Document:

EX-10.74

 Exhibit 10.74 

CERTAIN IDENTIFIED INFORMATION HAS BEEN EXCLUDED FROM THE EXHIBIT BECAUSE IT IS BOTH NOT MATERIAL AND WOULD LIKELY CAUSE COMPETITIVE HARM TO
THE REGISTRANT IF PUBLICLY DISCLOSED. [***] INDICATES THAT INFORMATION HAS BEEN REDACTED. 
 MORTGAGE WAREHOUSE AGREEMENT 

by and between 
 CALIBER HOME
LOANS, INC., A DELAWARE CORPORATION,  
 and 

TEXAS CAPITAL BANK, NATIONAL ASSOCIATION 

AGREEMENT DATE: 

AUGUST 22, 2019 
 EFFECTIVE
DATE: 
 SEPTEMBER 27, 2019 

AGREEMENT NO.: 
 4757
 

  

					
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 MORTGAGE WAREHOUSE AGREEMENT 

THIS MORTGAGE WAREHOUSE AGREEMENT (this “Agreement”) is made and entered into as of AUGUST 22, 2019 (the
“Agreement Date”) (but effective as of the Effective Date) between CALIBER HOME LOANS, INC., A DELAWARE CORPORATION (the “Seller”) and TEXAS CAPITAL BANK, NATIONAL ASSOCIATION. 

RECITALS 
 A. Seller is
actively engaged in Mortgage Loan Activities. 
 B. Seller is seeking additional funding sources for its Mortgage Loan Activities through
the sale of Participation Interests in Mortgage Loans generated by such Mortgage Loan Activities. 
 C. Bank is, among other things, in the
business of purchasing participation interests in Mortgage Loans. 
 D. Seller shall have no obligation to offer for sale, and Bank shall
have no obligation to purchase, Participation Interests in such Mortgage Loans. However, Seller and Bank desire to set forth the terms under which such offers and purchases, if any, can be made. 

AGREEMENT 
 NOW,
THEREFORE, for and in consideration of the covenants, representations, warranties and agreements contained herein, and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as
follows: 
 ARTICLE 1 

DEFINITIONS 
 1.1
Specific Defined Terms. As used in this Agreement, the following terms shall have the meanings set forth below: 

“Advance Request Termination Date” shall mean the final day on which Seller may submit to Bank a Request. The
Advance Request Termination Date is the earlier to occur of: (a) the date which is twelve (12) months after the Effective Date; or (b) the date on which Seller’s rights hereunder to submit any and all Requests to Bank shall
terminate pursuant to the provisions of this Agreement or any other Warehouse Document (including, pursuant to Section 5.2, 5.3 or 9.2 hereof). 

“Bank Document Deliverables” shall mean, with respect to any Participated Mortgage Loan, (a) the original
of the fully executed Mortgage Note for such Participated Mortgage Loan, together with the Required Endorsements related thereto (including, without limitation, each original executed allonge required by Bank in connection therewith), (b) the
Required Document Custodian Deliverables (as defined in the Section of Exhibit F entitled “Third-Party Document Custodian”) related to such Participated Mortgage Loan, but only if (and only during such time as) Seller is permitted
pursuant to such Section to deliver or cause to be delivered to the Person defined in such Section as the “Document Custodian” any Bank Document Deliverables, and (c) any other agreements, files, records and other documents related to
such Participated Mortgage Loan which are required to be delivered to Bank in connection with the purchase of the Participation Interest in such Participated Mortgage Loan pursuant to the Warehouse Program Guide in effect as of the related Purchase
Date. 

  

					
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 “Broker Originated Mortgage Loan” shall mean any Mortgage
Loan which: (a) is closed in the name of a mortgage broker; and (b) is simultaneously transferred and assigned by such mortgage broker to Seller at closing, and upon such transfer and assignment Seller shall be the holder of the Mortgage
Note for such Mortgage Loan and otherwise own all rights, titles and interests in and to such Mortgage Loan. 

“Correspondent Originated Mortgage Loan” shall mean any Mortgage Loan which: (a) was not originated by
Seller; (b) is not a Broker Originated Mortgage Loan; and (c) has or will be purchased by Seller from the holder of the Mortgage Note for such Mortgage Loan, and upon such purchase Seller shall be the holder of the Mortgage Note for such
Mortgage Loan and otherwise own all rights, titles and interests in and to such Mortgage Loan. 
 “Document
Custodian” shall mean: (a) the Person defined as the “Document Custodian” in the Section of Exhibit F entitled “Third-Party Document Custodian” if (and only during such time as) Seller is permitted pursuant
to such Section to deliver or cause to be delivered to such Person any Bank Document Deliverables; or (b) Bank if (and during such time as) Seller is not permitted pursuant to the Section of Exhibit F entitled “Third-Party Document
Custodian” to deliver or cause to be delivered to the Person defined as the “Document Custodian” in such Section any Bank Document Deliverables. 

“Eligible Mortgage Loan” shall mean any Mortgage Loan: (a) that is a Seller Originated Mortgage Loan or a
Third-Party Originated Mortgage Loan; (b) that is in all material respects in compliance with the provisions of the Warehouse Program Guide applicable to such Mortgage Loan; (c) for which all of the representations and warranties set forth
in Section 6.10 shall be true, complete and correct in all material respects on and as of the Purchase Date of a Participation Interest in such Mortgage Loan and at all times thereafter; and (d) which is otherwise acceptable to Bank
in its sole and absolute discretion on and as of such Purchase Date. 
 “Funding Fee” shall mean a fee
payable by Seller to Bank in an amount equal to $[***] for each Participated Mortgage Loan. Subject to applicable Law, Bank may, in its sole and absolute discretion, adjust the Funding Fee applicable to Participated Mortgage Loans upon thirty
(30) days advance written notice to Seller, in which case, commencing upon the thirty-first (31st) day after the date of such notice, the Funding Fee set forth in such written notice shall apply to any and all Mortgage Loans in which Bank
elects to purchase Participation Interests on or after such thirty-first (31st) day. 
 “Maximum Participation
Amount” shall mean an amount equal to $[***]; provided, however, that during any Overline Period, the Maximum Participation Amount shall be the amount set forth for the same in the related Overline Confirmation for such Overline Period.

 “Mortgage Loan Activities” shall mean the purchasing, processing, origination, administration, servicing
and selling of Mortgage Loans by Seller and any other business activities related thereto or contemplated by this Agreement (including any activities related to Mortgage Loan Transactions).  

“Mortgage Loan Transaction” shall mean: (a) with respect to any Mortgage Loan that is a Seller Originated
Mortgage Loan, the closing and funding of such Mortgage Loan by the 

  

					
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applicable Escrow Agent; and (b) with respect to any Mortgage Loan that is a Third-Party Originated Mortgage Loan: (i) the purchase and sale transaction pursuant to which Seller shall
have purchased, fully paid for and shall own all rights, titles and interests in and to such Mortgage Loan (if a Correspondent Originated Mortgage Loan); or (ii) the transaction pursuant to which such Mortgage Loan (if a Broker Originated
Mortgage Loan) is closed in the name of the applicable mortgage broker as lender and funded by the applicable Escrow Agent, and all rights, titles and interests of such mortgage broker in and to such Mortgage Loan are simultaneously transferred and
assigned by such mortgage broker to Seller at closing. 
 “Participation Interest Rate” shall mean, with
respect to any Participated Mortgage Loan, the per annum rate of interest payable to Bank in connection with such Participated Mortgage Loan and its Participation Interest therein, which rate shall be calculated as a variable rate equal to the
greater of: (a) the LIBOR Rate as of the related Purchase Date, as the LIBOR Rate may vary from day to day thereafter, Plus [***]; or (b) the Participation Interest Rate Floor; provided, however, that the Participation Interest Rate for
any Participated Mortgage Loan shall not at any time be greater than the maximum rate permitted under applicable Law. For purposes of determining the Participation Interest Rate for any Participated Mortgage Loan, the “LIBOR Rate”
means, with respect to a period of thirty (30) days, the London Interbank Offered Rate for deposits in United States Dollars (expressed as a percentage per annum) that is published or announced from time to time by Bloomberg or such other
recognized commercial service selected by Bank, in its sole discretion; provided, however, if such rate is not available, the LIBOR Rate will be determined by an alternate method reasonably selected by Bank. Notwithstanding anything herein to the
contrary, in no event shall the LIBOR Rate be less than [***] per annum. All interest hereunder shall be calculated on the basis of a three hundred sixty (360) day year and shall accrue on the actual number of days elapsed for any whole or
partial month in which interest is being calculated. 
 “Participation Interest Rate Floor” shall mean an
interest rate equal to [***] per annum. 
 “Repayment Account” shall mean the deposit account established,
owned and controlled by Bank, into which all proceeds from each sale of any Participated Mortgage Loan by Bank and Seller to a Take-Out Purchaser shall be funded and deposited, and such account and all funds
deposited or maintained therein shall be disbursed and applied by Bank pursuant to the terms of this Agreement. The account number for the Repayment Account is [***] or such other deposit account number designated by Bank from time to time as the
Repayment Account in a written notice delivered by Bank to Seller pursuant to this Agreement. 
 “Required
Endorsements” shall mean: (a) with respect to any Mortgage Note related to a Third-Party Originated Mortgage Loan, the endorsement pursuant to applicable Law of such Mortgage Note by the original payee and any and all subsequent
holders thereof prior to the purchase of such Mortgage Note by Seller; and (b) with respect any Mortgage Note related to a Third-Party Originated Mortgage Loan or a Seller Originated Mortgage Loan, at Bank’s election, either (i) the
endorsement pursuant to applicable Law of such Mortgage Note in blank by Seller (which may, in Bank’s discretion, be evidenced by an original allonge, in form and content acceptable to Bank, executed by Seller and affixed to such Mortgage Note)
or (ii) no endorsement of such Mortgage Note by Seller, if Bank shall have received and accepted a valid power of attorney, in form and content satisfactory to Bank, authorizing Bank to endorse such Mortgage Note for and on behalf of Seller
(provided that prior to any delivery of such Mortgage Note by Bank to a Take-Out Purchaser, such Mortgage Note shall be endorsed in favor of such Take-Out Purchaser by
Bank as agent for Seller under such power of attorney).  

  

					
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 “Standard Participation Percentage” shall mean a percentage
equal to [***]. 
 “Target Usage Amount” shall mean an amount equal to [***] of the Maximum Participation
Amount. 
 “Third-Party Originated Mortgage Loan” shall mean any Correspondent Originated Mortgage Loan or
any Broker Originated Mortgage Loan. 
 1.2     General Defined Terms. In addition to the terms defined in
Section 1.1, as used in this Agreement, the following terms shall have the meanings set forth below: 

“Accepted Lending Practices” shall mean the loan origination practices to be observed by the originators of
the Mortgage Loans, which practices shall be conducted: (a) in a commercially reasonable manner and in good faith; (b) in accordance with the provisions of this Agreement; (c) in accordance with all applicable Laws; (d) in
accordance with the requirements (if any) of the Warehouse Program Guide; and (e) in a manner consistent with customary and usual standards of practice of prudent originators of residential mortgage loans. 

“Accepted Servicing Practices” shall mean the loan servicing practices to be observed by Seller in connection
with Participated Mortgage Loans, which practices shall be conducted: (a) in a commercially reasonable manner and in good faith; (b) in accordance with the provisions of this Agreement; (c) in accordance with all applicable Laws;
(d) in accordance with the Warehouse Program Guide; (e) in a manner consistent with customary and usual standards of practice of prudent servicers of residential mortgage loans; and (f) to the extent consistent with the foregoing, in
a manner to maximize the timely and complete recovery of all Mortgage Loan Collections. 
 “Account” or
“Accounts” shall mean any of the deposit accounts to be established and maintained pursuant to this Agreement, including: (a) the Participation Account; (b) the Pledged Account; (c) the Remittance Account;
(d) the Repayment Account; and (e) such other accounts as Bank may require Seller to establish pursuant to or in connection with this Agreement or any other Warehouse Document. 

“Advance” shall mean each payment of funds by Bank to Seller pursuant to the terms of this Agreement to pay
the Purchase Price for the purchase of a Participation Interest. Such payment by Bank to Seller of the Purchase Price for a Participation Interest shall be effected through the delivery by Bank on behalf of Seller of the proceeds of the related
Advance directly to the applicable Funding Recipient, which proceeds shall be applied towards satisfying Seller’s obligations with respect to the applicable Mortgage Loan Transaction. With respect to any Participated Mortgage Loan, an Advance
shall be deemed to be made on the date on which funds are wired or otherwise transferred by Bank to the related Funding Recipient. 

“Aged Participated Mortgage Loan” shall mean any Participated Mortgage Loan which does not constitute a
Retired Participated Mortgage Loan on or after the sixtieth (60th) day after the Purchase Date for such Participated Mortgage Loan. 

“Agency” shall mean FHA, FHLMC, FNMA, GNMA, VA or USDA. 

“Agency Guides” means the Ginnie Mae Guide, the Fannie Mae Guide, the Freddie Mac Guide, the FHA Regulations,
the VA Regulations or the RD Regulations, as the context may require, in each case as such guidelines have been or may be amended, supplemented or otherwise modified from time to time. 

  

					
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 “Agency Mortgage Loan” shall mean a Mortgage Loan that is
originated in compliance with the Agency Guides and the eligibility requirements specified for the applicable Agency Program, and is eligible for sale to or securitization by such Agency. 

“Agency Approvals” shall mean: (a) all approvals and requirements of FNMA necessary for Seller to sell
Eligible Mortgage Loans to FNMA and/or to service Eligible Mortgage Loans; (b) all approvals and requirements of FHLMC necessary for Seller to sell Eligible Mortgage Loans to FHLMC and/or to service Eligible Mortgage Loans; and (c) all
approvals and requirements of GNMA for Seller to be an approved issuer of securities comprising any Eligible Mortgage Loans. 

“Agreement Date” shall have the meaning given to such term in the first paragraph of this Agreement. The
Agreement Date is for reference purposes only in order to identify in the Warehouse Documents the date of this Agreement. The effective date of this Agreement shall be the Effective Date. 

“Agreement Termination Date” shall mean the date on which this Agreement shall terminate and cease to be in
force and effect (except with respect to the provisions of this Agreement which expressly survive termination). The Agreement Termination Date is the earlier to occur of: (a) the date on which this Agreement shall terminate pursuant to
Section 5.2(c); or (b) the date on which this Agreement shall otherwise terminate in accordance with the express terms of this Agreement or any other Warehouse Document. 

“Bank” shall mean TEXAS CAPITAL BANK, NATIONAL ASSOCIATION, and its successors and assigns. 

“Bank Payment Deliverables” shall mean any and all checks, commercial paper, notes, cash or other forms of
payment of any and all sums: (a) required to be paid to Bank hereunder but which have been received by Seller (including any and all proceeds received by Seller from the sale of any Participated Mortgage Loan to a
Take-Out Purchaser); or (b) received by Seller during the occurrence of an Event of Default which sums relate to any Participated Mortgage Loan. 

“Bankruptcy Code” shall mean Title 11 of the United States Code, as now or hereafter in effect. 

“Bailee Letter” shall mean a letter, in such form and content required by Bank, delivered or caused to be
delivered by Bank to any Take-Out Purchaser in connection with the proposed purchase of a Participated Mortgage Loan by such Take-Out Purchaser or its designee, which
letter, among other things, directs such Take-Out Purchaser to hold, as bailee for Bank, the Mortgage Loan Documents for such Participated Mortgage Loan. 

“Blanket Assignment” shall mean an assignment agreement in the form of Exhibit I, or in such other form
required by Bank, executed and acknowledged by Seller and Bank, which evidences, among other things, the sale, transfer, assignment and conveyance by Seller to Bank of any and all Participation Interests in the Participated Mortgage Loans and the
Mortgage Loan Documents related thereto now or hereafter purchased by Bank from Seller. 
 “Borrower” shall
mean any Person who is an obligor on or under a Mortgage Loan. 

  

					
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 “Business Day” shall mean any day other than a Saturday,
Sunday or day on which commercial banks are authorized or required to be closed under the Laws of the State of Texas. Unless otherwise provided herein, the term “day” means a calendar day. 

“Collateral” shall have the meaning given to such term in the UCC-1
financing statement attached hereto as Exhibit D 
 “Effective Date” shall mean the date of
Seller’s execution of this Agreement, as set forth below Seller’s signature block hereto; provided that this Agreement shall not be effective until fully executed by both Seller and Bank. 

“Escrow Agent” shall mean, with respect to any Mortgage Loan, the title company or agency, approved in advance
by Bank, which is responsible for the closing and funding of such Mortgage Loan. 
 “Event of Default” shall
mean any of the events specified in Section 9.1. 
 “Fannie Mae Guide” means the Fannie Mae MBS
Selling and Servicing Guide, as such Guide may hereafter from time to time be amended. 
 “FHA” shall mean
the Federal Housing Administration, or its successor. 
 “FHA Regulations” means the regulations promulgated
by HUD under the FHA Act, codified in 24 Code of Federal Regulations, and other HUD issuances relating to Government Mortgage Loans, including the related handbooks, circulars, notices and mortgagee letters. 

“FHLMC” shall mean the Federal Home Loan Mortgage Corporation, or its successor. 

“FNMA” shall mean the Federal National Mortgage Association, or its successor. 

“Freddie Mac Guide” means the Freddie Mac Seller’s and Servicers’ Guide, as such Guide may hereafter
from time to time be amended. 
 “Funding Recipient” shall mean, with respect to any Participated Mortgage
Loan, the Person to whom Bank shall directly pay the Purchase Price for the purchase of a Participation Interest in such Participated Mortgage Loan, as set forth in the related Request, provided that such Person meets the qualifications set forth in
the Warehouse Program Guide for being a Funding Recipient with respect to such Participated Mortgage Loan. 

“Generally Accepted Accounting Principles” or “GAAP” shall mean those generally accepted
accounting principles and practices which are recognized as such by the American Institute of Certified Public Accountants acting through its Accounting Principles Board or by the Financial Accounting Standards Board or through other appropriate
boards or committees thereof and which are consistently applied for all applicable periods, except that any accounting principle or practice required to be changed by the said Accounting Principles Board or Financial Accounting Standards Board (or
other appropriate board or committee of the said Boards) in order to continue as a generally accepted accounting principle or practice may be so changed. 

“Ginnie Mae Guide” means the Ginnie Mae Mortgage-Backed Securities Guide I or II, as such Guide may hereafter
from time to time be amended. 

  

					
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 “GNMA” shall mean the Government National Mortgage
Association, or its successor. 
 “Governmental Authority” shall mean any and all (domestic or foreign)
federal, state, county, municipal, city or other government department, commission, board, court, agency or any other instrumentality of any of them (including any Agency) having jurisdiction over Bank, Seller, the Mortgage Loans or any of the
transactions contemplated herein. 
 “HUD” means The United States Department of Housing and Urban
Development or any successor thereto. 
 “Investor” shall mean any Person (other than a Securitizer),
approved in advance by Bank, who purchases or agrees to purchase any Participated Mortgage Loan from Seller and Bank pursuant to an Investor Loan Purchase Agreement. 

“Investor Loan Purchase Agreement” shall mean, with respect to any Participated Mortgage Loan to be sold by
Seller and Bank to any Investor, a current, valid, binding and enforceable commitment issued by such Investor in favor of Seller, and/or other written agreement or arrangement between such Investor and Seller, to purchase such Participated Mortgage
Loan (including any such commitment or agreement which does not specifically identify such Participated Mortgage Loan but which contemplates the purchase of Mortgage Loans by such Investor from time to time on a best-efforts basis), which Investor
Loan Purchase Agreement provides for a purchase price to be paid by such Investor of not less than the Take-Out Purchase Price for such Participated Mortgage Loan and which is otherwise on terms and in such
form and content acceptable to Bank. 
 “Law” or “law” shall mean any and all present and
future law, statute, code, ordinance, order, rule, regulation, judgment, decree, injunction, franchise, permit, certificate, license, guideline, authorization or other direction or requirement of the United States, or of any city or municipality,
state, commonwealth, nation, country, territory or possession or of any court or governmental department, commission, board, bureau, agency or instrumentality. The terms “Law” and “law” include: (a) the
Dodd-Frank Wall Street Reform and Consumer Protection Act, Pub. Law No. 111-203, 124 Stat. 1376 (2010), and any and all Laws issued thereunder or in connection therewith, as may be amended from time to
time (collectively, the “Dodd-Frank Act”); (b) the Interagency Appraisal and Evaluation Guidelines jointly issued on December 2, 2010 by the Office of the Comptroller of Currency, the Board of Governors of the Federal Reserve
System, the Federal Deposit Insurance Corporation, the Office of Thrift Supervision, and the National Credit Union Administration, as the same may be amended from time to time (collectively, the “Interagency Appraisal Guidelines”);
(c) the S.A.F.E. Mortgage Licensing Act of 2008 (12 U.S.C. §§ 5101 et seq.) and any and all applicable state Laws related thereto, as may be amended from time to time (collectively, the “S.A.F.E. Act”); (d) any and all
similar Laws from time to time in effect; (e) any and all interpretations, rules, and regulations promulgated by any Government Authority in connection with the foregoing; and (f) any and all amendments to or replacements of the foregoing.

 “Lien” shall mean any lien, mortgage, security interest, assignment, tax lien, pledge or encumbrance, or
conditional sale or title retention agreement, any financing lease having substantially the same economic effect as any of the foregoing, or any other interest in Property designed to secure the repayment of indebtedness. 

  

					
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 “Loan Application” shall mean a completed application for
the applicable Mortgage Loan in its final form, signed by all applicable Borrowers, and which is in compliance with all applicable Laws. 

“LSF Parties” means Lone Star Fund VI (U.S.), L.P., LSF VI International 2, L.P., Lone Star Fund V (U.S.),
L.P., LSF V International Finance, L.P., and/or their affiliates. 
 “Material Adverse Effect” shall mean
any set of circumstances or event which with respect to any Person: (a) could reasonably be expected to have a material adverse effect upon the validity, performance, or enforceability of any Warehouse Document against such Person; (b) is
or could reasonably be expected to have a material adverse effect upon the financial condition, properties, liabilities or business operations of such Person; (c) could reasonably be expected to materially impair the ability of such Person to
perform its obligations under any Warehouse Document to which it is a party; or (d) could reasonably be expected to cause an Event of Default. 

“Maximum Judgment Amount” shall mean $15,000,000.00. 

“Mortgage Loan” shall mean a residential mortgage loan evidenced by a Mortgage Note and secured by a Security
Instrument. 
 “Mortgage Loan Collections” shall mean all checks, instruments, funds, and other property
from time to time paid on, under or with respect to any Participated Mortgage Loan under any Mortgage Loan Document or otherwise related thereto, including, without limitation, all payments of principal, interest, fees, charges, costs, expenses,
indemnities and other amounts, and all proceeds of sale of such Participated Mortgage Loan. 
 “Mortgage Loan
Documents” shall mean, with respect to any Participated Mortgage Loan, the Mortgage Note evidencing such Mortgage Loan, the Security Instrument securing such Mortgage Loan, and all other instruments relating to such Mortgage Loan, Mortgage
Note or Security Instrument. 
 “Mortgage Loan File” shall mean, with respect to any Participated Mortgage
Loan, any and all Mortgage Loan Documents and other agreements, files, records and other documents related to such Participated Mortgage Loan (including the related credit file and underwriting standards under which Seller approved such Participated
Mortgage Loan). 
 “Mortgage Note” shall mean, with respect to any Mortgage Loan, a full recourse promissory
note evidencing such Mortgage Loan and secured by a Security Instrument. 
 “Mortgage Note Rate” shall mean,
with respect to any Mortgage Loan, the per annum rate of interest in effect and accruing from time to time on the outstanding principal balance of such Mortgage Loan, as set forth in the Mortgage Note evidencing such Mortgage Loan. 

“Mortgaged Property” shall mean, with respect to any Mortgage Loan, the Residential Real Property subject to a
Security Instrument securing such Mortgage Loan. 
 “Obligated Party” shall mean Seller or any other Person
who is or becomes party to any agreement that guarantees or secures payment or performance of Seller’s obligations to Bank under this Agreement. 

  

					
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 “Outstanding Participation Balance” shall mean, at any
given time, an amount, as reflected on Bank’s books and records, equal to the aggregate sum of the outstanding Advances hereunder made by Bank for the purchase of Participated Mortgage Loans which do not at such time constitute Retired
Participated Mortgage Loans. 
 “Participated Mortgage Loan” shall mean any Mortgage Loan in which Bank has
elected to purchase a Participation Interest from Seller pursuant to the terms and conditions of this Agreement. A Mortgage Loan in which Bank has purchased a Participation Interest shall cease to be a Participated Mortgage Loan hereunder at such
time as such Mortgage Loan is a Retired Participated Mortgage Loan. 
 “Participation Account” shall mean
the deposit account established and maintained by Seller at Bank for the purpose of holding funds of Seller to be used to pay Seller’s Funding Amounts, if any. The account number for the Participation Account is identified in Schedule 1
to the Pledge Agreement. 
 “Participation Interest” shall mean, with respect to any Mortgage Loan, an
undivided percentage ownership interest in all rights, titles and interests in, to and under such Mortgage Loan (including, all Mortgage Loan Collections payable on, and with respect to such Mortgage Loan, all of such Mortgage Loan Documents and all
other obligations thereunder, all claims, suits, causes of action, and any other rights, known or unknown, against any of the related Borrower, guarantor or other Person relating to any of the foregoing, all collateral, guarantees and other security
of or provided by any of the related Borrower or any other Person of any kind for or in respect to any and all of the foregoing, and all proceeds of any and all of the foregoing) purchased by Bank from Seller hereunder and owned by Bank. The
undivided percentage ownership interest of Bank in any such Mortgage Loan shall be equal to the Participation Percentage for such Mortgage Loan in effect from time to time. 

“Participation Percentage” shall mean, with respect to any Participation Interest in a Participated Mortgage
Loan, a percentage of undivided ownership interest in such Participated Mortgage Loan equal to: (a) the Standard Participation Percentage; or (b) if Bank elects, in its sole discretion, to make an Advance for the purchase of such
Participation Interest which is greater or less than the amount equal to the Standard Participation Percentage multiplied by the outstanding principal amount of such Participated Mortgage Loan as of the related Purchase Date, then the amount of such
Advance divided by such outstanding principal amount, expressed as a percentage; as the Participation Percentage for such Participated Mortgage Loan is reflected on Bank’s books and records. Upon any repurchase of all or any portion of
Bank’s outstanding Participation Interest in any Participated Mortgage Loan by Seller hereunder, Bank’s then-current Participation Percentage in such Participated Mortgage Loan shall be adjusted pursuant to this Agreement to give effect to
such repurchase. The Participation Percentage for any Participated Mortgage Loan shall be the percentage reflected on Bank’s books and records from time to time for such Participation Percentage, absent manifest error conclusively established
by Seller. 
 “Party” shall mean each of Seller and Bank. 

“Permitted Encumbrances” shall mean, with respect to any Mortgage Loan: (a) the Lien of current real
property taxes and assessments not yet due and payable; (b) covenants, conditions and restrictions, rights of way, easements and other matters of the public record as of the date of recording being acceptable pursuant to Accepted Lending
Practices and specifically referred to in the lender’s title insurance policy delivered to the originator of such Mortgage Loan and which do not materially and adversely affect the appraised value of the Mortgaged Property for such

  

					
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Mortgage Loan; and (c) other matters to which like properties are commonly subject which are acceptable pursuant to Accepted Lending Practices and do not, individually or in the aggregate,
materially interfere with the benefits of the security intended to be provided by the Security Instrument for such Mortgage Loan or the use, enjoyment, value or marketability of the related Mortgaged Property. 

“Person” shall mean any individual, corporation, limited liability company, partnership, joint venture,
association, joint stock company, trust, unincorporated organization, government or any agency or political subdivision thereof, or any other form of entity. 

“Pledge Agreement” shall mean, individually and collectively, each pledge agreement, in substantially the form
attached hereto as Exhibit B, now or hereafter executed for the benefit of Bank in connection with this Agreement and the transactions contemplated hereby. 

“Proceeding” means any action, claim, non-routine investigation, or
lawsuit. 
 “Property” shall mean any interest in any kind of property or asset, whether real, personal or
mixed, or tangible or intangible. 
 “Purchase Date” shall mean, with respect to any Participated Mortgage
Loan, the date and time of the Advance for the purchase by Bank of a Participation Interest in such Participated Mortgage Loan. 

“Purchase Price” shall mean, with respect to a Participation Interest in any Mortgage Loan to be purchased by
Bank, an amount equal to the outstanding principal amount of such Mortgage Loan on the related Purchase Date multiplied by the Bank’s Participation Percentage for such Participation Interest in such Mortgage Loan. 

“RD Regulations” means the regulations promulgated by the RD under the Consolidated Farm and Rural Development
Act of 1977; and other RD issuances relating to rural housing loans codified in the Code of Federal Regulations. 

“Remittance Account” shall mean the deposit account established and maintained by Seller at Bank into which
Bank shall deposit any and all funds received by Bank from time to time which are attributable hereunder to Seller’s Retained Percentage in any Participated Mortgage Loan and which are required to be paid by Bank to Seller hereunder. 

“Repurchase Participation Percentage” shall mean, with respect to a Participation Interest in any Participated
Mortgage Loan: (a) the portion of Bank’s outstanding Participation Percentage in such Participated Mortgage Loan which is required by Bank to be repurchased by Seller from Bank pursuant to Section 4.7, expressed as a percentage
(for example, if Bank’s Participation Percentage immediately prior to the repurchase is 99.0%, and Bank’s Participation Percentage is required to be reduced to 89.0% in connection with the repurchase, then the Repurchase Participation
Percentage would equal 10.0%); or (b) one hundred percent (100.0%) of Bank’s outstanding Participation Percentage in such Mortgage Loan which is required to be repurchased in its entirety by Seller from Bank pursuant to
Section 4.8 (for example, if Bank’s Participation Percentage immediately prior to the repurchase is 99.0%, and Bank’s Participation Percentage is required to be reduced to 0.0% in connection with the repurchase, then the
Repurchase Participation Percentage would equal 99.0%). 

  

					
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 “Repurchase Price” shall mean, with respect to a
Participation Interest in any Participated Mortgage Loan, the amount to be paid by Seller to Bank for the repurchase of all or any portion of such Participation Interest which is required by Bank to be repurchased by Seller from Bank pursuant to
Sections 4.7 or 4.8, which amount shall be equal to: (a) the amount of any then-earned and unpaid Funding Fee payable by Seller to Bank hereunder with respect to such Participated Mortgage Loan as of the date of such repurchase;
plus (b) an amount equal to (i) the outstanding principal amount of such Participated Mortgage Loan on the related Purchase Date, multiplied by (ii) the Repurchase Participation Percentage for such Participated Mortgage Loan; plus
(c) the amount of Bank’s pro rata share of accrued interest on such Participated Mortgage Loan (which is allocable to the portion of the Participation Interest that is required to be repurchased by Seller), determined at the Participation
Interest Rate for such Participated Mortgage Loan, during the period of time commencing on the Purchase Date for such Participated Mortgage Loan and ending on, but not including, the date of such repurchase; plus (d) any and all other amounts
related to such Participated Mortgage Loan which are then due and payable by Seller to Bank under this Agreement as of the date of such repurchase (including, without limitation, any and all costs and expenses of Bank incurred in enforcing its
rights and remedies hereunder in connection with the related Mortgage Loan); less (e) all amounts (if any) received and applied by Bank hereunder, as of the date of such repurchase, towards payment of Bank’s pro rata share (determined in
accordance with Bank’s Participation Percentage in effect from time to time with respect to such Participation Interest) of principal and interest (determined at the applicable Participation Interest Rate) on such Participated Mortgage Loan.

 “Repurchase/Sale Obligations” shall mean: (a) any and all obligations of Seller, whether now
existing or hereafter arising, to (i) arrange for the sale by and on behalf of the Parties of each Participated Mortgage Loan to a Take-Out Purchaser, and complete each such sale, as and when required
pursuant to the terms and conditions of this Agreement and (ii) repurchase all or any portion of Bank’s Participation Interest in each Participated Mortgage Loan as and when required pursuant to the terms and conditions of this Agreement;
(b) any and all liabilities of Seller to Bank in connection with the obligations described in clause (a) of this sentence; and (c) any and all costs and expenses incurred by Bank in connection with the collection, administration or
enforcement of all or any part of the obligations and liabilities described in clauses (a) and (b) of this sentence or the protection or preservation of, or realization upon, any collateral securing all or any part of such liabilities and
obligations, including, without limitation, all reasonable attorneys’ fees. 
 “Request” shall mean any
request by Seller to Bank for the purchase by Bank from Seller of a Participation Interest in an Eligible Mortgage Loan and the Advance by Bank of funds for the Purchase Price for such Participation Interest, which Request shall be delivered by
Seller to Bank in such manner and shall contain such information as may be required by Bank from time to time. 

“Residential Real Property” shall mean a single or continuous parcel of land improved with a one-to-four family residence. 

“Responsible Officer” means as to any Person, the chief executive officer, the chief financial officer,
secretary or any officer having the title of senior vice president or above of such Person who has knowledge of the respective matters as part of their daily duties. 

“Restricted Accounts” shall mean the Participation Account. 

  

					
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 “Retained Percentage” shall mean, with respect to any
Participated Mortgage Loan, the percentage of undivided ownership interest retained by Seller in such Participated Mortgage Loan, after giving effect to the sale by Seller and purchase by Bank of such Participation Interest hereunder, which
percentage shall be, for any such Mortgage Loan, equal to the difference of one hundred percent (100.0%) less the Bank’s Participation Percentage in such Participated Mortgage Loan. Upon any repurchase of all or any portion of Bank’s
outstanding Participation Interest in any Participated Mortgage Loan by Seller hereunder, Seller’s then-current Retained Percentage in such Participated Mortgage Loan shall be adjusted to give effect to such repurchase. The Retained Percentage
for any Participated Mortgage Loan shall be the percentage reflected on Bank’s books and records from time to time for such Retained Percentage, absent manifest error conclusively established by Seller. 

“Retired Participated Mortgage Loan” shall mean any Mortgage Loan in which Bank has purchased a Participation
Interest: (a) which has been subsequently sold in its entirety to a Take-Out Purchaser and the full amount of the Take-Out Purchase Price for such sale has been
received and applied by Bank (as reflected on the Bank’s books and records), all pursuant to the terms of this Agreement; (b) for which the Participation Interest in such Mortgage Loan has been subsequently repurchased in its entirety by
Seller from Bank and the full amount of the Repurchase Price for such repurchase has been received and applied by Bank (as reflected on the Bank’s books and records), all pursuant to the terms of this Agreement; or (c) for which the entire
principal balance and all accrued interest for such Mortgage Loan has been subsequently paid in full by the related Borrower, and Bank’s pro rata share of such amounts (determined in accordance with Bank’s Participation Percentage and the
Participation Interest Rate in effect from time to time with respect to such Mortgage Loan) have been received and applied by Bank (as reflected on the Bank’s books and records), all pursuant to the terms of this Agreement. 

“Security Instrument” shall mean, with respect to any Mortgage Loan, a full recourse mortgage or deed of trust
securing such Mortgage Loan and granting a perfected first priority lien on the Residential Real Property related thereto. 

“Securitizer” shall mean any Person, approved in advance by Bank in its sole and absolute discretion, who or
which purchases or agrees to purchase any Participated Mortgage Loan from Seller and Bank pursuant to a Securitizer Loan Purchase Agreement in connection with the securitization of a pool of mortgage loans. 

“Securitizer Loan Purchase Agreement” shall mean, with respect to any Participated Mortgage Loan to be sold by
Seller and Bank to a Securitizer, a current, valid, binding and enforceable mortgage loan purchase and sale agreement and/or other written agreement between the Securitizer and Seller regarding the sale of mortgage loans by Seller to the Securitizer
in connection with the securitization of a pool of residential mortgage loans, which Securitizer Loan Purchase Agreement provides for a purchase price to be paid by the Securitizer of not less than the
Take-Out Purchase Price for such Participated Mortgage Loan and which is otherwise on terms and in such form and content acceptable to Bank in its sole and absolute discretion. 

“Seller’s Funding Amount” shall mean, with respect to any Participated Mortgage Loan and the related
Mortgage Loan Transaction, the total amount to be paid by Seller (through sources other than an Advance) in connection with such Mortgage Loan Transaction, which Seller’s Funding Amount shall be equal to the Total Funding Amount for such
Participated Mortgage Loan less the Purchase Price for the Participation Interest therein. 
 “Seller Originated
Mortgage Loan” shall mean any Mortgage Loan: (a) originated by Seller and closed in the name of Seller as lender; and (b) with respect to which Seller is (or shall be upon the closing thereof) the holder of the Mortgage Note for
such Mortgage Loan and otherwise owns all rights, titles and interests in and to such Mortgage Loan. 

  

					
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 “Take-Out Purchase
Agreement” shall mean any Investor Loan Purchase Agreement or Securitizer Loan Purchase Agreement. 
 “Take-Out Purchase Price” shall mean, with respect to any Participated Mortgage Loan to be sold by Seller and Bank to a Take-Out Purchaser pursuant to a Take-Out Purchase Agreement, an amount which is not less than as of the date of such sale, the outstanding principal balance of such Mortgage Loan plus any and all accrued and unpaid interest thereon. 

“Take-Out Purchaser” shall mean any Securitizer or any Investor set
forth on Exhibit 13 to the Custodial Agreement or as otherwise approved in advance by Bank in its reasonable discretion for the purchase of a Mortgage Loan from Seller and Bank. 

“Title Policy” shall mean, with respect to any Participated Mortgage Loan, a title insurance policy relating
to such Participated Mortgage Loan, in such form acceptable to Bank, which title insurance policy: (a) is issued by a nationally recognized title insurance company acceptable to Bank; (b) provides insurance to the lender named therein, and
such lender’s successors and assigns, in the full amount of such Participated Mortgage Loan and insures that that the lien of the Security Instrument for such Participated Mortgage Loan is a first and prior lien upon the related Mortgaged
Property, without any exceptions, except for Permitted Encumbrances; (c) includes such endorsements thereto which are consistent with Accepted Lending Practices; and (d) satisfies the requirements (if any) of the Warehouse Program Guide.

 “Total Funding Amount” shall mean, with respect to any Participated Mortgage Loan and the related
Mortgage Loan Transaction, the total amount to be paid by Seller in connection with such Mortgage Loan Transaction (including amounts to be provided on behalf of Seller by Bank through the making of an Advance for the purchase of a Participation
Interest in such Participated Mortgage Loan), as set forth in the related Request. 
 “UCC” shall mean the
Uniform Commercial Code of the State of Texas or other applicable jurisdiction, as it may be amended from time to time. 

“USDA” shall mean the United States Department of Agriculture, or its successor. 

“VA” shall mean the United States Department of Veterans Affairs, or its successor. 

“VA Regulations” means regulations promulgated by the U.S. Department of Veterans Affairs pursuant to the
Servicemen’s Readjustment Act, as amended, codified in 38 Code of Federal Regulations, and other VA issuances relating to Government Mortgage Loans, including related handbooks, circulars and notices. 

“Warehouse Documents” shall mean this Agreement, the Blanket Assignment, the Pledge Agreement and any and all
other agreements, instruments and documents evidencing, securing or pertaining to Bank’s discretionary purchase of Participation Interests in Mortgage Loans from Seller hereunder, as shall from time to time be executed and delivered to Bank by
Seller, any Obligated Party or any other Person pursuant to or in connection with this Agreement or the transactions contemplated hereby, including each addendum to this Agreement (if any) executed by Bank and Seller, any future amendments hereto,
or restatements hereof, together with any and all renewals, extensions, and restatements of, and amendments and modifications to, any such agreements, documents and instruments. 

  

					
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 “Warehouse Program Guide” shall mean, collectively, the
“Warehouse Lending Program Guide” dated October 23, 2017 issued by Bank and made available to Seller pursuant to the provisions of this Agreement, as amended, modified or supplemented from time to time by Bank upon notice to Seller,
and including any notices or bulletins issued by Bank concerning the guidelines, procedures and requirements for the transactions contemplated by this Agreement. 

1.3 Other Defined Terms. In addition to the terms defined in Section 1.1 and Section 1.2, as used in
this Agreement, other capitalized terms contained in this Agreement shall have the meanings assigned to them. 
 1.4 Other
Definitional Provisions. 
 (a) All terms defined in this Agreement shall have the herein defined meanings when used
in any document, certificate, report or other document, instrument, or writing made or delivered pursuant to this Agreement or any other Warehouse Document, unless the context therein shall otherwise require. 

(b) Words used herein in the singular, where the context so permits, shall be deemed to include the plural and vice versa. The
definitions of words in the singular herein shall apply to such words when used in the plural where the context so permits and vice versa. 

(c) The words “herein,” “hereof,” “hereunder” and other similar compounds of the word
“here” when used in this Agreement shall refer to the entire Agreement and not to any particular provision or section; and the word “including,” as used herein, shall mean “including, without limitation.” 

(d) All references herein to “Articles” and “Sections” are, unless specified otherwise, references to
articles and sections of this Agreement. All references herein to an “Exhibit,” “Schedule” or “Addendum” are references to exhibits, schedules or addenda attached hereto, all of which are made a part hereof for all
purposes, the same as if set forth herein verbatim, it being understood that if any exhibit, schedule or addendum attached hereto, which is to be executed and delivered, contains blanks, the same shall be completed correctly and in accordance with
the terms and provisions contained and as contemplated herein prior to or at the time of the execution and delivery thereof. 
 ARTICLE 2

 PURCHASE OF PARTICIPATION INTERESTS  

2.1 Request for Purchase. 

(a) At any time prior to the Advance Request Termination Date, Seller may submit a Request to Bank for Bank to purchase a
Participation Interest in one or more Eligible Mortgage Loans from Seller hereunder by delivering or causing to be delivered to Bank, by electronic data submission or in such other manner, as may be required by Bank from time to time, the
information and other items for such Eligible Mortgage Loans required by Bank pursuant to the Warehouse Program Guide. 

  

					
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 (b) To assist Bank in making its decision whether to purchase a
Participation Interest in any particular Eligible Mortgage Loan, Seller will timely provide Bank or Bank’s agents with the information and other items for such Eligible Mortgage Loan required by Bank pursuant to the Warehouse Program Guide.

 (c) Each submission of a Request shall be deemed to constitute a representation and warranty by Seller to Bank on the date
of such Request and on the date of an Advance made by Bank to purchase a Participation Interest in any Mortgage Loan in connection with such Request that: (i) such Request relates to an Eligible Mortgage Loan; and (ii) the information and
materials submitted to Bank in connection with such Mortgage Loan and such Request are true and correct in all material respects. 

(d) Each submission of a Request shall constitute Seller’s agreement and reaffirmation of the terms of the Blanket
Assignment, such that, if Bank elects to purchase from Seller a Participation Interest in the Mortgage Loan referenced in such Request, then effective upon payment by Bank to Seller of the Purchase Price for such Participation Interest pursuant to
the terms of this Agreement, Seller shall have (and shall be conclusively deemed to have) irrevocably and unconditionally sold, transferred, assigned and conveyed to Bank, and Bank shall have (and shall be conclusively deemed to have) purchased and
accepted from Seller, all of Seller’s rights, titles, and interests in, to and under such Participation Interest in such Mortgage Loan and the related Mortgage Loan Documents, and such sale, transfer, assignment and conveyance shall be
evidenced by the Blanket Assignment (including the Schedule thereto which shall be updated and maintained by Bank, and which Seller hereby confirms and accepts, and shall be conclusive absent manifest error conclusively established by Seller). 

2.2 Decision to Purchase. Each decision of Bank whether to purchase any Participation Interest in any Mortgage Loan from Seller
hereunder shall be made by Bank in its sole and absolute discretion. Bank shall be under no obligation hereunder to purchase any Participation Interest in any Mortgage Loan nor shall Bank have any obligation hereunder to purchase any minimum amount
of Participation Interests in Mortgage Loans. In each instance where a Request is submitted to Bank, Bank will make an independent decision whether to purchase a Participation Interest in any Mortgage Loan contemplated by the Request. Bank may
decline to purchase any Participation Interest in any Mortgage Loan for any reason or for no reason whatsoever. The election of Bank to purchase a Participation Interest in any Mortgage Loan shall be evidenced by the making of an Advance by Bank for
the payment of the Purchase Price related thereto. If for any reason whatsoever Bank fails to make an Advance for the payment of the Purchase Price for a Participation Interest in any Mortgage Loan, then it shall be conclusive evidence of
Bank’s election not to purchase a Participation Interest in such Mortgage Loan. 
 2.3 Conditions to Each Purchase. As a
condition precedent to any purchase of a Participation Interest by Bank from Seller hereunder, in addition to all other requirements set forth herein, Seller shall deliver to Bank all of the following, each being duly executed, endorsed, notarized
where applicable and delivered and in form and content satisfactory to Bank in its sole and absolute discretion: 

(a) The information and other items required to be delivered to Bank pursuant to Section 2.1; 

(b) The representations and warranties of Seller contained in this Agreement and each other Warehouse Document (other than
those representations and warranties which are, by their terms, expressly limited to the date of the agreement in which they were initially made) are true and correct in all material respects on and as of the date of such purchase; 

  

					
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 (c) No Event of Default has occurred or is continuing as of the date of the
Advance; 
 (d) Seller has adequate available funds on deposit in the Participation Account in an amount not less than
Seller’s Funding Amount for such Mortgage Loan; and 
 (e) Such other documents as Bank may reasonably request at
any time at or prior to the date of the first Advance hereunder, including, without limitation, the Pledge Agreement. 
 Each submission of a Request shall
be deemed to constitute a representation and warranty by Seller to Bank on the date of such Request and on the date of the applicable Advance made to purchase a Participation Interest in connection with such Request as to the facts and statements
specified in clauses (a), (b), (c) and (d) immediately above and in Sections 5.1(e), (g) and (h) are true and correct in all material respects. It is understood and agreed that Bank shall not make any Advance for the
Purchase Price of any Participation Interest (i) if any Loan Level Representation has been, on a regular basis, materially false or misleading when made or deemed made and (ii) unless with respect thereto Bank is in receipt of all agreements
and documents required to be delivered to Bank under this Agreement and all other conditions precedent and requirements set forth herein are satisfied or waived by Bank in writing. 

All conditions precedent hereunder to the purchase of a Participation Interest are solely for the benefit of Bank. Bank’s election, in its sole
discretion, to waive any condition precedent hereunder for the purchase of any Participation Interest shall not constitute a waiver of the satisfaction of such condition precedent for any subsequent purchase of any other Participation Interest. 

