Document:

Exhibit 10.3

   

  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

     

  MASTER REPURCHASE AGREEMENT

   

  CREDIT SUISSE FIRST BOSTON MORTGAGE CAPITAL LLC, as administrative agent,

   

  CREDIT SUISSE AG, a company incorporated in Switzerland, acting through its CAYMAN ISLANDS
      BRANCH, as buyer, ALPINE SECURITIZATION LTD, as buyer and other Buyers from time to time,

   

  HOME POINT FINANCIAL CORPORATION, as seller and

   

  each Underlying Entity joined hereto from time to time.

   

  Dated October 23, 2020

   

  
     

    
      
 

  

  
   

  TABLE OF CONTENTS

   

  Page

   

  	1. 	Applicability 	1 
	2. 	Definitions 	1 
	3. 	Program; Initiation of Transactions 	29 
	4. 	Repurchase; Conversion to REO Property	30 
	5. 	Price Differential 	31 
	6. 	Margin Maintenance; Reallocation of Purchase Price 	32 
	7. 	Income Payments 	33 
	8. 	Security Interest 	35 
	9. 	Payment and Transfer 	38 
	10. 	Conditions Precedent 	39 
	11. 	Program; Costs 	43 
	12. 	Servicing 	46 
	13. 	Representations and Warranties 	48 
	14. 	Covenants 	52 
	15. 	Events of Default 	58 
	16. 	Remedies Upon Default 	61 
	17. 	Reports 	63 
	18. 	Repurchase Transactions 	66 
	19. 	Single Agreement	67 
	20. 	Notices and Other Communications 	67 
	21. 	Entire Agreement; Severability 	69 
	22. 	Non assignability 	69 
	23. 	Set-off 	70 
	24. 	Binding Effect; Governing Law; Jurisdiction 	70 

   

  
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  	25. 	No Waivers, Etc. 	71 
	26. 	Intent 	71 
	27. 	Disclosure Relating to Certain Federal Protections 	72 
	28. 	Power of Attorney 	72 
	29. 	Buyers May Act Through Administrative Agent 	73 
	30. 	Indemnification; Obligations 	73 
	31. 	Counterparts 	74 
	32. 	Confidentiality 	74 
	33. 	Recording of Communications 	75 
	34. 	Periodic Due Diligence Review 	75 
	35. 	Authorizations 	76 
	36. 	Acknowledgment of Assignment and Administration of Repurchase Agreement 	76 
	37. 	Acknowledgement of Anti-Predatory Lending Policies 	77 
	38. 	Documents Mutually Drafted 	77 
	39. 	General Interpretive Principles 	77 
	40. 	Conflicts 	78 
	41. 	Pool Subdivisions 	78 
	42. 	Bankruptcy Non-Petition 	78 
	43. 	Limited Recourse 	78 
	44. 	Nominee 	79 
	45. 	Joint and Several 	86 

   

  	SCHEDULES 	 
	 	 
	Schedule 1-A – 	Representations and Warranties with Respect to Purchased Mortgage Loans and Contributed Mortgage Loans 
	 	 
	Schedule 1-B – 	Representations and Warranties with Respect to Contributed REO Property 
	 	 
	Schedule 1-C – 	Representations and Warranties with Respect to Purchased Certificates 
	 	 
	Schedule 2 –  Authorized Representatives

   

  
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  	EXHIBITS 	 
	 	 
	Exhibit A 	Form of Power of Attorney (Seller Parties) 
	 	 
	Exhibit B 	Escrow Instruction Letter 
	 	 
	Exhibit C 	Form of Officer’s Compliance Certificate 
	 	 
	Exhibit D 	Schedule of Indebtedness 

   

  
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  This is a MASTER REPURCHASE AGREEMENT, dated as of October 23, 2020, by
      and among Credit Suisse First Boston Mortgage Capital LLC, (“Administrative Agent”) on behalf of Buyers, including but not limited to Credit Suisse AG, a company incorporated in Switzerland, acting through its Cayman Islands Branch (“CS
        Cayman” and a “Buyer”) and Alpine Securitization LTD (“Alpine” and a “Buyer”), Home Point Financial Corporation (“Seller”) and each Underlying Entity joined hereto from time to time (each, an “Underlying Entity”,

      and together with the Seller, each a “Seller Party” and collectively, the “Seller Parties”).

   

  		1.	Applicability

   

  a. From time to time the parties hereto may enter into
      transactions in which Seller agrees to transfer to Administrative Agent on behalf of Buyers certain Purchased Assets (including, without limitation, the related Contributed Assets) (as hereinafter defined) on a servicing released basis against the
      transfer of funds by Administrative Agent, with a simultaneous agreement by Administrative Agent on behalf of Buyers to transfer to Seller such Purchased Assets on a servicing released basis at a date certain or on demand, against the transfer of
      funds by Seller. Each such transaction shall be referred to herein as a “Transaction” and, unless otherwise agreed in writing, shall be governed by this Agreement, including any supplemental terms or conditions contained in any annexes
      identified herein, as applicable hereunder. For the avoidance of doubt, and for administrative and tracking purposes, (a) the purchase and sale of each Purchased Asset and each Contributed Asset shall be deemed a separate Transaction and (b) with
      respect to each Designated Asset, such Designated Asset may, at Buyers’ option, be sold to different Buyers on a pro rata basis, such that one Buyer pays the Purchase Price-Base and another Buyer pays the Purchase Price-Incremental, in which case,
      the Administrative Agent shall own the Designated Asset, for the benefit of the purchasing Buyers, on a pro rata, pari passu basis.

   

  b. From time to time and upon an Underlying Entity’s joinder
      hereto, the Administrative Agent on behalf of Buyers shall purchase the Purchased Certificates from the Seller in connection with the related Transaction. On and after the Purchase Date of any Purchased Certificate, the Seller may request and
      Administrative Agent on behalf of Buyers may fund, subject to the terms and conditions of this Agreement, a Purchase Price Increase (as defined hereinafter) for the Transactions in respect of the Purchased Certificate based upon the acquisition of
      additional Contributed Assets by the Underlying Entity. From time to time, the Seller may make an Optional Prepayment to Administrative Agent on behalf of Buyers in accordance with Section 4.b hereof.

   

  c. To the extent a type of Mortgage Loan or Contributed Asset
      is referenced in the Program Agreements, those provisions shall only be applicable to the extent the box adjacent to the Approved Product Type is checked on the Asset Matrix.

   

  d. To the extent a provision refers to a Guarantor and/or the
      Guaranty, such provision shall only be applicable to the extent the parties enter into a Guaranty with a Guarantor in connection with the Program Agreements.

   

  		2.	Definitions

   

  Whenever used in this Agreement, the following words and phrases, unless
      the context otherwise requires, shall have the following meanings; provided that any terms used but not otherwise defined herein shall have the meanings given to them in the Pricing Side Letter:

   

  “1933 Act” means the Securities Act of 1933, as amended from time to time.

   

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

   

  “Acceptable State” means any state acceptable pursuant to Seller’s Asset Guidelines.

   

  “Accepted Servicing Practices” means, with respect to any Purchased
      Mortgage Loan or Contributed Asset, as applicable, those mortgage servicing practices and REO property management practices of prudent mortgage lending institutions which service mortgage loans or manage real property, as applicable, of the same type
      as such Purchased Mortgage Loan or Contributed Asset in the jurisdiction where the related Mortgaged Property or Contributed Asset is located in accordance with applicable law.

   

  “Acquisition Guidelines” means, with respect to any Mortgage Loan
      or Contributed Asset, the standards, procedures and guidelines of the Seller for acquiring Mortgage Loans and Contributed Assets.

   

  “Act” has the meaning set forth in Section 32.b hereof.

   

  “Act of Insolvency” means, with respect to any Person or its
      Affiliates, (a) the filing of a petition, commencing, or authorizing the commencement of any case or proceeding, or the voluntary joining 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 which is consented to, not timely contested or results in entry of an order for relief; (b)  the seeking of the appointment of a
      receiver, trustee, custodian or similar official for such party or an Affiliate or any substantial part of the property of either; (c) the appointment of a receiver, conservator, or manager for such party or an Affiliate by any governmental agency or
      authority having the jurisdiction to do so; (d) the making or offering by such party or an Affiliate of a composition with its creditors or a general assignment for the benefit of creditors; (e) the admission by such party or an Affiliate of such
      party of its inability to pay its debts or discharge its obligations as they become due or mature; or (f) that any governmental authority or agency or any person, agency or entity acting or purporting to act under governmental authority 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 such party or of any of its Affiliates, or shall have taken any action to displace the management of such party or
      of any of its Affiliates or to curtail its authority in the conduct of the business of such party or of any of its Affiliates; provided, however, with respect to any such involuntary filing, appointment, or proceeding, such filing, appointment or
      proceeding shall not have been dismissed within forty-five (45) calendar days.

   

  “Additional Buyers” has the meaning set forth in Section 36 hereof.

   

  “Adjusted Net Income” means, for any Person, such Person’s Net
      Income excluding any positive or negative market-to-market adjustments made in connection with mortgage loans held for investment and any mortgage servicing rights, in each instance, on such Person’s balance sheet.

   

  “Adjusted Tangible Net Worth” means, for any Person, Net Worth of
      such Person plus Subordinated Debt (provided such Subordinated Debt shall be approved by Administrative Agent in writing), minus (a) Restricted Cash (other than any portion of Restricted Cash that has a corresponding offsetting current liability);
      (b) [***] of investment securities; (c) [***] of all mortgage loans held for investment; (d) [***] of REO Property and (e) all intangible assets, including (without duplication) goodwill, patents, tradenames, trademarks,
      copyrights, franchises, any organizational expenses, deferred taxes and expenses, prepaid expenses, prepaid assets, deposits, receivables from shareholders, Affiliates or employees, and any other asset as shown as an intangible asset on the balance
      sheet of such Person on a consolidated basis as determined at a particular date in accordance with GAAP (other than any portion of such assets that has a corresponding offsetting current liability).

   

  
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  “Administration Agreement” means that certain Repo Administration
      and Allocation Agreement, dated as of the date hereof, by and among Seller Parties, Guarantor, if any, CSFBMC as administrative agent and certain Buyers identified therein, as amended, restated, supplemented or otherwise modified from time to time.

   

  “Administrative Agent” means CSFBMC or any successor thereto under
      the Administration Agreement.

   

  “Affiliate” means, with respect to any Person, any “affiliate” of
      such Person, as such term is defined in the Bankruptcy Code, which shall also include, for the avoidance of doubt, with respect to Administrative Agent only, any CP Conduit; provided, that, other than the Seller and its Subsidiaries, no other
      portfolio company of Stone Point Capital LLC or its affiliates shall be deemed an Affiliate of Seller.

   

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

   

  “Agency Approvals” has the meaning set forth in Section 13.a(24) hereof.

   

  “Agency Guide” means (a) the Fannie Mae MBS Selling and Servicing
      Guide, (b) the Freddie Mac Sellers’ and Servicers’ Guide or (c) the Ginnie Mae Mortgage-Backed Securities Guide, in each case, as such Agency Guide may hereafter from time to time be amended, supplemented or modified, as applicable, including, for
      the avoidance of doubt, any amendments, supplements, waivers or other modifications as between the applicable Agency and Seller.

   

  “Agency Mortgage Loan” means, collectively, Conforming Mortgage
      Loans, State Agency Program Loans, USDA Loans, FHA Loans, VA Loans and HECM Loans (but not Early Buyout Loans).

   

  “Agency Security” means a mortgage-backed security issued or guaranteed by an Agency.

   

  “Aggregate Purchase Price-Base” means, as of any date of
      determination, the lesser of [***] and [***].

   

  “Aggregate Purchase Price-Incremental” means, as of any date of
      determination, the excess if any of [***] on such date over [***].

   

  “Agreement” means this Master Repurchase Agreement, as it may be
      amended, restated, supplemented or otherwise modified from time to time.

   

  “ALTA” means American Land Title Association.

   

  “Appraised Value” means the “as is” value set forth in an appraisal
      made in connection with the origination of the related Mortgage Loan as the value of the Mortgaged Property.

   

  “Approved Product Type” has the meaning assigned to such term in the Pricing Side Letter.

   

  “Asset File” means, with respect to a Purchased Mortgage Loan or a
      Contributed Asset, as applicable, the documents and instruments relating thereto and set forth in an exhibit to the Custodial Agreement.

   

  
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  “Asset Guidelines” means, to the extent the Seller Parties (a)
      originate Mortgage Loans or Contributed Assets, the Origination Guidelines and (b) purchase Mortgage Loans or Contributed Assets, the Acquisition Guidelines; in each case, other than with respect to any Origination Guidelines or Acquisition
      Guidelines related to Agency Mortgage Loans, which are set forth in the written policies and procedures of the Seller Parties, a copy of which have been provided to and approved by Administrative Agent in writing.

   

  “Asset Matrix” has the meaning assigned to such term in the Pricing Side Letter.

   

  “Asset Schedule” means, with respect to any Transaction as of any
      date, an asset schedule in the form of a computer tape or other electronic medium generated by Seller Parties, and delivered to Administrative Agent and Custodian, which provides information required by Administrative Agent to enter into Transactions
      relating to the Purchased Mortgage Loan and Contributed Asset in a format acceptable to Administrative Agent.

   

  “Asset Value” means with respect to any Purchased Asset or
      Contributed Asset, the sum of the Asset Value-Base and the Asset Value-Incremental.

   

  “Asset Value-Base” means, with respect to any Purchased Asset
      or Contributed Asset as of any date of determination, an amount equal to the product of [***] and [***].

   

  “Asset Value-Incremental” means, with respect to any Purchased
      Asset or Contributed Asset as of any date of determination, an amount equal to the product of [***] and [***].

   

  “Assignment and Acceptance” has the meaning assigned to such term in Section 22.a hereof.

   

  “Assignment of Leases and Rents” has the meaning set forth in paragraph (xxx) of Schedule 1-A
      hereto.

   

  “Assignment of Mortgage” means 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 sale of the Mortgage.

   

  “Assignment of Proprietary Lease” means the specific agreement
      creating a first lien on and pledge of the Co-op Shares and the appurtenant Proprietary Lease securing a Co-op Loan.

   

  “Attorney Bailee Letter” has the meaning assigned to such term in the Custodial Agreement.

   

  “Bailee Letter” has the meaning assigned to such term in the Custodial Agreement.

   

  “Bank” means Merchants Bank of Indiana, or as otherwise mutually
      agreed upon between Seller and Administrative Agent.

   

  
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  “Bankruptcy Code” means Title 11 of the United States Bankruptcy
      Code of 1978, as amended from time to time.

   

  “Beneficial Ownership Certification” means a certification
      regarding beneficial ownership required by the Beneficial Ownership Regulation.

   

  “Beneficial Ownership Regulation” means 31 C.F.R. § 1010.230.

   

  “BPL – Holdback” means a Business Purpose Mortgage Loan with
      respect to which there exists a Holdback Amount which may be funded and on deposit in the Holdback Account for the related Mortgagor to improve and rehabilitate the related Mortgaged Property.

   

  “BPL – Long” means a Business Purpose Mortgage Loan with respect to
      which (a) the related Mortgaged Property consists of (i) eight (8) units or less or (ii) between nine (9) and twenty-nine (29)    units and with an original outstanding principal amount less than [***] and (b) the related maturity date is [***]
      or more from the date of the Mortgage Note.

   

  “BPL – Multi-Family” means a Business Purpose Mortgage Loan which
      is secured by a residential Mortgaged Property consisting of (a) thirty (30) units or more or (b) between nine (9) and twenty-nine (29) units and with an original outstanding principal amount of [***] or more, in each case, principally used
      for lease to residential tenants occupying the same or consisting of a mixed-use property.

   

  “BPL – Multi-Family – Long” means a BPL – Multi-Family with a
      maturity date that is [***] or more from the date of the Mortgage Note.

   

  “BPL – Multi-Family – Short” means a BPL – Multi-Family with a
      maturity date that is less than [***] from the date of the Mortgage Note.

   

  “BPL – Short” means a Business Purpose Mortgage Loan with respect
      to which (a) the related Mortgaged Property consists of not more than eight (8) units and (b) the related maturity date is less than [***] from the date of the Mortgage Note.

   

  “BPO” means an opinion of the fair market value of a Mortgaged
      Property or an REO Property given by a licensed real estate agent or broker in conformity with customary and usual business practices, which includes comparable sales and comparable listings and complies with the criteria set forth in the Financial
      Institutions Reform, Recovery and Enforcement Act of 1989 for an “appraisal” or an “evaluation” as applicable.

   

  “Business Day” means any day other than (i) a Saturday or Sunday;
      (ii) a day on which the New York Stock Exchange, the Federal Reserve Bank of New York or the Custodian is authorized or obligated by law or executive order to be closed or (iii) a public or bank holiday in New York City, the State of Texas, the State
      of Michigan or the State of Florida.

   

  “Business Purpose Mortgage Loan” means a Mortgage Loan with respect
      to which the related Mortgaged Property (a) is non-owner occupied; (b) is primarily used for business or commercial purposes (as referenced in the Truth and Lending Act and its implementing regulation, Regulation Z); and (c) has been originated or
      acquired in accordance with Asset Guidelines.

   

  
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  “Buyer” means CS Cayman, Alpine and each buyer identified by the
      Administrative Agent from time to time pursuant to the Administration Agreement and their successors in interest and assigns pursuant to Section 22 hereof and, with respect to Section 11 hereof, its participants.

   

  “Capital Lease Obligations” means, for any Person, all obligations
      of such Person to pay rent or other amounts under a lease of (or other agreement conveying the right to use) Property to the extent such obligations are required to be classified and accounted for as a capital lease on a balance sheet of such Person
      under GAAP, and, for purposes of this Agreement, the amount of such obligations shall be the capitalized amount thereof, determined in accordance with GAAP.

   

  “Capital Stock” means, as to any Person, any and all shares,
      interests, participations or other equivalents (however designated) of capital stock of a corporation, any and all equivalent equity ownership interests in a Person which is not a corporation, including, without limitation, any and all member or
      other equivalent interests in any limited liability company, limited partnership, trust, and any and all warrants or options to purchase any of the foregoing, in each case, designated as “securities” (as defined in Section 8-102 of the Uniform
      Commercial Code) in such Person, including, without limitation, all rights to participate in the operation or management of such Person and all rights to such Person’s properties, assets, interests and distributions under the related organizational
      documents in respect of such Person. “Capital Stock” also includes (i) all accounts receivable arising out of the related organizational documents of such Person; (ii) all general intangibles arising out of the related organizational documents
      of such Person; and (iii)    to the extent not otherwise included, all proceeds of any and all of the foregoing (including within proceeds, whether or not otherwise included therein, any and all contractual rights under any revenue sharing or similar
      agreement to receive all or any portion of the revenues or profits of such Person).

   

  “Cash Equivalents” means (a) securities with maturities of [***]
      or less from the date of acquisition issued or fully guaranteed or insured by the United States Government or any agency thereof, (b) certificates of deposit and eurodollar time deposits with maturities of [***] or less from the date of
      acquisition and overnight bank deposits of Administrative Agent or of any commercial bank having capital and surplus in excess of [***], (c) repurchase obligations of Administrative Agent or of any commercial bank satisfying the requirements
      of clause (b) of this definition, having a term of not more than seven days with respect to securities issued or fully guaranteed or insured by the United States Government, (d) commercial paper of a domestic issuer rated at least A-1 or the
      equivalent thereof by S&P or P-1 or the equivalent thereof by Moody’s and in either case maturing within [***] after the day of acquisition, (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 Administrative Agent or 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.

   

  “Change in Control” means:

   

  (a) any transaction or event as a result of which Home Point Capital Inc.
      ceases to directly or indirectly own, beneficially or of record, at least 50% of the Capital Stock of Seller;

   

  (b) any transaction or event as a result of which Seller ceases to
      directly own 100% of the Capital Stock of any Underlying Entity (other than as set forth herein);

   

  
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  (c) if such Seller Party or Guarantor is a Delaware limited liability
      company, such Seller Party or Guarantor, as applicable, enters into any transaction or series of transactions to adopt, file, effect or consummate a Division, or otherwise permits any such Division to be adopted, filed, effected or consummated; or

   

  (d) the sale, transfer, or other disposition of all or substantially all
      of any Seller Party’s or Guarantor’s assets (excluding any such action taken in connection with any securitization transaction).

   

  “Clearing Account” means the account into which HUD, VA and USDA
      remit all Income (including, without limitation, claims and proceeds) on account of Early Buyout Loans.

   

  “Code” means the Internal Revenue Code of 1986, as amended.

   

  “Confidential Information” has the meaning set forth in Section 32.b hereof.

   

  “Conforming Mortgage Loan” means a first lien Mortgage Loan,
      including State Agency Program Loans, originated in accordance with the criteria of an Agency for purchase of Mortgage Loans, including, without limitation, conventional Mortgage Loans.

   

  “Contributed Asset” means a Contributed REO Property and/or a Contributed Mortgage Loan.

   

  “Contributed Mortgage Loan” means the individual or collective
      reference to the Mortgage Loans, legal title of which is held by an Underlying Entity, which are subject to a Transaction hereunder and/or listed on the related Asset Schedule attached to the related Transaction Request, in each case, that satisfies
      the representations and warranties set forth on Schedule 1-A hereto which such Asset Files the Custodian has been instructed to hold pursuant to the Custodial Agreement.

   

  “Contributed Repurchase Assets” has the meaning assigned thereto in Section 8.a(2) hereof.

   

  “Contributed REO Property” means the individual or collective
      reference to the REO Property, legal title of which is held by the applicable Underlying Entity, which are subject to a Transaction hereunder and/or listed on the related Asset Schedule attached to the related Transaction Request, in each case, that
      satisfies the representations and warranties set forth on Schedule 1-B hereto which such Asset Files the Custodian has been instructed to hold pursuant to the Custodial Agreement.

   

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

   

  “Co-op Loan” means a Mortgage Loan secured by the pledge of Co-op
      Shares allocated to a Co-op Unit in a Co-op Corporation and collateral assignment of the related Proprietary Lease.

   

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

   

  “Co-op Shares” means, with respect to any Co-op Loan, the shares of
      stock issued by a Co-op Corporation and allocated to a Co-op Unit and represented by a Stock Certificate.

   

  
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  “Co-op Unit” means, with respect to any Co-op Loan, a specific unit in a Co-op Project.

   

  “CP Conduit” means a commercial paper conduit, including but not
      limited to Alpine Securitization LTD, administered, managed or supported by CSFBMC or an Affiliate of CSFBMC.

   

  “Credit Limit” means, with respect to each HELOC, the maximum
      amount permitted under the terms of the related Credit Line Agreement as identified in the related Asset Schedule.

   

  “Credit Line Agreement” means, with respect to each HELOC, the
      related home equity line of credit agreement, account agreement and promissory note (if any) executed by the related Mortgagor and any amendment or modification thereof.

   

  “CSFBMC” means Credit Suisse First Boston Mortgage Capital LLC, or any successors or assigns.

   

  “Custodial Account” means the account held by Bank pursuant to the
      terms of the applicable Custodial Account Control Agreement, if any, in each case, into which any amounts with respect to Early Buyout Loans may be deposited and held. Administrative Agent shall have a perfected security interest in all such accounts
      and Seller Parties acknowledge that Administrative Agent shall have no obligations of any kind to remit any additional amounts into the related Custodial Account.

   

  “Custodial Account Control Agreement” means that certain account
      control agreement among Administrative Agent, the Bank and the other parties thereto, providing for the Administrative Agent’s control over the related Custodial Account.

   

  “Custodial Agreement” means the custodial agreement, dated as of
      the date hereof, among Seller Parties, Administrative Agent, Buyers and Custodian identified therein, as it may be amended, restated, supplemented or otherwise modified from time to time.

   

  “Custodial Asset Schedule” has the meaning assigned to such term in the Custodial Agreement.

   

  “Custodian” means the Person identified as such in the
      Custodial Agreement or such other party specified by Administrative Agent and agreed to by Seller Parties, which approval shall not be unreasonably withheld, conditioned or delayed.

   

  “Daily Weighted Average Price Differential-Base” means, with
      respect to all Purchased Assets and Contributed Assets as of any date of determination, an amount equal to the product of [***] and [***].

   

  “Daily Weighted Average Price Differential-Incremental” means, with
      respect to all Purchased Assets and Contributed Assets as of any date of determination, an amount equal to the product of [***] and [***].

   

  “DE Compare Ratio” means the Two Year FHA Direct Endorsement Lender
      Compare Ratio, excluding streamline FHA refinancings, as made publicly available by HUD.

   

  “Debtor Relief Law” means any law, administration, or regulation
      relating to reorganization, winding up, administration, composition or adjustment of debts or otherwise relating to bankruptcy or insolvency.

   

  
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  “Default” means an Event of Default or an event that with notice or
      lapse of time or both would become an Event of Default.

   

  “Delinquency Advance” means any advance made by Seller or Servicer
      pursuant to the Servicing Agreements, to cover due, but uncollected or unavailable as a result of funds not yet being cleared, principal and interest payments on the Early Buyout Loans included in the portfolio of Mortgage Loans serviced by Seller or
      Servicer pursuant to the Servicing Agreements, including Early Buyout Loans with respect to which the related Mortgaged Property is being held pending liquidation.

   

  “Designated Asset” means a Purchased Asset and/or Contributed Asset
      that is identified by Administrative Agent as eligible for both a Purchase Price-Base and a Purchase Price-Incremental.

   

  “Disqualification Event” means the occurrence of any of the
      following events: (a) a Participant materially breaches the applicable Participation Agreement, (b) an Act of Insolvency occurs with respect to a Participant, (c) the failure of a Participant to purchase the participation interest pursuant to a
      Participation Agreement with respect to a Designated Asset, (d) the Administrative Agent, a Participant or a Buyer shall have determined that the introduction of or a change in any Requirement of Law or in the interpretation or administration of any
      Requirement of Law applicable to Administrative Agent, any Participant or any Buyer has made it unlawful, for Administrative Agent, any Participant or any Buyer to purchase Purchased Assets or Contributed Asset or participations in Transactions, or
      (e) the Administrative Agent determines in its sole discretion, that it will no longer enter into Transactions comprised of Purchase Price-Incremental on account of a Purchased Asset or Contributed Asset.

   

  “Division” means the division of a limited liability
      company into two or more limited liability companies pursuant to and in accordance with Section 18-217 of Chapter 18 of the Delaware Limited Liability Company Act, 6 Del. C. §§ 18-101 et seq., as amended.

   

  “Dollars” and “$” means dollars in lawful currency of the United
      States of America.

   

  “Draw” means, with respect to each HELOC, an additional borrowing
      by the Mortgagor in accordance with the related Credit Line Agreement.

   

  “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.

   

  “Early Buyout” means the purchase of a defaulted FHA Loan, VA Loan
      or USDA Loan by Seller from a GNMA Security.

   

  “Early Buyout Loans” means an FHA Loan, USDA Loan or VA Loan which
      is subject to an Early Buyout and is a Purchased Mortgage Loan or Contributed Mortgage Loan.

   

  “E-Sign” means the Electronic Signatures in Global and National
      Commerce Act, 15 U.S.C. § 7001 et seq.

   

  “Effective Date” means the date upon which the conditions precedent
      set forth in Section 10 hereof shall have been satisfied.

   

  “Electronic Tracking Agreement” means an Electronic Tracking
      Agreement among Administrative Agent, Seller Parties, MERS and MERSCORP Holdings, Inc., to the extent applicable as the same may be amended, restated, supplemented or otherwise modified from time to time.

   

  
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  “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 administrative rulings issued thereunder.

   

  “ERISA Affiliate” means any corporation or trade or business that,
      together with Seller is treated as a single employer under Section 414(b) or (c) of the Code or, solely for purposes of Section 302 of ERISA and Section 412 of the Code, is treated as single employer described in Sections 414(b), (c), (m) or (o) of
      the Code.

   

  “Escrow Instruction Letter” means the Escrow Instruction Letter
      from Seller to the Settlement Agent, in the form of Exhibit B hereto, as the same may be amended, restated, supplemented or otherwise modified from time to time.

   

  “Escrow Payments” means, with respect to any Mortgage Loan, the
      amounts constituting ground rents, taxes, assessments, water rates, sewer rents, municipal charges, mortgage insurance premiums, fire and hazard insurance premiums, condominium charges, and any other payments required to be escrowed by the Mortgagor
      with the mortgagee pursuant to the Mortgage or any other document.

   

  “Event of Default” has the meaning specified in Section 15 hereof.

   

  “Event of Termination” means with respect to any Seller Party or
      Guarantor (a) with respect to any Plan, a reportable event, as defined in Section 4043 of ERISA, as to which the PBGC has not by regulation waived the requirement of Section 4043(a) of ERISA that it be notified within thirty (30) days of the
      occurrence of such event; (b) the withdrawal of any Seller Party, Guarantor or any ERISA Affiliate thereof from a Plan during a plan year in which it is a substantial employer, as defined in Section 4001(a)(2) of ERISA; (c) the failure by any Seller
      Party, Guarantor or any ERISA Affiliate thereof to meet the minimum funding standard of Section 412 of the Code or Section 302 of ERISA with respect to any Plan, including, without limitation, the failure to make on or before its due date a required
      installment under Section 430(j) of the Code or Section 303(j) of ERISA; (d) the distribution under Section 4041 of ERISA of a notice of intent to terminate any Plan or any action taken by any Seller Party, Guarantor or any ERISA Affiliate thereof to
      terminate any Plan; (e) the failure to meet requirements of Section 436 of the Code resulting in the loss of qualified status under Section 401(a)(29) of the Code; (f) the institution by the PBGC of proceedings under Section 4042 of ERISA for the
      termination of, or the appointment of a trustee to administer, any Plan; (g) the receipt by any Seller Party, Guarantor or any ERISA Affiliate thereof of a notice from a Multiemployer Plan that action of the type described in the previous clause (f)
      has been taken by the PBGC with respect to such Multiemployer Plan; or (h) any event or circumstance exists which may reasonably be expected to constitute grounds for any Seller Party, Guarantor or any ERISA Affiliate thereof to incur liability under
      Title IV of ERISA or under Sections 412 or 430(k) of the Code with respect to any Plan.

   

  “Excluded Taxes” means any of the following Taxes imposed on or
      with respect to a Buyer or other recipient of any payment hereunder or required to be withheld or deducted from a payment to such Buyer or such other recipient: (a) Taxes based on (or measured by) net income or net profits, franchise Taxes and branch
      profits Taxes that are imposed on a Buyer or other recipient of any payment hereunder as a result of (i) being organized under the laws of, or having its principal office or its applicable lending office located in the jurisdiction imposing such Tax
      (or any political subdivision thereof), or (ii) that are Other Connection Taxes; (b) any Tax imposed on a Buyer or other recipient of a payment hereunder that is attributable to such Buyer’s or other recipient’s failure to comply with relevant
      requirements set forth in Section 11.e(ii) hereof; (c) any U.S. federal withholding Tax that is imposed on amounts payable to or for the account of such Buyer or other recipient of a payment hereunder pursuant to a law in effect on the date
      such person becomes a party to or under this Agreement, or such person changes its lending office, except

   

  
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  in each case to the extent that amounts with respect to Taxes were payable either to such
      person’s assignor immediately before such person became a party hereto or to such person immediately before it changed its lending office; and (d) any withholding Taxes imposed under FATCA.

   

  “Fannie Mae” means the Federal National Mortgage Association or any successor thereto.

   

  “FATCA” means Sections 1471 through 1474 of the Code, as of the
      date of this Agreement (or any amended or successor version that is substantively comparable and not materially more onerous to comply with), any current or future regulations or official interpretations thereof and any agreements entered into
      pursuant to Section 1471(b)(1) of the Code, and any intergovernmental agreement entered into in connection with the implementation of the foregoing express provisions of the Code and any fiscal or regulatory legislation or rules adopted pursuant to
      such intergovernmental agreement.

   

  “FDIA” has the meaning set forth in Section 26.d hereof.

   

  “FDICIA” has the meaning set forth in Section 26.e hereof.

   

  “FHA” means the Federal Housing Administration, an agency within
      the United States Department of Housing and Urban Development, 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 Approved Mortgagee” means a corporation or institution
      approved as a mortgagee by the FHA under the National Housing Act, as amended from time to time, and applicable FHA Regulations, and eligible to own and service mortgage loans such as the FHA Loans.

   

  “FHA Connection System” means the FHA Connection system, together
      with any successor FHA electronic access portal.

   

  “FHA Loan” means a Mortgage Loan which is the subject of an FHA Mortgage Insurance Contract.

   

  “FHA Mortgage Insurance” means, mortgage insurance authorized under
      the National Housing Act, as amended from time to time, and provided by the FHA.

   

  “FHA Mortgage Insurance Contract” means the contractual obligation
      of the FHA respecting the insurance of a Mortgage Loan.

   

  “FHA Regulations” means the regulations promulgated by the
      Department of Housing and Urban Development under the National Housing Act, as amended from time to time and codified in 24 Code of Federal Regulations, and other Department of Housing and Urban Development issuances relating to FHA Loans, including
      the related handbooks, circulars, notices and mortgagee letters.

   

  “FICO” means Fair Isaac & Co., or any successor thereto.

   

  “Fidelity Insurance” means insurance coverage with respect to
      employee errors, omissions, dishonesty, forgery, theft, disappearance and destruction, robbery and safe burglary, property (other than money and securities) and computer fraud.

   

  “Freddie Mac” means the Federal Home Loan Mortgage Corporation or any successor thereto.

   

  
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  “GAAP” means generally accepted accounting principles in effect
      from time to time in the United States of America and applied on a consistent basis.

   

  “GNMA” means the Government National Mortgage Association and any successor thereto.

   

  “GNMA Guidelines” means the GNMA Mortgage-Backed Securities Guide,
      Handbook 5500.3, Rev. 1, as amended from time to time, and any related announcements, directives and correspondence issued by GNMA.

   

  “GNMA Haircut Amount” means, with respect to a Simultaneously
      Funded Early Buyout Loan, an amount equal to (i) the amount due to GNMA to repurchase such Mortgage Loan from GNMA less (ii) the Purchase Price-Base for such Mortgage Loan.

   

  “GNMA Security” means a mortgage-backed security guaranteed by GNMA
      pursuant to the GNMA Guidelines.

   

  “Governmental Authority” means any nation or government, any state
      or other political subdivision thereof, or any entity exercising executive, legislative, judicial, regulatory or administrative functions over any Seller Party, Guarantor, any Servicer, Administrative Agent or any Buyer, as applicable.

   

  “Gross Margin” means, with respect to each adjustable rate Mortgage
      Loan, the fixed percentage amount set forth in the related Mortgage Note.

   

  “Guarantee” means, as to any Person, any obligation of such Person
      directly or indirectly guaranteeing any Indebtedness of any other Person or in any manner providing for the payment of any Indebtedness of any other Person or otherwise protecting the holder of such Indebtedness against loss (whether by virtue of
      partnership arrangements, by agreement to keep-well, to purchase assets, goods, securities or services, or to take-or-pay or otherwise); provided that the term “Guarantee” shall not include (a)  endorsements for collection or deposit in the
      ordinary course of business, or (b) obligations to make servicing advances for delinquent taxes and insurance or other obligations in respect of a Mortgage Loan or Mortgaged Property, to the extent required by Administrative Agent. The amount of any
      Guarantee of a Person shall be deemed to be an amount equal to the stated or determinable amount of the primary obligation in respect of which such Guarantee is made or, if not stated or determinable, the maximum reasonably anticipated liability in
      respect thereof as determined by such Person in good faith. The terms “Guarantee” and “Guaranteed” used as verbs shall have correlative meanings.

   

  “Guarantor” means the Person identified as such in the Guaranty.

   

  “Guaranty” means, if entered into, the guaranty of Guarantor in
      favor of the Administrative Agent for the benefit of Buyers as the same may be amended, restated, supplemented or otherwise modified from time to time, pursuant to which the Guarantor fully and unconditionally guarantees the obligations of the Seller
      Parties hereunder.

   

  “HECM Loan” means a home equity conversion Mortgage Loan which is
      (a) secured by a first lien and (b) is eligible to be insured by FHA.

   

  “HECM Principal Balance” means the principal balance of a HECM Loan
      (including without limitation all related servicing fees, scheduled payments and/or unscheduled payments, accrued interest and MIP Payments) reduced by all amounts received or collected in respect of principal on such HECM Loan.

   

  
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  “HELOC” means a home equity revolving line of credit secured by a first lien or second
      lien on the related Mortgaged Property.

   

  “High Cost Mortgage Loan” means a Mortgage Loan (other than an
      Early Buyout Loa) (a) classified as a “high cost” loan under the Home Ownership and Equity Protection Act of 1994; (b)  classified as a “high cost,” “threshold,” “covered,” or “predatory” loan under any other applicable state, federal or local law
      (or a similarly classified loan using different terminology under a law, regulation or ordinance imposing heightened regulatory scrutiny or additional legal liability for residential mortgage loans having high interest rates, points and/or fees) or
      (c) having a percentage listed under the Indicative Loss Severity Column (the column that appears in the S&P Anti-Predatory Lending Law Update Table, included in the then-current S&P’s LEVELS® Glossary of Terms on Appendix E).

