Document:

Amendment Number 4 to Master Repurchase Agreement

 Exhibit 10.32 
 EXECUTION 
 AMENDMENT NUMBER FOUR 

to the 
 MASTER
REPURCHASE AGREEMENT 
 Dated as of December 9, 2010, 
 among 
 PENNYMAC CORP., PENNYMAC MORTGAGE INVESTMENT TRUST HOLDINGS I, LLC and

 PENNYMAC LOAN SERVICES, LLC 
 and 
 CITIBANK, N.A. 

This AMENDMENT NUMBER FOUR (this “Amendment Number Four”) is made this 13h day of April, 2012 among PENNYMAC CORP. and PENNYMAC MORTGAGE
INVESTMENT TRUST HOLDINGS I, LLC (each, a “Seller” and jointly and severally, the “Seller” or “Sellers”), PENNYMAC LOAN SERVICES, LLC (“Servicer”) and CITIBANK, N.A.
(“Buyer”), to the Master Repurchase Agreement, dated as of December 9, 2010, among Sellers, Servicer and Buyer, as such agreement may be amended from time to time (the “Agreement”). Capitalized terms used but
not otherwise defined herein shall have the meanings assigned to such terms in the Agreement. 
 RECITALS 

WHEREAS, Sellers and Buyer have agreed to extend the Termination Date under the Agreement and to provide for the payment of a pro-rated
commitment fee for such period, as more specifically set forth herein; and 
 WHEREAS, as of the date hereof, each Seller and
Servicer represents to Buyer that the Seller Parties are in full compliance with all of the terms and conditions of the Agreement and each other Program Document and no Default or Event of Default has occurred and is continuing under the Agreement
or any other Program Document. 
 NOW THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are
hereby acknowledged, and for the mutual covenants herein contained, the parties hereto hereby agree as follows: 

SECTION 1. Amendments. Effective as of April 13, 2012 (the “Amendment Effective Date”), the Agreement
is hereby amended as follows: 
 (a) Section 2 of the Agreement is hereby amended by adding the new definition of
“2012 Second Extension Commitment Fee” following the definition of “2012 Extension Commitment Fee Installment Amount” to read as follows: 
 “2012 Second Extension Commitment Fee” shall have the meaning assigned to it in the Pricing Side Letter. 
 (b) Section 2 of the Agreement is hereby amended by deleting the definition of “Termination Date” in its entirety and replacing it with the following: 

“Termination Date” shall mean April 20, 2012 or such earlier date on which this Agreement shall
terminate in accordance with the provisions hereof or by operation of law. 

 (c) Section 4(c) of the Agreement is hereby amended by adding the following language at
the end of such section: 
 In connection with the extension of the Termination Date from April 13, 2012 to
April 20, 2012, Sellers agree to pay to Buyer an additional commitment fee for the period beginning on April 13, 2012 through April 20, 2012, equal to the 2012 Second Extension Commitment Fee, such payment to be made to Buyer in
Dollars, in immediately available funds, without deduction, set off or counterclaim. The 2012 Second Extension Commitment Fee shall be due and payable on or prior to April 13, 2012. Buyer may, in its sole discretion, net all or any portion of
the 2012 Second Extension Commitment Fee then due and payable from the proceeds of any Purchase Price paid to Sellers. The 2012 Second Extension Commitment Fee is and shall be deemed to be fully earned as of the date hereof and non-refundable when
paid. 
 SECTION 2. Fees and Expenses. Sellers agree to pay to Buyer all reasonable out of pocket costs and expenses
incurred by Buyer in connection with this Amendment Number Four (including all reasonable fees and out of pocket costs and expenses of the Buyer’s legal counsel) in accordance with Sections 23 and 25 of the Agreement. 

SECTION 3. Representations. Each Seller and Servicer hereby represents to Buyer that as of the date hereof, the Seller
Parties are in full compliance with all of the terms and conditions of the Agreement and each other Program Document and no Default or Event of Default has occurred and is continuing under the Agreement or any other Program Document. 

SECTION 4. Binding Effect; Governing Law. This Amendment Number Four shall be binding and inure to the benefit of the parties
hereto and their respective successors and permitted assigns. THIS AMENDMENT NUMBER FOUR 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 OF THE NEW YORK GENERAL OBLIGATIONS LAW WHICH SHALL GOVERN). 
 SECTION 5. Counterparts.
This Amendment Number Four may be executed by each of the parties hereto on any number of separate counterparts, each of which shall be an original and all of which taken together shall constitute one and the same instrument. 