2.4 Funding of Mortgage Loan Transactions; Purchase of Participation Interests. With respect to each Participated Mortgage Loan,
Bank and Seller agree that: 
 (a) Bank shall (and is authorized to) debit funds from the Participation Account in an
amount equal to Seller’s Funding Amount for such Participated Mortgage Loan and deliver on behalf of Seller by wire transfer such funds directly to the account of the Funding Recipient designated in the related Request (provided, however, if
such Funding Recipient is an Escrow Agent, then such account shall be an escrow account). Bank shall not make an Advance for the purchase of a Participation Interest in any Mortgage Loan unless Seller has good funds on deposit in the Participation
Account in an amount not less than Seller’s Funding Amount for such Mortgage Loan; 
 (b) As payment by Bank to
Seller for the purchase of a Participation Interest in such Participated Mortgage Loan, Bank shall make an Advance in an amount equal to the related Purchase Price. Seller hereby irrevocably and unconditionally instructs Bank, with respect to any
such Advance, to deliver by wire transfer the proceeds of such Advance on behalf of Seller directly to the account of the Funding Recipient designated in the related Request; and 

(c) Upon the making of an Advance by Bank to or on behalf of Seller for the purchase of a Participation Interest in such
Participated Mortgage Loan as described above in this Section: (i) Bank shall immediately have purchased such Participation Interest from Seller, and shall immediately have become fully vested with, an undivided percentage ownership interest in
all of Seller’s rights, titles and interests in and to such Participated Mortgage Loan and the related Mortgage Loan Documents, which undivided percentage ownership interest shall equal the Participation Percentage for such Participated
Mortgage Loan; and (ii) Seller shall make proper entries on its books and records disclosing the absolute sale by Seller to Bank of such Participation Interest in such Participated Mortgage Loan and the related Mortgage Loan Documents. The
purchase and sale of a Participation Interest in any Participated Mortgage Loan 

  

					
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hereunder shall be conclusively established by the making of an Advance by Bank for the Purchase Price for such Participation Interest as and in the manner provided in this Section and shall be
evidenced by the Blanket Assignment. 
 2.5 Failure to Complete Mortgage Loan Transaction. Each Advance made by Bank to
purchase a Participation Interest from Seller in a Mortgage Loan is intended by Bank and Seller to be made in connection with a Mortgage Loan Transaction, which Mortgage Loan Transaction is to occur on the date on which the related Request for such
Advance is submitted by Seller to Bank for Bank to purchase a Participation Interest in such Mortgage Loan or on such date otherwise specified in such Request. With respect to any Mortgage Loan for which Seller has submitted a Request to Bank for
Bank to purchase a Participation Interest therein, if the Mortgage Loan Transaction related thereto is not expected by Seller to occur or fails to occur within two (2) days of such Request then Seller shall immediately provide notice thereof to
Bank. Should the Mortgage Loan Transaction related to any Mortgage Loan not be expected by Seller to occur or fail to occur within two (2) days of the Request to Bank for Bank to purchase a Participation Interest therein and Bank shall have
delivered on behalf of Seller to the related Funding Recipient the proceeds of the Advance for the purchase by Bank of such Participation Interest, then: (a) Seller shall (i) immediately instruct and cause such Funding Recipient to return
the proceeds of such Advance directly to Bank and (ii) cooperate with Bank to effect the immediate return of the proceeds of such Advance directly to Bank and, at the request of Bank, take such actions and do such things deemed necessary or
appropriate by Bank to effect the immediate return directly to Bank of the proceeds of such Advance and (b) the proceeds of such Advance shall immediately be returned directly to Bank and Bank may instruct such Funding Recipient to immediately
return such proceeds directly to Bank. 
 2.6 Funding Fee. Seller shall pay to Bank a Funding Fee for each Participated
Mortgage Loan as compensation for Bank’s costs and expenses incurred in connection with underwriting and processing its purchase of the Participation Interest in such Participated Mortgage Loan and administering such Participation Interest
hereunder. The Funding Fee with respect to any Participated Mortgage Loan shall be: (a) earned in full by Bank on the related Purchase Date; and (b) payable to Bank by Seller upon the earliest to occur of the date on which: (i) all or
any portion of the related Participation Interest is to be repurchased by Seller from Bank as contemplated by and in accordance with the terms of this Agreement; (ii) such Participated Mortgage Loan is sold to a
Take-Out Purchaser as contemplated by and in accordance with the terms of this Agreement; or (iii) the entire principal balance of such Participated Mortgage Loan has been paid in full by the related
Borrower. 
 2.7 Maximum Participation Amount. Notwithstanding anything to the contrary contained herein, Bank shall not
purchase and hold, at any one time, Participation Interests such that the Outstanding Participation Balance exceeds the Maximum Participation Amount; provided, however, that Bank may, in its sole and absolute discretion, elect to temporarily
increase the Maximum Participation Amount upon written notice to Seller pursuant to Section 2.8. Nothing contained in this Section shall limit, impair or affect the provisions of Section 2.2. 

2.8 Overline Facility Increases. Upon Seller’s request from time to time, Bank may, in its sole and absolute discretion,
elect to temporarily increase the amount of the Maximum Participation Amount (each, an “Overline Facility Increase”) by providing written notice thereof to Seller (each, an “Overline Confirmation”). Each Overline
Confirmation shall set forth the terms on which Bank agrees to temporarily increase the Maximum Participation Amount, including: (a) the amount to which the Maximum Participation Amount will be temporarily increased; and (b) the dates on
which such temporary increase in the Maximum Participation Amount shall commence and terminate (such time period, the “Overline Period”). During any Overline Period, the Maximum Participation Amount shall equal the amount set forth
on the Overline Confirmation and, upon the expiration of the Overline Period, the Maximum Participation Amount shall automatically be reduced to the amount in effect prior to the commencement of any Overline Period. 

  

					
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 2.9 Reserved. 

ARTICLE 3 
 DELIVERY
OF BANK DOCUMENT DELIVERABLES 
 3.1 Documents to be Delivered to the Document Custodian After an Advance. Subject
to Sections 3.2 and 3.3, within five (5) Business Days after the Purchase Date for any Participated Mortgage Loan, Seller shall deliver or cause to be delivered to the Document Custodian all of the Bank Document Deliverables for
such Participated Mortgage Loan. Bank reserves the right to require copies of any of the Bank Document Deliverables for review prior to making any Advance for the purchase of a Participation Interest in any specific Mortgage Loan. 

3.2 Procedure for Delivery of Bank Document Deliverables. Seller shall cause the Bank Document Deliverables for each
Participated Mortgage Loan to be: (i) delivered directly to Seller (and, in the event that the applicable Funding Recipient for such Participated Mortgage Loan is or is required hereunder to be an Escrow Agent, such Bank Document Deliverables
shall be delivered directly to Seller from escrow by the Escrow Agent for such Participated Mortgage Loan); and (ii) thereafter, delivered directly to the Document Custodian by Seller within five (5) Business Days after the Purchase Date
for such Participated Mortgage Loan, unless otherwise expressly provided by Bank in writing to Seller with respect to such Participated Mortgage Loan (it being understood that any such writing from Bank shall only apply to the specific Participated
Mortgage Loan referenced therein). Seller acknowledges and agrees that the foregoing arrangement (which allows for Seller to directly deliver to the Document Custodian the Bank Document Deliverables within five (5) Business Days after the
Purchase Date for the related Participated Mortgage Loan) is being made as an accommodation to Seller and that Bank may, in its sole discretion, by providing written notice to Seller: (i) terminate Seller’s authorization to deliver
directly to the Document Custodian any or all of the Bank Document Deliverables; and (ii) require that within (2) two Business Days after the Purchase Date for any Participated Mortgage Loan, any or all Bank Document Deliverables shall be
delivered directly to the Document Custodian (and, in the event that the applicable Funding Recipient for such Participated Mortgage Loan is or is required hereunder to be an Escrow Agent, such Bank Document Deliverables shall be delivered directly
to the Document Custodian from escrow by the Escrow Agent for such Participated Mortgage Loan). 
 3.3 Bank Document Deliverables Held
By Seller. Without limiting the requirements set forth in Section 3.2, Seller acknowledges and agrees that each and every Bank Document Deliverable for any Participated Mortgage Loan which is at any time in the custody,
possession or control of Seller after Bank’s purchase of a Participation Interest in such Participated Mortgage Loan shall be held and delivered to the Document Custodian pursuant to the terms and conditions of Section 5.11(b).
Nothing contained in this Section authorizes or permits the delivery to Seller or any other Person (other than the Document Custodian) of any of the Bank Document Deliverables which are required to be delivered directly to the Document Custodian
pursuant to the provisions of Section 5.11(b). 
 ARTICLE 4 

SALE OF LOANS TO TAKE-OUT PURCHASERS; 

AGED LOANS; REPURCHASE OBLIGATIONS 

4.1 Short Term Nature of Investment. 

  

					
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 (a) It is understood that each Participation Interest which Bank purchases
in any Mortgage Loan shall be purchased by Bank for its own account for the short term investment of its capital and in reliance of Seller’s agreement hereunder that: (i) Seller shall arrange and complete the sale by and on behalf of the
Parties of the related Participated Mortgage Loan as and when required pursuant to the terms of this Agreement, and Bank shall sell the related Participated Mortgage Loan back to the Seller or to a Take-Out
Purchaser in accordance with the terms of this Agreement; or (ii) repurchase all or any portion of such Participation Interest as and when required pursuant to the terms of this Agreement, if such sale is not arranged and completed by Seller as
and when required pursuant to the terms of this Agreement. In order to secure the prompt and complete performance by Seller of its Repurchase/Sale Obligations, Seller does hereby pledge, assign and grant to Bank a continuing security interest in and
to the Collateral. For this purpose, this Agreement shall constitute a security agreement in accordance with the UCC, and Bank shall have all the rights of a secured creditor with respect to such security. 

(b) For each Participated Mortgage Loan, it is the intention of Bank and Seller that such Participated Mortgage Loan and the
related Mortgage Loan Documents will be sold and delivered to a Take-Out Purchaser, and for such Take-Out Purchaser to have paid the full amount of the Take-Out Purchase Price for such Participated Mortgage Loan, within the timeframes set forth in this Agreement. Notwithstanding the foregoing, it is understood and agreed that Bank shall not have and does not
undertake any duty, obligation or liability arising from or related to any Take-Out Purchase Agreement or any Take-Out Purchaser. 

(c) So long as no Event of Default shall have occurred and is continuing, and Bank has received the related Repurchase Price
upon repurchase of the related Participated Mortgage Loan, Bank will be deemed to have released its interests hereunder in the related Participated Mortgage Loan upon receipt of the Repurchase Price. The Participated Mortgage Loans shall be
delivered to Seller, or Seller’s designee, free and clear of any lien, encumbrance or claim of Bank.     
 4.2
Sale of Participated Mortgage Loans to Take-Out Purchasers. 
 (a) The
sale of each Participated Mortgage Loan by Seller and Bank to any Take-Out Purchaser shall be in accordance with the terms of the related Take-Out Purchase Agreement.

 (b) Notwithstanding anything to the contrary in any Take-Out Purchase Agreement,
the procedures of sale to a Take-Out Purchaser by Seller and Bank of any Participated Mortgage Loan shall be as follows: 

(i) Seller shall deliver to the Take-Out Purchaser the Mortgage Loan Documents for such
Participated Mortgage Loan (other than the related Mortgage Note and other Mortgage Loan Documents, if any, which are then being held by the Document Custodian). Such Mortgage Loan Documents shall be delivered by Seller to the Take-Out Purchaser under the provisions of the Take-Out Purchase Agreement which govern the Take-Out Purchaser’s custody and
possession of such Mortgage Loan Documents or under such other written custodial or similar agreement between Seller and the Take-Out Purchaser acceptable to Bank. 

(ii) Bank shall deliver or cause to be delivered to the Take-Out Purchaser, under a
Bailee Letter, the Mortgage Loan Documents for such Participated Mortgage Loan which are then held by the Document Custodian pursuant to this Agreement, including the original Mortgage Note for such Participated Mortgage Loan accompanied by:
(A) the Required Endorsements; and (B) if such Mortgage Note was not endorsed in blank by Seller, an allonge endorsed in favor of such Take-Out Purchaser by Bank, as agent for Seller, pursuant to
(and if and to the extent that Bank shall have received and accepted) a valid power of attorney, in form and content satisfactory to Bank, authorizing Bank to endorse such Mortgage Note for and on behalf of Seller. 

  

					
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 (c) Within a period of time acceptable to Bank, but in no event more than
twenty (20) days after the delivery by the Document Custodian to the Take-Out Purchaser of the Mortgage Note evidencing such Participated Mortgage Loan, Seller shall cause the Take-Out Purchaser to pay or cause to be paid to Bank, as payment to Seller and Bank for the purchase by the Take-Out Purchaser of such Participated Mortgage Loan, immediately
available funds in an amount not less than the Take-Out Purchase Price for such Participated Mortgage Loan. 

(d) All of the proceeds from the sale by Seller and Bank of a Participated Mortgage Loan to a
Take-Out Purchaser shall be paid to Bank pursuant to Section 4.3 and shall be applied by Bank on behalf of Bank and Seller in accordance with Section 4.4. 

(e) Subject to Section 4.4(b), Bank and Seller’s ownership interests in any Participated Mortgage Loan to be
sold to a Take-Out Purchaser shall continue in full force and effect, and Bank and Seller shall not have (and shall not be deemed to have) sold such Participated Mortgage Loan to a Take-Out Purchaser unless and until such time as Bank shall have received immediately available funds from the Take-Out Purchaser for such sale in an amount not less than the Take-Out Purchase Price for such Participated Mortgage Loan and applied such funds in accordance with Section 5.12. 

4.3 Payments From Take-Out Purchasers. In connection with each sale of a Participated
Mortgage Loan by Seller and Bank to a Take-Out Purchaser, Seller shall cause the Take-Out Purchase Price to be paid by the
Take-Out Purchaser for the purchase of the Participated Mortgage Loan, in immediately available funds, either (i) directly to Bank into the Repayment Account with respect to any Take-Out Purchaser other than an Agency or (ii) to Seller’s disbursement agent for deposit within one (1) Business Day into the Repayment Account with respect to any
Take-Out Purchaser that is an Agency. 
 4.4 Processing Payments From Take-Out Purchasers. With respect to any immediately available funds on deposit in the Repayment Account which constitute the proceeds of any Take-Out Purchase Price
(each a “Take-Out Purchaser Payment”): 
 (a) Seller shall promptly
confirm to Bank the Participated Mortgage Loan to which such Take-Out Purchaser Payment applies; provided, however, that if Seller shall not have provided such confirmation to Bank by the last Business Day of
the calendar month in which Bank provided notice to Seller of the Take-Out Purchaser Payment, then Bank may, in its sole discretion, determine and designate the Participated Mortgage Loan to which such Take-Out Purchaser Payment applies to the extent Bank is able to make such a determination based on information available to it; 

(b) Bank reserves the right, in its sole discretion, to determine whether to accept or reject such Take-Out Purchaser Payment in the event that insufficient funds were delivered by the Take-Out Purchaser to Bank to fully pay the
Take-Out Purchase Price for the Participated Mortgage Loan to which the Take-Out Purchaser Payment applies. Seller acknowledges and agrees that: (i) if Bank elects,
in its sole discretion, to reject a Take-Out Purchaser Payment for which insufficient funds were delivered, then Bank’s related Participation Interest shall not have been sold (and shall be deemed to not
have been sold) to such Take-Out Purchaser, and Seller shall immediately notify such Take-Out Purchaser that no sale of such Participated Mortgage

  

					
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Loan by Bank and Seller to such Take-Out Purchaser has occurred; and (ii) if Bank elects, in its sole discretion, not to reject a Take-Out Purchaser Payment for which insufficient funds were delivered, then Bank shall have the right to offset any amounts in any Account in order to effect full payment of Bank’s share of such Take-Out Purchase Price; and 
 (c) If such
Take-Out Purchaser Payment is accepted by Bank, the proceeds of the Take-Out Purchaser Payment shall be applied by Bank pursuant to Section 5.12. 

All notices to be given and actions to be taken pursuant to this Section shall be effectuated electronically or in such other manner, as required by Bank from
time to time pursuant to the Warehouse Program Guide. 
 4.5 Reserved. 

[Remainder of Page Intentionally Left Blank] 

  

					
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 4.6 Curtailment of Aged Participated Mortgage Loans. 

(a) With respect to any Aged Participated Mortgage Loan, to the extent permitted by applicable Law, Bank may from time to time,
in its sole and absolute discretion, require Seller to repurchase from Bank any portion of the Participation Interest then owned by Bank in such Aged Participated Mortgage Loan, as determined by Bank, in accordance with the following table: 

 

			
	 Number of days elapsed since the

Purchase Date for the Participation

Interest in the Aged Participated

Mortgage Loan
	  	Maximum aggregate total portion of the Participation
Percentage (as of the Purchase Date for the
related
Participation Interest) in the applicable Aged
Participated Mortgage Loan which Bank may require to
be repurchased by Seller pursuant to this Section
	60 days or more but less than 90 days	  	up to [***]

 (b) To effect the repurchase by Seller from Bank of any portion of a Participation Interest
required by Bank to be repurchased under this Section, Seller shall pay to Bank an amount equal to the applicable Repurchase Price for such portion of such Participation Interest, which amount shall be due and payable upon any demand therefor made
by Bank pursuant to the terms of this Section. 
 (c) Upon Bank’s receipt from Seller of the full amount of the
Repurchase Price for the portion of the Participation Interest in any Aged Participated Mortgage Loan required to be repurchased by Seller from Bank pursuant to this Section, effective as of the date of receipt of such funds and the application by
Bank of such funds pursuant to the terms of this Agreement, Seller shall have repurchased from Bank such portion of such Participation Interest equal to the Repurchase Participation Percentage for such Participation Interest, and Bank’s
respective Participation Percentage in such Aged Participated Mortgage Loan and Seller’s respective Retained Percentage in such Aged Participated Mortgage Loan shall be correspondingly adjusted, all as indicated on the Bank’s books and
records. 
 (d) The provisions of this Section shall not limit or qualify any rights or remedies of Bank hereunder
(including, without limitation, any rights or remedies of Bank under Sections 4.6 or 4.7). 
 4.7 Full Repurchase of
Participation Interests. 
 (a) With respect to any specific Participated Mortgage Loan, Bank shall have the right to
require Seller, upon demand by Bank, to repurchase from Bank, in its entirety, all of Bank’s then-outstanding Participation Interest in such Participated Mortgage Loan, if Bank reasonably determines at any time, that: (i) any
representation or warranty made or deemed made by Seller to Bank under Sections 2.1 or 6.10 as to such Participated Mortgage Loan was false, misleading, or erroneous in any material respect at the time on or as of the Purchase Date for
such Participated Mortgage Loan; (ii) such Participated Mortgage Loan was not an Eligible Mortgage Loan on or as of the Purchase Date for such Participated Mortgage Loan or no longer qualifies as an Eligible Mortgage Loan anytime thereafter;
(iii) any Mortgage Loan Document related to such Participated Mortgage Loan was erroneous, unsigned or incomplete in any material respect on the Purchase Date for such Participated Mortgage Loan and such error, lack of signature or
incompleteness has not been corrected to the reasonable satisfaction of Bank within a commercially reasonable time period following such Purchase Date; (iv) any fraud occurred on 

  

					
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the part of Seller or its agents or employees or of Borrower or any other Person with respect to the origination, underwriting, closing or funding of such Mortgage Loan; or (v) any of the
Bank Document Deliverables for such Participated Mortgage Loan have not been delivered to the Document Custodian as and when required pursuant to the provisions of this Agreement. In addition, if an Event of Default shall have occurred, Bank shall
have the right to require Seller, upon demand by Bank, to repurchase from Bank, in their entirety, all of Bank’s then-outstanding Participation Interests in the Participated Mortgage Loans identified in such demand. 

(b) In Bank’s sole and absolute discretion, Seller shall automatically be required to immediately repurchase from Bank, in
its entirety, (a) all of Bank’s then-outstanding Participation Interest in any Aged Participated Mortgage Loan on the ninetieth day (90th) after the Purchase Date for such Participation
Interest and (b) any Participated Mortgage Loan on the date on which the full repayment of the outstanding principal balance and all accrued and unpaid interest for such Participated Mortgage Loan occurs. In addition, Seller shall automatically
be required, whether or not Bank has made demand therefor, to immediately repurchase from Bank, in their entirety, all of Bank’s then-outstanding Participation Interests in any and all Participated Mortgage Loan upon the occurrence of an Event
of Default under Sections 9.1(e) or (f) with respect to Seller. 
 (c) To effect the repurchase of any
Participation Interest required under this Section, Seller shall pay to Bank an amount equal to the applicable Repurchase Price for such Participation Interest, which amount shall be due and payable: (i) on the date Bank has made demand for the
repurchase of such Participation Interest, if such repurchase is required pursuant to Section 4.7(a); (ii) on the ninetieth day (90th) after the Purchase Date for such Participation Interest, if such repurchase is required pursuant to
Section 4.7(b) or (iii) on the date that such Participated Mortgage Loan has been paid in full. 
 (d) Upon
Bank’s receipt from Seller of the full amount of the Repurchase Price for the Participation Interest in any Participated Mortgage Loan to be repurchased in its entirety by Seller from Bank pursuant to this Section, and so long as such payment
is not disgorged or revoked by a court of competent jurisdiction: (i) effective as of the date of receipt of such funds and the application by Bank of such funds pursuant to the terms of this Agreement, Seller shall have repurchased from Bank
such Participation Interest in its entirety, and Bank’s respective Participation Percentage in such Participated Mortgage Loan and Seller’s respective Retained Percentage in such Participated Mortgage Loan shall be correspondingly
adjusted, all as indicated on the Bank’s books and records; and (ii) Bank shall thereafter deliver or cause to be delivered to Seller the Mortgage Note and any other Mortgage Loan Documents for such Participated Mortgage Loan then in the
Document Custodian’s possession. 
 (e) The provisions of this Section shall not limit or qualify any rights or remedies
of Bank hereunder (including, without limitation, any rights or remedies of Bank under Sections 4.6 or 4.7). 
 ARTICLE 5 

GENERAL PROVISIONS 

5.1 Conditions to Effectiveness of Agreement. As a condition precedent to effectiveness of this Agreement, in addition to all
other requirements set forth herein, Seller shall deliver to Bank all of the following, each being duly executed, endorsed, notarized where applicable and delivered and in form and content satisfactory to Bank in its sole and absolute discretion:

  

					
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 (a) This Agreement, the Blanket Assignment and the Pledge Agreement; 

(b) One (1) or more limited power of attorney in the form of Exhibit A executed by Seller; 

(c) All financing statements required by Bank, including a UCC-1 financing
statement identifying Seller, as debtor, and Bank, as secured party, which covers the Collateral, and Seller hereby authorizes Bank and its representatives to execute, deliver and file of record all such financing statements; 

(d) Such signature cards, depository account agreements, USA PATRIOT Act forms and information, and such other documents
and instruments, as Bank may require for Seller to establish at Bank, the Pledged Account, the Participation Account and the Remittance Account or to otherwise implement the arrangements contemplated herein; 

(e) Evidence that all necessary action on the part of Seller and each other Obligated Party has been taken with respect to
the execution and delivery of the Warehouse Documents and the performance of the matters contemplated thereby, so that this Agreement and all of the other Warehouse Documents shall be valid and binding upon each Person executing and delivering the
same. Such evidence shall include certified organizational documents, certified resolutions, and certificates of incumbency for Seller and each other Obligated Party that is not a natural person; 

(f) For Seller and each Obligated Party that is not a natural person, a copy, certified as true, complete and correct, by
an authorized officer, partner, member, manager or other representative of such entity, of the documents evidencing the formation and governance of the operations and affairs of such entity, together with all amendments thereto; 

(g) For Seller and each Obligated Party that is not a natural person, a certificate of existence and good standing showing
that such entity is in good standing under the Laws of the state of its formation; 
 (h) Evidence that Seller has
received any and all licenses, permits, approvals and other consents under any and all applicable Laws to permit Seller to lawfully engage in the Mortgage Loan Activities, and evidence that the same are currently in existence and good standing; and

 (i) Such other documents, information and materials as Bank may require to be delivered or caused to be delivered by
Seller to Bank prior to the execution of this Agreement by Bank. 
 No such condition precedent shall be deemed waived unless
waived in writing by Bank. 
 5.2 Termination; Burn-Down.  

(a) Seller’s rights hereunder to submit any Request to Bank shall automatically terminate on the Advance Request
Termination Date.  
 (b) Notwithstanding anything herein to the contrary, and without limiting Bank’s rights and
remedies under Section 9.2, prior to the Advance Request Termination Date, either Party may immediately terminate for any reason whatsoever Seller’s rights hereunder to submit any Request to Bank to purchase a Participation Interest
by providing written notice thereof to the 

  

					
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other Party. It is understood that the Parties intend the continuation of this Agreement by Bank (and, accordingly, the continuation of Seller’s rights hereunder to submit any Request to
Bank for Bank to purchase a Participation Interest) will be based upon the quality of the Mortgage Loans owned by Seller and Seller’s performance of its obligations in connection therewith and herewith and also based upon market conditions and
the business objectives of Bank and Seller which may change from time to time.  
 (c) Any and all outstanding
Participation Interests in Participated Mortgage Loans owned by Bank on or before the Advance Request Termination Date shall continue to be subject to the terms and conditions of this Agreement. Unless extended by a written agreement executed by
Seller and Bank, this Agreement shall automatically terminate and cease to be in force and effect (except with respect to the provisions of this Agreement which expressly survive termination) without any action or notice upon such time as:
(i) Seller shall no longer have any rights hereunder to submit any Request to Bank to purchase a Participation Interest; (ii) each Participated Mortgage Loan constitutes a Retired Participated Mortgage Loan; (iii) Bank has received
full, final and indefeasible payment of all other amounts due and payable by Seller to Bank pursuant to the terms hereof and any other Warehouse Document; (iv) Seller has fully performed and discharged each of its duties, covenants and
obligations under each Warehouse Document; and (v) Bank has remitted to Seller all amounts, if any, required hereunder to be remitted by Bank to Seller hereunder.  

5.3 Target Usage; Termination for Non-Usage. While pursuant to Section 2.2,
Bank is not obligated to purchase, and Seller is not obligated to sell, any Participation Interests, or any minimum amount of Participation Interests, Bank and Seller contemplate that Seller shall sell, and Bank shall purchase, Participation
Interests such that, at any given time, the Outstanding Participation Balance shall equal or exceed the Target Usage Amount. Should for any calendar quarter, the Outstanding Participation Balance, on average for such calendar quarter, not equal or
exceed the Target Usage Amount, Bank may elect to increase the Participation Interest Rate Floor or, pursuant to Section 5.2(b), terminate Seller’s right hereunder to submit any Request to Bank to purchase a Participation
Interest.  
 5.4 Seller’s Accounts.  

(a) Seller shall at all times during the term of this Agreement maintain each Restricted Account with Bank. With respect to
each Restricted Account, Seller may deposit funds into the Restricted Account, however Seller shall not be permitted to withdraw, transfer or otherwise exercise any rights to access any funds held therein and Seller shall have no rights to exercise
dominion or control over the Restricted Account.  
 (b) Seller shall at all times during the term of this Agreement
maintain the Remittance Account with Bank. Subject to the terms and conditions of this Agreement and the other Warehouse Documents, Seller shall be permitted to withdraw, transfer and otherwise exercise rights to access any funds held therein;
provided, that notwithstanding the foregoing, upon the occurrence and during the continuance of an Event of Default, Seller shall not be permitted to withdraw, transfer or otherwise exercise any rights to access any funds held therein and Seller
shall have no rights to exercise dominion or control over the Remittance Account.  
 (c) In order to secure the
prompt and complete performance by Seller of its Repurchase/Sale Obligations, Seller does hereby pledge, assign and grant to Bank a continuing security interest in and to the Restricted Accounts, the Remittance Account and the other Collateral. For
this purpose, this Agreement shall constitute a security agreement in accordance with the UCC, and Bank shall have all the rights of a secured creditor with respect to such 

  

					
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security, and Bank shall have the right to hold and “freeze” such Accounts and the funds maintained therein upon the occurrence and during the continuance of an Event of Default.
Without limiting any rights and remedies available to Bank hereunder, Bank may exercise the right to offset and apply all or any portion of the funds of Seller held in one or more of the Accounts towards the payment of all or any portion of any
amount due and payable by Seller to Bank hereunder in connection with Seller’s Repurchase/Sale Obligations. Bank is hereby authorized to debit funds from the Accounts in accordance with the provisions of this Agreement without any notice to or
permission from Seller. 
 5.5 Subordination. It is expressly understood and agreed that all of Seller’s rights, title
and interests in and to any Participated Mortgage Loan (including Seller’s servicing rights, if any) are subordinate and inferior to Bank’s Participation Interest in such Participated Mortgage Loan, from and after the Purchase Date for
such Participated Mortgage Loan. 
 5.6 Power of Attorney. Seller hereby irrevocably appoints Bank and each officer of Bank as
its attorney-in-fact, with full power of substitution, for, on behalf of, and in the name of Seller, to: (a) endorse and deliver to any Person any notes, checks,
drafts, money orders or other instruments of payment coming into Bank’s possession and representing any payment made on or with respect to any Participated Mortgage Loan or otherwise received in connection with any Participated Mortgage Loan
(including the proceeds from the sale of any such Participated Mortgage Loan received from a Take-Out Purchaser), and any collateral and any Take-Out Purchase Agreement
therefor; (b) prepare, complete, execute, deliver and record, and do anything else necessary or desirable to effect, (i) any endorsement to Bank, any Take-Out Purchaser or any other Person, of any
Mortgage Note evidencing a Participated Mortgage Loan, or (ii) any transfer, assignment or conveyance to Bank, any Take-Out Purchaser or any other Person, of any or all rights, titles and interests in and
to any Mortgage Note and the Mortgage Loan Documents related thereto in which Bank has purchased a Participation Interest (including servicing rights); (c) do anything necessary or desirable to effect the sale, transfer, assignment or conveyance, of
any or all rights, titles and interests of Seller and/or Bank in and to any Participated Mortgage Loan and the related Mortgage Loan Documents related thereto to any Take-Out Purchaser or any other Person;
(d) commence, prosecute, settle, discontinue, defend, or otherwise dispose of any claim relating to any Take-Out Purchase Agreement or any Participated Mortgage Loan; (e) sign Seller’s name
wherever appropriate, as determined by Bank, to effectuate the purposes of this Agreement; and (f) to take any such further action as Bank may deem appropriate, and to act under changed circumstances, the exact nature of which may not be
currently foreseen or foreseeable, in order to fully and completely effectuate Bank’s rights under this Agreement. The powers and authorities herein conferred on Bank may be exercised by Bank through any Person who, at the time of the execution
of a particular instrument, is an officer of Bank. The limited power of attorney conferred by this Section is granted for a valuable consideration and is coupled with an interest and, therefore, is irrevocable so long as any duties or obligations to
Bank under this Agreement or any other Warehouse Document, or any part thereof, shall remain unpaid or otherwise unsatisfied, and so long as Bank may elect to purchase any Participation Interests hereunder. The limited power of attorney conferred
hereunder shall not be affected by any subsequent disability or incapacity of the principal or by the lapse of time. To facilitate processing, Bank may request that Seller execute and deliver a separate, limited power of attorney in such form and
content required by Bank, but any failure of Bank to request or obtain any such separate power of attorney instrument shall not mitigate or undermine the rights and powers conferred under this Section. 

5.7 Private Recording Systems. Bank reserves the right to require or permit that any or all Participated Mortgage Loans be
registered and processed on the MERS® System and/or any other similar mortgage registration or processing system (collectively, “Private Recording System”). Should Bank
require or permit the registration or processing of any or all Participated Mortgage Loans on any Private Recording System: (a) each such Participated Mortgage Loan shall be registered and processed on the

  

					
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Private Recording System approved by Bank in accordance with the requirements of the Warehouse Program Guide; and (b) Bank may terminate and revoke any such requirement or permission
regarding the registration and processing of any such Participated Mortgage Loans on any Private Recording System. 
 5.8 Regulatory
Compliance. With respect to each Participated Mortgage Loan, Seller hereby represents, warrants and certifies to Bank that such Participated Mortgage Loan and each related Mortgage Loan Document was originated, made, negotiated, executed and
delivered pursuant to and in accordance in all material respects with the applicable terms and provisions of the Federal Truth in Lending Act, the Real Estate Settlement Procedures Act, the Equal Credit Opportunity Act, Dodd-Frank Act, the
Interagency Appraisal Guidelines, and all other applicable Laws relating to the financing of Residential Real Property, each of which Laws have been complied with by Seller except where the failure to comply could not reasonably be expected to have
a material adverse effect on the value of the Participated Mortgage Loans, taken as a whole, and that Bank shall have no obligation with respect to the compliance with any such Laws, or the filing of any reports, certifications or other documents or
items with or to any Borrower, any Governmental Authority, or any other Person whatsoever. IN THIS RESPECT, SELLER WILL RELEASE, HOLD HARMLESS AND INDEMNIFY EACH INDEMNIFIED PARTY FROM AND AGAINST ANY AND ALL LOSSES WHICH ARE INCURRED BY OR
ASSERTED AGAINST BANK IN CONNECTION WITH ANY BREACH OR INACCURACY OF THE TERMS CONTAINED IN THIS SECTION. 
 5.9
Verifications. Bank shall have the right and authority to re-verify all information obtained by Seller regarding any Borrower, including verification of employment, verification of deposit and
all information included in each related Loan Application. Seller shall cooperate with Bank in such re-verification process. Further, Bank shall have full right and authority to obtain an updated credit report
on any Borrower as long as Bank only conducts a “soft inquiry” of such credit report that does not affect the Borrower’s credit report or credit score. In such verification process, Seller shall, upon the reasonable request of Bank,
supply a copy of Borrower’s handwritten, typed or signed Loan Application. 
 5.10 Servicing Responsibilities. 

(a) Seller shall administer, manage, collect and enforce each Participated Mortgage Loan for and on behalf of and for the
benefit of Bank and Seller in accordance with Accepted Servicing Practices (collectively, the “Mortgage Loan Services”). With respect to each Participated Mortgage Loan, Seller shall promptly take any and all actions, and exercise
any and all available remedies, under the related Mortgage Loan Documents or otherwise which are necessary or advisable to perform the Mortgage Loan Services pursuant to this Agreement. 

(b) At the request of Bank: (i) Seller shall promptly provide to Bank such information requested by Bank regarding any
default, breach, violation or event of acceleration related to any Participated Mortgage Loan, and the actions which Seller has taken or proposes to take in connection therewith; and (ii) Seller shall promptly take any and all actions, and
exercise any and all remedies, under the Mortgage Loan Documents or otherwise for any Participated Mortgage Loan which Bank shall deem, in its discretion, reasonably necessary or advisable to effect the provisions of this Section. 

(c) With respect to any Participated Mortgage Loan, at any time that an Event of Default has occurred and is continuing, any
and all Mortgage Loan Collections received by Seller from the exercise of any rights or remedies under the related Mortgage Loan Documents shall (x) be immediately transferred or delivered by Seller to Bank (and, if required by Bank, into the
Repayment Account) and (ii) upon receipt by Bank, be applied pursuant to the provisions of 

  

					
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 Section 5.12 of this Agreement. 

(d) Notwithstanding anything herein to the contrary, upon the occurrence of an Event of Default: (i) Seller shall not
exercise any remedies under any of the Mortgage Loan Documents for any Participated Mortgage Loan without the prior written consent of Bank; and (ii) Bank may at any time: (A) provide written notice to Seller terminating any or all rights,
duties and obligations of Seller to provide Mortgage Loan Services with respect to any Participated Mortgage Loan (each, a “Servicing Termination Notice”) and/or (B) require that Seller deposit any and all payments made by any
Borrower on or in respect of any Participated Mortgage Loan to the Repayment Account within one (1) Business Day of receipt by Seller. With respect to each Participated Mortgage Loan specified in any Servicing Termination Notice, Seller shall
at its expense: (i) immediately turn over to Bank or its designee all books, records and other documents related to the Mortgage Loan Services for such Participated Mortgage Loan; (ii) cooperate with Bank in the immediate and orderly
transfer of the administration and servicing responsibilities for such Participated Mortgage Loan to Bank or its designee; and (iii) upon Bank’s request, immediately execute and deliver to Bank all documents, agreements and instruments,
and take such other actions and do such other things, deemed necessary or advisable by Bank in connection with the transfer to Bank of the administration and servicing responsibilities for such Participated Mortgage Loan. 

5.11 Trust Provisions. 

(a) Any and all amounts required hereunder to be paid to Bank shall be paid to Bank pursuant to the terms and conditions of
this Agreement. Without limiting the foregoing, any and all Bank Payment Deliverables received by Seller at any time (and any and all Bank Payment Deliverables that are or are deemed to be in or under the custody, possession or control of Seller at
any time) shall be held in trust by Seller as the property and for the benefit of Bank. In such event, Seller shall, and Seller has a fiduciary duty to Bank, (i) to hold in trust, as the property and for the benefit of Bank, the Bank Payment
Deliverables and (ii) (A) to turn over and deliver to Bank each Bank Payment Deliverable, in kind, and in the exact form received, no later than two (2) Business Days after receipt thereof, and concurrently, endorse to Bank any instrument
or other form of payment payable to Seller, but which is to be paid to Bank under this Agreement, (B) not to release any Bank Payment Deliverable to any other Person without Bank’s prior written consent, and (C) not to negotiate or
otherwise seek to convert to cash any Bank Payment Deliverables which are in the form of a check or other form of payment without Bank’s prior written consent. Nothing contained in this Section authorizes or permits payment to Seller or any
other Person (other than Bank) of any amounts which are required under this Agreement to be paid directly to Bank. 
 (b) Any
and all Bank Document Deliverables required hereunder to be delivered to the Document Custodian shall be delivered to the Document Custodian pursuant to the terms and conditions of this Agreement. Without limiting the foregoing, any and all Bank
Document Deliverables received by Seller at any time (and any and all Bank Document Deliverables that are or are deemed to be in or under the custody, possession or control of Seller at any time) shall be held in trust by Seller as the property and
for the benefit of Bank. In such event, Seller shall, and Seller has a fiduciary duty to Bank, (i) to hold in trust for Bank, and as the property and for the benefit of Bank, the Bank Document Deliverables and (ii) (A) to immediately turn
over and deliver to the Document Custodian each Bank Document Deliverable no later than two (2) Business Day after receipt thereof (except that Seller may deliver the applicable Bank Document Deliverables to the Document Custodian by such later
time, if any, permitted by the express terms of this Agreement) and (B) not to release any Bank Document Deliverable to any Person (other 

  

					
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than the Document Custodian). Nothing contained in this Section authorizes or permits the delivery to Seller or any other Person (other than the Document Custodian) of any Bank Document
Deliverables which are required under this Agreement to be delivered directly to the Document Custodian. 
 (c) The Mortgage
Loan Files for Participated Mortgage Loans (other than any portions thereof which constitute Bank Document Deliverables which are required to be delivered to the Document Custodian) shall be held in trust by Seller as the property and for the
benefit of Bank. Seller shall, and Seller has a fiduciary duty to Bank, (i) to hold in trust for Bank, and as the property and for the benefit of Bank, such Mortgage Loan Files (other than any portions thereof which constitute Bank Document
Deliverables, which are required to be delivered to the Document Custodian) and (ii) (A) to turn over and deliver to Bank such Mortgage Loan Files (other than any portions thereof which constitute Bank Document Deliverables, which are required
to be delivered to the Document Custodian) within a reasonable amount of time after Bank’s request and (B) not to release such Mortgage Loan Files (other than any portions thereof which constitute Bank Document Deliverables, which are
required to be delivered to the Document Custodian) to any Person (other than Bank) except as otherwise expressly permitted or required hereunder. 

5.12 Application of Payments. 

(a) Except as expressly provided otherwise herein, (i) all proceeds from the sale of any Participated Mortgage Loan by
Seller and Bank to a Take-Out Purchaser and (ii) any and all other Mortgage Loan Collections with respect to any Participated Mortgage Loan required by the terms of this Agreement to be delivered by
Seller by Bank, in each case, shall be credited and applied in the following order of priority upon Bank’s actual receipt of such sums, and Seller hereby instructs Bank to so apply such proceeds: 

(i) To the payment of any then-earned and outstanding Funding Fees payable by Seller to Bank hereunder in connection with
such Participated Mortgage Loan; 
 (ii) To the payment of any other outstanding fees, costs and expenses assessed or
incurred by Bank and payable by Seller to Bank under this Agreement or any other Warehouse Document with respect to such Mortgage Loan; 

(iii) To the reimbursement of all outstanding amounts (other than the Advance made by Bank to purchase a Participation
Interest in such Participated Mortgage Loan), if any, disbursed by Bank in connection with such Participated Mortgage Loan; 

(iv) To the payment of Bank’s pro rata share (determined in accordance with the Participation Interest Rate in effect
from time to time for such Participated Mortgage Loan) of all interest that accrued on such Participated Mortgage Loan from and after the related Purchase Date, but which has not been previously paid to Bank; 

(v) To the repayment of Bank’s pro rata share (determined in accordance with Bank’s Participation Percentage in
effect from time to time for such Participated Mortgage Loan) of the outstanding principal amount of such Participated Mortgage Loan (as of the related Purchase Date) which has not been previously paid to Bank; 

(vi) Upon the occurrence of an Event of Default, if required by Bank, to the

  

					
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payment of any of the amounts set forth above with respect to any other Participated Mortgage Loan, to be applied in the same order of priority as set forth above; 

(vii) To any other amounts payable by Seller to Bank; 

(viii) To the payment of Seller’s pro rata share (determined in accordance with the Seller’s Retained Percentage
in effect from time to time with respect to such Participated Mortgage Loan) of: (A) the outstanding principal amount of such Participated Mortgage Loan (as of the related Purchase Date) which has not been previously paid to or otherwise
received by Seller; and (B) interest that has accrued on such Participated Mortgage Loan from and after the related Purchase Date (including any portion of such interest that accrued at a rate in excess of the Participation Interest Rate in
effect from time to time for such Participated Mortgage Loan), but which has not been previously paid to or otherwise received by Seller. Any and all of the foregoing amounts due to Seller shall be paid by Bank to Seller on or before the next
Business Day after receipt by Bank of the applicable Payment and shall be disbursed by Bank into the Remittance Account; and 

(ix) Thereafter, as otherwise required to be in compliance with this Agreement. 

(b) Notwithstanding anything to the contrary in Section 5.12(a), with respect to any Participated Mortgage Loan,
Bank may elect, in its sole and absolute discretion, to defer applying any proceeds of any Payment to any of the items described in Section 5.12(a)(i), (ii) or (iii), in which case Bank reserves the right to satisfy any
outstanding amount for such items with the proceeds of any future Payment with respect to such Participated Mortgage Loan. 

(c) If the amount of any Take-Out Purchaser Payment received by Bank in connection with
the sale of any Participated Mortgage Loan to a Take-Out Purchaser is insufficient to pay any and all amounts payable to Bank under Section 5.12(a) with respect to such Participated Mortgage Loan,
then Seller shall immediately pay such amounts to Bank upon written demand. 
 (d) Bank shall have no duty or obligation at
any time to apply any amounts due from any Take-Out Purchaser or from any other Person with respect to any purchase of any Participated Mortgage Loan until Bank has actually received such amounts in
immediately available funds. Further, notwithstanding anything herein to the contrary, Bank shall be under no duty at any time to apply any amounts representing Take-Out Purchaser Payments except pursuant to
the procedures set forth in Section 4.4. 
 5.13 Warehouse Program Guide. 

(a) Except as otherwise provided herein, Seller agrees to comply in all material respects with all of the provisions of the
Warehouse Program Guide in effect from time to time. Notwithstanding anything herein to the contrary, each Participated Mortgage Loan: (i) shall be subject to the provisions of the Warehouse Program Guide in effect as of the Purchase Date for
such Participated Mortgage Loan; and (ii) shall not be subject to any material amendment, modification or supplement to the Warehouse Program Guide which occurs after the Purchase Date for such Participated Mortgage Loan. The Warehouse Program
Guide is hereby incorporated into this Agreement by reference as if it was fully set forth herein. 

  

					
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 (b) Bank shall make available to Seller the Warehouse Program Guide by:
(i) posting the Warehouse Program Guide on a web portal or website (including the Electronic Platform) to which Seller will be granted access (if Bank shall elect to maintain a web portal or web site for such purpose and if Bank shall grant
Seller access thereto); or (ii) by providing a written copy of the Warehouse Program Guide to Seller. Bank may, in its sole discretion, amend, modify or supplement the Warehouse Program Guide from time to time upon notice to Seller. If Bank
shall have granted Seller access to a web portal or website on which the Warehouse Program Guide is posted, then any amendments, modifications or supplements to the Warehouse Program Guide shall become effective as to Seller upon such time as the
same are posted on such web portal or website, with notice to Seller. If Bank shall have provided to Seller written copies of any amendments, modifications or supplements to the Warehouse Program Guide, then such amendments, modifications or
supplements to the Warehouse Program Guide shall become effective as to Seller upon Seller’s receipt thereof (unless Bank shall have also granted Seller access to a web portal or website to which such amendments, modifications or supplements
are posted, in which case, such amendments, modifications or supplements shall become effective as to Seller upon the earlier of the posting and notice thereof on such web portal or website or Seller’s receipt of written copies thereof). If the
Warehouse Program Guide is amended, modified or supplemented, after the reasonable request of Seller, Bank will endeavor to provide a summary of such changes to the Warehouse Program Guide 

(c) Each submission of a Request by Seller to Bank shall constitute: (i) the ratification by Seller of the provisions of
the Warehouse Program Guide in effect as of the Purchase Date (if any) for the Mortgage Loan that is the subject of the Request; and (ii) the agreement by Seller to be bound by all of the provisions of the Warehouse Program Guide (which is in
effect as of such Purchase Date) applicable to the Mortgage Loan that is the subject of the Request. 
 5.14 Financial
Covenants. At all times prior to the Agreement Termination Date (and thereafter if expressly required), Seller shall promptly and fully perform, observe and comply with the provisions set forth in Exhibit E. 

5.15 Supplemental Provisions. At all times prior to the Agreement Termination Date (and thereafter if expressly required),
Seller shall promptly and fully perform, observe and comply with the provisions set forth in Exhibit F. 
 5.16 Other
Warehousing Facilities. Seller represents and warrants to Bank that any and all mortgage warehousing facilities of Seller (other than with Bank) in effect as of the Effective Date hereof are identified on Exhibit G. Seller covenants
and agrees to notify Bank in writing of (a) any new mortgage warehousing facilities contemporaneously with delivery of the quarterly Compliance Certificate; and (b) any involuntary termination, suspension or involuntary non-renewals of any
such facility or any default by Seller under any such mortgage warehousing facility promptly after a Responsible Officer of Seller obtains knowledge of the same. 

5.17 Affiliate Escrow Agents. Seller represents and warrants to Bank that any and all title companies and other Persons that
provide closing services in connection with residential mortgage loan transactions which are directly or indirectly owned or controlled by Seller or under common ownership or control with Seller (each an “Affiliate Escrow Agent”) as
of the Effective Date are identified on Exhibit H. Seller represents and warrants that, prior to the Effective Date, Seller has delivered to Bank true, correct and complete copies of the financial statements for each Affiliate Escrow Agent.
Seller covenants and agrees to promptly notify Bank in writing regarding any new Affiliate Escrow Agents arising after the Effective Date. 

  

					
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 ARTICLE 6 

REPRESENTATIONS AND WARRANTIES 

Seller represents and warrants to Bank as of the Effective Date and thereafter: 

6.1 Organization and Good Standing. Seller is duly organized, validly existing, and in good standing under the Laws of the state
of its formation, and is duly qualified to transact business and is in good standing in each jurisdiction where the nature and extent of Seller’s business and property requires the same, except in jurisdictions, if any, where a failure to be in
good standing would not reasonably be expected to have a Material Adverse Effect. 
 6.2 Authorization and Power. Seller has:
(a) the requisite corporate power and authority to, and has taken all action necessary to authorize it to, execute, deliver and perform this Agreement, the other Warehouse Documents to which Seller is a party, and all of the other documents
herein contemplated to be executed by Seller or otherwise to be executed by Seller from time to time in connection herewith; (b) all requisite corporate authority, power, licenses, permits and franchises to conduct its business; and
(c) received, has in its possession, and will maintain in full force and effect and in good standing, any and all federal, state and local licenses or approvals which may be necessary for Seller to undertake the actions required of it pursuant
to this Agreement and to conduct its business. No consent or approval of any Person is required (other than such consents and approvals already obtained by Seller) in order for Seller to legally execute, deliver, and comply with the terms of the
Warehouse Documents to which it is a party. 
 6.3 No Conflicts. Not the execution and delivery of this Agreement, the other
Warehouse Documents to which Seller is a party, or any other documents to be executed in connection herewith, nor the consummation of any of the transactions herein or therein contemplated, nor compliance with the terms and provisions hereof or with
the terms and provisions thereof, will contravene or materially conflict with any applicable Law, or any loan agreement, lease, promissory note, indenture, mortgage, deed of trust, or other agreement or instrument to which Seller is a party or by
which Seller or any of its Property may be bound or be subject, or violate any provision of the documents creating or governing Seller. 