   

  “Holdback Account” means the account held by Servicer pursuant to
      the terms of the applicable Servicing Agreement, if any, in each case, into which any Holdback Amounts with respect to BPL – Holdback may be deposited and held. Administrative Agent shall have a perfected security interest in all such accounts and
      Seller Party acknowledges that Administrative Agent shall have no obligations of any kind to remit any additional amounts into the related Holdback Account.

   

  “Holdback Account Control Agreement” means those certain blocked
      account control agreements among Administrative Agent, the related Servicer, the related depository bank and the other parties thereto, providing for the Administrative Agent’s control over the related Holdback Account.

   

  “Holdback Amount” means, with respect to a BPL – Holdback, such
      escrow or holdback amounts that are advanced by the related originator but not disbursed to the related Mortgagor at such Mortgage Loan’s origination date, with such undisbursed amounts being held by the applicable Servicer in the related Holdback
      Account for funding amounts for the related Mortgagor to improve and rehabilitate the related Mortgaged Property in accordance with the related Servicing Agreement and Mortgage Loan Documents.

   

  “HUD” means the United States Department of Housing and Urban
      Development or any successor thereto.

   

  “Income” means, with respect to any Purchased Asset or Contributed
      Asset, without duplication, all principal and income or dividends or distributions received with respect thereto, including any sale or liquidation premiums, Liquidation Proceeds, insurance proceeds, dividends or other distributions payable thereon
      net of any servicing fees, reimbursements and expenses and any escrow payments related to such Purchased Asset or Contributed Asset.

   

  “Indebtedness” means, for any Person: at any time, and only to the
      extent outstanding at such time: (a) obligations created, issued or incurred by such Person for borrowed money (whether by loan, the issuance and sale of debt securities or the sale of Property to another Person subject to an understanding or
      agreement, contingent or otherwise, to repurchase such Property from such Person); (b) obligations of such Person to pay the deferred purchase or acquisition price of Property or services, other than trade accounts payable (other than for borrowed
      money) arising, and accrued expenses incurred, in the ordinary course of business, so long as such trade accounts payable are payable within [***] after 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) of such Person in respect of letters of credit
      or similar instruments issued or accepted by banks and other financial institutions for the account of such Person; (e) Capital Lease Obligations of such Person; (f) payment obligations of such Person under repurchase agreements, sale/buy-back
      agreements or like arrangements, including, without limitation, any

   

  
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  Indebtedness arising hereunder; (g) indebtedness of others Guaranteed by such Person; (h)
      all obligations of such Person incurred in connection with the acquisition or carrying of fixed assets by such Person; (i)   indebtedness of general partnerships of which such Person is a general partner and (j) with respect to clauses (a)-(i) above
      both on and off balance sheet; provided, however, that the foregoing shall exclude Non-Recourse Debt.

   

  “Indemnified Party” has the meaning specified in Section 30.a hereof.

   

  “Indemnified Taxes” means (a) Taxes, other than Excluded Taxes,
      imposed on or with respect to any payment made by or on account of any obligation of the Seller Parties hereunder or under any Program Agreement and (b) to the extent not otherwise described in (a), Other Taxes.

   

  “Independent Manager” means, with respect to each Underlying Entity
      that is not a trust, the independent manager appointed in accordance with the organizational documents of the Underlying Entity Agreement.

   

  “Index” means, with respect to any adjustable rate Mortgage Loan,
      the index identified on the Asset Schedule and set forth in the related Mortgage Note for the purpose of calculating the applicable Mortgage Interest Rate.

   

  “Interest Rate Adjustment Date” means the date on which an
      adjustment to the Mortgage Interest Rate with respect to each Mortgage Loan becomes effective.

   

  “Interest Rate Protection Agreement” means, with respect to any or
      all of the Purchased Assets, or any short sale of a U.S. Treasury Security, or futures contract, or mortgage related security, or eurodollar futures contract, or options related contract, or interest rate swap, cap or collar agreement or Take-out
      Commitment, or similar arrangement, if any, providing for protection against fluctuations in interest rates or the exchange of nominal interest obligations, either generally or under specific contingencies, entered into by a Seller Party and an
      Affiliate of Administrative Agent or such other party acceptable to Administrative Agent in its sole discretion, which agreement is acceptable to Administrative Agent in its sole discretion.

   

  “Investment Company Act” means the Investment Company Act of 1940, as amended.

   

  “IRS” means the United States Internal Revenue Service.

   

  “Lender Insurance Authority” means the permission granted to
      certain FHA-approved lenders to process single family mortgage applications without first submitting documentation to the United States Department of Housing and Urban Development as set forth in 12 U.S.C. § 1715z-21 and the regulations enacted
      thereunder set forth in 24 CFR § 203.6.

   

  “LIBOR” means for each day, the rate of interest (calculated on a
      per annum basis) equal to the one month ICE Benchmark Administration (or any successor institution or replacement institution used to administer LIBOR) as reported on the display designated as “BBAM” “Page DG8 4a” on Bloomberg (or such other display
      as may replace “BBAM” “Page DG8 4a” on Bloomberg) on such date of determination, and if such rate shall not be so quoted, the rate per annum at which Administrative Agent or its affiliates are offered Dollar deposits at or about 11:00 a.m., (New York
      City time), on such day, by prime banks in the interbank eurodollar market where the eurodollar and foreign currency exchange operations in respect of its loans are then being conducted for delivery on such day for a period of one month, and in an
      amount comparable to the amount of the Purchase Price of Transactions to be outstanding on such day. “Lien” means any mortgage, lien, pledge, charge, security interest or similar encumbrance.

   

  
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  “Liquidated Asset” means (i) a Purchased Mortgage Loan or
      Contributed Mortgage Loan that has been sold or refinanced or was subject to a short sale or with respect to which the Mortgaged Property has been sold or (ii) a Contributed REO Property that has been sold.

   

  “Liquidation Proceeds” means, for any Purchased Mortgage Loan or
      Contributed Asset that becomes a Liquidated Asset, the proceeds received on account of the liquidation thereof.

   

  “Liquidity” means the sum of (a) cash (other than Restricted Cash)
      and (b) unrestricted and unencumbered Cash Equivalents.

   

  “Loan to Value Ratio” or “LTV” means with respect to any
      Mortgage Loan, the ratio of the original outstanding principal amount of such Mortgage Loan to the lesser of (a) the Appraised Value of the Mortgaged Property at origination; (b) if the Mortgaged Property was purchased within twelve (12) months of
      the origination of such Mortgage Loan, the purchase price of the Mortgaged Property and (c) with respect to a HECM Loan, the current HECM Principal Balance.

   

  “Margin Call” has the meaning specified in Section 6.a hereof.

   

  “Margin Deadline” has the meaning specified in Section 6.b hereof.

   

  “Margin Deficit” has the meaning specified in Section 6.a hereof.

   

  “Market Value” has the meaning assigned to such term in the Pricing Side Letter.

   

  “Material Adverse Effect” means (a) a material adverse change in,
      or a material adverse effect upon, the operations, business or financial condition of any Seller Party, Guarantor or any Affiliate that is a party to any Program Agreement taken as a whole; (b) a material impairment of the ability of any Seller
      Party, Guarantor or any Affiliate that is a party to any Program Agreement to perform under any Program Agreement and to avoid any Event of Default; or (c) a material adverse effect upon the legality, validity, binding effect or enforceability of any
      Program Agreement against any Seller Party, Guarantor or any Affiliate that is a party to any Program Agreement, in each case as determined by the Administrative Agent in its good faith discretion.

   

  “Maximum Aggregate Purchase Price” has the meaning assigned to such
      term in the Pricing Side Letter.

   

  “Maximum Aggregate Purchase Price-Incremental” means, [***],
      (b) in all other instances, [***].

   

  “Maximum Purchase Price-Incremental” means, on each date of
      determination, for each Purchased Asset and Contributed Asset, an amount equal to the product of [***] and [***].

   

  “Maximum Purchase Price Percentage-Incremental” has the meaning set forth in the Asset Matrix.

   

  
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  “Maximum Value Amount” means, on each date of determination, an
      amount equal to (a) with respect to any Purchased Asset or Contributed Asset (other than a Business Purpose Mortgage Loan), as of any date of determination, [***] or [***] and (b) with respect to a
      Business Purpose Mortgage Loan, an amount equal to the least of [***], and [***].

   

  “MERS” means Mortgage Electronic Registration Systems, Inc., a
      corporation organized and existing under the laws of the State of Delaware, or any successor thereto.

   

  “MERS System” means the system of recording transfers of mortgages
      electronically maintained by MERS.

   

  “MIP Payments” means, with respect to a HECM Loan, all mortgage
      insurance premiums payable to either HUD or a private mortgage insurer, as set forth in the related Asset File.

   

  “Minimum Purchase Price-Incremental” means, on each date of
      determination, an amount equal to the product of [***] and [***].

   

  “Minimum Purchase Price Percentage-Incremental” has the meaning set forth in the Asset Matrix.

   

  “Monthly Payment” means the scheduled monthly payment of principal
      and/or interest on a Mortgage Loan.

   

  “Moody’s” means Moody’s Investors Service, Inc. or any successors thereto.

   

  [***]

    

   

  “Mortgage” means each mortgage, assignment of rents, security
      agreement and fixture filing, or deed of trust, assignment of rents, security agreement and fixture filing, deed to secure debt, assignment of rents, security agreement and fixture filing, or similar instrument creating and evidencing a first or
      second lien on real property and other property and rights incidental thereto, unless such Mortgage is granted in connection with a Co-op Loan, in which case the first lien position is in the Co-op Shares and in the Proprietary Lease relating to such
      Co-op Shares.

   

  “Mortgage Interest Rate” means the rate of interest borne on a
      Mortgage Loan from time to time in accordance with the terms of the related Mortgage Note.

   

  “Mortgage Interest Rate Cap” means, with respect to an adjustable
      rate Mortgage Loan, the limit on each Mortgage Interest Rate adjustment as set forth in the related Mortgage Note.

   

  “Mortgage Loan” means any Approved Product Type which is a mortgage
      loan (including a home equity loan) evidenced by a Mortgage Note and secured by a first or second lien mortgage, which satisfies the requirements set forth in the Asset Guidelines and Section 13.b hereof; provided, however, that, Mortgage
      Loans shall not include any High Cost Mortgage Loans.

   

  
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  “Mortgage Loan Documents” means, with respect to each Mortgage
      Loan, the documents in the related Asset File to be delivered to the Custodian.

   

  “Mortgage Note” means the promissory note or other evidence of the
      indebtedness of a Mortgagor secured by a Mortgage.

   

  “Mortgaged Property” means the real property or other Co-op Loan
      collateral securing repayment of the debt evidenced by a Mortgage Note.

   

  “Mortgagor” means the obligor or obligors on a Mortgage Note,
      including any person who has assumed or guaranteed the obligations of the obligor thereunder.

   

  “Multiemployer Plan” means a multiemployer plan defined as such in
      Section 3(37) of ERISA to which contributions have been or are required to be made by Seller or any ERISA Affiliate and that is subject to Title IV of ERISA.

   

  “Net Income” means, for any period and any Person, the net income
      of such Person for such period as determined in accordance with GAAP.

   

  “Netting Agreement” means that certain Netting Agreement among
      Credit Suisse Securities (USA) LLC, CS Group (as such term is defined in the Netting Agreement) and Seller, dated as of the date hereof, as may be amended, restated, supplemented or otherwise modified from time to time.

   

  “Net Worth” means, with respect to any Person, an amount equal to,
      on a consolidated basis, such Person’s stockholder equity (determined in accordance with GAAP).

   

  “Nominee” means Seller, or any successor Nominee appointed by
      Administrative Agent following an Event of Default that has occurred and is continuing.

   

  “Non-Agency Non-QM Mortgage Loan” means a Mortgage Loan other than
      an Early Buyout Loan that (a) does not meet the criteria for a Qualified Mortgage Loan and; (b) meets all applicable criteria as set forth in the Asset Guidelines and (c) is otherwise acceptable to Administrative Agent in its sole discretion.

   

  “Non-Agency QM Mortgage Loan” means a Mortgage Loan other than an
      Early Buyout Loan that (a) does not meet the criteria for an Agency Mortgage Loan; (b) meets all applicable criteria as set forth in the Asset Guidelines and (c) is otherwise acceptable to Administrative Agent in its sole discretion.

   

  “Non-Participated Purchase Price-Incremental” means any Purchase
      Price-Incremental that has not been sold to a Participant under a Participation Agreement.

   

  “Non-Performing Mortgage Loan” means a Mortgage Loan (other than a
      Second Lien Mortgage Loan, HELOC, HECM Loan, Private Label Reverse Mortgage Loan or BPL – Multi-Family) that is [***] days or more delinquent as determined using the Mortgage Bankers Association method of delinquency.

   

  “Non-Recourse Debt” means, with reference to any Indebtedness for
      which such Person or any Subsidiary thereof as obligor thereunder, the holder of such Indebtedness may not look to such person personally for repayment other than to the extent of any security therefor, and subject to such usual and

   

  
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  customary limited exceptions to the non-recourse nature of such obligation or liability,
      such as fraud, misappropriation and misapplication.

   

  “Non-QM – Low FICO Mortgage Loan” means a Mortgage Loan (a) that is
      a Non-Agency Non-QM Mortgage Loan and (b) for which the Mortgagor’s FICO score at the time of origination was at least [***] but not greater than [***].

   

  “Obligations” means (a) all of each Seller Party’s indebtedness,
      obligations to pay the Repurchase Price on the Repurchase Date, the Price Differential on each Payment Date, and other obligations and liabilities, to Administrative Agent and Buyers or Custodian arising under, or in connection with, the Program
      Agreements, whether now existing or hereafter arising; (b) any and all sums paid by Administrative Agent, Buyers, or Administrative Agent on behalf of Buyers in order to preserve any Purchased Asset, Contributed Asset or its interest therein; (c) in
      the event of any proceeding for the collection or enforcement of any of a Seller Party’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 Contributed Asset, or of any exercise by Administrative Agent or Buyers of their rights under the Program Agreements, including, without limitation, attorneys’ fees and disbursements and
      court costs; and (d) all of the Seller Parties’ indemnity obligations to Administrative Agent, Buyers, any Servicer and Custodian pursuant to the Program Agreements.

   

  “OFAC” has the meaning set forth in Section 13.a(27) hereof.

   

  “Officer’s Compliance Certificate” means the certificate attached hereto as Exhibit C.

   

  “Optional Prepayment” has the meaning specified in Section 4.b hereof.

   

  “Optional Prepayment Date” has the meaning specified in Section 4.b hereof.

   

  “Origination Guidelines” means, with respect to any Mortgage Loan,
      the standards, procedures and guidelines of the Seller Party for originating Mortgage Loans.

   

  “Other Connection Taxes” means, with respect to Administrative
      Agent, any Buyer or other recipient, Taxes imposed as a result of a present or former connection between Administrative Agent, such Buyer or other recipient and the jurisdiction imposing such Tax (other than connections arising from Administrative
      Agent, such Buyer or other recipient having executed, delivered, become a party to, performed its obligations under, received payments under, received or perfected a security interest under, engaged in any other transaction pursuant to or enforced
      under this Agreement or any Program Agreement, or sold or assigned an interest in any Purchased Mortgage Loan or Contributed Asset).

   

  “Other Taxes” means any and all present or future stamp, court or
      documentary, intangible, recording, filing or similar Taxes or any excise, sales, goods and services or transfer taxes, charges or similar levies arising from any payment made hereunder or from the execution, delivery, performance, enforcement or
      registration of, from the receipt or perfection of a security interest under, or otherwise with respect to, any Program Agreement, except any such Taxes that are Other Connection Taxes imposed with respect to an assignment (other than an assignment
      made with Seller’s consent).

   

  “Participant” means any participant as contemplated by Section
        22.b of this Agreement which has entered into a Participation Agreement.

   

  “Participant Register” has the meaning assigned to such term in Section 22.b hereof.

   

  
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  “Participated Purchase Price-Incremental” means any Purchase
      Price-Incremental that has been sold to a Participant under a Participation Agreement.

   

  “Participation Agreement” means a participation agreement by and
      among a Participant, the Administrative Agent and the Buyers in form and substance acceptable to Administrative Agent, as the same may be amended, restated, supplemented or otherwise modified from time to time.

   

  “Payment Date” means, (a) with respect to the payment of Price
      Differential, the fifth (5th) day of the month and (b) with respect to the payment of all other amounts due hereunder, the tenth (10th) day of the month; provided, that, in the case of clauses (a) and (b) if any such day is not a Business Day, the Payment Date shall be the next succeeding Business Day and provided, further, the final
      Payment Date shall be the related Repurchase Date or the Optional Prepayment Date, as applicable.

   

  “PBGC” means the Pension Benefit Guaranty Corporation or any entity
      succeeding to any or all of its functions under ERISA.

   

  “Person” means an individual, partnership, corporation (including a
      business trust), limited liability company, joint stock company, trust, unincorporated association, joint venture or other entity, or a government or any political subdivision or agency thereof.

   

  “Plan” means an employee pension benefit plan as defined in Section
      3(2) of ERISA, established or maintained by Seller, Guarantor or any ERISA Affiliate and subject to Title IV of ERISA, other than a Multiemployer Plan.

   

  “Pool” means a subset of Purchased Assets or Contributed Assets
      subject to Transactions which shall be identified from time to time by the Administrative Agent.

   

  “Pool Subdivision Notice” means a written notice delivered by
      Administrative Agent to Seller Parties, which shall identify the discrete Purchased Assets or Contributed Assets which shall be allocated to different Pools.

   

  “Post Default Rate” means an annual rate of interest equal to the
      sum of (a) the Pricing Rate plus (b) an additional [***].

   

  “Power of Attorney” means a Power of Attorney substantially in the form of Exhibit A hereto.

   

  “Price Differential” means, for each Purchased Asset and
      Contributed Asset, and each Pricing Period, the sum of the Daily Weighted Average Price Differential-Base and the Daily Weighted Average Price Differential-Incremental for such Pricing Period.

   

  “Price Differential-Base” means, with respect to each Purchased
      Asset and Contributed Asset as of any date of determination, an amount equal to the product of [***] and [***].

   

  “Price Differential-Incremental” means, with respect to each
      Purchased Asset or Contributed Asset as of any date of determination, an amount equal to the product of [***] and [***].

   

  “Pricing Floor” has the meaning assigned to such term in the Pricing Side Letter.

   

  
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  “Pricing Period” means, with respect to each Payment Date, the
      period commencing on (and including) the date that is the first calendar day of the preceding month and terminating on (and including) the last calendar day of the preceding month; provided, that the initial Pricing Period shall commence on the
      initial Purchase Date; provided, further, that if a Purchased Asset or Contributed Asset was repurchased at the full Repurchase Price during such Pricing Period, the Pricing Period for such Purchased Asset or Contributed Asset shall terminate on (and
      include) such Repurchase Date.

   

  “Pricing Rate” means with respect to each Purchased Asset and
      Contributed Asset, the sum of [***] and (b) with respect to the Purchase Price-Incremental, if any, [***].

   

  “Pricing Rate-Base” means with respect to the Purchase
      Price-Base, the sum of (a) the greater of [***] and [***] plus [***].

   

  “Pricing Rate-Incremental” means with respect to the Purchase
      Price-Incremental, the sum of (a) the greater of [***] and [***] plus [***].

   

  “Pricing Side Letter” means, the letter agreement dated as of the
      date hereof, among Administrative Agent, Buyers, Seller Parties and the Guarantor, if any, as the same may be amended, restated, supplemented, or otherwise modified from time to time.

   

  “Private Label Reverse Mortgage Loan” means a reverse mortgage loan
      which (a) is not a HECM Loan; (b) has been acquired in accordance with the Asset Guidelines and (c) is otherwise acceptable to Administrative Agent in its sole discretion.

   

  “Program Account” means the account set forth in Section 9 hereof.

   

  “Program Agreements” means, collectively, this Agreement, the
      Guaranty, if any, the Custodial Agreement, the Pricing Side Letter, each Underlying Entity Agreement, if any, the Administration Agreement, the Electronic Tracking Agreement, if any, the Netting Agreement, the Custodial Account Control Agreement,
      each Holdback Account Control Agreement, if any, each Power of Attorney, each Servicing Agreement, if any, and each Servicer Notice, if any.

   

  “Prohibited Person” has the meaning set forth in Section 13.a(27) hereof.

   

  “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 Co-op Unit evidencing the
      possessory interest of the owner in the Co-op Shares in such Co-op Unit.

   

  “Protective Advance” means any servicing advance (including, but
      not limited to, any advance made to pay taxes and insurance premiums; any advance to pay the costs of protecting the value of any real property or other security for a mortgage loan; and any advance to pay the costs of realizing on the value of any
      such security) made by Seller or Servicer in connection with any Early Buyout Loan that is a Purchased Mortgage Loan.

   

  “Purchase Date” means the date on which Purchased Assets are to be
      transferred by Seller to Administrative Agent for the benefit of Buyers or a Purchase Price Increase Date, as applicable.

   

  
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  “Purchase Price” means the price at which each Purchased Asset or
      Contributed Asset is transferred by or contributed to a Seller Party, as applicable, to Administrative Agent for the benefit of Buyers, which shall equal:

   

  (a) on the applicable Purchase Date or Purchase Price Increase Date, the applicable
      Purchase Price-Base plus the Purchase Price-Incremental, if any;

   

  (b) on any day after the Purchase Date or Purchase Price Increase
      Date, except where Administrative Agent for the benefit of Buyers and such Seller Party agree otherwise, the amount determined under the immediately preceding clause (a), (i) increased by the amount of any (A) additional Purchase Price-Incremental
      advanced pursuant to this Agreement plus (B) the amount of any Purchase Price Increase since the initial Transaction and (ii) decreased by the amount of any cash transferred by Seller applied to reduce Seller’s Obligations in accordance with this
      Agreement.

   

  For the avoidance of doubt, in determining what portion of the
      Purchase Price is attributable to the Purchase Price-Base or the Purchase Price-Incremental, (x) any increase in the Purchase Price will first be attributed to the Purchase Price Base up to the Asset Value-Base and any excess of Purchase Price over
      the Asset Value-Base shall be attributed to Purchase Price-Incremental, and (y) (1) prior to the occurrence and continuance of an Event of Default, any decrease in the Purchase Price will first be attributed to the Purchase Price-Incremental until
      such Purchase Price-Incremental is reduced to zero and any further reduction shall then be applied to the Purchase Price-Base, and (2) on and after the occurrence and continuance of an Event of Default, any decrease in the Purchase Price will first
      be attributed to the Purchase Price-Base until such Purchase Price-Base is reduced to zero and any further reduction shall then be applied to the Purchase Price-Incremental.

   

  “Purchase Price-Base” means, with respect to any Purchased Asset or
      Contributed Asset: (a)  on the applicable Purchase Date, an amount equal to the product of [***], and [***], and (b) on any day after the applicable Purchase Date, [***].

   

  “Purchase Price-Incremental” means, with respect to any Purchased
      Asset or Contributed Asset: (a) on the applicable date the Buyer makes an additional advance to the applicable Seller Party or as a reallocation pursuant to Section 6.d of this Agreement in excess of the applicable Asset Value-Base, the
      amount of [***], and (b) on any day after the applicable date the Buyers make an advance described in clause [***].

   

  “Purchase Price Increase” means (a) an increase in the Purchase
      Price for a Purchased Certificate based upon the Underlying Entity acquiring additional Contributed Assets to which such portion of the Purchase Price is allocated, as requested by any Seller pursuant to Section 3.b hereof; (b) an increase in
      the Purchase Price of a HELOC in connection with a Draw, as requested by any Seller Party pursuant to Section 3.b hereof or (c) to the extent a Seller Party previously requested a Purchase Price less than the Asset Value on such prior
      Purchase Date, such increased portion of the Purchase Price for such Purchased Asset not to exceed the applicable Asset Value on such subsequent Purchase Date.

   

  
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  “Purchase Price Increase Date” means the date on which a Purchase Price Increase is made.

   

  “Purchase Price Percentage” means the sum of (a) with respect to
      the Purchase Price-Base, [***] and [***].

   

  “Purchase Price Percentage-Base” has the meaning set forth in the Asset Matrix.

   

  “Purchase Price Percentage-Incremental” means, with respect to each
      Purchased Asset or Contributed Asset, the percentage equal to [***].

   

  “Purchased Assets” means the Purchased Mortgage Loans and the
      Purchased Certificates (together with the beneficial ownership interest in the Contributed Assets represented thereby).

   

  “Purchased Certificate” means each Underlying Entity Certificate
      with respect to each Underlying Entity transferred by Seller to Administrative Agent for the benefit of Buyers in a Transaction hereunder and listed the related Transaction Request.

   

  “Purchased Mortgage Loans” means the collective reference to
      Mortgage Loans together with the Repurchase Assets related to such Mortgage Loans transferred by Seller to Administrative Agent for the benefit of Buyers in a Transaction hereunder, and/or listed on the related Asset Schedule attached to the related
      Transaction Request, the Asset File for which such Mortgage Loans the Custodian has been instructed to hold for the benefit of Administrative Agent pursuant to the Custodial Agreement, and which has not been repurchased by the Seller pursuant to the
      terms of this Agreement.

   

  “Qualified Insurer” means an insurance company duly authorized and
      licensed where required by law to transact insurance business and approved as an insurer by Fannie Mae or Freddie Mac or GNMA, as applicable.

   

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

   

  “Qualified Originator” means an originator of Mortgage Loans which
      is acceptable under the Asset Guidelines.

   

  “Recognition Agreement” means, an agreement among a Co-op
      Corporation, a lender and a Mortgagor with respect to a Co-op Loan whereby such parties (i) acknowledge that such lender may make, or intends to make, such Co-op Loan, and (ii) make certain agreements with respect to such Co-op Loan.

   

  “Records” means all instruments, agreements and other books,
      records, and reports and data generated by other media for the storage of information maintained by any Seller Party, Guarantor, Servicer or any other Person with respect to a Purchased Asset or Contributed Asset, as applicable. Records shall include
      the Mortgage Notes, any Mortgages, the Asset Files, the credit files related to the Purchased Asset or Contributed Asset, as applicable and any other instruments necessary to document or service or manage a Purchased Asset or Contributed Asset, as
      applicable.

   

  “Reference Rate” means LIBOR, or a Successor Rate pursuant to Section 5(c) of this
      Agreement.

   

  
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  “Register” has the meaning assigned to such term in Section 22 hereof.

   

  “Remittance Date” means the date on which each Servicer is required
      to remit funds to the Program Account in respect of the Purchased Assets pursuant to the applicable Servicing Agreement and Servicer Notice, as applicable.

   

  “Release Price” means, with respect to each Contributed Asset and
      on any date of determination, the sum of (a) the outstanding Purchase Price for such Contributed Asset and (b) accrued unpaid Price Differential related to such Contributed Asset, as applicable, in each case, as of the date of such determination.

   

  “REO Property” means real property acquired by or transferred to an
      Underlying Entity, including a Mortgaged Property (other than a BPL – Multi-Family) acquired through foreclosure of a Purchased Mortgage Loan or Contributed Mortgage Loan or by deed in lieu of such foreclosure, the fee title of which is held by the
      applicable Underlying Entity.

   

  “REO Repurchase Assets” has the meaning assigned thereto in Section 8.a(3) hereof.

   

  “Re-Performing Mortgage Loan” means a Mortgage Loan (other than a
      Second Lien Mortgage Loan, HELOC, HECM Loan, Private Label Reverse Mortgage Loan or BPL – Multi-Family) that was previously a Non-Performing Mortgage Loan that is less than sixty (60) days past due as of the last day of a calendar month immediately
      preceding such date of determination.

   

  “Repledge Transaction” has the meaning set forth in Section 18 hereof.

   

  “Repledgee” means each Repledgee identified by the Administrative
      Agent from time to time pursuant to the Administration Agreement and Section 18 hereof.

   

  “Reporting Date” means the Business Day prior to the Payment Date
      as determined in accordance with clause (b) of the definition thereof.

   

  “Repurchase Assets” has the meaning assigned thereto in Section 8.a(3) hereof.

   

  “Repurchase Date” means the earlier of (a) the Termination Date,
      (b) the date requested pursuant to Section 4.a hereof or (c) the date determined by application of Section 16 hereof.

   

  “Repurchase Price” means the price at which Purchased Assets are to
      be transferred from the Administrative Agent for the benefit of Buyers to Seller or its designee upon termination of a Transaction, which will be determined in each case (including Transactions terminable upon demand) as the sum of the outstanding
      Purchase Price and the accrued but unpaid Price Differential invoiced as of the date of such determination or a portion of which may be repaid in connection with an Optional Prepayment by application of the related proceeds.

   

  “Request for Certification” means a notice sent to the Custodian
      reflecting the sale or contribution of one (1) or more Purchased Mortgage Loans or Contributed Assets to Administrative Agent for the benefit of Buyers hereunder.

   

  “Requirement of Law” means, with respect to any Person, any law,
      treaty, rule or regulation or determination of an arbitrator, a court or other Governmental Authority, applicable to or binding upon such Person or any of its property or to which such Person or any of its property is subject.

   

  
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  “Responsible Officer” means as to any Person, the chief executive
      officer, treasurer, or, with respect to financial matters, the chief financial officer of such Person.

   

  “Restricted Cash” means for any Person, any amount of cash of such
      Person that is subject to a lien or other encumbrance or is contractually required to be set aside, segregated or otherwise reserved.

   

  “S&P” means Standard & Poor’s Ratings Services, or any successor thereto.

   

  “Scratch and Dent Mortgage Loan” means a first lien Mortgage Loan
      that (i) is a Mortgage Loan that is eligible for a Transaction and is eligible for sale to a Take-out Investor (other than the Agencies) at the time it becomes a Purchased Asset; (ii) has never had a delinquent payment; (iii) has never had any
      compliance defects; and (iv) is acceptable to Buyers or Administrative Agent in their sole discretion.

   

  “SEC” means the Securities and Exchange Commission, or any successor thereto.

   

  “Seasoned Performing Loan” means a Mortgage Loan that (i) is not a
      Non-Performing Mortgage Loan, Re-Performing Mortgage Loan, Business Purpose Mortgage Loan, HELOC, HECM Loan, Early Buyout Loan or Private Label Reverse Mortgage Loan and (ii) for which no payment of principal or interest has been [***] or more days
      delinquent (determined using the Mortgage Bankers Association method of delinquency) at any time during the [***] month period preceding any date of determination.

   

  “Second Lien Mortgage Loan” means a closed-end Mortgage Loan or
      HELOC secured by a second lien on the related Mortgaged Property.

   

  “Seller” means Home Point Financial Corporation or its permitted successors and assigns.

   

  “Seller Party” means each Seller and each Underlying Entity.

   

  “Seller Repurchase Assets” has the meaning assigned thereto in Section 8.a(1) hereof.

   

  “Servicer” means Seller or Subservicer.

   

  “Servicer Account” means with respect to Purchased Mortgage Loans
      and Contributed Assets serviced by any Subservicer, the account as identified in the related Servicing Agreement into which the Servicer deposits Income and related collections.

   

  “Servicer Advance” means a Delinquency Advance or a Protective Advance.

   

  “Servicer Notice” means any servicer notice and acknowledgement, in
      form and substance acceptable to Administrative Agent in its sole discretion, executed and delivered to Administrative Agent by a Subservicer as the same may be amended, restated, supplemented, or otherwise modified from time to time.

   

  “Servicer Termination Event” means, with respect to a Subservicer,
      the occurrence of any of the following conditions or events:

   

  (a) such Subservicer becomes subject to any penalties and/or sanctions by
      any Governmental Authority that could materially and adversely affect such Subservicer’s ability to service the applicable Purchased Mortgage Loans or Contributed Assets in accordance with the related Servicing Agreement;

   

  
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  (b) such Subservicer fails to service the Purchased Mortgage Loans and
      Contributed Assets subject to Transactions materially in accordance with the related Servicing Agreement in all material respects or otherwise defaults under the related Servicing Agreement or related Servicer Notice, after giving effect to any
      applicable notice or grace periods;

   

  (c) such Subservicer fails to maintain all state and federal licenses
      necessary to do business in any jurisdiction where Mortgaged Property or REO Property is located if such license is required, or to be in material compliance with any licensing laws of any jurisdiction where Mortgaged Property or REO Property is
      located applicable to such Purchased Mortgage Loans and Contributed Assets;

   

  (d) such Subservicer fails to maintain adequate financial standing,
      servicing facilities, procedures and experienced personnel necessary for the sound servicing of mortgage loans of the same types as may from time to time constitute Mortgage Loans and in accordance with Accepted Servicing Practices;

   

  (e) an event of default occurs under the related Servicing Agreement with respect
      to such Subservicer;

   

   (f) an Act of Insolvency shall have occurred with respect to such Subservicer; or

   

   (g) a Material Adverse Effect shall occur with respect to such Subservicer.

   

  “Servicing Agreement” means each subservicing agreement entered
      into among Seller and a Subservicer in form and substance acceptable to Administrative Agent in its sole discretion, as the same may be amended, restated, supplemented or otherwise modified from time to time.

   

  “Servicing Rights” means the rights of any Person to administer,
      service or subservice, the Purchased Mortgage Loans or Contributed Assets or to possess related Records.

   

  “Settlement Agent” means, with respect to any Transaction the
      subject of which is a Wet Mortgage Loan, the entity approved by Administrative 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 Mortgage Loan is being originated. A Settlement Agent is deemed approved unless Administrative Agent notifies Seller otherwise at any time electronically or in writing.

   

  “Severance Notice” has the meaning set forth in Section 19 hereof.

   

  “Simultaneously Funded Early Buyout Loan” means an Early Buyout
      Loan which Seller intends to be repurchased from GNMA substantially concurrently with the funding of the related Transaction hereunder.

   

  “SIPA” means the Securities Investor Protection Act of 1970, as amended from time to time.

   

  “State Agency Program Loan” means a mortgage loan originated or
      acquired by Seller in accordance with the applicable guidelines of, and in anticipation of sale to, the state housing authorities in Acceptable States and as approved by Administrative Agent in writing in its sole discretion.

   

  “Stock Certificate” means, with respect to a Co-op Loan, the
      certificates evidencing ownership of the Co-op Shares issued by the Co-op Corporation.

   

  
    - 25 - 

    
      
 

  

   

  “Stock Power” means, with respect to a Co-op Loan, an assignment of the Stock
      Certificate or an assignment of the Co-op Shares issued by the Co-op Corporation.

   

  “Subordinated Debt” means, for any Person, Indebtedness of such
      Person which is (a)  unsecured, (b) no part of the principal of such Indebtedness is required to be paid (whether by way of mandatory sinking fund, mandatory redemption, mandatory prepayment or otherwise) prior to the date which is one year following
      the Termination Date and (c) the payment of the principal of and interest on such Indebtedness and other obligations of such Person in respect of such Indebtedness are subordinated to the prior payment in full of the principal of and interest
      (including post-petition obligations) on the Transactions and all other obligations and liabilities of such Person to Administrative Agent and Buyers hereunder on terms and conditions approved in writing by Administrative Agent and all other terms
      and conditions of which are satisfactory in form and substance to Administrative Agent.

   

  “Subservicer” means any subservicer engaged by a Seller Party and
      Servicer and approved by Administrative Agent in its sole discretion.

   

  “Subsidiary” means, with respect to any Person, any corporation,
      limited liability company, 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 (1) or more Subsidiaries of such Person or by such Person and one or more Subsidiaries of
      such Person.

   

  “Successor Rate” means a rate determined by Administrative Agent in
      accordance with Section 5.c hereof.

   

  “Successor Rate Conforming Changes” means with respect to any
      proposed Successor Rate, any spread adjustments or other conforming changes to the timing and frequency of determining rates and making payments of interest and other administrative matters as may be appropriate, in the discretion of Administrative
      Agent, to reflect the adoption of such Successor Rate and to permit the administration thereof by Administrative Agent in a manner substantially consistent with market practice.

   

  “Take-out Commitment” means a commitment of Seller to either
      (a) sell one (1) or more identified Mortgage Loans to a Take-out Investor or (b) (i) swap one (1) or more identified Mortgage Loans with a Take-out Investor that is an Agency for an Agency Security, and (ii) sell the related Agency Security to a
      Take-out Investor, and in each case, the corresponding Take-out Investor’s commitment back to Seller to effectuate any of the foregoing, as applicable.

   

  “Take-out Investor” means (a) an Agency or (b) other institution
      which has made a Take-out Commitment and has been approved by Administrative Agent for the benefit of Buyers.

   

  “Taxes” means any and all present or future taxes (including social
      security contributions and value added taxes), levies, imposts, duties (including stamp duties), deductions, charges (including ad valorem charges), withholdings (including backup withholding), assessments, fees or other charges of any nature
      whatsoever imposed by any Governmental Authority, including any interest, additions to tax or penalties applicable thereto.

