declared invalid by any court of competent jurisdiction, such invalidity shall not affect any other
provision of the Program Documents, and each Program Document shall be enforced to the fullest extent permitted by law. 
  

	30.	 BINDING EFFECT; GOVERNING LAW 

This Agreement shall be binding and inure to the benefit of the parties hereto and their respective successors and assigns. THIS AGREEMENT
SHALL BE CONSTRUED IN ACCORDANCE WITH, AND GOVERNED BY, THE LAWS OF THE STATE OF NEW YORK, WITHOUT GIVING EFFECT TO THE CONFLICT OF LAWS PRINCIPLES THEREOF (EXCEPT FOR SECTION 5-1401 AND SECTION 5-1402 OF THE NEW YORK GENERAL OBLIGATIONS LAW). 

 

	31.	 WAIVER OF JURY TRIAL; CONSENT TO JURISDICTION AND VENUE; SERVICE OF PROCESS

 SELLER HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHTS TO TRIAL BY JURY
IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT, THE PROGRAM DOCUMENTS OR ANY OF THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY. EACH OF SELLER, PURCHASER AND AGENT HEREBY IRREVOCABLY AND UNCONDITIONALLY CONSENTS, ON BEHALF OF
ITSELF AND ITS PROPERTY, TO THE NON-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, IN ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THE PROGRAM
DOCUMENTS IN ANY ACTION OR 

  
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PROCEEDING. EACH OF SELLER, PURCHASER AND AGENT HEREBY SUBMITS TO, AND WAIVES ANY OBJECTION IT MAY HAVE TO, NON-EXCLUSIVE PERSONAL JURISDICTION AND VENUE IN THE COURTS OF THE STATE OF NEW YORK
AND THE UNITED STATES DISTRICT COURT FOR THE SOUTHERN DISTRICT OF NEW YORK, WITH RESPECT TO ANY DISPUTES ARISING OUT OF OR RELATING TO THE PROGRAM DOCUMENTS. EACH OF SELLER, PURCHASER AND AGENT HEREBY IRREVOCABLY CONSENTS TO THE SERVICE OF A SUMMONS
AND COMPLAINT AND OTHER PROCESS IN ANY ACTION, CLAIM OR PROCEEDING BROUGHT BY ANOTHER PARTY IN CONNECTION WITH THIS AGREEMENT OR THE OTHER PROGRAM DOCUMENTS, ANY RIGHTS OR OBLIGATIONS HEREUNDER OR THEREUNDER, OR THE PERFORMANCE OF SUCH RIGHTS AND
OBLIGATIONS, ON BEHALF OF ITSELF OR ITS PROPERTY, IN THE MANNER SPECIFIED IN THIS SECTION 31 AND TO SUCH PARTY’S ADDRESS SPECIFIED IN SECTION 34 OR SUCH OTHER ADDRESS AS SUCH PARTY SHALL HAVE PROVIDED IN WRITING TO THE OTHER PARTIES HERETO.
NOTHING IN THIS SECTION 31 SHALL AFFECT THE RIGHT OF ANY PARTY HERETO TO (I) SERVE LEGAL PROCESS IN ANY OTHER MANNER PERMITTED BY APPLICABLE LAW, OR (II) BRING ANY ACTION OR PROCEEDING AGAINST ANY OTHER PARTY OR ITS PROPERTIES IN THE COURTS OF
ANY OTHER JURISDICTIONS. 
  

	32.	 SINGLE AGREEMENT 

Seller, Purchaser and Agent acknowledge that, and have entered hereinto 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, Seller, Purchaser and Agent each agree (i) to perform all of
its obligations in respect of each Transaction hereunder, and that a default in the performance of any such obligations shall constitute a default by it in respect of all Transactions hereunder, and (ii) that payments, deliveries and other
transfers made by 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 Transaction hereunder, and the obligations to make any such payments,
deliveries and other transfers may be applied against each other and netted. 
  

	33.	 INTENT 

(a) Seller, Purchaser and Agent intend and acknowledge that (i) this Agreement and each Transaction hereunder is a “repurchase
agreement” as that term is defined in Section 101 of the Bankruptcy Code (except insofar as the type of assets subject to such Transaction or the term of such Transaction would render such definition inapplicable), 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 or the term of such Transaction would render such definition inapplicable), a “master netting
agreement” as that term is defined in Section 101(38A)(A) of the Bankruptcy Code and a “qualified financial contract” as that term is defined in the Federal Deposit Insurance Act, as applicable (except insofar as the type of
assets subject to such Transaction or the term of such Transaction would render such definition inapplicable); (ii) any payments or transfers of property made with respect to this Agreement or any Transaction (e.g., to satisfy a for example
Margin Deficit) shall be considered a “margin payment” or “settlement 