6.4 Enforceable Obligations. This Agreement and each other Warehouse Document to which Seller is or will become a party are or
upon execution will be the legal, valid and binding obligations of Seller, are enforceable in accordance with their respective terms, except as limited by bankruptcy, insolvency or other Laws of general application relating to the enforcement of
creditors’ rights. 
 6.5 Financial Condition. Seller has delivered to Bank copies of its most recent balance sheet, and
the related statements of income, stockholders’ equity and changes in financial position for the year ending on the date indicated therein, audited by independent certified public accountants; such financial statements are true and correct,
fairly present in all material respects the financial condition of Seller as of such date and have been prepared in accordance with GAAP as of the date hereof; there are no obligations, liabilities or indebtedness (including contingent and indirect
liabilities and obligations or unusual forward or long term commitments) of Seller which are not reflected in such financial statements; and no change having a material adverse effect has occurred in the financial condition or business of Seller
since the date of such financial statements. 
 6.6 Material Agreements. To the knowledge of a Responsible Officer of the
Seller, Seller is not in default under any loan agreement, mortgage, security agreement or other material agreement or obligation to which it is a party or by which any of its Properties is bound, and the execution of this

  

					
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Agreement and the other Warehouse Documents to which Seller is a party, and Seller’s performance of its duties and obligations hereunder and thereunder, will not cause a default under any
loan agreement, mortgage, security agreement or other material agreement or obligation to which Seller is a party or by which any of its Properties is bound. 

6.7 Disclosure of Proceedings. Except as previously disclosed to Bank in writing prior to the Effective Date or pursuant to
Section 7.15, there are no: (a) (i) Proceedings by any Governmental Authority pending against Seller which, if determined adversely to Seller, could reasonably be expected to have a Material Adverse Effect or (ii) any other
Proceedings pending against Seller which, if determined adversely to Seller, could reasonably be expected to have a Material Adverse Effect; or (b) outstanding or unpaid judgments in excess of the Maximum Judgment Amount against Seller. 

6.8 Taxes. All state and federal income and other material tax returns required to be filed by Seller in any jurisdiction have
been filed. All material taxes, assessments, fees and other governmental charges upon Seller or upon any of its Properties, income or franchises have been paid (if applicable, prior to the time that such taxes, assessments, fees or other
governmental charges could give rise to a Lien), other than those being protested in good faith by appropriate proceedings, with respect to which no Lien exists and for which Seller has set aside adequate reserves. 

6.9 No Approvals Required. Neither the execution and delivery of this Agreement and the other Warehouse Documents to which
Seller is a party, nor the consummation of any of the transactions contemplated hereby or thereby, requires the consent or approval of, the giving of notice to, or the registration, recording or filing of any document with, or the taking of any
other action in respect of, any Governmental Authority or other Person. 
 6.10 Representations Regarding Participated Mortgage
Loans. Each Participated Mortgage Loan is in all material respects in compliance with the provisions of the Warehouse Program Guide. Without limiting the generality of the foregoing, Seller hereby represents and warrants to Bank with respect
to each Participated Mortgage Loan: 
 (a) Except for the Participation Interest in such Participated Mortgage Loan and any
and all other rights, titles or interests of Bank in or to such Participated Mortgage Loan and the related Mortgage Loan Documents: (i) Seller is the sole direct, legal and beneficial owner of all rights, titles and interests in and to such
Participated Mortgage Loan and the related Mortgage Loan Documents; (ii) such Participated Mortgage Loan and the related Mortgage Loan Documents are free and clear of all Liens; and (iii) no right, title, or interest in or to such
Participated Mortgage Loan or the related Mortgage Loan Documents, or any part thereof, has been transferred, assigned or conveyed to any Person. Seller has the full right to sell to Bank a Participation Interest in such Participated Mortgage Loan
and the related Mortgage Loan Documents free and clear of any Lien; 
 (b) Bank is the sole legal and beneficial owner of a
Participation Interest in such Mortgage Loan, having an undivided percentage ownership interest equal to the Participation Percentage therefor; 

(c) The Mortgage Note evidencing such Participated Mortgage Loan contains the Required Endorsements. The endorsement of such
Mortgage Note pursuant to the Required Endorsements (including any endorsement of such Mortgage Note on behalf of Seller pursuant to the power of attorney granted herein or such other power of attorney delivered by Seller to Bank in accordance with
this Agreement) and the assignment of such Mortgage Note and the other Mortgage Loan Documents related to such Participated Mortgage Loan (whether executed by 

  

					
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Seller or by Bank pursuant to the general power of attorney herein granted or such other power of attorney delivered by Seller to Bank in accordance with this Agreement) is or will be valid and
enforceable under all applicable Law; 
 (d) Any and all portions of the Participated Mortgage Loan required hereunder to be
funded by Seller have been funded from sources other than any loan, credit facility or other financing or sale arrangement; 

(e) (i) The Mortgage Loan Documents for such Participated Mortgage Loan have been duly executed by the related Borrower, and
where applicable, acknowledged, and recorded; and (ii) such Participated Mortgage Loan is valid and complies with all applicable lending Laws applicable to the related Borrower, Seller and Bank and the Mortgaged Property securing such
Participated Mortgage Loan; 
 (f) Except for subordinated liens on any Participated Mortgage Loan permitted by the Warehouse
Program Guide, (i) such Participated Mortgage Loan is secured by a valid first Lien on the Mortgaged Property described in the Security Instrument for such Participated Mortgage Loan; and (ii) such Mortgaged Property is free and clear of
all Liens, claims and encumbrances having priority over the Lien of the Security Instrument which secures such Participated Mortgage Loan, except for Permitted Encumbrances; 

(g) A Title Policy has been obtained by Seller, in the full amount of such Participated Mortgage Loan, which provides insurance
to Seller (and its successors and/or assigns) that the Lien of the Security Instrument securing such Participated Mortgage Loan is a first and prior Lien upon the related Mortgaged Property, without any exceptions, except for Permitted Encumbrances,
and which Title Policy includes such endorsements thereto which are consistent with Accepted Lending Practices; 
 (h) Such
Participated Mortgage Loan and the related Mortgage Loan Documents are valid, binding and enforceable in accordance with their respective terms, in full force and effect, except as such enforceability may be limited by bankruptcy, insolvency or
other Laws of general application relating to the enforcement of creditors’ rights; 
 (i) The Mortgage Note evidencing
such Participated Mortgage Loan is genuine in all respects as appearing on its face and as represented in the books and records of Seller, and all information set forth therein is true and correct; 

(j) (i) The Mortgage Loan Documents evidencing such Participated Mortgage Loan contain the entire agreement of the parties
thereto with respect to the subject matter thereof, have not been modified or amended in any respect not expressed in writing therein and are free of concessions or understandings with the obligor thereon of any kind not expressed in writing
therein; and (ii) such Participated Mortgage Loan and the related Mortgage Loan Documents are in all respects consistent with, and contain the same terms as represented by Seller to Bank in, the related Request, except as disclosed by Seller to
Bank in writing prior to the time of the Purchase Date for such Participated Mortgage Loan; 
 (k) No default or breach has
occurred under any Mortgage Loan Document relating to such Participated Mortgage Loan; 
 (l) (i) Such Participated Mortgage
Loan is in all respects in compliance with all Laws applicable thereto, including all Laws applicable to the processing, origination, 

  

					
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underwriting, closing and funding of such Participated Mortgage Loan; and (ii) without limiting the forgoing, Seller is in compliance with all Laws applicable to Seller in connection with
such Participated Mortgage Loan; 
 (m) Except in the case of any [***], (i) the full principal amount of such
Participated Mortgage Loan has been advanced; (ii) the outstanding principal balance of such Participated Mortgage Loan as of the Purchase Date related thereto is as stated in the related Request; and (iii) all costs, fees and expenses
incurred in making, closing and recording such Participated Mortgage Loan have been paid; 
 (n) Except as otherwise
permitted by any Agency, (i) all payments and other deposits made with respect to such Participated Mortgage Loan have been paid in cash by the related Borrower; (ii) Seller has not advanced funds, or induced, solicited or knowingly
received any advance of funds by a Person other than such Borrower, directly or indirectly, for the payment of any amount required by such Participated Mortgage Loan, except for interest accruing from the date of the disbursement of the proceeds of
such Participated Mortgage Loan to the day which precedes by one (1) month the due date of the first installment of principal and interest thereunder; and (iii) other than as disclosed to Bank in writing, there have been no prepayments made on
such Participated Mortgage Loan; 
 (o) To the Seller’s knowledge, all taxes, governmental assessments, insurance
premiums, water, sewer and municipal charges (relating to any of the Mortgaged Property for such Participated Mortgage Loan) which previously became due and owing have been paid, or an escrow of funds has been established in an amount sufficient to
pay for every such item which remains unpaid; 
 (p) Such Participated Mortgage Loan which Seller represents to require
private mortgage insurance, will have eligible mortgage insurance; 
 (q) With respect to such Participated Mortgage Loan,
all conditions as to the validity of the applicable insurance as required by applicable Law, the related Mortgage Loan Documents and by private mortgage insurance companies or other insurers, if and to the extent applicable, have been properly
satisfied, and said insurance is valid and enforceable; 
 (r) To Seller’s knowledge: (i) the Mortgaged Property
for such Participated Mortgage Loan is (A) in good repair and (B) free from damage (normal wear and tear excepted) since the date of the origination of such Participated Mortgage Loan; and (ii) there is no proceeding pending for the
total or partial condemnation of any portion of such Mortgaged Property; 
 (s) (i) Seller has arranged to sell such
Participated Mortgage Loan to a Take-Out Purchaser pursuant to a Take-Out Purchase Agreement; and (ii) such Participated Mortgage Loan satisfies the eligibility,
qualifications and other requirements under such Take-Out Purchase Agreement for the purchase thereunder by such Take-Out Purchaser; 

(t) (i) If such Participated Mortgage Loan shall have been represented by Seller to Bank to be a Mortgage Loan eligible for
purchase by any Agency, (A) Seller has fully complied with the underwriting requirements of such Agency (in effect at the time such Participated Mortgage Loan was made) and such other underwriting requirements of the Warehouse Program Guide (in
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extent not in conflict with the underwriting requirements of such Agency and (B) such Participated Mortgage Loan is otherwise in compliance with any and all other rules, regulations,
policies, procedures and other requirements of such Agency for the purchase of such Participated Mortgage Loan; or (ii) if such Participated Mortgage Loan shall not have been represented by Seller to Bank to be a Mortgage Loan eligible for
purchase by any Agency, Seller has fully complied with the underwriting requirements of the applicable Take-Out Purchaser for such Participated Mortgage Loan and complied with the underwriting requirements of
the “general overlays” within the Warehouse Program Guide (in effect as of the date of the Purchase Date for such Participated Mortgage Loan); 

(u) Except as otherwise provided in this Agreement, Seller has obtained, and has in its possession, in due form, fully executed
originals of all of the Mortgage Loan Documents relating to such Participated Mortgage Loan required to legally effect such Participated Mortgage Loan, and all such Mortgage Loan Documents will be held and delivered by Seller pursuant to the terms
and conditions of this Agreement; 
 (v) To Seller’s knowledge, all of the improvements which are included for the
purpose of determining the appraised value of the Mortgaged Property related to such Participated Mortgage Loan lie wholly within the boundaries of such Mortgaged Property and do not encroach upon building restriction lines, and no improvements on
adjoining properties encroach upon such Mortgaged Property. Seller has obtained a Title Policy without exceptions for boundary line and building line encroachments; 

(w) To Seller’s knowledge, no circumstances or conditions exist with respect to such Participated Mortgage Loan, the
related Mortgaged Property or the related Borrower (including its credit standing) that could be reasonably expected: (i) to cause the Take-Out Purchaser committed to purchase such Participated Mortgage
Loan from Seller to not purchase such Participated Mortgage Loan; (ii) to cause any other private institutional investors or any Agency to regard such Participated Mortgage Loan as an unacceptable investment; (iii) to cause the occurrence
of a default under the related Mortgage Loan Documents; or (iv) to adversely affect the value or marketability of such Participated Mortgage Loan; 

(x) The information regarding such Participated Mortgage Loan (including with regard to the related Borrower) provided to Bank
is true, complete and correct as of the Purchase Date for such Participated Mortgage Loan; and 
 (y) The Mortgage Loan
Transaction for such Participated Mortgage Loan shall have been completed on and as of the Purchase Date related thereto. 
 6.11
Survival of Representations. All representations and warranties by Seller herein shall survive the termination or expiration of this Agreement and the making of any and all Advances. Any and all investigations at any time made by or on
behalf of Bank shall not limit, impair or diminish Bank’s right to rely on any and all representations and warranties by Seller herein. 

ARTICLE 7 

AFFIRMATIVE COVENANTS 

At all times prior to the Agreement Termination Date (and thereafter if expressly required hereunder), Seller covenants and agrees with Bank
that: 

  

					
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 7.1 Financial Statements and Reports. Seller shall furnish to Bank the
following, all in form and detail satisfactory to Bank: 
 (a) Promptly after becoming available, and in any event on or
before the last day of Seller’s first fiscal quarter, an audited balance sheet of Seller as of the end of such year, and an audited statement of income and retained earnings of Seller for such year, setting forth in each case in comparative
form the corresponding figures for the preceding fiscal year, accompanied by the related report of independent certified public accountants acceptable to Bank, which report shall be to the effect that such statements have been prepared in accordance
with GAAP; 
 (b) If requested by Bank, on or before the last day of any calendar month, a statement of income and expenses
of Seller for the prior calendar month; 
 (c) Promptly after becoming available, and in any event within forty-five
(45) days after the close of each fiscal quarter of Seller, a balance sheet of Seller as of the end of such fiscal quarter, a statement of income and retained earnings for such fiscal quarter and an operating statement of Seller for such fiscal
quarter setting forth in each case in comparative form the corresponding figures for the corresponding fiscal quarter of the preceding fiscal year, prepared in accordance with GAAP and certified by the principal financial officer of Seller; 

(d) If Seller has been approved by Bank to sell Mortgage Loans to Securitizers, weekly hedging reports, in such form and
content required by Bank; 
 (e) Promptly upon receipt thereof, a copy of each financial statement audit opinion submitted to
Seller by its independent accountants in connection with any annual, interim, or special audit of the books of Seller, subject to guidelines of professional responsibility; 

(f) Such other information concerning the business, Properties or financial condition of Seller, or regarding any Participated
Mortgage Loan, as Bank may reasonably request. 
 7.2 Taxes and Other Liens. Seller shall pay and discharge promptly all
material taxes, assessments and governmental charges or levies imposed upon it or upon its income or upon any of its Property as well as all material claims of any kind (including claims for labor, materials, supplies and rent) which, if unpaid,
might become a Lien upon a material portion of its Property or the Mortgage Loans; provided, however, Seller shall not be required to pay any such tax, assessment, charge, levy or claim regarding its Property (other than with respect to Participated
Mortgage Loans) if the amount, applicability or validity thereof shall currently be contested in good faith by appropriate proceedings diligently conducted by or on behalf of Seller and if Seller shall have set up adequate reserves in accordance
with, and as required by, GAAP. 
 7.3 Maintenance. Seller shall: (a) maintain its existence and all of its licenses,
permits, franchises, qualifications and rights that are necessary in order for Seller to conduct its business; and (b) observe and comply in all material respects with all applicable Laws. Without limiting the generality of the foregoing, none
of the Agency Approvals shall at any time be suspended or terminated; provided that Seller may voluntarily choose to suspend or terminate any Agency Approval, as long as one or more Agency Approvals is maintained with Fannie Mae, Freddie Mac, and/or
Ginnie Mae and, at the time of such suspension or termination, such Agency Approval to be suspended or terminated is not with respect to any Agency that has been identified to relate to any Participated Mortgage Loan. 

7.4 Further Assurances. Seller shall promptly cure any defects in the execution and delivery of this Agreement and any other
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execute and deliver to Bank, upon Bank’s reasonable request, all such other and further documents, agreements and instruments in compliance with or accomplishment of the covenants and
agreements of Seller in this Agreement, the other Warehouse Documents and all documents executed in connection herewith. In addition, Seller will provide Bank with any and all documentation and other information required by Bank relating to the
business and background of Seller and its directors, officers, employees and representatives, and any certifications reasonably required by Bank to verify Seller’s compliance with any applicable Laws. 

7.5 Accounts. To facilitate the transfer of funds contemplated by this Agreement, Seller shall establish and maintain at Bank
each of the Accounts. All other deposit accounts, certificate of deposit and other similar account of Seller shall be maintained only in accounts at federally insured financial institutions. 

7.6 Use of Electronic Platform. Seller shall be required to use the Internet-based electronic platform established by Bank (as
modified, replaced, enhanced or upgraded by Bank from time to time, the “Electronic Platform”) in connection with the purchase and sale of Participation Interests and the other transactions contemplated in this Agreement, subject to
the following: 
 (a) Bank hereby grants to Seller a revocable, non-exclusive, non-transferable license to access and use the Electronic Platform solely for the limited purpose of facilitating the sale by Seller to Bank of Participation Interests and the other transactions contemplated by this
Agreement. Seller shall not permit any Person to utilize the Electronic Platform other than employees of Seller who have been approved in advance by Bank in writing (each an “Authorized User”). Seller shall immediately notify Bank
of any unauthorized use of the Electronic Platform. 
 (b) Seller shall take all reasonable precautions to prevent
unauthorized Persons from obtaining access to or use of the Electronic Platform. Bank shall have the right to rely upon any information received in the Electronic Platform from any Person using a password assigned to an Authorized User, and will
incur no liability for such reliance. Seller shall be responsible for securing such passwords and shall be responsible for any actions taken using such passwords. In the event of any breach of the security measures established by Bank, including use
of the Electronic Platform by any unauthorized Person, Bank shall have the right to immediately terminate or suspend access to the affected portion of the Electronic Platform by Seller and their Authorized Users until such time such breach has been
secured to Bank’s satisfaction. 
 (c) Bank shall not be required to perpetually license, maintain, service or support
the Electronic Platform. Bank may at any time discontinue the Electronic Platform by providing written notice thereof to Seller. In addition, Bank may at any time terminate the license granted to Seller to use, and Seller’s access to, the
Electronic Platform by providing written notice thereof to Seller. Bank reserves the right to modify, replace, enhance or upgrade the Electronic Platform from time to time in Bank’s sole discretion. 

(d) SELLER UNDERSTANDS AND AGREES THAT THE ELECTRONIC PLATFORM IS BEING LICENSED, DELIVERED AND MADE AVAILABLE “AS
IS”, “WHERE IS”, “WITH ALL FAULTS”, AND WITH ANY AND ALL LATENT AND PATENT DEFECTS, WITHOUT ANY EXPRESS OR IMPLIED REPRESENTATION OR WARRANTY BY BANK, AND BANK HEREBY DISCLAIMS AND SELLER HEREBY WAIVES ANY AND ALL IMPLIED
REPRESENTATIONS, WARRANTIES AND COVENANTS. EXCEPT AS EXPRESSLY STATED HEREIN, BANK HAS NOT MADE AND DOES NOT HEREBY MAKE ANY REPRESENTATIONS OR WARRANTIES OF ANY KIND OR CHARACTER WHATSOEVER, EXPRESS OR IMPLIED, INCLUDING, WITHOUT LIMITATION, ANY

  

					
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IMPLIED WARRANTY OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE, AND BANK HEREBY DISCLAIMS AND RENOUNCES ANY AND ALL SUCH REPRESENTATIONS AND WARRANTIES. 

(e) Seller is fully aware of the inherent security risks of any Internet-based application (such as the Electronic Platform)
and, in particular, the risk that unauthorized third-parties may through unauthorized use, “hacking”, “Trojan horses”, viruses or otherwise be able to access and manipulate the use of the Electronic Platform and the data made
available thereby without Bank in any way being aware that the user is not Seller. Seller voluntarily assumes all such risks. Accordingly, SELLER WILL RELEASE, HOLD HARMLESS AND INDEMNIFY EACH INDEMNIFIED PARTY FROM AND AGAINST ANY AND ALL LOSSES
WHICH ARE RELATED TO ANY UNAUTHORIZED PARTY’S ACCESS THAT RESULTS IN THE DIVERSION, MISAPPROPRIATION OR USE OF THE INFORMATION MADE AVAILABLE THROUGH THE ELECTRONIC PLATFORM OR SELLER’S FUNDS AT BANK OR OTHERWISE. 

(f) Notwithstanding anything in this Section to the apparent contrary, the provisions of this Section shall not be deemed to
limit or release Bank from its obligations under Section 10.26. 
 7.7 Reimbursement of Expenses. Seller shall pay,
upon demand by Bank, any and all reasonable out of pocket fees and expenses incurred by Bank in negotiating or entering into, or in administering or enforcing its rights or remedies, under this Agreement or any other Warehouse Document, which
amounts shall include all court costs, attorneys’ fees (including for trial, appeal or other proceedings), fees of auditors and accountants, and investigation expenses reasonably incurred by Bank in connection with any such matters, together
with interest at the highest rate allowed by applicable Law on each such amount from the date of written demand or request for reimbursement until the date of reimbursement. Seller and Bank shall otherwise each be responsible for their own out of
pocket expenses unless expressly provided otherwise in this Agreement or any other Warehouse Document. 
 7.8 Insurance.
Seller shall at all times maintain in force and effect such insurance required under the Warehouse Program Guide. Without limiting the generality of the foregoing, such insurance shall be issued by such insurers, insure against such risks, be in
such form, have such coverage amounts, deductibles, limits and retentions, contain such endorsements and otherwise be in such form, as required under the Warehouse Program Guide. 

7.9 Accounts and Records. Seller shall keep books of record and account in which full, true and correct entries will be made of
all dealings or transactions in relation to its business and activities, including the sale of any Participation Interests to Bank, in accordance with GAAP. 

7.10 Books and Records. Seller agrees to maintain customary books and records relating to the Participation Interests sold by
Seller to Bank hereunder. Seller shall properly reflect in its books and records the sale by Seller to Bank of all Participation Interests sold to Bank and the Percentage Interests of Bank in such Participation Interests. Upon request, Seller shall
furnish to Bank copies of any of Seller’s books and records and financial statements relating to the Participation Interests purchased by Bank from Seller hereunder. 

7.11 Mortgage Loan Files. Except as expressly permitted or required hereunder, and subject to the provisions of
Section 5.11, at all times after the Purchase Date for any Participated Mortgage Loan, Seller shall have and maintain in its direct custody and possession the Mortgage File for such Participated Mortgage Loan. 

  

					
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 7.12 Document Retention. With respect to each Participated Mortgage Loan,
Seller will maintain in its files all records relating to such Participated Mortgage Loan for the period of time required by applicable Law. Within twenty-four (24) hours following any demand therefor, Seller will supply Bank with certified
copies and/or originals of any such records. 
 7.13 Right of Inspection. Seller shall permit any officer, employee, agent or
representative of Bank: (a) with at least twenty-four (24) hours written notice, to examine (at any office of Seller selected by Bank) Seller’s books and records, accounts and any and all files, records and documents relating to the
Mortgage Loans in which Bank has purchased or will purchase Participation Interests (including any in-file credit reports), and to make copies and extracts of any and all of the foregoing; and (b) to
discuss the affairs, finances, books and records, and accounts of Seller with Seller’s Responsible Officers; provided, that the foregoing shall not apply with respect to any information that Seller is required by any Agency or other
state or federal regulator to keep confidential. 
 7.14 Audit. Seller shall permit any third-party consultant engaged by Bank
(each an “Auditor”), at the expense of Seller, but not to exceed $[***] in any calendar year, to inspect and conduct an audit of Seller’s business operations and records related thereto; provided, however, if such audit is
conducted by Bank more than once during any fiscal year, and such additional audit is not the result of the occurrence of an Event of Default, Bank shall be responsible for the fee payable to the Auditor that performed such additional audit. In
connection with each audit, Seller shall cooperate with the Auditor and will cause Seller’s employees, agents and contractors to cooperate with the Auditor, and Seller shall furnish or cause to be furnished to the Auditor such information and
documentation the Auditor may consider necessary or useful in connection with the performance of the audit. 
 7.15 Notice from Seller
of Certain Events. 
 (a) Upon a Responsible Officer of Seller obtaining knowledge, Seller shall promptly, but in any
event within ten (10) Business Days of obtaining knowledge thereof (or by such earlier time if expressly required hereunder), notify Bank in writing of any event or circumstance or notice thereof which has had, or could reasonably be expected
to have a Material Adverse Effect upon Seller. Without limiting the generality of the foregoing: 
 (i) Seller shall
promptly, but in any event within ten (10) Business Days of a Responsible Officer obtaining knowledge thereof, notify Bank in writing of: (A) any material Proceeding by any Governmental Authority initiated against Seller; and (B) any
other Proceeding initiated against Seller which, if determined adversely to Seller, could reasonably be expected to have a Material Adverse Effect upon Seller. Seller shall immediately notify Bank in writing upon a Responsible Officer obtaining
knowledge of any judgment, decision, order, finding, determination or other disposition in connection with a Proceeding that has resulted in a Material Adverse Effect upon Seller. 

(ii) Seller shall promptly deliver to Bank notice of material non-compliance with the
Dodd-Frank Act or any other applicable Law related to the financing and sale of Mortgage Loans. 
 (b) Seller shall promptly
notify Bank of any change in the Chief Executive Officer, Chief Financial Officer or Chief Operating Officer of Seller. 

(c) If there is any pending audit or investigation of Seller by any applicable Agency, or any other Proceeding involving
Seller, which could reasonably be expected to result in any Agency Approval being suspended or terminated (including due to the failure of Seller to comply 

  

					
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with the results or findings of any such audit or investigation), then Seller shall provide written notice thereof to Bank within ten (10) Business Days of a Responsible Officer of Seller
obtaining knowledge thereof. If any Agency Approval is involuntarily suspended or involuntarily terminated, then Seller shall provide immediate written notice thereof to Bank. 

(d) Seller shall furnish to Bank immediately upon a Responsible Officer of Seller becoming aware of the existence of any Event
of Default, a written notice specifying the nature and period of existence thereof and the action which Seller is taking or proposes to take with respect thereto. 

7.16 Compliance with Warehouse Documents. Seller shall promptly and fully perform, observe and comply with any and all
provisions of this Agreement and the other Warehouse Documents to which Seller is a party. 
 7.17 Reserved. 

7.18 INDEMNIFICATION. SELLER SHALL INDEMNIFY, DEFEND, PROTECT AND HOLD HARMLESS BANK, BANK’S PARENTS, SUBSIDIARIES AND
AFFILIATES, AND ALL DIRECTORS, OFFICERS, EMPLOYEES, REPRESENTATIVES AND AGENTS, SUCCESSORS AND ASSIGNS OF ANY OF THE FOREGOING (EACH AN “INDEMNIFIED PARTY”) FROM AND AGAINST ANY AND ALL LOSSES, LIABILITIES, DAMAGES, CLAIMS,
PENALTIES, JUDGMENTS, OBLIGATIONS, DISBURSEMENTS, COSTS AND EXPENSES (INCLUDING REASONABLE ATTORNEYS’ FEES AND EXPENSES), ACTIONS, PROCEEDINGS OR DISPUTES (COLLECTIVELY, “LOSSES”) INCURRED BY ANY INDEMNIFIED PARTY OR TO WHICH
ANY INDEMNIFIED PARTY MAY BECOME SUBJECT WHICH DIRECTLY OR INDIRECTLY ARISE FROM OR RELATE TO THIS AGREEMENT, ANY OTHER WAREHOUSE DOCUMENT, THE CUSTODIAL AGREEMENT, ANY PARTICIPATED MORTGAGE LOAN OR ANY OF THE TRANSACTIONS CONTEMPLATED BY THIS
AGREEMENT OR ANY OTHER WAREHOUSE DOCUMENT, INCLUDING ANY AND ALL LOSSES DUE TO: (A) ANY NEGLIGENT OR FRAUDULENT ACT OR OMISSION OF SELLER OR ANY OF ITS AGENTS, REPRESENTATIVES OR EMPLOYEES; (B) ANY BREACH BY
SELLER OF ANY REPRESENTATION OR WARRANTY CONTAINED HEREIN; (C) ANY BREACH BY SELLER OF ANY PROVISION OF THIS AGREEMENT OR ANY OTHER WAREHOUSE DOCUMENT; (D) ANY EVENT OF DEFAULT;
(E) SELLER’S USE FOR ANY MORTGAGE LOAN OF ANY FORM OR DOCUMENT NOT PROVIDED OR APPROVED BY BANK; (F) ANY MISCALCULATIONS OR OTHER ERRORS WHICH RESULT FROM SELLER’S INDEPENDENT PROCESSING PROCEDURES OR
ITS MISUSE OR ALTERATION OF ANY FORMS OR DOCUMENTS PROVIDED OR APPROVED BY BANK; (G) ANY FAILURE BY SELLER TO COMPLY WITH ANY LAW; (H) THE UNMARKETABILITY OF ANY PARTICIPATED MORTGAGE LOAN RESULTING FROM ANY
MATTER DESCRIBED IN CLAUSES (A) THROUGH (G) OF THIS SENTENCE; AND (I) ANY UNAUTHORIZED ACCESS TO OR USE OF THE ELECTRONIC PLATFORM OR THE INFORMATION MADE AVAILABLE THEREBY DUE TO ANY ACT OR OMISSION OF SELLER.
IT IS THE EXPRESS INTENTION OF THE PARTIES HERETO THAT EACH INDEMNIFIED PARTY TO BE INDEMNIFIED UNDER THIS SECTION OR ANY OTHER SECTION OF THIS AGREEMENT (INCLUDING, SECTIONS 5.8, 7.6 AND 10.23) OR UNDER ANY OTHER WAREHOUSE
DOCUMENT SHALL BE INDEMNIFIED FROM AND HELD HARMLESS AGAINST ANY AND ALL LOSSES WHICH IN WHOLE OR IN PART ARE CAUSED BY OR ARISE OUT OF, OR ARE CLAIMED TO BE CAUSED BY OR ARISE OUT OF, THE NEGLIGENCE (WHETHER SOLE, COMPARATIVE OR CONTRIBUTORY) OR
STRICT LIABILITY OF SUCH INDEMNIFIED PARTY; PROVIDED,  

  

					
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HOWEVER, THAT SUCH INDEMNITIES SHALL NOT APPLY TO A PARTICULAR INDEMNIFIED PARTY WITH REGARD TO, AND TO THE EXTENT OF THE AMOUNT OF, THOSE CERTAIN LOSSES (IF ANY) WHICH ARE DETERMINED BY A
FINAL NON-APPEALABLE ORDER OF A COURT OF COMPETENT JURISDICTION TO HAVE RESULTED FROM THE GROSS NEGLIGENCE OR WILLFUL MISCONDUCT OF SUCH INDEMNIFIED PARTY. Each Indemnified Party may employ an attorney or attorneys to protect or enforce its
respective rights, remedies and recourses under this Agreement and any other Warehouse Documents, and to advise and defend it with respect to any such actions and other matters. Seller shall reimburse each Indemnified Party for its respective
reasonable attorneys’ fees and expenses (including expenses and costs for experts) promptly upon receipt of a written demand (together with reasonably detailed invoices) therefor, whether on a monthly or other time interval, and whether or not
an action is actually commenced or concluded. All other reimbursement and indemnity obligations hereunder shall become due and payable when actually incurred by such Indemnified Party. Any payment not made within 10 Business days after written
demand (together with reasonably detailed invoices) shall bear interest at the Participation Interest Rate from the due date until fully paid. The provisions of this Section and the other indemnity and hold harmless provisions of this Agreement
(including Sections 5.8, 7.6 and 10.23) and the other Warehouse Documents shall survive the termination of this Agreement. 

7.19 Interest Rate Hedging. Seller shall at all times hedge against the interest rate risk associated with any and all
Participated Mortgage Loans that are Agency Mortgage Loans owned in whole or in part by Seller, as may be reasonably required by Bank from time to time. 

7.20 Reserved. 

ARTICLE 8 
 NEGATIVE
COVENANTS 
 At all times prior to the Agreement Termination Date (and thereafter if expressly required hereunder), Seller covenants and
agrees with Bank that: 
 8.1 Transfer of Ownership Interest. Without the prior written consent of Bank, which consent shall
not be unreasonably withheld or delayed, no “Change of Control” shall occur. “Change of Control” means, (i) at any time prior to a public offering of Seller, the LSF Parties cease to collectively own, directly or
indirectly, at least 50.01% of Seller and (ii) at any time after a public offering of Seller, any “person” or “group” other than the LSF Parties owns, directly or indirectly, more than 35% of Seller. For the avoidance of
doubt, any public offering of Seller shall not be deemed a Change of Control. 
 8.2 Dissolution. Without the prior written
consent of Bank, Seller shall not: (a) sell or otherwise transfer or assign all or substantially all of the assets or Properties of Seller to any other Person; or (b) wind-up, dissolve or liquidate.

 8.3 Fiscal Year; Method of Accounting. Seller shall not, without giving prior written notice to Bank, change its fiscal
year or method of accounting. 
 8.4 Actions with respect to Mortgage Loans. Seller shall not: 

(a) Release the Lien of any Security Instrument of any Participated Mortgage Loan; 

(b) Amend, modify or supplement in any material respect any Mortgage Loan Document related to any Participated Mortgage
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 (c) Grant, create, incur, permit or suffer to exist any Lien upon the
Mortgaged Property which is security for any Participated Mortgage Loan, except for the Lien granted under the Security Instrument for such Participated Mortgage Loan; or 

(d) Sell, transfer or assign any of Seller’s rights, titles or interests in or to any Participated Mortgage Loan to
any Person except as expressly provided in this Agreement, or otherwise with the prior written consent of Bank. 
 8.5 Compliance with
Material Agreements. Seller shall not permit any default to occur with respect to any agreement, indenture, mortgage or document binding on it or affecting its Property or business, if such default would result in a Material Adverse Effect
upon Seller. 
 8.6 Representations Regarding Interests Sold. Seller will not represent to any Person that Seller owns all or
any portion of the Participation Interests purchased by Bank under this Agreement during such time Bank owns such Participation Interests. 

ARTICLE 9 
 EVENTS OF
DEFAULT; 
 CERTAIN RIGHTS AND REMEDIES OF BANK 

9.1 Events of Default. An Event of Default shall exist if any one or more of the following occurs: 

(a) Seller or any other Obligated Party shall fail to punctually make any payment of fees or other sums when due
hereunder, or under any other Warehouse Document to which it is a party, and such failure shall continue for a period of [***] thereafter (provided that Bank shall not be required to provide any such [***] grace period more than two (2) times
in any twelve (12)-month period); 
 (b) The failure or refusal of Seller or any other Obligated Party to perform, observe or
comply with any covenant or agreement contained in this Agreement or any other Warehouse Document to which it is a party, which failure or refusal is not otherwise addressed in this Section, and such failure or refusal continues for a period of
[***] after the earlier of the date a Responsible Officer of Seller has knowledge of such failure or the date written notice of such default shall have been given by Bank to Seller; 

(c) Any material statement, warranty or representation made at any time by or on behalf of Seller or any other Obligated
Party in this Agreement or any other Warehouse Document, or in any writing or communication (including any Request), or any statement or representation made in any certificate, report, or opinion delivered to Bank pursuant to or in connection with
this Agreement or any other Warehouse Document to which it is a party, is false, calculated to mislead, misleading or erroneous in any material respect at the time made; provided, that if any representation or warranty in Section 6.10 (a
“Loan Level Representation”) when made was false or misleading in any material respect, then such false or misleading Loan Level Representation will not cause an Event of Default hereunder unless such false or misleading Loan Level
Representation materially and adversely affects the value of the Participated Mortgage Loans taken as a whole; 

(d) Default shall occur (after the expiration of any applicable grace and cure periods): (i) in the punctual payment of
any indebtedness of Seller or any other Obligated Party having an aggregate principal amount of $[***] or more owing to any Person other than 

  

					
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Bank (a “Material Debt Facility”), or in the performance of any other covenant, agreement or obligations under any Material Debt Facility that permits the acceleration of the
maturity of the obligations with respect to such Material Debt Facility; or (ii) in the performance of any other material agreement in excess of $[***] binding upon Seller or any other Obligated Party; 

(e) Seller or any other Obligated Party shall: (i) apply for or consent to the appointment of a receiver, trustee,
custodian, intervenor or liquidator of such Person or of all or a substantial part of its assets; (ii) file a voluntary petition in bankruptcy, admit in writing that it is unable to pay its debts as they become due or generally not pay its
debts as they become due; (iii) make a general assignment for the benefit of creditors; (iv) file a petition or answer seeking reorganization or an arrangement with creditors or to take advantage of any bankruptcy or insolvency laws;
(v) file an answer admitting the material allegations of, or consent to, or default in answering, a petition filed against it in any bankruptcy, reorganization or insolvency proceeding; or (vi) take any action for the purpose of effecting
any of the foregoing; 
 (f) An involuntary petition or complaint shall be filed against Seller or any other Obligated
Party seeking bankruptcy or reorganization of such Person or the appointment of a receiver, custodian, trustee, intervenor or liquidator of it, or of all or substantially all of its assets, and such petition or complaint shall not have been
dismissed within [***] of the filing thereof; or an order, order for relief, judgment or decree shall be entered by any court of competent jurisdiction or other competent authority approving a petition or complaint seeking reorganization of such
Person or appointing a receiver, custodian, trustee, intervenor or liquidator of such Person, or of all or substantially all of its assets, and such order, judgment or decree shall continue unstayed and in effect for a period of [***]; 

(g) Seller shall fail within [***] to pay, bond or otherwise discharge any judgment or order for payment of money in excess of
the Maximum Judgment Amount that is not otherwise being satisfied in accordance with its terms and is not stayed on appeal or otherwise being contested in good faith; 

(h) Any default or event of default shall occur (after the expiration of any applicable grace and cure periods) under any
indebtedness of Seller or any other Obligated Party to Bank (other than arising out of or pursuant to this Agreement) or under any document evidencing, securing or pertaining to any indebtedness of Seller or any other Obligated Party to Bank; 

(i) Any Person shall levy on, seize, or attach all or any material portion of the Property of Seller or any other
Obligated Party which is not stayed or permanently dismissed or discharged within [***] after commencement of such action; 

(j) The failure of Seller to repurchase any Participation Interest (or any portion thereof) as and when required pursuant
to the provisions of this Agreement; 
 (k) The dissolution of Seller or any other Obligated Party that is an entity for
any reason, or the death or incapacity of any Obligated Party that is a natural person; 
 (l) If (i) any Agency
Approval is involuntarily suspended or involuntarily terminated, or (ii) Seller failed to provide any written notice as and when required pursuant to Section 7.15(c); 

(m) If (i) there is any final and non-appealable judgment, decision, order or
other disposition in connection with a Proceeding that has resulted in a Material Adverse Effect upon Seller, or (ii) Seller failed to provide any written notice as and when required pursuant to Section 7.15(a)(i); 

  

					
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 (n) (i) Any change in the financial condition of Seller or any other
Obligated Party from the condition shown on the financial statements submitted to Bank and relied upon by Bank in connection with the execution of this Agreement, which change would have a Material Adverse Effect upon Seller or any other Obligated
Party or (ii) if any Agency or other Governmental Authority takes any action against Seller which would have a Material Adverse Effect on Seller; or 

(o) Any Warehouse Document ceases to be in full force and effect, or to be enforceable in accordance with its terms. 

9.2 Default Remedies. Upon the occurrence of an Event of Default, without any presentment, demand, protest, notice of protest
and nonpayment, or other notice of any kind, all of which are hereby expressly waived by Seller, Bank may, in its sole and absolute discretion, immediately: (a) terminate or suspend Seller’s right hereunder to submit any Request to Bank
for Bank to purchase Participation Interests; (b) pursuant to the power of attorney conferred to Bank by Seller in connection with this Agreement (and in reliance of Section 10.18 in the event that Bank exercises the following
remedy after the occurrence of an Event of Default specified in Sections 9.1(e) or (f)), sell in a recognized market (or otherwise in a commercially reasonable manner) at such price or prices as Bank shall reasonably deem satisfactory,
any or all rights, titles and interest of Bank and Seller in and to any or all Participated Mortgage Loans and apply the proceeds thereof to the aggregate outstanding Advances made by Bank in connection with such Participated Mortgage Loans and to
any other amounts payable to Bank in connection with this Agreement or any other Warehouse Document, in such order and amounts determined by Bank; (c) exercise its rights and remedies under any Pledge Agreement, Guaranty Agreement or other
Warehouse Document; and/or (d) exercise any other right or remedy otherwise available to Bank under this Agreement or any other Warehouse Document or at law or in equity. Notwithstanding the foregoing, if an Event of Default specified in
Sections 9.1(e) or (f) occurs, fees and other sums due hereunder shall become automatically and immediately due and payable, both without any action by Bank and without presentment, demand, protest, notice of protest and nonpayment,
notice of acceleration or of intent to accelerate, or any other notice of any kind, all of which are hereby expressly waived, notwithstanding anything contained herein to the contrary. 

9.3 Option to Purchase Retained Percentage. Without limiting the generality of Section 9.2, upon the occurrence of
an Event of Default, Bank shall have the right at any time, in its sole and absolute discretion, to purchase from Seller the Retained Percentage in any or all Participated Mortgage Loans (the “Retained Interest Purchase Option”). To
effect the purchase by Bank from Seller of the Retained Percentage in any Participated Mortgage Loan in connection with the Bank’s exercise of the Retained Interest Purchase Option, Bank shall pay to Seller an amount (the “Retained
Interest Purchase Price”) equal to (a) the then outstanding principal balance of such Participated Mortgage Loan, as of the date of the exercise by Bank of the Retained Interest Purchase Option, multiplied by the Retained Percentage of
Seller therein as of such date, less (b) the amount of Bank’s pro rata share of any and all principal payments (which are allocable to Bank’s Participation Interest in such Participated Mortgage Loan), determined in accordance with
Bank’s Participation Percentage in effect from time to time for such Participated Mortgage Loan, made on such Participated Mortgage Loan during the period of time commencing on the Purchase Date for such Participated Mortgage Loan and ending on
the date of the exercise by Bank of the Retained Interest Purchase Option, but that have not been previously paid to Bank, less (c) the amount of Bank’s pro rata share of any and all interest payments (which are allocable to Bank’s
Participation Interest in such Participated Mortgage Loan), determined in accordance with the Participation Interest Rate in effect from time to time for such Participated Mortgage Loan, made on such

  

					
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Participated Mortgage Loan during the period of time commencing on the Purchase Date for such Participated Mortgage Loan and ending on the date of the exercise by Bank of the Retained Interest
Purchase Option, but that have not been previously paid to Bank, less (d) the amount of any then-earned and unpaid Funding Fee payable by Seller to Bank hereunder with respect to such Participated Mortgage Loan as of the date of the exercise by
Bank of the Retained Interest Purchase Option, less (e) any other amounts due and payable by Seller to Bank hereunder as of the date of the exercise by Bank of the Retained Interest Purchase Option, by depositing the Retained Interest Purchase
Price into the Remittance Account. Effective immediately upon Bank’s deposit into the Remittance Account of the Retained Interest Purchase Price for the Retained Percentage in any Participated Mortgage Loan, without any further action by or
notice to any Person, Bank shall have purchased from Seller such Retained Percentage as reflected on Bank’s books and records. 

ARTICLE 10 

MISCELLANEOUS 
 10.1
Accounting Principles. Where the character or amount of any asset or liability or item of income or expense is required to be determined or other financial or accounting computation is required to be made for the purposes of this
Agreement or any other Warehouse Document, such determination shall be made in accordance with GAAP, except where such principles are inconsistent with the requirements of this Agreement or such other Warehouse Document. In addition, any accounting
term used in this Agreement or any other Warehouse Document shall have, unless otherwise specifically provided therein, the meaning customarily given to such term in accordance with GAAP or other method of accounting acceptable to Bank. 

10.2 Time. Time is of the essence of each and every term of this Agreement and the other Warehouse Documents. 

10.3 Titles of Articles, Sections and Subsections. All titles or headings to articles, sections, subsections or other divisions
of this Agreement or any other Warehouse Document or the exhibits or addenda hereto or thereto are only for the convenience of the parties and shall not be construed to have any effect or meaning with respect to the content of such articles,
sections, subsections or other divisions, such content being controlling as to the agreement between the parties hereto. 
 10.4
Seller’s Status. It is agreed that the relationship of Seller and Bank hereunder shall be that of the seller and purchaser of interests in Mortgage Loans. Seller and Bank are not partners or joint venturers, and nothing contained
herein shall be construed to create a partnership, joint venture or similar relationship between the parties. Seller shall not act as or hold itself out to the public as being an agent for Bank, but is to act in all loan origination, administration
and servicing matters hereunder for itself and in its name only, except to the extent that Seller is required under this Agreement to act as a trustee with fiduciary duties to hold for the benefit of Bank the Participated Mortgage Loans and the
related Mortgage Loan Documents, and any and all funds and receipts, whether as principal, interest, escrows or otherwise, in respect of any Participated Mortgage Loan, and to make the remittances of any and all such documents and funds as specified
in this Agreement. It further is agreed that Seller, as trustee, shall not assign its responsibilities under this Agreement except in accordance with this Agreement. 

10.5 Notices. Any and all notices, requests and other communications required or permitted to be given under or in connection
with this Agreement or any other Warehouse Document, except as otherwise provided herein or therein, shall be in writing and mailed or sent by electronic mail to the respective address, and to the attention of the designated recipient, provided
below for Bank and provided on the signature page of this Agreement for Seller (or to such other address or to such designated recipient, as either party may designate in a written notice to the other party furnished pursuant to this

  

					
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Section). Such notices, requests and other communications so sent shall be deemed to have been given immediately if made by electronic mail (confirmed by concurrent written notice sent first
class U.S. mail, postage prepaid), or one (1) day after sending by recognized national overnight courier company, signature of recipient required if to Seller or Bank; any notice, request and other communication sent by any other means shall be
deemed made when actually received in writing by the designated recipient of the party to which notice is provided in accordance with this Section. Notwithstanding the foregoing, Requests or communications related to a Request shall not be effective
until actually received by Bank. Bank’s address for notices is: 
  

							
		 	TEXAS CAPITAL BANK, N.A.	 	
		 	2221 Lakeside Boulevard, Suite 800	 	
		 	Richardson, Texas 75082	 	
		 	Attention:	 	Bruce Karda	 	
		 	E-mail:	 	bruce.karda@texascapitalbank.com	 	

 10.6 Amendments and Waivers. Subject to Section 10.7, any provision of this
Agreement or any other Warehouse Document may be amended or waived if, but only if, such amendment or waiver is in writing and is signed by all the parties to this Agreement, such Warehouse Document or such other documents, as the case may be. The
acceptance of Bank at any time and from time to time of part payment on any amounts payable to Bank hereunder shall not be deemed to be a waiver of the balance of such amounts. No waiver by Bank of any Event of Default shall be deemed to be a waiver
of any other then-existing or subsequent Event of Default. No waiver by Bank of any of its rights or remedies under this Agreement, any other Warehouse Document, or otherwise, shall be considered a waiver of any other or subsequent right or remedy
of Bank. No delay or omission by Bank in exercising any right or remedy under this Agreement or any other Warehouse Document shall impair such right or remedy or be construed as a waiver thereof or any acquiescence therein, nor shall any single or
partial exercise of any such right or remedy preclude other or further exercise thereof, or the exercise of any other right or remedy under this Agreement, any other Warehouse Document or otherwise. 

10.7 Amendment Due to Government Regulation. Both Bank and Seller understand that Bank is subject to the supervision of various
Governmental Authorities. Should any Governmental Authority direct Bank to discontinue any practice set forth herein or to amend the terms hereof, Bank shall take immediate action to do so and shall notify Seller of such action. Seller hereby agrees
to enter into any amendment or termination hereof as may be reasonably requested by Bank in good faith to bring Bank into full compliance with applicable Laws. 

10.8 Participations and Assignments. Seller agrees that Bank may elect, at any time, to grant an undivided participation
interest, in all or any portion of the Participation Interests (or any portion of any such Participation Interest) to one or more financial institutions, private investors and/or other Persons (collectively, “Participants”).
Further, Bank may assign, sell or convey to one or more financial institutions, private investors and/or other Persons all or a portion of its rights and obligations under this Agreement; provided, that, except in the case of (i) an
assignment in connection with the sale of all or substantially all of the assets of Bank or of any business unit of Bank or (ii) any merger entered into by Bank or any assignment by Bank to an affiliate of Bank, as long as no Event of Default
has occurred and is continuing, Seller has the right to consent to any such sale, assignment or conveyance (such consent not to be unreasonably withheld or delayed). Seller further agrees that Bank may disseminate to any such actual or potential
Participants all documents and information (including any and all financial information) which has been or is hereafter provided to or known to Bank in connection with this Agreement and the other Warehouse Documents and the transactions
contemplated hereby and thereby, including, information with respect to Seller, each Obligated Party and each Mortgage Loan in which Bank has purchased a Participation Interest, in each case, as long as such actual or potential Participant

  

					
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has been informed of the confidential nature of such information and agrees with Seller in writing to be bound by confidentiality provisions similar in scope to the confidentiality provisions
contained in this Agreement. Notwithstanding anything to the contrary contained herein, Bank may at any time pledge or grant a security interest in or lien on any rights or obligations under this Agreement to any governmental agency (such as any
Federal Reserve Bank) or government-sponsored enterprise (such as any Federal Home Loan Bank) in the ordinary course of Bank’s banking business. 