   

  “Termination Date” has the meaning assigned to such term in the Pricing Side Letter.

   

  
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  “Test Period” means any prior calendar quarter.

   

  “Third Party Evaluator” means an appraiser approved by
      Administrative Agent in its sole good faith discretion.

   

  “TILA-RESPA Integrated Disclosure Rule” means the Truth-in-Lending
      Act and Real Estate Settlement Procedures Act Integrated Disclosure Rule, adopted by the Bureau of Consumer Financial Protection, which is effective for residential mortgage loan applications received on or after October 3, 2015.

   

  “Transaction” has the meaning set forth in Section 1 hereof.

   

  “Transaction Request” means a request via email from a Seller Party
      to Administrative Agent notifying Administrative Agent that such Seller Party wishes to enter into a Transaction hereunder that indicates that it is a Transaction Request under this Agreement. For the avoidance of doubt, a Transaction Request may
      refer to multiple Purchased Assets and Contributed Assets; provided that each Purchased Asset and Contributed Asset shall be deemed to be subject to its own Transaction.

   

  “Trust Receipt” means, with respect to any Transaction as of any
      date, a receipt in the form attached as an exhibit to the Custodial Agreement.

   

  “UETA” means the Official Text of the Uniform Electronic
      Transactions Act as approved by the National Conference of Commissioners on Uniform State Laws at its Annual Conference on July 29, 1999.

   

  “Underlying Entity” means any subsidiary of a Seller joined hereto
      from time to time or its permitted successors or assigns as approved by Administrative Agent in its sole discretion.

   

  “Underlying Entity Agreement” means those certain organizational
      documents of the applicable Underlying Entity.

   

  “Underlying Entity Assignment Agreement” means any agreement
      pursuant to which an Underlying Entity acquires Contributed Assets.

   

  “Underlying Entity Certificate” means any certificate evidencing
      100% of the Underlying Entity Interests for an Underlying Entity.

   

  “Underlying Entity Interests” means, with respect to each
      Underlying Entity, any and all of the Capital Stock in such Underlying Entity, including, without limitation, all its rights to participate in the operation or management of such Underlying Entity and all its rights to properties, assets, interests
      and distributions under the Underlying Entity Agreement in respect of such trust interests. “Underlying Entity Interests” also includes (i) all accounts receivable arising out of the Underlying Entity Agreement; (ii) all general intangibles
      arising out of the Underlying Entity Agreement; and (iii) to the extent not otherwise included, all proceeds of any and all of the foregoing (including within proceeds, whether or not otherwise included therein, any and all contractual rights of the
      applicable Seller under any revenue sharing or similar agreement to receive all or any portion of the revenues or profits of the Underlying Entity).

   

  “Uniform Commercial Code” or “UCC” means the Uniform
      Commercial Code as in effect on the date hereof in the State of New York or the Uniform Commercial Code as in effect in the applicable jurisdiction.

   

  
    - 27 - 

    
      
 

  

   

  “U.S. Person” means any Person that is a “United States person” as
      defined in section 7701(a)(30) of the Code.

   

  “U.S. Tax Compliance Certificate” has the meaning set forth in Section 11.e(ii)(B) hereof.

   

  “USDA” means the United States Department of Agriculture or any successor thereto.

   

  “USDA Approved Lender” means a lender which is approved by the USDA
      to act as a lender in connection with the origination of USDA Loans.

   

  “USDA LINC” means the USDA Lender Interactive Network Connection,
      together with any successor USDA electronic access portal.

   

  “USDA Loan” means a first lien Mortgage Loan guaranteed by and
      originated in accordance with the criteria established by the USDA pursuant to the USDA Rural Development Guaranteed Housing Loan Program.

   

  “USDA Loan Guaranty Agreement” means the agreement evidencing the
      contractual obligation of the USDA respecting the guaranty of an USDA Loan.

   

  “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 Approved Lender” means a lender which is approved by the VA to
      act as a lender in connection with the origination of VA Loans.

   

  “VA Loan” means a Mortgage Loan which is the subject of a VA Loan
      Guaranty Agreement as evidenced by a loan guaranty certificate, or a Mortgage Loan which is a vendor loan sold by the VA.

   

  “VA 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.

   

  “Value Reduction Event” has the meaning assigned to such term in the Pricing Side Letter.

   

  “Weighted Average Pricing Rate-Base” means, with respect to all
      Purchased Assets and Contributed Assets as of any date of determination, an amount equal to [***].

   

  “Weighted Average Pricing Rate-Incremental” means, with respect to
      all Purchased Assets or Contributed Assets as of any date of determination, an amount equal to [***].

   

  “Wet Delivery Date” has the meaning set forth in the Pricing Side Letter.

   

  “Wet Mortgage Loan” means a Mortgage Loan (other than an Early
      Buyout Loan) that Seller is selling to Administrative Agent for the benefit of Buyers simultaneously with the origination thereof.

   

  
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  		3.	Program; Initiation of Transactions

   

  a. From time to time, in the sole discretion of Buyers,
      Administrative Agent (for the benefit of Buyers) may facilitate the purchase by Buyers from Seller certain Mortgage Loans and Contributed Assets that have been originated and/or purchased by Seller Parties. This Agreement is not a commitment by
        Administrative Agent on behalf of Buyers to enter into Transactions with Seller but rather sets forth the procedures to be used in connection with periodic requests for Administrative Agent on behalf of Buyers to enter into Transactions with
        Seller. Seller hereby acknowledges that Administrative Agent on behalf of Buyers is under no obligation to agree to enter into, or to enter into, any Transaction pursuant to this Agreement. All Purchased Mortgage Loans and Contributed Assets
      shall exceed or meet the Asset Guidelines, and shall be serviced by Seller or Servicer, as applicable. The sum of (i) the Aggregate Purchase Price-Base and (ii) the Aggregate Purchase Price-Incremental for all Non-Participated Purchase
      Price-Incremental for all outstanding Transactions shall not exceed the Maximum Aggregate Purchase Price. The Aggregate Purchase Price-Incremental of Purchased Mortgage Loans and Contributed Assets subject to outstanding Transactions shall not exceed
      the Maximum Aggregate Purchase Price-Incremental.

   

  b. From time to time Administrative Agent, on behalf of
      Buyers, may purchase the Underlying Entity Certificates from Seller. From time to time and in accordance with Section 3.c below, (i) any Seller Party may request and Administrative Agent, on behalf of Buyers, may fund additional Purchase
      Price Increases in connection with the acquisition of additional Contributed Assets by the applicable Underlying Entity and the corresponding increases of the Purchase Price on account of the Purchased Certificates; (ii) any Seller Party may request
      and Administrative Agent, on behalf of Buyers, may fund additional Purchase Price Increases in connection with a request to fund additional Purchase Price for a Purchased Asset or Contributed Asset that was not purchased at the full Asset Value on
      the original Purchase Date and (iii) any Seller Party may request and Administrative Agent, on behalf of Buyers, may fund additional Purchase Price Increases with respect to a HELOC in connection with a Draw. The aggregate Purchase Price of Purchased
      Assets subject to outstanding Transactions shall not exceed the Maximum Aggregate Purchase Price.

   

  c. Seller shall request that Administrative Agent enter into a
      Transaction by delivering (i) to Administrative Agent, a Transaction Request by [***] (New York City time) on the proposed Purchase Date for all Mortgage Loans and (ii) to Administrative Agent and Custodian an Asset Schedule, in accordance with the
      Custodial Agreement. In the event the Asset Schedule provided by a Seller Party contains erroneous computer data, is not formatted properly, or the computer fields are otherwise improperly aligned, Administrative Agent shall provide written or
      electronic notice to Seller describing such error and Seller shall correct the computer data, reformat, or properly align the computer fields itself and resubmit the Asset Schedule as required herein.

   

  d. Upon transfer of a Purchased Certificate to Administrative
      Agent for the benefit of Buyers as set forth herein and until termination of such Transaction as set forth herein, ownership of such Purchased Certificate is vested in the Administrative Agent on behalf of Buyers, and record title to each Contributed
      Asset shall be retained by applicable Underlying Entity.

   

  e. With respect to a Simultaneously Funded Early Buyout Loan
      for which any Seller Party has submitted a Transaction Request, provided that the GNMA Haircut Amount has been remitted to the Administrative Agent, Administrative Agent shall remit the purchase price due to GNMA for such Simultaneously Funded Early
      Buyout Loan to Servicer. Such Seller Party shall cause Servicer to repurchase such Simultaneously Funded Early Buyout Loan from GNMA no later than the Business Day following the date of remittance of proceeds by Administrative Agent to

   

  
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  Servicer. In the event that Servicer fails to repurchase such Simultaneously
      Funded Early Buyout Loan, such Seller Party shall cause Servicer to remit the Purchase Price for such Simultaneously Funded Early Buyout Loan to the Program Account within three (3) Business Days following the related Purchase Date. Notwithstanding
      the foregoing, when a Simultaneously Funded Early Buyout Loan is repurchased, the Purchase Date hereunder shall be deemed the date of remittance of proceeds by Administrative Agent to Servicer.

   

  f.  Upon the satisfaction of the applicable conditions
      precedent set forth in Section 10 hereof, all of Seller Parties’ interest in the Repurchase Assets shall pass to Administrative Agent on behalf of Buyers on the Purchase Date, against the transfer of the Purchase Price to Seller Parties. Upon
      transfer of the Purchased Assets to Administrative Agent on behalf of Buyers as set forth in this Section and until termination of any related Transactions as set forth in Section 4 or 16 hereof, ownership of each Purchased Asset,
      including each document in the related Asset File and Records, is vested in the Buyers identified under the Administration Agreement. For the avoidance of doubt, the parties acknowledge and agree that the Purchased Assets shall be held by the
      Administrative Agent for the benefit of Buyers, as more particularly set forth in the Administration Agreement.

   

  g. With respect to each Wet Mortgage Loan, by no later than
      the Wet Delivery Date, Seller shall cause the related Settlement Agent to deliver to the Custodian the remaining documents in the Asset File, as more particularly set forth in the Custodial Agreement.

   

  		4.	Repurchase; Conversion to REO Property

   

  a. Seller shall repurchase the related Purchased Assets from
      Administrative Agent for the benefit of Buyers on each related Repurchase Date. In addition, Seller may repurchase Purchased Assets without penalty or premium on any date. If Seller intends to make such a repurchase, Seller shall give same day prior
      written notice to Administrative Agent, designating the Purchased Assets to be repurchased. Such obligation to repurchase exists without regard to any prior or intervening liquidation or foreclosure with respect to any Purchased Asset or Contributed
      Asset (but Liquidation Proceeds received by Administrative Agent shall be applied to reduce the Repurchase Price for such Purchased Asset on each Payment Date except as otherwise provided herein). Seller is obligated to repurchase and take physical
      possession of the Purchased Assets from Administrative Agent or its designee (including the Custodian) at Seller’s expense on the related Repurchase Date and Administrative Agent or its designee shall make such Purchased Asset available to Seller for
      repurchase on the related Repurchase Date to the extent the Repurchase Price is received prior to [***] (New York City time). For the avoidance of doubt, in connection with a payment of the Repurchase Price with respect to any Designated Asset,
      Sellers shall only be entitled to pay either (a) the full Repurchase Price or (b) a portion of the Repurchase Price so long as the remaining outstanding Repurchase Price is at least equal to the Minimum Purchase Price-Incremental.

   

  b. When the Contributed Assets supporting a portion of the
      Purchase Price of the Transaction related to a Purchased Certificate is desired to be sold or otherwise liquidated, the Seller shall make payment to Administrative Agent in order to prepay the Repurchase Price (an “Optional Prepayment”) in an
      amount equal to the Release Price on each date such Contributed Assets are desired to be sold or otherwise liquidated (each, an “Optional Prepayment Date”). Such payment shall serve as a partial prepayment of the Repurchase Price in connection
      with the Transaction in respect of the related Purchased Certificate. Seller shall pay the Optional Prepayment and take (or cause its designee to take) physical possession of the Contributed Assets from the Underlying Entity or its designee
      (including the Custodian) at the Seller’s expense on the related Optional Prepayment Date.

   

  
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  c. Provided that no Default shall have occurred and is
      continuing, and Administrative Agent has received the related Repurchase Price (excluding accrued and unpaid Price Differential, which, for the avoidance of doubt, shall be paid on the next succeeding Payment Date) upon repurchase of the Purchased
      Assets or Contributed Assets, as applicable, Administrative Agent and Buyers will each be deemed to have released their respective interests hereunder in the Purchased Assets and other Repurchase Assets related thereto, as applicable.

   

  d. With respect to a Liquidated Asset, the related Seller
      Party agrees to, within one (1) Business Day of such liquidation, (i) provide Administrative Agent with a copy of a report from the applicable Servicer (or Seller Party if Seller Party is the Servicer) indicating that such Purchased Mortgage Loan or
      Contributed REO Property has been liquidated, (ii) remit or cause the Servicer to remit the Repurchase Price or Optional Prepayment, as applicable in accordance herewith and (iii) provide Administrative Agent a notice specifying each Purchased
      Mortgage Loan or Contributed Asset that has been liquidated. Provided that no Event of Default shall have occurred and is continuing, Administrative Agent acting on behalf of Buyers agrees to permit the release of the Liquidated Asset to the
      applicable Seller Party concurrently with receipt of confirmation that proceeds have been received by Seller Party or the applicable Servicer.

   

  e. With respect to a Purchased Mortgage Loan or Contributed
      Mortgage Loan becoming a REO Property as contemplated by Section 8 hereof, Seller shall, on the next subsequent Reporting Date, (i) notify Administrative Agent in writing that such Purchased Mortgage Loan or Contributed Mortgage Loan has
      become a REO Property and the value attributed to such Contributed REO Property by Seller; (ii) deliver to Administrative Agent and Custodian an Asset Schedule with respect to such REO Property; (iii) be deemed to make the representations and
      warranties listed on Schedule 1-B hereto with respect to such REO Property; and (iv) without limiting the requirements set forth in the definition of Asset Value, deliver to Administrative Agent a true and complete copy of a BPO of such REO
      Property dated no greater than [***] from such date. The acquisition of such Contributed REO Property by the applicable Underlying Entity shall result in an applicable change in the value of the Underlying Entity Certificate (as determined in
      accordance with the definition of Asset Value) and any Purchase Price Increase or Margin Deficit attributed to any change in category shall be paid by the Seller.

   

  		5.	Price Differential

   

  a. On each Business Day that a Transaction is outstanding, the
      Pricing Rate shall be reset and, unless otherwise agreed, the accrued and unpaid Price Differential for the preceding Pricing Period shall be settled in cash on each related Payment Date. [***] Business Days prior to the Payment Date, Administrative
      Agent shall give Seller written or electronic notice of the amount of the Price Differential due on such Payment Date. On the Payment Date, Seller shall pay to Administrative Agent the Price Differential for the benefit of Buyers for such Payment
      Date (along with any other amounts then due and owing pursuant to Section 7 hereof, and Section 3 of the Pricing Side Letter), by wire transfer in immediately available funds.

   

  b. If Seller fails to pay all or part of the Price
      Differential by [***] (New York City time) on the related Payment Date, with respect to any Purchased Asset, Seller shall be obligated to pay to Administrative Agent for the benefit of Buyers (in addition to, and together with, the amount of
      such Price Differential) interest on the unpaid Repurchase Price at a rate per annum equal to the Post Default Rate until the Price Differential is received in full by Administrative Agent for the benefit of Buyers.

   

  
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  c. If prior to any Payment Date, Administrative Agent
      determines in its sole discretion that, by reason of circumstances affecting the relevant market, adequate and reasonable means do not exist for ascertaining LIBOR, LIBOR is no longer in existence, or the administrator of LIBOR or a Governmental
      Authority having jurisdiction over Administrative Agent has made a public statement identifying a specific date after which LIBOR shall no longer be made available or used for determining the interest rate of loans, Administrative Agent may give
      prompt notice thereof to Seller, whereupon the rate for such period that will replace LIBOR for such period, and for all subsequent periods until such notice has been withdrawn by Administrative Agent, shall be the greater of (i) an alternative
      benchmark rate (including any mathematical or other adjustments to the benchmark rate (if any) incorporated therein) and (ii) [***], together with any proposed Successor Rate Conforming Changes, as determined by Administrative Agent in its sole
      discretion (any such rate, a “Successor Rate”). If Administrative Agent shall exercise its rights under this Section 5.c, then Seller shall have the right to terminate this Agreement and all Transactions hereunder upon [***] prior
      written notice to Administrative Agent by payment in full to Administrative Agent of the then outstanding Repurchase Price of all Purchased Assets without payment of penalty. For the avoidance of doubt, no Make Whole Amount shall be due for the month
      in which Seller terminates this Agreement and repurchases all Transactions hereunder pursuant to this this Section 5.c.

   

  		6.	Margin Maintenance; Reallocation of Purchase Price

   

  a. If at any time the outstanding Purchase Price of any
      Purchased Asset and Contributed Asset subject to a Transaction is greater than the Asset Value of such Purchased Asset and Contributed Asset subject to a Transaction (a “Margin Deficit”), then Administrative Agent may by notice to Seller
      require Seller to transfer to Administrative Agent for the benefit of Buyers cash in an amount at least equal to the Margin Deficit (such requirement, a “Margin Call”).

   

  b. Notice delivered pursuant to Section 6.a above may
      be given by any written or electronic means. Any notice given (i) before [***] (New York City time) on a Business Day shall be met, and the related Margin Call satisfied, no later than [***] (New York City time) on such Business Day
      and (ii) after [***] (New York City time) on a Business Day shall be met, and the related Margin Call satisfied, no later than [***] (New York City time) on the following Business Day (the foregoing time requirements for satisfaction
      of a Margin Call are referred to as the “Margin Deadlines”). The failure of Administrative Agent, on any one or more occasions, to exercise its rights hereunder, shall not change or alter the terms and conditions to which this Agreement is
      subject or limit the right of Administrative Agent to do so at a later date. Seller and Administrative Agent each agree that a failure or delay by Administrative Agent to exercise its rights hereunder shall not limit or waive Administrative Agent’s
      or Buyers’ rights under this Agreement or otherwise existing by law or in any way create additional rights for Seller. Any cash transferred to Buyer pursuant to Section 6.b shall be credited to the Repurchase Price of the related Transaction.

   

  c. In the event that a Margin Deficit exists with respect to
      any Purchased Asset or Contributed Asset, Administrative Agent may retain any funds received by it to which the Seller would otherwise be entitled hereunder, which funds (i) shall be held by Administrative Agent against the related Margin Deficit and
      (ii) may be applied by Administrative Agent against the Repurchase Price of any such Purchased Asset or Contributed Asset for which the related Margin Deficit remains otherwise unsatisfied. Notwithstanding the foregoing, the Administrative Agent
      retains the right, in its sole discretion, to make a Margin Call in accordance with the provisions of this Section 6.

   

  d. If at any time the outstanding Purchase Price-Base of any
      Purchased Mortgage Loan or Contributed Asset which is subject to a Transaction is greater than the Asset Value-Base of

   

  
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  such Purchased Mortgage Loan or Contributed Asset (a “Purchase Price
        Deficit-Base”), and such Purchase Price Deficit-Base does not constitute a Margin Deficit, then the amount of such Purchase Price Deficit-Base shall be reallocated by the Administrative Agent and added to the Purchase Price-Incremental; provided
      that the Administrative Agent agrees to promptly notify (which for this purpose may be by electronic communication) the Seller after such reallocation; provided further that the failure to give such notice shall not affect the validity
      of such reallocation and application of such funds.

   

  		7.	Income Payments

   

  a. If Income is paid in respect of any Purchased Asset or
      Contributed Asset during the term of a Transaction, such Income shall be held in trust for the Administrative Agent and Buyers and shall constitute the property of the applicable Buyers except for tax purposes as to which it shall be treated as
      income and property of Seller.

   

  b. Seller shall, and to the extent it engages a Subservicer
      shall cause such Subservicer to, deposit all applicable Income with respect to Purchased Assets and Contributed Assets into the related Custodial Account and Servicer Account, as applicable, in accordance with the applicable Servicing Agreement and
      Servicer Notice.

   

  c. Provided no Event of Default has occurred and is
      continuing, and the Price Differential has been paid to Administrative Agent for the benefit of Buyers in accordance with Section 5 hereof, Seller shall be entitled to the remittance of all Income related to Purchased Assets and Contributed
      Assets that are Agency Mortgage Loans and Non-Agency QM Mortgage Loans.

   

  d. If any Event of Default has occurred and is continuing,
      with respect to Agency Mortgage Loans, Non-Agency QM Mortgage Loans and Early Buyout Loans, Seller shall remit all Income in its possession to the Program Account.

   

  e. Provided no Event of Default has occurred and is continuing
      other than Agency Mortgage Loans, Non-Agency QM Mortgage Loans and Early Buyout Loans, Seller shall and to the extent it engages a Subservicer shall cause such Subservicer to deposit all Income (net of any servicing fees and advances then due and
      owing pursuant to the terms of the applicable Servicing Agreement related to such Subservicer) to the Program Account (x) with respect to any Subservicer, on each Remittance Date and (y) to the extent Seller is the Servicer, within two (2) Business
      Days of receipt thereof.

   

  f. Notwithstanding any provision to the contrary in this Section

        7, within three (3) Business Days of receipt by Seller or any Subservicer of any prepayment of principal in full, with respect to a Purchased Asset or Contributed Asset, Seller shall or shall cause such Subservicer to remit such amount to the
      Program Account and Administrative Agent shall immediately apply any such amount received by Buyers or the Administrative Agent to reduce the amount of the Repurchase Price due upon termination of the related Transaction.

   

  g. With respect to each Early Buyout Loan, the Nominee shall
      be listed as the mortgagee of record. All Income (including, without limitation, claims and proceeds) received from HUD, VA or USDA, as applicable, on account of each Early Buyout Loan shall be deposited into the Clearing Account within one (1)
      Business Day of receipt thereof. Seller shall and shall cause the Nominee to remit all such funds from the Clearing Account to the Custodial Account within two (2) Business Days. To the extent HUD, VA or USDA deducts any amounts owing to it by
      Seller, any Servicer or Nominee, Seller shall (A) give prompt written notice thereof to Administrative

   

  
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  Agent and (B) within one (1) Business Day following settlement date of the claim,
      deposit such deducted amounts into the Custodial Account.

   

  h. Provided that no Event of Default has occurred and is
      continuing, on each Repurchase Date, Administrative Agent shall remit all Income received with respect to the Purchased Assets and Contributed Assets to the Program Account as follows:

   

  (1) first, to Administrative Agent, for the benefit of the
      applicable Buyers, in reduction of the Repurchase Price of any liquidation, pay-off or repurchase of any Purchased Asset up to the amount advanced by Administrative Agent on behalf of Buyers;

   

  (2) second, without limiting the rights of Administrative Agent
      under Section 6 hereof, to Administrative Agent for the benefit of Buyers, in the amount of any unpaid Margin Deficit; and

   

   (3) third, to, or at the direction of Sellers, any remaining amounts.

   

  i.  Provided that no Event of Default has occurred and is
      continuing, on each Payment Date, Administrative Agent shall remit all Income received to the Program Account with respect to the Purchased Assets and Contributed Assets as follows:

   

  (1) first, to Administrative Agent, for the benefit of Buyers,
      in payment of any accrued and unpaid Price Differential, to the extent not paid by Seller to Administrative Agent pursuant to Section 5 hereof;

   

  (2) second, to Administrative Agent, for the benefit of the
      applicable Buyers, in reduction of the Repurchase Price of any liquidation, pay-off or repurchase of any Purchased Asset up to the amount advanced by Administrative Agent on behalf of Buyers;

   

  (3) third, without limiting the rights of Administrative Agent
      under Section 6 hereof, to Administrative Agent for the benefit of Buyers, in the amount of any unpaid Margin Deficit;

   

  (4) fourth, to the payment of all other Obligations then due and
      owing to Administrative Agent and Buyers pursuant to this Agreement; and

   

   (5) fifth, to, or at the direction of Seller, any remaining amounts.

   

  j.  On the Termination Date or upon the occurrence of an Event
      of Default that has occurred and is continuing, all Income received with respect to the Purchased Assets and Contributed Assets shall be allocated as directed by Administrative Agent as follows:

   

  (1) first, to Administrative Agent in payment of any accrued and
      unpaid Price Differential, to the extent not paid by the Seller to Administrative Agent pursuant to Section 5;

   

  (2) second, to Administrative Agent, for the benefit of the
      applicable Buyers, in reduction of the Repurchase Price of any liquidation, pay-off or repurchase of any Purchased Asset up to the amount advanced by Administrative Agent on behalf of Buyers;

   

  
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  (3) third, without limiting the rights of Administrative Agent
      under Section 6 hereof, to Administrative Agent for the benefit of Buyers, in the amount of any unpaid Margin Deficit;

   

   (4) fourth, to the payment of all other Obligations until paid in full; and

   

   (5) fifth, to, or at the direction of Seller, any remaining amounts.

   

  k. To the extent that Administrative Agent receives any funds
      from a Take-out Investor with respect to the purchase by such Take-out Investor of a Purchased Asset or Contributed Asset, the Administrative Agent shall promptly apply such funds to the Repurchase Price of the Purchased Asset or Contributed Asset
      purchased by such Take-out Investor and shall promptly remit any excess to the applicable Seller.

   

  		8.	Security Interest

   

   a.  Repurchase

        Assets.

   

  (1) On each Purchase Date, Seller hereby sells, assigns and
      conveys all rights and interests in the Purchased Assets identified on the related Asset Schedule or delivered to the Administrative Agent for the benefit of Buyers and Repledgees. Although the parties intend that all Transactions hereunder be sales
      and purchases and not loans, in the event any such Transactions are deemed to be loans, and in any event, Seller hereby pledges to Administrative Agent for the benefit of Buyers as security for the performance by Seller of the Obligations and hereby
      grants, assigns and pledges to Administrative Agent for the benefit of Buyers a fully perfected first priority security interest in the Purchased Assets, any Agency Security or right to receive such Agency Security when issued to the extent backed by
      any of the Purchased Mortgage Loans, the Records solely to the extent related to such Purchased Assets, and all related Servicing Rights, the rights to reimbursement of Servicer Advances, solely with respect to such Purchased Assets, the Program
      Agreements (to the extent such Program Agreements and Seller’s right thereunder relate to the Purchased Assets and related Contributed Assets), each Underlying Entity Agreement to the extent assignable and to the extent related to such Purchased
      Assets, the obligations of Seller to deliver and convey each Contributed Asset to the applicable Underlying Entity, any related Take-out Commitment (to the extent assignable), any Property relating to the Purchased Assets, all insurance policies and
      insurance proceeds relating to any Purchased Asset or the related Mortgaged Property (to the extent assignable), including, but not limited to, any payments or proceeds under any related primary insurance and hazard insurance and FHA Mortgage
      Insurance Contracts, VA Loan Guaranty Agreements and USDA Loan Guaranty Agreements (if any, including for the avoidance of doubt all debenture interest payable by HUD on account of any Early Buyout Loan), Income, Interest Rate Protection Agreements
      (to the extent assignable and related to the Purchased Assets), accounts (including any interest of Seller in escrow accounts) relating solely to any Purchased Asset, the Custodial Account and all amounts deposited therein, each Holdback Account and
      any amounts deposited therein, instruments, payments, rights to payment (including payments of interest or finance charges), any contract rights, general intangibles and other assets, in each case, relating solely to the Purchased Assets (including,
      without limitation, any other accounts) or any interest in the Purchased Assets, and any proceeds (including the related securitization proceeds) and distributions with respect to any of the foregoing and any other property, rights, title or
      interests as are specified on a Transaction Request and/or Trust Receipt, in all instances, whether now owned or hereafter acquired, now existing or hereafter created (collectively, the “Seller Repurchase Assets”).

   

  
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  (2) On each Purchase Date, the applicable Underlying Entity
      hereby sells, assigns and conveys all rights and interests in the Contributed Mortgage Loans identified on the related Asset Schedule or delivered to the Administrative Agent for the benefit of Buyers and Repledgees. Although the parties intend that
      all Transactions hereunder be sales and purchases and not loans, in the event any such Transactions are deemed to be loans, and in any event, such Underlying Entity hereby pledges to Administrative Agent for the benefit of Buyers as security for the
      performance by such Underlying Entity of the Obligations and hereby grants, assigns and pledges to Administrative Agent for the benefit of Buyers a fully perfected first priority security interest in the Contributed Mortgage Loans, any Agency
      Security or right to receive such Agency Security when issued to the extent backed by any of the Contributed Mortgage Loans, the Records, and all related Servicing Rights, the Program Agreements (to the extent such Program Agreements and such
      Underlying Entity’s right thereunder relate to the related Contributed Mortgage Loans), the applicable Underlying Entity Agreement, any related Take-out Commitment, any Property relating to the Contributed Mortgage Loans, all insurance policies and
      insurance proceeds relating to any Contributed Mortgage Loan or the related Mortgaged Property, including, but not limited to, any payments or proceeds under any related primary insurance and hazard insurance and FHA Mortgage Insurance Contracts, VA
      Loan Guaranty Agreements and USDA Loan Guaranty Agreements (if any), Income, Interest Rate Protection Agreements, accounts (including any interest of such Underlying Entity in escrow accounts) relating to any Contributed Mortgage Loan, the Custodial
      Account and all amounts deposited therein, instruments, payments, rights to payment (including payments of interest or finance charges), any contract rights, general intangibles and other assets, in each case, relating to the Contributed Mortgage
      Loans (including, without limitation, any other accounts) or any interest in the Contributed Mortgage Loans, and any proceeds (including the related securitization proceeds) and distributions with respect to any of the foregoing and any other
      property, rights, title or interests as are specified on a Transaction Request and/or Trust Receipt, in all instances, whether now owned or hereafter acquired, now existing or hereafter created (collectively, the “Contributed Repurchase Assets”).

   

  (3) In order to further secure the Obligations hereunder, each
      Underlying Entity hereby grants, assigns and pledges all rights and interests in the Contributed REO Properties identified on the related Asset Schedule or delivered to the Administrative Agent for the benefit of Buyers and Repledgees. Although the
      parties intend that all Transactions hereunder be sales and purchases and not loans, in the event any such Transactions are deemed to be loans, and in any event, such Underlying Entity hereby pledges to Administrative Agent for the benefit of Buyers
      as security for the performance by such Underlying Entity of the Obligations and hereby grants, assigns and pledges to Administrative Agent for the benefit of Buyers a fully perfected first priority security interest in the Contributed REO
      Properties, the Records, and all related Servicing Rights, the Program Agreements (to the extent such Program Agreements and such Underlying Entity’s right thereunder relate to the Contributed REO Properties), the applicable Underlying Entity
      Agreement, the obligations of such Underlying Entity to deliver and convey each Contributed REO Property to such Underlying Entity, any related Take-out Commitment, any REO Property relating to the Contributed REO Properties, all insurance policies
      and insurance proceeds relating to any Contributed REO Property or the related REO Property, including, but not limited to, any payments or proceeds under any related primary insurance and hazard insurance (if any), Income, Interest Rate Protection
      Agreements, accounts (including any interest of such Underlying Entity in escrow accounts) relating to any Contributed REO Property, the Custodial Account and all amounts deposited therein, instruments, payments, rights to payment (including payments
      of interest or finance charges), any contract rights, general intangibles and other assets, in each case, relating to the Contributed REO Properties (including, without limitation, any other accounts) or any interest in the Contributed REO
      Properties, and any proceeds (including the related securitization proceeds) and distributions with respect to any of the foregoing and any other property, rights, title or interests

   

  
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  as are specified on a Transaction Request and/or Trust Receipt, in all instances,
      whether now owned or hereafter acquired, now existing or hereafter created (collectively, the “REO Repurchase Assets” and together with the Seller Repurchase Assets and the Contributed Repurchase Assets, the “Repurchase Assets”).

   

  b. Acquisition of REO Property. If an Underlying Entity
      acquires any REO Property by acquiring any Mortgage Note in connection with the foreclosure of the related Purchased Mortgage Loan or Contributed Asset, transferring the real property underlying the Mortgage Note in lieu of foreclosure or otherwise
      transferring of such real property, such Underlying Entity shall cause such real property to be taken by deed, or by means of such instruments as is provided by the Governmental Authority governing the transfer, or right to request transfer and
      issuance of the deed, or such instrument as is provided by the related Governmental Authority, or to be acquired through foreclosure sale in the jurisdiction in which the REO Property is located.

   

  c. Servicing Rights. Each Seller Party acknowledges
      that it has no rights to service the Purchased Mortgage Loans or Contributed Assets, but only has rights as a party to the applicable Servicing Agreement. Without limiting the generality of the foregoing and in the event that a Seller Party is deemed
      to retain any residual Servicing Rights, and for the avoidance of doubt, each Seller Party grants, assigns and pledges to Administrative Agent a security interest in the Servicing Rights and proceeds related thereto and in all instances, whether now
      owned or hereafter acquired, now existing or hereafter created. The foregoing provision is intended to constitute a security agreement or other arrangement or other credit enhancement related to this Agreement and Transactions hereunder as defined
      under Sections 101(47)(A)(v) and 741(7)(A)(xi) of the Bankruptcy Code.

   

  d. Additional Interests. If Seller shall, as a result
      of ownership of the Underlying Entity Interests, become entitled to receive or shall receive any certificate evidencing any Underlying Entity Interests or other equity interest, any option rights, or any equity interest in the Underlying Entity
      Interests, whether in addition to, in substitution for, as a conversion of, or in exchange for the Underlying Entity Interests, or otherwise in respect thereof, Seller shall accept the same as the Administrative Agent’s agent, hold the same in trust
      for the Administrative Agent and deliver the same forthwith to the Administrative Agent in the exact form received, duly indorsed by the Seller to the Administrative Agent, if required, together with an undated transfer power, if required, covering
      such certificate duly executed in blank, or if requested, deliver such Purchased Certificate re-registered in the name of Administrative Agent, to be held by the Administrative Agent subject to the terms hereof as additional security for the
      Obligations. Any sums paid upon or in respect of the Underlying Entity Interests upon the liquidation or dissolution of the applicable Underlying Entity, or otherwise shall be paid over to the Administrative Agent as additional security for the
      Obligations. If following the occurrence and during the continuation of an Event of Default, any sums of money or property so paid or distributed in respect of the Underlying Entity Interests shall be received by Seller, Seller shall, until such
      money or property is paid or delivered to the Administrative Agent for the benefit of Buyers, hold such money or property in trust for the Administrative Agent segregated from other funds of Seller as additional security for the Obligations.
      Administrative Agent shall cooperate with Seller and promptly take any action required pursuant to the applicable Program Agreements in accordance with its policies to cause any Purchased Certificate registered in the name of Administrative Agent to
      be re-registered and delivered to Seller upon repurchase of such Purchased Certificate by Seller.

   

  e. Underlying Entity Interests as Securities. The
      parties acknowledge and agree that the Underlying Entity Interests shall constitute and remain “securities” as defined in Section 8-102 of the Uniform Commercial Code; Seller Parties covenant and agree that (i) the Underlying Entity Interests are not
      and will not be dealt in or traded on securities exchanges or securities markets and

   

  
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  (ii) the Underlying Entity Interests
      are not and will not be investment company securities within the meaning of Section 8-103 of the Uniform Commercial Code. Seller shall, at its sole cost and expense, take all steps as may be necessary in connection with the delivery of the Purchased
      Certificates to Administrative Agent, with the appropriate documents to transfer power, dated and executed in blank, and the pledge of all Underlying Entity Interests to Administrative Agent on behalf of Buyers.

   

  f. Cash Dividends; Voting Rights. Subject to this
      Section, after the occurrence and continuance of an Event of Default, Administrative Agent as the holder shall exercise all voting rights with respect to the Purchased Certificates, as applicable. Prior to the occurrence and continuance of an Event
      of Default, the Seller shall exercise all voting rights with respect to the Purchased Certificates, but subject in all events to the consent rights of Administrative Agent as set forth in each Underlying Entity Agreement. In no event shall any vote
      be cast or other action taken which would impair the Repurchase Assets or Purchased Certificates, as applicable, or which would result in a violation of any provision of this Agreement. Without limiting the generality of the foregoing, Administrative
      Agent shall have no obligation to (i) vote to enable, or take any other action to permit the Underlying Entity to issue any Capital Stock of any nature or to issue any other Capital Stock convertible into or granting the right to purchase or exchange
      for any trust interests of the Underlying Entity; (ii) sell, assign, transfer, exchange or otherwise dispose of, or grant any option with respect to, the Purchased Certificates; (iii) create, incur or permit to exist any Lien or option in favor of,
      or any claim of any Person with respect to, the Purchased Certificates, the Repurchase Assets, or any interest therein, except for the Lien provided for by this Agreement; or (iv) enter into any agreement (other than each Underlying Entity Agreement
      and this Agreement and any agreements contemplated hereunder) or undertaking restricting the right or ability of Seller to sell, assign or transfer any Purchased Certificate.