  
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payment” as such terms are defined in Bankruptcy Code Sections 741(5) and 741(8); (iii) each Purchased Asset constitutes either a “security,” “mortgage loan” or
“an interest in a mortgage” as such terms are used in the Bankruptcy Code; and (iv) each grant of a security interest/pledge of the Purchased Assets in Section 9 constitutes “a security agreement or other arrangement or
other credit enhancement” that is “related to” this 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. Without limiting the generality of the
foregoing, the parties recognize and intend that each Transaction is a “repurchase transaction” or “reverse repurchase transaction” of “mortgage loans” or “interests” in “mortgage loans” (as such
terms are used in section 741(7) of the Bankruptcy Code). Each party hereto further agrees that it shall not challenge, and 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. 

(b) Seller, Purchaser and Agent further intend and acknowledge that (i)(1) for so long as Purchaser is a “financial institution,”
“financial participant” or another entity listed in Sections 555, 559, 561, 362(b)(6), 362(b)(7) or 362(b)(27) of the Bankruptcy Code, Purchaser shall be entitled to, without limitation, the liquidation, termination, acceleration, netting,
set-off, and non-avoidability rights afforded to parties such as Purchaser to “repurchase agreements” pursuant to Sections 559, 362(b)(7) and 546(f) of the Bankruptcy Code, “securities contracts” pursuant to Sections 555,
362(b)(6) and 546(e) of the Bankruptcy Code, “master netting agreements” pursuant to Sections 561, 362(b)(27) and 546(j) of the Bankruptcy Code and “qualified financial contracts” pursuant to Section 1821(e)(8)(A)(i) of the
Federal Deposit Insurance Act, as applicable, and (2) Purchaser’s right to liquidate the Purchased Assets delivered to it in connection with the Transactions hereunder or to accelerate or terminate this Agreement or otherwise exercise any
other remedies pursuant to Section 18 hereof is a contractual right to liquidate, accelerate or terminate such Transaction as described in Bankruptcy Code Sections 555, 559 and 561 and Section 1821(e)(8)(A)(i) of the Federal Deposit
Insurance Act, as amended (“FDIA”), as applicable, and (ii) Purchaser’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 Purchaser
to or for the credit of the account of any Affiliate against and on account of the obligations and liabilities of Seller pursuant to Section 23 hereof is a contractual right as described in Bankruptcy Code Section 561. The parties hereby
intend that any provisions hereof or in any other document, agreement or instrument that is related in any way to the servicing of the individual Mortgage Loans shall be deemed “related to” this Agreement within the meaning of Sections
101(38A)(A) and 101(47)(A)(v) of the Bankruptcy Code and part of the “contract” as such term is used in Section 741 of the Bankruptcy Code. 

(c) The parties further agree that if a party hereto is an “insured depository institution” as such term is defined in the FDIA,
then each Transaction hereunder is a “qualified financial contract” as that term is defined in the FDIA, and any rules, orders or policy statement thereunder. 

(d) It is understood and agreed Seller, Purchaser and Agent by that this Agreement constitutes a “netting contract” as defined in
and subject to Title IV of the Federal Deposit Insurance Corporation Improvement Act of 1991 (“FDICIA”) and each payment entitlement and 

  
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payment obligation under any Transaction hereunder shall constitute a “covered contractual payment entitlement” or “covered contractual payment obligation”, respectively, as
defined in and subject to FDICIA (except insofar as one or both of the parties is not a “financial institution” as that term is defined in FDICIA). 

(e) Seller, Purchaser and Agent agree that this Agreement is intended to create mutuality of obligations among the parties, and as such, the
Agreement constitutes a contract which (i) is between all of the parties and (ii) places each party in the same right and capacity. 
  

	34.	 NOTICES AND OTHER COMMUNICATIONS 

Except as provided herein, all notices required or permitted by this Agreement shall be in writing (including without limitation by Electronic
Transmission, email or facsimile) and shall be effective and deemed delivered only when received by the party to which it is sent; provided that notices of Events of Default and exercise of remedies or under Sections 6 or 18 shall be sent via
overnight mail and by Electronic Transmission. Any such notice shall be sent to a party at the address, electronic mail or facsimile transmission number set forth below: 
  

			
	if to Seller:	  	United Shore Financial Services, LLC
		  	 585 South Blvd E.
 Pontiac, Michigan
48341

		  	 Attn: [***]
 Email: [***]

Phone: [***]

		  	  
 With copies to:

 
 United Shore Financial Services, LLC

		  	 585 South Blvd E.
 Pontiac, Michigan
48341

		  	Attn: Legal Department
		  	Email: [***]
		
	if to Purchaser:	  	Barclays Bank PLC – Mortgage Finance
		  	745 Seventh Avenue, 4th Floor
		  	New York, New York 10019
		  	Attention: [***]
		  	Telephone: [***]
		  	Facsimile: [***]
		  	E-mail: [***]

  
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		  	With copies to:
		
		  	Barclays Bank PLC – Legal Department
		  	745 Seventh Avenue, 20th Floor
		  	New York, New York 10019
		  	Telephone: [***]
		  	Facsimile: [***]
		
		  	Barclays Bank PLC – Operations US
		  	400 Jefferson Park
		  	Whippany, New Jersey 07981
		  	Attention: [***]
		  	Telephone: [***]
		  	E-mail: [***]
		
	if to Agent:	  	Barclays Bank PLC – Mortgage Finance
		  	745 Seventh Avenue, 4th Floor
		  	New York, New York 10019
		  	Attention: [***]
		  	Telephone: [***]
		  	Facsimile: [***]
		  	E-mail: [***]
		
		  	With copies to:
		
		  	Barclays Bank PLC – Legal Department
		  	745 Seventh Avenue, 20th Floor
		  	New York, New York 10019
		  	Telephone: [***]
		  	Facsimile: [***]
		
		  	Barclays Bank PLC – Operations US
		  	400 Jefferson Park
		  	Whippany, New Jersey 07981
		  	Attention: [***]
		  	Telephone: [***]
		  	E-mail: [***]

 or to such other address, e-mail address or facsimile number as either party may notify to the others in writing from time to
time. 
  

	35.	 CONFIDENTIALITY 

Seller, Purchaser and Agent each hereby acknowledge and agree that all written or computer-readable information provided by one party to the
other in connection with the Program Documents or the Transactions contemplated thereby, including without limitation, Seller’s Mortgagor information in the possession of Purchaser and Seller’s financial information

  
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(the “Confidential Terms”) shall be kept confidential and shall not be divulged to any party without the prior written consent of such other party except for (i) disclosure
to Seller’s direct and indirect parent companies, directors, attorneys, agents or accountants, provided that such parties likewise agree to be bound by this covenant of confidentiality, or are otherwise subject to confidentiality restrictions
or (ii) with prior (if feasible) written notice to Purchaser, disclosure required by law, rule, regulation or order of a court or other regulatory body or (iii) with prior (if feasible) written notice to Purchaser, any disclosures or
filing required under Securities and Exchange Commission (“SEC”) or state securities’ laws; provided that in the case of clause (iii), Seller shall not disclose the Pricing Side Letter. Notwithstanding anything herein to the
contrary, except as reasonably necessary to comply with applicable securities laws, each party (and each employee, representative, or other agent of each party) may disclose to any and all persons, without limitation of any kind, the tax treatment
and tax structure of the transaction and all materials of any kind (including opinions or other tax analyses) that are provided to it relating to such tax treatment and tax structure. For this purpose, tax treatment and tax structure shall not
include (i) the identity of any existing or future party (or any Affiliate of such party) to this Agreement or (ii) any specific pricing information or other commercial terms, including the amount of any fees, expenses, rates or payments
arising in connection with the transactions contemplated by this Agreement. 
 Notwithstanding anything in this Agreement to the contrary,
Seller, Purchaser and Agent shall comply with all applicable local, state and federal laws, including, without limitation, all privacy and data protection law, rules and regulations that are applicable to the Purchased Assets and any applicable
terms of this Agreement, including information relating to any Mortgage Loan that is not purchased hereunder and information relating to any other Mortgage Loans of Seller that is delivered to Purchaser or Agent by another lender under an
intercreditor agreement or other agreement (the “Confidential Information”). Seller, Purchaser and 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 “GLB Act”), 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, Purchaser and 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 the Mortgagors, (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, Purchaser and Agent shall notify the other party immediately following discovery of any breach or compromise of the security, confidentiality, or integrity of
the nonpublic personal information of any Mortgagor by providing notice directly to the other party. 
  