10.9 Invalidity. In the event that any one or more of the provisions contained in this Agreement or any other Warehouse
Document, for any reason, be held invalid, illegal or unenforceable in any respect, such invalidity, illegality or unenforceability shall not affect any other provisions of this Agreement or the other Warehouse Documents. 

10.10 Survival. All covenants, agreements, representations and warranties made herein and in any other Warehouse Document shall
continue in full force and effect as long as Bank has the right to purchase Participation Interests hereunder and until all obligations to Bank hereunder and thereunder have been fully satisfied and discharged. Without limiting the generality of the
foregoing, termination of this Agreement by either party pursuant to the terms of this Agreement shall not relieve Seller of: (a) its duties, obligations, representations, warranties, covenants, agreements or indemnities which accrued under
this Agreement prior to the Advance Request Termination Date or the Agreement Termination Date; or (b) performance of its duties and obligations hereunder so long as there is any Participated Mortgage Loan which does not constitute a Retired
Participated Mortgage Loan. 
 10.11 Successors and Assigns. All covenants and agreements contained by or on behalf of Seller
in this Agreement or any Warehouse Document shall bind Seller’s successors and assigns and shall inure to the benefit of Bank and its successors and permitted assigns. Seller shall not, however, have the right to assign its rights under this
Agreement or any interest herein, without the prior written consent of Bank, which consent may be withheld by Bank for any reason. 
 10.12
Renewal. If, as of the Effective Date, Bank holds any outstanding undivided percentage ownership interests (each an “Existing Participation Interest”) in any Mortgage Loan purchased by Bank from Seller pursuant to a
written mortgage warehouse agreement or similar written agreement executed by Bank and Seller prior to the Effective Date (as amended or modified from time to time, the “Existing Warehouse Agreement”), then, as of the Effective
Date, unless expressly agreed to otherwise by Seller and Bank in writing after the date of the Existing Warehouse Agreement: (a) Seller shall not have any rights under the Existing Warehouse Agreement to request Bank to purchase additional
undivided percentage ownership interests in Mortgage Loans, and any and all such requests and purchases on or after the Effective Date shall be governed by the terms and conditions of this Agreement; (b) any and all Existing Participation
Interests shall continue to be subject to the terms and conditions of the Existing Warehouse Agreement; (c) the Existing Warehouse Agreement shall automatically terminate and cease to be in force and effect (except with respect to the
provisions of the Existing Warehouse Agreement which expressly survive termination) without any action or notice upon such time as (i) pursuant to the terms and conditions of the Existing Warehouse Agreement, with respect to each Mortgage Loan
in which Bank purchased an Existing Participation Interest (A) such Mortgage Loan has been sold in its entirety and the full amount of the proceeds of such sale have been received and applied by Bank thereunder or (B) the Existing
Participation Interest in such Mortgage Loan has been repurchased in its entirety by Seller and the full amount of the proceeds of such repurchase have been received and applied by Bank thereunder, (ii) Bank has received full and indefeasible
payment of all amounts due and payable to Bank pursuant to the Existing Warehouse Agreement, and (iii) Bank has remitted to Seller all sums, if any, required by the Existing Warehouse Agreement to be remitted by Bank to Seller; and (d) the
Maximum Participation Amount shall be reduced by the sum, as such sum may vary from time to time, of (i) the Outstanding Participation Balance calculated with respect to the outstanding Existing Participation Interests plus (ii)

  

					
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all other amounts due and payable to Bank pursuant to the Existing Warehouse Agreement. The terms of this Section supersede and modify any and all inconsistent provisions in any Existing
Warehouse Agreement. 
 10.13 Bank’s Consent or Approval. Except where otherwise expressly provided in this Agreement or
the other Warehouse Documents, in any instance under this Agreement or the other Warehouse Documents where the approval, consent or the exercise of judgment of Bank is required: (a) the granting or denial of such approval or consent and the
exercise of such judgment shall be (i) within the sole and absolute discretion of Bank and (ii) deemed to have been given only by a specific writing intended for that purpose and executed by Bank; and (b) in order to be effective,
such approval, consent or exercise of judgment must be given by Bank prior to the applicable action to be taken by Seller which requires Bank’s approval, consent or exercise of judgment, unless otherwise agreed to in writing by Bank. Each
provision for consent, approval, inspection, review, or verification by Bank is for Bank’s own purposes and benefit only. 
 10.14
Cumulative Rights. The rights and remedies of Bank under this Agreement and any other Warehouse Document shall be cumulative, and shall be in addition to any rights and remedies of Bank at law or in equity. 

10.15 Acceptance of Agreement in Texas; Governing Law. Seller has signed this Agreement and submits it to Bank for acceptance at
Bank’s offices in Richardson, Collin County, Texas. Seller and Bank shall make all payments and perform all other obligations arising hereunder at Collin County, Texas, and this Agreement is made and entered into at Collin County, Texas. This
Agreement and all of the terms and conditions hereof and the rights of the parties hereto shall be governed by and interpreted in accordance with the Laws of the State of Texas and venue for any legal action brought hereunder shall lie in Collin
County, Texas or Dallas County, Texas. 
 10.16 Seller’s Understanding. Seller has read this Agreement and has had the
opportunity to seek and/or receive counsel from an attorney of Seller’s choice as to the effects hereof. 
 10.17 Nature of
Transactions. 
 (a) The relationship established by this Agreement and the other Warehouse Documents between Bank
and Seller is that of a seller and purchaser of Participation Interests in Mortgage Loans, and not that of a lender and borrower. Subject to Section 10.17(b), it is the intention of Bank and Seller that: (i) the purchase and sale of
each Participation Interest hereunder shall be treated and construed as a sale by Seller to Bank, and the purchase by Bank from Seller, of a certain undivided percentage ownership interest in the related Mortgage Loan and the related Mortgage Loan
Documents; and (ii) each sale of a Participation Interest by Seller to Bank, and each purchase of a Participation Interest by Bank from Seller, is a sale of an undivided interest in a promissory note to Bank, and that pursuant to
Section 9.109 of the UCC of the State of Texas, Bank and Seller’s characterization of each such sale and purchase of a Participation Interest as a purchase and sale of such Participation Interest shall be conclusive that (A) the
transaction is a sale and is not a secured transaction and (B) legal and equitable title has passed to Bank in the Mortgage Loan and Mortgage Loan Documents in which Bank acquired such Participation Interest. 

(b) Neither Party has made or hereby makes any representations or warranties to the other Party, and hereby disclaims any such
representations or warranties, regarding the accounting or tax treatment to be applied to any Participation Interest (including whether any such Participation Interest qualifies for “sale” treatment under any applicable accounting rules,

  

					
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regulations or standards). Each Party hereby agrees that it has and will make its own independent determination regarding the accounting and tax treatment to be applied to each Participation
Interest, and has not relied upon the other Party in any manner in making such determination. The accounting or tax treatment applied by any Party with respect to any Participation Interest shall not be binding upon the other Party, shall not be
used by the other Party in any manner inconsistent with, and shall not affect, the Parties’ intent hereunder that any and all transaction pursuant to which Bank pays a Purchase Price to Seller is for a sale by Seller to Bank, and the purchase
by Bank from Seller, of a certain undivided percentage ownership interest in the related Mortgage Loan and Mortgage Loan Documents and that legal and equitable title has passed to Bank in the Mortgage Loan in which Bank acquired such Participation
Interest. 
 (c) If any court of competent jurisdiction shall deem any transaction involving Bank, Seller or any
Participation Interest governed by this Agreement to be a loan, extension of credit or a secured financing, or if any court of competent jurisdiction shall determine that any purported Participation Interest in any purported Participated Mortgage
Loan (or any portion thereof) is the property of Seller or shall otherwise not have been sold by Seller to, and purchased by, Bank, as contemplated herein, then notwithstanding anything herein or in any other Warehouse Document to the contrary:
(i) as of the Effective Date, Bank shall have (and Seller shall have been deemed to have pledged, assigned and granted to Bank) a first priority security interest in and to the Collateral to secure the prompt and complete payment and
performance of any and all of Seller’s indebtedness and obligations to Bank under this Agreement and the other Warehouse Documents; and (ii) any and all amounts received by Bank with respect to any Participated Mortgage Loan may be applied
in such order and priority as Bank may determine. For this purpose, this Agreement shall constitute a security agreement in accordance with the UCC, and Bank shall have all the rights of a secured creditor with respect to such security. 

10.18 Repurchase Agreement. It is expressly stipulated to be the intent of Bank and Seller, and understood and agreed by Bank
and Seller, that (a) this Agreement constitutes a “repurchase agreement” under Section 101(47) of the Bankruptcy Code and (b) pursuant to Sections 362(b), 555 and 559 of the Bankruptcy Code, the rights of Bank under this
Agreement related to the sale and repurchase of Mortgage Loans (including, the rights of Bank hereunder, upon the occurrence of an Event of Default, to liquidate and/or foreclose on the Mortgage Loans in which it holds Participation Interests) shall
not be stayed, avoided or otherwise limited by the operation of any provision of the Bankruptcy Code. 
 10.19 Usury Savings
Provision. It is expressly stipulated to be the intent of Bank and Seller, and understood and agreed by Bank and Seller, that this Agreement: (a) does not represent a loan from Bank to Seller; and (b) allows Bank to purchase the
Participation Interests for its own account and for a short term investment. If, notwithstanding the foregoing or the terms of this Agreement, a court of competent jurisdiction establishes a loan or extension of credit within this Agreement from
Bank to Seller, then the parties to this Agreement hereby understand, acknowledge and agree that in such event: (a) Seller shall be the underlying obligor of that loan or extension of credit established by such court of competent jurisdiction;
and (b) Seller is utilizing the proceeds of that loan or extension of credit established by such court of competent jurisdiction for business, commercial, investment, or similar purposes. Additionally, it is the stipulated, understood and
agreed to be the intent of Bank and Seller that this Agreement shall at all times comply strictly with the applicable Texas law governing the maximum rate or amount of interest payable on the Indebtedness (as hereinafter defined), if any, or
applicable United States federal law to the extent that such law permits Bank to contract for, charge, take, reserve or receive a greater amount of interest than under Texas law. For purposes of this provision, “Indebtedness” shall
mean all indebtedness, if any, evidenced, referenced, described, or established by a court of competent jurisdiction under this Agreement, and all amounts payable in the performance of any covenant or obligation in any of the other documents or any
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and Seller related to the transaction or transactions that are the subject matter of this Agreement, or any part of such Indebtedness, if any. If the applicable law is ever judicially interpreted
so as to render usurious any amount contracted for, charged, taken, reserved or received in respect of the Indebtedness, if any, including by reason of the acceleration of the maturity or the prepayment thereof, then it is Bank’s and
Seller’s express intent that all amounts charged in excess of the Maximum Lawful Rate (as hereinafter defined), if any, shall be automatically canceled, ab initio, and all amounts in excess of the Maximum Lawful Rate theretofore collected by
Bank, if any, shall be credited on the principal balance of the Indebtedness, if any, or, if the Indebtedness, if any, has been or would thereby be paid in full, refunded to Seller, and the provisions of this Agreement and any underlying documents
shall immediately be deemed reformed and the amounts thereafter collectible hereunder and thereunder reduced, without the necessity of the execution of any new document, so as to comply with the applicable laws, but so as to permit the recovery of
the fullest amount otherwise called for hereunder and thereunder; provided, however, if the Indebtedness has been paid in full before the end of the stated term hereof, then Bank and Seller agree that Bank shall, with reasonable promptness after
Bank discovers or is advised by Seller that interest was received in an amount in excess of the Maximum Lawful Rate, either credit such excess interest against the Indebtedness then owing by Seller to Bank and/or refund such excess interest to
Seller. If and to the extent Indebtedness is determined to exist by a court of competent jurisdiction, then Seller hereby agrees that as a condition precedent to any claim seeking usury penalties against Bank, Seller will provide written notice to
Bank, advising Bank in reasonable detail of the nature and amount of the violation, and Bank shall have sixty (60) days after receipt of such notice in which to correct such usury violation, if any, by either refunding such excess interest to
Seller or crediting such excess interest against the Indebtedness, if any, then owing by Seller to Bank. All sums contracted for, charged, taken, reserved or received by Bank for the use, forbearance or detention of Indebtedness, if any, shall, to
the extent permitted by applicable law, be amortized, prorated, allocated or spread, using the actuarial method, throughout the stated term of this Agreement (including any and all renewal and extension periods) until payment in full so that the
rate or amount of interest on account of the Indebtedness, if any, does not exceed the Maximum Lawful Rate from time to time in effect and applicable to the Indebtedness, if any, for so long as debt is outstanding. In no event shall the provisions
of Chapter 346 of the Texas Finance Code (which regulates certain revolving credit loan accounts and revolving tri-party accounts) apply to this Agreement or any other part of the Indebtedness, if any. If and
to the extent any Indebtedness is determined to exist under this Agreement by a court of competent jurisdiction, then notwithstanding anything to the contrary contained herein or in any of underlying documents referenced herein, it is not the
intention of Bank to accelerate the maturity of any interest, if any, that has not accrued at the time of such acceleration or to collect unearned interest at the time of such acceleration. If and to the extent any Indebtedness is determined to
exist under this Agreement by a court of competent jurisdiction, then the terms and provisions of this paragraph shall control and supersede every other term, covenant or provision contained herein, in any of the other underlying documents
referenced within this Agreement or in any other document or instrument pertaining to the Indebtedness. As used herein, the term “Maximum Lawful Rate” shall mean the maximum lawful rate of interest which may be contracted for,
charged, taken, received or reserved in accordance with the applicable Laws of the State of Texas (or applicable United States federal law to the extent that such law permits Bank to contract for, charge, take, receive or reserve a greater amount of
interest than under Texas law), taking into account all fees, charges and any other value whatsoever made in connection with the transaction evidenced by this Agreement. To the extent United States federal law permits contracting for, charging,
taking, receiving or reserving a greater amount of interest than under Texas law, then such United States federal law will be relied upon instead of Texas law for the purpose of determining the Maximum Lawful Rate. Additionally, if and to the extent
any Indebtedness is determined to exist under this Agreement by a court of competent jurisdiction, to the extent permitted by applicable law now or hereafter in effect, Bank may, at its option and from time to time utilize any other method of
establishing the Maximum Lawful Rate under Texas law or under other applicable law by giving notice, if required, to Seller as provided by such applicable law now or hereafter in effect. 

  

					
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 10.20 WAIVER OF JURY TRIAL. TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW,
SELLER HEREBY IRREVOCABLY AND EXPRESSLY WAIVES ALL RIGHT TO A TRIAL BY JURY IN ANY ACTION, PROCEEDING, OR COUNTERCLAIM (WHETHER BASED UPON CONTRACT, TORT, OR OTHERWISE) ARISING OUT OF OR RELATING TO THIS AGREEMENT OR ANY OTHER WAREHOUSE DOCUMENT OR
THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY OR THE ACTIONS OF BANK IN THE NEGOTIATION, ADMINISTRATION, OR ENFORCEMENT THEREOF. 
 10.21
Joint and Several Liability. The liability of all Persons obligated to Bank in any manner under this Agreement shall be joint and several. If more than one Person shall execute this Agreement as “Seller”, then the term
“Seller” as used herein and in the other Warehouse Documents shall refer both to each such Person individually and to all such Persons collectively. 

10.22 Electronic Processing. 

(a) Seller acknowledges that Bank may employ one or more electronic processes and systems with respect to the transactions
contemplated by this Agreement, including the purchase of Participation Interests in Mortgage Loans and the sale of such Participation Interests to Take-Out Purchasers. Seller shall cooperate with Bank with
respect to the implementation of any such electronic document processes or systems. 
 (b) With respect to the Mortgage Loan
Documents for Participated Mortgage Loans, Seller may use electronic services, process and systems for the execution thereof only with the Bank’s prior written consent, which approval may be conditioned by Bank upon, among other things, the
following: (i) full, unrestricted access by Bank to all electronic reports, records and data related thereto; (ii) cooperation on the part of Seller with respect to access and turnover of such reports, records and data to Bank; and
(iii) recognition agreements with third party service providers and vendors, in form and content satisfactory to Bank. 
 10.23
Electronic Transmission of Data. Bank and Seller agree that certain data related to Mortgage Loans (including confidential information, documents, applications and reports) and the transactions contemplated by this Agreement may be
transmitted electronically, including over the Internet and/or through the use of the Electronic Platform. This data may be transmitted to, received from or circulated among agents and representatives of Seller and/or Bank and their affiliates, and
other Persons involved with the subject matter of this Agreement. Seller acknowledges and agrees that: (a) there are risks associated with the use of electronic transmission and that Bank does not control the method of transmittal or service
providers; (b) Bank has no obligation or responsibility whatsoever and assumes no duty or obligation for the security, receipt, or third party interception of such transmissions, and (c) SELLER WILL RELEASE, HOLD HARMLESS AND INDEMNIFY
EACH INDEMNIFIED PARTY FROM AND AGAINST ANY AND ALL LOSSES WHICH ARE RELATED TO THE ELECTRONIC TRANSMITTAL OF DATA; PROVIDED, THAT SUCH INDEMNITY SHALL NOT APPLY TO THE EXTENT OF ANY LOSSES WHICH ARE DETERMINED BY A FINAL NON-APPEALABLE ORDER OF A COURT OF COMPETENT JURISDICTION TO HAVE RESULTED FROM THE GROSS NEGLIGENCE OR WILLFUL MISCONDUCT OF SUCH INDEMNIFIED PARTY. 

10.24 Force Majeure. Bank shall not be responsible for any failure or delay of Bank in its performance hereunder by reason of
fire, flood or other acts of God, lockout, acts of public enemy, riot, insurrection or any interruption, failure or defects in Internet, telephone or other interconnection service or in electronic or mechanical equipment or any other cause beyond
the reasonable control Bank (“Force Majeure Event”). During the duration of any Force Majeure Event, Bank will use commercially reasonable efforts to avoid or remove such Force Majeure Event and will take reasonable steps to resume
its performance under this Agreement with the least possible delay. 

  

					
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 10.25 Limitation of Liability. Neither Bank nor any other Indemnified Party
shall have any liability with respect to, and Seller hereby waives, releases, and agrees not to sue any of them upon, any claim for any special, indirect, incidental, consequential or punitive damages suffered or incurred by Seller in connection
with, arising out of, or in any way related to, this Agreement or any of the other Warehouse Document, or any of the transactions contemplated by this Agreement or any of the Warehouse Document. 

10.26 Confidentiality. 

(a) The Parties hereby acknowledge and agree that all information provided on, before, or after the Effective Date by or on
behalf of one Party or its affiliates, officers, directors, employees, representatives, agents or advisors (collectively, the “Disclosing Party”) to the other Party or its Permitted Recipients (collectively, the “Receiving
Party”) in connection with any Warehouse Document or the transactions contemplated hereby which the Receiving Party knows or reasonably should know is the confidential or proprietary information of the Disclosing Party, including
(i) all information relating to the business, operations and affairs of the Disclosing Party (including internal operating procedures, methodologies, strategies, trade secrets, sales data, vendor data and customer lists, financial plans,
projections and reports), (ii) all property owned, licensed and/or developed by or for the Disclosing Party or its affiliates, such as computer systems, programs, software and devices (including information about the design, methodology and
documentation therefor), (iii) the terms of this Agreement and the other Warehouse Documents (including the outline of the proposed terms of the transactions contemplated hereby contained in any and all term sheets provided by Bank to Seller); and
(iv) all “nonpublic personal information” of “customers” and “consumers” (as each is defined in the GLB Act) (collectively “Confidential Information”), shall be kept confidential by the Receiving
Party and shall not be divulged by the Receiving Party to any Person without the prior written consent of the Disclosing Party except to the extent set forth in Section 10.26(b). Notwithstanding anything herein to the contrary,
Confidential Information shall not include information of the Disclosing Party that: (i) is expressly permitted to be disclosed by the Receiving Party pursuant to and in accordance with any other provisions of this Agreement or the other
Warehouse Documents; (ii) is or becomes generally available to the public (through no action or inaction in breach of this Agreement by the Receiving Party); (iii) was in the Receiving Party’s possession or known by the Receiving Party
without obligations of confidentiality owed to the Disclosing Party prior to receipt from the Disclosing Party; (iv) was rightfully disclosed to the Receiving Party by a third-party without obligations of confidentiality owed to the Disclosing
Party, or (v) was independently developed by the Receiving Party without use or access to the Confidential Information. Each Party agrees to take reasonable precautions to protect Confidential Information from disclosure in violation of this
Section. 
 (b) Any Receiving Party shall be permitted to disclose, on a confidential basis, Confidential Information to:
(i) its officers, directors, employees, legal counsel and auditors (“Permitted Recipients”), but only to the extent necessary in connection with the transactions contemplated hereby; (ii) taxing authorities and of
Governmental Authorities, but only to the extent necessary to comply with applicable Law; or (iii) any bank examiner, auditor or regulatory authority or supervisory authority that has jurisdiction over such Receiving Party or otherwise in
connection with any audit or examination of such Receiving Party by any such bank examiner, auditor or authority. Any Receiving Party may disclose Confidential Information in connection with any litigation or other legal proceeding if required under
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following: (i) to the extent permitted by applicable Law, the Receiving Party shall promptly notify the Disclosing Party in writing of the litigation or other proceeding involving the
potential disclosure of Confidential Information, whereupon the Disclosing Party may seek an appropriate protective order or other relief (at the Disclosing Party’s sole expense) and the Receiving Party shall cooperate with the Disclosing Party
(at the Disclosing Party’s sole expense) to obtain such order or relief; and (ii) Receiving Party shall exercise reasonable efforts to limit the disclosure to only that portion of the Confidential Information which is necessary to comply
with applicable Law. In addition, Bank may disclose Confidential Information: (i) to an actual Participant or to a potential Participant pursuant to the provisions of Section 10.8 as long as such actual or potential Participant has
been informed of the confidential nature of such information and agrees with Seller in writing to be bound by confidentiality provisions similar in scope to the confidentiality provisions contained in this Agreement; (ii) if an Event of Default
has occurred and Bank has determined that the disclosure of Confidential Information is necessary or desirable in connection with the marketing and sale of Participated Mortgage Loans or the enforcement or exercise of Bank’s rights or remedies
under the Warehouse Documents. 
 (c) The Parties 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 Party agrees to maintain such nonpublic personal information that it receives hereunder in accordance
with the GLB Act and other applicable privacy and data protection Laws binding upon such Party. Each Party shall implement such physical and other security measures as shall be necessary to: (i) ensure the security and confidentiality of the
“nonpublic personal information” of “customers” and “consumers” (as those terms are defined in the GLB Act); (ii) protect against any threats or hazards to the security and integrity of such nonpublic personal
information; and (iii) protect against any unauthorized access to or use of such nonpublic personal information. Each Party shall, at a minimum establish and maintain such data security program as is necessary to meet the objectives of the
Interagency Guidelines Establishing Standards for Safeguarding Customer Information as set forth in the Code of Federal Regulations at 12 C.F.R. Parts 30, 168, 208, 211, 225, 263, 308 and 364. Upon request, each Party will provide evidence
reasonably satisfactory to allow the other Party to confirm that the providing Party has satisfied its obligations as required under this Section. Each Party shall notify the other Party immediately following discovery of any breach or compromise of
the security, confidentiality or integrity of nonpublic personal information of customers and consumers related to the Confidential Information. 

10.27 Other Facilities. 

(a) Any default or breach under any present or future indebtedness, obligation or liability of Seller to Bank (other than any
obligations or liabilities of Seller to Bank under the Warehouse Documents) (collectively, the “Other Obligations”) shall also constitute an Event of Default under the Warehouse Documents. Any Event of Default under any Warehouse
Document shall also constitute a default and breach under the documents evidencing, securing or otherwise governing or pertaining to the Other Obligations. 

(b) The documents evidencing, securing or otherwise governing or pertaining to the Other Obligations in effect as of the
Effective Date hereof are hereby modified and amended in accordance with the provisions of this Section. 
 10.28
Inconsistencies. To the extent of any conflict between the provisions of this Agreement and the provisions of any other Warehouse Document, the provisions of this Agreement shall govern and control. To the extent of any conflict
between the provisions of any Warehouse Document and the provisions of the Warehouse Program Guide, subject to Section 5.13(a), the provisions of the Warehouse Program Guide shall govern and control. 

  

					
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 10.29 Counterparts. To facilitate execution, this Agreement may be executed in
as many counterparts as may be convenient or required. It shall not be necessary that the signature of, or on behalf of, each party, or that the signature of all Persons required to bind any party, appear on each counterpart. All counterparts shall
collectively constitute a single agreement. It shall not be necessary in making proof of this Agreement to produce or account for more than a single counterpart containing the respective signatures of, or on behalf of, each of the parties hereto.
Any signature page to any counterpart may be detached from such counterpart without impairing the legal effect of the signatures thereon and thereafter attached to another counterpart identical thereto except having attached to it additional
signature pages. 
 10.30 ENTIRE AGREEMENT. THIS WRITTEN AGREEMENT AND THE OTHER WAREHOUSE DOCUMENTS REPRESENT THE FINAL
AGREEMENT BETWEEN THE PARTIES AND MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS, OR SUBSEQUENT ORAL AGREEMENTS OF THE PARTIES. THERE ARE NO UNWRITTEN ORAL AGREEMENTS BETWEEN THE PARTIES. 

[Signature Pages Follow] 

  

					
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 EXECUTED by Seller to be effective as of the Effective Date. 

 

			
	 SELLER:

	
	CALIBER HOME LOANS, INC.,
	A DELAWARE CORPORATION

 
			
		
	 By:
	 	 /s/ Vasif T. Imtiazi

	 Name:
	 	Vasif T. Imtiazi
	 Title:
	 	Deputy CFO

 
			
		
	 Execution Date:
	 	September 27, 2019

  

			
	 Seller’s Contact Information for Notices:

	
	CALIBER HOME LOANS, INC.
	1525 SOUTH BELTLINE ROAD
	COPPELL, TX 75019
	 Attention:
	  	WILLIAM DELLAL
	 Phone:
	  	469-346-4623
	 E-mail:
	  	william.dellal@caliberhomeloans.com

 [Bank’s Signature Page Follows] 

  

					
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 ACCEPTED AND AGREED to by Bank at Richardson, Collin County, Texas, and executed to be effective as the
Effective Date. 
  

					
	 BANK:

	
	TEXAS CAPITAL BANK,
	NATIONAL ASSOCIATION

 
					
		
	 By:
	 	 /s/ Heather Crawford

	 Name:
	 	Heather Crawford
	 Title:
	 	Vice President

 
					
		
	 Execution Date:
	 	September 27, 2019

  

					
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 EXHIBIT LIST 

 

					
	Exhibit A	  	-	  	Power of Attorney
			
	Exhibit B	  	-	  	Pledge Agreement
			
	Exhibit C	  	-	  	Reserved
			
	Exhibit D	  	-	  	UCC-1 Financing Statement
			
	Exhibit E	  	-	  	Financial Covenants Addendum
			
	Exhibit F	  	-	  	Supplemental Provisions Addendum
			
	Exhibit G	  	-	  	List of Current Warehouse Facilities
			
	Exhibit H	  	-	  	List of Current Affiliate Escrow Agents
			
	Exhibit I	  	-	  	Blanket Assignment

  

					
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 EXHIBIT A 

(TO MORTGAGE WAREHOUSE AGREEMENT) 

POWER OF ATTORNEY 
 [Follows This
Cover Page] 

  

					
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 LIMITED POWER OF ATTORNEY 

Pursuant to that certain Mortgage Warehouse Agreement (as amended or modified from time to time, the “Warehouse Agreement”) entered
into by the undersigned (the “Seller”) and TEXAS CAPITAL BANK, NATIONAL ASSOCIATION (“Bank”), relating to Bank’s discretionary purchase of Participation Interests in Mortgage Loans, Seller hereby irrevocably
appoints Bank and each officer of Bank as its attorney-in-fact, with full power of substitution, for, on behalf of, and in the name of Seller, to: (a) endorse and
deliver to any Person any notes, checks, drafts, money orders or other instruments of payment coming into Bank’s possession and representing any payment made on or with respect to any Participated Mortgage Loan or otherwise received in
connection with any Participated Mortgage Loan (including the proceeds from the sale of any such Participated Mortgage Loan received from a Take-Out Purchaser), and any collateral and any Take-Out Purchase Agreement therefor; (b) prepare, complete, execute, deliver and record, and do anything else necessary or desirable to effect, (i) any endorsement to Bank, any Take-Out Purchaser or any other Person, of any Mortgage Note evidencing a Participated Mortgage Loan, or (ii) any transfer, assignment or conveyance to Bank, any Take-Out
Purchaser or any other Person, of any or all rights, titles and interests in and to any Mortgage Note and the Mortgage Loan Documents related thereto in which Bank has purchased a Participation Interest (including servicing rights); (c) do anything
necessary or desirable to effect the sale, transfer, assignment or conveyance, of any or all rights, titles and interests of Seller and/or Bank in and to any Participated Mortgage Loan and the related Mortgage Loan Documents related thereto to any Take-Out Purchaser or any other Person; (d) commence, prosecute, settle, discontinue, defend, or otherwise dispose of any claim relating to any Take-Out Purchase
Agreement or any Participated Mortgage Loan; (e) sign Seller’s name wherever appropriate, as determined by Bank, to effectuate the purposes of the Warehouse Agreement; and (f) to take any such further action as Bank may deem
appropriate, and to act under changed circumstances, the exact nature of which may not be currently foreseen or foreseeable, in order to fully and completely effectuate Bank’s rights under the Warehouse Agreement. Capitalized terms not
otherwise defined herein shall have the meanings set forth in the Warehouse Agreement. 
 The powers and authorities herein conferred on Bank may be
exercised by Bank through any Person who, at the time of the execution of a particular instrument, is an officer of Bank. The limited power of attorney conferred herein is granted for a valuable consideration and is coupled with an interest and,
therefore, is irrevocable so long as any duties or obligations to Bank under the Warehouse Agreement or the other Warehouse Documents, or any part thereof, shall remain unpaid or otherwise unsatisfied, and so long as Bank may elect to purchase
Participation Interests under the Warehouse Agreement. 
 This limited power of attorney amends and restates in its entirety any and all limited powers of
attorney dated prior to the date hereof executed by Seller in favor of Bank, and this limited power of attorney supersedes and replaces all such prior limited powers of attorney. 

This appointment shall be construed in accordance with the Laws of the State of Texas, and venue for any proceeding hereunder shall lie exclusively in Collin
County, Texas or Dallas County, Texas. 
  

							
	Dated effective as of the Effective Date.	  		  	
		  		  	SELLER:
			
		  		  	CALIBER HOME LOANS, INC.
				
		  		  	By:	  	
                 

		  		  	Name:
		  		  	Title:
			
		  		  	*    *    *
			
	STATE OF                         	  	§	  	
		  	§	  	
	COUNTY OF                     	  	§	  	

 This document was acknowledged before me on the          day of
                    , 20    , by
                    ,                   
  of CALIBER HOME LOANS, INC., A DELAWARE CORPORATION, known to me to be the person who executed this document in the capacity and for the purposes therein stated. 

					
		 		  	                                      
                                        

		 		  	Notary Public, State of
                                        

 [NOTARY STAMP] 

  

					
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 EXHIBIT B 

(TO MORTGAGE WAREHOUSE AGREEMENT) 

PLEDGE AGREEMENT 
 [Follows This
Cover Page] 

  

					
		 		 	Mortgage Warehouse Agreement: Exhibit B
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 PLEDGE AGREEMENT 

THIS PLEDGE AGREEMENT (this “Pledge Agreement”) is executed, made and entered into by CALIBER HOME LOANS, INC., A DELAWARE
CORPORATION (the “Seller”), and TEXAS CAPITAL BANK, NATIONAL ASSOCIATION (“Bank”) and is effective as of the Effective Date. 

RECITALS 
 A. Pursuant to
that certain Mortgage Warehouse Agreement entered into as of AUGUST 22, 2019 by Bank and Seller, as may have been amended or modified from time to time (the “Warehouse Agreement”), Bank has agreed, on a discretionary
basis, to purchase Participation Interests in various Mortgage Loans subject to the terms and conditions of the Warehouse Agreement. 
 B. As
partial consideration for Bank entering into the Warehouse Agreement and/or for Bank to now or hereafter elect to purchase Participation Interests subject to the terms and conditions of the Warehouse Agreement, Seller has agreed, pursuant to the
terms and conditions of this Pledge Agreement, to assign and pledge to Bank, and grant Bank a security interest in and to, the Collateral described herein. 

AGREEMENT 
 NOW,
THEREFORE, for and in consideration of the matters set forth above and other good and valuable consideration, the receipt and adequacy of which are hereby acknowledged, the parties hereto agree as follows: 

1. Capitalized terms used but not otherwise defined herein shall have the meanings given to such terms in the Warehouse Agreement. In addition,
as used in this Pledge Agreement, the following terms shall have the meanings set forth below: 

“Collateral” shall mean: (a) all rights, titles and interests of Seller in and to each depository
account, and all funds therein contained and all earnings thereon and proceeds thereof, more particularly described on Schedule 1 attached hereto (collectively, the “Accounts”); and (b) any and all other property
included in the definition of “Collateral” as such term is defined in the Warehouse Agreement. 
 “Event of
Default” shall mean any “Event of Default” as such term is defined in the Warehouse Agreement or any other Warehouse Document. 

“Secured Obligations” shall mean the Repurchase/Sale Obligations and any and all other indebtedness,
obligations and liabilities of Seller to Bank of any kind or character under the Warehouse Agreement or any other Warehouse Document, now existing or hereafter arising, whether direct, indirect, related, unrelated, fixed, contingent, liquidated,
unliquidated, joint, several or joint and several. 
 2. Seller hereby pledges and assigns and grants to Bank a continuing security interest
in and to the Collateral to secure the prompt and complete payment and performance of the Secured Obligations. 
 3. If any Event of Default
should occur and continue, then Bank may enforce this Pledge Agreement in any manner provided hereunder or at Law or in equity or otherwise. Without limiting the generality of the foregoing, if an Event of Default shall have occurred, then Bank may,
at its discretion, apply or use any cash held in the Accounts (to the extent of the withdraw value of each Account), and any 

  

					
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cash proceeds received by Bank in respect of any sale or other disposition of, collection from, or other realization upon all or any part of the Collateral, towards the satisfaction of the
Secured Obligations (provided that Seller shall continue to be liable for any unsatisfied portion of the Secured Obligations). Should an Event of Default occur and continue, Bank may proceed against the Collateral without exhausting its remedies
against any Person liable under or with respect to the Warehouse Agreement or any other Warehouse Document or against any other security therefor, whether in court, by foreclosure, by private sale or otherwise, at which Bank may be a purchaser, and
without making any election. 
 4. Except for (i) Liens in favor of Bank, and (ii) Permitted Encumbrances: (a) as of the
Effective Date, no Lien exists on any of the Collateral; and (b) at all times on and after the Effective Date, Seller will not create, incur or suffer to exist any Lien on any of the Collateral. 

5. Nothing in this Pledge Agreement shall be construed as requiring Bank to enforce this Pledge Agreement. Bank’s failure to do so on one
or more occasions shall not affect Bank’s right so to do; nor will enforcement of this Pledge Agreement for less than the full value of any Account impair the effectiveness of this Pledge Agreement as to the remaining value thereof. Bank may
elect to enforce its rights under the Warehouse Agreement or any other Warehouse Document without resort to the remedies provided in this Pledge Agreement. 

6. From and after the occurrence and during the continuance of an Event of Default, Seller authorizes Bank, at Bank’s option, to collect
and receive any and all sums becoming due upon the Collateral, such sums to be held by Bank without liability for interest thereon and applied toward the Secured Obligations. Subject to the terms hereof and the Warehouse Agreement, after the
occurrence and during the continuance of an Event of Default, Bank shall have the right to take full control of each Account until it is released in accordance herewith. All interest, if any, earned on the Accounts prior to an Event of Default shall
be paid to Seller. 
 7. Included within Bank’s rights and remedies provided for herein is the right of Bank to sell the Collateral at
public or private sale to the highest bidder for cash pursuant to the requirements of the UCC. Notice of each such sale shall be provided, and such sale shall be conducted, by Bank in accordance with the requirements of the UCC. Bank shall transfer
to the purchaser at such sale said Collateral, and the recitals in such transfer shall be prima facie evidence of the truth of the matters therein stated, and all prerequisites to such sale required hereunder and under the Laws of Texas shall be
presumed to have been performed. The proceeds of the sale shall be applied as follows: (a) first, to Bank’s reasonable expenses of the sale; (b) then, towards the satisfaction of the Secured Obligations and/or any other amounts
secured hereby; and (c) the balance, if any, including any surplus, to Seller. Bank shall have the right to purchase at such public sale, being the highest bidder thereof. 

8. Bank, in addition to the rights and remedies provided for in the preceding paragraphs, shall have all other rights and remedies of a secured
party under the UCC, and shall have the common law rights of set off and banker’s lien, and Bank shall be entitled to avail itself of all such other rights and remedies as may be now or hereafter existing at Law or in equity for the performance
of the Secured Obligations, and the foreclosure of the security interest created hereby and the resort to any remedy provided hereunder or provided by the UCC, or by any other Law of the State of Texas, shall not prevent the concurrent exercise or
enforcement of any other appropriate remedy or remedies. 
 9. The requirement of reasonable notice to Seller of the time and place of any
public sale of the Collateral, or of the time after which any private sale or any other intended disposition thereof is to be made, shall be met if such notice is mailed, postage prepaid, to Seller at the notice address set forth in the Warehouse
Agreement, at least ten (10) days before the date of any public sale or at least ten (10) days before the time after which any private sale or other disposition is to be made. 

  

					
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 10. Nothing in the foregoing shall be construed as requiring Bank to enforce this security
or to resort to the security hereof in any particular manner excluding other rights or remedies. Bank’s failure to enforce this security in any fashion on one or more occasions shall not affect its right so to do; nor will enforcement hereof
for less than the full extent or value of the Account impair the effectiveness of the security hereof as to any remaining value or interest thereof. Bank may proceed first to enforce the Secured Obligations without resort to the remedies provided in
this Pledge Agreement; in such event the terms of the Warehouse Agreement and the other Warehouse Documents alone shall be controlling and no provisions hereof shall be construed as requiring Bank to perform any condition precedent to the
enforcement of such duties and obligations and the security therefor against any and all Persons liable therefor nor prevent the continued holding of the Accounts or other Collateral and the collection of sums thereunder for proper application to
the duties and obligations of the Warehouse Agreement. 
 11. Bank may remedy any Event of Default, without waiving the same, or may waive
any Event of Default without waiving any prior or subsequent Event of Default. 
 12. The security interest herein created shall not be
affected by or affect any other security taken for the performance of the duties or obligations under the Warehouse Agreement hereby secured, or any part thereof, and any extensions may be made for the performance of such duties and obligations
without affecting the priority of this Pledge Agreement or the validity thereof. Bank and its successors shall not be limited by any election of remedies if it chooses to foreclose this security interest by suit. The right to sell under the terms
hereof shall also exist cumulative with said suit and one method shall not bar the other, but both may be exercised at the same or different times; provided; however that one shall not be a defense to the other. 

13. Seller represents to and covenants and agrees with Bank that Seller will at any time or from time to time, upon the written request of
Bank, execute and deliver such further documents and do such other acts and things as Bank may specify for the purpose of further assurance and of effecting the purposes of this Pledge Agreement, and otherwise do any and all things and acts
whatsoever which Bank may request in order to perfect this Pledge Agreement and the security interests created thereby. 
 14. The Law
governing this Pledge Agreement shall be the UCC and other applicable Laws of the State of Texas, and this Pledge Agreement shall be performable in Collin County, Texas. Except as otherwise provided herein, all terms used herein which, are defined
in the Texas Business and Commerce Code shall have the same meaning herein as in said Code. 
 15. If any clause or provision of this Pledge
Agreement is illegal, invalid, or unenforceable, under present or future Laws effective during the term hereof, then it is the intention of the parties hereto that the remainder of this Pledge Agreement shall not be affected thereby. It is also the
intention of the parties hereto that in lieu of each clause or provision that is illegal, invalid or unenforceable, there be added as a part of this Pledge Agreement a clause or provision as similar in terms to such illegal, invalid or unenforceable
clause or provision as may be possible and be legal, valid and enforceable. 
 16. The Accounts are delivered herewith or are authorized to
be held by Bank. 
 17. The term of this Pledge Agreement shall begin on the Effective Date and shall automatically terminate on the date on
which: (a) the Warehouse Agreement has terminated in accordance with its terms; and (b) all of the Secured Obligations, and all other indebtedness, obligations and liabilities (if any) secured hereby, have been fully satisfied, paid and
performed, as confirmed in writing by Bank on or after the termination date of the Warehouse Agreement. This Pledge Agreement shall be binding upon Seller and inure to the benefit of Bank and its successors and assigns. Seller may not transfer or
assign its duties or obligations hereunder without the prior written consent of Bank. 

  

					
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 18. The liability of all Persons obligated to Bank in any manner under this Pledge Agreement
shall be joint and several. If more than one Person shall execute this Pledge Agreement as “Seller”, then the term “Seller” as used herein shall refer both to each such Person individually and to all such Persons collectively.

 19. THIS WRITTEN AGREEMENT AND THE OTHER WAREHOUSE DOCUMENTS REPRESENT THE FINAL AGREEMENT BETWEEN THE PARTIES AND MAY NOT BE CONTRADICTED
BY EVIDENCE OF PRIOR, CONTEMPORANEOUS, OR SUBSEQUENT ORAL AGREEMENTS OF THE PARTIES. THERE ARE NO UNWRITTEN ORAL AGREEMENTS BETWEEN THE PARTIES. 

20. This Pledge Agreement amends and restates in its entirety any and all Pledge Agreements dated prior to the date hereof executed by Seller
in favor of Bank, and this Pledge Agreement supersedes and replaces all such prior Pledge Agreements. 
 [Signature Page Follows] 

  

					
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 EXECUTED by Seller to be effective as of the Effective Date. 

 

			
	SELLER:
	
	CALIBER HOME LOANS, INC.,
	A DELAWARE CORPORATION
		
	By:	 	
                 

	Name:
	Title:

  

			
	 AGREED TO AND ACCEPTED BY BANK AT RICHARDSON,

COLLIN COUNTY, TEXAS, AS OF THE EFFECTIVE DATE:
	  	

  

			
	TEXAS CAPITAL BANK,
	NATIONAL ASSOCIATION
		
	By:	 	              

	Name:	 	Heather Crawford
	Title:	 	Vice President

  

					
		 	Page 5	 	Mortgage Warehouse Agreement: Exhibit B
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 SCHEDULE 1 

(TO PLEDGE AGREEMENT) 
 LIST
OF ACCOUNTS 
  

					
	 Account Name
	  	Account Number	 
	 Pledged Account
	  	 	NOT APPLICABLE	 
	 Participation Account
	  	 	[***]	 
	 Remittance Account
	  	 	[***]	 

  

					
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 EXHIBIT C 

(TO MORTGAGE WAREHOUSE AGREEMENT) 

RESERVED 

  

					
		 		 	Mortgage Warehouse Agreement: Exhibit D
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 EXHIBIT D 

(TO MORTGAGE WAREHOUSE AGREEMENT) 

UCC-1 FINANCING STATEMENT 

[Follows This Cover Page] 

  

					
		 		 	Mortgage Warehouse Agreement: Exhibit D
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 UCC-1 FINANCING STATEMENT 

SCHEDULE OF COLLATERAL 

DEBTOR:                    CALIBER HOME LOANS, INC., A
DELAWARE CORPORATION 
 SECURED PARTY:    TEXAS CAPITAL BANK, NATIONAL ASSOCIATION 

 
  

Capitalized terms used but not otherwise defined in this UCC-1 Financing Statement Schedule of
Collateral shall have the meanings given to such terms in the UCC-1 Financing Statement Schedule of Defined Terms attached hereto and made a part hereof for all purposes. Unless otherwise defined in the UCC-1 Financing Statement Schedule of Defined Terms or in this UCC-1 Financing Statement Schedule of Collateral, all capitalized terms used herein shall have the meanings
given to such terms in the UCC. 
 This Financing Statement covers any and all rights, titles and interests of Debtor in and to any and all
Participated Mortgage Loans, wherever the foregoing is located, in which Debtor now has or at any time hereafter has or acquires any right, title or interest, and all Product and Proceeds thereof (collectively, the “Collateral”).
Without limiting the generality of the foregoing, the term Collateral shall include all rights, titles and interests of Debtor in and to the following, wherever the following is located, in which Debtor now has or at any time hereafter has or
acquires any right, title or interest, and all Products and Proceeds thereof: 
  

	1.	 (a) the Mortgage Notes evidencing the Participated Mortgage Loans; (b) the Security Instruments securing
the Participated Mortgage Loans and the other Mortgage Loan Documents related to the Participated Mortgage Loans; and (c) any and all other documents relating to the Participated Mortgage Loans (including, without limitation, any and all
surveys, appraisals and title insurance commitments and policies); 

  

	2.	 (a) all of the rights of Debtor to the payment of money (including, without limitation, tax refund, insurance
proceeds and condemnation proceeds) relating to the Participated Mortgage Loans or the Residential Real Properties securing same; and (b) any other rights ancillary to or securing or relating to the Participated Mortgage Loans;

  

	3.	 all guaranties, bonds, insurance policies and commitments relating to the Participated Mortgage Loans;

  

	4.	 all agreements entered into by Debtor relating to the Participated Mortgage Loans; 

 

	5.	 (a) all Take-Out Purchase Agreements related to the Participated
Mortgage Loans; and (b) all rights to sell and deliver Participated Mortgage Loans to purchasers thereof; 

  

	6.	 all proceeds from the sale, financing or other disposition of the Participated Mortgage Loans;

  

	7.	 all Mortgage Backed Securities secured by, created from or representing any interest in the Participated
Mortgage Loans; 

  

	8.	 (a) all rights to service, administer or collect the Participated Mortgage Loans; and (b) (i) all
agreements pursuant to which Debtor undertakes to service, administer or collect the Participated Mortgage Loans and (ii) all rights to the payment of money on account of such servicing, administration or collection activities related to the
Participated Mortgage Loans; 

  

					
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	9.	 the Deposit Accounts and any and all funds now or hereafter deposited in or otherwise contained in the Deposit
Accounts, including, without limitation, any and all interest and other earnings thereon; and 

  

	10.	 all data, files (including, without limitation, credit files), books, records (including, without limitation,
servicing records), correspondence and accounting records, whether in electronic or written form, and software, computer files, computer programs, printouts and other electronic materials or records related to the Participated Mortgage Loans
(including, without limitation, all of the foregoing items necessary to administer, service and collect the Participated Mortgage Loans). 

  

					
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 UCC-1 FINANCING STATEMENT 

SCHEDULE OF DEFINED TERMS 

“Borrower” shall mean any Person who is an obligor on or under a Mortgage Loan. 

“Debtor” (whether one or more) shall mean each Person identified as “Debtor” in the
UCC-1 Financing Statement Schedule of Collateral to which this UCC-1 Financing Statement Schedule of Defined Terms is attached. If the term “Debtor” includes
more than one Person, then the term “Debtor” as used herein shall refer both to each such Person individually and to all such Persons collectively. 

“Deposit Accounts” shall mean those certain deposit accounts established by Debtor and maintained at Secured Party pursuant
to the Warehouse Agreement. 
 “Laws” shall mean all statutes, laws, ordinances, regulations, rules, orders, writs,
injunctions or decrees of the United States, any city or municipality, state, commonwealth, nation, country, territory, possession, or any Tribunal. 