   

  g. Financing Statements. Each Seller Party agrees to
      execute, deliver and/or file such documents and perform such acts as may be reasonably necessary to fully perfect Administrative Agent’s security interest created hereby. Furthermore, the Seller Parties hereby authorize the Administrative Agent to
      file financing statements relating to (i) the Seller Repurchase Assets as the Administrative Agent, at its option, may deem appropriate and (ii) solely with respect to Underlying Entities, the Contributed Repurchase Assets and REO Repurchase Assets,
      as the Administrative Agent, at its option, may deem appropriate, describing the collateral as “all assets of the Debtor” or words to that effect, and any limitations on such collateral description, notwithstanding that such collateral description
      may be broader in scope than the Contributed Repurchase Assets and REO Repurchase Assets described in this Agreement; provided, that, in each case, the Seller Parties shall have the right to review and consent to such financing statements. The Seller
      Parties shall pay the filing costs for any financing statement or statements prepared pursuant to this Section 8.

   

  		9.	Payment and Transfer

   

  Unless otherwise mutually agreed in writing or as otherwise set forth in Section

        7 hereof, all transfers of funds to be made by Seller Parties hereunder shall be made in Dollars, in immediately available funds, without deduction, set-off or counterclaim, to Administrative Agent at the following account (the “Program
        Account”) maintained by Administrative Agent: [***] or such other account as Administrative Agent shall specify to Seller Parties in writing. Each Seller Party acknowledges that it has no rights of withdrawal from the foregoing account.
      All Purchased Assets transferred by one party hereto to the other party shall be in the case of a purchase by a Buyer in suitable form for transfer or shall be accompanied by duly executed instruments of transfer or assignment in blank and such other
      documentation as Administrative Agent may reasonably request. All

   

  
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  Purchased Assets and Contributed Assets shall be evidenced by a Trust Receipt. Any
      Repurchase Price received by Administrative Agent after 4:30 p.m. (New York City time) shall be deemed received on the next succeeding Business Day.

   

  		10.	Conditions Precedent

   

  a. Initial Transaction. As conditions precedent to the
      initial Transaction, Administrative Agent shall have received on or before the day of such initial Transaction the following, in form and substance satisfactory to Administrative Agent:

   

  (1) Program Agreements. The Program Agreements duly
      executed and delivered by the parties thereto and being in full force and effect, free of any modification, breach or waiver.

   

  (2) Security Interest. Evidence that all other actions
      necessary or, in the opinion of Administrative Agent, desirable to perfect and protect Administrative Agent’s and Buyers’ interest in the Purchased Assets, Contributed Assets and other Repurchase Assets have been taken, including, without limitation,
      duly authorized and filed Uniform Commercial Code financing statements on Form UCC-1.

   

  (3) Organizational Documents. A certificate of the
      company secretary of each of Seller Party and Guarantor substantially in form and substance acceptable to Administrative Agent in its sole good faith discretion, attaching certified copies of each Seller Party’s and Guarantor’s organizational
      documents and resolutions approving the Program Agreements 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 Agreements.

   

  (4) Good Standing Certificate. A certified copy of a good
      standing certificate from the jurisdiction of organization of each Seller Party and Guarantor, dated as of no earlier than thirty (30) calendar days prior to the Effective Date.

   

  (5) Incumbency Certificate. An incumbency certificate of
      the company secretary of each Seller Party and Guarantor, certifying the names, true signatures and titles of the representatives duly authorized to request transactions hereunder and to execute the Program Agreements.

   

  (6) Opinion of Counsel. An opinion of each Seller Party’s
      and Guarantor’s counsel, as to such matters as Administrative Agent may request and in form and substance acceptable to Administrative Agent in its sole discretion, including, without limitation, with respect to (i) Administrative Agent’s lien on and
      perfected security interest in the Purchased Assets, Contributed Assets, and Repurchase Assets; (ii) the non-contravention, enforceability and corporate opinions with respect to each Seller Party and Guarantor, including an opinion in form and
      substance reasonably acceptable to Administrative Agent on behalf of Buyers, indicating that as of the date hereof, each of Seller Parties and Guarantor are not required to register as an “investment company,” as such term is defined in the
      Investment Company Act, as amended, and with respect to each Underlying Entity, for specified reasons other than the exemption provided by Section 3(c)(1) or Section 3(c)(7) thereof; (iii) a Bankruptcy Code opinion of counsel to each Seller Party and
      Guarantor with respect to the matters outlined in Section 26 hereof and the Guaranty and (iv) matters of Delaware law with respect to each Seller Party that organized under the laws of the State of Delaware and Trustee.

   

  
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  (7) Asset Guidelines. A true and correct copy of the
      Asset Guidelines.

   

  (8) Fees. Payment of any fees due to Administrative Agent
      and Buyers hereunder.

   

  (9) Insurance. Evidence that Seller has added Administrative Agent as an
      additional loss payee under the Seller’s Fidelity Insurance.

   

  b. All Transactions. The obligation of the
      Administrative Agent for the benefit of Buyers to enter into each Transaction pursuant to this Agreement is subject to the following conditions precedent:

   

  (1) Due Diligence Review. Without limiting the generality
      of Section 34 hereof, Administrative Agent and Buyers shall have completed, to their satisfaction, their due diligence review of the related Purchased Assets and Contributed Assets and Seller Parties, Guarantor and the Servicer.

   

   (2) Required Documents.

   

  (a) With respect to each Purchased Asset which is not a Wet
      Mortgage Loan and Contributed Asset, the Asset File has been delivered to the Custodian in accordance with the Custodial Agreement.

   

  (b) With respect to each Wet Mortgage Loan, the Asset Schedule
      has been delivered to Administrative Agent or Custodian, as the case may be, in accordance with the Custodial Agreement.

   

  (3) Transaction Documents. Administrative Agent or its
      designee shall have received on or before the day of such Transaction (unless otherwise specified in this Agreement) the following, in form and substance satisfactory to Administrative Agent and (if applicable) duly executed:

   

  (a) A Transaction Request and Asset Schedule delivered by a Seller Party pursuant
      to Section 3.c hereof.

   

  (b) The Request for Certification and the related Asset
      Schedule delivered by a Seller Party, and (i) with respect to Mortgage Loans other than Simultaneously Funded Early Buyout Loans, the Trust Receipt and Custodial Asset Schedule or (ii) with respect to Mortgage Loans that are Simultaneously Funded
      Early Buyout Loans, a preliminary Custodial Asset Schedule, in each case, delivered by Custodian.

   

  (c) Such certificates, opinions of counsel or other documents as Administrative
      Agent may reasonably request.

   

  (4) No Default. No Default or Event of Default shall have
      occurred and be continuing.

   

  (5) Requirements of Law. Neither Administrative Agent nor
      Buyers shall have determined that the introduction of or a change in any Requirement of Law or in the

   

  
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  interpretation or administration of any Requirement of Law applicable to
      Administrative Agent or any Buyer has made it unlawful, and no Governmental Authority shall have asserted that it is unlawful, for Administrative Agent or any Buyer to enter into Transactions with a Pricing Rate based on the Reference Rate.

   

  (6) Representations and Warranties. Both immediately
      prior to the related Transaction and also after giving effect thereto and to the intended use thereof, the representations and warranties made by each Seller Party and Guarantor in each Program Agreement shall be true and correct on and as of such
      Purchase Date in all material respects with the same force and effect as if made on and as of such date (or, if any such representation or warranty is expressly stated to have been made as of a specific date, as of such specific date).

   

  (7) Electronic Tracking Agreement. To the extent Seller
      is selling Mortgage Loans which are registered on the MERS System, an Electronic Tracking Agreement entered into, duly executed and delivered by the parties thereto and being in full force and effect, free of any modification, breach or waiver.

   

  (8) DE Compare Ratio. To the extent FHA Loans are subject to a Transaction,
      the applicable Seller Party’s DE Compare Ratio is less than 250%.

   

  (9) No HUD Suspension. To the extent FHA Loans are subject to a Transaction,
      HUD has not suspended the applicable Seller Party’s ability to originate FHA Loans in any jurisdiction.

   

  (10) Approval of Servicing Agreement. To the extent not
      previously delivered and approved, Administrative Agent shall have, in its sole discretion, approved each Servicing Agreement pursuant to which any Mortgage Loan or Contributed Asset that is subject to the proposed Transaction is to be serviced
      during the term of such Transaction.

   

  (11) Servicer Notices. To the extent Seller Parties
      engage an unaffiliated Servicer to service a Purchased Asset or Contributed Asset, Seller Parties shall (i) notify Administrative Agent; (ii) deliver a fully executed Servicing Agreement in form and substance acceptable to Administrative Agent; and
      (iii) cause Servicer to enter into a Servicer Notice in form and substance acceptable to Administrative Agent.

   

  (12) Material Adverse Effect. None of the following shall
      have occurred and/or is continuing:

   

  (a) Credit Suisse AG, New York Branch’s corporate bond rating
      as calculated by S&P or Moody’s has been lowered or downgraded to a rating below investment grade by S&P or Moody’s;

   

  (b) an event or events shall have occurred in the good faith
      determination of a Buyer 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 such Buyer not
      being able to finance Purchased Assets or Contributed Assets 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;

   

  
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  (c) 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 such Buyer not being able to sell securities backed by mortgage loans at prices which would have been reasonable
      prior to such event or events;

   

  (d) there shall have occurred (i) a material change in
      financial markets, an outbreak or escalation of hostilities or a material change in national or international political, financial or economic conditions; (ii) a general suspension of trading on major stock exchanges; or (iii) a disruption in or
      moratorium on commercial banking activities or securities settlement services; or

   

  (e) there shall have occurred a material adverse change in the
      financial condition of a Buyer which affects (or can reasonably be expected to affect) materially and adversely the ability of such Buyer to fund its obligations under this Agreement.

   

  (13) Business Purpose Mortgage Loans. Solely with respect to Business Purpose
      Mortgage Loans:

   

  (a) that are BPL – Holdbacks, Administrative Agent shall have reviewed and approved
      the escrow arrangements and documentation therefor;

   

  (b) that are BPL – Holdbacks whereby the Seller Parties
      request the Holdback Amounts to be included in the Purchase Price prior to disbursement to the related Mortgagor, Administrative Agent shall have received the related Holdback Account Control Agreement, in form and substance acceptable to
      Administrative Agent, duly executed by the parties thereof; and

   

  (c) Administrative Agent shall have received a letter
      agreement, in form and substance acceptable to Administrative Agent, executed by Administrative Agent, Seller and the applicable Qualified Originator.

   

  (14) Designated Assets. With respect to each proposed
      Transaction for which the Purchase Price-Incremental for a Designated Asset will be funded, (x) no Disqualification Event shall have occurred and is continuing, and (y) the Purchase Price-Base shall be fully drawn and Purchase Price for such
      Designated Asset shall be increased by an amount at least equal to the Minimum Purchase Price-Incremental but shall not exceed the Maximum Purchase Price-Incremental.

   

  (15) Underlying Entity. With respect to any Underlying
      Entity to be added after the Effective Date:

   

  (a) The items to be delivered pursuant to Sections
        10.a(1)-(5) above, as applicable;

   

  (b) An opinion of such Underlying Entity’s counsel, as to such
      matters as Administrative Agent may request and in form and substance acceptable to Administrative Agent in its sole discretion, including, without limitation, with respect to (i) Administrative Agent’s lien on and perfected security interest in the
      Contributed Assets

   

  
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  and related Repurchase Assets; (ii) the non-contravention, enforceability and
      corporate opinions with respect to such Underlying Entity, including an opinion in form and substance reasonably acceptable to Administrative Agent on behalf of Buyers, indicating that as of the date hereof, such Underlying Entity is not required to
      register as an “investment company,” as such term is defined in the Investment Company Act for specified reasons other than the exemption provided by Section 3(c)(1) or Section 3(c)(7) thereof; and (iii) a Bankruptcy Code opinion of counsel to
      Underlying Entity with respect to the matters outlined in Section 26 hereof;

   

  (c) Seller shall deliver to the Administrative Agent the
      original of the Underlying Entity Certificate registered in the name of the Administrative Agent together with original undated transfer powers, duly executed in blank;

   

  (d) A joinder agreement, duly executed by the parties hereto,
      joining the Underlying Entity to the applicable Program Agreements;

   

  (e) With respect to any Underlying Entity that is not a trust,
      evidence that an Independent Manager has been appointed in accordance with the Underlying Entity Agreement; and

   

  (f) Any other document required to be delivered by
      Administrative Agent in form and substance acceptable to Administrative Agent.

   

  (16) Early Buyout Loans. Prior to the funding of any
      Transactions, the subject of which are Early Buyout Loans, Seller shall deliver to Administrative Agent a Custodial Account Control Agreement, duly executed by the parties thereto and in form and substance satisfactory to Administrative Agent.

   

  		11.	Program; Costs

   

  a. The Seller Parties shall reimburse Administrative Agent and
      Buyers for any of Administrative Agent’s and Buyers’ reasonable and documented out-of-pocket costs, including due diligence review costs and reasonable attorneys’ fees, incurred by Administrative Agent and Buyers in determining the acceptability to
      Administrative Agent and Buyers of any Purchased Asset or REO Property. The Seller Parties shall also pay, or reimburse Administrative Agent and Buyers if Administrative Agent or Buyers shall pay, any termination fee, which may be due any Servicer.
      The Seller Parties shall pay the reasonable and documented out-of-pocket fees and expenses of Administrative Agent’s and Buyers’ counsel in connection with the Program Agreements. Reasonable and documented legal fees for any subsequent amendments to
      this Agreement or related documents shall be borne by the Seller Parties. The Seller Parties shall pay ongoing custodial fees and expenses as set forth in the Custodial Agreement, and any other ongoing fees and expenses payable in accordance with any
      other Program Agreement. Without limiting the foregoing, the Seller Parties shall pay all fees as and when required under the Pricing Side Letter.

   

  b. If any Buyer determines that, due to the introduction of,
      any change in, or the compliance by such Buyer 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 such Buyer in engaging in the present or any future Transactions, then, to the extent each Seller Party and Guarantor received notice of such amounts no later than thirty (30) days after
      the incurrence of such costs, then each Seller Party and Guarantor may, at its option and in its sole discretion, either (i)

   

  
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  terminate this Agreement and repurchase the Purchased Assets and pay costs or (ii)
      promptly pay such Buyer the actual cost of additional amounts as specified by such Buyer to compensate such Buyer for such increased costs; provided, however, that any such determination by any Buyer must also be made in a manner substantially
      consistent with respect to similarly situated counterparties with substantially similar assets in similar facilities.

   

  c. With respect to any Transaction, Administrative Agent and
      Buyers may conclusively rely upon, and shall incur no liability to any Seller Party or Guarantor in acting upon, any request or other communication that Administrative Agent and Buyers reasonably believe to have been given or made by a person
      authorized to enter into a Transaction on each Seller Party’s behalf, whether or not such person is listed on the certificate delivered pursuant to Section 10.a(5) hereof.

   

  d. Notwithstanding the assignment of the Program Agreements
      with respect to each Purchased Asset to Administrative Agent for the benefit of Buyers, Seller Parties and Guarantor agrees and covenants with Administrative Agent and Buyers to reasonably enforce in a commercially reasonable manner Seller Parties’
      and Guarantor’s rights and remedies with respect to parties other than Administrative Agent and Buyers set forth in the Program Agreements.

   

  e. (i) Any payments made by a Seller Party or Guarantor to
      Administrative Agent or a Buyer or a Buyer assignee or participant hereunder or any Program Agreement shall be made free and clear of and without deduction or withholding for any Taxes, except as required by applicable law. If a Seller Party or
      Guarantor shall be required by applicable law (as determined in the good faith discretion of the applicable withholding agent) to deduct or withhold any Tax from any sums payable to Administrative Agent or a Buyer or Buyer assignee or participant,
      then (1) a Seller Party or Guarantor shall make such deductions or withholdings and pay the full amount deducted to the relevant Governmental Authority in accordance with applicable law; (2) to the extent the withheld or deducted Tax is an
      Indemnified Tax, the sum payable shall be increased as necessary so that after making such deductions and withholdings (including such deductions and withholdings applicable to additional sums payable under this Section 11.e Administrative
      Agent or a Buyer receives an amount equal to the sum it would have received had no such deductions or withholdings been made; and (3) a Seller Party shall notify the Administrative Agent of the amount paid and shall provide the original or a
      certified copy of a receipt issued by the relevant Governmental Authority evidencing such payment within ten (10) days thereafter. Seller Parties and Guarantor shall otherwise indemnify Administrative Agent and such Buyer, within ten (10) days after
      demand therefor, for any Indemnified Taxes imposed on Administrative Agent or such Buyer (including Indemnified Taxes imposed or asserted on or attributable to amounts payable under this Section 11.e and any reasonable expenses arising
      therefrom or with respect thereto, whether or not such Indemnified Taxes were correctly or legally asserted by the relevant Governmental Authority.

   

  (ii) Administrative Agent shall cause each Buyer and Buyer
      assignee and participant to deliver to a Seller Party and Guarantor, at the time or times reasonably requested by a Seller Party or Guarantor, such properly completed and executed documentation reasonably requested by a Seller Party or Guarantor as
      will permit payments made hereunder to be made without withholding or at a reduced rate of withholding. In addition, Administrative Agent shall cause each Buyer and Buyer assignee and participant, if reasonably requested by a Seller Party or
      Guarantor, to deliver such other documentation prescribed by applicable law or reasonably requested by a Seller Party or Guarantor as will enable a Seller Party or Guarantor to determine whether or not such Buyer or Buyer assignee or participant is
      subject to backup withholding or information reporting requirements. Notwithstanding anything to the contrary in this Section 11, the completion, execution and submission of such documentation (other than such documentation in

   

  
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  Section 11.e(ii)(A), (B) and (C) below) shall not be
      required if in the Buyer’s or any Buyer’s assignee’s or participant’s judgment such completion, execution or submission would subject such Buyer or Buyer assignee or participant to any material unreimbursed cost or expense or would materially
      prejudice the legal or commercial position of such Buyer or Buyer assignee or participant. Without limiting the generality of the foregoing, Administrative Agent shall cause a Buyer or Buyer assignee or participant to deliver to each of Seller
      Parties and Guarantor, to the extent legally entitled to do so:

   

  (A) in the case of a Buyer or Buyer assignee or participant which
      is a U.S. Person, a properly completed and executed IRS Form W-9 certifying that it is not subject to U.S. federal backup withholding tax;

   

  (B) in the case of a Buyer or Buyer assignee or participant which
      is not a U.S. Person: (I) a properly completed and executed IRS Form W-8BEN, W-8BENE-E or W-8ECI, as appropriate, evidencing entitlement to a zero percent or reduced rate of U.S. federal income tax withholding on any payments made hereunder, (II) in
      the case of such non-U.S. Person claiming exemption from the withholding of U.S. federal income tax under Code sections 871(h) or 881(c) with respect to payments of “portfolio interest,” a duly executed certificate (a “U.S. Tax Compliance
        Certificate”) to the effect that such non-U.S. Person is not (x) a “bank” within the meaning of Code section 881(c)(3)(A), (y) a “10 percent shareholder” of a Seller Party, Guarantor or Affiliate thereof, within the meaning of Code section
      881(c)(3)(B), or (z) a “controlled foreign corporation” described in Code section 881(c)(3)(C), (III) to the extent such non-U.S. Person is not the beneficial owner, executed originals of IRS Form W-8IMY, accompanied by IRS Form W-8ECI, IRS Form
      W-8BEN, IRS Form W-8BEN-E, a U.S. Tax Compliance Certificate, IRS Form W-9, and/or other certification documents from each beneficial owner, as applicable; provided that if such non-U.S. Person is a partnership and one (1) or more direct or indirect
      partners of such non-U.S. Person are claiming the portfolio interest exemption, such non-U.S. Person may provide a U.S. Tax Compliance Certificate on behalf of each such direct and indirect partner, and (IV) in the case of a Buyer or Buyer assignee
      or participant which is not a U.S. Person, executed originals of any other form or supplementary documentation prescribed by law as a basis for claiming exemption from or a reduction in United States federal withholding tax together with such
      supplementary documentation as may be prescribed by law to permit a Seller Party or Guarantor to determine the withholding or deduction required to be made.

   

  (C) if a payment made to a Buyer or Buyer assignee or participant
      under this Agreement would be subject to U.S. federal withholding tax imposed by FATCA if such Buyer or assignee or participant were to fail to comply with the applicable reporting requirements of FATCA (including those contained in Section 1471(b)
      or 1472(b) of the Code, as applicable), Administrative Agent on behalf of such Buyer or assignee or participant shall deliver to the Seller Parties or Guarantor at the time or times prescribed by law and at such time or times reasonably requested by
      a Seller Party such documentation prescribed by applicable law (including as prescribed by Section 1471(b)(3)(C)(i) of the Code) and such additional documentation reasonably requested by a Seller Party as may be necessary for such Seller Party to
      comply with their obligations under FATCA or to determine the amount to deduct and withhold from such payment. Solely for purposes of this Section 11.e, “FATCA” shall include any amendments made to FATCA after the date of this Agreement.

   

  
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  The applicable IRS forms referred to above shall be delivered by Administrative
      Agent on behalf of each applicable Buyer or Buyer assignee or participant on or prior to the date on which such person becomes a Buyer or Buyer assignee or participant under this Agreement, as the case may be, and upon the obsolescence or invalidity
      of any IRS form previously delivered by it hereunder.

   

  f.  Any indemnification payable by a Seller Party or Guarantor
      to Administrative Agent or a Buyer or Buyer assignee or participant for Indemnified Taxes that are imposed on such Buyer or Buyer assignee or participant, as described in Section 11.e(i) hereof, shall be paid by a Seller Party or Guarantor
      within ten (10) days after demand therefor from Administrative Agent. A certificate as to the amount of such payment or liability delivered to a Seller Party or Guarantor by the Administrative Agent on behalf of a Buyer or Buyer assignee or
      participant shall be conclusive absent manifest error.

   

  g. If any party determines, in its sole discretion exercised
      in good faith, that it has received a refund of any Taxes as to which it has been indemnified pursuant to this Section (including by the payment of additional amounts pursuant to this Section 11), it shall pay to the indemnifying party an
      amount equal to such refund (but only to the extent of indemnity payments made under this Section 11 with respect to the Taxes giving rise to such refund), net of all out of pocket expenses (including Taxes) of such indemnified party and without
      interest (other than any interest paid by the relevant Governmental Authority with respect to such refund). Such indemnifying party, upon the request of such indemnified party, shall repay to such indemnified party the amount paid over pursuant to
      this Section 11.g (plus any penalties, interest or other charges imposed by the relevant Governmental Authority) in the event that such indemnified party is required to repay such refund to such Governmental Authority. Notwithstanding
      anything to the contrary in this Section 11.g, in no event will the indemnified party be required to pay any amount to an indemnifying party pursuant to this Section 11.g the payment of which would place the indemnified party in a
      less favorable net after-Tax position than the indemnified party would have been in if the Tax subject to indemnification and giving rise to such refund had not been deducted, withheld or otherwise imposed and the indemnification payments or
      additional amounts with respect to such Tax had never been paid. This paragraph shall not be construed to require any indemnified party to make available its Tax returns (or any other information relating to its Taxes that it deems confidential) to
      the indemnifying party or any other Person.

   

  h. Each party’s obligations under this Section 11
      shall survive any assignment of rights by, or the replacement of, a Buyer or a Buyer assignee or participant, and the repayment, satisfaction or discharge of all obligations under any Program Agreement.

   

  i.  Each party to this Agreement acknowledges that it is its
      intent 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 Contributed Assets as owned by Seller and the applicable Underlying Entity
      in the absence of an Event of Default by Seller. Administrative Agent on behalf of Buyers and Seller agree that they will treat and report for all tax purposes the Transactions entered into hereunder as one or more loans from a Buyer to Seller
      secured by the Purchased Assets and Contributed Assets, unless otherwise prohibited by law or upon a final determination by any taxing authority that the Transactions are not loans for tax purposes.

   

  		12.	Servicing

   

  a.  Each Seller Party, on Administrative Agent’s and Buyers’
      behalf, shall contract with a Servicer to, or if Seller is Servicer, Seller shall, service the Purchased Mortgage Loans and Contributed Assets consistent with the degree of skill and care that such Seller Party customarily

   

  
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  requires with respect to similar Mortgage Loans and Contributed Assets owned or
      managed by it and in accordance with Accepted Servicing Practices. Each Seller Party shall ensure that Servicer (i) complies with all applicable federal, state and local laws and regulations, (ii) maintains all state and federal licenses necessary
      for it to perform its servicing responsibilities hereunder and (iii) does not impair the rights of Administrative Agent or Buyers in any Purchased Mortgage Loan or Contributed Asset or any payment thereunder. Administrative Agent may terminate the
      servicing of any Purchased Mortgage Loan or Contributed Asset with the then existing Servicer in accordance with Section 12.e hereof.

   

  b. With respect to Mortgage Loans other than BPL – Holdbacks,
      Seller shall and shall cause the Servicer to hold or cause to be held all escrow funds collected by Seller and Servicer with respect to any Purchased Assets or Contributed Assets in trust accounts and shall apply the same for the purposes for which
      such funds were collected. With respect to BPL – Holdbacks, Seller shall and shall cause the originator or Servicer to hold or cause to be held all Holdback Amounts collected by the Seller or Servicer with respect to any Purchased Assets in the
      Holdback Account and shall apply the same to improve and rehabilitate the related Mortgaged Property.

   

  c. On the Remittance Date, Seller shall and shall cause each
      Servicer to deposit all Income (net of any servicing fees and advances then due and owing pursuant to the terms of the applicable Servicing Agreement) received by such Servicer on the Purchased Assets in the Program Account.

   

  d. Other than if the Servicer is a Seller Party, Seller
      Parties shall provide promptly to Administrative Agent a Servicer Notice, addressed to and agreed to by the Servicer of the related Purchased Mortgage Loans and Contributed Assets, advising such Servicer of such matters as Administrative Agent may
      reasonably request, including, without limitation, recognition by the Servicer of Administrative Agent’s and Buyers’ interest in such Purchased Mortgage Loans and Contributed Assets and the Servicer’s agreement that upon receipt of notice of an Event
      of Default that has occurred and is continuing from Administrative Agent, it will follow the instructions of Administrative Agent with respect to the Purchased Mortgage Loans and Contributed Assets and any related Income with respect thereto.

   

  e. Upon the occurrence and continuance of an Event of Default
      hereunder, a Servicer Termination Event or a material default under the Servicing Agreement, Administrative Agent shall have the right to immediately terminate the Servicer’s right to service the Purchased Mortgage Loans and Contributed Assets under
      the Servicing Agreement without payment of any penalty or termination fee as set forth in the related Servicer Notice. Seller Parties and the Servicer shall cooperate in transferring the servicing of the Purchased Mortgage Loans and Contributed
      Assets to a successor servicer appointed by Administrative Agent on behalf of Buyers in its sole discretion. For the avoidance of doubt, any termination of the Servicer’s rights to service by the Administrative Agent as a result of the occurrence and
      continuation of an Event of Default shall be deemed part of an exercise of the Administrative Agent’s rights to cause the liquidation, termination or acceleration of this Agreement.

   

  f. If a Seller Party should discover that, for any reason
      whatsoever, such Seller Party or any entity responsible to a Seller Party for managing or servicing any such Purchased Mortgage Loans or Contributed Assets has failed to perform fully a Seller Party’s obligations under the Program Agreements or any
      of the obligations of such entities with respect to the Purchased Mortgage Loans and Contributed Assets, such Seller Party shall promptly notify Administrative Agent. 

   

  
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  g. For the avoidance of doubt, with respect to Purchased
      Mortgage Loans and Contributed Assets sold or contributed on a servicing released basis, no Seller Party retains economic rights to the servicing of the Purchased Mortgage Loans and Contributed Assets; provided that the Seller Parties shall and shall
      cause the Servicer to continue to service the Purchased Mortgage Loans and Contributed Assets hereunder as part of the Obligations hereunder. As such, the Seller Parties expressly acknowledge that the Purchased Mortgage Loans and Contributed Assets
      are sold or contributed to Administrative Agent for the benefit of Buyers on a “servicing released” basis with such servicing retained by the Servicer.

   

  		13.	Representations and Warranties

   

  a. Each Seller Party represents and warrants to Administrative Agent and Buyers as
      of the date hereof and as of each Purchase Date for any Transaction that:

   

  (1) Seller Party Existence. Each Seller Party has been duly organized, is
      validly existing and is in good standing under the laws of the state of its jurisdiction.

   

  (2) Licenses. Each Seller Party is duly licensed or is
      otherwise qualified in each jurisdiction in which it transacts business for the business which it conducts and is not in default of any applicable material federal, state or local laws, rules and regulations.

   

  (3) Power. Each Seller Party has all requisite corporate
      or other power, and has all governmental licenses, authorizations, consents and approvals necessary to own its assets and carry on its business as now being or as proposed to be conducted, except where the lack of such licenses, authorizations,
      consents and approvals would not be reasonably likely to have a Material Adverse Effect.

   

  (4) Due Authorization. Each Seller Party has all
      necessary corporate or other power, authority and legal right to execute, deliver and perform its obligations under each of the Program Agreements, as applicable. Each Program Agreement has been (or, in the case of Program Agreements not yet
      executed, will be) duly authorized, executed and delivered by each Seller Party, all requisite or other corporate action having been taken, and each is valid, binding and enforceable against each Seller Party in accordance with its terms except as
      such enforcement may be affected by bankruptcy, by other insolvency laws, or by general principles of equity.

   

  (5) Financial Statements. The Seller has heretofore
      furnished to Administrative Agent a copy of (a) its consolidated balance sheet for the most recent fiscal year-end, and the related consolidated statements of income and retained earnings and of cash flows for the Seller for such fiscal year, setting
      forth in each case in comparative form the figures for the previous year, with the opinion thereon of a nationally recognized accounting firm reasonably acceptable to Administrative Agent and (b) its consolidated balance sheet for the most recent
      quarterly fiscal period of the Seller and the related consolidated statements of income and retained earnings and of cash flows for the Seller and its consolidated Subsidiaries for such quarterly fiscal period, setting forth in each case in
      comparative form the figures for the previous year. All such financial statements fairly present, in all material respects, the consolidated financial condition of the Seller and its Subsidiaries and the consolidated results of its operations as at
      such dates and for such fiscal periods, all in accordance with GAAP (other than monthly financial statements solely with respect to footnotes, year-end adjustments and cash flow statements) applied on a consistent basis. Since the most recent fiscal
      quarter-end, there has been no material adverse change in the consolidated business, operations or financial condition of the Seller and its consolidated Subsidiaries taken as a whole from that set forth in said financial statements nor is Seller
      aware of

   

  
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  any state of facts which (with notice or the lapse of time) would or could result
      in any such material adverse change. The Seller has, on the date of the statements delivered pursuant to this Section (the “Statement Date”) no liabilities, direct or indirect, fixed or contingent, matured or unmatured, known or unknown, or
      liabilities for taxes, long-term leases or unusual forward or long-term commitments not disclosed by, or reserved against in, said balance sheet and related statements, and at the present time there are no material unrealized or anticipated losses
      from any loans, advances or other commitments of Seller except as heretofore disclosed to Administrative Agent in writing.

   

  (6) Reserved.

   

  (7) Solvency. Each Seller Party is solvent and will not
      be rendered insolvent by any Transaction and, after giving effect to such Transaction, will not be left with an unreasonably small amount of capital with which to engage in its business. The sale of the Purchased Assets to Administrative Agent for
      the benefit of Buyers will not cause the Seller to incur debts beyond its ability to pay such debts as they mature or is 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 such entity or any of its assets. The amount of consideration being received by the Seller Parties upon the sale of the Purchased Assets to Administrative Agent for the
      benefit of Buyers constitutes reasonably equivalent value and fair consideration for such Purchased Assets. The Seller Parties are not transferring any Purchased Assets with any intent to hinder, delay or defraud any of its creditors.

   

  (8) No Conflicts. The execution, delivery and performance
      by each Seller Party of each Program Agreement do not conflict with any term or provision of the formation or other governing documents of such Seller Party or any law, rule, regulation, order, judgment, writ, injunction or decree applicable to such
      Seller Party of any court, regulatory body, administrative agency or governmental body having jurisdiction over Seller, which conflict would have a Material Adverse Effect.

   

  (9) True and Complete Disclosure. All information,
      reports, exhibits, schedules, financial statements or certificates of each Seller Party, any Affiliate thereof or any of their officers furnished or to be furnished to Administrative Agent or Buyers in connection with the initial or any ongoing due
      diligence of such Seller Party or any Affiliate or officer thereof, and the negotiation, preparation, or delivery of the Program Agreements, as of the date of delivery to Administrative Agent or Buyers, when taken as a whole do not contain any untrue
      statement of material fact or omit to state any material facts necessary to make the statements herein or therein, in light of the circumstances in which they are made, not misleading.

   

  (10) Approvals. No consent, approval, authorization or
      order of, registration or filing with, or notice to any Governmental Authority or court is required under applicable law in connection with the execution, delivery and performance by any Seller Party of each Program Agreement or if required, such
      consent, approval, authorization or order of, registration or filing has been obtained on or prior to the Closing Date, except for any filings and recordings in respect of the Liens created pursuant to the Program Agreements.

   

  (11) Litigation. There is no action, proceeding or
      investigation pending with respect to which any Seller Party has received service of process or, to the knowledge of a Responsible Officer of a Seller Party threatened in writing against it before any court, administrative agency or other tribunal
      (A) asserting the invalidity of any Program Agreement, (B) seeking to prevent the consummation of any of the transactions contemplated by any Program 

   

  
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  Agreement, (C) making a non-frivolous claim individually in an amount greater than
      (i) with respect to Seller, [***] and (ii) with respect to an Underlying Entity, [***] provided, that, this clause (C) shall not include any routine actions brought by or on behalf of an individual Mortgagor with respect to which Seller is
      acting in its capacity as servicer (which shall include without limitation, contested foreclosures, contested actions or bankruptcy proceedings) or (D) which would be reasonably likely to materially and adversely affect the validity of a material
      portion of the Mortgage Loans, Purchased Certificates or REO Property or the performance by it of its obligations under, or the validity or enforceability of any Program Agreement.

   

  (12) Reserved.

   

  (13) Ownership. The Seller has not assigned, pledged, or
      otherwise conveyed or encumbered the Purchased Assets to any other Person, and immediately prior to the sale of the Purchased Assets to the Administrative Agent on behalf of the Buyers, Seller was the sole owner of the Purchased Assets and had good
      and marketable title thereto, free and clear of all Liens, in each case expect for Liens to be released simultaneously with the sale to Administrative Agent and Buyers hereunder.

   

  (14) Asset Guidelines. The Asset Guidelines provided to
      Administrative Agent are the true and correct Asset Guidelines of the applicable Seller Party except as otherwise modified pursuant to the terms of this Agreement.

   

  (15) Taxes. Each Seller Party and its Subsidiaries have
      timely filed all federal tax returns and all other material tax returns that are required to be filed by them and have paid all material taxes, except for any such Taxes as are being appropriately contested in good faith by appropriate proceedings
      diligently conducted and with respect to which adequate reserves have been provided.

   

  (16) Investment Company. No Seller Party is an
      “investment company”, or a company “controlled” by an “investment company”, within the meaning of the Investment Company Act and with respect to each Underlying Entity for specified reasons other than the exemption provided by Section 3(c)(1) or
      Section 3(c)(7) thereof.

   

  (17) Chief Executive Office; Jurisdiction of Organization.
      On the Effective Date, Seller Parties’ chief executive office, is, and has been, located at 2211 Old Earhart Road, Suite 250, Ann Arbor, Michigan 48105. On the Effective Date, Seller Parties’ jurisdiction of organization is the State of New Jersey.
      Seller Parties shall provide Administrative Agent with [***] advance notice of any change in any Seller Parties’ principal office or place of business, legal name or jurisdiction. No Seller Party has a trade name. During the preceding five (5) years,
      no Seller Party filed or had filed against it any bankruptcy receivership or similar petitions nor has it made any assignments for the benefit of creditors.

   

  (18) Location of Books and Records. The location where
      Seller Parties keep their books and records, including all computer tapes and records relating to the Purchased Assets, Contributed Assets and the related Repurchase Assets, other than any such books, records or computer tapes held by the Custodian,
      is its chief executive office.

   

  (19) Reserved.

   

  (20) ERISA. Each Plan to
      which each Seller Party or its Subsidiaries make direct contributions, and, to the knowledge of such Seller Party, each other Plan and each

   

  
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  Multiemployer Plan, is in compliance in all material respects with, and has been
      administered in all material respects in compliance with, the applicable provisions of ERISA, the Code and any other Federal or State law.

   

  (21) Adverse Selection. No Seller Party has selected the Purchased Assets or
      Contributed Assets in a manner so as to adversely affect Buyers’ interests.