	36.	 DUE DILIGENCE 

Purchaser, Agent or any of their respective agents, representatives or permitted assigns shall have the right, upon reasonable prior notice and
during normal business hours, to conduct inspection and perform continuing due diligence reviews of (x) Seller and its Affiliates, directors, officers, employees and significant shareholders, including, without limitation, their respective
financial condition and performance of its obligations under the Program Documents, and (y) the Servicing File and the Purchased Assets; provided, with respect to clause (x), unless 

  
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required for loan-level due diligence or an Event of Default has occurred and is continuing, such on-site visits and/or on-site examinations shall be limited to one (1) per calendar year.
Seller agrees promptly to provide Purchaser, Agent and their respective agents with access to, copies of and extracts from any and all documents, records, agreements, instruments or information (including, without limitation, any of the foregoing in
computer data banks and computer software systems) relating to Seller’s respective business, operations, servicing, financial condition, performance of their obligations under the Program Documents, the documents contained in the Servicing
Files or the Purchased Assets or assets proposed to be sold hereunder in the possession, or under the control, of Seller. In addition, Seller shall also make available to Purchaser and/or Agent, upon reasonable prior notice and during normal
business hours, a knowledgeable financial or accounting officer of Seller for the purpose of answering questions respecting the Purchased Assets. Without limiting the generality of the foregoing, Seller acknowledges that Purchaser shall enter into
Transactions with Seller based solely upon the information provided by Seller to Purchaser and/or Agent and the representations, warranties and covenants contained herein, and that Purchaser and/or Agent, at its option, shall have the right at any
time to conduct itself or through its agents, or require Seller to conduct quality reviews and underwriting compliance reviews of the individual Mortgage Loans at the expense of Seller. Any such diligence conducted by Purchaser and/or Agent shall
not reduce or limit the Seller’s representations, warranties and covenants set forth herein. Seller agrees to reimburse Purchaser and/or Agent for all reasonable out-of-pocket due diligence costs and expenses incurred pursuant to this
Section 36. 
  

	37.	 USA PATRIOT ACT; OFAC AND ANTI-TERRORISM 

Each of Purchaser and Agent hereby notifies the Seller that pursuant to the requirements of the USA PATRIOT Improvement and Reauthorization
Act, Title III of Pub. L. 109-177 (signed into law March 9, 2009) (the “Act”), it is required to obtain, verify, and record information that identifies the Seller, which information includes the name and address of the Seller
and other information that will allow each of Purchaser and Agent, as applicable, to identify the Seller in accordance with the Act. Seller hereby represents and warrants to each of Purchaser and Agent, and shall on and as of the Purchase Date for
any Transaction and on and as of each date thereafter through and including the related Repurchase Date be deemed to represent and warrant to each of Purchaser and Agent that: 

(a) (i) Neither the Seller, nor the Parent Company nor, to the Seller’s actual knowledge, any director, officer, or
employee of the Seller or any of its subsidiaries , or any originator of a Purchased Asset is named on the list of Specifically Designated Nationals maintained by OFAC or any similar list issued by OFAC (collectively, the “OFAC
Lists”) or is located, organized, or resident in a country or territory that is, or whose government is, the target of sanctions imposed by OFAC; (ii) no Person on the OFAC Lists owns an equity interest in, directly or indirectly, or
otherwise controls, the Seller, the Parent Company or any Originator; and (iii) to the knowledge of the Seller, neither the Purchaser nor Agent is precluded, under the laws and regulations administered by OFAC, from entering into this Agreement
or any transactions pursuant to this Agreement with the Seller due to the ownership or control by any person or entity of stocks, shares, bonds, debentures, notes, drafts or other securities or obligations of the Seller. 

  
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 (b) (i) Seller will not knowingly conduct business with or engage in
any transaction with any Obligor that the Seller or any originator of a Purchased Asset knows, after reasonable due diligence, (x) is named on any of the OFAC Lists or is located, organized, or resident in a country or territory that is, or
whose government currently is, the target of countrywide sanctions imposed by OFAC; (y) is owned, directly or indirectly, or otherwise controlled, by a Person named on any OFAC List; (ii) if the Seller obtains actual knowledge, after
reasonable due diligence, that any Obligor is named on any of the OFAC Lists or that any Person named on an OFAC List owns an equity interest in, directly or indirectly, or otherwise controls, the Obligor, or the Seller, as applicable, Seller will
give prompt written notice to the Purchaser and Agent of such fact or facts; and (iii) the Seller will (x) comply at all times with the requirements of the Economic and Trade Sanctions and Anti-Terrorism Laws applicable to any
transactions, dealings or other actions relating to this Agreement, except to the extent such non- compliance does not result in a violation of applicable law by any of the Purchaser or Agent and (y) will, upon the Purchaser’s or
Agent’s reasonable request from time to time during the term of this Agreement, deliver a certification confirming its compliance with the covenants set forth in this Section 37. 