SECTION 6. Limited Effect. Except as amended hereby, the Agreement shall continue in full force and effect in accordance with
its terms. Reference to this Amendment Number Four need not be made in the Agreement or any other instrument or document executed in connection therewith, or in any certificate, letter or communication issued or made pursuant to, or with respect to,
the Agreement, any reference in any of such items to the Agreement being sufficient to refer to the Agreement as amended hereby. 

[Signature Page Follows] 

 IN WITNESS WHEREOF, Sellers, Servicer and Buyer have caused this Amendment Number Four to be
executed and delivered by their duly authorized officers as of the Amendment Effective Date. 
  

			
	 PENNYMAC CORP.

(Seller)

		
	By:	 	/s/ Brian Stack
	Name:	 	Brian Stack
	Title:	 	Treasurer

  

			
	 PENNYMAC MORTGAGE INVESTMENT TRUST HOLDINGS I, LLC
 (Seller)

		
	By:	 	/s/ Brian Stack
	Name:	 	Brian Stack
	Title:	 	Managing Director, Treasury

  

			
	 PENNYMAC LOAN SERVICES, LLC,
 (Servicer)

		
	By:	 	/s/ Brian Stack
	Name:	 	Brian Stack
	Title:	 	Vice President, Treasury

  

			
	 CITIBANK, N.A.

(Buyer and Agent, as applicable)

		
	By:	 	/s/ Susan Mills
	Name:	 	Susan Mills
	Title:	 	Vice President, Citibank, N.A.

 Acknowledged: 
 PENNYMAC MORTGAGE INVESTMENT TRUST 
  

			
	By:	 	/s/ Brian Stack
	Name:	 	Brian Stack
	Title:	 	Treasurer

 Amendment Number Four to Master Repurchase AgreementAmendment Number 5 to Master Repurchase Agreement

 Exhibit 10.33 
 EXECUTION 
 AMENDMENT NUMBER FIVE 

to the 
 MASTER
REPURCHASE AGREEMENT 
 Dated as of December 9, 2010, 
 among 
 PENNYMAC CORP., PENNYMAC MORTGAGE INVESTMENT TRUST HOLDINGS I, LLC and
PENNYMAC LOAN SERVICES, LLC 
 and 
 CITIBANK, N.A. 
 This AMENDMENT NUMBER FIVE (this
“Amendment Number Five”) is made this
20th day of April, 2012 among PENNYMAC CORP. and PENNYMAC
MORTGAGE INVESTMENT TRUST HOLDINGS I, LLC (each, a “Seller” and jointly and severally, the “Seller” or “Sellers”), PENNYMAC LOAN SERVICES, LLC (“Servicer”) and CITIBANK, N.A.
(“Buyer”), to the Master Repurchase Agreement, dated as of December 9, 2010, among Sellers, Servicer and Buyer, as such agreement may be amended from time to time (the “Agreement”). Capitalized terms used but
not otherwise defined herein shall have the meanings assigned to such terms in the Agreement. 
 RECITALS 

WHEREAS, Sellers and Buyer have agreed to extend the Termination Date under the Agreement and to provide for the payment of an additional
commitment fee for such period, as more specifically set forth herein; and 
 WHEREAS, as of the date hereof, each Seller and
Servicer represents to Buyer that the Seller Parties are in full compliance with all of the terms and conditions of the Agreement and each other Program Document and no Default or Event of Default has occurred and is continuing under the Agreement
or any other Program Document. 
 NOW THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are
hereby acknowledged, and for the mutual covenants herein contained, the parties hereto hereby agree as follows: 

SECTION 1. Amendments. Effective as of April 20, 2012 (the “Amendment Effective Date”), the Agreement
is hereby amended as follows: 
 SECTION 2. Section 2 of the Agreement is hereby amended by adding the new definitions
of “2012-2013 Commitment Fee” and “2012-2013 Commitment Fee Installment Amount” before the definition of “2012 Second Extension Commitment Fee” to read as follows: 

“2012-2013 Commitment Fee” shall have the meaning assigned to it in the Pricing Side Letter. 

“2012-2013 Commitment Fee Installment Amount” shall have the meaning assigned to it in the Pricing Side
Letter. 
 (b) Section 2 of the Agreement is hereby amended by deleting the definition of “Termination Date” in
its entirety and replacing it with the following: 
 “Termination Date” shall mean
April 20, 2013 or such earlier date on which this Agreement shall terminate in accordance with the provisions hereof or by operation of law. 