“Mortgage Backed Security” shall mean a mortgage pass-through security, collateralized mortgage obligation, real estate
mortgage investment conduit or other security that: (a) is based on and backed by an underlying pool of mortgage loans; and (b) provides for payment by its issuer to its holder of a specified principal installments and/or fixed or floating
rate of interest on the unpaid balance and for all prepayments to be passed through to its holder. 
 “Mortgage Loan” shall
mean a residential mortgage loan evidenced by a Mortgage Note and secured by a Security Instrument. 
 “Mortgage Loan
Documents” shall mean, with respect to any Mortgage Loan, the Mortgage Note evidencing such Mortgage Loan, the Security Instrument securing such Mortgage Loan and all other agreements, instruments and documents governing, evidencing,
guaranteeing or relating to such Mortgage Loan, Mortgage Note or Security Instrument. 
 “Mortgage Note” shall mean, with
respect to any Mortgage Loan, a full recourse promissory note evidencing such Mortgage Loan and secured by a Security Instrument. 

“Participated Mortgage Loan” shall mean any Mortgage Loan in which Secured Party has elected to purchase a Participation
Interest from Debtor pursuant to the terms and conditions of the Warehouse Agreement. A Mortgage Loan in which Secured Party has purchased a Participation Interest shall cease to be a Participated Mortgage Loan under the Warehouse Agreement (and
shall cease to be a Participated Mortgage Loan for purposes of the UCC-1 Financing Statement Schedule of Collateral to which this UCC-1 Financing Statement Schedule of
Defined Terms is attached) at such time as such Mortgage Loan is a Retired Participated Mortgage Loan. 
 “Person” shall
mean any individual, corporation, limited liability company, partnership, joint venture, association, joint stock company, trust, unincorporated organization, government or any agency or political subdivision thereof, or any other form of entity.

 “Products and Proceeds” shall mean: (a) any and all “proceeds,” as such term is defined in Chapter 9 of
the UCC and, in any event, shall include, but not be limited to (i) any and all proceeds of any insurance, indemnity, warranty, or guaranty payable to Debtor from time to time with respect to any of the Collateral, (ii) any and all
payments (in any form whatsoever) made or due and payable to Debtor from time to time in connection with any requisition, confiscation, condemnation, seizure, or forfeiture of all or any part of the Collateral by any Tribunal (or any person acting
under color of Tribunal) and (iii) any and all other amounts from time to time paid or payable under or in connection with any of the Collateral; and (b) any and all additions, substitutions, replacements and products of any of the
Collateral. 

  

					
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 “Residential Real Property” shall mean a single or contiguous platted lot
of land improved with a one-to-four family residence. 

“Retired Participated Mortgage Loan” shall mean any Mortgage Loan in which Secured Party has purchased a Participation
Interest: (a) which has been subsequently sold in its entirety to a Take-Out Purchaser and the full amount of the purchase price for such sale has been received and applied by Secured Party (as reflected
on the Secured Party’s books and records), all pursuant to the terms of the Warehouse Agreement; (b) for which the Participation Interest in such Mortgage Loan has been subsequently repurchased in its entirety by Debtor from Secured Party
and the full amount of the repurchase price for such repurchase has been received and applied by Secured Party (as reflected on the Secured Party’s books and records), all pursuant to the terms of the Warehouse Agreement; or (c) for which
the entire principal balance and all accrued interest for such Mortgage Loan has been subsequently paid in full by the related Borrower (as reflected on the Secured Party’s books and records), and Secured Party’s pro rata share of such
amounts have been received and applied by Secured Party, all pursuant to the terms of the Warehouse Agreement. 
 “Secured
Party” shall mean Texas Capital Bank, National Association. 
 “Security Instrument” shall mean, with respect to
any Mortgage Loan, a full recourse mortgage or deed of trust securing such Mortgage Loan and granting a perfected first priority lien on the Residential Real Property related thereto. 

“Take-Out Purchase Agreement” shall mean, with respect to any Participated Mortgage
Loan, any and all agreements, commitments or other arrangements for Debtor to sell such Participated Mortgage Loan to any Take-Out Purchaser. 

“Take-Out Purchaser” shall mean any Person approved by Secured Party (pursuant to the
Warehouse Agreement) for the purchase of any Participated Mortgage Loan. 
 “Tribunal” shall mean any state, commonwealth,
federal, foreign, territorial or other court or governmental department, commission, board, bureau, agency or instrumentality. 

“UCC” shall mean the Uniform Commercial Code of the State of Texas, or other applicable jurisdiction, as it may be amended
from time to time. 
 “ Warehouse Agreement” shall mean that certain Mortgage Warehouse Agreement most recently executed by
Debtor and Secured Party on or before the date of the filing of this UCC-1 Financing Statement, as the same may from time to time be modified, amended, supplemented, renewed, extended or replaced. 

  

					
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 EXHIBIT E 

(TO MORTGAGE WAREHOUSE AGREEMENT) 

FINANCIAL COVENANTS ADDENDUM 

[Follows This Cover Page (If Applicable1)] 

 
  

	1 	 If an Additional Warehouse Facility Covenants Addendum does not follow this cover page, then this addendum is
not applicable unless such an addendum is subsequently executed by Bank and Seller. 

  

					
		 		 	Mortgage Warehouse Agreement: Exhibit E
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 FINANCIAL COVENANTS ADDENDUM 

THIS FINANCIAL COVENANTS ADDENDUM (this “Addendum”) is entered into as of AUGUST 22, 2019 (but effective as of the
Effective Date) by the undersigned executing this Addendum as “ Seller” and TEXAS CAPITAL BANK, NATIONAL ASSOCIATION (“Bank”) concurrently with, and as a condition to the effectiveness of, that certain Mortgage
Warehouse Agreement (as amended and modified from time to time, the “Warehouse Agreement”) dated of even date herewith, executed by Bank and Seller. Accordingly, Bank and Seller agree as follows: 

1. Financial Covenants. Seller covenants and agrees that, until the Agreement Termination Date, Seller will, at all times,
observe, perform and comply with each of the following covenant(s): 
 (a) Minimum Tangible Net Worth. Seller shall
maintain Tangible Net Worth of not less than $[***]. “Tangible Net Worth” means, at any particular time, all amounts which, in conformity with GAAP, would be properly included as owner’s equity on Seller’s balance sheet,
but excluding (i) all assets which are properly classified as intangible assets, (ii) investments in, or receivables from, any affiliate of Seller, and (iii) restricted cash. 

(b) Minimum Liquid Assets. Seller shall maintain Total Eligible Liquidity of not less than $[***]. “Total
Eligible Liquidity” means, at any particular time, the sum of Seller’s cash, cash equivalents (certificates of deposit and other depository accounts established at FDIC-insured banks), United States government-issued securities and
other registered, unrestricted equity or debt securities which are publicly traded on a recognized United States exchange and have been approved by Bank, in its sole and absolute discretion and which, in all events, are held in Seller’s name
and are free and clear of all Liens (except Liens in favor of Bank), as calculated and determined as set forth in Exhibit E-1 attached hereto. 

(c) Minimum Pre-Tax Net Income. Seller shall maintain, on a rolling four quarter
basis, minimum pre-tax net income of not less than $[***], excluding any (i) markup or markdown of mortgage servicing rights, or (ii) MSR hedging gain or loss. 

If Seller is required or permitted under the Warehouse Agreement to deliver to Bank quarterly consolidated financial statements, then the above-described
financial covenants will be tested and calculated by Bank based on the consolidated financial information of Seller and each other entity whose financial information is required or permitted by Bank to be set forth on such consolidated financial
statements. 
 After the Effective Date, Seller and Bank may, in their sole discretion, enter into certain written agreements executed by Seller and Bank
evidencing or otherwise governing one or more credit facilities extended by Bank to Seller in addition to the financial accommodations evidenced and governed by the Warehouse Agreement (collectively, “Credit Agreements”), which
Credit Agreements may include (a) certain financial covenants pertaining to Seller in addition to those contained in this Addendum (each a “New Financial Covenant”) and (b) one or more of the same financial covenants
contained in this Addendum, but with certain modified terms pertaining to Seller with respect to each such financial covenant (each a “Modified Financial Covenant”). In such event, unless otherwise agreed to by Bank, the financial
covenants contained in this Addendum shall automatically be modified and amended from time to time (a) to include each New Financial Covenant and (b) to include the most recent terms of each Modified Financial Covenant to the extent
inconsistent with those contained in this Addendum. Except as modified and amended in accordance with the terms of the previous sentence, this Addendum shall continue in full force and effect as originally executed and delivered. 

  

					
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 2. Intentionally Omitted. 

3. Compliance Certificates. Seller acknowledges Bank has requested, and Seller shall timely prepare and furnish to Bank,
the financial statements and reports described in the Warehouse Agreement, plus such additional financial reports and information as Bank may from time to time request. In addition, Seller shall prepare and submit to Bank, on a quarterly basis and
no later than forty-five (45) days after the close of each fiscal quarter, a compliance certificate executed by Seller, demonstrating Seller’s compliance with the covenants set forth in Section 1 of this Addendum
and the provisions of the Warehouse Agreement, and such substantiation thereof as may be required by Bank, all in such form and content required by Bank from time to time. A copy of Bank’s current required form of compliance certificate is
attached hereto as Exhibit E-1. Although compliance certificates are to be delivered to Bank on a quarterly basis, Seller shall at all times comply with all covenants set forth in
Section 1 of this Addendum and the provisions of the Warehouse Agreement and Bank may test Seller’s compliance with such covenants and provisions at any time. 

4. Miscellaneous. This Addendum is made a part of and is incorporated into the Warehouse Agreement. The provisions of
this Addendum supersede, modify and amend any and all inconsistent or conflicting provisions in the Warehouse Agreement. Except as hereby modified and amended, the Warehouse Agreement shall remain in full force and effect. Capitalized terms not
otherwise defined in this Addendum shall have the meanings set forth in the Warehouse Agreement. The liability of all Persons obligated to Bank in any manner under this Addendum shall be joint and several. If more than one Person shall execute this
Addendum as “Seller”, then the term “Seller” as used herein shall refer both to each such Person individually and to all such Persons collectively. 

[Signature Page Follows] 

  

					
		 	Page 2	 	Mortgage Warehouse Agreement: Exhibit E
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 EXECUTED by Seller to be effective as of the Effective Date. 

 

			
	SELLER:
	
	CALIBER HOME LOANS, INC.,
	A DELAWARE CORPORATION
		
	By:	 	
                     

	Name:	 	
	Title:	 	

  

			
	AGREED TO AND ACCEPTED BY BANK AT RICHARDSON, COLLIN COUNTY, TEXAS, AS OF THE EFFECTIVE DATE:
	
	TEXAS CAPITAL BANK,
	NATIONAL ASSOCIATION
		
	By:	 	  

	Name:	 	Heather Crawford
	Title:	 	Vice President

  

					
		 	Page 3	 	Mortgage Warehouse Agreement: Exhibit E
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 EXHIBIT E-1 

(TO FINANCIAL COVENANTS ADDENDUM 

TO MORTGAGE WAREHOUSE AGREEMENT) 

COMPLIANCE CERTIFICATE 
 [Follows
This Cover Page] 

  

					
		 	Page 4	 	Mortgage Warehouse Agreement: Exhibit E
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 CALIBER HOME LOANS, INC., A DELAWARE CORPORATION 

COMPLIANCE CERTIFICATE 
 REPORTING
PERIOD:        , 20____ through        , 20____ 
 This
Compliance Certificate (this “Certificate”) is being delivered in connection with that certain Mortgage Warehouse Agreement (as amended and modified from time to time, and including all addenda and exhibits thereto, the “
Agreement”) executed by TEXAS CAPITAL BANK, NATIONAL ASSOCIATION (“Bank”) and the undersigned executing this Certificate as “Seller”, and effective as of the Effective Date. Capitalized terms used in
this Certificate shall, unless otherwise indicated herein, have the meanings set forth in the Agreement. On behalf of Seller, the undersigned certifies to Bank as of the last day of the reporting period indicated above (the “Determination
Date”) that: (a) no Event of Default has occurred and is continuing; (b) all representations and warranties of Seller contained in the Agreement and in the other Warehouse Documents are true and correct in all material respects;
and (c) the information set forth below and all documents provided to Bank to substantiate the same are true, correct and complete. 
 Minimum
Tangible Net Worth: 
  

									
	 Actual Tangible Net Worth

(as of the Determination Date)
	 	 	Required minimum
Tangible Net Worth
(pursuant to the Agreement)	 
	 GAAP Net Worth
	  	$	___________________	 	 			
	 Less:
	  				 			
	 Investment in Affiliates
	  	($	__________________	) 	 			
	 Receivables from Affiliates
	  	($	__________________	) 	 			
	 Goodwill, Other Intangibles, etc.
	  	($	__________________	) 	 			
	 Restricted Cash
	  	($	__________________	) 	 			
	 TOTAL TANGIBLE NET WORTH:
	  	$	___________________	 	 	$	[***]	 

 [Additional Covenants Follow] 

  

					
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 Compliance Certificate page 2 

Minimum Liquid Assets: 
  

									
	 Actual Liquid Assets

(as of the Determination Date)
	  	 	  	Required minimum
Liquid Assets
(pursuant to the Agreement)	 
	 Total Liquidity
	  	$___________________	  		  			
	 Less:
	  		  		  			
	 Pledged Liquid Assets
	  	($__________________)	  		  			
	 Other Restricted Liquidity Assets
	  	($__________________)	  		  			
	 Plus:
	  		  		  			
	 Liquidity Pledged to Bank (If
	  		  		  			
	 Deducted Above)
	  	$___________________	  		  			
	 TOTAL ELIGIBLE LIQUIDITY:
	  	$___________________	  		  	$	[***]	 

 Minimum Pre-Tax Net Income (on a rolling four-quarter
basis): 
 Actual Quarterly Pre-Tax Net Income (Loss) 

(as of the Determination Date) 
  

																	
	 	  	Current QTR	 	 	Previous QTR	 	 	Previous QTR	 	 	Previous QTR	 
	 Pre- Tax Net Income
	  	$	___________	 	 	$	____________	 	 	$	____________	 	 	$	___________	 
	 (Loss)
	  				 				 				 			
	 Less:
	  				 				 				 			
	 MSR Fair Value
	  				 				 				 			
	 Increase
	  	($	__________	) 	 	($	___________	) 	 	($	___________	) 	 	($	___________	) 
	 (Decrease) or

	 MSR Hedging gain or loss
	  				 				 				 			
	 ACTUAL PRE-TAX
	  				 				 				 			
	 NET INCOME
	  				 				 				 			
	 EXCLUDING MSR
	  				 				 				 			
	 FAIR VALUE
	  	$	___________	 	 	$	_____________	 	 	$	_____________	 	 	$	____________	 
	 ADJUSTMENT:
	  				 				 				 			

  

					
	 Total rolling four-quarter pre-tax net income

(as of the Determination Date)
	  	Required minimum rolling four-quarter pre-tax 
net
income
(pursuant to the Agreement)	 
	 $____________________________
	  	$	[***]	 

 [Additional Covenants and Signature Page Follows] 

  

					
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 Compliance Certificate page 3 

Other Warehousing Facilities: Seller represents and warrants to Bank that any and all mortgage warehousing facilities of Seller
(other than with Bank) in effect as of the date hereof are identified on the schedule appearing immediately below. Seller covenants and agrees to notify Bank in writing of (a) any new mortgage warehousing facilities contemporaneously with
delivery of the quarterly Compliance Certificate; and (b) any termination, suspension or involuntary non-renewals of any such facility or any default by Seller under any such mortgage warehousing facility
promptly after a Responsible Officer of Seller obtains knowledge of the same. 
  

									
	 Warehouse Lender
	  	Maximum Facility Amount	 	  	Facility Expiration
Date	 
	 WAREHOUSE LENDER A
	  	$	_____________________________	 	  	 	______________	 
	 WAREHOUSE LENDER B
	  	$	______________________________	 	  	 	______________	 
	 WAREHOUSE LENDER C
	  	$	_______________________________	 	  	 	______________	 
	 WAREHOUSE LENDER D
	  	$	_____________________________	 	  	 	______________	 
	 WAREHOUSE LENDER E
	  	$	______________________________	 	  	 	______________	 
	 WAREHOUSE LENDER F
	  	$	_______________________________	 	  	 	______________	 
	 WAREHOUSE LENDER G
	  	$	_______________________________	 	  	 	______________	 
	 WAREHOUSE LENDER H
	  	$	_______________________________	 	  	 	______________	 
	 WAREHOUSE LENDER I
	  	$	_______________________________	 	  	 	______________	 

 [Signature Page Follows] 

  

					
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 Compliance Certificate page 4 

EXECUTED by Seller as of the Determination Date. 
  

			
	SELLER:
	
	CALIBER HOME LOANS, INC., A DELAWARE CORPORATION

 
			
		
	By:	 	  

	Name:	 	  

	Title:	 	  

  

					
		 	Page 8	 	Mortgage Warehouse Agreement: Exhibit E
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 EXHIBIT F 

(TO MORTGAGE WAREHOUSE AGREEMENT) 

SUPPLEMENTAL PROVISIONS ADDENDUM 

[Follows This Cover Page] 

  

					
		 		 	Mortgage Warehouse Agreement: Exhibit F
		 		 	Version: 2015-19
		 		 	HAL2018-1

 SUPPLEMENTAL PROVISIONS ADDENDUM 

THIS SUPPLEMENTAL PROVISIONS ADDENDUM (this “Addendum”) is entered into by the undersigned executing this Addendum as
“Seller” and TEXAS CAPITAL BANK, NATIONAL ASSOCIATION (“Bank”) concurrently with, and as a condition to the effectiveness of, that certain Mortgage Warehouse Agreement (as amended and modified from time to time, the
“Warehouse Agreement”), executed by Bank and Seller and is effective as of the Effective Date. Accordingly, Bank and Seller agree as follows: 

1. Third-Party Document Custodian. 

(a) As used in this Section, the following terms shall have the meanings set forth below: 

“Custodial Agreement” means that certain CUSTODIAL AGREEMENT dated NOVEMBER 29, 2017, executed by Bank,
Seller and the Document Custodian, as such agreement may be amended, supplemented, replaced or modified from time to time pursuant to the provisions of this Addendum. 

“Document Custodian” means DEUTSCHE BANK NATIONAL TRUST COMPANY, in its capacity as custodian for Bank under
the Custodial Agreement. 
 “Permitted Document Custodian Deliverables” means, with respect to any
Participated Mortgage Loan, such agreements, files, records and other documents related to such Participated Mortgage Loan (other than any Required Document Custodian Deliverables) permitted to be delivered to the Document Custodian pursuant to the
Custodial Agreement. 
 “Required Document Custodian Deliverables” means, with respect to any Participated
Mortgage Loan, such agreements, files, records and other documents related to such Participated Mortgage Loan required to be delivered to the Document Custodian pursuant to the Custodial Agreement. 

(b) Subject to the provisions of Subsection (c) of this Section, Seller shall deliver or cause to be delivered to
the Document Custodian the Bank Document Deliverables for each Participated Mortgage Loan pursuant to the provisions of the Warehouse Agreement. All Bank Document Deliverables (including all Required Document Custodian Deliverables), Permitted
Document Custodian Deliverables and other Mortgage Loan Files (without implying that Seller is permitted to deliver any such other Mortgage Loan Files to the Document Custodian other than pursuant to the provisions of this Section and the Warehouse
Agreement) delivered to the Document Custodian shall be held by the Document Custodian, as custodian and bailee for the Bank, for the exclusive use and benefit of the Bank, pursuant to the provisions of the Custodial Agreement and the Warehouse
Agreement. 
 (c) Notwithstanding anything herein to the contrary: 

(i) Seller shall not be permitted to deliver or cause to be delivered to the Document Custodian any Bank Document Deliverables
(including any Required Document Custodian Deliverables) or Permitted Document Custodian Deliverables until such time as Bank shall have received a fully executed copy of the Custodial Agreement, in such form and content acceptable to Bank. 

  

					
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 (ii) If the Custodial Agreement shall terminate (including if Bank shall
terminate the Custodial Agreement in accordance with its terms), then effective as the date of such termination (without any further action by, or notice to, any Party): (A) Seller shall not be permitted to deliver or cause to be delivered to the
Document Custodian any Bank Document Deliverables (including any Required Document Custodian Deliverables) or Permitted Document Custodian Deliverables; and (B) (I) all Bank Document Deliverables shall be delivered to Bank (and not the Document
Custodian) pursuant to the provisions of the Warehouse Agreement and (II) all other Mortgage Loan Files (excluding any portions thereof which constitute Bank Document Deliverables) shall be delivered to, and held and maintained by, Seller (and
not the Document Custodian) pursuant to the provisions of the Warehouse Agreement. 
 (iii) Bank may at any time, in its sole
and absolute discretion, require that Seller cease delivering or causing to be delivered to the Document Custodian any and all Bank Document Deliverables (including any Required Document Custodian Deliverables) and Permitted Document Custodian
Deliverables by providing written notice thereof to Seller, in which case, effective as of the date set forth in such written notice: (A) Seller shall not be permitted to deliver or cause to be delivered to the Document Custodian any Bank
Document Deliverables (including any Required Document Custodian Deliverables) or Permitted Document Custodian Deliverables; and (B) (I) all Bank Document Deliverables shall be delivered to Bank (and not the Document Custodian) pursuant to the
provisions of the Warehouse Agreement and (II) all other Mortgage Loan Files (excluding any portions thereof which constitute Bank Document Deliverables) shall be delivered to, and held and maintained by, Seller (and not the Document Custodian)
pursuant to the provisions of the Warehouse Agreement. 
 (iv) After the occurrence and during the continuance of an Event of
Default, Bank may at any time, in its sole and absolute discretion, require that any or all of the Bank Document Deliverables (including any Required Document Custodian Deliverables), Permitted Document Custodian Deliverables and other Mortgage Loan
Files (without implying that Seller is permitted to deliver any such other Mortgage Loan Files to the Document Custodian other than pursuant to the provisions of this Section and the Warehouse Agreement) (A) in the possession of the Document
Custodian be released by the Document Custodian directly to Bank, in which case Bank shall be deemed to be the Document Custodian for such items, or (B) in the custody, possession or control of Seller pursuant to
Section 5.11(b) of the Warehouse Agreement be delivered directly to Bank (and not the Document Custodian) by Seller, in which case Bank shall be deemed to be the Document Custodian for such items. 

Seller agrees to cooperate with Bank, and take such actions and do such other things deemed necessary or advisable by Bank, in connection with
effecting the provisions of Subsections (c)(ii), (iii) and (iv) of this Section. 
 (d) Seller
shall at all times comply with the provisions of the Custodial Agreement. Notwithstanding anything in the Custodial Agreement to the contrary, the Custodial Agreement or any other agreement related thereto shall not: (i) be amended,
supplemented, replaced or modified or terminated without the prior written consent of Bank; and (ii) adversely affect or impair Seller’s duties, obligations or agreements under the Warehouse Agreement (including, this Addendum). 

  

					
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 2. Additional Provisions Related to Third-Party Originated Mortgage Loans.

 (a) The provisions of this Section are in addition to all other representations, warranties, covenants and agreements of
Seller in the Warehouse Agreement and shall not limit the applicability thereof. 
 (b) With respect to any Third-Party
Originated Mortgage Loan in which Bank elects to purchase a Participation Interest, Seller shall cause the Person from whom Seller acquired such Third-Party Originated Mortgage Loan to deliver the related Bank Document Deliverables directly to
Seller or the Document Custodian, as applicable, pursuant to the provisions of the Warehouse Agreement. 
 (c) With respect
to each Correspondent Originated Mortgage Loan in which Bank elects to purchase a Participation Interest, Seller represents and warrants to Bank that: (i) Seller is not a “mortgage originator” or “loan originator” under
applicable Law with respect to such Correspondent Originated Mortgage Loan; and (ii) the originator of such Correspondent Originated Mortgage Loan is a registered and licensed “mortgage originator” and “loan originator”
under applicable Law with respect to such Correspondent Originated Mortgage Loan, and to the knowledge of a Responsible Officer of Seller, such originator is in compliance with all other applicable Laws with respect to such Correspondent Originated
Mortgage Loan. 
 (d) With respect to each Broker Originated Mortgage Loan, Seller represents and warrants to Bank that:
(i) Seller and the related mortgage loan broker are each a “mortgage originator” or “loan originator” under applicable Law with respect to such Broker Originated Mortgage Loan; and (ii) the mortgage loan broker for such
Broker Originated Mortgage Loan is a registered and licensed “mortgage originator” and “loan originator” under applicable Law with respect to such Broker Originated Mortgage Loan, and to the knowledge of a Responsible Officer of
Seller, such originator is in compliance with all other applicable Laws with respect to such Broker Originated Mortgage Loan. 
 3.
Miscellaneous. This Addendum is made a part of and is incorporated into the Warehouse Agreement. The provisions of this Addendum supersede, modify and amend any and all inconsistent or conflicting provisions in the Warehouse
Agreement. Except as hereby modified and amended, the Warehouse Agreement shall remain in full force and effect. Capitalized terms not otherwise defined in this Addendum shall have the meanings set forth in the Warehouse Agreement. The liability of
all Persons obligated to Bank in any manner under this Addendum shall be joint and several. If more than one Person shall execute this Addendum as “Seller”, then the term “Seller” as used herein shall refer both to each such
Person individually and to all such Persons collectively. 
 [Signature Page Follows] 

  

					
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 EXECUTED by Seller to be effective as of the Effective Date. 

 

			
	SELLER:
	
	CALIBER HOME LOANS, INC.,
	A DELAWARE CORPORATION

 
			
		
	By:	 	  

	Name:	 	
	Title:	 	

 AGREED TO AND ACCEPTED BY BANK AT RICHARDSON, 

COLLIN COUNTY, TEXAS, AS OF THE EFFECTIVE DATE: 
  

			
	TEXAS CAPITAL BANK,
	NATIONAL ASSOCIATION
		
	By:	 	  

	Name:	 	Heather Crawford
	Title:	 	Vice President

  

					
		 	Page 4	 	Mortgage Warehouse Agreement: Exhibit F
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 EXHIBIT G 

(TO MORTGAGE WAREHOUSE AGREEMENT) 

LIST OF CURRENT WAREHOUSE FACILITIES 
  

					
	 Warehouse Lender
	  	Maximum Facility Amount	 
	 WAREHOUSE LENDER A
	  	$	750,000,000.00	 
	 WAREHOUSE LENDER B
	  	$	1,300,000,000.00	 
	 WAREHOUSE LENDER C
	  	$	750,000,000.00	 
	 WAREHOUSE LENDER D
	  	$	550,000,000.00	 
	 WAREHOUSE LENDER E
	  	$	750,000,000.00	 
	 WAREHOUSE LENDER F
	  	$	250,000,000.00	 
	 WAREHOUSE LENDER G
	  	$	550,000,000.00	 
	 WAREHOUSE LENDER H
	  	$	750,000,000.00	 
	 WAREHOUSE LENDER I
	  	$	500,000,000.00	 

  

					
		 		 	Mortgage Warehouse Agreement: Exhibit G
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		 		 	HAL2018-1

 EXHIBIT H 

(TO MORTGAGE WAREHOUSE AGREEMENT) 

LIST OF CURRENT AFFILIATE ESCROW AGENTS 
  

			
	 Name of Affiliate Escrow Agent

(including any d/b/a)
	  	 Address

	FORT ESCROW, INC.	  	 3633 INLAND EMPIRE BLVD., SUITE 200

ONTARIO, CA 91764

	FORT SETTLEMENT SERVICES, LLC	  	 3281 E. GUASTI ROAD, SUITE 200

ONTARIO, CA 91764

  

					
		 		 	Mortgage Warehouse Agreement: Exhibit H
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		 		 	HAL2018-1

 EXHIBIT I 

(TO MORTGAGE WAREHOUSE AGREEMENT) 

BLANKET ASSIGNMENT 
 [Follows This
Cover Page] 

  

					
		 		 	Mortgage Warehouse Agreement: Exhibit I
		 		 	Version: 2015-19
		 		 	HAL2018-1

  

 
 (Space Above For Recorder’s Use)

 ASSIGNMENT OF INTERESTS IN MORTGAGE LOANS 

THIS ASSIGNMENT OF INTERESTS IN MORTGAGE LOANS (this “Agreement”) is made and entered into between CALIBER HOME LOANS, INC.,
A DELAWARE CORPORATION (the “Seller”) and TEXAS CAPITAL BANK, NATIONAL ASSOCIATION (together with its successors and assigns, “Bank”) and is effective as of the Effective Date. 

RECITALS 
 A. Seller and
Bank have executed that certain Mortgage Warehouse Agreement (as amended or modified from time to time, the “Warehouse Agreement”) entered into as of even date herewith, relating to Bank’s discretionary purchase from time to
time of Participation Interests from Seller in Mortgage Loans. Capitalized terms used and not otherwise defined herein shall have the respective meanings assigned to such terms in the Warehouse Agreement. 

B. Pursuant to the terms and conditions of the Warehouse Agreement, Seller shall sell, transfer, assign and convey to Bank a Participation
Interest in each Mortgage Loan and Mortgage Loan Document related thereto in which Bank elects to purchase a Participation Interest under the Warehouse Agreement. 

AGREEMENT 
 NOW,
THEREFORE, for and in consideration of the premises, recitals and the agreements contained in this Agreement and the Warehouse Agreement, and for other good and valuable consideration, the receipt and adequacy of which are hereby acknowledged, the
Seller and Bank agree as follows: 
 1. Seller does hereby irrevocably, absolutely and unconditionally sell, transfer, assign and convey to
Bank any and all of Seller’s rights, titles and interests in and to any and all Participation Interests in Mortgage Loans now or hereafter purchased by Bank from Seller pursuant to the terms of the Warehouse Agreement. With respect to any
Participation Interest purchased by Bank from Seller under the Warehouse Agreement, the sale, transfer, assignment and conveyance by Seller to Bank of all of Seller’s rights, titles and interests in and to such Participation Interest in such
Mortgage Loan shall be automatically effective, and shall be deemed conclusively to have occurred as of the Purchase Date for such Participation Interest, without further action by either party hereto, by operation of the applicable terms and
provisions of the Warehouse Agreement. 

  

					
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 2. Bank may from time to time append and attach hereto as Schedule A (the
“Participation Interest Schedule”) information identifying each Participated Mortgage Loan and Bank’s Participation Interest therein (“Participation Interest Information”), which Participation Interest
Information may include with respect to each Participated Mortgage Loan: (a) the name of the related Borrower; (b) the principal amount of the Participated Mortgage Loan; (c) the related Purchase Date; (d) Bank’s related
Participation Percentage; (e) Seller’s related Retained Percentage; (f) a description of the related Residential Real Property; and (g) the recording information for the related Security Instrument. Bank may from time to time
attach hereto an updated Participation Interest Schedule which reflects the then-current Participation Interest Information. 
 3. Bank may
at any time elect to record this Agreement (with a corresponding Participation Interest Schedule) in any real property records of any jurisdiction deemed appropriate from time to time by Bank. However, any failure by Bank to so record this Agreement
shall not limit, impair or otherwise affect the provisions of the Warehouse Agreement or this Agreement. If Bank at any time requires additional executed originals of this Agreement in order to effect the recording of this Agreement (with any
corresponding Participation Interest Schedule) in any jurisdiction deemed appropriate by Bank or for any other reason, Seller shall promptly upon request by Bank execute additional originals of this Agreement as and when required by Bank, and Bank
may execute additional copies of this Agreement on Seller’s behalf, as Seller’s attorney-in-fact, pursuant to any power of attorney granted to Bank by Seller
under the Warehouse Agreement or any other Warehouse Document. 
 4. The liability of all Persons obligated to Bank in any manner under this
Agreement shall be joint and several. If more than one Person shall execute this Addendum as “Seller”, then the term “Seller” as used herein shall refer both to each such Person individually and to all such Persons collectively.

 5. This Agreement shall be binding upon and inure to the benefit of the successors and assigns of Seller and Bank. Neither party hereto
may sell, assign or transfer any right, title or interest hereunder except in accordance with the Warehouse Agreement or with the prior written consent of the other party hereto. Further, Seller shall not sell, assign or transfer any right, title or
interest in the Participated Mortgage Loans in violation of any applicable provisions of the Warehouse Agreement. 
 6. This Agreement may be
executed in several identical counterparts, and by the parties hereto on separate counterparts, and each counterpart, when so executed and delivered, shall constitute an original instrument, and all such separate counterparts shall constitute but
one and the same instrument. 
 7. This Agreement shall be governed by, and construed and interpreted in accordance with, the laws of the
State of Texas, without regard to the principles of conflicts of laws thereof. 
 8. This assignment of interests in mortgage loans amends
and restates in its entirety any and all assignments of interests in mortgage loans dated prior to the date hereof executed by Seller in favor of Bank, and this assignment of interests in mortgage loans supersedes and replaces all such prior
assignments of interests in mortgage loans. 
 [Signature Pages Follow] 

  

					
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 IN WITNESS WHEREOF, each of the parties hereto have duly executed and delivered this Agreement effective as
of the Effective Date. 
  

			
	SELLER:
	
	CALIBER HOME LOANS, INC.,
	A DELAWARE CORPORATION

 
			
		
	By:	 	  

	Name:	 	
	Title:	 	

 * * * 
  

			
	STATE OF ________________	  	§
		  	§
	COUNTY OF ______________	  	§

 This document was acknowledged before me on the ____ day of __________________, 20___, by _________________________________,
_________________________________ of CALIBER HOME LOANS, INC., A DELAWARE CORPORATION, known to me to be the person who executed this document in the capacity and for the purposes therein stated. 

 

	
	  

Notary Public, State of                   
                              

 [NOTARY STAMP] 

  

					
		 	Page 3	 	Mortgage Warehouse Agreement: Exhibit I
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 AGREED TO AND ACCEPTED by Bank at Richardson, Collin County, Texas, as of the Effective Date. 

 

			
	BANK:
	
	TEXAS CAPITAL BANK,
	NATIONAL ASSOCIATION

 
			
		
	By:	 	  

	Name:	 	  

	Title:	 	  

 * * * 
  

			
	STATE OF ________________	  	§
		  	§
	COUNTY OF ______________	  	§

 This document was acknowledged before me on the ____ day of __________________, 20___, by _________________________________,
_________________________________ of TEXAS CAPITAL BANK, NATIONAL ASSOCIATION, known to me to be the person who executed this document in the capacity and for the purposes therein stated. 

 

	
	  

Notary Public, State of                   
                              

 [NOTARY STAMP] 

  

					
		 	Page 4	 	Mortgage Warehouse Agreement: Exhibit I
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 SCHEDULE A 

(TO ASSIGNMENT OF INTERESTS IN MORTGAGE LOANS) 

PARTICIPATION INTEREST SCHEDULE 

[To Be Attached and Updated By Bank From Time to Time] 

  

					
		 	Page 5	 	Mortgage Warehouse Agreement: Exhibit I
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		 		 	HAL2018-1EX-10.76

 Exhibit 10.76 

CERTAIN IDENTIFIED INFORMATION HAS BEEN EXCLUDED FROM THE EXHIBIT BECAUSE IT IS BOTH NOT MATERIAL AND WOULD LIKELY CAUSE COMPETITIVE HARM TO
THE REGISTRANT IF PUBLICLY DISCLOSED. [***] INDICATES THAT INFORMATION HAS BEEN REDACTED. 
 EXECUTION VERSION 

 
  

 
 MASTER REPURCHASE AGREEMENT

 Among 

BARCLAYS BANK PLC, as a Purchaser and Agent, 

SUTTON FUNDING LLC, as a Purchaser, 

and 
 CALIBER HOME
LOANS, INC., as Seller 
 Dated as of May 11, 2015 

 TABLE OF CONTENTS 

 

							
	1.	 	APPLICABILITY	  	 	1	 
	2.	 	DEFINITIONS AND INTERPRETATION	  	 	1	 
	3.	 	THE TRANSACTIONS	  	 	23	 
	4.	 	CONFIRMATION	  	 	26	 
	5.	 	TAKEOUT COMMITMENTS	  	 	26	 
	6.	 	PAYMENT AND TRANSFER	  	 	26	 
	7.	 	MARGIN MAINTENANCE	  	 	26	 
	8.	 	TAXES; TAX TREATMENT	  	 	27	 
	9.	 	SECURITY INTEREST; PURCHASERS’ APPOINTMENT AS ATTORNEY-IN-FACT	  	 	30	 
	10.	 	CONDITIONS PRECEDENT	  	 	31	 
	11.	 	RELEASE OF PURCHASED ASSETS	  	 	35	 
	12.	 	RELIANCE	  	 	35	 
	13.	 	REPRESENTATIONS AND WARRANTIES	  	 	35	 
	14.	 	COVENANTS OF SELLER	  	 	38	 
	15.	 	REPURCHASE OF PURCHASED ASSETS	  	 	45	 
	16.	 	SERVICING OF THE MORTGAGE LOANS; SERVICER TERMINATION	  	 	45	 
	17.	 	EVENTS OF DEFAULT	  	 	48	 
	18.	 	REMEDIES	  	 	51	 
	19.	 	DELAY NOT WAIVER; REMEDIES ARE CUMULATIVE	  	 	53	 
	20.	 	USE OF EMPLOYEE PLAN ASSETS	  	 	53	 
	21.	 	INDEMNITY	  	 	53	 
	22.	 	WAIVER OF REDEMPTION AND DEFICIENCY RIGHTS	  	 	54	 
	23.	 	REIMBURSEMENT; SET-OFF	  	 	54	 
	24.	 	FURTHER ASSURANCES	  	 	56	 
	25.	 	ENTIRE AGREEMENT; PRODUCT OF NEGOTIATION	  	 	56	 
	26.	 	TERMINATION	  	 	56	 
	27.	 	REHYPOTHECATION; ASSIGNMENT	  	 	56	 
	28.	 	AMENDMENTS, ETC.	  	 	57	 
	29.	 	SEVERABILITY	  	 	57	 
	30.	 	BINDING EFFECT; GOVERNING LAW	  	 	57	 
	31.	 	WAIVER OF JURY TRIAL; CONSENT TO JURISDICTION AND VENUE; SERVICE OF PROCESS	  	 	58	 
	32.	 	SINGLE AGREEMENT	  	 	58	 
	33.	 	INTENT	  	 	58	 
	34.	 	NOTICES AND OTHER COMMUNICATIONS	  	 	59	 
	35.	 	CONFIDENTIALITY	  	 	61	 
	36.	 	DUE DILIGENCE	  	 	62	 
	37.	 	EXECUTION IN COUNTERPARTS	  	 	62	 
	38.	 	USA PATRIOT ACT; OFAC AND ANTI-TERRORISM	  	 	63	 

  
 Page i of
100 

 EXHIBITS AND SCHEDULES 
  

			
	EXHIBIT A	  	MONTHLY 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	  	RESERVED
	EXHIBIT F	  	FORM OF TRADE ASSIGNMENT
	EXHIBIT G	  	RESERVED
	EXHIBIT H	  	FORM OF SELLER MORTGAGE LOAN SCHEDULE
	EXHIBIT I	  	SELLER UNDERWRITING GUIDELINES
	EXHIBIT J	  	LIST OF APPROVED TAKEOUT INVESTORS
	EXHIBIT K	  	RESERVED
	EXHIBIT L	  	FORM OF FORECLOSURE AND WORKOUT REPORT
	EXHIBIT M	  	RESERVED
	EXHIBIT N	  	FORM OF INSTRUCTION LETTER
	EXHIBIT O	  	FORM OF LEGAL OPINION
		
	SCHEDULE 1	  	EXCLUDED ORIGINATORS

  
 Page ii of
100 

 MASTER REPURCHASE AGREEMENT 

Dated as of May 11, 2015 
 AMONG: 

BARCLAYS BANK PLC, in its capacity as a purchaser (“Barclays” or a “Purchaser”) and agent pursuant hereto
(“Agent”), 
 SUTTON FUNDING LLC, in its capacity as a purchaser (“Sutton” or a “Purchaser,” and together
with Barclays, “Purchasers”), and 
 CALIBER HOME LOANS, INC. (“Seller”). 

 

	1.	 APPLICABILITY 

Either Purchaser may from time to time, upon the terms and conditions set forth herein, agree to enter into transactions on a committed basis
with respect to the Committed Amount and an uncommitted basis with respect to the Uncommitted Amount, in which Seller sells to a Purchaser Eligible Mortgage Loans, on a servicing-released basis, against the transfer of funds by such Purchaser, with
a simultaneous agreement by such 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 and (b) the Asset Base and, provided further that any FHA Buyout Loans purchased hereunder shall be purchased by
Sutton and any other Eligible Mortgage Loans purchased hereunder shall be purchased by Barclays; provided, however, that, for the avoidance of doubt, FHA Buyout Loans that are modified while subject to a Transaction shall continue to be held by
Sutton. Each such transaction shall be referred to herein as a “Transaction,” and shall be governed by this Agreement. This Agreement is not a commitment by Purchasers to enter into Transactions with Seller but rather sets forth the
procedures to be used in connection with periodic requests for Purchasers to enter into Transactions with Seller. Seller hereby acknowledges that Purchasers are under no obligation to enter into, any Transaction pursuant to this Agreement with
respect to the Uncommitted Amount. 
  

	2.	 DEFINITIONS AND INTERPRETATION 

(a)    Defined Terms. 

“1934 Act” means the Securities Exchange Act of 1934, as amended from time to time. 

“30+ Day Delinquent Mortgage Loan” means any Mortgage Loan at any time the Monthly Payment for which was not received within
twenty-nine (29) days after its Due Date (using the MBA methodology). 
 “Ability to Repay Rule” shall mean 12 CFR
1026.43(c), including all applicable official staff commentary. 
 “Acceptable Manufactured Dwelling” means a modular home
or manufactured home (also referred to as a pre-assembled, pre-fabricated, sectionalized, or pre-built home) with the following characteristics: (i) the home is treated as “real estate” under applicable law, (ii) the home is
factory built and constructed in two or more sections, including interior and exterior finish, plumbing, wiring, and mechanical systems and (iii) after completion, the modular home or manufactured home is transported to

  
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the property site to be attached to a permanent foundation or affixed to the land in accordance with all applicable state building codes, industrialized housing building codes, BOCA (Building
Officials and Code Administrators) and local zoning ordinances. 
 “Accepted Servicing Practices” means with respect to any
Mortgage Loan, those accepted, customary and prudent mortgage servicing practices (including collection procedures) of prudent mortgage banking 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, if applicable, of each Agency Program, applicable law, FHA Regulations and VA Regulations, 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 reduced. 

“Accrual Period” means, with respect to each Monthly Payment Date for any Transaction, the immediately preceding calendar
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 end on the last day of such calendar month. 

“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 which provides for the adjustment of the Mortgage Interest Rate payable
in respect thereto. 
 “Affiliate” means, (i) with respect to Seller, its Parent Company and any Subsidiary of Seller,
(ii) with respect to any Subsidiary of Seller, Seller and its Parent Company, and (iii) with respect to any other specified Person, an “Affiliate” shall mean any Person controlling or controlled by or under common control with
such specified Person. For the purposes of this definition, “control” means the power to direct the management and policies of such Person, directly or indirectly, whether through the ownership of voting securities, by contract or
otherwise and the terms “controlling,” “controlled by” and “under common control with” have meanings correlative to the meaning of “control”. 

“Aged Mortgage Loan” means (w) any Jumbo Mortgage Loan subject to a Transaction (whether or not continuous) for which
the related Origination Date is longer than [***] from the date of any determination (v) a Wet-Ink Mortgage Loan, which is subject to Transactions (whether or not continuous) for more than [***], (x) any Agency Eligible Mortgage Loan or
Special Purpose Loan subject to a Transaction (whether or not continuous) for which the related Origination Date is longer than [***] from the date of any determination or (y) a Modified Loan for which the time between the date on which the
modification of such Modified Loan was finalized and the trial period concluded and any date of determination by Purchaser is more than [***], or (z) an FHA Buyout Loan for which the time between the initial Purchase Date for such FHA Buyout
Loan and date in which the foreclosure of such FHA Buyout has commenced is more than [***]. 
 “Agency” means Freddie Mac,
Fannie Mae or Ginnie Mae, as applicable. 
 “Agency Buydown Loan” means a mortgage loan that is in Agency Compliance on the
related Purchase Date with the eligibility requirements for a buydown loan specified in the applicable Agency Guide. 

  
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 “Agency Compliance” means compliance of Seller and the Mortgage Loans with
the requirements of the applicable Agency Guides, as amended by any agreements between Seller and the Applicable Agency, FHA or VA, as applicable, 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 or FHA to issue the related FHA Insurance Contracts or VA to deliver the related VA Mortgage Loan Guarantee Agreements. 

“Agency Eligible Mortgage Loan” shall mean a Mortgage Loan that is originated in Agency Compliance with the Agency Guides and
the eligibility requirements specified for the applicable Agency Program, FHA or VA, as applicable, and is either (i) eligible for sale to, or securitization by, Fannie Mae, Freddie Mac or Ginnie Mae or (ii) is an FHA Mortgage Loan or a VA
Mortgage Loan. 
 “Agency Guide” means the Freddie Mac Guide, the Fannie Mae Guide, the Ginnie Mae Guide, the FHA
Regulations and/or the VA Regulations, as applicable. 
 “Agency Program” means the Freddie Mac Program, the Fannie Mae
Program, or the Ginnie Mae Program, as applicable. 
 “Agent” means Barclays Bank PLC and its successors in interest, as
administrative agent for Purchasers and any additional purchasers that may become a party hereto. 
 “Aggregate MRA Purchase
Price” means as of any date of determination, an amount equal to the aggregate Purchase Price for all Mortgage Loans 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 Margin” has the meaning assigned thereto in the Pricing Side Letter. 

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

“Approvals” means with respect to Seller and Servicer, the approvals obtained from the Applicable Agency, FHA, VA or HUD in
designation of Seller and/or Servicer 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. 

“Approved Manufactured Home Loan” means a mortgage loan that is secured by a first lien on and perfected security interest on
an Acceptable Manufactured Dwelling which conforms with all requirements of the Seller Underwriting Guidelines with respect to manufactured homes. 

“Asset Base” means, on any date of determination and with respect to all Purchased Assets then subject to Transactions and,
to the extent applicable, all Eligible Mortgage Loans proposed to be sold to the Purchaser as of such date of determination, the lesser of (i) 100% of the unpaid principal balance of such Purchased Assets and Eligible Mortgage Loans as of such date
of determination and (ii) the product of the applicable Purchase Price Percentage multiplied by the Market Value of such Purchased Assets and Eligible Mortgage Loans. 

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

  
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 “Assignment of Mortgage” shall mean, 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 either
(i) MERS, (ii) the Agent on behalf of the related Purchaser, or (iii) in blank. 
 “Attorney Bailee Letter” has
the meaning assigned thereto in the Custodial and Disbursement 
 Agreement. 

“Backup Servicer Agreement” means any backup servicing agreement among Purchasers, Seller and a backup servicer appointed
pursuant to Section 16(d), as the same may be amended, modified or supplemented from time to time. 
 “Back-End DTI
Ratio” shall mean with respect to a Mortgage Loan, the ratio of (i) the Mortgagor’s monthly debt payments, including housing and other debt, to (ii) the Mortgagor’s gross monthly income, determined in accordance with the
Seller Underwriting Guidelines. 
 “Bank” means (i) Bank of America National Association and its successors and
permitted assigns or (ii) such other bank as may be mutually acceptable to the Seller and the Purchasers. 
 “Bankruptcy
Code” means 11 U.S.C. Section 101 et seq., as amended from time to time. 
 “Barclays” has the meaning
set forth in the preamble. 
 “Business Day” means any day other than (i) a Saturday or Sunday, (ii) a day upon
which the New York Stock Exchange, the Federal Reserve Bank of New York, or banking and savings and loan institutions in the states of New York or Texas are closed, or (iii) with respect to any day on which the parties hereto have obligations
to the Custodian or on which the Custodian has obligations to any party hereto, a day upon which the Custodian’s offices are closed. 