 

	38.	 EXECUTION IN COUNTERPARTS 

This Agreement may be executed in any number of counterparts, each of which shall be deemed an original, but all of which shall constitute one
and the same instrument. The parties agree that this Agreement, any documents to be delivered pursuant to this Agreement and any notices hereunder may be transmitted between them by email and/or by facsimile. The parties intend that faxed signatures
and electronically imaged signatures such as .pdf files shall constitute original signatures and are binding on all parties. The original documents shall be promptly delivered, if requested. 

 

	39.	 CONTRACTUAL RECOGNITION OF BAIL-IN 

Seller acknowledges and agrees that notwithstanding any other term of this Agreement or any other agreement, arrangement or understanding with
Purchaser, any of Purchaser’s liabilities, as the Bank of England (or any successor resolution authority) may determine, arising under or in connection with this Agreement may be subject to Bail-In Action and Seller accepts to be bound by the
effect of: 
 (a) any Bail-In Action in relation to such liability, including (without limitation): 

(i) a reduction, in full or in part, of any amount due in respect of any such liability; 

(ii) a conversion of all, or part of, any such liability into shares or other instruments of ownership that may be issued to, or conferred on,
Seller; and 
 (iii) a cancellation of any such liability; and 

(b) a variation of any term of this Agreement to the extent necessary to give effect to Bail-In Action in relation to any such liability. 

  
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	40.	 CONTRACTUAL RECOGNITION OF UK STAY IN RESOLUTION 

(a) Where a resolution measure is taken in relation to any BRRD undertaking or any member of the same group as that BRRD undertaking and that
BRRD undertaking or any member of the same group as that BRRD undertaking is a party to this Agreement (any such party to this Agreement being an “Affected Party”), each other party to this Agreement agrees that it shall only be
entitled to exercise any termination right under this Agreement against the Affected Party to the extent that it would be entitled to do so under the Special Resolution Regime if this Agreement were governed by the laws of any part of the United
Kingdom. 
 (b) For the purpose of this Section 40, “resolution measure” means a ‘crisis prevention measure’,
‘crisis management measure’ or ‘recognised third-country resolution action’, each with the meaning given in the “PRA Rulebook: CRR Firms and Non-Authorised Persons: Stay in Resolution Instrument 2015”, as may be amended
from time to time (the “PRA Contractual Stay Rules”), provided, however, that ‘crisis prevention measure’ shall be interpreted in the manner outlined in Rule 2.3 of the PRA Contractual Stay Rules; “BRRD
undertaking”, “group”, “Special Resolution Regime” and “termination right” have the respective meanings given in the PRA Contractual Stay Rules. 

 

	41.	 NOTICE REGARDING CLIENT MONEY RULES. 

Purchaser, as a CRD credit institution (as such term is defined in the rules of the FCA), holds all money received and held by it hereunder as
banker and not as trustee. Accordingly, money that is received and held by Purchaser from you will not be held in accordance with the provisions of the FCA’s Client Asset Sourcebook relating to client money (the “Client Money Rules”)
and will not be subject to the statutory trust provided for under the Client Money Rules. 
 In particular, Purchaser shall not segregate
money received by it from you from Purchaser money and Purchaser shall not be liable to account to you for any profits made by Purchaser use as banker of such cash and upon failure of Purchaser, the client money distribution rules within the Client
Asset Sourcebook (the “Client Money Distribution Rules”) will not apply to these sums and so you will not be entitled to share in any distribution under the Client Money Distribution Rules. 

[SIGNATURE PAGE FOLLOWS] 

  
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 IN WITNESS WHEREOF, Seller, Agent and Purchaser have caused their names to be signed to this
Master Repurchase Agreement by their respective officers thereunto duly authorized as of the date first above written. 
  

			
	UNITED SHORE FINANCIAL SERVICES, LLC,
as Seller
		
	By:	 	 /s/ Timothy J. Forrester

	Name:	 	Timothy J. Forrester
	Title:	 	CEO & EVP
	
	BARCLAYS BANK PLC, as Purchaser and Agent
		
	By:	 	  

	Name:	 	
	Title:	 	

 Signature Page to Master Repurchase Agreement 

 IN WITNESS WHEREOF, Seller, Agent and Purchaser have caused their names to be signed to this
Master Repurchase Agreement by their respective officers thereunto duly authorized as of the date first above written. 
  

			
	UNITED SHORE FINANCIAL SERVICES, LLC,
as Seller
		
	By:	 	  

	Name:	 	
	Title:	 	
	
	BARCLAYS BANK PLC, as Purchaser and Agent
		
	By:	 	 /s/ Joseph O’Doherty

	Name:	 	Joseph O’Doherty
	Title:	 	Managing Director

 Signature Page to Master Repurchase Agreement

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