 (c) Section 4(c) of the Agreement is hereby amended by adding the following language at
the end of such section: 
 “In connection with the extension of the Termination Date
from April 20, 2012 to April 19, 2013, Sellers agree to pay to Buyer an additional commitment fee for the period beginning on April 20, 2012 through April 19, 2013, equal to the 2012-2013 Commitment Fee, such payment to be made
in Dollars, in immediately available funds, without deduction, set off or counterclaim, to Buyer in twelve (12) equal installments, each of which shall be equal to the 2012-2013 Commitment Fee Installment Amount. The first installment of the
2012-2013 Commitment Fee shall be payable on or prior to April 20, 2012 and each subsequent installment shall be payable on or prior to the 15th day of each succeeding month (or in each case if such date is not a Business Day, the preceding Business Day). Buyer
may, in its sole discretion, net any installment of the 2012-2013 Commitment Fee then due and payable from the proceeds of any Purchase Price paid to any Seller. In the event that the Termination Date is accelerated to a date which is prior to the
payment in full of all installments of the 2012-2013 Commitment Fee, any unpaid installments of the 2012-2013 Commitment Fee shall be payable on the Termination Date. Each installment of the 2012-2013 Commitment Fee is and shall be deemed to be
fully earned and non-refundable as of as of April 20, 2012.” 
 SECTION 3. Fees and Expenses. Sellers
agree to pay to Buyer all reasonable out of pocket costs and expenses incurred by Buyer in connection with this Amendment Number Five (including all reasonable fees and out of pocket costs and expenses of the Buyer’s legal counsel) in
accordance with Sections 23 and 25 of the Agreement. 
 SECTION 4. Representations. Each Seller and Servicer hereby
represents to Buyer that as of the date hereof, the Seller Parties are in full compliance with all of the terms and conditions of the Agreement and each other Program Document and no Default or Event of Default has occurred and is continuing under
the Agreement or any other Program Document. 
 SECTION 5. Binding Effect; Governing Law. This Amendment Number Five
shall be binding and inure to the benefit of the parties hereto and their respective successors and permitted assigns. THIS AMENDMENT NUMBER FIVE 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 OF THE NEW YORK GENERAL OBLIGATIONS LAW WHICH SHALL GOVERN). 
 SECTION 6. Counterparts. This Amendment Number Five may be executed by each of the parties hereto on any number of separate counterparts, each of which shall be an original and all of which
taken together shall constitute one and the same instrument. 
 SECTION 7. Limited Effect. Except as amended hereby,
the Agreement shall continue in full force and effect in accordance with its terms. Reference to this Amendment Number Five need not be made in the Agreement or any other instrument or document executed in connection therewith, or in any
certificate, letter or communication issued or made pursuant to, or with respect to, the Agreement, any reference in any of such items to the Agreement being sufficient to refer to the Agreement as amended hereby. 

[Signature Page Follows] 

 IN WITNESS WHEREOF, Sellers, Servicer and Buyer have caused this Amendment Number Five to be
executed and delivered by their duly authorized officers as of the Amendment Effective Date. 
  

			
	 PENNYMAC CORP.

(Seller)

		
	By:	 	/s/ Brian Stack
	Name:	 	Brian Stack
	Title:	 	Treasurer

  

			
	 PENNYMAC MORTGAGE INVESTMENT TRUST HOLDINGS I, LLC
 (Seller)

		
	By:	 	/s/ Brian Stack
	Name:	 	Brian Stack
	Title:	 	Managing Director, Treasury

  

			
	 PENNYMAC LOAN SERVICES, LLC,
 (Servicer)

		
	By:	 	/s/ Brian Stack
	Name:	 	Brian Stack
	Title:	 	Vice President, Treasury

  

			
	 CITIBANK, N.A.

(Buyer and Agent, as applicable)

		
	By:	 	/s/ Susan Mills
	Name:	 	Susan Mills
	Title:	 	Vice President, Citibank, N.A.

 Acknowledged: 
 PENNYMAC MORTGAGE INVESTMENT TRUST 
  

			
	By:	 	/s/ Brian Stack
	Name:	 	Brian Stack
	Title:	 	Treasurer

 Amendment Number Five to Master Repurchase Agreement REIT

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