“Cash Equivalents” means any of the following: (a) marketable direct obligations issued by, or unconditionally
guaranteed by, the United States Government or issued by any agency thereof and backed by the full faith and credit of the United States, in each case maturing within [***] from the date of acquisition; (b) certificates of deposit, time
deposits, eurodollar time deposits or overnight bank deposits having maturities of [***] or less from the date of acquisition issued by any commercial bank organized under the laws of the United States or of any state thereof having combined capital
and surplus of not less than $[***]; (c) commercial paper of a domestic issuer rated at least A-1 by Standard & Poor’s Ratings Services (“S&P”) or P-1 by Moody’s Investors Service, Inc.
(“Moody’s”), or carrying an equivalent rating by a nationally recognized rating agency, if both of the two named rating agencies cease publishing ratings of commercial paper issuers generally, and maturing within [***] from the
date of acquisition; (d) repurchase obligations of any commercial bank satisfying the requirements of clause (b) of this definition, having a term of not more than [***], with respect to securities issued or fully guaranteed or insured by
the United States government; (e) securities with maturities of [***] or less from the date of acquisition issued or fully guaranteed by any state, commonwealth or territory of the United States, by any political subdivision or taxing authority
of any such state, commonwealth or territory or by any foreign government, the securities of which state, commonwealth, territory, political subdivision, taxing authority or foreign government (as the case may be) are rated at least A by S&P or
A by Moody’s; (f) securities with maturities of [***] or less from the date of acquisition backed by standby letters of credit issued by any commercial bank satisfying the requirements of clause (b) of this definition; or
(g) shares of money market mutual or similar funds which invest exclusively in assets satisfying the requirements of clauses (a) through (f) of this definition. 

  
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 “Certification” has the meaning assigned thereto in the Custodial and
Disbursement Agreement. 
 “CFPB” means the Consumer Financial Protection Bureau or any successor thereto. 

“Change in Control” means: (a) any transaction or event as a result of which LSF6 Service Operations, LLC ceases to own,
beneficially or of record, 51% of the Equity Interests of Seller, (b) the sale, transfer, or other disposition of all or substantially all of Seller’s assets (excluding any such action taken in connection with any securitization
transaction or routine sales of Mortgage Loans), 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 equityholders of the Seller immediately prior to such merger, consolidation or other
reorganization. 
 “Change in Law” means (a) the adoption of any law, rule or regulation after the date of this
Agreement, (b) any change in any 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 a Purchaser (or any of its Affiliates 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. 

“Closing Protection Letter” means, with respect to any Wet-Ink Mortgage Loan that becomes subject to a Transaction, a letter
of indemnification from any title company (except by a title company disapproved in writing by Barclays) in any jurisdiction where insured closing letters are permitted under applicable law and regulation, addressed to Seller, which is fully
assignable to Barclays, 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(f) for the benefit of the Purchasers, Account Number: [***], ABA: [***]. 

“Collection Account Control Agreement” means that certain Deposit Account Control Agreement (Collection Account), dated as of
May 11, 2015, by and among Barclays, the Seller and Bank, in form and substance acceptable to Barclays 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” shall have the meaning assigned thereto in the Pricing Side Letter. 

“Confirmation” has the meaning assigned thereto in Section 4 hereof. 

“Cooperative Corporation” means with respect to any Cooperative Mortgage Loan, the cooperative apartment corporation that
holds legal title to the related Cooperative Project and grants occupancy rights to units therein to stockholders through Proprietary Leases or similar arrangements. 

“Cooperative Mortgage Loan” means a loan that is secured by a first lien on and perfected security interest in Cooperative
Shares and the related Proprietary Lease granting exclusive rights to occupy the related Cooperative Unit in the building owned by the related Cooperative Corporation. 

  
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 “Cooperative Project” means, with respect to any Cooperative Mortgage Loan,
all real property and improvements thereto and rights therein and thereto owned by a Cooperative Corporation including without limitation the land, separate dwelling units and all common elements. 

“Cooperative Shares” means, with respect to any Cooperative Mortgage Loan, the shares of stock issued by a Cooperative
Corporation and allocated to a Cooperative Unit and represented by a stock certificate. 
 “Cooperative Unit” means, with
respect to a Cooperative Mortgage Loan, a specific unit or apartment in a Cooperative Project. 
 “Correspondent Loan”
means a Mortgage Loan originated by a third party originator and acquired by Seller in accordance with Seller’s correspondent Mortgage Loan program. 

“Custodial and Disbursement Agreement” means that certain Custodial and Disbursement Agreement, dated as of May 11,
2015, among Seller, Purchasers, Agent, Custodian and Disbursement Agent, entered into in connection with this Agreement and the Mortgage Loan Participation Purchase and Sale Agreement (to the extent the EPF Execution Date has occurred), 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. 
 “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 Account” has the meaning assigned thereto in the Custodial and Disbursement Agreement. 

“Disbursement Agent” means Deutsche Bank National Trust Company, and its successors and permitted assigns. 

“Dollars” or “$” means, unless otherwise expressly stated, lawful money of the United States of America.

 “Due Date” means the day of the month on which the Monthly Payment is due on a Mortgage Loan, exclusive of any days of
grace. 
 “Due Diligence Review Percentage” has the meaning assigned thereto in the Pricing Side Letter. 

“Effective Date” means May 12, 2015. 

“Electronic Tracking Agreement” means the electronic tracking agreement in form and substance acceptable to Purchasers and
Seller, dated as of May 11, 2015 among Purchasers, Seller, MERSCORP Holdings, Inc. (f/k/a MERSCORP, Inc.) and Mortgage Electronic Registration Systems, Inc., entered into in connection with this Agreement and the Mortgage Loan Participation
Purchase and Sale Agreement (to the extent the EPF Execution Date has occurred), as the same may be amended, modified or supplemented from time to time. 

  
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 “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 delivery of an original executed
document). 
 “Eligible Mortgage Loan” means a first lien Mortgage Loan (including any Aged Mortgage Loan, HARP Mortgage
Loan, or Seasoned Mortgage Loan) that (i) satisfies each of the representations and warranties in Exhibit B to the Agreement in all material respects, (ii) if such Mortgage Loan is (a) an Agency Eligible Mortgage Loan, it is in Agency
Compliance with the eligibility requirements of the Ginnie Mae Program, Fannie Mae Program, or Freddie Mac Program, FHA Regulations or VA Regulations, respectively, and all representations and warranties of the related Agency Guides, or (b) a
Jumbo Mortgage Loan, it was underwritten and originated in accordance with the Seller Underwriting Guidelines with respect to jumbo loans, (iii) contains all required documents in the Mortgage File without exceptions unless otherwise waived by
Barclays or permitted as a Wet-Ink Mortgage Loan, and (iv) satisfies the Additional Eligible Loan Criteria.     

“EPF Custodial Account Control Agreement” means (if applicable) that certain Custodial Account Control Agreement (Custodial
Account), dated the EPF Execution Date, as amended, modified or supplemented from time to time, among Seller, Barclays 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. 
 “EPF Execution Date” means the date on which the parties
hereto agree to enter into and execute the Mortgage Loan Participation Purchase and Sale Agreement and related EPF Documents. 

“EPF Pricing Side Letter” means (if applicable) that certain Pricing Side Letter, dated as of the EPF Execution Date, between
Seller and Barclays 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 Barclays or one of its Affiliates (or Custodian on their 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. 

“Equity Interests” means, with respect to any Person, (a) any share, interest, participation and other equivalent
(however denominated) of capital stock of (or other ownership, equity or profit interests in) such Person, (b) any warrant, option or other right for the purchase or other acquisition from such Person of any of the foregoing, (c) any
security convertible into or exchangeable for any of the foregoing, and (d) any other ownership or profit interest in such Person (including partnership, member or trust interests therein), whether voting or nonvoting, and whether or not such
share, warrant, option, right or other interest is authorized or otherwise existing on any date. 
 “ERISA” means, the
Employee Retirement Income Security Act of 1974, as amended from time to time and any successor thereto, and the regulations promulgated and rulings issued thereunder. 

“Escrow Instruction Letter” means the Escrow Instruction Letter from Seller to the Settlement Agent. 

  
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 “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 stayed or dismissed within [***] of filing; 
 (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 pay or perform its obligations generally as they become due or mature, or (b) generally fail to pay its debts or obligations as they become due or mature; 

(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; or 
 (vi) the
audited annual financial statements of such Person or the notes thereto or other opinions or conclusions stated therein shall be qualified or limited by reference to the status of such Person as a “going concern” or a reference of similar
import or shall indicate that such Person has a negative net worth or is insolvent; or 
 (vii) if such Person or any
Affiliate is a corporation, such Person or any Affiliate or any of their Subsidiaries, shall take any corporate action in furtherance of the foregoing actions. 

“Fannie Mae” means Fannie Mae 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. 

  
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 “Fannie Mae Mortgage Loan” means a mortgage loan that is in Agency
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. 

“FDIC” means the Federal Deposit Insurance Corporation or any successor thereto. 

“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. 
 “FHA
Buyout Loan” means an Eligible Mortgage Loan that (a) is insured by FHA, (b) is a Ginnie Mae Mortgage Loan, (c) has been purchased out of a Ginnie Mae Security, and (d) is not a Modified Loan. 

“FHA Insurance Contract” means the contractual obligation of FHA respecting the insurance of an FHA Mortgage Loan
pursuant to the National Housing Act, as amended. 
 “FHA Mortgage Loan” means a Mortgage Loan that is the subject of an
FHA Insurance Contract as evidenced by a Mortgage Insurance Certificate.     
 “FHA
Regulations” means the regulations promulgated by HUD under the National Housing Act, codified in 24 Code of Federal Regulations, and other HUD issuances relating to FHA Mortgage Loans, including the related handbooks, circulars, notices
and mortgagee letters. 
 “FICO Score” means the credit score of the Mortgagor provided by Fair, Isaac & Company,
Inc. or such other organization providing credit scores on the Origination Date of a Mortgage Loan. 
 “Foreclosure and Workout
Report” means a report, in the form of Exhibit L hereto, regarding any FHA Buyout Loan. 
 “Foreclosure Referred
Loan” shall mean any Non-Performing Mortgage Loan which has been referred to an attorney for the commencement of either a judicial or non-judicial foreclosure
proceeding. 
 “Freddie Mac” means Freddie Mac, 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 Agency Compliance on the related Purchase
Date with the eligibility requirements specified for the applicable Freddie Mac Program described in the Freddie Mac Guide. 

  
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 “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. 
 “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 Agency Compliance on
the related Purchase Date with the eligibility requirements specified for the applicable Ginnie Mae Program in the applicable Ginnie Mae Guide. 

“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. 
 “Governmental Authority” means any
nation or government, any state or other political subdivision, agency or instrumentality thereof, or any entity exercising executive, legislative, judicial, tribunal, 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. 
 “HARP Mortgage
Loan” means a Fannie Mae Mortgage Loan or a Freddie Mac Mortgage Loan that fully conforms to the Home Affordable Refinance Program (as such program is amended, supplemented or otherwise modified, from time to time), and is referred to by
Fannie Mae as a “Refi Plus mortgage loan” or “DU Refi Plus mortgage loan”, and by Freddie Mac as a “Relief Refinance Mortgage,” respectively.  

“Hedge Instrument” means any interest rate cap agreement, interest rate floor agreement, interest rate swap agreement or
other interest rate hedging agreement entered into by Seller with a counterparty reasonably acceptable to Agent, in each case with respect to the Mortgage Loans. 

“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 

  
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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, or (c) 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. 
 “High LTV Agency Eligible Mortgage
Loan” means any Agency Eligible Mortgage Loan that has a loan-to-value ratio or combined
loan-to-value ratio between [***] and [***]. 

“High LTV Agency Eligible Mortgage Loan Sublimit” has the meaning assigned thereto in the Pricing Side Letter. 

“High LTV Government Mortgage Loan” means any FHA Mortgage Loan (other than FHA Buyout Loans) or VA Mortgage Loan that has a loan-to-value ratio or combined loan-to-value ratio between [***] and [***]. 

“High LTV Government Mortgage Loan Sublimit” has the meaning assigned thereto in the Pricing Side Letter. 

“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 Government National Mortgage Association. 

“Income” means, with respect to any Purchased Asset at any time, any principal and/or interest thereon and all dividends,
sale proceeds, securitization proceeds, liquidation 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), except for Prepayment Income. 

“Indebtedness” means, with respect to any Person as of any date of determination: (a) all obligations created, issued or
incurred by such Person for borrowed money; (b) obligations to pay the deferred purchase or acquisition price of Property or services, other than trade accounts payable (other than for borrowed money) arising, and accrued expenses incurred, in
the ordinary course of business so long as such trade accounts payable are payable and paid within ninety (90) days of the date the respective goods are delivered or the respective services are rendered; (c) indebtedness of others secured
by a Lien on the Property of such Person, whether or not the respective indebtedness so secured has been assumed by such Person; (d) obligations (contingent or otherwise) in respect of letters of credit or similar instruments issued for account
of such Person; (e) capital lease obligations; (f) payment obligations under repurchase agreements, single seller financing facilities, warehouse facilities and other lines of credit; (g) indebtedness of others guaranteed on a
recourse or partial recourse basis by such Person; (h) all obligations incurred in connection with the acquisition or carrying of fixed assets; (i) indebtedness of general partnerships of which such Person is a general partner; and
(j) any other material known or contingent liabilities of such Person that are similar in nature to the types of liabilities described in clauses (a) through (i) of this definition. 

“Indemnified Party” has the meaning assigned thereto in Section 21(a). 

“Instruction Letter” shall mean a letter agreement between Seller and each Subservicer substantially in the form of Exhibit N
attached hereto. 

  
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 “Investment Company Act” means the Investment Company Act of 1940, as
amended, including all rules and regulations promulgated thereunder. 
 “IRS” has the meaning assigned thereto in
Section 8(e). 
 “Jumbo Mortgage Loan” means a first lien mortgage loan which conforms with all requirements of the
Seller Underwriting Guidelines with respect to jumbo loans.     
 “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 at approximately 11:00 a.m., London time, on the applicable date of determination, or such interpolated rate as determined by the Agent. 

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

“Low FICO Mortgage Loan” means any Mortgage Loan where the related Mortgagor’s FICO Score was equal to or greater than
[***], but less than [***], on the applicable Origination Date. 
 “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, (i) the value ascribed to a
Purchased Asset or a Mortgage Loan by Agent in its sole good faith discretion, using methodology and parameters customarily used by Agent to value similar assets, as may be marked to market daily, and (ii) zero, with respect to any Mortgage
Loan that is not an Eligible Mortgage Loan.     
 “Master Netting Agreement” means that certain Global
Netting and Security Agreement, dated as of May 11, 2015, among Purchasers, Seller and certain Affiliates and Subsidiaries of Barclays and/or Seller, entered into in connection with this Agreement and the Mortgage Loan Participation Purchase
and Sale Agreement (to the extent the EPF Execution Date has occurred), 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, condition (financial
or otherwise), operations, performance, or Property of such Person including the insolvency of such Person or its Parent Company, if applicable, taken as a whole. 

“Material Adverse Effect” means (a) a Material Adverse Change with respect to Seller, Servicer or any of their
respective Affiliates; (b) a material impairment of the ability of Seller, 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, Servicer 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; or (e) a material adverse effect on the Approvals of Seller. 
 “Maturity Date”
means May 10, 2016.  
 “Maximum Aggregate Purchase Price” has the meaning assigned thereto in the Pricing Side
Letter. 

  
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 “Maximum Time on Facility” means for (i) all Agency Eligible Mortgage
Loans and Special Purpose Loans the maximum number of days such Mortgage Loan may be subject to a Transaction (whether or not continuous) is [***] from the Origination Date, (ii) all Seasoned Mortgage Loans the maximum number of days such
Mortgage Loan may be subject to a Transaction is [***] from the related Purchase Date, (iii) all Jumbo Mortgage Loans, the maximum number of days such Mortgage Loan may be subject to a Transaction (whether or not continuous) is [***] from the
Origination Date, (iv) Modified Loans the maximum number of days such Mortgage Loan may be subject to a Transaction (whether or not continuous) is [***] from the date on which the modification of such Modified Loan was finalized and trial
period concluded, (v) Wet-Ink Mortgage Loans the maximum number of days such Mortgage Loan may be subject to a Transaction (whether or not continuous) is [***] from the Origination Date and (vi) any
FHA Buyout Loan the maximum number of days such Mortgage Loan may be subject to a Transaction (whether or not continuous) is [***] from the related Purchase Date. 

“Merger Event” means any merger, conversion, combination or consolidation to which the Seller is a party and regarding which
the Seller is not the surviving entity thereof, or the sale of all or substantially all of Seller’s Property (other than in connection with an asset-based financing or other secondary market transaction related to the Seller’s assets in
the ordinary course of the Seller’s business). 
 “MERS” means Mortgage Electronic Registration Systems, Inc., a
Delaware corporation, or any successor in interest thereto. 
 “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. 

“MERS Identification Number” has the meaning assigned thereto in the Custodial and Disbursement Agreement. 

“Modified Loan” means an Eligible Mortgage Loan that (a) is insured by FHA, (b) was purchased out of a Ginnie Mae
Security solely as a result of final modifications to such Eligible Mortgage Loan, 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 twelfth (12th) day of each calendar month beginning with June 2015; 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 Insurance Certificate” means the certificate evidencing a FHA Insurance Contract. 

“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. 

  
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 “Mortgage Loan” means a Seasoned Mortgage Loan, FHA Buyout Loan, Modified
Loan, Ginnie Mae Mortgage Loan, a Fannie Mae Mortgage Loan, a Freddie Mac Mortgage Loan, a FHA Mortgage Loan, a VA Mortgage Loan, a Special Purpose Loan, a HARP Mortgage Loan, or a Jumbo Mortgage Loan, in each case purchased by a Purchaser
hereunder. 
 “Mortgage Loan Guaranty Certificate” shall mean the certificate evidencing a VA Mortgage Loan Guaranty
Agreement. 
 “Mortgage Loan Participation Purchase and Sale Agreement” means, if applicable, that certain Mortgage Loan
Participation Purchase and Sale Agreement, between Barclays 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 (and with respect to any Cooperative Mortgage Loan, the Cooperative Unit) securing repayment of the debt evidenced by a Mortgage Note. 

“Mortgagee” means the record holder of a Mortgage Note secured by a Mortgage. 

“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 the Mortgage Loan. 

“Net Income” shall mean, for any period, the net income of any Person for such period as determined in accordance with GAAP,
less fair value adjustments to the mortgage servicing rights of said Person.     
 “Next-Day Mortgage Loans” shall mean Wet Ink-Mortgage Loans where Seller has requested a Purchase Date on the Business Day following the day that Seller has delivered
the Transaction Notice and Mortgage Loan Schedule in accordance with Section 2(b)(iv) of the Custodial Agreement. 
 “Non-Excluded Taxes” has the meaning assigned thereto in Section 8(a). 
 “Non-Performing Loan” means any first lien closed loan which is a fixed or floating rate, one to four family residential mortgage loan evidenced by a promissory note and secured by a first lien mortgage
which does not meet the criteria for an Agency Eligible Mortgage Loan, Jumbo Mortgage Loan, Modified Loan, Re-performing Loan or FHA Buyout Loan and which is more than ninety (90) days delinquent. 

“Non-Usage Fee” has the meaning assigned thereto in the Pricing Side Letter. 

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

“Obligations” means (a) all amounts due and payable by Seller to Purchasers 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 obligations and liabilities of Seller to Purchasers arising under, or in
connection with, the Program Documents or directly 

  
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related to the Purchased Assets, whether now existing or hereafter arising; (b) any and all sums paid by Purchasers or on behalf of Purchasers pursuant to the Program Documents 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 the related Purchaser of its rights under the Program Documents, including without limitation, reasonable
attorneys’ fees and disbursements and court costs; and (d) all of Seller’s indemnity obligations to Purchasers pursuant to the Program Documents. 

“Onsite Diligence” shall have the meaning set forth in Section 36. 

“Origination Date” means (i) with respect to Mortgage Loans (other than Correspondent Loans, or Modified Loans), the
date on which a Mortgage Loan was originated by the related Originator, (ii) with respect to Correspondent Loans, the date on which a Correspondent Loan was acquired by Seller, and (iii) with respect to Modified Loans, the date on which
such Mortgage Loan became a Modified Loan.     
 “Originator” means Seller or any other third party
originator as mutually agreed upon by Agent and Seller; provided, that the parties set forth on Schedule 1 hereto are hereby excluded as “Originators” as of the Effective Date, which annex may be amended, supplemented or otherwise modified
from time to time as mutually agreed upon by Agent and Seller. 
 “Other Taxes” has the meaning assigned thereto in
Section 8(b). 
 “Parent Company” means with respect to the Seller, LSF6 Service Operations, LLC, and with respect to
the Seller’s Subsidiaries, the Seller.     
 “Permitted Affiliate Transaction” means each of the
following, in each case only so long as no Default or Event of Default exists and is continuing, and only to the extent not prohibited by applicable law: (i) the payment of reasonable fees and expenses to Hudson Advisors LLC
(“Hudson”) or any of its Affiliates on account of services actually performed by Hudson or its Affiliate for Seller’s benefit, (ii) any financing transaction (a) with any Affiliate that is a direct or indirect parent of
Seller, (b) with any Affiliate of a direct or indirect parent of Seller, or (c) with any Subsidiary of Seller that is a special purpose entity created for the purpose of such financing, and (iii) any transaction between Seller and a
wholly owned Subsidiary of Seller involving an amount due to or from Seller not to exceed $[***]. 
 “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. 

“Prepayment Income” means all amounts received with respect to a Mortgage Loan representing prepayments of any principal
amount of such loan. 
 “Prepayment Income Event” means at any time the amount of Prepayment Income received by Seller or
any Subservicer on an individual Mortgage Loan equals or exceeds $[***]. 
 “Price Differential” means, with respect to any
Purchased Asset 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 Purchase Price
for such Purchased Asset or Transaction. Price Differential will be calculated in accordance with Section 3(e) herein for the actual number of days elapsed during such Accrual Period on a 360-day basis.

  
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 “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 Asset or Transaction, an amount equal to the sum of (i) LIBOR plus (ii) the Applicable Margin. 

“Pricing Side Letter” means that certain Pricing Side Letter, dated as of May 11, 2015, between Seller and Purchasers,
entered into in connection with this Agreement, as the same may be amended, modified or supplemented from time to time. 
 “Program
Documents” means this Agreement, the Pricing Side Letter, the Custodial and Disbursement Agreement, the Collection Account Control Agreement, any assignment of Hedge Instrument, the Electronic Tracking Agreement, the Master Netting
Agreement, any Backup Servicer Agreement, the EPF Program Documents (to the extent EPF Execution Date has occurred) and all other agreements, documents and instruments entered into by Seller on the one hand, and any 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. 
 “Proprietary Lease” means the lease on a Cooperative Unit
evidencing the possessory interest of the owner of the Cooperative Shares in such Cooperative Unit. 
 “Purchase Date”
means, with respect to each Transaction, the date on which Purchased Assets are sold by Seller to a Purchaser or such Purchaser’s designee hereunder; provided, that a Purchase Date for any FHA Buyout Loan or Modified Loan may occur no more than
four (4) times within a calendar month and, without the prior written consent of Agent, shall not occur within the final two (2) Business Days of such calendar month.  

“Purchase Price” means the price at which Purchased Assets subject to a Transaction are sold by Seller to a Purchaser or its
designee on a Purchase Date (which includes a mutually negotiated premium allocable to the portion of the related Purchased Assets that constitutes the related Servicing Rights), which shall (unless otherwise agreed to by the Seller and the
applicable Purchaser) be equal to the lesser of (i) 100% of the unpaid principal balance of such Purchased Assets as of such date of determination and (ii) the product of the applicable Purchase Price Percentage multiplied by the Market Value
of such Purchased Assets as of such date of determination. 
 “Purchase Price Percentage” has the meaning assigned thereto
in the Pricing Side Letter. 
 “Purchased Assets” means all of the following that are sold by Seller to either Purchaser in
a Transaction, whether now existing or hereafter acquired: (i) the Eligible Mortgage Loans, (ii) the related Servicing Rights and related Servicing Records, (iii) Seller’s rights under any related Hedge Instruments to the extent
related to the Mortgage Loans and to the extent assignable, (iv) such other Property, rights, titles or interest as are specified on the related Transaction Notice, (v) all mortgage guarantees and insurance relating to the 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 the
Mortgage Loans, including all FHA Insurance Contracts and VA Mortgage Loan Guaranty Agreements (vi) all guarantees 

  
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or other support for the Mortgage Loans, (vii) all rights to (a) Income and (b) Prepayment Income (following the occurrence of an Event of Default); and the rights to enforce such
payments arising from the Mortgage Loans and any other contract rights, payments, rights to payment (including payments of interest or finance charges) with respect thereto, (viii) all Takeout Commitments and Trade Assignments (including the
rights to receive the related purchase price related therefor), if assignable and applicable, (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 other products and proceeds relating to or
constituting any or all of the foregoing, (xii) any rights and interest in any purchase agreements or other agreements or contracts relating to or constituting any or all of the foregoing, (xiii) any other collateral pledged 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. 
 “Purchaser” has the meaning
set forth in the preamble hereof. 
 “Purchaser’s Wire Instructions” has the meaning set forth in the Pricing Side
Letter. 
 “QM Rule” shall mean 12 CFR 1026.43(e), including all applicable official staff commentary. 

“Qualified Mortgage” shall mean a Loan that satisfies the criteria for a “qualified mortgage” as set forth in 12
CFR 1026.43(e). 
 “Refi Mortgage Loan” shall mean a Loan as to which a “refinancing” has occurred, as defined in
12 CFR 1026.20(a). 
 “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 an Asset that is a Purchased Asset, including, without limitation, the complete payment and modification history of each Asset that is a Purchased Asset. 

“REO Property” means a residential real property including land and improvements, together with all buildings, fixtures and
attachments thereto, all insurance proceeds, liquidation proceeds, condemnation proceeds, and all other rights, benefits, proceeds and obligations arising from or in connection therewith. 

“Re-performing Mortgage Loan” means any first lien closed loan which is a fixed or
floating rate, one to four family residential mortgage loan evidenced by a promissory note and secured by a first lien mortgage which does not meet the criteria for an Agency Eligible Mortgage Loan, Jumbo Mortgage Loan, Modified Loan or FHA Buyout
Loan and for which either (i) (a) is not currently a 30+ Day Delinquent Loan; (b) has not been a 30+ Day Delinquent Loan during the immediately preceding six (6) month period; and (c) has not been modified during the immediately
preceding six (6) month period or (ii) is a Seasoned Performing Mortgage Loan or Seasoned Performing Modified Mortgage Loan. 

  
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 “Repurchase Date” means, with respect to any Transaction, the earliest of
(i) the Termination Date, (ii) the date set forth in the related Transaction Notice as the scheduled Repurchase Date, (iii) the second Business Day following Seller’s written notice to Purchaser requesting a repurchase of such
Transaction or (iv) at the conclusion of the Maximum Time on Facility for each such Transaction, or if such day is not a Business Day, the immediately following Business Day. 

“Repurchase Price” means the price at which Purchased Assets are to be transferred from the related 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 such Purchaser, (ii) the Price Differential accrued and unpaid thereon, and
(iii) any accrued and unpaid fees or expenses or indemnity amounts and any other outstanding amounts owing under the Program Documents from Seller to such Purchaser. 

“Request for Release of Documents” means the Request for Release of Documents set forth as Annex 3 or 5 to the Custodial and
Disbursement Agreement, as applicable. 
 “Requirement of Law” means as to any Person, 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, as to any Person, the chief executive officer, the chief financial officer, the chief investment
officer, the chief administrative officer, the secretary, any managing director, director, associate, principal, vice president, assistant vice president, assistant secretary, any operations personnel or any other officer or, as applicable,
customarily performing functions similar to those performed by any of the above designated individuals. 
 “Restricted Mortgage
Loan” means (i) a “Growing Equity Loan,” “Manufactured Home Loan,” “Graduated Payment Loan,” “Buydown Loan” (other than an Agency Buydown Loan),” “Manufactured Housing Loan” (other
than an Approved Manufactured Home 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.     

“Same-Day Wet-Ink Mortgage Loans” shall mean
Wet Ink-Mortgage Loans where Seller has requested a Purchase Date on the same day on which Seller has delivered the Transaction Notice and Mortgage Loan Schedule in accordance with Section 2(b)(iv) of the
Custodial Agreement. 
 “Seasoned Mortgage Loan” means any Re-Performing Mortgage
Loan or Non-Performing Mortgage Loan, which does not meet the criteria set forth in the definition of Maximum Time on Facility for any other Mortgage Loan other than clause (ii). 

“Seasoned Performing Mortgage Loan” means any first lien closed loan which is a fixed or floating rate, one to four family
residential mortgage loan evidenced by a promissory note and secured by a first lien mortgage which does not meet the criteria for an Agency Eligible Mortgage Loan, Jumbo Mortgage Loan, Modified Loan, or FHA Buyout Loan and which has never been
(i) a 30+ Day Delinquent Loan or (ii) modified. 
 “Seasoned Performing Modified Mortgage Loan” means any
Seasoned Performing Mortgage Loan which has been modified since its origination. 
 “SEC” has the meaning ascribed thereto
in Section 35. 

  
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 “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 Assets proposed to be purchased by a Purchaser, in the form of
Exhibit H hereto, that will be delivered in an excel spreadsheet format by Seller to the applicable Purchaser and Custodian together with each Transaction Notice and attached by the Custodian to the related Certification. 

“Seller Underwriting Guidelines” means, collectively, the underwriting guidelines of the Seller with respect to the Mortgage
Loans, which, other than with respect to any balance limitations applicable to Jumbo Mortgage Loans, comply with all current requirements of the Agencies, FHA and VA, as applicable, in effect as of the date of this Agreement, as the same may be
amended, supplemented or otherwise modified from time to time in accordance with the terms of this Agreement.     

“Servicer” means Seller or any other servicer approved by Agent in its sole discretion. 

“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, databases, 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(d).

 “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.     

“Settlement Date” means the date specified in a Takeout Commitment upon which the related Security is scheduled to be
delivered to the specified Takeout Investor on a “delivery versus payment” basis. 
 “Special Purpose Loan” shall
mean any Approved Manufactured Home Loan or Agency Buydown Loan. 

  
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 “Structuring Fee” has the meaning assigned thereto in the Pricing Side
Letter. 
 “Subservicer” means any subservicer engaged by Seller in its capacity as Servicer to perform the actual
servicing of Mortgage Loans in compliance with Section 16(a)(ii). 
 “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 such Person or one or more Subsidiaries of such Person or by such Person and one or more Subsidiaries of such Person. 

“Sutton” has the meaning set forth in the preamble. 

“Takeout Commitment” means 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 Barclays
pursuant to a Trade Assignment. 
 “Takeout Investor” means either (i) Barclays Capital, Inc., or any successor
thereto, or (ii) any other Person approved by Agent in its reasonable discretion and further provided that Agent hereby approves the Takeout Investors set forth on Exhibit J hereto as of the Effective Date and as modified by the agreement of
Seller and Agent from time to time. 
 “Tangible Net Worth” means for any Person as of any date of determination, an amount
equal to (i) such Person’s shareholder equity calculated in accordance with GAAP, minus (ii) the intangible assets of such Person. 

“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 (to the extent the EPF Execution Date has occurred), (iii) the date determined by application of Section 18, as applicable and (iv) with respect to the Uncommitted Amount, the fifteenth (15th)
Business Day after the Purchaser delivers a notice of termination to the Seller, provided that if such day is not a Business Day, the immediately preceding Business Day. 

“Trade Assignment” means a letter substantially in the form of Exhibit F. 

“Transaction” has the meaning assigned thereto in Section 1. 

“Transaction Fee” has the meaning assigned thereto in the Pricing Side Letter. 

“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 among Seller and a Purchaser or Purchasers, which is delivered to the related Purchaser in accordance with Section 3(c) herein. 

“Uncommitted Amount” shall have the meaning assigned thereto in the Pricing Side Letter. 

  
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 “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” shall mean 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. 

“Unrestricted Cash” means, as of any date of determination, the sum of (i) Seller’s unrestricted cash and
(ii) Seller’s unrestricted Cash Equivalents that are not, in either case, subject to a Lien in favor of any Person or that are not required to be reserved by Seller in a restricted escrow arrangement or other similarly restricted
arrangement pursuant to a contractual agreement or requirement of law; provided that for purposes of this definition, a “Lien” shall not include any liens created pursuant to any account control agreement or similar agreement in which the
related lienholder, secured party or Person other than Seller, has not yet exercised its “control” (as such term is defined in the Uniform Commercial Code) over the cash or Cash Equivalents contained in the related account, nor shall it
include any statutory offset rights of an applicable depository institution. 
 “Utilization Threshold” has the meaning
assigned thereto in the Pricing Side Letter. 
 “VA” means the U.S. Department of Veterans Affairs, an agency of the United
States of America, or any successor thereto including the Secretary of Veterans Affairs. 
 “VA Mortgage Loan” means a Loan
which is the subject of a VA Mortgage Loan Guaranty Agreement as evidenced by a Mortgage Loan Guaranty Certificate. 
 “VA Mortgage
Loan Guaranty Agreement” means the obligation of the United States to pay a specific percentage of a Mortgage Loan (subject to a maximum amount) upon default of the Mortgagor pursuant to the Servicemen’s Readjustment Act, as amended.

 “VA Regulations” means the regulations promulgated by the Veterans Administration pursuant to the Serviceman’s
Readjustment Act, as amended, codified in 36 Code of Federal Regulations, and other VA issuances relating to VA Mortgage Loans, including related handbooks, circulars and notices. 

“Verification Agent” means an entity appointed by the Agent to perform specific services, including but not limited to on-going due diligence, with respect to the Eligible Mortgage Loans, or its successors and assigns. 

“Verification Agent Letter” means the agreement pursuant to which the Verification Agent performs services with respect to
the Eligible Mortgage Loans. 
 “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 a Purchaser. 

“Warehouse Lender’s Release” means an executed letter from a Warehouse Lender to a 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 Barclays
simultaneously with the origination thereof that is funded in part, either directly or indirectly, with the Purchase Price paid by Barclays hereunder and prior to receipt by Barclays or the Custodian of the original Mortgage Note. 

  
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 “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. 

“Wet-Ink Mortgage Loan Step Down Date” has the meaning assigned thereto in the
Pricing Side Letter. 
 “Wet-Ink Mortgage Loan Sublimit” has the meaning assigned
thereto in the Pricing Side Letter. 
 (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 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 occurring under any Program
Document exists until it has been waived in writing by Agent 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 a Purchaser or an authorized officer of such 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 a Purchaser under the terms of this Agreement, the
relevant document shall be provided in writing or printed form unless such Purchaser requests otherwise. 

  
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 This Agreement is the result of negotiations among, and has been reviewed by counsel to,
Purchasers 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, Purchasers may give or withhold, or give conditionally, approvals and consents and may form opinions and make determinations in their absolute
sole discretion. Except as specifically required herein, any requirement of good faith, discretion or judgment by Purchasers or Agent shall not be construed to require Purchasers 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, Purchasers 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 the Uncommitted Amount.     

(b) Subject to the terms and conditions of the Program Documents, Purchasers may enter into Transactions provided, that the
Aggregate MRA Purchase Price shall not exceed, as of any date of determination, the lesser of the (a) Maximum Aggregate Purchase Price and (b) the Asset Base. 

(c) Seller shall request that Purchaser enter into a Transaction with respect to any Eligible 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, FHA Buyout Loans and Modified Loans)	  	(i) a Transaction Notice and (ii) 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 3:00 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	  	Custodian

  
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	 Purchased Asset Type
	  	 Required Delivery Items
	  	 Required Delivery

Time
	  	 Required

Recipient
	  	 Required

Purchase Time

		  	For all Eligible Mortgage Loans (other than Wet-Ink Mortgage Loans): 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	  	
	Next-Day Wet- Ink Mortgage Loans	  	(i) a Transaction Notice and (ii) Seller Mortgage Loan Schedule	  	No later than 4:00 p.m. (New York City time) on the Business Day prior to the requested Purchase Date	  	Purchaser (Barclays), Custodian and Disbursement Agent	  	 No later than two (2) hours after receipt of the Required Delivery Items within the

Required Delivery Time on the requested Purchase Date

	Same-Day Wet- Ink Mortgage Loans	  	(i) a Transaction Notice and (ii) Seller Mortgage Loan Schedule	  	No later than 4:00 p.m. (New York City time) on the requested Purchase Date	  	Purchaser (Barclays), Custodian and Disbursement Agent
	FHA Buyout Loans and Modified Loans	  	(i) a Transaction Notice and (ii) Seller Mortgage Loan Schedule	  	No later than 5:00 p.m. (New York City time) on the second Business Day prior to the requested Purchase Date	  	Sutton (FHA Loans), Barclays (Modified Loans) and Custodian	  	No later than 3:00 p.m. (New York City time) on the requested Purchase Date

 (d) With respect to each Wet-Ink Mortgage Loan, immediately following
the Purchase Date, Seller shall deliver to the Custodian the remaining documents in the Mortgage File. Upon the Wet-Ink Mortgage Loan Document Receipt Date, the related
Wet-Ink Mortgage Loan shall become an Agency Eligible Mortgage Loan or a Jumbo Mortgage Loan, as applicable.     

(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, on the requested Purchase Date Barclays shall, in the case of a Transaction with respect to the Committed Amount
and Barclays may, in its sole discretion, in the case of a Transaction with respect to the Uncommitted Amount purchase the Eligible Mortgage Loans that are not FHA Buyout Loans and Sutton shall, in the case of a Transaction with respect to the
Committed Amount and Sutton may, in its sole discretion, in the case of a Transaction with respect to the Uncommitted Amount purchase the Eligible Mortgage Loans that are FHA Buyout Loans, each included in the related Transaction Notice, by
transferring the Purchase Price (net of any related Structuring Fee, Transaction Fees or any other fees and expense then due and payable by Seller to Purchaser pursuant to the Agreement) no later the Required Purchase Time set forth in
Section 3(c) above on such Purchase Date in accordance with the following wire instructions or as otherwise provided: 
 Receiving
Bank: JPMorgan Chase Bank, N.A. Houston Texas 

  
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 ABA#: [***] 

Account Name: Caliber Home Loans, Inc. Operating Account 

Account Number: [***] 
 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 the related Purchaser. On the earliest of (1) the Monthly Payment Date or (2) the
Termination Date, Seller shall pay to the Agent the Price Differential then due and payable for (x) all outstanding Transactions and (y) Purchased Assets for which the related Purchaser has received the related Repurchase Price (other than
Price Differential) pursuant to Section 3(g). 
 (g) With respect to a Transaction, upon the earliest of (1) the Repurchase Date
and (2) the Termination Date, Seller shall pay to the Agent the related Repurchase Price (other than the related accrued Price Differential) together with any other Obligations then due and payable, and shall repurchase all Purchased Assets
then subject to such Transaction. The Repurchase Price shall be transferred by Agent to the related Purchaser. 
 (h) If any Change in Law
regarding capital requirements has the effect of reducing the rate of return on either Purchaser’s capital or on the capital of any Affiliate of either Purchaser under this Agreement as a consequence of such Change in Law, then from time to
time Seller will compensate the related Purchaser or the related Purchaser’s Affiliate, as applicable, for such reduced rate of return suffered as a consequence of such Change in Law similar to those imposed by the related Purchaser. The
related Purchaser shall provide Seller with notice as to any such Change in Law. Further, if due to the introduction of, any change in, or the compliance by either 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 either Purchaser or any Affiliate of either
Purchaser in engaging in the present or any future Transactions, then Seller shall, from time to time and upon demand by the related Purchaser, compensate the related Purchaser or the related Purchaser’s Affiliate for such increased costs, and
such amounts shall be deemed a part of the Obligations hereunder. The related Purchaser shall provide Seller with notice as to any such Change in Law or change in compliance promptly following such Purchaser’s receipt of actual knowledge
thereof. 
 (i) [reserved] 

(j) Seller shall pay to Agent on behalf of Purchasers the Non-Usage Fee in accordance with the terms
of the Pricing Side Letter. All payments shall be made to Purchasers in Dollars, in immediately available funds, without deduction, setoff or counterclaim. A Purchaser may, in its sole discretion, net such due and payable Non-Usage Fee from the proceeds of any Purchase Price paid to Seller. Each payment of the Non-Usage Fee is and shall be deemed to be fully earned and non-refundable when paid. 

  
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	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 the related 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 and the related Transaction Notice, together with this Agreement, shall constitute conclusive evidence of the terms agreed
to between the applicable Purchaser and Seller with respect to the Transaction to which the Confirmation relates. 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 

Seller hereby assigns to the Agent, on behalf of each Purchaser, free of any security interest, lien, claim or encumbrance of any kind,
Seller’s rights under each Takeout Commitment to deliver the Purchased Assets specified therein to the related Takeout Investor and to receive the purchase price therefor from such Takeout Investor. Seller shall deliver to the Agent a duly
executed and enforceable Trade Assignment on the date such Trade Assignment is executed by the related Takeout Investor. Subject to the Purchasers’ rights hereunder, the Agent agrees that it will, on behalf of the related Purchaser, satisfy the
obligation under the Takeout Commitment to deliver the related Purchased Assets to the Takeout Investor on the date specified therein. Seller understands that, as a result of this Section 5 and each Trade Assignment, that the Agent, on behalf
of the related Purchaser, will succeed to the rights and obligations of Seller with respect to each Takeout Commitment subject to a Trade Assignment, and that in satisfying each such Takeout Commitment, the Agent, on behalf of the related Purchaser,
will stand in the shoes of Seller and, consequently, will be acting as a non-dealer in exercising its rights and fulfilling its obligations assigned pursuant to this Section 5 and each Trade Assignment.
Each Trade Assignment delivered by Seller to the Agent shall be delivered by Seller in a timely manner sufficient to enable the Agent, on behalf of the related Purchaser, to facilitate the settlement of the related trade on the trade date. 

 

	6.	 PAYMENT AND TRANSFER 

(a) Unless otherwise agreed by Seller and Purchasers, 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 the Agent on behalf of the related Purchaser all payments required to be made by it to such Purchaser hereunder or under any other Program Document in accordance with
wire instructions provided by the Agent. Any payments received by Agent after 5:00 p.m. (New York City time) shall be applied on the next succeeding Business Day. 

(b) The Settlement 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 on a daily basis. 

(b) If, as of any date of determination, the lesser of (i) [***] of the unpaid principal balance as of such date of all Purchased Assets then
subject to all Transactions 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 more than $[***] less than the Repurchase Price (less the related Price Differential) 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 Agent on behalf of the related Purchaser or its designee cash or, at the related Purchaser’s option (and provided Seller has additional Eligible Mortgage 

  
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Loans), additional Eligible Mortgage Loans to the related Purchaser (“Additional Purchased Mortgage Loans”) to cure the Margin Deficit. If the Agent delivers a Margin Call to the
Seller on or prior to [***] (New York City time) on any Business Day, then the Seller shall transfer cash or Additional Purchased Mortgage Loans to Agent on behalf of the related Purchaser or its designee no later than [***] (New York City time) on
the same Business Day. In the event the Agent delivers a Margin Call to Seller after [***] (New York City time) on any Business Day, Seller shall be required to transfer cash or Additional Purchased Mortgage Loans no later than [***] (New York City
time) on the next succeeding Business Day. 
 (c) Any cash transferred to Agent for the benefit of the related Purchaser or its designee
pursuant to Section 16(g)(ii) herein shall reduce the Repurchase Price of the related Transactions. 
 (d) The failure of Purchasers,
on any one or more occasions, to exercise their rights hereunder, shall not change or alter the terms and conditions of this Agreement or limit the right of the Purchasers to do so at a later date. Seller and Purchasers each agree that a failure or
delay by a Purchaser to exercise its rights hereunder shall not limit or waive the related 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 cram down of the unpaid principal balance of any Purchased Asset 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
(collectively, “Taxes”), unless required by law. If Seller is required by law to deduct or withhold any Taxes from or in respect of any amount payable hereunder, it shall: (i) make such deduction or withholding, (ii) pay
the amount so deducted or withheld to the appropriate Governmental Authority not later than the date when due, (iii) deliver to the related Purchaser, promptly, a copy of the original tax receipts, a copy of the return reporting such payment or
other evidence reasonably satisfactory to the related Purchaser of the payment when due of the full amount of such Taxes and (iv) if such Taxes are Non-Excluded Taxes, pay to the related Purchaser such
additional amounts as may be necessary so that the related Purchaser receives a net amount equal to the amount it would have received under this Agreement, as if no such deduction or withholding had been made in respect of such Non-Excluded Taxes. For purposes of this Agreement “Non-Excluded Taxes” are any Taxes imposed with respect to the related Purchaser (including any assignee,
successor or participant thereof) other than (i) Taxes that are imposed on or measured by its overall net income, franchise Taxes or branch profits Taxes (x) imposed by the jurisdiction under the laws of which the related Purchaser is
organized, does business or maintains its applicable lending office (or any political subdivision thereof) or (y) imposed as a result of a present or former connection between the related Purchaser and the jurisdiction imposing such Taxes
(unless such Taxes are imposed solely as a result of the related Purchaser having executed, delivered become a party to, performed its obligations or received payments under, received or perfected a security interest under, engaged in any other
transaction contemplated by or enforced, any Program Document or sold or assigned an interest herein, in which case such Taxes will be treated as Non-Excluded Taxes), (ii) withholding Taxes imposed by the
United States on amounts payable to the related Purchaser with respect to an applicable interest herein pursuant to a law in effect on the date on which such Purchaser acquires such interest except to the extent that, in the case of an assignee,
successor or participant, amounts with respect to such Taxes were payable to the transferor of such interest pursuant to this subsection (a) or subsection (c) of this Section 8 immediately before such

  
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assignee, successor or participant became a party hereto and (iii) Taxes imposed under Sections 1471-1474 of the Code as in effect on the date hereof or any similar amendments or successor
versions that are not materially more onerous to comply with, and any Treasury Regulations promulgated thereunder or official interpretations thereof (“FATCA”). 

(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 the United States or any taxing authority thereof or therein
that arise from any payment made hereunder or from the execution, delivery or registration of, or otherwise with respect to, this Agreement (“Other Taxes”). 

(c) Seller agrees to indemnify Purchasers for the full amount of Non-Excluded Taxes (including
additional amounts with respect thereto) and Other Taxes, and any liability (including penalties, interest and expenses arising thereon or with respect thereto) arising therefrom or with respect thereto, provided that the related Purchaser shall
have provided Seller with written evidence, reasonably satisfactory to Seller, of payment of Non-Excluded Taxes or Other Taxes, as the case may be; provided that if the related Purchaser fails to provide
Seller with such written evidence within 120 days following the related Purchaser’s receipt of actual written notice of the imposition of such Non-Excluded Taxes or Other Taxes, there will be no
obligation for such Seller to pay penalties, interest and expenses arising thereon or with respect thereto. 
 (d) Agent and any Purchaser
shall, on or prior to the date upon which each such Person becomes Agent or a Purchaser hereunder, deliver or cause to be delivered to Seller and Agent, whichever of the following is applicable: 

(i) properly completed and duly executed originals of either (x) the United States Internal Revenue Service
(“IRS”) Form W-9 or successor form, (y) the IRS Form W-8ECI or successor form or (z) the IRS Form
W-8BEN certifying that such Person is entitled to benefits under an income tax treaty to which the United States is a party which eliminates withholding tax 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 or successor form, as applicable, in each case together with all required attachments, certifications, documentation and
other information required to establish a complete exemption from United States federal backup withholding and withholding tax for payments by Seller to Purchasers; or 

(ii) in the case that neither Purchaser is legally entitled to deliver any of the forms listed in Section 8(d)(i) above,
(x) a certificate to the effect that neither Purchaser is (A) a “bank” within the meaning of Section 881(c)(3)(A) of the Code, (B) a “10 percent shareholder” of Seller within the meaning of
Section 881(c)(3)(B) of the Code or (C) a controlled foreign corporation receiving interest from a related person within the meaning of Section 881(c)(3)(C) of the Code (a “Tax Compliance Certificate”) and
(y) properly completed and duly executed originals of IRS Form W-8BEN or applicable successor form, in each case together with all required attachments, certifications, documentation and other information
required to establish a complete exemption from United States federal backup withholding and withholding tax for payments by Seller to the related Purchaser; 

(iii) to the extent that a Purchaser is not the beneficial owner, properly completed and duly executed originals of IRS Form W-8IMY, accompanied by IRS Form W-8ECI, IRS Form W-8BEN, a Tax Compliance Certificate and/or such other certification documents from
each beneficial owner, as applicable. 