   

  (22)  Reserved.

   

  (23) Indebtedness. The Indebtedness of each Seller Party is set forth on Exhibit

        D hereto, as updated from time pursuant to the Officer’s Compliance Certificate.

   

  (24) Agency Approvals. To the extent any Purchased Asset
      consists of an Agency Security or Agency Mortgage Loan, with respect to each Agency Security and to the extent necessary, the applicable Seller Party is (i) an FHA Approved Mortgagee; (ii) a VA Approved Lender; (iii) approved by GNMA as an approved
      lender and approved issuer; (iv) approved by Fannie Mae as an approved seller/servicer; (v) approved by Freddie Mac as an approved seller/servicer and/or (vi) approved by the Secretary of Housing and Urban Development pursuant to Sections 203 and 211
      of the National Housing Act. In each such case, such Seller Party is in good standing, with no event having occurred or such Seller Party having any reason whatsoever to believe or suspect will occur prior to the issuance of the Agency Security or
      the consummation of the Take-out Commitment, as the case may be, including, without limitation, a change in insurance coverage which would either make such Seller Party unable to comply with the eligibility requirements for maintaining all such
      applicable approvals or require notification to the relevant Agency or to the Department of Housing and Urban Development, FHA or VA. Should such Seller Party for any reason cease to possess all such applicable approvals, or should notification of
      the occurrence of any event that would impact Seller’s good standing or otherwise materially restrict Seller’s Agency Approvals in any manner to the relevant Agency or to the Department of Housing and Urban Development, FHA or VA be required, Seller
      Parties shall so notify Administrative Agent within [***] in writing.

   

  (25) No Reliance. Each Seller Party has made its own
      independent decisions to enter into the Program Agreements and each Transaction and as to whether such Transaction is appropriate and proper for it based upon its own judgment and upon advice from such advisors (including without limitation, legal
      counsel and accountants) as it has deemed necessary. No Seller Party is relying upon any advice from Administrative Agent or Buyers as to any aspect of the Transactions, including without limitation, the legal, accounting or tax treatment of such
      Transactions.

   

  (26) Plan Assets. No
      Seller Party is an “employee benefit plan” as defined in Section 3(3) of Title I of ERISA that is subject to Title I of ERISA, or a plan described in Section 4975(e)(1) of the Code that is subject to Section 4975 of the Code, and the Purchased Assets
      are not “plan assets” within the meaning of 29 CFR § 2510.3- 101, as amended by Section 3(42) of ERISA, in Seller’s hands, and the Transactions contemplated by this Agreement are not in violation of any state or local statute, applicable to a Seller
      Party, that regulates investments or fiduciary obligations with respect to governmental plans within the meaning of Section 3(32) of ERISA or church plans within the meaning of Section 3(33) of ERISA and that is substantially similar to Section 406
      of ERISA or Section 4975 of the Code.

   

  (27) No Prohibited Persons. No Seller Party nor, to the
      knowledge of Seller, any of their Subsidiaries, officers, directors, partners or members, is a Person (or to such Seller 

   

  
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  Party’s knowledge, fifty percent (50%) or greater owned by a Person): (i) whose
      name appears on the United States Treasury Department’s Office of Foreign Assets Control (“OFAC”) most current list of “Specifically Designated National and Blocked Persons” (which list may be published from time to time in various mediums
      including, but not limited to, the OFAC website, https://www.treasury.gov/ofac/downloads/sdnlist.pdf); or (ii) is otherwise the target of sanctions administered by OFAC (any and all parties or persons described in clauses (i) and (ii) above
      are herein referred to as a “Prohibited Person”).

   

  (28) Compliance with 1933 Act. Except as contemplated
      herein, no Seller Party nor anyone acting on its behalf has offered, transferred, pledged, sold, or otherwise disposed of any Purchased Certificate, any interest in any Purchased Certificate or any other similar security to, or solicited any offer to
      buy or accept a transfer, pledge, or other disposition of any Purchased Certificate, any interest in any Purchased Certificate or any other similar security from, or otherwise approached or negotiated with respect to any Purchased Certificate, any
      interest in any Purchased Certificate or any other similar security with, any person in any manner, or made any general solicitation by means of general advertising or in any other manner, or taken any other action which would constitute a
      distribution of any certificate under the 1933 Act or which would render the disposition of any Purchased Certificate a violation of Section 5 of the 1933 Act or require registration pursuant thereto.

   

  b. With respect to each Purchased Asset and Contributed Asset,
      each Seller Party represents and warrants to Administrative Agent and Buyers as of the applicable Purchase Date for any Transaction and each date thereafter that each representation and warranty set forth on Schedule 1-A, 1-B and 1-C,
      hereto is true and correct in all material respects.

   

  c. The representations and warranties set forth in this
      Agreement shall survive transfer of the Purchased Assets (including the beneficial interests in the Contributed Assets) to Administrative Agent for the benefit of Buyers and to each Buyer and shall continue for so long as the Purchased Assets and
      Contributed Assets are subject to this Agreement. Upon discovery by a Responsible Officer of Seller Party, Servicer or Administrative Agent of that any of the representations or warranties set forth in this Agreement was untrue when made, the
      discovering party shall promptly give notice of such discovery to the others. Administrative Agent has the right to require, such Seller Party to repurchase or remit the Release Price within one (1) Business Day after receipt of notice from
      Administrative Agent any Purchased Asset or Contributed Asset for which a breach of one or more of the representations and warranties referenced in Section 13.b hereof exists and which breach has a material adverse effect on the value of such
      Mortgage Loan or the interests of Administrative Agent or Buyers, and such repurchase shall occur within one (1) Business Day after receipt of notice from Administrative Agent requesting the same.

   

  		14.	Covenants

   

  Each Seller Party covenants with Administrative Agent and Buyers that, during the term of this facility:

   

  a. Litigation. To the
      extent not prohibited from disclosing, Seller, in the Officer’s Compliance Certificate and with such information provided as noted in the applicable Schedule to the Officer’s Compliance Certificate, shall provide Administrative Agent a list of all
      material litigation, actions, suits, arbitrations, investigations (including, without limitation, any of the foregoing which, to the knowledge of a Responsible Officer of Seller, are threatened in writing or pending) before any Governmental Authority
      that (i) questions or challenges the validity or enforceability of any of the Program Agreements or any action to be taken in connection with the 

   

   

  
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  transactions contemplated hereby, (ii) makes a non-frivolous claim individually in
      an amount greater than (x) with respect to Seller, [***] and (y) with respect to an Underlying Entity, [***] provided, that, this clause (ii) shall not include any routine actions brought by or on behalf of an individual Mortgagor
      with respect to which Seller is acting in its capacity as servicer (which shall include without limitation, contested foreclosures, contested actions or bankruptcy proceedings) or (iii) which, individually or in the aggregate, would be reasonably
      likely to have a Material Adverse Effect. Each Seller Party will promptly provide notice of any judgment, which with the passage of time, could cause an Event of Default hereunder.

   

  b. Prohibition of Fundamental Changes. No Seller Party,
      without the prior written consent of Buyer, shall enter into any transaction of merger or consolidation or amalgamation, or liquidate, wind up or dissolve itself (or suffer any liquidation, winding up or dissolution) or sell all or substantially all
      of its assets; provided, that a Seller Party may merge or consolidate with any other Person if the Seller Party is the surviving corporation; and provided further, that if after giving effect thereto, no Event of Default would exist hereunder.

   

  c. Servicing. No Seller Party shall cause the Purchased
      Assets or Contributed Assets to be serviced by any Servicer other than a Servicer expressly approved in writing by Administrative Agent on behalf of Buyers. For the avoidance of doubt, the Seller is an approved servicer.

   

  d. Insurance. Seller shall obtain and maintain
      insurance with responsible companies in such amounts and against such risks as are customarily carried by business entities engaged in similar businesses similarly situated, including without limitation, the insurance required to be obtained and
      maintained by each Agency pursuant to the Agency Guides, and will furnish Administrative Agent on request information as to such insurance as reasonably requested by Administrative Agent, and provide within [***] after receipt of such reasonable
      request the certificates or other documents evidencing renewal of each such policy. Seller shall continue to maintain, for itself and its Subsidiaries, Fidelity Insurance in an aggregate amount at least equal to such amount as is required by each
      Agency.

   

  e. No Adverse Claims. Each Seller Party warrants and
      will defend, and shall cause any Servicer to defend, the right, title and interest of Administrative Agent and Buyers in and to all Purchased Assets, Contributed Assets and the related Repurchase Assets against all adverse claims and demands.

   

  f.  Reserved.

   

  g. Security Interest. Seller Parties shall do all
      things necessary to preserve the Purchased Assets, Contributed Assets and the related Repurchase Assets, as applicable, so that they remain subject to a first priority perfected security interest hereunder.

   

  h. Records.

   

  (1) Seller Parties shall collect and maintain or cause to be
      collected and maintained all Records relating to the Purchased Assets and Contributed Assets in accordance with industry custom and practice for assets similar to the Purchased Assets and Contributed Assets, including those maintained pursuant to the
      preceding subparagraph, and all such Records shall be in Seller’s, Servicer’s or Custodian’s possession or control unless pursuant to the Custodial Agreement or Administrative Agent otherwise approves. Except in accordance with the Custodial
      Agreement, no Seller Party shall allow any such papers, records or files that are an original or an only copy to leave Seller’s, Servicer’s or Custodian’s possession or control, except for individual

   

   

  
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  items removed in connection with servicing a specific Purchased Asset or
      Contributed Asset, in which event such Seller Party will obtain or cause to be obtained a receipt from a financially responsible person for any such paper, record or file.

   

  (2) For so long as Administrative Agent has an interest in or
      lien on any Purchased Asset and Contributed Asset, each Seller Party will hold or cause to be held all related Records in trust for Administrative Agent. Each Seller Party shall notify, or cause to be notified, every other party holding any such
      Records of the interests and liens in favor of Administrative Agent granted hereby.

   

  (3) Upon reasonable advance notice from Custodian or
      Administrative Agent, each Seller Party shall (x) make any and all such Records available to Custodian, Administrative Agent and a Buyer to examine any such Records, 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 Administrative Agent or a Buyer or its authorized agents to discuss the affairs, finances and accounts of such Seller Party with its chief operating officer and chief financial officer and to
      discuss the affairs, finances and accounts of such Seller Party with its independent certified public accountants.

   

  i. Books. Each Seller Party shall keep or cause to be
      kept in reasonable detail books and records of account of its assets and business and shall clearly reflect therein the transfer or contribution, as applicable, of Purchased Assets and Contributed Assets to Administrative Agent for the benefit of
      Buyers.

   

  j. Approvals. Each Seller Party shall maintain all
      licenses, permits or other approvals necessary for such Seller Party to conduct its business and to perform its obligations under the Program Agreements except where failure to so maintain would not result in a Material Adverse Effect.

   

  k. Material Change in Business. No Seller Party shall
      make any material change in the nature of its business as carried on at the date hereof without consent of Administrative Agent (such consent not to be unreasonably withheld, conditioned or delayed), it being understood that Seller may engage in
      business lines and transactions related to the mortgage banking and/or lending business or businesses ancillary to the mortgage banking and/or lending business and/or the servicing of Mortgage Loans. For the avoidance of doubt, the acquisition by
      Seller of a mortgage origination business, by itself would not be considered a material change for purposes of this Section 14.k.

   

  l. Asset Guidelines. Seller shall promptly inform
      Administrative Agent in writing of any material modifications to the Asset Guidelines that relate to Non-Agency Non-QM Mortgage Loans and shall promptly deliver to Administrative Agent a complete copy of the amended or modified Asset Guidelines.

   

  m. Distributions. If an Event of Default has occurred
      and is continuing or a Margin Deficit exists, no Seller Party shall pay any dividends with respect to any capital stock or other equity interests in such entity, 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 such Seller Party.

   

  n. Applicable Law. Each Seller Party shall comply with the requirements of
      all applicable material laws, rules, regulations and orders of any Governmental Authority. 

   

   

  
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  o. Existence. Each
      Seller Party shall preserve and maintain (i) its legal existence and (ii) all of its material rights, privileges, licenses and franchises, except where the lack of such rights, privileges, licenses or franchises would not be reasonably likely to have
      a Material Adverse Effect.

   

  p. Chief Executive Office; Jurisdiction of Organization.
      Seller Parties shall not move their chief executive office from the address referred to in Section 13.a(17) hereof, change its jurisdiction of organization from the jurisdiction referred to in Section 13.a(17) hereof or change its
      name or organizational identification number, unless it shall have provided Administrative Agent thirty (30) days’ prior written notice of such change.

   

  q. Taxes. Each Seller Party shall timely file all
      federal tax returns and other material tax returns that are required to be filed by it and shall timely pay and discharge all material taxes, assessments and governmental charges or levies imposed on it or on its income or profits or on any of its
      property prior to the date on which penalties attach thereto, except for any such tax, assessment, charge or levy the payment of which is being contested in good faith and by proper proceedings and against which adequate reserves are being
      maintained.

   

  r. Transactions with Affiliates. Except as contemplated
      by the Program Agreements, no Seller Party shall enter into any transaction, including, without limitation, any purchase, sale, lease or exchange of property or the rendering of any service, with any Affiliate unless such transaction is (a) otherwise
      permitted under the Program Agreements or (b) in the ordinary course of such Seller Party’s business.

   

  s. Guarantees. No Seller Party shall create, incur,
      assume or suffer to exist any Guarantees, except (i) to the extent reflected in Seller’s financial statements or notes thereto and (ii) to the extent the aggregate Guarantees of Seller do not exceed [***] without providing prior written
      notice to Administrative Agent.

   

  t. Indebtedness. Except with respect to increases in
      amounts of existing Indebtedness, no Seller Party shall incur any additional material Indebtedness, including without limitation, any Indebtedness relating to any mortgage servicing rights or corporate or servicing advances, (other than (i)
      Indebtedness existing on the Effective Date and (ii) usual and customary accounts payable for a mortgage company) without prior written notice to Administrative Agent.

   

  u. Hedging. Each Seller Party, as applicable, has
      entered into Interest Rate Protection Agreements or other arrangements with respect to the Purchased Assets, having terms with respect to protection against fluctuations in interest rates consistent with prevailing market standards in effect at the
      time such arrangements are entered into.

   

  v. True and Correct Information. All information,
      reports, exhibits, schedules, financial statements or certificates of each Seller Party, any Affiliate thereof or any of their officers furnished to Administrative Agent and/or Buyers hereunder and during Administrative Agent’s and/or Buyers’
      diligence of such Seller Party as of the date of delivery to Administrative Agent or Buyers, when taken as a whole, do not contain any untrue statement of material fact and do not omit to disclose any material facts necessary to make the statements
      herein or therein, in light of the circumstances in which they are made, not misleading. All required financial statements, information and reports delivered by each Seller Party to Administrative Agent and/or Buyers pursuant to this Agreement shall
      be prepared in accordance with U.S. GAAP, or, if applicable, to SEC filings, the appropriate SEC accounting regulations.

   

   

  
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  w. Take-out Payments. To the extent any Agency Mortgage
      Loan is subject to a Transaction, Seller shall arrange that all payments under the related take-out commitment shall be paid directly to Administrative Agent at the account set forth in Section 9 hereof, or to an account approved by
      Administrative Agent in writing prior to such payment. With respect to any take-out commitment with an Agency, if applicable, (1) with respect to the wire transfer instructions as set forth in Freddie Mac Form 987 (Wire Transfer Authorization for a
      Cash Warehouse Delivery) such wire transfer instructions are identical to Administrative Agent’s wire instructions or Administrative Agent has approved such wire transfer instructions in writing in its sole discretion, or (2) the Payee Number set
      forth on Fannie Mae Form 1068 (Fixed Rate, Graduated-Payment, or Growing-Equity Mortgage Loan Schedule) or Fannie Mae Form 1069 (Adjustable-Rate Mortgage Loan Schedule), as applicable, shall be identical to the Payee Number that has been identified
      by Administrative Agent in writing as Administrative Agent’s Payee Number or Administrative Agent has previously approved the related Payee Number in writing in its sole discretion.

   

  x. Agency Approvals. To the extent any Transaction
      consists of an Agency Mortgage Loan, the applicable Seller Party shall maintain its status with each Agency as set forth in Section 13.a(24) (the “Agency Approvals”) and each Seller Party, as applicable, shall service all such Agency Mortgage
      Loans which in accordance with the applicable Agency Guide. To the extent any Transaction consists of an Agency Mortgage Loan, should any Seller Party, for any reason, cease to possess all such applicable Agency Approvals, or should notification of
      the occurrence of any event that would impact Seller’s good standing or otherwise materially restrict Seller’s Agency Approvals in any manner to the relevant Agency or to the Department of Housing and Urban Development, FHA, VA or USDA be required,
      such Seller Party shall so notify Administrative Agent promptly, and in any event, within one (1) Business Day, in writing. Notwithstanding the preceding sentence, to the extent any Transaction consists of an Agency Mortgage Loan, the applicable
      Seller Party shall take all necessary action to maintain all of their applicable Agency Approvals at all times during the term of this Agreement and each outstanding Transaction.

   

  y. No Pledge. Except as contemplated herein, no Seller
      Party shall pledge, transfer or convey any security interest in any Holdback Account or Custodial Account to any Person without the express written consent of Administrative Agent.

   

  z. Plan Assets. No
      Seller Party shall be an “employee benefit plan” as defined in Section 3(3) of Title I of ERISA that is subject to Title I of ERISA, or a plan described in Section 4975(e)(1) of the Code that is subject to Section 4975 of the Code and such Seller
      Party shall not use “plan assets” within the meaning of 29 CFR §2510.3-101, as amended by Section 3(42) of ERISA to engage in this Agreement or any Transaction hereunder. The Transactions contemplated by this Agreement shall not violate any state or
      local statute, applicable to a Seller Party, that regulates investments of or fiduciary obligations with respect to governmental plans within the meaning of Section 3(32) of ERISA or church plans within the meaning of Section 3(33) of ERISA and that
      is substantially similar to Section 406 of ERISA or Section 4975 of the Code.

   

  aa. Reserved.

   

  bb. Beneficial Ownership Certification. Each Seller
      Party shall (i) deliver a Beneficial Ownership Certification on or prior to the Effective Date, and (ii) to the extent any information in any previously delivered Beneficial Ownership Certification is no longer true or correct, deliver an updated
      Beneficial Ownership Certification with the next delivered Officer’s Compliance Certificate. All information contained in each Beneficial Ownership Certification shall be true and correct in all respects as of the date delivered.

    

   

  
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  cc. No Prohibited Persons. No Seller Party nor any of its officers, directors, partners or members, shall be a Prohibited Person.

   

  dd. Quality Control. Seller shall maintain an internal
      quality control program that verifies, on a regular basis, the existence and accuracy of all legal documents, credit documents, property appraisals, and underwriting decisions related to Mortgage Loans and shall provide a report on the results of
      such quality control program in the Officer’s Compliance Certificate provided pursuant to Section 17.b(3) hereof. Such program shall be capable of evaluating and monitoring the overall quality of Seller’s loan production and servicing
      activities. Such program shall (i) ensure that the Mortgage Loans are originated, acquired and serviced in accordance with prudent mortgage banking practices and accounting principles; (ii) guard against dishonest, fraudulent, or negligent acts; and
      (iii) guard against errors and omissions by officers, employees, or other authorized persons.

   

  ee. Lender Insurance Authority. In the event that
      Seller has on the date hereof or subsequently receives Lender Insurance Authority, such authority shall not be revoked or suspended.

   

  ff. [***]

   

  gg. Investment Company. No Seller Party shall be an
      “investment company”, or a company “controlled” by an “investment company”, within the meaning of the Investment Company Act and with respect to each Underlying Entity for specified reasons other than the exemption provided by Section 3(c)(1) or
      Section 3(c)(7) thereof.

   

  hh. SPE Covenant Separateness. Each Underlying Entity
      shall (a) own no assets, and will not engage in any business, other than the assets and transactions specifically contemplated by this Agreement; (b) not incur any Indebtedness or obligation, secured or unsecured, direct or indirect, absolute or
      contingent (including guaranteeing any obligation), other than pursuant hereto; (c) not make any loans or advances to any third party, and shall not acquire obligations or securities of its affiliates; (d) pay its debts and liabilities (including, as
      applicable, shared personnel and overhead expenses) only from its own assets; (e) comply with the provisions of its organizational documents; (f) do all things necessary to observe organizational formalities and to preserve its existence, and will
      not amend, modify or otherwise change its organizational documents, or suffer same to be amended, modified or otherwise changed, without the prior written consent of Administrative Agent on behalf of Buyers; (g) maintain all of its books, records,
      financial statements and bank accounts separate from those of its Affiliates; (h) be, and at all times will hold itself out to the public as, a legal entity separate and distinct from any other entity (including any Affiliate), shall correct any
      known misunderstanding regarding its status as a separate entity, shall conduct business in its own name, shall not identify itself or any of its affiliates as a division or part of the other and

   

   

  
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  shall maintain and utilize a separate telephone number and separate stationery,
      invoices and checks; (i) maintain adequate capital for the normal obligations reasonably foreseeable in a business of its size and character and in light of its contemplated business operations; (j) not engage in or suffer any change of ownership,
      dissolution, winding up, liquidation, consolidation or merger in whole or in part; (k) not commingle its funds or other assets with those of any Affiliate or any other Person; (l) maintain its assets in such a manner that it will not be costly or
      difficult to segregate, ascertain or identify its individual assets from those of any affiliate or any other person; (m) not and will not hold itself out to be responsible for the debts or obligations of any other Person; (n) cause each of its direct
      and indirect owners to agree not to (i) file or consent to the filing of any bankruptcy, insolvency or reorganization case or proceeding with respect to such Underlying Entity; institute any proceedings under any applicable insolvency law or
      otherwise seek any relief under any laws relating to the relief from debts or the protection of debtors generally with respect to such Underlying Entity (ii) seek or consent to the appointment of a receiver, liquidator, assignee, trustee,
      sequestrator, custodian or any similar official for Seller or a substantial portion of its properties; or (iii) make any assignment for the benefit of Seller’s creditors, with respect to an Underlying Entity other than a trust and in the case of each
      of clause (i), (ii), and (iii), without the prior written consent of the Independent Manager.

   

  ii. Reserved.

   

  jj. Financial Covenants. Seller shall satisfy the following financial
      covenants (each tested on a consolidated basis):

   

  (1) Adjusted Tangible Net Worth. As of the end of each calendar month, Seller
      shall maintain an Adjusted Tangible Net Worth of at least [***].

   

  (2) Maintenance of Liquidity. At all times, Seller shall ensure that it has
      Liquidity in an amount not less than [***].

   

  (3) Indebtedness to Adjusted Tangible Net Worth Ratio. As
      of the end of each calendar month, Seller’s ratio of Indebtedness (on and off balance sheet) to Adjusted Tangible Net Worth shall not exceed [***].

   

  (4) Maintenance of Profitability. Seller shall not
      permit, for any Test Period, Adjusted Net Income for such Test Period, before income taxes for such Test Period and distributions made during such Test Period, to be less than [***].

   

  kk. HUD and FHA Matters. With respect to each Early
      Buyout Loan that is or was an FHA Loan, the Seller shall be listed as the servicer on FHA Connection System and the Nominee to be identified as the mortgagee of record on such system under the mortgagee number provided in writing by Seller to
      Administrative Agent. With respect to each Early Buyout Loan that is or was a VA Loan, the Seller shall be listed as the servicer on the VALERI system. With respect to each Early Buyout Loan that is or was a USDA Loan, the Seller shall be listed as
      the servicer and Seller as the holding lender on the USDA LINC system. All claims to HUD, VA and USDA under such applicable numbers for remittance of amounts shall be directed to the Clearing Account.

   

  		15.	Events of Default

   

  Each of the following shall constitute an “Event of Default” hereunder:

   

   

   

  
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  a. Payment Failure. Failure of any Seller Party to pay any of the following,
      whether by acceleration or otherwise, under the terms of this Agreement or any other Program Agreement:

   

  (i) any payment of Price
      Differential on a Price Differential Payment Date;

   

  (ii) any payment of
      Repurchase Price on a Repurchase Date;

   

  (iii) any payment of any other sum which has become due, within [***] of
      the due date; or

   

  (iv) any payment to cure any
      Margin Deficit when due pursuant to Section 6 hereof.

   

  b. Cross Default. Any Seller Party, Guarantor or any of
      their Subsidiaries shall be in default under (i) any Indebtedness, in the aggregate, in excess of (A) [***] with respect to Seller or (B) [***] with respect to an Underlying Entity, Guarantor or of such Subsidiary, in each case, which
      default (1) involves the failure to pay a matured obligation, or (2) permits the acceleration of the maturity of obligations by any other party to or beneficiary with respect to such Indebtedness, or (ii) any other contract or contracts, in the
      aggregate in excess of (A) [***] to which Seller is a party or (B) [***] to which an Underlying Entity, Guarantor or such Subsidiary is a party, in each case, which default (1) involves the failure to pay a matured obligation, or (2)
      permits the acceleration of the maturity of obligations by any other party to or beneficiary of such contract.

   

  c. Assignment. Assignment by any Seller Party or
      Guarantor of this Agreement or any Program Agreement or any rights hereunder without first obtaining the specific written consent of Administrative Agent, or the granting by any Seller Party of any security interest, lien or other encumbrances on any
      Purchased Assets to any person other than Administrative Agent.

   

  d. Insolvency. An Act of Insolvency shall have occurred with respect to any
      Seller Party, Guarantor or any Affiliate thereof.

   

  e. Material Adverse Effect.
      The occurrence of a Material Adverse Effect.

   

  f. Breach of Specified Representation or Covenant or
        Obligation. A breach by any Seller Party of any of the representations, warranties or covenants or obligations set forth in Sections 13.a(1) (Seller Party Existence), 13.a(7) (Solvency), 14.b (Prohibition

        of Fundamental Changes), 14.m (Distributions), 14.o (Existence), 14.y (No Pledge), 14.z (Plan Assets) or14.jj (Financial Covenants) of this Agreement.

   

  g. Breach of Non-Financial Representation or Covenant.
      A breach by any Seller Party Guarantor of any other material representation, warranty or covenant set forth in this Agreement (and not otherwise specified in Section 15.f above) or any other Program Agreement, if such breach is not cured
      within [***] of knowledge of a Responsible Officer of such Seller Party or Guarantor (other than the representations and warranties set forth in Schedule 1-A, 1-B, or 1-C hereto), which shall be considered solely for
      the purpose of determining the Asset Value, unless (i) such party shall have made any such representations and warranties with knowledge that they were materially false or misleading at the time made, (ii) any such representations and warranties have
      been determined by Administrative Agent in its sole discretion to be materially false or misleading on a regular basis.

   

   

  
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  h. Change of Control. The occurrence of a Change in Control, without the
      prior written consent of the Administrative Agent.

   

  i. Failure to Transfer. A Seller Party fails to
      transfer the Purchased Assets to Administrative Agent for the benefit of the applicable Buyer (or with respect to Contributed Assets, fails to transfer such Contributed Assets to the applicable Underlying Entity) on the applicable Purchase Date
      (provided the Administrative Agent, on behalf of the applicable Buyer, has tendered the related Purchase Price).

   

  j. Judgment. A final
      judgment or judgments for the payment of money in excess of (i) [***] individually or in the aggregate shall be rendered against Seller or (ii) [***] individually or in the aggregate shall be rendered against an Underlying Subsidiary,
      the Guarantor or any of its Subsidiaries, in each case, by one (1) or more courts, administrative tribunals or other bodies having jurisdiction and the same shall not be satisfied, discharged (or provision shall not be made for such discharge) or
      bonded, or a stay of execution thereof shall not be procured, within [***] from the date of entry thereof.

   

  k. Government Action. Any Governmental Authority or any
      person, agency or entity acting under governmental authority 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 any Seller Party, Guarantor or any Affiliate
      thereof, or shall have taken any action to displace the management of such Seller Party, Guarantor or any Affiliate thereof or to curtail its authority in the conduct of the business of such Seller Party or Guarantor, and such action provided for in
      this Section 15.k shall not have been discontinued or stayed within [***].

   

  l. FHA and HUD. Seller is subject to FHA or HUD fees or
      penalties which have not been paid or is subject to a set off by either of FHA or HUD which failure or failures occur on a persistent and material basis after notice or knowledge thereof (regardless of any subsequent cure).

   

  m. Inability to Perform. An officer of a Seller Party
      or Guarantor shall admit in writing its inability to, or its intention not to, perform any of such Seller Party’s Obligations hereunder or Guarantor’s obligations hereunder or under the Guaranty.

   

  n. Security Interest. This Agreement shall for any
      reason cease to create a valid, first priority security interest in any material portion of the Purchased Assets, Contributed Assets or other Repurchase Assets purported to be covered hereby.

   

  o. Financial Statements. A Seller Party’s or
      Guarantor’s audited annual financial statements or the notes thereto or other opinions or conclusions stated therein shall be qualified or limited by reference to the status of such Seller Party or Guarantor as a “going concern” or a reference of
      similar import.

   

  p. Guarantor Breach. Any repudiation of the Guaranty by the Guarantor, or if
      the Guaranty is not enforceable against the Guarantor.

   

  q. Underlying Entity Breach. A breach by any Underlying
      Entity of any material representation, warranty or covenant set forth in the related Underlying Entity Assignment Agreement, or any other Program Agreement, any repudiation of such Underlying Entity Assignment Agreement by such Underlying Entity, as
      applicable, or if such Underlying Entity Assignment Agreement is not enforceable against the applicable Underlying Entity.

   

   

  
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  r. Servicer Termination Event. A Servicer Termination
      Event shall have occurred with respect to any Servicer and Seller Parties have not appointed a successor servicer acceptable to Administrative Agent within [***] following such Servicer Termination Event.

   

  An Event of Default shall be deemed to be continuing unless expressly
      waived by Administrative Agent in writing. If Administrative Agent expressly waives an Event of Default in writing, then such Event of Default shall be deemed to no longer exist or be continuing.

   

  		16.	Remedies Upon Default

   

  In the event that an Event of Default shall have occurred and is continuing:

   

  a.  Administrative Agent may, at its option (which option
      shall be deemed to have been exercised immediately upon the occurrence of an Act of Insolvency of any Seller Party or Guarantor), declare an Event of Default to have occurred hereunder and, upon the exercise or deemed exercise of such option, 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). Administrative Agent shall (except upon the occurrence of an Act of Insolvency of any Seller Party or Guarantor) give notice to Seller Parties and Guarantor of the exercise of such
      option as promptly as practicable.

   

  b. If Administrative Agent exercises or is deemed to have
      exercised the option referred to in subparagraph (a) of this Section, (i) any Seller Party’s obligations in such Transactions to repurchase all Purchased Assets at the Repurchase Price therefor on the Repurchase Date determined in accordance with
      subparagraph (a) of this Section, shall thereupon become immediately due and payable, (ii) all Income paid after such exercise or deemed exercise shall be retained by Administrative Agent and applied, in Administrative Agent’s sole discretion, to the
      aggregate unpaid Repurchase Prices for all outstanding Transactions and any other amounts owing by any Seller Party hereunder and in accordance with the Administration Agreement (provided that any determination with respect to what portion of the
      Purchase Price is contributed to the Purchase Price-Base or Purchase Price-Incremental shall be made in accordance with the Purchase Price definition), and (iii) any Seller Party shall immediately deliver to Administrative Agent the Asset Files
      relating to any Purchased Assets or Contributed Assets subject to such Transactions then in any Seller Party’s possession or control.

   

  c. Administrative Agent also shall have the right to obtain
      physical possession, and to commence an action to obtain physical possession, of all Records and files of any Seller Party relating to the Purchased Assets, Contributed Assets and Repurchase Assets and all documents relating to the Purchased Assets
      and Contributed Assets (including, without limitation, any legal, credit or servicing files with respect to such Purchased Assets, Contributed Assets and Repurchase Assets) which are then or may thereafter come in to the possession of a Seller Party
      or any third party acting for such Seller Party. To obtain physical possession of any Purchased Assets and Contributed Assets held by Custodian, Administrative Agent shall present to Custodian a Trust Receipt. Without limiting the rights of
      Administrative Agent hereto to pursue all other legal and equitable rights available to Administrative Agent for any Seller Party’s failure to perform its obligations under this Agreement, each Seller Party acknowledges and agrees that the remedy at
      law for any failure to perform obligations hereunder would be inadequate and Administrative Agent shall be entitled to specific performance, injunctive relief, or other equitable remedies in the event of any such failure. The availability of these
      remedies shall not prohibit Administrative Agent from pursuing any other remedies for such breach, including the recovery of monetary damages.

   

   

  
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  d. Administrative Agent shall have the right to direct all
      Servicers then servicing any Purchased Assets and Contributed Assets to remit all Income thereon to Administrative Agent, and if any such payments are received by any Seller Party, Seller shall not commingle the amounts received with other funds of
      any Seller Party and shall promptly pay them over to Administrative Agent. Administrative Agent shall also have the right to terminate any one (1) or all of the Servicers then servicing any Purchased Mortgage Loans and Contributed Assets with or
      without cause. In addition, Administrative Agent shall have the right to immediately sell the Purchased Assets and liquidate all Repurchase Assets. Such disposition of Purchased Assets and Contributed Assets may be, at Administrative Agent’s option
      on a servicing-released basis. Administrative Agent shall not be required to give any warranties as to the Purchased Assets and Contributed Assets with respect to any such disposition thereof. Administrative Agent may specifically disclaim or modify
      any warranties of title or the like relating to the Purchased Assets and Contributed Assets. The foregoing procedure for disposition of the Purchased Assets and Contributed Assets and liquidation of the Repurchase Assets shall not be considered to
      adversely affect the commercial reasonableness of any sale thereof. Each Seller Party agrees that it would not be commercially unreasonable for Administrative Agent to dispose of the Purchased Assets, Contributed Assets or the Repurchase Assets or
      any portion thereof by using internet sites that provide for the auction of assets similar to the Purchased Assets, Contributed Assets or the Repurchase Assets, or that have the reasonable capability of doing so, or that match buyers and sellers of
      assets. Administrative Agent shall be entitled to place the Purchased Assets and Contributed Assets in a pool for issuance of mortgage-backed securities at the then-prevailing price for such securities and to sell such securities for such prevailing
      price in the open market. Administrative Agent shall also be entitled to sell any or all of such Purchased Assets and Contributed Assets individually for the prevailing price. Administrative Agent shall also be entitled, in its sole discretion to
      elect, in lieu of selling all or a portion of such Purchased Assets and Contributed Assets, to give such Seller Party credit for such Purchased Assets, Contributed Assets and the Repurchase Assets in an amount equal to the Asset Value of the
      Purchased Assets and Contributed Assets against the aggregate unpaid Repurchase Price and any other amounts owing by the Seller Parties hereunder.

   

  e. Upon the occurrence of one (1) or more Events of Default,
      Administrative Agent may apply any proceeds from the liquidation of the Purchased Assets, Contributed Assets and Repurchase Assets to the Repurchase Prices hereunder and all other Obligations in the manner Administrative Agent deems appropriate in
      its sole discretion and subject to the Administration Agreement; provided, however, the excess of any proceeds upon satisfaction of the Obligations shall be remitted to the Seller subject to the terms of the Netting Agreement.

   

  f.  Each Seller Party shall be liable to Administrative Agent
      and each Buyer for (i) the amount of all reasonable and documented legal or other expenses (including, without limitation, all costs and expenses of Administrative Agent and each Buyer in connection with the enforcement of this Agreement or any other
      agreement evidencing a Transaction, whether in action, suit or litigation or bankruptcy, insolvency or other similar proceeding affecting creditors’ rights generally, further including, without limitation, the reasonable fees and expenses of counsel
      (including the costs of internal counsel of Administrative Agent and Buyers) incurred in connection with or as a result of the occurrence and continuation of an Event of Default, (ii) damages in an amount equal to the cost (including all fees,
      expenses and commissions) entering into or terminating hedge transactions in connection with or as a result of the occurrence and continuation of an Event of Default, and (iii) any other loss, damage, cost or expense directly arising or resulting
      from the occurrence and continuance of an Event of Default in respect of a Transaction.

   

  g. Each Seller Party further recognizes that Administrative
      Agent may be unable to effect a public sale of any or all of the Underlying Entity Interests by reason of certain prohibitions

   

   

  
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  contained in the 1934 Act and applicable state securities laws or otherwise, and
      may be compelled to resort to one (1) or more private sales thereof to a restricted group of purchasers which will be obliged to agree, among other things, to acquire such securities for their own account for investment and not a view to the
      distribution or resale thereof. In view of the nature of the Underlying Entity Interests, each Seller Party agrees that liquidation of any Underlying Entity Interests may be conducted in a private sale and at such price as Administrative Agent may
      deem commercially reasonable. Administrative Agent shall be under no obligation to delay a sale of any of the Underlying Entity Interests for the period of time necessary to permit the Administrative Agent to register the Underlying Entity Interests
      for public sale under the 1934 Act, or under applicable state securities laws, even if Administrative Agent would agree to do so.

   

  h. To the extent permitted by applicable law, each Seller
      Party shall be liable to Administrative Agent and each Buyer for interest on any amounts owing by such Seller Party hereunder, upon the occurrence and continuance of an Event of Default, from the date such Seller Party becomes liable for such amounts
      hereunder until such amounts are (i) paid in full by such Seller Party or (ii) satisfied in full by the exercise of Administrative Agent’s and Buyers’ rights hereunder. Interest on any sum payable by a Seller Party under this Section 16.h
      shall accrue at a rate equal to the Post Default Rate.

   

  i.  Administrative Agent shall have, in addition to its rights hereunder, any
      rights otherwise available to it under any other Program Agreement or applicable law.

   

  j.  Administrative Agent may exercise one (1) or more of the
      remedies available to Administrative Agent immediately upon the occurrence and continuance of an Event of Default and, except to the extent provided in subsections (a) and (d) of this Section, at any time thereafter without notice to Seller Parties.
      All rights and remedies arising under this Agreement as amended from time to time hereunder are cumulative and not exclusive of any other rights or remedies which Administrative Agent may have.

   

  k. Administrative Agent may enforce its rights and remedies
      hereunder without prior judicial process or hearing, and each Seller Party hereby expressly waives any defenses such Seller Party might otherwise have to require Administrative Agent to enforce its rights by judicial process. Each Seller Party also
      waives any defense (other than a defense of payment or performance) such Seller Party might otherwise have arising from the use of nonjudicial process, enforcement and sale of all or any portion of the Repurchase Assets, or from any other election of
      remedies. Each Seller Party 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.

   

  l.  Administrative Agent shall have the right to perform
      reasonable due diligence with respect to Seller Parties and the Purchased Assets and Contributed Assets, which review shall be at the expense of Seller.

   

  		17.	Reports

   

  a. Default Notices. Each Seller Party shall furnish and
      shall cause Guarantor to furnish to Administrative Agent immediately, notice of the occurrence of any (A) Event of Default hereunder, (B) default or breach by such Seller Party or any Servicer or Guarantor of any obligation under any Program
      Agreement or (C) event or circumstance that such party reasonably expects has resulted in, or will, with the passage of time, result in, a Material Adverse Effect or an Event of Default by such party.

   

   

  
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  b. Financial Notices.
      Each Seller Party shall furnish:

   

  (1)  as soon as available and in any event within (A) except
      with respect to the last calendar month of the fiscal year, thirty (30) calendar days and (B), with respect to the last calendar month of the fiscal year, forty-five (45) days, in each case, after the end of each calendar month, the unaudited
      consolidated balance sheets of Seller and its consolidated Subsidiaries as of the end of such period and the related unaudited consolidated statements of income for the Seller and its consolidated Subsidiaries for such period and the portion of the
      fiscal year through the end of such period, accompanied by a certificate of a Responsible Officer of Seller, which certificate shall state that said consolidated financial statements fairly present in all material respects the consolidated financial
      condition and results of operations of Seller and its consolidated Subsidiaries in accordance with GAAP (other than solely with respect to footnotes and year-end adjustments) consistently applied, as at the end of, and for, such period;

   

  (2)  as soon as available and in any event within ninety (90)
      days after the end of each fiscal year of Seller, the consolidated balance sheets of Seller and its consolidated Subsidiaries as at the end of such fiscal year and the related consolidated statements of income and retained earnings for the Seller and
      its consolidated Subsidiaries for such year, setting forth in each case in comparative form the figures for the previous year, accompanied by an opinion thereon of independent certified public accountants of recognized national standing, shall have
      no “going concern” qualification and shall state that said consolidated financial statements fairly present the consolidated financial condition and results of operations of Seller and its respective consolidated Subsidiaries as at the end of, and
      for, such fiscal year in accordance with GAAP;

   

  (3)  at the time Seller furnishes each set of financial
      statements pursuant to Section 17.b(1) or (2) above, an Officer’s Compliance Certificate of a Responsible Officer of Seller;

   

  (4)  reserved;

   

  (5)  as soon as available and in
      any event within thirty (30) days of receipt thereof:

   

  (a) if applicable, copies of any 10-Ks, 10-Qs, registration
      statements and other “corporate finance” SEC filings by Seller Parties and Guarantor, within five (5) Business Days of their filing with the SEC; provided, that, Seller Parties and Guarantor or any Subsidiary will provide Administrative Agent
      with a copy of the annual 10-K filed with the SEC by Seller Parties and Guarantor or its Subsidiaries, no later than ninety (90) days after the end of the year;

   

  (b) to the extent not prohibited by any Governmental Authority,
      copies of relevant portions of all final written Governmental Authority and investor audits, examinations, evaluations, monitoring reviews and reports of its operations (including those prepared on a contract basis) which provide for or relate to (i)
      material corrective action required, (ii) material sanctions proposed, imposed or required, 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, or (iii) “report cards,” “grades” or other classifications of the quality of such Seller Party and Guarantor’s operations;

   

   

  
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  (c) such other information regarding the financial condition,
      operations, or business of such Seller Party and Guarantor as Administrative Agent may reasonably request; and

   

  (d) the particulars of any Event of Termination in reasonable
      detail.

   

  (6) reserved;

   

  (7) Seller shall provide
      Administrative Agent, as part of the Officer’s Compliance Certificate, a list of all material litigation, actions, suits, arbitrations or investigations pursuant to Section 14.a; and

   

  (8)  Seller shall provide the market value analysis for the
      valuation of its mortgage servicing rights as determined by a Third Party Evaluator for each month, in all instances as set forth in the Officer’s Compliance Certificate.

   

  c. Notices of Certain Events. As soon as possible and
      in any event within [***] (unless otherwise noted below) of knowledge of a Responsible Officer of the Seller thereof, each Seller Party shall furnish to Administrative Agent notice of the following events:

   

  (1)  a material and adverse change in the insurance coverage
      required of such Seller Party or any other Person pursuant to any Program Agreement, with a copy of evidence of same attached that is not otherwise required by the Agencies;

   

  (2)  to the extent not prohibited by any Governmental Authority,
      any material dispute, litigation, investigation, proceeding or suspension between such Seller Party, Guarantor or Servicer, on the one hand, and any Governmental Authority;

   

  (3) any material change in
      accounting policies or financial reporting practices of Seller or Guarantor;

   

  (4)  within [***] of knowledge of a Responsible Officer
      of Seller thereof, each Seller shall furnish to Administrative Agent notice of the following events with respect to any Purchased Asset or Contributed Asset, that the underlying Mortgaged Property or REO Property, as applicable, has been damaged by
      waste, fire, earthquake or earth movement, windstorm, flood, tornado or other casualty, or otherwise damaged so as to affect adversely the value of such Purchased Mortgage Loan or Contributed Asset;

   

  (5)  to the extent not prohibited by any Governmental Authority,
      any material penalties, sanctions or charges levied, or threatened to be levied, against Seller, any material change in approval status, or material adverse actions taken against Seller by any Government Authority supervising or regulating the
      origination or servicing of mortgage loans by, or the issuer status of, Seller;

   

  (6)  reserved;

   

  (7)  any default related to any Repurchase Asset or any lien or
      security interest (other than security interests created hereby or by the other Program Agreements) on, or claim asserted against, any of the Purchased Assets or Contributed Assets; and

   

   

  
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  (8)  any other event, circumstance or condition that has
      resulted, or has a reasonable likelihood of resulting, in a Material Adverse Effect with respect to such Seller Party, Guarantor or Servicer

   

  d. Servicing Tape. On or prior to the [***] of
      each calendar month, each Seller Party will furnish to Administrative Agent (i) an electronic Purchased Mortgage Loans and Contributed Assets performance data, including, without limitation, delinquency reports and volume information, broken down by
      product (i.e., delinquency, foreclosure and net charge off reports) and (ii) electronically, in a format mutually acceptable to Administrative Agent and such Seller Party, servicing information, including, without limitation, those fields
      reasonably requested by Administrative Agent from time to time, on a loan by loan basis and in the aggregate, with respect to the Purchased Mortgage Loans and Contributed Assets serviced by such Seller or any Servicer for the month (or any portion
      thereof) prior to the Reporting Date. In addition to the foregoing information on each Reporting Date, each Seller Party will furnish to Administrative Agent such information upon the occurrence and continuation of an Event of Default.

   

  e. Other Reports. Each Seller Party shall deliver to
      Administrative Agent any other reports or information reasonably requested by Administrative Agent or as otherwise required pursuant to this Agreement or as set forth in the Officer’s Compliance Certificate delivered pursuant to Section 17.b(3)
      above.

   

  f. DE Compare Ratio and HUD Reports. To the extent
      Purchased Assets and/or Contributed Assets consist of FHA Loans or VA Loans, the Seller Parties shall furnish to Administrative Agent the following notices:

   

  		1.	In the event the applicable Seller Party’s DE Compare Ratio equals or exceeds [***], such Seller Party shall provide Buyer with
            written notice of such occurrence within [***], which notice shall include a written summary of actions Seller Party is taking to correct its DE Compare Ratio.

   

  		2.	In the event applicable Seller Party receives any inquiry or notice from HUD regarding its DE Compare Ratio, such Seller Party shall provide Buyer with written notice of
            such inquiry or notice within [***], regardless of Seller Party’s current DE Compare Ratio.

   

  		3.	In the event of any action plan with respect to such Seller Party’s DE Compare Ratio is agreed to between Seller Party and HUD or imposed upon
            Seller Party by HUD, such Seller Party shall provide Buyer with a written summary of such agreement or imposition, as applicable, within [***]

   

  		18.	Repurchase Transactions

   

  A Buyer may, in its sole election, engage in repurchase transactions (as “seller” thereunder)
      with any or all of the Purchased Assets and/or Repurchase Assets or pledge, hypothecate, assign, transfer or otherwise convey any or all of the Purchased Assets and/or Repurchase Assets with a counterparty of Buyers’ choice (such transaction, a “Repledge

        Transaction”). Any Repledge Transaction shall be effected by notice to the Administrative Agent, and shall be reflected on the books and records of the Administrative Agent. No such Repledge Transaction shall relieve such Buyer of its
      obligations to transfer Purchased Assets and Repurchase Assets to Seller (and not substitutions thereof) pursuant to the terms hereof. In

    

   

  
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  furtherance, and not by limitation of, the foregoing, it is acknowledged that each
      counterparty under a Repledge Transaction (a “Repledgee”), is a repledgee as contemplated by Sections 9-207 and 9-623 of the UCC (and the relevant Official Comments thereunder). Administrative Agent and Buyers are each hereby authorized to
      share this Agreement, the Program Agreements and any information delivered hereunder with the Repledgee or any potential Repledgee, so long as such Repledgee or potential Repledgee is subject to confidentiality provisions substantially similar to
      those provided herein and covering the terms of this Agreement and the other Program Agreements.

   

  		19.	Single Agreement

   

  Administrative Agent, Buyers and Seller Parties acknowledge they have and
      will enter into each Transaction hereunder, in consideration of and in reliance upon the fact that, all Transactions hereunder constitute a single business and contractual relationship and have been made in consideration of each other. Accordingly,
      each of Administrative Agent, Buyers and Seller Parties agrees (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 either of them in respect of any Transaction shall be deemed to have been made in consideration of payments, deliveries and other transfers in respect of any
      other Transactions hereunder, and the obligations to make any such payments, deliveries and other transfers may be applied against each other and netted. Notwithstanding anything in this Agreement to the contrary, in the event that (a) a Buyer is not
      an Affiliate of Administrative Agent, Alpine or CS Cayman (a “Non-Affiliate Buyer”), (b) an Event of Default shall have occurred and is continuing and (c) Administrative Agent provides written notice to the Seller to sever each Non-Affiliate
      Buyer’s Transactions (the “Non-Affiliate Transactions”) and treat such Non-Affiliate Transactions as separate Transactions under this Agreement (a “Severance Notice”), then Administrative Agent, Buyers and Seller Parties acknowledge
      that each such Non-Affiliate Transaction shall be deemed a separate Transaction under a separate and distinct agreement with the same terms and conditions as set forth herein (each a “Non-Affiliate MRA”), and each such Non-Affiliate Buyer
      shall be deemed to be the administrative agent with respect to its respective Non-Affiliate Transactions under its respective Non-Affiliate MRA; provided, that Transactions owned by Administrative Agent, Alpine and CS Cayman or any respective
      Affiliate shall continue to be deemed a single Transaction with Administrative Agent serving as the administrative agent for Alpine, CS Cayman or any respective Affiliate, in each case, pursuant to the terms and conditions of this Agreement.

   

  		20.	Notices and Other Communications

   

  Any and all notices (with the exception of Transaction Requests, which
      shall be delivered via electronic mail or other electronic medium agreed to by the Administrative Agent and the Seller Parties), statements, demands or other communications hereunder may be given by a party to the other by mail, email, facsimile,
      messenger or otherwise to the address specified below, or so sent to such party at any other place specified in a notice of change of address hereafter received by the other. All notices, demands and requests hereunder may be made orally, to be
      confirmed promptly in writing, or by other communication as specified in the preceding sentence. In all cases, to the extent that the related individual set forth in the respective “Attention” line is no longer employed by the respective Person, such
      notice may be given to the attention of a Responsible Officer of the respective Person or to the attention of such individual or individuals as subsequently notified in writing by a Responsible Officer of the respective Person.

   

  If to Seller Parties:

   

  Home Point Financial Corporation 

  2211 Old Earhart Road, Suite 250

   

   

  
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  Ann Arbor, MI 48105 

  Attention: Maria Fregosi, Chief Financial Officer 

  Email: [***]

   

  with a copy to:

   

  Home Point Financial Corporation 

  2211 Old Earhart Road, Suite 250 

  Ann Arbor, MI 48105 

  Attention: [***]

  Telephone: [***]

  E-mail: [***]

   

  with a copy to:

   

  Home Point Financial Corporation 

  2211 Old Earhart Road, Suite 250 

  Ann Arbor, MI 48105 

  Attention: Legal 

  E-mail: [***]

   

  If to Administrative Agent:

   

  For Transaction Requests:

   

  CSFBMC LLC 

  c/o Credit Suisse Securities (USA) LLC 

  One Madison Avenue, 2nd floor 

  New York, New York 10010 

  Attention: [***]

  Phone: [***]

  E-mail: [***]

   

  with a copy to:

   

  Credit Suisse First Boston Mortgage Capital LLC 

  c/o Credit Suisse Securities (USA) LLC 

  Eleven Madison Avenue, 4th Floor 

  New York, New York 10010 

  Attention: [***]

  E-mail: [***]

   

  For all other Notices:

   

  Credit Suisse First Boston Mortgage Capital LLC 

  c/o Credit Suisse Securities (USA) LLC 

  Eleven Madison Avenue, 4th Floor 

  New York, New York 10010 

  Attention: [***]

  Phone Number: [***]

   

   

   

  
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  Fax Number: [***]

  E-mail: [***]

   

  with a copy to:

   

  Credit Suisse First Boston Mortgage Capital LLC 

  c/o Credit Suisse Securities (USA) LLC 

  Eleven Madison Avenue, 11th Floor 

  New York, New York 10010 

  Attention: [***]

  Fax Number: [***]

   

  		21.	Entire Agreement; Severability

   

  This Agreement and the Administration Agreement shall supersede any
      existing agreements between the parties containing general terms and conditions for repurchase transactions. Each provision and agreement herein shall be treated as separate and independent from any other provision or agreement herein and shall be
      enforceable notwithstanding the unenforceability of any such other provision or agreement.

   

  		22.	Non assignability

   

  a. Assignments. The Program Agreements are not assignable by any
      Seller Party or any Guarantor. Subject to Section 36 hereof (Acknowledgement of Assignment and Administration of Repurchase Agreement) and at no cost of expense to the Seller, each of Administrative Agent and Buyers may from time to
      time assign all or a portion of their rights and obligations under this Agreement and the Program Agreements pursuant to the Administration Agreement; provided, however that Administrative Agent shall notify Seller of any such assignment and
      shall maintain, solely for this purpose as a non-fiduciary agent of Seller Parties, for review by Seller Parties upon written request, a register of assignees and participants (the “Register”) and a copy of an executed assignment and
      acceptance by Administrative Agent and assignee (“Assignment and Acceptance”), specifying the percentage or portion of such rights and obligations assigned. The entries in the Register shall be conclusive absent manifest error, and the Seller
      Parties, Guarantor, Administrative Agent and Buyers shall treat each Person whose name is recorded in the Register pursuant to the preceding sentence as a Buyer hereunder. Upon such assignment and recordation in the Register, (a) such assignee shall
      be a party hereto and to each Program Agreement 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 Administrative Agent and Buyers hereunder, as
      applicable, and (b) Administrative Agent and Buyer, as applicable, shall be released from its obligations hereunder and under the Program Agreements. Any assignment hereunder shall be deemed a joinder of such assignee as a Buyer hereto. Unless
      otherwise stated in the Assignment and Acceptance, each Seller Party shall continue to take directions solely from Administrative Agent unless otherwise notified by Administrative Agent in writing. Administrative Agent and Buyers may distribute to
      any prospective or actual assignee this Agreement, the other Program Agreements, any document or other information delivered to Administrative Agent and/or Buyers by Seller Parties.

   

  b. Participations. At no cost of expense to the Seller, any Buyer
      may sell participations to one (1) or more Persons in or to all or a portion of its rights and obligations under this Agreement and under the Program Agreements; provided, however, that (i) such Buyer shall notify Seller of such sale, (ii) such
      Buyer’s obligations under this Agreement or in any Transaction under this Agreement and the other Program Agreements shall remain unchanged, (iii) such Buyer shall remain solely responsible to the other parties hereto for the performance of such
      obligations; (iv) such Participant shall not be entitled to receive

   

   

   

  
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  any greater payment under Section 11, with respect to any participation, than its
      participating Lender would have been entitled to receive; and (v) Seller Parties shall continue to deal solely and directly with Administrative Agent and/or Buyers in connection with such Buyer’s rights and obligations under this Agreement and the
      other Program Agreements. Administrative Agent and Buyers may distribute to any prospective or actual Participant this Agreement, the other Program Agreements any document or other information delivered to Administrative Agent and/or Buyers by Seller
      Parties. Each Buyer that sells a participation shall, acting solely for this purpose as a non-fiduciary agent of Seller Parties, maintain a register on which it enters the name and address of each Participant and the Purchase Price (and stated
      interest) of the Transactions entered into by Buyer (the “Participant Register”). If Buyer sells a participation in any Transaction, it shall provide Seller, or maintain as agent of Seller, the information described in this paragraph and permit
      Seller to review such information as reasonably needed for Seller to comply with its obligations under this Agreement or under any applicable law or governmental regulation or procedure, including, without limitation, as necessary to establish that
      such Transaction is in registered form under Section 5f.103-1(c) of the United States Treasury Regulations. The information maintained by a Buyer or by the Seller with respect to participations shall be conclusive absent manifest error, and Buyer
      shall treat each Person whose name is recorded in such participant registers as the owner of such participation for all purposes of this Agreement notwithstanding any notice to the contrary. For the avoidance of doubt, the Administrative Agent (in
      its capacity as Administrative Agent) shall have no responsibility for maintaining a Participant Register.

   

  		23.	Set-off

   

  In addition to any rights and remedies of the Administrative Agent and
      Buyers hereunder and by law, the Administrative Agent and Buyers shall have the right, solely after an Event of Default has occurred and is continuing, without prior notice to the Seller Parties or Guarantor, any such notice being expressly waived by
      the Seller Parties and Guarantor to the extent permitted by applicable law to set-off and appropriate and apply against any Obligation from any Seller Party, Guarantor or any Affiliate thereof to a Buyer or any of its Affiliates any and all deposits
      (general or special, time or demand, provisional or final), in any currency, and any other obligation (including to return excess margin), credits, indebtedness or claims, in any currency, in each case whether direct or indirect, absolute or
      contingent, matured or unmatured, at any time held or owing by or due from a Buyer or any Affiliate thereof to or for the credit or the account of any Seller Party, Guarantor or any Affiliate thereof. All such set-offs shall be subject to the
      priorities set forth in the Administration Agreement. Administrative Agent or such Buyer agrees promptly to notify Seller Parties and Guarantor after any such set off and application made by Administrative Agent or such Buyer; provided that the
      failure to give such notice shall not affect the validity of such set off and application.

   

  		24.	Binding Effect; Governing Law; Jurisdiction

   

  a. This Agreement shall be binding and inure to the benefit of
      the parties hereto and their respective successors and permitted assigns. Each Seller Party acknowledges that the obligations of Administrative Agent and Buyers hereunder or otherwise are not the subject of any guaranty by, or recourse to, any direct
      or indirect parent or other Affiliate of Administrative Agent and Buyers. THIS AGREEMENT SHALL BE CONSTRUED IN ACCORDANCE WITH, AND GOVERNED BY, THE LAW OF THE STATE OF NEW YORK, WITHOUT GIVING EFFECT TO THE CONFLICT OF LAWS PRINCIPLES THEREOF (OTHER
      THAN SECTIONS 5-1401 AND 5-1402 OF THE NEW YORK GENERAL OBLIGATIONS LAW, WHICH SHALL GOVERN).

   

  b. EACH PARTY HERETO HEREBY
      WAIVES TRIAL BY JURY. EACH PARTY HERETO HEREBY IRREVOCABLY CONSENTS TO THE EXCLUSIVE

   

   

   

  
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  JURISDICTION OF ANY COURT OF THE STATE OF NEW YORK, OR IN THE UNITED STATES
      DISTRICT COURT FOR THE SOUTHERN DISTRICT OF NEW YORK, ARISING OUT OF OR RELATING TO THE PROGRAM AGREEMENTS IN ANY ACTION OR PROCEEDING. EACH PARTY HERETO HEREBY SUBMITS TO, AND WAIVES ANY OBJECTION IT MAY HAVE TO, EXCLUSIVE PERSONAL JURISDICTION AND
      VENUE IN THE COURTS OF THE STATE OF NEW YORK AND THE UNITED STATES DISTRICT COURT FOR THE SOUTHERN DISTRICT OF NEW YORK, WITH RESPECT TO ANY DISPUTES ARISING OUT OF OR RELATING TO THE PROGRAM AGREEMENTS.

   

  		25.	No Waivers, Etc.

   

  No express or implied waiver of any Event of Default by either party shall
      constitute a waiver of any other Event of Default and no exercise of any remedy hereunder by any party shall constitute a waiver of its right to exercise any other remedy hereunder. No modification or waiver of any provision of this Agreement and no
      consent by any party to a departure herefrom shall be effective unless and until such shall be in writing and duly executed by both of the parties hereto. Without limitation on any of the foregoing, the failure to give a notice pursuant to Section

        6.a or Section 16.a hereof or otherwise, will not constitute a waiver of any right to do so at a later date.

   

  		26.	Intent

   

  a. The parties intend and recognize that (i) each Transaction
      is a “repurchase agreement” as that term is defined in Section 101 of the Bankruptcy Code, a “securities contract” as that term is defined in Section 741 of the Bankruptcy Code, and a “master netting agreement” as that term is defined
      in Section 101(38A)(A) of the Bankruptcy Code, (ii) all payments hereunder are deemed “margin payments” or “settlement payments” as defined in the Bankruptcy Code, (iii) the pledge of the Repurchase Assets constitutes “a security
      agreement or other arrangement or other credit enhancement” that is “related to” this Agreement and Transactions hereunder within the meaning of Sections 101(38A)(A), 101(47)(A)(v) and 741(7)(A)(xi) of the Bankruptcy Code , and (iv) the Guaranty
      constitutes “a security agreement or other arrangement or other credit enhancement” that is “related to” the Agreement and Transactions hereunder within the meaning of Sections 101(38A)(A), 101(47)(a)(v) and 741(7)(A)(xi) of the Bankruptcy Code. Each
      Seller Party, Administrative Agent and Buyers further agrees that it shall not challenge, and hereby waives to the fullest extent available under applicable law its right to challenge, the characterization of any Transaction under this Agreement or
      this Agreement as a “securities contract” and/or “master netting agreement” within the meaning of the Bankruptcy Code.

   

  b. Each Seller Party, Administrative Agent and Buyers further
      recognize and intend that this Agreement is an agreement to provide financial accommodations and is not subject to assumption pursuant to Bankruptcy Code Section 365(a).

   

  c. Administrative Agent’s or a
      Buyer’s right to liquidate the Purchased Assets and Contributed Assets delivered to it in connection with the Transactions hereunder or to accelerate or terminate this Agreement or otherwise exercise any other remedies pursuant to Section 16
      hereof is a contractual right to liquidate, accelerate or terminate such Transaction as described in Bankruptcy Code Sections 362(b)(6), 362(b)(7), 362(b)(27), 546(e), 546(f), 546(j), 555, 559 and 561; Administrative Agent’s or a Buyer’s right to
      set-off claims and appropriate and apply any and all deposits of money or property or any other indebtedness at any time held or owing by Buyer to or for the credit of the account of any Affiliate against and on account of the obligations and
      liabilities of Seller pursuant to Section 23 hereof is a contractual right as described in Bankruptcy Code Sections 553 and 561; and; any payments or transfers of property made with respect to this

    

   

  
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  Agreement or any Transaction to satisfy a Margin Deficit shall be considered a
      “margin payment” or “settlement payment” as such terms are defined in Bankruptcy Code Sections 741(5) and 741(8).

   

  d. The parties agree and acknowledge that if a party hereto is
      an “insured depository institution,” as such term is defined in the Federal Deposit Insurance Act, as amended (“FDIA”), then each Transaction hereunder is a “qualified financial contract,” as that term is defined in FDIA and any
      rules, orders or policy statements thereunder (except insofar as the type of assets subject to such Transaction would render such definition inapplicable).

   

  e. It is understood that this Agreement constitutes a “netting

        contract” as defined in and subject to Title IV of the Federal Deposit Insurance Corporation Improvement Act of 1991 (“FDICIA”) and each payment entitlement and payment obligation under any Transaction hereunder shall constitute a “covered

        contractual payment entitlement” or “covered contractual payment obligation”, respectively, as defined in and subject to FDICIA (except insofar as one (1) or both of the parties is not a “financial institution” as that term is
      defined in FDICIA).

   

  f.  This Agreement is intended to be a “repurchase agreement”,
      “master netting agreement” and a “securities contract,” within the meaning of Section 101(47), Section 555, Section 559 and Section 741 under the Bankruptcy Code.

   

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

   

  		27.	Disclosure Relating to Certain Federal Protections 

  

    The parties acknowledge that they have been advised that:

   

    

  a. in the case of Transactions in which one of the parties is
      a broker or dealer registered with the SEC under Section 15 of the 1934 Act, the Securities Investor Protection Corporation has taken the position that the provisions of the SIPA do not protect the other party with respect to any Transaction
      hereunder;

   

  b. in the case of Transactions in which one of the parties is
      a government securities broker or a government securities dealer registered with the SEC under Section 15C of the 1934 Act, SIPA will not provide protection to the other party with respect to any Transaction hereunder; and

   

  c. in the case of Transactions in which one of the parties is
      a financial institution, funds held by the financial institution pursuant to a Transaction hereunder are not a deposit and therefore are not insured by the Federal Deposit Insurance Corporation or the National Credit Union Share Insurance Fund, as
      applicable.

   

  		28.	Power of Attorney

   

  Each Seller Party hereby authorizes Administrative Agent to file such
      financing statement or statements relating to the Repurchase Assets as Administrative Agent, at its option, may deem appropriate. Each Seller Party hereby appoints Administrative Agent as such Seller Party’s agent and attorney-in-fact to execute any
      such financing statement or statements in such Seller Party’s name and to perform all other acts which Administrative Agent deems appropriate to perfect and continue its ownership interest in and/or the security interest granted hereby, if
      applicable, and to protect, preserve and realize upon the Repurchase Assets, including, but not limited to, the right to endorse notes, complete blanks in

   

   

   

  
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  documents, transfer servicing, and sign assignments on behalf of such Seller Party as its
      agent and attorney-in-fact. This agency and power of attorney is coupled with an interest and is irrevocable without Administrative Agent’s consent. Notwithstanding the foregoing, the power of attorney hereby granted may be exercised only during the
      occurrence and continuance of any Event of Default hereunder. Each Seller Party shall pay the filing costs for any financing statement or statements prepared pursuant to this Section 28. In addition to the foregoing, each Seller Party agrees
      to execute a Power of Attorney, in the form of Exhibit A hereto, to be delivered on the date hereof; provided that Administrative Agent shall not exercise such Power of Attorney unless an Event of Default has occurred and is continuing.

   

  		29.	Buyers May Act Through Administrative Agent

   

  Each Buyer has designated the Administrative Agent under the Administration Agreement for the
      purpose of performing any action hereunder.

   

  		30.	Indemnification; Obligations

   

  a. Each Seller Party and Guarantor agrees to hold
      Administrative Agent, Buyers and each of their respective Affiliates and their officers, directors, employees, agents and advisors (each, an “Indemnified Party”) harmless from and indemnify each Indemnified Party (and will reimburse each
      Indemnified Party as the same is incurred) against all liabilities, losses, damages, judgments, and reasonable and documented, out-of-pocket costs and expenses (including, without limitation, reasonable fees and expenses of counsel) of any kind which
      may be imposed on, incurred by, or asserted against any Indemnified Party relating to or arising out of this Agreement, any Transaction Request, any Program Agreement or any transaction contemplated hereby or thereby (including, without limitation,
      (i) any such liabilities, losses, damages, judgments, costs and expenses arising from any acts or omissions of such party and (ii) any wire fraud or data or systems intrusions which causes Administrative Agent or Buyers to suffer any such liability,
      loss, damage, judgment, cost and/or expense), resulting from anything other than the Indemnified Party’s fraud, bad faith, gross negligence or willful misconduct. Each Seller Party and Guarantor also agrees to reimburse each Indemnified Party for all
      reasonable and documented, out-of-pocket expenses in connection with the enforcement of this Agreement and the exercise of any right or remedy provided for herein, any Transaction Request and any Program Agreement, including, without limitation, the
      reasonable fees and disbursements of counsel. Each Seller Party’s and Guarantor’s agreements in this Section 30 shall survive the payment in full of the Repurchase Price and the expiration or termination of this Agreement. Each Seller Party
      and Guarantor hereby acknowledges that its obligations hereunder are recourse obligations of each Seller Party and Guarantor and are not limited to recoveries each Indemnified Party may have with respect to the Purchased Assets. Each Seller Party and
      Guarantor also agrees not to assert any claim against Administrative Agent, each Buyer or any of its Affiliates, or any of their respective officers, directors, employees, attorneys and agents, on any theory of liability, for special, indirect,
      consequential or punitive damages arising out of or otherwise relating to the facility established hereunder, the actual or proposed use of the proceeds of the Transactions, this Agreement or any of the transactions contemplated thereby. This Section
      30.a shall not apply with respect to Taxes other than any Taxes that represent losses, claims, damages, etc. arising from any non-Tax claim. 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. Without limitation to the provisions of Section 4
      hereof, if any payment of the Repurchase Price of any Transaction is made by any Seller Party other than on the then scheduled Repurchase Date thereto as a result of an acceleration of the Repurchase Date pursuant to Section

   

   

   

  
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  16 hereof or for any other reason, such Seller Party shall, upon demand by
      Administrative Agent, pay to Administrative Agent on behalf of Buyers an amount sufficient to compensate Buyers for any losses, costs or expenses that they may reasonably incur as of a result of such payment.

   

  c. Without limiting the provisions of Section 30.a
      hereof, if a Seller Party fails to pay when due any costs, expenses or other amounts payable by it under this Agreement, including, without limitation, fees and expenses of counsel and indemnities, such amount may be paid on behalf of such Seller
      Party by Administrative Agent (subject to reimbursement by such Seller Party) in its sole discretion.

   

  		31.	Counterparts

   

  This Agreement may be executed in one or more counterparts, each of which
      shall be deemed to be an original, and all such counterparts shall together constitute one and the same instrument. Delivery of an executed counterpart of a signature page of this Agreement in a Portable Document Format (PDF) or by facsimile shall be
      effective as delivery of a manually executed original counterpart of this Agreement. The parties agree that this Agreement, any addendum or amendment hereto or any other document necessary for the consummation of the transaction contemplated by this
      Agreement may be accepted, executed or agreed to through the use of an electronic signature in accordance with the E-Sign, the UETA and any applicable state law. Any document accepted, executed or agreed to in conformity with such laws will be
      binding on all parties hereto to the same extent as if it were physically executed and each party hereby consents to the use of any secure third party electronic signature capture service providers, as long as such service providers use system logs
      and audit trails that establish a temporal and process link between the presentation of identity documents and the electronic signing, together with identifying information that can be used to verify the electronic signature and its attribution to
      the signer’s identity and evidence of the signer’s agreement to conduct the transaction electronically and of the signer’s execution of each electronic signature.

   

  		32.	Confidentiality

   

  a. This Agreement and its terms, provisions, supplements and
      amendments, and notices hereunder, are proprietary to Administrative Agent and Buyers and shall be held by each Seller Party and Guarantor in strict confidence and shall not be disclosed to any third party without the written consent of
      Administrative Agent except for (i) disclosure to such party’s direct and indirect Affiliates and Subsidiaries, attorneys or accountants, but only to the extent such disclosure is necessary and such parties agree to hold all information in strict
      confidence or (ii) disclosure required by any Requirement of Law. Notwithstanding the foregoing or anything to the contrary contained herein or in any other Program Agreement, the parties hereto may disclose to any and all Persons, without limitation
      of any kind, the federal, state and local tax treatment of the Transactions, any fact relevant to understanding the federal, state and local tax treatment of the Transactions, and all materials of any kind (including opinions or other tax analyses)
      relating to such federal, state and local tax treatment and that may be relevant to understanding such tax treatment; provided that such party may not disclose the name of or identifying information with respect to the other parties or any pricing
      terms (including, without limitation, the Pricing Rate, Purchase Price Percentage, Aggregate Purchase Price-Base, Aggregate Purchase Price-Incremental, Asset Value-Base, Price Differential-Base, Pricing Rate-Base, Purchase Price-Base, Purchase Price
      Percentage-Base, Daily Weighted Average Price Differential-Base, Daily Weighted Average Price Differential-Incremental, Asset Value-Incremental, Price Differential-Incremental, Pricing Rate-Incremental, Purchase Price-Incremental, Purchase Price
      Percentage-Incremental, Maximum Purchase Price-Incremental, Maximum Purchase Price Percentage-Incremental, Minimum Purchase Price-Incremental, Minimum Purchase Price Percentage-Incremental, Maximum Value Amount, Maximum Aggregate

   

   

  
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  Purchase Price-Incremental, Weighted Average Pricing Rate-Base, Weighted Average
      Pricing Rate-Incremental and any other fees specified in the Pricing Side Letter) or other nonpublic business or financial information (including any sublimits and financial covenants) that is unrelated to the federal, state and local tax treatment
      of the Transactions and is not relevant to understanding the federal, state and local tax treatment of the Transactions, without the prior written consent of such other party.

   

  b. Notwithstanding anything in this Agreement to the contrary,
      each Seller Party shall comply with all applicable local, state, and federal laws, including, without limitation, all privacy and data protection law, rules and regulations that are applicable to the Purchased Assets, Contributed Assets and/or any
      applicable terms of this Agreement (the “Confidential Information”). Each Seller Party understands 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 “Act”), and each Seller Party agrees to maintain such nonpublic personal information that it receives hereunder in accordance with the Act and other applicable federal and state privacy laws. The Seller Parties
      shall implement such physical and other security measures as shall be necessary to (a) ensure the security and confidentiality of the “nonpublic personal information” of the “customers” and “consumers” (as those terms are defined in the Act) of
      Administrative Agent and Buyers or any Affiliate of Administrative Agent or Buyers which the a Seller Party holds, (b) protect against any threats or hazards to the security and integrity of such nonpublic personal information, and (c) protect
      against any unauthorized access to or use of such nonpublic personal information. Each Seller Party represents and warrants that it has implemented appropriate measures to meet the objectives of Section 501(b) of the Act and of the applicable
      standards adopted pursuant thereto, as now or hereafter in effect. Upon request, each Seller Party will provide evidence reasonably satisfactory to allow Administrative Agent and/or Buyers to confirm that the providing party has satisfied its
      obligations as required under this Section. Without limitation, this may include Administrative Agent’s or Buyers’ review of audits, summaries of test results, and other equivalent evaluations of a Seller Party. Each Seller Party shall notify
      Administrative Agent immediately following discovery of any breach or compromise of the security, confidentiality, or integrity of nonpublic personal information of the customers and consumers of Administrative Agent, Buyers or any Affiliate of
      Buyers provided directly to such Seller Party by Administrative Agent, Buyers or such Affiliate. Each Seller Party shall provide such notice to Administrative Agent by personal delivery, by facsimile with confirmation of receipt, or by overnight
      courier with confirmation of receipt to the applicable requesting individual.