  
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 In addition, the Agent shall be a “qualified intermediary” (as defined in United
States Treasury regulation section 1.1441-1(e)(5)) and provide the Seller with an original properly completed and duly executed IRS Form W-8IMY with “qualified
intermediary” checked in Part I and Part II properly completed to provide that the Agent is a “qualified intermediary” for Purchasers with respect to payments under this Agreement and the other Program Documents (with all appropriate
attachments) for any amount received on behalf of a Purchaser which eliminates withholding tax on payments to it on or prior to the date it becomes an Agent. Agent and each 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
United States Treasury regulations section 1.1441-1(e)(4)(ii)(D). If the forms referred to above in this Section 8(d) that are provided indicate a United States withholding tax rate in excess of zero,
withholding tax at such rate shall not qualify as Non-Excluded Taxes unless and until the appropriate form certifying that a lesser rate applies is provided to Seller and Agent. For any period with respect to
which the Agent or a Purchaser has failed to provide Seller with the appropriate form or other relevant document pursuant to this Section 8(d) (unless such failure is due to a Change in Law, occurring subsequent to the date on which a form
originally was required to be provided) such Person shall not be entitled to additional amounts under Section 8(a) or indemnification under Section 8(c) with respect to Taxes imposed by the United States; provided, however that should a
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 take such steps as such Purchaser shall reasonably request to assist such Purchaser to
recover such Taxes; provided further that such steps are not materially disadvantageous to Seller. 
 (e) In addition to the applicable
forms described in Section 8(d) above, each Purchaser shall provide, at the time or times prescribed by law, the documentation required by FATCA as may be necessary for Seller to comply with their obligations under FATCA and to determine that
the related Purchaser has complied with such Purchaser’s obligations under FATCA or to determine the amount to deduct and withhold from such payment. Solely for the purposes of this Section 8(e), “FATCA” shall include any
amendments made to FATCA after the date hereof. 
 (f) In the event that a Purchaser receives a refund in respect of Non-Excluded Taxes or Other Taxes as to which it has been paid additional amounts under Section 8(a) or indemnified for under Section 8(c) and the applicable Purchaser determines in its sole good faith
judgment that such refund is attributable to such additional amounts or indemnification, then such Purchaser shall promptly notify Seller and shall within 120 days remit to Seller an amount as such Purchaser determines to be the proportion of the
refunded amount as will leave it, after such remittance, in no better or worse position than it would have been if the Non-Excluded Taxes or Other Taxes had not been imposed and the corresponding additional
amounts or indemnification payment not been made. This paragraph should not be construed to require a Purchaser to make available its Tax returns or to disclose information regarding its Tax affairs or computations to Seller in connection with this
Section 8. 
 (g) Without prejudice to the survival or 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 a Purchaser to make available any of their tax returns or other information that it deems to be
confidential or proprietary. 
 (h) 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 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 Seller. All parties to
this Agreement agree to such treatment and agree to take no action inconsistent with this treatment, unless required by law. 

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

 (a) Seller and Purchasers intend that (other than for
tax and accounting purposes) the Transactions hereunder be sales to Purchasers of the Purchased Assets and not loans from Purchasers to Seller secured by the Purchased Assets. However, in order to preserve the rights of each Purchaser 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 Agent on behalf of each Purchaser a
first priority security interest in the related Purchased Assets sold to such Purchaser pursuant to any Transaction. 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 the Agent on behalf of the related Purchaser hereunder. 
 (b) Seller hereby irrevocably constitutes and
appoints Purchasers 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 Purchasers’ discretion, to file such financing statement or statements relating to the Purchased Assets as Purchasers at their option may deem
appropriate, and if an Event of Default shall have occurred, 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 desirable to accomplish the purposes of this Agreement, and, without limiting the generality of the foregoing, Seller hereby gives Purchasers 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 Purchasers have elected to exercise their remedies pursuant to Section 18 hereof: 

(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 appropriate by Purchasers 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 Purchasers or as Purchasers 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 Purchasers
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 Purchasers were the absolute owner thereof for all purposes,
and to do, at Purchasers’ option and Seller’s expense, at any time, 

  
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and from time to time, all acts and things which Purchasers deem necessary to protect, preserve or realize upon the Purchased Assets and Purchasers’ 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 Purchasers, from time to time if an Event of Default shall have occurred, 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 Purchasers hereunder are solely to protect Purchasers’ respective interests
in the Purchased Assets and shall not impose any duty upon it to exercise any such powers. Purchasers shall be accountable only for amounts that they actually receive as a result of the exercise of such powers, and neither Purchasers nor any of
their officers, directors, employees or agents shall be responsible to Seller for any act or failure to act hereunder, except for its own gross negligence or willful misconduct. 

 

	10.	 CONDITIONS PRECEDENT 

(a) As conditions precedent to the initial Transaction, Purchasers shall have received on or before the related Purchase Date each of the
following, in form and substance satisfactory to Purchasers 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) Certificates of an officer of Seller attaching certified copies of Seller’s articles of incorporation, bylaws, and
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) Certified copies of good standing certificates from the jurisdictions of
organization of Seller, dated as of no earlier than the date which is ten (10) Business Days prior to the Effective Date; 

(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) Opinion of Seller’s counsel substantially in the form attached hereto as Exhibit O; 

(vi) Seller shall have paid to the applicable Purchaser and such Purchaser shall have received all properly invoiced accrued
and unpaid fees and expenses owed to such Purchaser in accordance with the Program Documents, including without limitation, the Structuring Fee, Non-Usage Fee (to the extent applicable) and any Transaction
Fees then due and owing pursuant to Section 2 of the Pricing Side Letter, and any fees due and owing to the Verification Agent, in each case, in immediately available funds, and without deduction, set-off
or counterclaim; 

  
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 (vii) Upon Purchaser’s reasonable request, Purchaser shall have
received evidence in form and substance satisfactory to Purchaser showing compliance by Seller as of such initial Purchase Date with Section 14(q) of this Agreement; 

(viii) Purchasers and/or Agent shall have completed the due diligence review pursuant to Section 36, and such review shall
be satisfactory to Purchasers and Agent in their reasonable discretion; 
 (ix) Evidence that all other actions necessary to
perfect and protect the applicable Purchaser’s interest in the Purchased Assets have been taken, including, without limitation, the establishment of the Collection Account, and duly executed and filed Uniform Commercial Code financing
statements acceptable to Purchasers and covering the Purchased Assets on Form UCC-1; 
 (x) Seller shall have provided
evidence, satisfactory to Purchasers and Agent, that Seller’s Approvals are in good standing (from and after the date on which Seller first obtained or obtains such Approvals); and 

(xi) Any other documents reasonably requested by Purchasers or Agent. 

(b) As conditions precedent to each Transaction (including the initial Transaction), each of the following conditions shall have been
satisfied: 
 (i) The applicable 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 satisfactory to such Purchaser and (if applicable) duly executed: 

 

	 	(A)	 Seller shall have paid to Purchasers and Purchasers shall have received all accrued and unpaid fees and
expenses owed to Purchasers in accordance with the Program Documents in immediately available funds, and without deduction, set-off or counterclaim; 

 

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

  

	 	(C)	 Such certificates, customary opinions of counsel or other documents as Agent may reasonably request, provided
that such opinions of counsel shall not be required routinely in connection with each Transaction but shall only be required from time to time as deemed necessary by Agent in its commercially reasonable judgment; 

 

	 	(D)	 Agent, on behalf of Purchasers, shall have received the Structuring 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 not Wet-Ink Mortgage Loans, an
original trust receipt executed by the Custodian without exceptions; 

  
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	 	(F)	 Such other certifications of Custodian as are required under Sections 2 and 3 of the Custodial and Disbursement
Agreement; 

  

	 	(G)	 If any Mortgage Loan that is proposed to be sold will be subserviced by a Subservicer approved by Purchaser
pursuant to Section 16(a)(ii), Agent shall have received an Instruction Letter in the form attached hereto as Exhibit N executed by Seller and such Subservicer, together with a completed Schedule 1 attached thereto and the related servicing
agreement, or, if an Instruction Letter executed by such Subservicer shall have been delivered to Agent in connection with a prior Transaction, Seller shall instead deliver to such Subservicer and Agent an updated Schedule 1; 

 

	 	(H)	 With respect to any table-funded Wet-Ink Mortgage Loan that is the
subject of such Transaction, (i) a copy of the Escrow Instruction Letter signed by the Settlement Agent and (ii) a copy of the Closing Protection Letter from each title company in form and substance acceptable to Barclays in its reasonable
discretion; 

  

	 	(I)	 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, addressed to the applicable 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 Barclays prior to such Transaction and to
the Custodian as part of the Mortgage File; and 

  

	 	(J)	 With respect to any FHA Buyout Loan, (i) a Foreclosure and Workout Report, (ii) the certificate
number for the mortgage insurance contract for such FHA Buyout Loan, and (iii) evidence that Seller has reported a change in the holding lender (to reflect Sutton) by completion of Servicer / Holder Transfer (HUD Form
92080).     

 (ii) No Default or Event of Default shall have occurred and be continuing under the
Program Documents; 
 (iii) Purchasers shall not have reasonably 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 a Purchaser has made it unlawful, and no Governmental Authority shall have asserted that it is unlawful, for Purchasers to enter into Transactions with the applicable
Pricing Rate; 
 (iv) All representations and warranties in Section 13 hereof shall be true and correct on the date of such Transaction
and Seller is in compliance with the terms and conditions of the Program Documents, other than as may be expressly waived by the Purchasers; 

  
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 (v) The then Aggregate MRA Purchase Price when added to the Purchase Price for the requested
Transaction, shall not exceed the lesser of (a) Maximum Aggregate Purchase Price and (b) the Asset Base; 
 (vi) [Reserved]; 

(vii) Satisfaction of any conditions precedent to the initial Transaction as set forth in clause (a) of this Section 10 that were
not satisfied prior to such initial Purchase Date; 
 (viii) Purchasers shall have determined that all actions necessary to maintain the
perfected security interest of Agent on behalf of each Purchaser in the related Purchased Assets have been taken; 
 (ix) [Reserved]; 

(x) Purchasers and/or Agent shall have completed the due diligence review pursuant to Section 36 with respect to such Transaction, and
such review shall be satisfactory to Purchasers and Agent in their reasonable discretion; and 
 (xi) 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). 

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

 

	 	(A)	 an event or events shall have occurred in the reasonable 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; and 

(xiii) There shall not have occurred a failure of Servicer to service the Mortgage Loans in accordance with Accepted Servicing Practices. 

(xiv) With respect to any purchase of Wet-Ink Mortgage Loans, Seller shall have established the
Disbursement Account with the Disbursement Agent, acceptable to Purchaser.     

  
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	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(g) hereof, unless a Margin Deficit or an Event of Default shall have occurred and is continuing: (a) the Agent, on behalf of the related Purchaser, shall be deemed to have terminated any security interest that the Agent, on
behalf of the related Purchaser, or Purchaser may have in such Purchased Asset, (b) all of the Agent and related Purchaser’s right, title and interest in such Purchased Assets shall automatically transfer to Seller, and (c) with
respect to such Purchased Asset, the Agent, on behalf of the related Purchaser, shall or shall direct Custodian to release such Purchased Asset to Seller. Except as set forth in Section 15, Seller shall give at least two (2) Business Days
prior written notice to the Agent, on behalf of the related Purchaser, if such repurchase shall occur on any date other than the Repurchase Date. 

If such a Margin Deficit is applicable, Purchasers 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, either Purchaser may conclusively rely upon, and shall incur no liability to Seller in acting upon, any
request or other communication that a Purchaser reasonably believes 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 Purchasers 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 Purchasers 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. Seller has the power and authority under its articles of incorporation, bylaws 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.

 (b) Noncontravention. 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 articles of incorporation or bylaws 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 material instrument to which Seller, or the Mortgage Loans is or may be subject to, or result in the violation
of any law, rule, regulation, order, judgment or decree to which Seller or the Mortgage are subject. Without limiting the generality of the foregoing, the consummation of the transactions contemplated herein or therein will not violate any policy,
regulation or guideline of the FHA or VA or result in 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. 

  
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 (c) Legal Proceeding. There is no action, suit or proceeding 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 is likely and would
materially and adversely affect the validity or enforceability of this Agreement, the Program Documents or 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 and every other Program Document to be executed by Seller
in connection with this Agreement is and will be 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 Purchasers, (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 December 31, 2014, 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 cause 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 Purchasers, including, but not limited to, the Program Documents or Seller’s financial statements, contained any untrue statement of a material fact or omitted 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. 
 (g) No
Consents. No consent, license, approval or authorization from, or registration, filing or declaration with, any regulatory body, administrative agency or other governmental 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 of this Agreement or any other Program Document, other than any that have
heretofore been obtained, given or made. 
 (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 solvent 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. 

  
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 (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
Purchasers. 
 (k) Investment Company Act Compliance. Neither Seller nor any of its Subsidiaries is required to be registered as an
“investment company” as defined under the Investment Company Act or as an entity under the control of an entity required to be registered as an “investment company” as defined under the Investment Company Act. 

(l) Taxes. Seller has filed or caused to be filed all U.S. federal income and state tax returns which are required to be filed and paid
or caused to be paid all taxes, including any assessments received by it, to the extent that such taxes have become due (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 paid. 

(m) Additional Representations. With respect to each Asset to be sold hereunder by Seller to a 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 the related Purchaser or the Custodian with respect to the Assets and continuously while such 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 Transaction Notice, 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 Agent or Purchasers, 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 Agent or Purchasers,
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) Good Title. Seller has not sold, assigned, transferred, pledged or hypothecated any interest in any individual Mortgage Loan to any
person other than any sale, assignment, transfer, pledge or hypothecation that is released in conjunction with the sale to the applicable Purchaser hereunder, and upon delivery of a Purchased Asset to the applicable Purchaser, such Purchaser will be
the sole owner thereof (other than for tax and accounting purposes), free and clear of any lien, claim or encumbrance other than those arising under this Agreement. 

(p) Approvals. Seller has all requisite Approvals. 

(q) Custodian; Disbursement Agent. The Custodian is an eligible custodian under each Agency Guide and Agency Program and is not an
Affiliate of Seller. The Disbursement Agent is not an Affiliate of Seller. 
 (r) No Adverse Actions. Seller has not received from
any Agency, HUD, FHA or VA a notice of extinguishment or a notice indicating material breach, default or material non-compliance which the Agent reasonably determines may entitle an Agency, HUD, FHA or VA 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

  
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such Agency, HUD, FHA or VA, as the case may be, to revoke any Approval (following the date on which Seller first obtained or obtains such 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) Mortgage Recordation. Seller has submitted or caused to be submitted, or will promptly submit in the case of a Wet-Ink Mortgage Loan, the original Mortgage in respect of each Mortgage Loan for recordation in the appropriate public recording office in the applicable jurisdictions wherein such recordation is necessary to
perfect the lien thereof as against creditors of the applicable Mortgagor. 
 (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 Purchasers 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 Purchasers and Agent as follows: 

(a) Defense of Title. Seller warrants and will defend the right, title and interest of Purchasers in and to the applicable Purchased
Assets against all adverse claims and demands. 
 (b) No Amendment or Compromise. Seller shall not, nor shall Seller consent to any
party acting on Seller’s behalf to, 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 Purchasers, unless 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 Purchasers
of any amendment, modification or waiver that causes any 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 the related Purchaser). 

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

  
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 (e) Preservation of Purchased Assets. Seller shall take all actions necessary 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, cooperating with Purchasers in obtaining duly
executed 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. 

(f) Maintenance of Papers, Records and Files. 

(i) Seller shall maintain all Records relating to the Purchased Assets not in the possession of Custodian 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 the related Purchaser’s, Seller’s or Custodian’s possession unless the related 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 either 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 the related Purchaser. 

(iii) Upon reasonable advance notice from Custodian, Agent or Purchasers, 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, and (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 (provided such independent certified public
accountants are subject to a duty of confidentiality no less restrictive than the confidentiality provisions applicable to the Agent and Purchasers herein). 

(g) Financial Statements and Other Information; Financial Covenants. 

(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 the applicable Purchaser. Seller shall furnish or cause to be furnished to Purchasers and Agent the following: 

(A) Financial Statements. 

(1) Within ninety (90) 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 

  
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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 (acceptable in form and content to Purchaser and Agent) of, an independent public accountant of national standing
acceptable to Purchaser and Agent and are to be accompanied by a letter of management in form and substance acceptable to Purchasers and Agent; 

(2) [RESERVED] 

(3) Within forty-five (45) days after the end of each month, consolidated unaudited balance sheets and consolidated
statements of income and changes in equity, 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 (reasonably acceptable to Purchasers and Agent) 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) Promptly upon receipt thereof, a copy of each
other formally issued report submitted to Seller by its independent public accountants in connection with any annual or periodic financial audit of Seller; provided, however, that the foregoing shall not include any special reviews, reports or
audits requested from time to time by the Seller’s board of directors; 
 (5) In the event that Seller is or becomes a
publicly traded company, promptly upon becoming available, copies of all financial statements, reports and notices sent by Seller or any of its consolidated Subsidiaries, as applicable, in a general mailing to their respective stockholders and of
all reports and other material (including copies of all registration statements under the Securities Act of 1933, as amended) filed by any of them with any securities exchange or with the SEC or any governmental authority succeeding to any or all of
the functions of the SEC; 
 (6) Reserved; 

(7) Such supplements to the aforementioned documents and such other information regarding the operations, business, affairs and
financial condition of Seller, Seller’s Parent Company, and any of Seller’s consolidated Subsidiaries, if any should exist, to the extent applicable and reasonably requested by Purchaser. 

(B) Warehouse Capacity. Seller shall maintain throughout the term of this Agreement, with nationally recognized and established
counterparties, loan repurchase or warehouse facilities (i) issued directly to Seller, and (ii) in an amount equal to or greater than $[***], or such other amount as may be required by a Governmental Authority.     

(C) Other Information. Upon the request of Purchasers, such other information or reports as Purchasers may from time to time reasonably
request. 
 (ii) Seller shall comply with the following financial covenants:     

 

	 	(A)	 Seller’s Tangible Net Worth shall at all times equal or exceed $[***];  

  
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	 	(B)	 The ratio of Seller’s Indebtedness to Tangible Net Worth shall at all times be less than [***].

  

	 	(C)	 Seller’s Unrestricted Cash shall at all times equal or exceed $[***]. 

 

	 	(D)	 As of each fiscal quarter-end, Seller’s Net Income for such fiscal
quarter shall equal or exceed [***]. 

  

	 	(E)	 To the extent that Seller is obligated under any other warehouse lending or arrangement on substantially
similar assets to comply with financial covenants that are either (i) more favorable to the lender under such arrangement, or (ii) more restrictive of the borrower thereunder, Seller shall provide Agent with written notice of such more
favorable or restrictive financial covenants within five (5) Business Days of its knowledge of the same. In addition such notice shall describe in reasonable detail such more favorable or restrictive financial covenants. 

(iii) Certifications. Seller shall execute and deliver a monthly certification substantially in the form of Exhibit
A attached hereto after the end of each calendar month in accordance with the delivery requirements under Section 14(g)(i)(A)(3). 

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

(i) Notice of Material Events. Seller shall promptly inform Purchasers and Agent in writing of any of the following: 

(i) any Default or Event of Default by Seller of any material obligation under any Program Document; 

(ii) any material and adverse change in the insurance coverage of Seller as required to be maintained pursuant to
Section 14(q) hereof with copy of evidence of same attached; 
 (iii) any dispute (other than non-material disputes), litigation (other than non-material litigation), investigation (other than non-material investigations),
proceeding, sanctions or suspension between Seller, on the one hand, and any Governmental Authority or any other Person, on the other, and not in the ordinary course of Seller’s business; 

(iv) any material change in accounting policies or financial reporting practices of Seller which could reasonably be expected
to have a Material Adverse Effect; 
 (v) 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; 
 (vi) any
material modifications to the Seller’s underwriting or acquisition guidelines; 

  
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 (vii) any waiver of compliance with any financial covenants that the Seller
is obligated to comply with under any warehouse facility; 
 (viii) any material penalties, sanctions or charges levied, or
threatened in writing to be levied, against Seller or any material change, or change threatened in writing, in Approval status (from and after the date on which Seller first obtained or obtains such Approvals), or material actions taken, or
threatened in writing to be taken, against Seller by or material disputes in writing between Seller 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; provided that the foregoing notice provisions shall not apply to compensatory fees incurred in the normal course of servicing Agency loans; 

(ix) the occurrence of any transaction defined in clause (ii) of the definition of “Permitted Affiliate
Transaction”; or 
 (x) any Merger Event or any Change in Control of Seller. 

(j) Maintenance of Approvals. Seller shall take all reasonably necessary actions to maintain its Approvals (from and after the date on
which Seller first obtained or obtains such Approvals) at all times during the term of this Agreement. If, for any reason, Seller ceases to maintain any such Approval, Seller shall so notify Purchasers and Agent immediately. 

(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 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 file or cause to be filed on a timely basis all federal, and state and local
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 the type of its business as carried on at the date hereof. 

(n) Limitation on Distributions. Seller shall have the right to pay dividends so long as Seller remains in compliance with the
financial covenants set forth in Section 14(g)(ii) immediately following such dividend distribution. 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. 

  
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 (o) Use of Custodian. Without the prior written consent of Purchasers, Seller shall
use no third party custodian as document custodian other than the Custodian for the Mortgage Files relating to the Mortgage Loans. 
 (p)
Merger of Seller. Seller shall not, at any time, directly or indirectly (i) liquidate or dissolve or enter into any Merger Event or be subject to a Change in Control or sell all or substantially all of its Property (other than in
connection with an asset-based financing or other secondary market transaction related to the Seller’s assets in the ordinary course of the Seller’s business) without providing Purchasers with not less than forty-five (45) days’
prior written notice of such event or (ii) form or enter into any partnership, joint venture or syndicate which would have a Material Adverse Effect 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, FHA or VA, as applicable, pursuant to the applicable Agency
Guides, and will furnish Purchasers 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 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, FHA and VA as applicable. 
 (r) Affiliate
Transaction. Except with respect to any Permitted Affiliate Transactions, 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 unless the terms thereof are consistent with those that could be obtained at the time of such transaction in an arm’s length transaction with a Person who is not such an
Affiliate. 
 (s) Change of Fiscal Year. Seller shall not, at any time, directly or indirectly, except upon ninety
(90) days’ prior written notice to Purchasers, 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 Mortgage Loan, Seller
shall transfer such Servicing Rights to the related Purchaser or its designee on the related Purchase Date. With respect to the Servicing Files and the physical and contractual servicing of each Mortgage Loan to the extent in the possession of
Seller, Seller shall deliver such Servicing Files and the physical and contractual servicing to the related Purchaser or its designee upon the expiration of the Servicing Term unless either such Servicing Term is renewed by the related Purchaser or
the termination of the Seller as servicer 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 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, FHA and VA 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 

  
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approvals from each Agency, FHA and VA and (ii) promptly provide Agent with copies of such audits, examinations, evaluations, monitoring reviews and reports promptly upon receipt from any
Agency, FHA or VA or agent of any Agency, FHA or VA. 
 (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 with all rules and procedures of MERS. In connection with the assignment of any Mortgage Loan registered on the MERS System, the Seller agrees that at the request of the related
Purchaser it will, at the Seller’s own cost and expense, cause the MERS System to indicate that such Mortgage Loan has been transferred to the related 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 so long as MERS remains in existence and the MERS System remains commonly accepted by
similarly situated warehouse facility sellers, the Seller shall retain its membership in MERS at all times during the term of this Agreement. 

(w) Underwriting Guidelines. Seller shall upon request of Purchasers discuss any material modifications to the Seller Underwriting
Guidelines or acquisition guidelines with Purchasers on a monthly basis. 
 (x) Agency Status. Once the Seller or any of its
Subservicers has obtained any issuer, seller or servicer status with an Agency, Seller shall not take or omit to take any act (i) that 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, unless, in any case, either
(x) all of the material effects of such act or omission have been cured by Seller or waived by the applicable Agency before termination of such status or (y) the termination of such status could not reasonably be expected to have a
Material Adverse Effect. 
 (y) Further Documents. Seller shall, upon request of Purchasers or Agent, promptly execute and deliver to
Purchasers or Agent all such other and further documents and instruments of transfer, conveyance and assignment, and shall take such other action as Purchasers or Agent may reasonably require more effectively to transfer, convey, assign to and vest
in Purchasers and to put Purchasers in possession of the Property to be transferred, conveyed, assigned and delivered hereunder and otherwise to carry out more effectively the intent of the provisions under this Agreement. 

(z) Due Diligence. Seller will permit Purchasers, Agent or their respective agents or designees, including the Verification Agent, to
perform due diligence reviews on the Mortgage Loans subject to each Transaction hereunder up to the Due Diligence Review Percentage and within thirty (30) days following the related Purchase Date. Seller shall cooperate in all respects with
such diligence and shall provide Purchasers, Agent or their respective agents or designees, including the Verification Agent, with all loan files and other information (including, without limitation, Seller’s quality control procedures and
results) reasonably requested by Purchasers, Agent or their respective agents or designees, including the Verification Agent, and shall bear the costs and expenses associated with such due diligence identified in this Section 14(z). 

(aa) Reserved. 
 (bb)
Fees and Expenses. Seller shall timely pay to Agent, on behalf of Purchasers, all fees and actual out of pocket expenses required to be paid by Seller hereunder and under any other Program Document in immediately available funds, and without
deduction, set-off or counterclaim in accordance with Purchaser’s Wire Instructions. 

  
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 (cc) Cooperation with Verification Agent. Seller agrees to cooperate with all reasonable
requests of the Verification Agent in connection with the exercise of its rights and performance of its duties pursuant to this Agreement.     
  

	15.	 REPURCHASE OF PURCHASED ASSETS 

(a) 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 Purchasers. Upon any such discovery by the related Purchaser, the related Purchaser will notify Seller. 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 Purchasers or Custodian with respect to the Purchased Assets and shall inure to the benefit of the applicable Purchaser. The fact that
a 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 such 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 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 
 Purchasers, at the applicable 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 Purchasers. 

(b) Notwithstanding anything contained herein to the contrary, Seller hereby covenants and agrees to remove and repurchase any Mortgage Loan
at any time during the term of this Agreement regarding which there are any actions, suits, arbitrations, claims, investigations or proceedings pending or threatened against Seller that question or challenge the compliance of the Mortgage Loan with
the Ability to Repay Rule. 
  

	16.	 SERVICING OF THE MORTGAGE LOANS; SERVICER TERMINATION 

(a) Seller to Subservice. 

(i) Upon payment of the Purchase Price, the applicable Purchaser shall own the servicing rights related to the Mortgage Loans
including the Mortgage File. Seller and Purchasers each agree and acknowledge that the Mortgage Loans sold hereunder shall be sold to the applicable Purchaser on a servicing released basis, and that Purchasers are engaging and hereby do engage
Seller to provide subservicing of each Mortgage Loan for the benefit of Purchasers. 
 (ii) So long as a Mortgage Loan is
outstanding, Seller shall neither assign, encumber or pledge its obligation to act as Servicer of the Mortgage Loans in whole or in part, nor delegate its servicing rights or servicing duties under this Agreement, except as provided in the following
sentence. Notwithstanding the foregoing, Seller may engage a Subservicer to perform the actual servicing of the Mortgage Loans; provided that (x) such Subservicer shall be approved by

  
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Purchaser in writing in its sole discretion, (y) Seller shall deliver to Purchaser a duly executed Instruction Letter in accordance with Section 10(b)(i)(G), and (z) Seller
shall remain bound by the provisions of this Agreement (including without limitation this Section 16) as Servicer of the Mortgage Loans.     

(iii) Seller hereby acknowledges and agrees that (x) Purchasers are 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 (y) Seller’s engagement hereunder as Servicer for
the benefit of Purchasers is intended by the parties to be a “personal service contract” and Seller is hereunder intended by the parties to be an “independent contractor”.     

(iv) Seller shall service and administer the Mortgage Loans (or cause Mortgage Loans to be subserviced and administered by a
Subservicer) on behalf of Purchaser in accordance with Accepted Servicing Practices. Seller shall have no right to modify or alter the terms of any Mortgage Loan or consent to the modification or alteration of the terms of any Mortgage Loan except
in Agency Compliance with the related Agency Program, FHA Regulations and/or VA Regulations, as applicable. Seller shall at all times maintain accurate and complete records of its servicing of the Mortgage Loans, and Agent may subject to
Section 36 herein, at any time during Seller’s business hours on reasonable notice, examine and make copies of such Servicing Records. Seller agrees that the applicable Purchaser is the 100% beneficial owner of all Servicing Records
relating to the Purchased Assets. Seller covenants to hold such Servicing Records for the benefit of Purchasers 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 for a term of thirty (30) days commencing as of the related Purchase Date, which term shall be deemed extended for an additional thirty-day period unless notice in writing is provided by
the applicable Purchaser, in its sole discretion, at least five (5) Business Days prior to expiration of such period (each, a “Servicing Term”); provided, that Purchasers shall have the right to immediately terminate the
Servicer at any time following the occurrence of an Event of Default. If such Servicing Term is not extended by a Purchaser or if Purchasers have terminated Seller as a result of an Event of Default, Seller shall transfer such servicing to the
applicable Purchaser or its designee at no cost or expense to such 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 in segregated accounts for the
sole benefit of the Mortgagor and shall apply the same for the purposes for which such funds were collected. If Seller should discover that, for any reason whatsoever, it has failed to perform fully its servicing obligations with respect to the
Mortgage Loans, Seller shall promptly notify Purchasers. 
 (c) Servicing Reports. Within five (5) days after the end of each
month (or if such day is not a Business Day, the immediately following Business Day), and as requested by Purchasers from time to time, Seller shall furnish to Purchasers reports in form and scope satisfactory to Purchasers, setting forth
(i) data regarding the performance of the individual Mortgage Loans, (ii) updated information on all FHA Buyout Loans in the form of a Foreclosure and Workout Report, and (iii) any other information reasonably requested by Purchasers
or Agent.     
 (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 Purchasers pursuant to Section 16(d) hereof and any other information
reasonably requested by backup servicer. Prior to the occurrence of an Event of Default, the Purchaser shall bear all costs and expenses of such backup servicer. 

  
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Following an Event of Default, Seller 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 Assets. 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 Assets. 
 (e) Remittance of
Prepayments. On every Thursday of each week (or the next Business Day if such Thursday is not a Business Day) to the extent a Prepayment Income Event has occurred, the Seller shall remit by wire transfer of immediately available funds to the
Disbursement Account, all Prepayment Income in an amount equal to or greater than $[***] on any individual Mortgage Loan that the Seller has received during the previous week. Together with any such remittance of Prepayment Income, Seller shall
deliver a report with sufficient detail to enable the Purchasers to appropriately identify the Purchased Asset to which any such Prepayment Income applies. The Agent shall ensure that the related Purchaser immediately applies such Prepayment Income
received to reduce, as of such date of remittance, the amount of the Repurchase Price due upon termination of the related Transaction.     

(f) Collection Account. Prior to the initial Purchase Date, Seller shall establish and maintain the Collection Account with the Bank in
the Agent’s name for the sole and exclusive benefit of the Purchasers. Such account shall be subject to the Collection Account Control Agreement pursuant to which the Agent shall have “control” (as such term is defined in the
Uniform Commercial Code) of the Collection Account. Upon the occurrence and continuation of an Event of Default, all Income and any Prepayment Income received by the Servicer with respect to Purchased Assets shall be deposited into the Collection
Account within two business days of receipt, and Servicer shall direct borrowers to make payments of Income into the Collection Account. Additionally, following the occurrence 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 and all such Income shall be remitted from the Collection Account to Purchaser or Agent.

 (g) Reserved. 
 (h)
FHA Buyout Loans. With respect to each FHA Buyout Loan, (i) the Servicer shall complete the U.S. Department of Housing and Urban Development’s form for Single-Family Application for Insurance Benefits in Sutton’s name and shall
cause FHA to pay claims on such FHA Buyout Loan into the Sutton Collection Account, including by ensuring that Box 12 of the form provides the HUD mortgagee identification number for Sutton Funding LLC as “[***]”, and Box 16 provides
[***], and (ii) the Servicer shall service such FHA Buyout Loan in Agency Compliance with all FHA requirements. Each FHA Buyout Loan is an FHA-insured mortgage loan.     

(i) Reserved. 
 (j)
Servicer Termination. Agent (on behalf of Purchasers), in its sole discretion, may terminate Seller’s rights and obligations as subservicer of the affected Mortgage Loans and require Seller to deliver the related Servicing Records to the
applicable Purchaser or its designees 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 requiring such termination.
Such termination shall be effective upon Seller’s receipt of such written notice. Upon any such termination, all authority and power of Seller respecting its rights to subservice and duties under this Agreement relating thereto, shall pass to
and be vested in the successor servicer appointed by Purchasers and Purchasers are hereby authorized and empowered to transfer such rights to subservice the Mortgage Loans for such price and on such terms and conditions as Purchasers shall
reasonably determine. Seller shall promptly take such actions and furnish 

  
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to Purchasers such documents that Purchaser reasonably deems necessary or appropriate to enable Purchasers to enforce such Mortgage Loans and shall 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, 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, FHA or VA is required for any such sale or transfer, Seller shall fully cooperate with Purchasers 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 Purchasers. The subservicing rights required to be delivered to Successor Servicer in accordance with this Section 16(j) shall be delivered free of any servicing rights in favor
of Seller or any third party (other than Purchasers) 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 Purchasers of their rights under this Section 16(j) shall relieve Seller of responsibility or liability for any breach of this Agreement. 

 

	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 applicable Purchaser on the applicable
Purchase Date (provided the related Purchaser has tendered the related Purchase Price); 
 (b) Seller either fails to repurchase the
Purchased Assets on the applicable Repurchase Date or fails to perform its obligations under Section 7 or the last sentence of Section 15; 

(c) Seller shall fail to (i) remit to either Purchaser when due any payment required to be made under the terms of this Agreement or any
of the other Program Documents, or (ii) perform, observe or comply with any material term, condition, covenant or agreement contained in this Agreement or 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, solely with respect to clause (ii), such failure is not cured within the time period expressly provided for therein, or, if
no such cure period is provided, within [***] to the extent such failure is able to be cured or otherwise within [***], in each case, of the earlier of (x) Seller’s receipt of written notice from Purchaser (which shall include notice via
email) 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 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 Purchasers in their sole discretion to be
materially false or misleading on a regular basis); 

  
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(e) Seller or any of its Affiliates shall be in default under, or fail to perform as required under, or shall otherwise breach, (i) the terms of any warehouse facility, servicing advance
facility, loan and security agreement, or similar credit facility or agreement for borrowed funds between the Seller or any of its Affiliates, on the one hand, and any Person, on the other which default or failure entitles any party to require
acceleration or prepayment of any Indebtedness thereunder (such amount in excess of $1.00); or (ii) any payment obligation under any other material agreement relating to any Indebtedness between Seller or any of its Affiliates or Subsidiaries,
on the one hand, and any Person, on the other (such amount in excess of $[***] in the aggregate, over the term of such agreement); 
 (f)
Any Event of Insolvency of the Seller or any of its Affiliates; 
 (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 Purchasers, 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 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 [***] from the date of entry thereof and Seller or any of Seller’s Affiliates, as applicable, shall not, within said period of [***], 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 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 14(g)(ii); 
 (j) Any Material Adverse Effect
shall have occurred; 
 (k) Purchaser shall reasonably request, 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 and/or responses shall not have been provided within [***] of such request; 

(l) 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; 
 (m) A Change in Control of Seller shall have occurred, except
with respect to a Merger Event in which the Seller has provided the Purchaser at least [***] prior written notice and such Merger Event does not otherwise violate paragraph (bb) below; 

(n) Seller engages a Subservicer in violation of Section 16(a)(ii); 

(o) An event of default by Seller or any of its Affiliates shall have occurred under any material agreement (including, without limitation,
the Program Documents and the EPF Program Documents to the extent the EPF Execution Date has occurred) indebtedness, transaction or obligation entered into between such Person and either Purchaser or any of their Affiliates; 

  
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 (p) The Seller ceases to be a member of MERS in good standing and has not been reinstated
within [***] following receipt of notice or knowledge thereof; 
 (q) Change of Servicer without consent of Agent; 

(r) Failure of Seller to service the Mortgage Loans in accordance with Accepted Servicing Practices; 

(s) Failure of Seller to meet the qualifications to maintain all requisite Approvals (from and after the date on which Seller first obtained
or obtains such Approvals), such Approvals are revoked, or such Approvals are materially and adversely modified; 
 (t) Reserved; 

(u) Failure by Seller as a Servicer to remit when due Income or Prepayment Income payments required to be made under the terms of this
Agreement or such Mortgage Loan or failure of Seller to cause FHA to make claims payments to Sutton with respect to any FHA Buyout Loan sold to Sutton hereunder; 

(v) Seller or any of its Affiliates, acting as a servicer, fails to operate or conduct its business operations or any material portion thereof
in the ordinary course, or Seller experiences any other material adverse change in its business operations or financial condition, which, in Agent’s reasonable discretion, constitutes a material impairment of Seller’s ability to perform
its obligations as a servicer under this Agreement or any other Program Document; 
 (w) Reserved; 

(x) Seller receives a notice of denial from any such Agency or any such Agency terminates, revokes or suspends Seller’s approval to sell
and service loans to such Agency (including but not limited to its approval to use DU or LP to underwrite mortgage loans); in each case for cause; 

(y) Any Agency shall at any time cease to accept any material delivery of loans specifically from Seller under any active program or notifies
Seller that any such Agency shall cease accepting loan deliveries from Seller; in each case for cause; 
 (z) All or a portion of
Seller’s servicing portfolio consisting of Fannie Mae or Freddie Mac loans is seized or the servicing of all or a portion of such loans is otherwise transferred away from Seller, in each case except at the election of the Seller; 

(aa) Seller shall cease to be approved by or its approval shall be revoked, suspended, rescinded, halted, eliminated, withdrawn, annulled,
repealed, voided or terminated (as applicable) by (i) Ginnie Mae as an approved issuer, (ii) HUD, pursuant to Sections 203 and 211 of the National Housing Act, (iii) the FHA, as an FHA Approved Mortgagee or servicer, or (iv) the
VA as a VA Approved Lender, or, (v) Fannie Mae or Freddie Mac as an approved seller/servicer or lender (it being understood that this paragraph (z) shall not apply to any approval that is cancelled voluntarily by Seller prior to any
revocation, suspension or withdrawal action by the applicable Agency (the “Cancelled Agency”) unless any Purchased Assets subject to transactions are (i) Agency Eligible Mortgage Loans and (ii) the related Agency is the
Cancelled Agency); or 

  
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 (bb) A Merger Event shall occur and (i) the surviving entity fails to assume all of the
obligations of Seller under this Agreement and the other Program Documents, (ii) either entity is (a) a state or nationally chartered bank or (b) broker or dealer registered with the SEC under Section 15 of the 1934 Act, or
(iii) the creditworthiness of the surviving entity is materially weaker than that of Seller immediately prior to the occurrence of such Merger Event, as determined by Agent in its sole discretion. 

 

	18.	 REMEDIES 

Upon the occurrence of an Event of Default, the Purchasers, at their option, shall have the right to exercise any or all of the following
rights and remedies: 
 (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 and Prepayment Income paid after such exercise or deemed
exercise shall be remitted to and retained by the related Purchaser and applied to the aggregate Repurchase Prices and any other amounts owing by Seller hereunder; Seller shall immediately deliver to the related 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 the related Purchaser. 
 (ii) The applicable 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 such Purchaser may reasonably deem
satisfactory, any or all or portions of the Purchased Assets on a servicing-released or servicing-retained basis, as such 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 Purchasers for any amounts that remain owing to Purchasers 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 costs and expenses including but not limited to legal fees incurred by Purchasers in connection with or as a result of an Event of Default; second to costs of cover
and/or related hedging transactions; third to the aggregate Repurchase Prices; fourth to all other Obligations; and fifth any excess 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 been made in a commercially reasonable manner. Accordingly, Purchasers may elect the
time and manner of liquidating any Purchased Asset and nothing contained herein shall obligate Purchasers 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 

  
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Purchasers. 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 Purchasers 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 their rights hereunder, Purchasers shall have the right to proceed against any of Seller’s assets which may be in the possession of Purchasers, any of Purchasers’ 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 Purchasers pursuant to this Agreement. Purchasers 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 Purchasers to Seller or against all of Seller’s Obligations to Purchasers, or Seller’s obligations to Purchasers under any other
agreement among the parties, or otherwise, whether or not such obligations are then due, without prejudice to Purchasers’ right to recover any deficiency. 

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

(e) Purchasers 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 Purchasers are authorized hereunder to do. Seller shall pay all out of pocket costs and expenses incurred by Purchasers in good faith in connection with the appointment and activities of such receiver, and such shall be deemed part
of the Obligations hereunder. 
 (f) Purchasers may, at their option, enter into one or more hedging transactions covering all or a portion
of the Purchased Assets, and Seller shall be responsible for all out of pocket damages, judgments, costs and expenses of any kind which may be imposed on, incurred by or asserted against either Purchaser in good faith relating to or arising out of
such hedging transactions; including without limitation any losses resulting from such hedging transactions, and such shall be deemed part of the Obligations hereunder. 

(g) In addition to all the rights and remedies specifically provided herein, Purchasers 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. 

Except as otherwise expressly provided in this Agreement, Purchasers shall have the right to exercise any of their 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. 

  
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 Purchasers may enforce their 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 Purchasers to enforce their 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. 

Seller shall cause all sums received by it with respect to the Purchased Assets to be deposited 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) which Purchaser may sustain or incur in connection
with conduit advances and payments for mortgage insurance. 
  

	19.	 DELAY NOT WAIVER; REMEDIES ARE CUMULATIVE 

No failure on the part of Purchasers to exercise, and no delay by Purchasers in exercising, any right, power or remedy hereunder shall operate
as a waiver thereof, nor shall any single or partial exercise by Purchasers 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
Purchasers 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 Purchasers to exercise any of their rights under any other related document. Purchasers 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 or Section 4975 of the Code shall be used by either party hereto
in a Transaction. 
  

	21.	 INDEMNITY 

(a) Seller agrees to indemnify and hold harmless Purchasers, 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, losses, liabilities, taxes, increased costs and all other expenses including 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, 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 thereby, 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 

  
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lending laws, or (v) the reduction of the unpaid 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 resulted directly from such Indemnified Party’s 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. Seller hereby agrees not to assert any claim against Purchasers or any of their 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. THE FOREGOING INDEMNITY AND AGREEMENT NOT TO ASSERT CLAIMS EXPRESSLY APPLIES, WITHOUT LIMITATION, TO THE NEGLIGENCE (BUT NOT GROSS NEGLIGENCE OR WILLFUL MISCONDUCT) OF
THE INDEMNIFIED PARTIES. 
 (b) 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 Purchasers, in their reasonable discretion and Seller shall remain liable for any such payments by Purchasers and
such amounts shall be deemed part of the Obligations hereunder. No such payment by either Purchaser shall be deemed a waiver of any of the related Purchaser’s rights under the Program Documents. 

(c) 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 Purchasers against full payment therefor. 

 

	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 Purchasers 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 Purchasers 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 acting on behalf of both Purchasers with respect to advising Purchasers as to their 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 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 attorneys’ fees and disbursements (and fees and disbursements of Purchaser’s outside counsel) expended or incurred by Purchasers 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

  
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by Purchasers (without duplication to Purchasers) 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 costs and expenses, including without limitation, reasonable attorneys’ fees and disbursements (and fees and disbursements of Purchasers’ outside counsel) expended or
incurred by Purchasers in connection with (a) the rendering of legal advice as to Purchasers’ rights, remedies and obligations under any of the Program Documents, (b) the collection of any sum which becomes due to Purchasers 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 Purchasers. 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 Title 11 of the United States 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 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 Purchasers against full payment therefor. 
 (b) In addition to any rights and remedies of Purchasers
hereunder and at law, Purchasers and their 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 (to the extent the EPF Execution Date has occurred))
entered into between Seller or any of its Affiliates on the one hand, and the related Purchaser or any of its Affiliates on the other hand, to set-off and appropriate and apply against such amount (subject to
any existing limitations on recourse) 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 Purchasers or any Affiliate thereof to or for the credit or the account of Seller of any of its Affiliates. Purchasers may also (subject to
any existing limitations on recourse) set-off cash and all other sums or obligations owed by the related 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 (to the extent the EPF Execution Date has occurred)) or between Seller or any of its Affiliates, on the one hand, and any
Purchaser or any of its Affiliates, on the other) against all of Seller’s obligations to the related Purchaser or its Affiliates (whether under this Agreement or under any other agreement (including, without limitation, the Mortgage Loan
Participation Purchase and Sale Agreement (to the extent the EPF Execution Date has occurred)) between the parties or between Seller or any of its Affiliates, on the one hand, and Purchasers 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. The related Purchaser agrees to
promptly notify Seller after any such set-off and application made by the related Purchaser; provided that the failure to give such notice shall not affect the validity of such set-off and application. 

  
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	24.	 FURTHER ASSURANCES 

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

	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 with respect to the matters set forth herein 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 Purchasers at the time of such termination. Seller’s obligations to indemnify Purchasers pursuant to this Agreement and the other Program Documents shall survive the termination hereof. 

 

	27.	 REHYPOTHECATION; ASSIGNMENT 

(a) Purchasers may, in their 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 the related Purchaser’s choice, in all cases subject to such 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 either Purchaser engages in a repurchase transaction with any of the Purchased Assets or otherwise pledges or hypothecates any of the Purchased Assets, such
Purchaser shall have the right to assign to such 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 the related Purchaser, except in the case of a Merger Event where (i) the Seller provides Purchasers with at least forty-five (45) days prior written notice of such Merger Event,
(ii) the surviving entity of the Merger Event does not fail to assume all of the obligations of the Seller under the Program Documents, (iii) neither entity is (a) a state or nationally chartered bank or (b) broker or dealer
registered with the SEC under Section 15 of the 1934 Act, and (iii) the creditworthiness of the surviving entity is not materially weaker than that of Seller immediately prior to the occurrence of such Merger Event, as determined by Agent
in its sole discretion. 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. At no cost or expense to the Seller, each of Purchasers
and Agent may, in its sole election, assign subject to the consent of the Seller, not to be unreasonably withheld (provided such consent shall not be required for any assignment to an Affiliate of Purchaser or via participation to any party), or
participate all or a portion of its rights and 

  
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obligations under this Agreement and the Program Documents, with a counterparty of the related Purchaser’s or Agent’s choice (other than to an “employee benefit plan” (as
defined in Section 3(3) of ERISA) that is subject to Title I of ERISA, a “plan” as defined by and subject to Section 4975 of the Code, or an entity deemed to hold “plan assets” of either of the foregoing, if it would
cause Seller to incur any prohibited transaction excise tax penalties under Section 4975 of the Code) provided that such party is a “Qualified Purchaser” under Section 3(c)(7) of the Investment Company Act. The related 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 the related
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 related 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 percentage or portion set forth in the Assignment and Acceptance, and shall succeed to the applicable rights and obligations of the related Purchaser or Agent
hereunder, and (b) the related Purchaser or Agent shall, to the extent that such rights and obligations have been so assigned by it to either (i) an Affiliate of the related Purchaser or Agent which assumes the obligations of the related
Purchaser or Agent hereunder or (ii) to another Person which assumes the obligations of the related Purchaser or Agent hereunder, be released from their obligations hereunder accruing thereafter and under the Program Documents. 

(c) The related Purchaser and Agent may distribute to any prospective assignee, participant or pledgee any document or other information
delivered to such 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, Purchasers 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 OF THE NEW YORK GENERAL
OBLIGATIONS LAW WHICH SHALL GOVERN). 