   

  c. Notwithstanding anything else herein, nothing in this
      Agreement shall require any party to provide any notice, information, investigation, audit, correspondence, and any other communication (collectively, “Information”) to any other party if providing such Information is prohibited by applicable
      laws, or if such party is required to not disclose such Information by a governmental authority or Agency.

   

  		33.	Recording of Communications

   

  Administrative Agent, Buyers, each Seller Party and Guarantor shall have
      the right (but not the obligation) from time to time to make or cause to be made tape recordings of communications between its employees and those of the other party with respect to Transactions. Administrative Agent, Buyers, each Seller Party and
      Guarantor consent to the admissibility of such tape recordings in any court, arbitration, or other proceedings. The parties agree that a duly authenticated transcript of such a tape recording shall be deemed to be a writing conclusively evidencing
      the parties’ agreement.

   

  		34.	Periodic Due Diligence Review

   

   

  
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  Each Seller Party and Guarantor acknowledges that Administrative Agent and
      Buyers have the right to perform continuing due diligence reviews with respect to the Seller Parties and Guarantors, the Purchased Assets and Contributed Assets, for purposes of verifying compliance with the representations, warranties, and
      specifications made hereunder, for the purpose of performing quality control review of the Purchased Assets and Contributed Assets or otherwise, and each Seller Party agrees that upon reasonable (but no less than two (2) Business Day’s) prior notice
      unless an Event of Default shall have occurred, in which case no notice is required, to any Seller Party, Administrative Agent, Buyers or their authorized representatives will be permitted during normal business hours to examine, inspect, and make
      copies and extracts of, the Asset Files and any and all documents, data, records, agreements, instruments or information relating to such Purchased Assets and Contributed Assets (including, without limitation, quality control review) in the
      possession or under the control of a Seller Party, a Servicer, the Guarantor and/or the Custodian. Each Seller Party also shall make available to Administrative Agent and Buyers a knowledgeable financial or accounting officer for the purpose of
      answering questions respecting the Asset Files, the Purchased Assets and Contributed Assets. Without limiting the generality of the foregoing, each Seller Party acknowledges that Administrative Agent and Buyers may purchase Purchased Assets and
      Contributed Assets from a Seller Party based solely upon the information provided by such Seller Party to Administrative Agent and Buyers in the Asset Schedule and the representations, warranties and covenants contained herein, and that
      Administrative Agent or Buyers, at their option, have the right at any time to conduct a partial or complete due diligence review on some or all of the Purchased Assets and Contributed Assets purchased in a Transaction, including, without limitation,
      ordering BPOs, new credit reports and new appraisals on the related Mortgaged Properties and otherwise re-generating the information used to originate such Purchased Assets and Contributed Assets. Administrative Agent or Buyers may underwrite such
      Purchased Assets and Contributed Assets itself or engage a mutually agreed upon third party underwriter to perform such underwriting. Each Seller Party agrees to cooperate with Administrative Agent, Buyers and any third party underwriter in
      connection with such underwriting, including, but not limited to, providing Administrative Agent, Buyers and any third party underwriter with access to any and all documents, records, agreements, instruments or information relating to such Purchased
      Assets and Contributed Assets in the possession, or under the control, of Seller Parties. Each Seller Party further agrees that Seller Parties shall pay all costs and expenses incurred by Administrative Agent and Buyers in connection with
      Administrative Agent’s and Buyers’ activities pursuant to this Section 34.

   

  		35.	Authorizations

   

  Any of the persons whose signatures and titles appear on Schedule 2
      hereto are authorized, acting singly, to act for Seller Parties or Administrative Agent to the extent set forth therein, as the case may be, under this Agreement. The Seller Parties may amend Schedule 2 hereto from time to time by delivering
      a revised Schedule 2 to Administrative Agent and expressly stating that such revised Schedule 2 shall replace the existing Schedule 2 hereto.

   

  		36.	Acknowledgment of Assignment and Administration of Repurchase Agreement

   

  Pursuant to Section 22 above (Non-assignability) of this
      Agreement, Administrative Agent may sell, transfer and convey or allocate certain Purchased Assets and Contributed Assets and the related Repurchase Assets and related Transactions to certain affiliates of Administrative Agent and/or one (1) or more
      CP Conduits (the “Additional Buyers”). Each Seller Party hereby acknowledges and agrees to the joinder of such Additional Buyers and the assignments and the terms and provisions set forth in the Administration Agreement. The Administrative
      Agent shall administer the provisions of this Agreement, subject to the terms of the Administration Agreement for the benefit of the Buyers and any Repledgees, as applicable. For the avoidance of doubt, all payments, notices, communications and
      agreements pursuant to this Agreement shall be delivered to, and entered into by, the Administrative Agent for the benefit of the Buyers and/or the Repledgees, as applicable. Furthermore, to the extent that the Administrative Agent

   

   

   

  
    - 76 - 

    
      
 

  

   

  exercises remedies pursuant to this Agreement, any of the Administrative Agent and/or any
      Buyer will have the right to bid on and/or purchase any of the Repurchase Assets pursuant to Section 16 above (Remedies Upon Default). The benefit of all representations, rights, remedies and covenants set forth in this Agreement shall
      inure to the benefit of the Administrative Agent on behalf of each Buyer and Repledgees, as applicable. All provisions of this Agreement shall survive the transfers contemplated herein (including any Repledge Transactions) and in the Administration
      Agreement, except to the extent such provisions are modified by the Administration Agreement. In the event of a conflict between the Administration Agreement and this Agreement, the terms of the Administration Agreement shall control. Notwithstanding
      that multiple Buyers may purchase individual Purchased Mortgage Loans and Contributed Assets subject to Transactions entered into under this Agreement, all Transactions shall continue to be deemed a single Transaction and all of the Repurchase Assets
      shall be security for all of the Obligations hereunder, subject to the priority of payments provisions set forth in the Administration Agreement.

   

  		37.	Acknowledgement of Anti-Predatory Lending Policies

   

  Administrative Agent has in place internal policies and procedures that expressly prohibit its
      purchase of any High Cost Mortgage Loan.

   

  		38.	Documents Mutually Drafted

   

  Each Seller Party, the Guarantor, the Administrative Agent and the Buyers
      agree that this Agreement and each other Program Agreement prepared in connection with the Transactions set forth herein have been mutually drafted and negotiated by each party, and consequently such documents shall not be construed against either
      party as the drafter thereof.

   

  		39.	General Interpretive Principles

   

  For purposes of this Agreement, except as otherwise expressly provided or unless the context
      otherwise requires:

   

  a. the terms defined in this Agreement have the meanings
      assigned to them in this Agreement and include the plural as well as the singular, and the use of any gender herein shall be deemed to include the other gender;

   

  b. accounting terms not otherwise defined herein have the meanings assigned to them
      in accordance with GAAP;

   

  c. references herein to “Articles”, “Sections”, “Subsections”,
      “Paragraphs”, and other subdivisions without reference to a document are to designated Articles, Sections, Subsections, Paragraphs and other subdivisions of this Agreement;

   

  d. a reference to a Subsection without further reference to a
      Section is a reference to such Subsection as contained in the same Section in which the reference appears, and this rule shall also apply to Paragraphs and other subdivisions;

   

  e. the words “herein”, “hereof”, “hereunder” and other words of similar import
      refer to this Agreement as a whole and not to any particular provision;

   

  f.   the term “include” or
      “including” shall mean without limitation by reason of enumeration;

   

   

   

  
    - 77 - 

    
      
 

  

   

  g. all times specified herein or in any other Program Agreement (unless expressly
      specified otherwise) are local times in New York, New York unless otherwise stated;

   

  h. all references herein or in any Program Agreement to “good faith” means good
      faith as defined in Section 1-201(b)(20) of the UCC as in effect in the State of New York; and

   

  i.  an Event of Default shall be deemed continuing unless such Event of Default has
      been waived in writing.

   

  		40.	Conflicts

   

  In the event of any conflict between the terms of this Agreement and any
      other Program Agreement, the documents shall control in the following order of priority: first, the terms of the Pricing Side Letter shall prevail, then the terms of the Administration Agreement, then the terms of this Agreement shall
      prevail, and then the terms of the other Program Agreements shall prevail.

   

  		41.	Pool Subdivisions

   

  The Administrative Agent may from time to time deliver to Seller Parties a
      Pool Subdivision Notice which notice shall identify a Pool of Purchased Assets and/or Contributed Assets that shall be treated separately from the remaining Purchased Assets and/or Contributed Assets (which remaining Purchased Assets and/or
      Contributed Assets shall constitute another Pool). The Administrative Agent may modify any such Pool Subdivision Notice from time to time to readjust the composition of the Pools identified therein. Following delivery of a Pool Subdivision Notice,
      the calculations with respect to Price Differential (and all of the component calculations used in determining such calculation) shall be calculated separately on the basis of the Purchased Assets comprising each Pool, which shall result in a
      separate Price Differential for each Pool. For the avoidance of doubt, a Pool Subdivision Notice shall not (a) modify or otherwise affect the rights and obligations of the parties under the Program Agreements except as expressly contemplated in this
      Section 41; and (b) shall not be construed as a Severance Notice as contemplated by Section 19 of this Agreement.

   

  		42.	Bankruptcy Non-Petition

   

  The parties hereby agree that they shall not institute against, or join
      any other person in instituting against, any Buyer that is a CP Conduit any bankruptcy, reorganization, arrangement, insolvency or liquidation proceeding, or other proceeding under any federal or state bankruptcy or similar law, for one (1) year and
      one (1) day after the latest maturing commercial paper note issued by the applicable CP Conduit is paid in full.

   

  		43.	Limited Recourse

   

  The obligations of each Buyer under this Agreement or any other Program
      Agreement are solely the corporate obligations of such Buyer. No recourse shall be had for the payment of any amount owing by any Buyer under this Agreement, or for the payment by any Buyer of any fee in respect hereof or any other obligation or
      claim of or against such Buyer arising out of or based on this Agreement, against any stockholder, partner, member, employee, officer, director or incorporator or other authorized person of such Buyer. In addition, notwithstanding any other provision
      of this Agreement, the parties agree that all payment obligations of any Buyer that is a CP Conduit under this Agreement shall be limited recourse obligations of such Buyer, payable solely from the funds of such Buyer available for such purpose in
      accordance with its commercial paper program documents. Each party waives payment of any amount which such Buyer does not pay pursuant to the operation of the preceding sentence until the day which is

   

   

  
    - 78 - 

    
      
 

  

   

  at least one (1) year and one (1) day after the payment in full of the latest maturing
      commercial paper note (and waives any “claim” against such Buyer within the meaning of Section 101(5) of the Bankruptcy Code or any other Debtor Relief Law for any such insufficiency until such date).

   

  		44.	Nominee

   

  a. Seller Parties, Administrative Agent and the Buyers hereby
      acknowledge and agree, and Seller Parties hereby appoint, the Nominee as (i) their nominee as mortgagee of record and payee on the FHA Connection System with respect to each Early Buyout Loan, and the Nominee hereby accepts such appointment, and (ii)
      as nominee and agent of Seller Parties, Administrative Agent and the Buyers as set forth herein, to the extent applicable.

   

  b. Following receipt by Nominee of written notice of the occurrence and
      continuation of an Event of Default, the Nominee agrees to take direction from the Administrative Agent with respect to the FHA Loans, Early Buyout Loans and Contributed REO Properties.

   

  c. It is the intent of the Seller Parties, Servicer, Administrative
      Agent and the Buyers that the Nominee retains bare legal title to the Early Buyout Loans, and Contributed REO Properties for all purposes including, without limitation, for purposes of Section 541(d) of the Bankruptcy Code and accordingly, Nominee,
      in their capacity as a nominee, shall have no property right to the Contributed REO Properties.

   

  d.  Administrative Agent may, upon notice to the Seller Parties,
      terminate the Nominee and appoint itself or another person as the successor nominee following an Event of Default that is continuing.

   

  		45.	Joint and Several

   

  Seller Parties, Administrative Agent and Buyers hereby acknowledge and
      agree that Seller Parties are each jointly and severally liable to Administrative Agent and Buyers for all of their respective Obligations hereunder. Accordingly, each Seller Party waives any and all notice of creation, renewal, extension or accrual
      of any of the Obligations and notice of or proof of reliance by Administrative Agent upon such Seller Party’s joint and several liability. Each Seller Party waives diligence, presentment, protest, demand for payment and notice of default or
      nonpayment to or upon such Seller Party with respect to the Obligations. When pursuing its rights and remedies hereunder against any Seller Party, Administrative Agent may, but shall be under no obligation to, pursue such rights and remedies
      hereunder against any Seller Party or against any collateral security for the Obligations or any right of offset with respect thereto, and any failure by Administrative Agent to pursue such other rights or remedies or to collect any payments from
      such Seller Party to realize upon any such collateral security or to exercise any such right of offset, or any release of such Seller Party or any such collateral security, or right of offset, shall not relieve such Seller Party of any liability
      hereunder, and shall not impair or affect the rights and remedies, whether express, implied or available as a matter of law, of Administrative Agent against such Seller Party.

   

  [Signature Pages Follow] 

    

  

   

   

  
    - 79 - 

    
      
 

  

   

  IN WITNESS WHEREOF, the undersigned have caused this Agreement to be duly
      executed as of the date first above written.

   

  	
          CREDIT SUISSE FIRST BOSTON MORTGAGE CAPITAL LLC,

          as Administrative Agent

        
	 	 	 	 
	By:	/s/ Margaret Dellafera	 
	 	Name:	Margaret Dellafera	 
	 	Title:	Vice President	 

   

  	
          CREDIT SUISSE AG, CAYMAN ISLANDS BRANCH,

          as a Buyer

        	 
	 	 	 	 
	By:	/s/ Margaret Dellafera	 
		Name:	Margaret Dellafera	 
		Title:	Vice President	 

   

  	By:	/s/ Ernest Calabrese	 
	 	Name:	Ernest Calabrese	 
	 	Title:	Authorized Signatory	 

   

  	
          ALPINE SECURITIZATION LTD as a Buyer, by Credit

          Suisse AG, New York Branch as Attorney-in-Fact

        	 
	 	 	 	 
	By:	/s/ Elie Chau	 
	 	Name:	Elie Chau	 
	 	Title:	Vice President	 

   

  	By:	 /s/ Patrick Duggan	 
	 	Name:	Patrick Duggan	 
	 	Title:	Vice President	 

   

  Signature Page to the Master Repurchase Agreement

   

  

   

  
     

    
      
 

  

   

   

  

   

  	HOME POINT FINANCIAL CORPORATION, as Seller	 
	 	 	 	 
	By:	/s/ Maria Fregosi	 
	 	Name:	Maria Fregosi	 
	 	Title:	Chief Financial Officer	 

   

  Signature Page to the Master Repurchase Agreement

  

   

  
     

    
      
 

  

   

   

   

  

  SCHEDULE 1-A

   

  REPRESENTATIONS AND WARRANTIES WITH RESPECT TO PURCHASED MORTGAGE LOANS AND CONTRIBUTED
        MORTGAGE LOANS

   

  Each Seller Party makes the following representations and warranties to
      Administrative Agent with respect to each Purchased Mortgage Loan and Contributed Mortgage Loan that is at all times subject to a Transaction hereunder and at all times while the Program Agreements and any Transaction hereunder is in full force and
      effect. With respect to those representations and warranties which are made to the best of such Seller Party’s knowledge, if it is discovered by such Seller Party or Administrative Agent that the substance of such representation and warranty is
      inaccurate, notwithstanding such Seller Party’s lack of knowledge with respect to the substance of such representation and warranty, such inaccuracy shall be deemed a breach of the applicable representation and warranty for purposes of determining
      Asset Value.

   

  a. Payments Current. Except with respect to a Mortgage Loan that
      is an Early Buyout Loan, Non-Performing Mortgage Loan or a Re-Performing Mortgage Loan, all payments required to be made up to the Purchase Date for the Mortgage Loan under the terms of the Mortgage Note have been made and credited. With respect to a
      Mortgage Loan other than an Early Buyout Loan, Non-Performing Mortgage Loan or a Re-Performing Mortgage Loan, no payment required under the Mortgage Loan is more than sixty (60) days delinquent using the Mortgage Bankers Association method of
      determining delinquency nor has any payment under the Mortgage Loan been delinquent more than sixty (60) days at any time since the origination of the Mortgage Loan and, if the Mortgage Loan is a Co-op Loan (other than a Non-Performing Mortgage Loan
      or a Re-Performing Mortgage Loan), no foreclosure action or private or public sale under the Uniform Commercial Code has ever to the knowledge of the related Seller Party, been threatened or commenced with respect to the Co-op Loan. Except with
      respect to a Mortgage Loan that is a Non-Performing Mortgage Loan or a Re-Performing Mortgage Loan, the first Monthly Payment shall be made, or shall have been made, with respect to the Mortgage Loan by the next due date.

   

  b. No Outstanding Charges. Except with respect to Non-Performing
      Mortgage Loans and Re-Performing Mortgage Loans, all taxes, governmental assessments, insurance premiums, water, sewer and municipal charges, leasehold payments or ground rents which previously became due and owing have been paid, or an escrow of
      funds has been established, to the extent permitted by law, in an amount sufficient to pay for every such item which remains unpaid and which has been assessed but is not yet due and payable. No Seller Party nor the originator from which such Seller
      Party acquired the Mortgage Loan has advanced funds, or induced, solicited or knowingly received any advance of funds by a party other than the Mortgagor, directly or indirectly, for the payment of any amount required under the Mortgage Loan, except
      for interest accruing from the date of the Mortgage Note or date of disbursement of the proceeds of the Mortgage Loan, whichever is earlier, to the day which precedes by one month the Due Date of the first installment of principal and interest
      thereunder.

   

  c. Type of Loan. With respect to each Business Purpose Mortgage
      Loan, (i) the Mortgage Loan is primarily for business or commercial purposes (as referenced in the Truth and Lending Act and its implementing regulation, Regulation Z) and not primarily for personal, family or household purposes and (ii) the
      Mortgaged Property securing the related Mortgage is non-owner occupied. Such Business Purpose Mortgage Loan is not subject to the Truth in Lending Act and its implementing regulation, Regulation Z, and the Real Estate Settlement Procedures Act and
      its implementing regulation, Regulation X. The Mortgagor has executed a business purpose affidavit stating that the Business Purpose Mortgage Loan is for commercial, business or investment purposes only and that the Mortgagor is not and will not
      occupy or claim the property as a primary or secondary residence. 

   

  
    Schedule 1-A-1 

    
      
 

  

   

  d. Income/Employment/Assets. With respect to each Business
      Purpose Mortgage Loan, the originator verified the Mortgagor’s income, employment, and assets in accordance with the Acquisition Guidelines.

   

  e. Original Terms Unmodified. Other than with respect to Early
      Buyout Loans, Non-Performing Mortgage Loans and Re-Performing Mortgage Loans, the terms of the Mortgage Note (and the Proprietary Lease, the Assignment of Proprietary Lease and Stock Power with respect to each Co-op Loan) and Mortgage have not been
      impaired, waived, altered or modified in any respect, from the date of origination; except by a written instrument which has been recorded, if necessary to protect the interests of Buyers, and which has been delivered to the Custodian and the terms
      of which are reflected in the Custodial Asset Schedule and approved by the Administrative Agent. The substance of any such waiver, alteration or modification has been approved by the title insurer, to the extent required, and its terms are reflected
      on the Custodial Asset Schedule. No Mortgagor in respect of the Mortgage Loan has been released, in whole or in part, except in connection with an assumption agreement approved by the title insurer, to the extent required by such policy, and which
      assumption agreement is part of the Asset File delivered to the Custodian and the terms of which are reflected in the Custodial Asset Schedule.

   

  f. No Defenses. The Mortgage Loan (and the Assignment of
      Proprietary Lease related to each Co-op Loan) is not subject to any right of rescission, set-off, counterclaim or defense, including, without limitation, the defense of usury, nor will the operation of any of the terms of the Mortgage Note or the
      Mortgage, or the exercise of any right thereunder, render either the Mortgage Note or the Mortgage unenforceable, in whole or in part and no such right of rescission, set-off, counterclaim or defense has been asserted with respect thereto, and no
      Mortgagor in respect of the Mortgage Loan was a debtor in any state or federal bankruptcy or insolvency proceeding at the time the Mortgage Loan was originated. Except with respect to a Mortgage Loan that is an Early Buyout Loan, Non-Performing
      Mortgage Loan or a Re-Performing Mortgage Loan, no Seller Party has knowledge nor has it received any notice that any Mortgagor in respect of the Mortgage Loan is a debtor in any state or federal bankruptcy or insolvency proceeding. Except that the
      Mortgage Loan may not be a Qualified Mortgage Loan and may be a “higher cost mortgage loan” as defined under 12 CFR 1026.35, no Seller Party has knowledge of any circumstances or condition with respect to the Mortgage, the Mortgaged Property, the
      Mortgagor or the Mortgagor’s credit standing that could reasonably be expected to cause the Mortgage Loan to become delinquent or materially adversely affect the value or marketability of the Mortgage Loan.

   

  g. Hazard and Flood Insurance. The Mortgaged Property is insured
      by a fire and extended perils insurance policy, issued by a Qualified Insurer, and such other hazards as are customary in the area where the Mortgaged Property is located, and to the extent required by the applicable Seller Party as of the date of
      origination consistent with the Acquisition Guidelines, against earthquake and other risks insured against by Persons operating like properties in the locality of the Mortgaged Property, in an amount 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,
      and consistent with the amount that would have been required as of the date of origination in accordance with the Acquisition Guidelines. If any portion of the Mortgaged Property is in an area identified by any federal Governmental Authority as
      having special flood hazards, and flood insurance is available, a flood insurance policy meeting the current guidelines of the Federal Emergency Management Agency is in effect with a generally acceptable insurance carrier, in an amount representing
      coverage not less than the least of (1) the outstanding principal balance of the Mortgage Loan (2) the full insurable value of the Mortgaged Property, and (3) the maximum amount of insurance available under the National Flood Insurance Act of 1968,
      as amended by the Flood Disaster Protection Act of 1973. All such insurance policies (collectively, the “hazard insurance policy”) contain a standard mortgagee clause naming the related Seller Party or its servicer, and its successors and assigns
      (including, without limitation, subsequent owners of the Mortgage Loan), as mortgagee, and may not be 

   

   

  
    Schedule 1-A-2 

    
      
 

  

   

  reduced, terminated or canceled without thirty (30) days’ prior written notice to the
      mortgagee. No such notice has been received by any Seller Party. All premiums on such insurance policy have been paid. The related Mortgage obligates the Mortgagor to maintain all such insurance and, at such Mortgagor’s failure to do so, authorizes
      the mortgagee to maintain such insurance at the Mortgagor’s cost and expense and to seek reimbursement therefor from such Mortgagor. Where required by state law or regulation, the Mortgagor has been given an opportunity to choose the carrier of the
      required hazard insurance, provided the policy is not a “master” or “blanket” hazard insurance policy covering a condominium, or any hazard insurance policy covering the common facilities of a planned unit development. The hazard insurance policy is
      the valid and binding obligation of the insurer and is in full force and effect. No Seller Party has engaged in, or has knowledge of the Mortgagor’s having engaged in, any act or omission which would impair the coverage of any such policy, the
      benefits of the endorsement provided for herein, or the validity and binding effect of either including, without limitation, any unlawful fee, commission, kickback or other unlawful compensation or value of any kind having been or will be received,
      retained or realized by any attorney, firm or other Person, or that such unlawful items have been received, retained or realized by such Seller Party.

   

  h. Environmental Compliance. To the best of the applicable Seller
      Party’s knowledge, there does not exist on the Mortgaged Property any hazardous substances, hazardous materials, hazardous wastes, solid wastes or other pollutants, as such terms are defined in the Comprehensive Environmental Response Compensation
      and Liability Act, 42 U.S.C. 9601 et seq., the Solid Waste Disposal Act, as amended by the Resource Conservation and Recovery Act, 42 U.S.C. § 6901 et seq., or other applicable federal, state or local environmental laws including,
      without limitation, asbestos, in each case in excess of the permitted limits and allowances set forth in such environmental laws to the extent such laws are applicable to the Mortgaged Property. To the best of the applicable Seller Party’s knowledge
      with respect to each of the following clauses, there is no pending action or proceeding directly involving the Mortgaged Property in which compliance with any environmental law, rule or regulation is an issue; there is no violation of any applicable
      environmental law (including, without limitation, asbestos), rule or regulation with respect to the Mortgaged Property; and nothing further remains to be done to satisfy in full all requirements of each such law, rule or regulation constituting a
      prerequisite to use and enjoyment of said property.

   

  i. Compliance with Applicable Law. At the time of origination, or
      if modified, the date of modification, any and all requirements of any federal, state or local law including, without limitation, usury, truth-in-lending, real estate settlement procedures, consumer credit protection, equal credit opportunity or
      disclosure laws applicable to the Mortgage Loan have been complied with, the consummation of the transactions contemplated hereby will not involve the violation of any such laws or regulations, and the related Seller Party shall maintain or shall
      cause its agent to maintain in its possession, available for the inspection of Administrative Agent, and shall deliver to Administrative Agent, upon demand, evidence of compliance with all such requirements.

   

  j. No Satisfaction of Mortgage. The Mortgage has not been
      satisfied, canceled, subordinated or rescinded, in whole or in part, and the Mortgaged Property has not been released from the lien of the Mortgage, in whole or in part, nor has any instrument been executed that would effect any such release,
      cancellation, subordination or rescission. Except with respect to a Mortgage Loan that is an Early Buyout Loan, no Seller Party has waived the performance by the Mortgagor of any action, if the Mortgagor’s failure to perform such action would cause
      the Mortgage Loan to be in default, nor has any Seller Party waived any default resulting from any action or inaction by the Mortgagor.

   

  k. Source of Loan Payments. With respect to Business Purpose
      Mortgage Loans, no payments due and payable under the terms of the Mortgage Note and Mortgage, have been paid by any person (other than the Mortgagor and any guarantor) who was involved in, or benefited from, the sale or

   

   

  
    Schedule 1-A-3 

    
      
 

  

   

  purchase of the Mortgaged Property or the origination, refinancing, sale, purchase or servicing of the Mortgage
      Loan.

   

  l. Location and Type of Mortgaged Property. The Mortgaged
      Property is located in an Acceptable State as identified in the Asset Schedule and consists of a single parcel of real property with a dwelling which is acceptable to the related Agency pursuant to the applicable Agency Guide. No residence or
      dwelling is a mobile home or a manufactured dwelling. No portion of the Mortgaged Property is used for commercial purposes; provided that Mortgaged Properties which contain a home office shall not be considered as being used for commercial purposes
      as long as the Mortgaged Property has not been altered for commercial purposes and is not storing any chemicals or raw materials other than those commonly used for homeowner repair, maintenance and/or household purposes. The Mortgage Loan is not
      secured by an industrial, agricultural, mixed use, undeveloped property, or by a condominium unit that was part of a condominium development that operated as, or held itself out to be, a condominium hotel, regardless of whether the unit itself was
      being used as a condotel unit.

   

  m. Validity of Lien. The Mortgage is a valid, subsisting,
      enforceable and perfected, and with respect to each Mortgage Loan other than a Second Lien Mortgage Loan, first priority lien and first priority security interest or, with respect to a Second Lien Mortgage Loan, a second lien or a second priority
      security interest, in each case, on the real property included in the Mortgaged Property, including all buildings on the Mortgaged Property and all installations and mechanical, electrical, plumbing, heating and air conditioning systems located in or
      annexed to such buildings, and all additions, alterations and replacements made at any time with respect to the foregoing. The lien of the Mortgage is subject only to:

   

  		(i)	the lien of current real property taxes, water charges, sewer runts, homeowners’ association dues and fees and other assessments not yet due and payable;

   

  		(ii)	covenants, conditions and restrictions, rights of way, easements and other matters of the public record as of the date of recording acceptable
            to prudent mortgage lending institutions generally and specifically referred to in lender’s title insurance policy delivered to the originator of the Mortgage Loan and (a) referred to or otherwise considered in the appraisal made for the
            originator of the Mortgage Loan or (b) which do not adversely affect the Appraised Value of the Mortgaged Property set forth in such appraisal;

   

  		(iii)	the exceptions (general and specific) and exclusions, if any, set forth in the title policy;

   

  		(iv)	other matters to which like properties are commonly subject which do not materially interfere with the benefits of the security intended to be
            provided by the Mortgage or the use, enjoyment, value or marketability of the related Mortgaged Property; and

   

  		(v)	with respect to Second Lien Mortgage Loans, a first lien.

   

  Any security agreement, chattel mortgage or equivalent document related to and delivered in
      connection with the Mortgage Loan establishes and creates a valid, subsisting and enforceable (a) with respect to Mortgage Loans other than Second Lien Mortgage Loans, first lien and first priority security interest and (b) with respect to Second
      Lien Mortgage Loans, second lien and second priority interest, in each case, on the property described therein and the related Seller Party has full right to pledge and assign the same to Administrative Agent. The Mortgaged Property was not, as of
      the date of origination of the Mortgage Loan, subject to a mortgage, deed of trust, deed to secure debt or other security instrument creating a lien subordinate to the lien of the Mortgage, except in accordance with the Acquisition Guidelines.  

   

  
    Schedule 1-A-4 

    
      
 

  

   

  n. Validity of Mortgage Loan Documents. The Mortgage Note and the
      Mortgage and any other agreement executed and delivered by a Mortgagor or guarantor, if applicable, in connection with a Mortgage Loan are genuine, and each is the legal, valid and binding obligation of the maker thereof enforceable in accordance
      with its terms, subject, as to enforceability, to general principles of equity (regardless of whether enforcement is sought in a proceeding in equity or at law). All parties to the Mortgage Note, the Mortgage and any other such related agreement had
      legal capacity to enter into the Mortgage Loan and to execute and deliver the Mortgage Note, the Mortgage and any such agreement, and the Mortgage Note, the Mortgage and any other such related agreement have been duly and properly executed by such
      related parties. No fraud, error, omission, misrepresentation, negligence or similar occurrence with respect to a Mortgage Loan has taken place on the part of any Person, including, without limitation, the Mortgagor, any appraiser, any builder or
      developer, or any other party involved in the origination of the Mortgage Loan. The related Seller Party has reviewed all of the documents constituting the Asset File and has made such inquiries as it deems necessary to make and confirm the accuracy
      of the representations set forth herein.

   

  o. Full Disbursement of Proceeds. Other than with respect to
      Holdback Amounts in the related Holdback Account, HELOCs, HECM Loans and Private Label Reverse Mortgage Loans, and any escrow holdback amounts with respect to weather-related or seasonal improvement costs, fees or expenses, the proceeds of the
      Mortgage Loan have been fully disbursed and there is no further requirement for future advances thereunder, and, other than with respect to Business Purpose Mortgage Loans, any and all requirements as to completion of any on-site or off-site
      improvement and as to disbursements of any escrow funds therefor have been complied with. All costs, fees and expenses incurred in making or closing the Mortgage Loan and the recording of the Mortgage were paid, and the Mortgagor is not entitled to
      any refund of any amounts paid or due under the Mortgage Note or Mortgage. All broker fees have been properly assessed to the Mortgagor and no claims will arise as to broker fees that are double charged and for which the Mortgagor would be entitled
      to reimbursement.

   

  p. Ownership. The applicable Seller Party has full right to sell
      the Mortgage Loan free and clear of any encumbrance, equity, participation interest, lien, pledge, charge, claim or security interest, and has full right and authority, subject to no interest or participation of, or agreement with, any other party,
      to sell such Mortgage Loan pursuant to this Agreement and following the sale of each Mortgage Loan, Buyers will own such Mortgage Loan (and with respect to any Co-op Loan, the sole owner of the related Assignment of Proprietary Lease) free and clear
      of any encumbrance, equity, participation interest, lien, pledge, charge, claim or security interest except any such security interest created pursuant to the terms of this Agreement. The applicable Seller Party intends to relinquish all rights to
      possess, control and monitor the Mortgage Loan. Other than with respect to an Agency Mortgage Loan, the Mortgaged Property was not, as of the date of origination of the Mortgage Loan, subject to a mortgage, deed of trust, deed to secure debt or other
      security instrument creating a lien subordinate to the lien of the Mortgage.

   

  q. Doing Business. All parties which have had any interest in the
      Mortgage Loan, whether as mortgagee, assignee, pledgee or otherwise, are (or, during the period in which they held and disposed of such interest, were) (i) in compliance with any and all applicable licensing requirements of the laws of the state
      wherein the Mortgaged Property is located, and (ii) either (A) organized under the laws of such state, (B) qualified to do business in such state, (C) a federal savings and loan association, a savings bank or a national bank having a principal office
      in such state, or (D) not doing business in such state, in each case, to the extent non-compliance would have a material adverse effect on such Mortgage Loan or on the Administrative Agent or Buyers’ rights thereunder.

   

  r.  Title Insurance. The Mortgage Loan is covered by either (i)
      an attorney’s opinion of title and abstract of title, the form and substance of which is acceptable to prudent mortgage lending institutions making mortgage loans in the area wherein the Mortgaged Property is located or (ii) an ALTA lender’s title

   

  
    Schedule 1-A-5 

    
      
 

  

   

  insurance policy or other generally acceptable form of policy in accordance with the Asset
      Guidelines, with respect to each Agency Mortgage Loan, acceptable to Fannie Mae or Freddie Mac, as applicable, and with respect to FHA Loans, USDA Loans and VA Loans, the FHA, USDA or the VA, as the case may be, and each such title insurance policy
      is issued by a title insurer acceptable to Fannie Mae or Freddie Mac, as applicable, and with respect to FHA Loans, USDA Loans and VA Loans, the FHA, USDA or the VA, as the case may be, and qualified to do business in the jurisdiction where the
      Mortgaged Property is located, insuring the applicable Seller Party, its successors and assigns, as to the first priority lien of the Mortgage other than Second Lien Mortgage Loans, and with respect to Second Lien Mortgage Loans as to the second
      priority lien of the related Mortgage, as applicable, in the original principal amount of the Mortgage Loan, with respect to a Mortgage Loan (or to the extent a Mortgage Note provides for negative amortization, the maximum amount of negative
      amortization in accordance with the Mortgage), subject only to the exceptions contained in clauses (i) - (v) of paragraph (m) of this Schedule 1-A, and in the case of an adjustable rate Mortgage Loan, against any loss by reason of the
      invalidity or unenforceability of the lien resulting from the provisions of the Mortgage providing for adjustment to the Mortgage Interest Rate and Monthly Payment. Where required by state law or regulation, the Mortgagor has been given the
      opportunity to choose the carrier of the required mortgage title insurance. Additionally, such lender’s title insurance policy affirmatively insures ingress and egress and against encroachments by or upon the Mortgaged Property or any interest
      therein. The title policy does not contain any special exceptions (other than the standard exclusions) for zoning and uses and has been marked to delete the standard survey exception or to replace the standard survey exception with a specific survey
      reading. The applicable Seller Party, its successors and assigns, are the sole insureds of such lender’s title insurance policy, and such lender’s title insurance policy is valid and remains in full force and effect and will be in force and effect
      upon the consummation of the transactions contemplated by this Agreement. No claims have been made under such lender’s title insurance policy, and no prior holder or servicer of the related Mortgage, including the related Seller Party, has done, by
      act or omission, anything which would impair the coverage of such lender’s title insurance policy, including without limitation, no unlawful fee, commission, kickback or other unlawful compensation or value of any kind has been or will be received,
      retained or realized by any attorney, firm or other Person, and no such unlawful items have been received, retained or realized by such Seller Party.

   

  s. No Defaults. Except with respect to an Early Buyout Loan,
      Non-Performing Mortgage Loan, other than a Monthly Payment no more than sixty (60) days delinquent, there is no default, breach, violation or event of acceleration existing under the Mortgage or the Mortgage Note and no event has occurred which, with
      the passage of time or with notice and the expiration of any grace or cure period, would constitute a default, breach, violation or event of acceleration, and no Seller Party nor its predecessors have waived any default, breach, violation or event of
      acceleration; and no Seller Party nor any of its Affiliates nor any of their respective predecessors, have waived any default, breach, violation or event which would permit acceleration; and with respect to each Co-op Loan other than an Early Buyout
      Loan or Non-Performing Mortgage Loan, there is no default in complying with the terms of the Mortgage Note, the Assignment of Proprietary Lease and the Proprietary Lease and all maintenance charges and assessments (including assessments payable in
      the future installments, which previously became due and owing) have been paid, and the related Seller Party has the right under the terms of the Mortgage Note, Assignment of Proprietary Lease and Recognition Agreement to pay any maintenance charges
      or assessments owed by the Mortgagor, except with respect to a Mortgage Loan that is an Early Buyout Loan.

   

  t. No Mechanics’ Liens. Except as insured against by the related
      title insurance policy, to the applicable Seller Party’s best knowledge, there are no mechanics’ or similar liens or claims which have been filed for work, labor or material (and, other than with respect to HECM Loans and Private Label Reverse
      Mortgage Loans, no rights are outstanding that under the law could give rise to such liens) affecting the Mortgaged Property which are or may be liens prior to, or equal or coordinate with, the lien of the Mortgage.