  
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 31.     WAIVER OF JURY TRIAL; CONSENT TO JURISDICTION AND VENUE; SERVICE OF
PROCESS 
 SELLER, PURCHASERS AND AGENT HEREBY IRREVOCABLY WAIVE, 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. SELLER, PURCHASERS AND AGENT HEREBY IRREVOCABLY AND UNCONDITIONALLY
CONSENT, ON BEHALF OF THEMSELVES AND THEIR 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 PROCEEDING. SELLER, PURCHASERS AND AGENT HEREBY SUBMIT TO, AND WAIVE ANY OBJECTION THEY 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. SELLER, PURCHASERS
AND AGENT HEREBY IRREVOCABLY CONSENT 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 THEMSELVES OR THEIR 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, Purchasers 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, each 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 

Seller, Purchasers and Agent recognize that each of the Transactions and this Agreement is a “repurchase agreement” as that term is
defined in Section 101 of the Bankruptcy Code, and a “securities contract” as that term is defined in Section 741 of the Bankruptcy Code, or a “qualified financial contract” as that term is defined in the Federal
Deposit Insurance Act, as applicable, and a “master netting agreement” as that term is defined in Section 101 of the Bankruptcy Code. 

  
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100 

 It is understood that Purchasers’ right to liquidate, the Purchased Assets and
terminate and accelerate the Transactions and this Agreement or to exercise any other remedies pursuant to Section 18 hereof is a contractual right to liquidate, terminate and accelerate the Transactions under a repurchase agreement, a
securities contract, a master netting agreement, and a qualified financial contract as described in Sections 559, 555 and 561 of the Bankruptcy Code and Section 1821(e)(8)(A)(i) of the Federal Deposit Insurance Act, as applicable, and a
contractual right to offset under a master netting agreement and across contracts, as described in Section 561 of the Bankruptcy Code. It is understood that Seller’s right to accelerate the Repurchase Date with respect to the Purchased
Assets and any Transaction hereunder pursuant to Section 18 hereof is a contractual right to liquidate, terminate and accelerate the Transactions under a repurchase agreement, a securities contract, a master netting agreement, and a qualified
financial contract as described in Sections 559, 555 and 561 of the Bankruptcy Code and Section 1821(e)(8)(A)(i) of the Federal Deposit Insurance Act, as applicable. 

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. 
  

	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:
	  	 Caliber Home Loans, Inc.

		  	 3701 Regent Boulevard

		  	 Irving, Texas 75063

		  	 Attention: Craig Lackey

		  	 Telephone No.:
214-874-4106

		  	 Fax No.:
214-874-4199

		
		  	 With a copy to:

		
		  	 3701 Regent Boulevard

		  	 Irving, Texas 75063

		  	 Attention: Glenn Minkoff

		  	 Telephone No.:
214-299-5385

		  	 Fax No.:
214-874-4199

		
		  	 And

		
		  	 3701 Regent Boulevard

		  	 Irving, Texas 75063

		  	 Attention: Sheila Mayes

		  	 Telephone No.:
469-242-1105

		  	 Fax No.:
877-794-4423

  
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100 

			
	 if to Purchaser:
	  	 Barclays Bank PLC – Mortgage Finance

		  	 745 Seventh Avenue, 4th Floor

		  	 New York, New York 10019

		  	 Attention: Joseph O’Doherty

		  	 Telephone: (212) 412-7990

		  	 Facsimile: (212) 412-7333

		  	 E-mail:
joseph.o’doherty@barclayscapital.com

		
		  	 With copies to:

		
		  	 Barclays Bank PLC – Legal Department

		  	 745 Seventh Avenue, 20th Floor

		  	 New York, New York 10019

		  	 Telephone: (212) 412-1494

		  	 Facsimile: (212) 412-1288

		
		  	 Barclays Capital – Operations

		  	 1301 Sixth Avenue, 8th Floor

		  	 New York, NY 10019

		  	 Attention: Hánsel Nieves

		  	 Telephone: (201) 499-2269

		  	 Facsimile: (646) 845-6464

		  	 Email: hansel.nieves@barclayscapital.com

		
	 or
	  	 Sutton Funding LLC

		  	 2711 Centreville Road, Suite 400

		  	 Wilmington, Delaware 1908

		
		  	 With copies to:

		
		  	 Barclays Bank PLC – Legal Department

		  	 745 Seventh Avenue, 20th Floor

		  	 New York, New York 10019

		  	 Telephone: (212) 412-1494

		  	 Facsimile: (212) 412-1288

		
		  	 Barclays Capital – Operations

		  	 1301 Sixth Avenue, 8th Floor

		  	 New York, NY 10019

		  	 Attention: Hánsel Nieves

		  	 Telephone: (201) 499-2269

		  	 Facsimile: (646) 845-6464

		  	 Email:
hansel.nieves@barclayscapital.com

  
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	as applicable.	  	
		
	if to Agent:	  	Barclays Bank PLC
		  	745 Seventh Avenue, 4th Floor
		  	New York, New York 10019
		  	Attention: Joseph O’Doherty
		  	Telephone: (212) 412-7990
		  	Facsimile: (212) 412-7333
		  	E-mail: joseph.o’doherty@barclayscapital.com
		
		  	With copies to:
		
		  	 Barclays Bank PLC – Legal Department
 745
Seventh Avenue, 20th Floor

		  	New York, New York 10019
		  	Telephone: (212) 412-1494
		  	Facsimile: (212) 412-1288
		
		  	 Barclays Capital – Operations
 1301 Sixth
Avenue, 8th Floor

		  	New York, NY 10019
		  	Attention: Hánsel Nieves
		  	Telephone: (201) 499-2269
		  	Facsimile: (646) 845-6464
		  	Email: hansel.nieves@barclayscapital.com

 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, Purchasers 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 either Purchaser (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, auditors, taxing authorities,
equity holders, representatives, investors, lenders, officers, employees, 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) disclosure required by law, rule, regulation or order of a court or other regulatory body (including but not limited to any self regulatory organization, exchange, clearing house or trading facility) shall be permitted without notice or
(iii) disclosure to any approved hedge counterparty to the extent necessary to obtain any Hedge Instrument hereunder or (iv) any disclosures or filing required under Securities and Exchange Commission (“SEC”) or state
securities’ laws; provided that in the case of clause (iv), Seller shall not file 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. 

  
 Page 61 of
100 

 Notwithstanding anything in this Agreement to the contrary, the Purchasers, Seller and Agent
shall comply with all local, state and federal laws privacy and data protection law, rules and regulations that are applicable to the Mortgage Loans or the Mortgagor information. The Purchasers, Seller and Agent understand that the Mortgagor
information may contain “nonpublic personal information”, as that term is defined in Section 509(4) of the Gramm-Leach-Bliley Act (the “Act”), and the Purchasers, Seller and Agent agree to maintain such nonpublic
personal information that it receives hereunder in accordance with the Act and other applicable federal and state privacy laws. The Purchasers, Seller 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 that it holds, (b) protect against any threats or hazards to the security and integrity of such nonpublic personal information, and (c) protect against
any unauthorized access to or use of such nonpublic personal information. Purchasers, Seller or Agent shall notify the other party hereto 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 

Purchasers, Agent, Verification Agent or any of their respective agents, representatives or permitted assigns upon reasonable prior notice and
during normal business hours, shall (x) have the right once per year to conduct inspection and perform onsite due diligence reviews of Seller and its directors, officers and employees, including, without limitation, Seller’s financial
condition and performance of its obligations under the Program Documents (“Onsite Diligence”), and (y) have the right to conduct inspection and perform continuing due diligence reviews of the Servicing File and the Purchased
Assets. Seller agrees promptly to provide Purchasers, Agent, Verification Agent and their respective agents with access to, copies of and extracts from reasonably requested 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 Purchasers, Verification Agent 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 any of the foregoing. Without limiting the generality of the foregoing,
Seller acknowledges that Purchasers shall enter into transactions with Seller based solely upon the information provided by Seller to Purchasers, Verification Agent and/or Agent and the representations, warranties and covenants contained herein, and
that Purchasers 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 Purchasers, Verification Agent and/or Agent shall not reduce or limit the Seller’s representations, warranties and covenants set forth herein. Notwithstanding anything to the contrary contained above,
Purchaser shall have the right at any time to conduct inspection and diligence of the Purchased Assets and Assets proposed to be sold hereunder, and the loan and servicing files relating thereto from time to time as requested by the Purchaser.
Seller agrees to reimburse Purchasers, Verification Agent and/or Agent for all reasonable out-of-pocket due diligence costs and expenses (including without limitation
the Onsite Diligence) incurred pursuant to this Section 36. 
  

	37.	 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 

  
 Page 62 of
100 

 
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. 
  

	38.	 USA PATRIOT ACT; OFAC AND ANTI-TERRORISM 

(a) Each of Purchasers 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 Purchasers and Agent, as applicable, to identify the Seller in accordance with the Act. 

(b) Seller hereby represents and warrants to Purchasers 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 Purchasers and Agent that: 

(i) Neither the Seller, nor the Parent Company nor any Originator is named on the list of Specifically Designated Nationals maintained by OFAC
or any similar list issued by OFAC (collectively, the “OFAC Lists”); 
 (ii) no Person on the OFAC Lists owns a 50% or greater
interest in, directly or indirectly, or otherwise controls, the Seller, the Parent Company or any Originator; and (iii) to the best of the knowledge of the Seller or any Originator, none of the Purchasers or 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 or any Originator 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 or any Originator. 
 (iii) Neither the Seller nor any Originator will
conduct business with or engage in any transaction with any Obligor that the Seller or any Originator knows or should reasonably be expected to know that (x) is named on any of the OFAC Lists or (y) 50% or greater of the equity interests in
such Obligor are owned by a Person named on any OFAC List; (ii) if any of the Seller or any Originator obtains actual knowledge or should reasonably be expected to know that any Obligor is named on any of the OFAC Lists or that any Person named
on an OFAC List owns a 50% or greater interest in an Obligor, the Seller or any Originator, as applicable, will give prompt written notice to the Purchasers and Agent of such fact or facts; and (iii) the Seller and any Originator 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 Purchasers or Agent and (y) will, upon a 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 38. 
 [SIGNATURE PAGE
FOLLOWS] 

  
 Page 63 of
100 

 IN WITNESS WHEREOF, Seller, Agent and Purchasers 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. 
  

			
	 CALIBER HOME LOANS,
 INC., as
Seller

		
	By:	 	/s/ Steve Smith
	Name:	 	  
 Steve Smith

	Title:	 	Chief Financial Officer and Treasurer
	
	BARCLAYS BANK PLC, as a Purchaser and Agent
		
	By:	 	/s/ Joseph O’Doherty
	Name:	 	  
  

	Title:	 	
	
	SUTTON FUNDING LLC as a Purchaser
		
	By:	 	/s/ Ellen Kiernan
	Name:	 	  
 Ellen Kiernan

	Title:	 	Vice President

 Signature Page to Master Repurchase Agreement (Barclays/Caliber) 

 EXHIBIT A 

MONTHLY CERTIFICATION 
 I,
                        ,
                             of Caliber Home Loans, Inc. (the “Seller”), in accordance with
that certain Master Repurchase Agreement (“Agreement”), dated as of May 11, 2015, among Barclays Bank PLC, Sutton Funding LLC and Seller do hereby certify that: 

 

	 	(i)	 To the best of my knowledge, no Default or Event of Default has occurred; and 

 

	 	(ii)	 The Seller has complied with each of the covenants set forth in Section 14(g)(ii), as evidenced by the
worksheet attached hereto as Schedule One; and 

  

	 	(iii)	 Attached as Schedule Two is a report of (i) the aggregate amount of all repurchase obligations of Seller,
(ii) the aggregate amount of all repurchase and indemnity requests delivered to Seller by its third party investors (including any Agency) during the previous calendar month and (iii) a report detailing Seller’s total warehouse
capacity and utilization for the prior calendar month. 

 [Signature Page Follows] 

  
 A-1 

 Capitalized terms used but not defined herein shall have the meanings assigned thereto in the Agreement.

 IN WITNESS WHEREOF, I have signed this certificate. 

Date:            , 201     

 

			
	CALIBER HOME LOANS, INC., as Seller
		
	By:	 	  

	Name:	 	
	Title:	 	

 [SEAL] 

I,
                            ,
                             of Seller, do hereby certify that
                                 is the duly elected or appointed, qualified and acting
                             of Seller, and the signature set forth above is the genuine signature of such
officer on the date hereof. 

  
 A-2 

 SCHEDULE ONE TO EXHIBIT A 

FINANCIAL COVENANTS WORKSHEET 

  
 A-3 

 SCHEDULE TWO TO EXHIBIT A 

REPURCHASE OBLIGATIONS 

  
 A-4 

 EXHIBIT B 

REPRESENTATIONS AND WARRANTIES 

WITH RESPECT TO MORTGAGE LOANS 

Capitalized terms used but not defined in this Exhibit B have the meanings assigned to such terms in the Master Repurchase Agreement
dated as of May 11, 2015 (the “Agreement”), among Barclays Bank PLC, (as a “Purchaser” or “Agent”), Sutton Funding LLC (“Purchaser”) and Caliber Home Loans, Inc.
(“Seller”). Seller hereby represents and warrants to the applicable Purchaser and Agent that, for each Mortgage Loan as of the related Purchase Date and the related Repurchase Date and on each date that such Mortgage Loan is subject
to a Transaction: 
 (a) All information set forth in the Seller Mortgage Loan Schedule, with respect to the Mortgage Loan is true and
correct in all material respects; 
 (b) Such Mortgage Loan is an Eligible Mortgage Loan; 

(c) Such Mortgage Loan was owned solely by Seller, is not subject to any lien, claim or encumbrance, including, without limitation, any such
interest pursuant to a loan or credit agreement for warehousing mortgage loans, and was originated or acquired by Seller from an Originator, underwritten and serviced in accordance with Agency Compliance (in respect of Fannie Mae Mortgage Loans,
Freddie Mac Mortgage Loans or Ginnie Mae Mortgage Loans) or Seller Underwriting Guidelines (in respect of Jumbo Mortgage Loans), and has at all times remained in compliance with all applicable law and regulations, including without limitation the
Federal Truth-in-Lending Act, the Real Estate Settlement Procedures Act, regulations issued pursuant to any of the aforesaid, and, in respect of Fannie Mae Mortgage
Loans, Freddie Mac Mortgage Loans or Ginnie Mae Mortgage Loans, all rules, requirements, guidelines and announcements of each Agency, and, as applicable, the FHA and VA, as the same may be amended from time to time; 

(d) The improvements on the land securing such Mortgage Loan are and will be kept insured at all times by responsible insurance companies
reasonably acceptable to the Applicable Agency, FHA and VA against fire and extended coverage hazards under policies, binders or certificates of insurance with a standard mortgagee clause in favor of Seller and its assigns, providing that such
policy may not be canceled without prior notice to Seller. Any proceeds of such insurance shall be held in trust for the benefit of the applicable Purchaser. The scope and amount of such insurance shall satisfy the rules, requirements, guidelines
and announcements of the Applicable Agency, FHA and VA, and shall in all cases be not less than the greatest of (i) 100% of the replacement cost of all improvements to the Mortgaged Property, (ii) the outstanding principal balance of the
Mortgage Loan, or (iii) the amount necessary to avoid the operation of any co-insurance provisions with respect to the Mortgaged Property; 

(e) Each Mortgage is a valid first lien on the Mortgaged Property and is covered by an attorney’s opinion of title acceptable to the
Applicable Agency, FHA and VA or by a policy of title insurance on a standard ALTA or similar lender’s form in favor of Seller and its assigns, subject only to exceptions permitted by the applicable Agency Program, FHA Regulations or VA
Regulations. Seller shall hold for the benefit of the applicable Purchaser such policy of title insurance, and, upon request of such Purchaser, shall promptly deliver such policy to such Purchaser or to the Custodian on behalf of such Purchaser;

 (f) Each Mortgage Loan that is not a Jumbo Mortgage Loan is either (i) insured by the FHA under the National Housing Act, guaranteed
by the VA under the Servicemen’s Readjustment Act of 1944 or (ii) with respect to Fannie Mae Mortgage Loans and Freddie Mac Mortgage Loans, is otherwise 

  
 B-1 

 
eligible to be insured or guaranteed in accordance with the requirements of the applicable Agency Program, FHA Regulations and/or VA Regulations and, in either case, such Mortgage Loan is not
subject to any defect that would prevent recovery in full or in part against the FHA, VA or other insurer or guarantor, as the case may be; 

(g) For each MERS Designated Mortgage Loan, if such Mortgage Loan is not a FHA Buyout Loan or a Modified Loan, the mortgage identification
number (“MIN”) has been assigned by MERS and such MIN is accurately provided on the Seller Mortgage Loan Schedule. Either the Mortgage is in favor of MERS or an Assignment of Mortgage to MERS has been duly and properly recorded; 

(h) Seller has not received any notice of liens or legal actions with respect to such Mortgage Loan and no such notices have been
electronically posted by MERS; 
 (i) Each Mortgage Loan that is not a Jumbo Mortgage Loan is eligible for sale to the Applicable Agency,
FHA or VA and fully complies with all of the terms and conditions, including any covenants, representations and warranties, in the applicable Agency Guide and eligible for securitization by and/or sale to FHA, VA, Fannie Mae, Freddie Mac or eligible
for inclusion in a Ginnie Mae MBS pool provided, that any FHA Buyout Loan or Seasoned Mortgage Loan is not eligible for such sale solely because of its delinquency status; 

(j) There are no known restrictions, contractual or governmental, which would impair the ability of Seller from servicing the Mortgage Loans;

 (k) Such Mortgage Loan may not result in Negative Amortization; 

(l) The Mortgagor is one or more natural persons, a trustee for an Illinois land trust or a trustee under a “living trust” (and such
“living trust”, if any, is in compliance with Applicable Agency, FHA and/or VA guidelines for such trusts); 
 (m) Such Mortgage
Loan is not a High Cost Mortgage Loan; 
 (n) No predatory, abusive or deceptive lending practices, including but not limited to, the
extension of credit to a Mortgagor without regard for the Mortgagor’s ability to repay the Mortgage Loan and the extension of credit to a Mortgagor which has no tangible net benefit to the Mortgagor, were employed in connection with the
origination of the Mortgage Loan. Such Mortgage Loan is in compliance with the anti predatory lending eligibility for purchase requirements of the Fannie Mae Guide; 

(o) On the Origination Date the related Mortgagor’s FICO Score was equal to or greater than [***] (except with respect to a Low FICO
Mortgage Loan, which shall have had a FICO Score equal to or greater than [***]), with respect to Mortgage Loans (it being acknowledged that the related Mortgagor shall be deemed to have a FICO Score of zero where no FICO Score is available), unless
(i) such Mortgage Loan is part of (x) an FHA or VA streamlined program for which a current FICO Score is not required for credit purposes or (y) the United States Home Affordable Refinance Program and (ii) if the applicable
Agency, FHA or VA program requires compliance with certain representations and warranties, such Agency, FHA or VA, as applicable, has provided Seller with a waiver to the extent that any such representations and warranties are not complied
with;     
 (p) If such Mortgage Loan was pledged to another warehouse, credit, repurchase or other financing facility
immediately prior to the related Purchase Date, such pledge has been released immediately prior to, or concurrently with, the related Purchase Date hereunder; 

  
 B-2 

 (q) Such Mortgage Loan has not been released from the possession of the Custodian under
Section 5 of the Custodial and Disbursement Agreement to Seller for a period in excess of fifteen (15) calendar days (or if such fifteenth day is not a Business Day, the next succeeding Business Day) or to Seller’s bailee under a
bailee letter approved by the applicable Purchaser for a period in excess of twenty (20) Business Days, or in each case such earlier time period as indicated on the related Request for Release of Documents; 

(r) Each Mortgage Loan that is a Modified Loan, has been manually underwritten; 

(s) To the extent such Mortgage Loan is not a FHA Buyout Loan or Modified Loan and Seller is a party to the Electronic Tracking Agreement,
such Mortgage Loan is a MERS Designated Mortgage Loan; 
 (t) With respect to each Mortgage Loan that is a
Wet-Ink Mortgage Loan, the Settlement Agent has been instructed in writing by Seller to hold the related Mortgage File as agent and bailee for Purchasers or Agent and to promptly forward such Mortgage File in
accordance with the provisions of the Custodial and Disbursement Agreement and the Escrow Instruction Letter; 
 (u) No Agency Eligible
Mortgage Loan or Jumbo Mortgage Loan shall be a Mortgage Loan of a loan type deemed an unacceptable risk for any reason at the applicable Purchaser’s discretion; provided, that no Mortgage Loan that is in Agency Compliance with the applicable
Agency Program, FHA Regulations or VA Regulations shall be deemed an unacceptable risk; 
 (v) Each Mortgage Loan has been fully disbursed
and is secured by a first lien on an underlying property as a “closed-end” Mortgage Loan with no further disbursements required by any party; 

(w) The Mortgage Loan (other than any High LTV Government Mortgage Loans or High LTV Agency Eligible Mortgage Loans) does not have a loan-to-value ratio over [***] for government insured first loans, [***] on any other loan, unless (i) such Mortgage Loan is refinanced pursuant to the United States Home
Affordable Refinance Program, FHA streamline or VA Interest Rate Reduction Refinancing Loan program and such Mortgage Loan does not have a loan-to-value ratio cap and
(ii) if the applicable Agency, FHA or VA program requires compliance with certain representations and warranties, such Agency, FHA or VA, as applicable, has provided Seller with a waiver to the extent that any such representations and
warranties are not complied with. No High LTV Government Mortgage Loan has a loan-to-value ratio or combined loan-to-value ratio over [***] and no High LTV Agency Eligible Mortgage Loans has a loan-to-value ratio or combined loan-to-value ratio over [***];     
 (x) The
Mortgage Loan is not secured by property located in (a) a state where the Seller is not licensed as a lender/mortgage banker or (b) a state that the related Purchaser has notified Seller prior to the applicable Purchase Date is
unacceptable due to a high cost, predatory lending or other law in such state; 
 (y) The Mortgage Loan has not been converted to an
ownership interest in real property through foreclosure or deed-in-lieu of foreclosure; 

(z) The Mortgage Loan relates to Mortgaged Property that consists of (i) a detached single family dwelling, (ii) a two-to-four family dwelling, (iii) a one-family dwelling unit in a Freddie Mac or Fannie Mae eligible condominium project,
(iv) a townhouse, (v) an Acceptable Manufactured Dwelling, which is treated as real estate under applicable state law, the primary purpose of which is residential use, none of which is a cooperative or single wide mobile home, or
(vi) a detached single family dwelling in a 

  
 B-3 

 
planned unit development none of which is a commercial property; and is not related to Mortgaged Property that consists of (a) mixed use properties, (b) log homes, (c) earthen
homes, (d) underground homes, (e) mobile homes or manufactured housing units (whether or not secured by real property) other than an Approved Manufactured Home Loan or (f) any dwelling situated on a leasehold estate; 

(aa) Such Mortgage Loan is not a Restricted Mortgage Loan except that a Seasoned Mortgage Loan or a FHA Buyout Loan may be a Restricted
Mortgage Loan solely due to such Mortgage Loan being a 30+ Day Delinquent Mortgage Loan; 
 (bb) The related Mortgagor made its first
scheduled Monthly Payment when it was due (inclusive of any applicable grace period), unless such time frame has not occurred yet; 
 (cc)
If such Mortgage Loan is a Correspondent Mortgage Loan, such Mortgage Loan was originated in accordance with underwriting guidelines that are substantially similar to, or more restrictive than, the Seller Underwriting Guidelines; 

(dd) If such Mortgage Loan is a Correspondent Loan, the original Mortgage Note has not been lost, misplaced or destroyed, for which the Seller
can produce only a lost Mortgage Note affidavit; 
 (ee) With respect to any Acceptable Manufactured Dwelling (i) the related
Acceptable Manufactured Dwelling is affixed to the land, (ii) the applicable laws of the jurisdiction in which the related Mortgaged Property is located will deem the Acceptable Manufactured Dwelling located on such Mortgaged Property to be a
part of the real property on which such Acceptable Manufactured Dwelling is located, and (iii) the related manufactured dwelling and the related Mortgaged Property are subject to a Mortgage properly filed in the appropriate public recording
office and naming the originator as mortgagee; 
 (ff) All Acceptable Manufactured Dwellings are at least “double-wide” (i.e. a
manufactured dwelling that was delivered to the home site in two sections ); 
 (gg) Each of the Mortgaged Properties is located in the
United States and consists of a single parcel of real property. No residence or dwelling is a mobile home (to the extent it is defined as a mobile home pursuant to criteria established by Standard & Poor’s, a division of the
McGraw-Hill Companies, Inc., and no residence or dwelling is a manufactured dwelling unless it is an Acceptable Manufactured Dwelling (as defined herein); 

(hh) With respect to each Mortgage Loan which is secured by an Acceptable Manufactured Dwelling, each lender’s title insurance policy
includes an ALTA 7 endorsement or similar endorsement for manufactured dwellings. 
 (ii) To the extent such Mortgage Loan is not a FHA
Buyout Loan, Seasoned Mortgage Loan or Modified Loan, such Mortgage Loan has not been a 30+ Day Delinquent Mortgage Loan at any time during the twenty-four (24) month period prior to the related Purchase Date; 

(jj) Cooperative Mortgage Loans. With respect to each Cooperative Mortgage Loan, (i) the term of the related Proprietary Lease is
longer than the term of the Cooperative Mortgage Loan, (ii) there is no provision in any Proprietary Lease which requires the Mortgagor to offer for sale the Cooperative Shares owned by such Mortgagor first to the Cooperative Corporation,
(iii) there is no prohibition in any Proprietary Lease against pledging the Cooperative Shares or assigning the Proprietary Lease and (iv) the recognition agreement is on a form of agreement published by the Aztech Document Systems, Inc.
or includes provisions which are no less favorable to the lender than those contained in such agreement; 

  
 B-4 

 (kk) Cooperative Filings. With respect to each Cooperative Mortgage Loan, each
original UCC financing statement, continuation statement or other governmental filing or recordation necessary to create or preserve the perfection and priority of the first priority lien and security interest in the Cooperative Shares and
Proprietary Lease has been timely and properly made. Any security agreement, chattel mortgage or equivalent document related to the Cooperative Mortgage Loan and delivered to Seller or its designee establishes in Seller a valid and subsisting
perfected first lien on and security interest in the Mortgaged Property described therein, and Seller has full right to sell and assign the same; and 

(ll) Cooperative Assignment. With respect to each Cooperative Mortgage Loan, each acceptance of assignment and assumption of lease
agreement contains enforceable provisions such as to render the rights and remedies of the holder thereof adequate for the realization of the benefits of the security provided thereby. The acceptance of assignment and assumption of lease agreement
contains an enforceable provision for the acceleration of the payment of the unpaid principal balance of the Mortgage Note in the event the Cooperative Unit is transferred or sold without the consent of the holder thereof. 

(mm) QM Rule. If the Mortgage Loan is consummated on or after January 10, 2014 (including a Refi Mortgage Loan), such Loan
satisfies the following criteria: 
 (i) Such Mortgage Loan is a Qualified Mortgage; 

(ii) Such Mortgage Loan is accurately identified as a Safe Harbor Qualified Mortgage on the Seller Mortgage Loan Schedule; 

(iii) Prior to the origination of such Mortgage Loan, the related originator made a reasonable and good faith determination
that the related Mortgagor would have a reasonable ability to repay such Mortgage Loan according to its terms, in accordance with, at a minimum, the eight underwriting factors set forth in 12 CFR 1026.43(c)(2); and 

(iv) Such Mortgage Loan is supported by documentation that evidences compliance with 12 CFR 1026.43 (e) and 12 CFR 1026.43
(c)(2). 
 (nn) QM Compliant Jumbo Mortgage Loans. Each Jumbo Mortgage Loan complies with the QM Rule and the criteria
set forth in clause (gg) above. 
 (oo) On the Origination Date the Back-End DTI
Ratio for such Mortgage Loan did not exceed [***]; 

  
 B-5 

 EXHIBIT C 

FORM OF TRANSACTION NOTICE 

[insert date] 
 Barclays Bank
PLC 
 745 Seventh Avenue, 4th Floor 
 New York, New York 10019

 Attention: Mary Logan 
 Sutton Funding LLC 

2711 Centreville Road, Suite 400 
 Wilmington, Delaware 1908 

 

	 	Re:	 Master Repurchase Agreement, dated as of May 11, 2015, by and among Barclays Bank PLC
(“Purchaser” and “Agent”), Sutton Funding LLC (“Purchaser”) and Caliber Home Loans, Inc. (“Seller”) 

Ladies/Gentlemen: 
 Reference is made to the
above-referenced Master Repurchase Agreement (the “Repurchase Agreement”; capitalized terms used but not otherwise defined herein shall have the meaning given them in the Repurchase Agreement). 

In accordance with Section 3(c) of the Repurchase Agreement, the undersigned Seller hereby requests, and the related Purchaser, agrees to
enter into a Transaction with us, in connection with our delivery of Eligible Mortgage Loans and all related Servicing Rights, on
                             [insert requested Purchase Date, which must be at least one (1) Business
Day following the date of the request] (the “Purchase Date”), in connection with which we shall sell to you such Eligible Mortgage Loans on the Seller Mortgage Loan Schedule attached hereto. [The unpaid principal balance of the
Eligible Mortgage Loans that are not FHA Buyout Loans is $             and the Purchase Price to be paid by Barclays for such Eligible Mortgage Loans shall be
                 [insert applicable Purchase Price]. [The unpaid principal balance of the Eligible Mortgage Loans that are FHA Buyout Loans is
$             and the Purchase Price to be paid by Sutton for such FHA Buyout Loans shall be                 
[insert applicable Purchase Price]. [Barclays shall transfer to the Seller an amount equal to $             [insert amount which represents the Purchase Price of the Eligible Mortgage Loans
that are not FHA Buyout Loans net of any related Initial Fee, Transaction Fees or any other fees then due and payable by Seller to Barclays pursuant to the Agreement].] [Sutton shall transfer to the Seller an amount equal to
$             [insert amount which represents the Purchase Price of the FHA Buyout Loans net of any related Initial Fee, Transaction Fees or any other fees then due and payable by Seller to
Sutton pursuant to the Agreement].] Seller agrees to repurchase such Purchased Asset on the Repurchase Date(s) at the Repurchase Price(s) listed below. 

The Eligible Mortgage Loans have the characteristics on the electronic file or computer tape or disc delivered by Seller to the related
Purchaser with respect thereto in connection with this Transaction Notice. 

  
 C-1 

 The Seller hereby certifies, as of such Purchase Date, that: 

(1) no Default or Event of Default has occurred on the date hereof (or to the extent existing, shall be cured after giving
effect to such Transaction) nor will occur after giving effect to such Transaction as a result of such Transaction; 
 (2)
each of the representations and warranties made by the Seller in or pursuant to the Program Documents is true and correct in all material respects on and as of such date as if made on and as of the date hereof (or, if any such representation or
warranty is expressly stated to have been made as of a specific date, as of such specific date); 
 (3) the Seller is in
compliance with all governmental licenses and authorizations and are qualified to do business and are in good standing in all required jurisdictions, except as would not be reasonably likely to have a Material Adverse Effect; 

(4) Seller has maintained all Approvals (from and after the Effective Date or date on which Seller obtained such Approval, as
applicable); and 
 (5) the Seller has satisfied all applicable conditions precedent in Sections 10(a) and (b) of the
Repurchase Agreement and all other requirements of the Program Documents. 
 Seller further represents and warrants that (1) (a) with
respect to the Eligible Mortgage Loans subject to the Transaction requested herein that are not Wet-Ink Mortgage Loans, the documents constituting the Mortgage Files (as defined in the Custodial and
Disbursement Agreement) [and (b) with respect to Eligible Mortgage Loans that are Wet-Ink Mortgage Loans, the Transaction Notice and the Seller Mortgage Loan Schedule, in each case] as more specifically
identified on the Seller Mortgage Loan Schedule delivered to Barclays/Sutton, the Custodian and the Disbursement Agent in connection herewith (the “Receipted Assets”), have been or are hereby submitted to Custodian and Disbursement Agent
and such required documents are to be held by the Custodian for the related Purchaser, (2) all other documents related to such Receipted Assets (including, but not limited to, mortgages, insurance policies, loan applications and appraisals)
have been or will be created and held by Seller for the related Purchaser, (3) all documents related to such Receipted Assets withdrawn from Custodian shall be held by Seller for the related Purchaser, and (4) upon the related
Purchaser’s wiring of the Purchase Price pursuant to Section 3(b) of the Repurchase Agreement, the related Purchaser will have agreed to the terms of the Transaction as set forth herein and purchased the Receipted Assets from the Seller. 

Seller hereby represents and warrants that (x) the Receipted Assets have an unpaid principal balance as of the date hereof of
$             and (y) the number of Receipted Assets is             . 

 

			
	Very truly yours,
	
	CALIBER HOME LOANS, INC., as Seller
		
	By:	 	
                     
                                         
           

	Name:	 	
	Title:	 	

  
 C-2 

 EXHIBIT D 

FORM OF GOODBYE LETTER 

[            ] [    ], 20[    ] 

 

	RE:	 Transfer of Mortgage Loan Servicing 

	  	 Mortgage Loan 

Dear Customer: 
 Caliber Home Loans, Inc. is the present
servicer of your mortgage loan. Effective [Date] the servicing of your mortgage will be transferred to                 . This transfer does not affect the terms and
conditions of your mortgage, other than those directly related to servicing. Because of the change in servicer, we are required to provide you with this disclosure. 

Caliber Home Loans, Inc. cannot accept any payments received after [Date]. Effective [Date], all payments are to be made to
                . Any payments received by Caliber Home Loans, Inc. after [Date] will be forwarded to
                        .
                         will be contacting you shortly with payment instructions. Please make future payments to: 

 
  

Attn:                      

[Address]               

If you currently make payments by an automatic checking or savings account deduction, that service will discontinue effective with the transfer date. After
the servicing transfer, you may request this service from                     . 

In [Date], you will receive a statement from Caliber Home Loans, Inc. reflecting the amount, if any, of the interest and taxes paid on your behalf in 20[
    ]. A similar statement will be sent                              for the period
beginning [Date] through year-end. Both statements must be added together for income tax purposes. 
 If you have
any questions concerning your account through [Date], you should continue to contact Caliber Home Loans, Inc., at <Seller’s Phone Number>, <HOURS OF OPERATION>. Questions after the transfer date should be directed to
                         Customer Service Department at
1-800-                    , Monday – Friday, 7 a.m. – 7
p.m. EST. 
 Sincerely, 
 Loan Servicing Department 

Caliber Home Loans, Inc. 

  
 D-1 

 NOTICE OF ASSIGNMENT, SALE OR TRANSFER 

OF SERVICING RIGHTS 
 You are hereby
notified that the servicing of your mortgage loan, that is the right to collect payments from you, is being assigned, sold or transferred. 
 The
assignment, sale or transfer of the servicing of the mortgage loan does not affect any term or condition of the mortgage instruments, other than the terms directly related to the servicing of your loan. 

Except in limited circumstances, the law requires that your present servicer send you a notice at least 15 days before the effective date, or at closing. Your
new servicer must also send you this notice no later than 15 days after this effective date. 
 This notification is a requirement of Section 6 of the
Real Estate Settlement Procedures Act (RESPA) (12 U.S.C. 2605). You should also be aware of the following information, which is set out in more detail in Section 6 of RESPA (12 U.S.C. 2605). 

During the 60 day period following the effective date of the transfer of the loan servicing, a loan payment received by your old servicer before its due date
may not be treated by the new loan servicer as late, and a late fee may not be imposed upon you. 
 Section 6 of RESPA (12 U.S.C. 2605) gives you
certain consumer rights. If you send a “qualified written request” to you loan servicer concerning the servicing of your loan, your servicer must provide you with a written acknowledgement within 20 Business Days of receipt
of your request. A “qualified written request” is written correspondence, other than notice on a payment coupon or other payment medium supplied by the servicer, which includes your name and account number and your reasons for the
request. If you want to send a “qualified written request” regarding the servicing of your loan, it must be sent to this address: 
  

 
 [Address] 

No later than 60 Business Days after receiving your request, your servicer must make any appropriate corrections to your account, and must provide you with a
written clarification regarding any dispute. During this 60 Business Day period, your servicer may not provide information to a consumer reporting agency concerning any overdue payment related to such period or qualified written request. However,
this does not prevent the servicer from initiating foreclosure if proper grounds exist under the mortgage documents. 
 A Business Day is any day
excluding legal public holidays (State or federal), Saturday and Sunday. 
 Section 6 of RESPA also provides for damages and costs for individuals or
classes of individuals, in circumstances where servicers are shown to have violated the requirements of that Section. You should seek legal advice if you believe your rights have been violated. 

MIRANDA DISCLOSURE – For your protection, please be advised that we are attempting to collect a debt and any information obtained will be used for that
purpose. Calls will be monitored and recorded for quality assurance purposes. If you do not wish for your call to be recorded please notify the customer service associate when calling. 

  
 D-2 

 BANKRUPTCY INSTRUCTION – Attention to any customer in Bankruptcy or who has received a bankruptcy
discharge of this debt. Please be advised that this letter constitutes neither a demand for payment of the captioned debt nor a notice of personal liability to any recipient hereof who might have received a discharge of such debt in accordance with
applicable bankruptcy laws or who might be subject to the automatic stay of Section 362 of the United States Bankruptcy Code. However, it may be a notice of possible enforcement of our lien against the collateral property, which has not been
discharged in your bankruptcy. 

  
 D-3 

 EXHIBIT E 

FORM OF WAREHOUSE LENDER’S RELEASE 

(Date) 
 Barclays Bank PLC
– Mortgage Finance 
 745 Seventh Avenue, 4th Floor 
 New
York, New York 10019 
 Attention: Joseph O’Doherty 

Barclays Bank PLC – Legal Department 
 745 Seventh Avenue,
20th Floor 
 New York, New York 10019 
 Attention: General
Counsel 
 Barclays Capital – Operations 
 1301 Sixth
Avenue, 8th Floor 
 New York, NY 10019 
 Attention:
Hánsel Nieves 
 Sutton Funding LLC 
 2711 Centreville
Road, Suite 400 
 Wilmington, Delaware 19808 
 Attention: Glenn
Pearson 
 Caliber Home Loans, Inc. 
 3701 Regent Boulevard
Irving, 
 Texas 75063 
 Attention: Sheila Mayes 

 

	 	Re:	 Certain Assets Identified on Schedule A hereto and owned by Caliber Home Loans, Inc. 

Ladies and gentlemen: 
 The undersigned hereby
releases all right, interest, lien or claim of any kind with respect to the mortgage loans described in the attached Schedule A, such release to be effective automatically without any further action by any party upon receipt in the account
identified below in immediately available funds of $            , in accordance with the following wire instructions: 

[                       
 ] 
  

			
	Very truly yours,
	
	[WAREHOUSE LENDER]
		
	By:	 	
                     
                                         
           

	Name:	 	
	Title:	 	

  
 E-1 

 [SCHEDULE A TO EXHIBIT E – LIST OF ASSETS TO BE RELEASED] 

  
 E-2 

 EXHIBIT F 

TRADE ASSIGNMENT 

                     (“Takeout
Investor”) 
 (Address) 
 Attention: 

Fax No.: 
 Dear Sirs: 

Attached hereto is a correct and complete copy of your confirmation of commitment (the “Commitment”), trade-dated
                    ,         , to purchase
$             of     %          year, 

(Check Box) 
  

			
	 ☐
	  	 Government National Mortgage Association;

		
	 ☐
	  	 Federal National Mortgage Association; or

		
	 ☐
	  	 Federal Home Loan Mortgage Corporation.

 mortgage-backed pass-through securities (“Securities”) at a purchase price of
                     from              on (insert Settlement Date). Our intention is to
assign $             of this Commitment’s full amount, which assignment shall be effective and shall be fully enforceable by the assignee on the Settlement Date. This is to confirm
that (i) the Commitment is in full force and effect, (ii) effective as of the Settlement Date, the Commitment is hereby assigned to Barclays Bank PLC (“Barclays”), whose acceptance of such assignment is indicated below,
(iii) you will accept delivery of such Securities directly from Barclays, (iv) you will pay Barclays for such Securities, (v) effective as of the Settlement Date and provided the Securities have been issued, Barclays is obligated to
make delivery of such Securities to you in accordance with the attached Commitment and (vi) effective as of the Settlement Date and provided the Securities have been issued, you have released Seller from its obligation to deliver the Securities
to you under the Commitment. Payment will be made “delivery versus payment (DVP)” to Barclays in immediately available funds. 

Notification of incorrect information or rejection of this Trade Assignment or any questions regarding this Trade Assignment should be
immediately made to [            ]. 

  
 F-1 

 
			
	Very truly yours,
	
	CALIBER HOME LOANS, INC.
		
	By:	 	
                     
                                    

	Title:	 	
	Date:	 	

  

			
	Acknowledged and agreed to:
	
	BARCLAYS BANK PLC
		
	By:	 	
                     
                            

	Title:	 	  

	Date:	 	  

 Provided the Securities have been issued, notice of delivery and confirmation of receipt will be the obligations of Barclays.

  
 F-2 

 EXHIBIT G 

RESERVED 

  
 G-2 

 EXHIBIT H 

FORM OF SELLER MORTGAGE LOAN SCHEDULE 

[SEE ATTACHED EXCEL SPREADSHEET] 

  
 H-1 

 EXHIBIT I 

SELLER UNDERWRITING GUIDELINES 

  
 I-1 

 EXHIBIT J 

LIST OF APPROVED TAKEOUT INVESTORS 
 [***]

  
 J-1 

 EXHIBIT K 

[RESERVED] 

  
 K-1 

 EXHIBIT L 

FORECLOSURE AND WORKOUT REPORT 

[SEE ATTACHED] 

  
 L-2 

 EXHIBIT M 

[RESERVED] 

  
 M-2 

 EXHIBIT N 

FORM OF INSTRUCTION LETTER 

                , 201     

                          
                         , as Subservicer 

                          
              
  

                          
              
  

Attention:                        
                       
  

	 	Re:	 Master Repurchase Agreement, dated May 11, 2015 (the “Agreement”) by and among Barclays
Bank PLC (“Purchaser” or “Agent”), Sutton Funding LLC (“Purchaser”) and Caliber Home Loans, Inc. “Seller”). 

Ladies and Gentlemen: 
 As subservicer of those
assets described on Schedule 1 hereto, which may be amended or updated from time to time (the “Eligible Assets”) pursuant to that Servicing Agreement, between You and the undersigned Seller, as amended or modified, attached hereto
as Exhibit A (the “Servicing Agreement”), you are hereby notified that (i) the undersigned Seller has sold to Purchasers such Eligible Assets pursuant to that certain Master Repurchase Agreement, dated as of May 11,
2015 (as amended, restated, supplemented or otherwise modified from time to time, the “Agreement”), between Purchasers and Seller and (ii) each of the Eligible Assets is subject to a security interest in favor of the Agent on
behalf of the related Purchaser. 
 You agree to service the Eligible Assets in accordance with the terms of the Servicing Agreement for the
benefit of the related Purchaser and, except as otherwise provided herein, such Purchaser shall have all of the rights, but none of the duties or obligations of Seller under the Servicing Agreement including, without limitation, payment of any
indemnification or reimbursement or payment of any servicing fees or any other fees. No subservicing relationship shall be hereby created between You and any Purchaser. 

Upon your receipt of written notification by a Purchaser that a Default has occurred under the Agreement (the “Default
Notice”), You, as subservicer, hereby agree to remit all payments or distributions made with respect to such Eligible Assets, net of the servicing fees payable to you with respect thereto, immediately in accordance with such
Purchaser’s wiring instructions provided below, or in accordance with other instructions that may be delivered to you by such Purchaser: 
  

			
	Bank Name:	  	Bank of New York Mellon
	Address:	  	New York, NY
	ABA Routing Number:	  	[                        ]
	DDA Number:	  	[                        ]
	Account Name:	  	BBPLC NY Branch Warehouse
	Ref:	  	Master Repurchase Agreement: Caliber Home Loans, Inc.
	Attention:	  	WL Operations
		
	Phone Validation:	  	201-499-2841 - John Whitacre
		  	201-499-2139 - Roberto Wang

  
 N-2 

 You agree that, following your receipt of such Default Notice, under no circumstances will
you remit any such payments or distributions in accordance with any instructions delivered to you by the undersigned Seller, except if a Purchaser instructs you in writing otherwise.     

You further agree that, upon receipt written notification by a Purchaser that an Event of Default has occurred under the Agreement, such
Purchaser shall assume all of the rights and obligations of Seller under the Servicing Agreement, except as otherwise provided herein. Subject to the terms of the Servicing Agreement, You shall (x) follow the instructions of such Purchaser with
respect to the Eligible Assets and deliver to such Purchaser any information with respect to the Eligible Assets reasonably requested by such Purchaser, and (y) treat this letter agreement as a separate and distinct servicing agreement between
You and such Purchaser (incorporating the terms of the Servicing Agreement by reference), subject to no setoff or counterclaims arising in Your favor (or the favor of any third party claiming through You) under any other agreement or arrangement
between You and any Seller or otherwise. Notwithstanding anything to the contrary herein or in the Servicing Agreement, in no event shall any Purchaser be liable for any fees, indemnities, costs, reimbursements or expenses incurred by You prior to
such Event of Default or otherwise owed to You in respect of the period of time prior to such Event of Default. 
 You are hereby instructed
to service such Eligible Assets for a term of thirty (30) days (each, a “Servicing Term”) commencing as of the date such Eligible Assets become subject to a purchase transaction under the Agreement, which Servicing Term shall
be deemed to be renewed at the end of each 30-day period subject to the following sentence. The Servicing Term shall terminate upon your receipt of a written termination or
non-renewal notice from any Purchaser at any time with respect to some or all of the Eligible Assets being serviced by You (each, a “Servicing Termination”). In the event of a Servicing
Termination, You hereby agree to (i) deliver all servicing and “records” relating to such Servicing Released Assets to the designee of such Purchaser at the end of each such Servicing Term and (ii) cooperate in all respects with
the transfer of servicing to such Purchaser or its designee. The transfer of servicing and such records by You shall be in accordance with customary standards in the industry and the terms of the Servicing Agreement, and such transfer shall include
the transfer of the gross amount of all escrows held for the related mortgagors (without reduction for unreimbursed advances or “negative escrows”).     

Further, You hereby constitute and appoint each Purchaser and any officer or agent thereof, with full power of substitution, as Your true and
lawful attorney-in-fact with full irrevocable power and authority in Your place and stead and in Your name or in any Purchaser’s own name, following any Servicer
Termination with respect solely to the Servicing Released Assets that are subject to such Servicer Termination, to direct any party liable for any payment under any such Servicing Released Assets to make payment of any and all moneys due or to
become due thereunder directly to any Purchaser or as a Purchaser shall direct including, without limitation, the right to send “goodbye” and “hello” letters on Your behalf. You hereby ratify 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. 

For the purpose of the foregoing, the term “records” shall be deemed to include but not be 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 Servicing Released Assets. 
 [NO FURTHER TEXT ON THIS PAGE] 

  
 N-3 

 Please acknowledge receipt of this instruction letter by signing in the signature block
below and forwarding an executed copy to Purchaser promptly upon receipt. Any notices to Purchaser should be delivered to the following address: Barclays Bank PLC – Mortgage Finance, 745 Seventh Avenue, 4th Floor, New York, New York 10019,
Attention: Joseph O’Doherty, Telephone: (212) 412-7990, Facsimile: (212) 412-7333. 

 

			
	Very truly yours,
	
	CALIBER HOME LOANS, INC.
		
	By:	 	
                     
                                         
   

	Name:	 	
	Title:	 	

 Acknowledged and Agreed as of this      day of
            , 201    : 
  

			
	[SUBSERVICER]
		
	By:	 	
                     
                                    

	Name:	 	
	Title:	 	

  
 N-4 

 EXHIBIT A 

[SERVICING AGREEMENT] 

  
 N-5 

 SCHEDULE 1 

[ELIGIBLE ASSET SCHEDULE] 

  
 N-6 

 EXHIBIT O 

FORM OF LEGAL OPINION 

  
 O-1 

 SCHEDULE 1 

EXCLUDED ORIGINATORS 

None. 

  
 SCHEDULE 1-1

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