   

  
    Schedule 1-A-6 

    
      
 

  

   

  u. Location of Improvements; Encroachments. Except as insured
      against by the related title insurance policy, all improvements which were considered in determining the Appraised Value of the Mortgaged Property lie wholly within the boundaries and building restriction lines of the Mortgaged Property, no
      improvements on adjoining properties encroach upon the Mortgaged Property, and no improvement located on or being part of the Mortgaged Property is in violation of any applicable zoning and building law, ordinance or regulation.

   

  v. Origination; Payment Terms. With respect to any Agency
      Mortgage Loan, the Mortgage Loan was originated by or in conjunction with a mortgagee approved by the Secretary of Housing and Urban Development pursuant to Sections 203 and 211 of the National Housing Act, a savings and loan association, a savings
      bank, a commercial bank, credit union, insurance company or similar banking institution which is supervised and examined by a federal or state authority. Other than with respect to HELOCs, principal and/or interest payments on the Mortgage Loan
      commenced or will commence no more than sixty (60) days after funds were disbursed in connection with the Mortgage Loan. Other than with respect to a Business Purpose Mortgage Loan or as otherwise permitted by the applicable Agency Guide, no Mortgage
      Loan has a balloon payment feature. The Mortgagor contributed a percentage amount equal to or greater than the amount required pursuant to the applicable Agency Guide of the purchase price for the Mortgaged Property from their own funds. Interest on
      the Mortgage Loan is calculated on the basis of a 360-day year consisting of twelve (12) 30-day months. With respect to adjustable rate Mortgage Loans, the Mortgage Interest Rate is adjusted on each Interest Rate Adjustment Date to equal the Index
      plus the Gross Margin (rounded up or down to the nearest .125%), subject to the Mortgage Interest Rate Cap. Other than with respect to HELOCs, HECM Loans and Private Label Reverse Mortgage Loans, the Mortgage Note is payable on the first day of each
      month in equal monthly installments of principal and interest, which installments of interest with respect to adjustable rate Mortgage Loans, are subject to change on the Interest Rate Adjustment Date due to adjustments to the Mortgage Interest Rate
      on each Interest Rate Adjustment Date, with interest calculated and payable in arrears, sufficient to amortize the Mortgage Loan fully by the stated maturity date, over an original term of not more than thirty (30) years from commencement of
      amortization.

   

  w. Customary Provisions. The Mortgage Note has a stated maturity.
      The Mortgage contains customary and enforceable provisions such as to render the rights and remedies of the holder thereof adequate for the realization against the Mortgaged Property of the benefits of the security provided thereby, including, (i) in
      the case of a Mortgage designated as a deed of trust, by trustee’s sale, and (ii) otherwise by judicial foreclosure. Upon default by a Mortgagor on a Mortgage Loan and foreclosure on, or trustee’s sale of, the Mortgaged Property pursuant to the
      proper procedures, the holder of the Mortgage Loan will be able to deliver good and merchantable title to the Mortgaged Property. There is no homestead or other exemption available to the Mortgagor that would interfere with such right of foreclosure.
      The Mortgage Note and Mortgage are on forms acceptable to Fannie Mae or Freddie Mac, as applicable.

   

  x. Occupancy of the Mortgaged Property. As of the Purchase Date
      the Mortgaged Property is, or, in the case of Mortgaged Property which is a second or vacation home or investment property, capable of being lawfully occupied under applicable law. Other than with respect to Business Purpose Mortgage Loans, all
      inspections, licenses and certificates required to be made or issued with respect to all occupied portions of the Mortgaged Property and, with respect to the use and occupancy of the same, including but not limited to certificates of occupancy and
      fire underwriting certificates, have been made or obtained from the appropriate authorities. No Seller Party has received notification from any Governmental Authority that the Mortgaged Property is in material non-compliance with such laws or
      regulations, is being used, operated or occupied unlawfully or has failed to have or obtain such inspection, licenses or certificates, as the case may be. No Seller Party has received notice of any violation or failure to conform with any such law,
      ordinance, regulation, standard, license or certificate. Other than with respect to a Business Purpose Mortgage Loan, with respect to any Mortgage Loan originated with an “owner-occupied” Mortgaged

   

   

  
    Schedule 1-A-7 

    
      
 

  

   

  Property, the Mortgagor represented at the time of origination of the Mortgage Loan that the Mortgagor would
      occupy the Mortgaged Property as the Mortgagor’s primary residence.

   

  y. No Additional Collateral. The Mortgage Note is not and has not
      been secured by any collateral except the lien of the corresponding Mortgage and the security interest of any applicable security agreement or chattel mortgage referred to in clause (m) above.

   

  z. Data. The information on the Asset Schedule correctly and
      accurately reflects the information contained in the applicable Seller Party’s records (including, without limitation, the Asset File, as applicable) in all material respects. The information contained under each of the headings in the Asset Schedule
      for such Mortgage Loan is true, complete and correct in all material respects.

   

  aa. Deeds of Trust. In the event the Mortgage constitutes a deed
      of trust, a trustee, authorized and duly qualified under applicable law to serve as such, has been properly designated and currently so serves and is named in the Mortgage, and no fees or expenses are or will become payable by the Custodian or
      Administrative Agent to the trustee under the deed of trust, except in connection with a trustee’s sale after default by the Mortgagor.

   

  bb. Transfer of Mortgage Loans. Except with respect to a Mortgage
      Loan registered with MERS or intended for purchase by GNMA, the related Assignment of Mortgage is in recordable form and is acceptable for recording under the laws of the jurisdiction in which the Mortgaged Property is located.

   

  cc. Due-on-Sale. Except with respect to a Mortgage Loan intended
      for purchase by GNMA, and subject to the federal Garn-St. Germain Depository Institutions Act of 1982 and similar state laws restricting the enforceability of “due on sale” provisions, the Mortgage contains an enforceable provision for the
      acceleration of the payment of the unpaid principal balance of the Mortgage Loan in the event that the Mortgaged Property is sold or transferred without the prior written consent of the mortgagee thereunder.

   

  dd. No Graduated Payments or Contingent Interests. The Mortgage
      Loan is not a graduated payment mortgage loan and the Mortgage Loan does not have a shared appreciation or other contingent interest feature. No Mortgage Loan has a negative amortization feature.

   

  ee. Consolidation of Future Advances. Any future advances made to
      the Mortgagor prior to the Purchase Date have been consolidated with the outstanding principal amount secured by the Mortgage, and the secured principal amount, as consolidated, bears a single interest rate and single repayment term. The lien of the
      Mortgage securing the consolidated principal amount is expressly insured as having first lien priority with respect to Mortgage Loans other than Second Lien Mortgage Loans, or second lien priority with respect to Second Lien Mortgage Loans, in each
      case, by a title insurance policy, an endorsement to the policy insuring the mortgagee’s consolidated interest or by other title evidence in accordance with the Asset Guidelines and, with respect to each Agency Mortgage Loan, acceptable to the
      related Agency. The consolidated principal amount does not exceed the original principal amount of the Mortgage Loan.

   

  ff. No Condemnation Proceeding/No Damage. Subsequent to the
      origination of the Mortgage Loan, to each Seller Party’s best knowledge, there have not been any condemnation proceedings with respect to the Mortgaged Property and no Seller Party has knowledge of any such proceedings. Except with respect to
      Non-Performing Mortgage Loans and Re-Performing Mortgage Loans, to the best of each Seller Party’s knowledge, the Mortgaged Property is undamaged by water, fire, earthquake, earth movement other than earthquake, windstorm, flood, tornado, or similar
      casualty (excluding casualty from the presence of hazardous wastes or hazardous substances) to affect adversely the value of the Mortgaged Property as security for the Mortgage Loan as reflected in the value of the Mortgage Loan.

   

   

  
    Schedule 1-A-8 

    
      
 

  

   

  gg. Servicing and Collection Practices; Escrow Deposits; Holdback
        Amounts. The servicing and collection practices used by the applicable Seller Party with respect to each Mortgage Loan have been in accordance with Accepted Servicing Practices, applicable laws and regulations, and have been in all respects
      legal and proper. With respect to (i) each Mortgage Loan for which there are escrow deposits and Holdback Amounts, all such payments are held in the related Holdback Account in trust for the related Seller Party and (ii) all such payments in respect
      of escrow deposits and Escrow Payments are in the possession of, or under the control of, the related Seller Party and, in each case, no deficiencies exist in connection therewith for which customary arrangements for repayment thereof have not been
      made. Holdback Amounts and Escrow Payments, have been collected in full compliance with state and federal law. An escrow of funds is not prohibited by applicable law and, where required by applicable law, has been established in an amount sufficient
      to pay for every item that remains unpaid and has been assessed but is not yet due and payable. No escrow deposits, Escrow Payments or Holdback Amounts or other charges or payments due the related Seller Party have been capitalized under the Mortgage
      or the Mortgage Note. All Mortgage Interest Rate adjustments have been made in strict compliance with state and federal law and the terms of the related Mortgage Note. Any interest required to be paid pursuant to state, federal and local law has been
      properly paid and credited.

   

  hh. Conversion to Fixed Interest Rate. Except as allowed by
      Fannie Mae or Freddie Mac or otherwise as expressly approved in writing by Administrative Agent, with respect to adjustable rate Mortgage Loans, the Mortgage Loan is not convertible to a fixed interest rate Mortgage Loan.

   

  ii.  Other Insurance Policies. No action, inaction or event has
      occurred and no state of facts exists or has existed that has resulted or will result in the exclusion from, denial of, or defense to coverage under any applicable special hazard insurance policy, private mortgage insurance policy or bankruptcy bond,
      irrespective of the cause of such failure of coverage. In connection with the placement of any such insurance, no commission, fee, or other compensation has been or will be received by the related Seller Party or by any officer, director, or employee
      of such Seller Party or any designee of such Seller Party or any corporation in which such Seller Party or any officer, director, or employee had a financial interest at the time of placement of such insurance.

   

  jj.  Servicemembers Civil Relief Act. The Mortgagor has not
      notified the related Seller Party, and no Seller Party has knowledge, of any relief requested or allowed to the Mortgagor under the Servicemembers Civil Relief Act of 2003.

   

  kk. Property Valuation. Each Asset File for a Mortgage Loan
      contains a written BPO or appraisal that sets forth an “as is” value prepared by a third-party appraiser licensed or certified by the applicable governmental body in which the mortgaged property is located and in accordance with the requirements of
      Title XI of FIRREA. The appraisal for such Mortgage Loan satisfies, with respect to each Agency Mortgage Loan, the requirements of Fannie Mae, Freddie Mac, Ginnie Mae, FHA, or VA, as applicable, and applicable legal and regulatory requirements, and
      was made and signed prior to the final approval of the Mortgage Loan application. The person performing such property valuation (including an appraiser) received no benefit from, and such person’s compensation or flow of business from the originator
      from which the related Seller Party purchased the related Mortgage Loan was not affected by, the approval or disapproval of such Mortgage Loan. All improvements which were considered in determining the appraised value of the Mortgaged Property lie
      wholly within the boundaries and building restriction lines of the Mortgaged Property, and no improvements on adjoining properties encroach upon the Mortgaged Property. With respect to Second Lien Mortgage Loans, the related Asset File contains a
      review appraisal approved by Administrative Agent in its sole discretion was conducted and executed prior to the funding of the Mortgage Loan by a qualified third party appraiser who had no interest, direct or indirect in the Mortgaged Property or in
      any loan made on the security thereof, and whose compensation is not affected by the approval or disapproval of the Mortgage Loan.

   

   

  
    Schedule 1-A-9 

    
      
 

  

   

  ll. Disclosure Materials. The Mortgagor has received all
      disclosure materials required by applicable law with respect to the making of adjustable rate mortgage loans, and the related Seller Party maintains copies of such disclosure materials in the Asset File.

   

  mm. Construction or Rehabilitation of Mortgaged Property. Other
      than with respect to a Business Purpose Mortgage Loan, no Mortgage Loan was made in connection with the construction or rehabilitation of a Mortgaged Property or facilitating the trade-in or exchange of a Mortgaged Property. No Business Purpose
      Mortgage Loan was made in connection with the ground up construction of a Mortgaged Property.

   

  nn. No Defense to Insurance Coverage. No action has been taken or
      failed to be taken, no event has occurred and no state of facts exists or has existed on or prior to the Purchase Date (whether or not known to any Seller Party on or prior to such date) which has resulted or will result in an exclusion from, denial
      of, or defense to coverage under any private mortgage insurance, if any, (including, without limitation, any exclusions, denials or defenses which would limit or reduce the availability of the timely payment of the full amount of the loss otherwise
      due thereunder to the insured) whether arising out of actions, representations, errors, omissions, negligence, or fraud of any Seller Party, the related Mortgagor or any party involved in the application for such coverage, including the appraisal,
      plans and specifications and other exhibits or documents submitted therewith to the insurer under such insurance policy, or for any other reason under such coverage, but not including the failure of such insurer to pay by reason of such insurer’s
      breach of such insurance policy or such insurer’s financial inability to pay.

   

  oo. Capitalization of Interest. The Mortgage Note does not by its terms provide for
      the capitalization or forbearance of interest.

   

  pp. No Equity Participation. No document relating to the Mortgage
      Loan provides for any contingent or additional interest in the form of participation in the cash flow of the Mortgaged Property or a sharing in the appreciation of the value of the Mortgaged Property. The indebtedness evidenced by the Mortgage Note
      is not convertible to an ownership interest in the Mortgaged Property or the Mortgagor and no Seller Party has financed nor does it own directly or indirectly, any equity of any form in the Mortgaged Property or the Mortgagor.

   

  qq. Proceeds of Mortgage Loan. The proceeds of the Mortgage Loan
      have not been and shall not be used to satisfy, in whole or in part, any debt owed or owing by the Mortgagor to the related Seller Party or any Affiliate or correspondent of such Seller Party, except in connection with a refinanced Mortgage Loan.

   

  rr. Origination Date. Other than with respect to Early Buyout
      Loans, Non-Performing Mortgage Loans, Re-Performing Mortgage Loans, Scratch and Dent Mortgage Loans and Seasoned Performing Loans, the Purchase Date is no more than one-hundred and eighty (180) days following the origination date.

   

  ss. Reserved.

   

  tt. Mortgage Submitted for Recordation. The Mortgage either has
      been or will promptly be submitted for recordation in the appropriate governmental recording office of the jurisdiction where the Mortgaged Property is located.

   

  uu. Documents Genuine. The Mortgage Loan and all Mortgage Loan
      Documents are complete and authentic and all signatures thereon are genuine and such Mortgage Loan is (i) a “closed” loan and (ii)

   

   

  
    Schedule 1-A-10 

    
      
 

  

   

  other than with respect to a BPL – Holdback, HECM Loan, Private Label Reverse Mortgage Loan
      or HELOC, fully funded by the related Seller Party and held in such Seller Party’s name.

   

  vv. Reserved.

   

  ww. Description. The Mortgage Loan conforms to the description
      thereof as set forth on the related Asset Schedule delivered to the Custodian and Administrative Agent.

   

  xx. Located in U.S. No collateral (including, without limitation,
      the related real property and the dwellings thereon and otherwise) relating to a Mortgage Loan is located in any jurisdiction other than in one of the fifty (50) states of the United States of America or the District of Columbia.

   

  yy. Acquisition Guidelines. The Mortgage Loan has been acquired
      in accordance with the Acquisition Guidelines (including all supplements or amendments thereto) previously provided to Administrative Agent, other than with respect to any Agency Mortgage Loan, which has been acquired in accordance with the
      applicable Agency Guide.

   

  zz. Primary Mortgage Guaranty Insurance. If so indicated on the
      related Asset Schedule, each Mortgage Loan is insured as to payment defaults by a policy of primary mortgage guaranty insurance in the amount required where applicable, and by an insurer approved, by the applicable take-out investor, if applicable,
      and all provisions of such primary mortgage guaranty insurance have been and are being complied with, such policy is in full force and effect, and all premiums due thereunder have been paid. Each Mortgage Loan which is represented to Administrative
      Agent to have, or to be eligible for, FHA insurance is insured, or eligible to be insured, pursuant to the National Housing Act. Each Mortgage Loan which is represented by the related Seller Party to be guaranteed, or to be eligible for guaranty, by
      the VA is guaranteed, or eligible to be guaranteed, under the provisions of Chapter 37 of Title 38 of the United States Code. As to each FHA insurance certificate or each VA guaranty certificate, the related Seller Party has complied with applicable
      provisions of the insurance for guaranty contract and federal statutes and regulations, all premiums or other charges due in connection with such insurance or guarantee have been paid, there has been no act or omission which would or may invalidate
      any such insurance or guaranty, and the insurance or guaranty is, or when issued, will be, in full force and effect with respect to each Mortgage Loan. There are no defenses, counterclaims, or rights of setoff affecting the Mortgage Loans or
      affecting the validity or enforceability of any private mortgage insurance or FHA insurance applicable to the Mortgage Loans or any VA guaranty with respect to the Mortgage Loans.

   

  aaa. Reserved.

   

  bbb. Predatory Lending Regulations; High Cost Loans. No Mortgage
      Loan (a) is subject to Section 226.32 of Regulation Z or any similar state law (relating to high interest rate credit/lending transactions), (b) is a High Cost Mortgage Loan or (c) contains any term or condition, or involves any loan origination
      practice, that has been defined as “predatory” under any applicable federal, state, county or municipal law, or that has been expressly categorized as an “unfair” or “deceptive” term, condition or practice in any such applicable federal, state,
      county or municipal law. No predatory or deceptive lending practices, including, without limitation, the extension of credit without regard to the ability of the Mortgagor to repay and the extension of credit which has no apparent benefit to the
      Mortgagor, were employed in the origination of the Mortgage Loan.

   

  ccc. Credit Score and Reporting. Other than with respect to Early
      Buyout Loans, as of the date of the Mortgage Note, the Mortgagor’s credit score as listed on the Asset Schedule is no more than ninety (90) days old, or as otherwise permitted by the applicable Agency. In connection with the servicing of the Mortgage
      Loan (other than Early Buyout Loans), full, complete and accurate information with respect to

   

   

  
    Schedule 1-A-11 

    
      
 

  

   

  the Mortgagor’s credit file has been or will be furnished to Equifax, Experian and Trans
      Union Credit Information in accordance with the Fair Credit Reporting Act and its implementing regulations.

   

  ddd. FHA Mortgage Insurance; VA Loan Guaranty; USDA Loan Guaranty.
      With respect to the FHA Loans, the FHA Mortgage Insurance Contract is or eligible to be in full force and effect and there exists no impairment to full recovery without indemnity to the Department of Housing and Urban Development or the FHA under FHA
      Mortgage Insurance. With respect to the VA Loans, the VA Loan Guaranty Agreement is in full force and effect to the maximum extent stated therein. With respect to the USDA Loans, the USDA Loan Guaranty Agreement is in full force and effect to the
      maximum extent stated therein. All necessary steps have been taken to keep such guaranty or insurance valid, binding and enforceable and each of such is the binding, valid and enforceable obligation of the FHA, USDA and the VA, respectively, to the
      full extent thereof, without surcharge, set-off or defense. Each FHA Loan, USDA Loan and VA Loan was originated in accordance with the criteria of an Agency for purchase of such Mortgage Loans.

   

  eee. Asset Schedule. The information set forth in the related
      Asset Schedule and all other information or data furnished by, or on behalf of, the applicable Seller Party to Administrative Agent is complete, true and correct in all material respects.

   

  fff. Qualified Mortgage. Notwithstanding anything to the contrary
      set forth in this Agreement, on and after January 10, 2014 (or such later date as set forth in the relevant regulations), (i) the originator made a reasonable and good faith determination that the Mortgagor had a reasonable ability to repay the loan
      according to its terms, in accordance with 12 CFR 1026.43(c) and (ii) except with respect to Non-Agency Non-QM Mortgage Loans, Scratch and Dent Mortgage Loans or unless otherwise approved in writing by Administrative Agent in its sole discretion,
      each Mortgage Loan is a Qualified Mortgage Loan.

   

  ggg. TRID Compliance.
      Other than with respect to a Business Purpose Mortgage Loan or Second Lien Mortgage Loan, with respect to each Mortgage Loan where the Mortgagor’s loan application for the Mortgage Loan was taken on or after October 3, 2015, such Mortgage Loan was
      originated in compliance with the TILA-RESPA Integrated Disclosure Rule.

   

  hhh. Co-op Loan: Valid First Lien. With respect to each Co-op
      Loan that is an Early Buyout Loan where the related Mortgaged Property has been sold to a third party and the FHA Mortgage Insurance claim proceeds have not yet been received, the related Mortgage is a valid, enforceable and subsisting first security
      interest on the related Co-op Shares securing the related Proprietary Lease, subject only to (a) liens of the Co-op Corporation for unpaid assessments representing the Mortgagor’s pro rata share of the Co-op Corporation’s payments for its blanket
      mortgage, current and future real property taxes, insurance premiums, maintenance fees and other assessments to which like collateral is commonly subject and (b) other matters to which like collateral is commonly subject which do not materially
      interfere with the benefits of the security intended to be provided by the security interest. With respect to each Co-op Loan that is not an Early Buyout Loan, the related Mortgage is a valid, enforceable and subsisting first security interest on the
      related Co-op Shares securing the related Proprietary Lease, subject only to (a) liens of the Co-op Corporation for unpaid assessments representing the Mortgagor’s pro rata share of the Co-op Corporation’s payments for its blanket mortgage, current
      and future real property taxes, insurance premiums, maintenance fees and other assessments to which like collateral is commonly subject and (b) other matters to which like collateral is commonly subject which do not materially interfere with the
      benefits of the security intended to be provided by the security interest. There are no liens against or security interests in the Co-op Shares relating to each Co-op Loan (except for unpaid maintenance, assessments and other amounts owed to the
      related cooperative which individually or in the aggregate will not have a material adverse effect on such Co-op Loan), which have priority equal to or over the related Seller Party’s security interest in such Co-op Shares. 

   

   

  
    Schedule 1-A-12 

    
      
 

  

   

  iii. Co-op Loan: Compliance with Law. With respect to each Co-op
      Loan, the related Co-op Corporation that owns title to the related Co-op Project is a “cooperative housing corporation” within the meaning of Section 216 of the Internal Revenue Code, and is in material compliance with applicable federal, state and
      local laws which, if not complied with, could have a material adverse effect on the Mortgaged Property.

   

  jjj. Co-op Loan: No Pledge. With respect to each Co-op Loan,
      there is no prohibition against pledging the Co-op Shares or assigning the Proprietary Lease. With respect to each Co-op Loan, (i) the term of the related Proprietary Lease is longer than the term of the Co-op Loan, (ii) there is no provision in any
      Proprietary Lease which requires the Mortgagor to offer for sale the Co-op Shares owned by such Mortgagor first to the Co-op Corporation, (iii) there is no prohibition in any Proprietary Lease against pledging the Co-op Shares or assigning the
      Proprietary Lease and (iv) the Recognition Agreement is on a form of agreement published by Aztech Document Systems, Inc. as of the date hereof or includes provisions which are no less favorable to the lender than those contained in such agreement.

   

  kkk. Co-op Loan: Acceleration of Payment. With respect to each
      Co-op Loan, each Assignment of Proprietary Lease contains enforceable provisions such as to render the rights and remedies of the holder thereof adequate for the realization of the material benefits of the security provided thereby. The Assignment of
      Proprietary Lease contains an enforceable provision for the acceleration of the payment of the unpaid principal balance of the Mortgage Note in the event the Co-op Unit is transferred or sold without the consent of the holder thereof.

   

  lll. Compliance with Anti-Money Laundering Laws. To the knowledge
      of a Responsible Officer of the Seller, each originator from which any Seller Party has purchased any Mortgage Loan has complied with all applicable anti-money laundering laws and regulations, including without limitation the PATRIOT Act with respect
      to the origination of each Mortgage Loan and has established an anti-money laundering compliance program if required by applicable anti-money laundering laws and regulations and has conducted the requisite due diligence in connection with the
      origination of each Mortgage Loan for purposes of all applicable anti-money laundering laws, including with respect to the legitimacy of the applicable Mortgagor and the origin of the assets used by the Mortgagor to purchase the property in question,
      and maintains, and will maintain, sufficient information to identify the applicable Mortgagor for purposes of all applicable anti-money laundering laws. To the knowledge of a Responsible Officer of the Seller, no Mortgage Loan is in violation of
      Executive Order 13224 or the regulations promulgated by the Office of Foreign Assets Control of the United States Department of the Treasury (the “OFAC Regulations”), and no Mortgagor or guarantor on the Mortgage Loan is listed as a “specially
      designated national” or “blocked person” for purposes of the OFAC Regulations.

   

  mmm. Access; Utilities; Separate Tax Lots. With respect to each
      Business Purpose Mortgage Loan, each Mortgaged Property (a) is located on or adjacent to a public road and has direct legal access to such road, or has access via an irrevocable easement or irrevocable right of way permitting ingress and egress
      to/from a public road, (b) is served by or has uninhibited access rights to public or private water and sewer (or well and septic) and electricity all of which are appropriate for the current use of such Mortgaged Property, and (c) constitutes one or
      more separate tax parcels which do not include any property which is not part of such Mortgaged Property or is subject to an endorsement under the related title policy insuring such Mortgaged Property.

   

  nnn. Local Law Compliance. With respect to each Business Purpose
      Mortgage Loan, the terms of the related loan documents require the related Mortgagor to cause the Mortgaged Property to comply in all material respects with all applicable governmental regulations, zoning and building laws.

   

   

  
    Schedule 1-A-13 

    
      
 

  

   

  ooo. Licenses and Permits. With respect to each Business Purpose
      Mortgage Loan, each Mortgagor covenants in the loan documents that it shall keep all material licenses, permits and applicable governmental authorizations necessary for its operation of each related Mortgaged Property in full force and effect, and
      all such licenses, permits and applicable governmental authorizations are in effect. No Seller Party is aware of any Mortgagor, guarantor or other obligor on any Business Purpose Mortgage Loan having received notice of any noncompliance with any use
      or occupancy law, ordinance, regulation, standard, license or certificate with respect to any Mortgaged Property.

   

  ppp. Mortgage Provisions. With respect to each Business Purpose
      Mortgage Loan, the Mortgage Note or the Mortgage contain provisions regarding the rights and remedies of the holder thereof for the realization against the related Mortgaged Property of the principal benefits of the security intended to be provided
      thereby, including realization by judicial or, if applicable, non-judicial foreclosure, subject to receivership, bankruptcy, insolvency, moratorium and other laws and principles of equity affecting the rights of creditors, whether considered in a
      proceeding at law or in equity.

   

  qqq. Litigation. To the knowledge of a Responsible Officer of the
      Seller, there is no litigation, proceeding or governmental investigation pending, or any order, injunction or decree outstanding, existing or relating to the Mortgage Loan or the related Mortgaged Property.

   

  rrr. Complete Asset Files. For each Mortgage Loan, all of the
      required Mortgage Loan documents have been delivered to the Custodian in accordance with the Custodial Agreement and all Mortgage Loan documents necessary to foreclose on the Mortgaged Property are included in the Asset File delivered to the
      Custodian. No material documentation is missing from the Asset File in possession of Custodian, unless such documentation is subject to a Servicer request for release of documents and a foreclosure attorney acknowledgment in form and substance
      acceptable to Administrative Agent. Each of the documents and instruments specified to be included in the Asset File is executed and in due and proper form, and each such document or instrument is in form acceptable to the applicable federal or state
      regulatory agency.

   

  sss. Holdback Amounts: With respect to any Mortgage Loan for which there are Holdback
      Amounts, such Holdback Amounts have been deposited in the Holdback Account.

   

  ttt. No Ground Leases. No Mortgaged Property is subject to a
      ground lease, it being understood that the term ground lease does not refer to the leasehold interests that have been approved by the Administrative Agent in accordance with the terms of the Program Agreements.

   

  uuu. Advance-Paid Periodic Payments. Except with respect to any
      interest reserve amounts, no Mortgage Loan contains a provision requiring more than two (2) monthly or other scheduled periodic payments by the Mortgagor on the Mortgage Loan to be paid in advance from the proceeds of the Mortgage Loan.

   

  vvv. General Liability Insurance. With respect to each Business
      Purpose Mortgage Loan, the related Mortgaged Property is required pursuant to the related Mortgage to be (or the holder of the Mortgage can require that the Mortgaged Property be), and at origination the related Seller Party received evidence that
      such Mortgaged Property was, insured by a hazard and rental loss insurance policy (as applicable) in amounts as required for similar properties in accordance with the Acquisition Guidelines.

   

  www. Cross-Collateralization. Except as approved by
      Administrative Agent, no Mortgage Loan is cross-collateralized or provides for cross-default against any other Mortgage Loan unless such Mortgage Loan is cross-collateralized and cross-defaulted with another Mortgage Loan sold by the applicable
      Seller

   

   

  
    Schedule 1-A-14 

    
      
 

  

   

  Party to the Administrative Agent with the same Mortgagor or an Affiliate thereof controlled by the person or
      persons controlling the Mortgagor or controlled by any guarantor of such Mortgagor.

   

  xxx. Assignment of Leases and Rents. With respect to each
      Business Purpose Mortgage Loan, any assignment of leases, rents and profits or similar document or instrument executed by the related Mortgagor in connection with the origination of the related Mortgage Loan, as such document may be amended,
      modified, renewed or extended from time to time (the “Assignment of Leases and Rents”) was duly executed, acknowledged and delivered and establishes and creates a valid and enforceable first priority collateral assignment of, or lien on, the
      related Mortgagor’s interest in all leases, sub-leases, licenses or other agreements pursuant to which any person is entitled to occupy, use or possess all or any portion of the real property subject to the related Mortgage, subject to legal
      limitations of general applicability to mortgage loans similar to the Mortgage Loan, and the Mortgagor and each assignor of such Assignment of Leases and Rents to the related Seller Party have the full right to assign the same. Each Business Purpose
      Mortgage Loan contains an Assignment of Leases and Rents, and such Assignment of Leases and Rents is included either in the related Mortgage or in a related separate assignment document. The related assignment of any Assignment of Leases and Rents
      not included in the related Mortgage has been executed and delivered to the Administrative Agent in blank, is otherwise in recordable form and constitutes a legal, valid and binding assignment, sufficient to convey to the assignee named therein
      (assuming that the assignee has the capacity to acquire such Assignment of Leases and Rents) all of the assignor’s right, title and interest in, to and under such Assignment of Leases and Rents.

   

  yyy. Non-conforming Uses. With respect to each Business Purpose
      Mortgage Loan, if the Mortgaged Property constitutes a legal nonconforming use, the nonconforming improvements may be rebuilt to current density and used and occupied for such nonconforming purposes if damaged or destroyed or ordinance and law
      endorsement to hazard policy unless otherwise disclosed to Administrative Agent in writing.

   

  zzz. No Releases. With respect to each Business Purpose Mortgage
      Loan, no Mortgage Note or Mortgage requires the mortgagee to release all or any material portion of the related Mortgaged Property that was included in the valuation for such Mortgaged Property, and/or generates income, from the lien of the related
      Mortgage except upon payment in full of all amounts due under the related Business Purpose Mortgage Loan.

   

  aaaa. No Prior Modifications. With respect to a Non-Performing
      Mortgage Loan or Re-Performing Mortgage Loan, if such Mortgage Loan has been modified after acquisition by the related Seller Party, the current and applicable modified terms are reflected on the Asset Schedule and the signed modification documents
      are in the related loan file and are approved by the Administrative Agent.

   

  bbbb. Leases. Other than with respect to an Agency Mortgage Loan,
      if a Mortgage Loan is secured by a long-term residential lease, to the best of each Seller Party’s knowledge: (A) the terms of such lease expressly permit the mortgaging of the leasehold estate, the assignment of the lease without the lessor’s
      consent (or the lessor’s consent has been obtained and such consent is in the Asset File), and the acquisition by the holder of the Mortgage of the rights of the lessee upon foreclosure or assignment in lieu of foreclosure or provide the holder of
      the Mortgage with substantially similar protection; (B) the terms of such lease do not allow the termination thereof upon the lessee’s default without the holder of the Mortgage being entitled to receive written notice of, and opportunity to cure,
      such default or prohibit the holder of the Mortgage from being insured under the hazard insurance policy related to the Mortgaged Property; (C) the original term of such lease is not less than fifteen (15) years; (D) the term of such lease does not
      terminate earlier than five years after the maturity date of the Mortgage Note; and (E) the Mortgaged Property is located in a jurisdiction in which the use of leasehold estates for residential properties is an accepted

   

   

  
    Schedule 1-A-15 

    
      
 

  

   

  practice. With respect to an Agency Mortgage Loan, such lease complies with the applicable Agency Guidelines.

   

  cccc. HELOC Terms. With respect to HELOCs, the related Mortgagor may request advances
      up to the Credit Limit within the first (1st) ten (10) years following the date of origination.

   

  dddd. Revolving Term. Each HELOC provides for an initial period
      (the “Revolving Period”) during which the Mortgagor is required to make monthly payments of interest payable in arrears and requires repayment of the unpaid principal balance thereof over a period following the Revolving Period (the “Repayment
      Period”) which is not in excess of one hundred twenty (120) months. As of the Purchase Date no HELOC was in its Repayment Period. The Mortgage Interest Rate on each Mortgage Loan adjusts periodically in accordance with the Credit Line Agreement. On
      each Interest Rate Adjustment Date the related Seller Party has made interest rate adjustments on the Mortgage Loan which are in compliance with the related Mortgage, Mortgage Note and Credit Line Agreement and applicable law.

   

  eeee. Draws In Compliance With Laws. Each Draw under the HELOC
      has been disbursed in accordance with all applicable laws, rules and regulations, including, without limitation, all state and local licensing requirements.

   

  ffff. Enforcement of Remedies. Each Credit Line Agreement permits
      the holder to enforce its full remedies, with respect to, among other things, material events of default by the Mortgagor, declines in the value of the related Mortgaged Property and material changes in the Mortgagor’s financial circumstances.

   

  gggg. FICO Scores. With respect to each Non-Agency Non-QM
      Mortgage Loan (other than a Non-QM – Low FICO Mortgage Loan), the Mortgagor’s FICO score at the time of origination was [***] or greater. With respect to each Non-QM – Low FICO Mortgage Loan, the Mortgagor’s FICO score at the time of origination was
      at least [***] but not greater than [***].

   

  hhhh. Credit Limits. With respect to each HELOC, if the related
      Seller Party has increased a Mortgagor’s Credit Limit, (i) such Seller Party has notified the Administrative Agent in writing of such Seller Party’s decision to increase a Mortgagor’s Credit Limit in accordance with Mortgage Loan Documents, (ii) such
      increase has been effected by such Seller Party through modification of the Mortgage Loan with the Mortgagor; (iii) the related Seller Party has delivered to the Administrative Agent an updated Asset Schedule reflecting the modification to the
      Mortgage Loan and (iv) the related Seller Party has delivered to the Custodian any modified Mortgage Loan documents. Notwithstanding anything to the contrary herein, in no event shall Administrative Agent or Buyers have any obligation to fund any
      Draws with respect to any HELOC, which obligations shall be retained by the Seller Parties.

   

   

  
    Schedule 1-A-16 

    
      
 

  

  
   

  SCHEDULE 1-B

   

  REPRESENTATIONS AND WARRANTIES WITH RESPECT TO CONTRIBUTED REO PROPERTY

   

  Each Seller Party makes the following representations and warranties to
      Administrative Agent with respect to each Contributed REO Property that is at all times subject to a Transaction hereunder and at all times while the Program Agreements and any Transaction hereunder is in full force and effect. With respect to those
      representations and warranties which are made to the best of such Seller Party’s knowledge, if it is discovered by such Seller Party or Administrative Agent that the substance of such representation and warranty is inaccurate, notwithstanding such
      Seller Party’s lack of knowledge with respect to the substance of such representation and warranty, such inaccuracy shall be deemed a breach of the applicable representation and warranty for purposes of determining Asset Value.

   

  (a) Asset File. (i) The related deed in the name of the Underlying
      Entity shall have been submitted for recording, (ii) a copy of the recorded deed if returned by the recording office shall be delivered to the applicable Custodian within fifteen (15) Business Days of such REO Property being acquired by the
      Underlying Entity, and (iii) all other documents required to be delivered as part of the Asset File shall be delivered to the applicable Custodian within fifteen (15) Business Days of such REO Property being acquired by the Underlying Entity or held
      by an attorney in connection with a foreclosure pursuant to an Attorney Bailee Letter.

   

  (b) Ownership. The Underlying Entity is the sole owner and holder
      of the REO Property and the Servicing Rights related thereto. The Underlying Entity has not assigned or pledged the REO Property and the related Servicing Rights except as contemplated in this Agreement, and, except as otherwise disclosed to
      Administrative Agent in writing, the REO Property is free and clear of any lien or encumbrance other than (A) liens for real estate taxes not yet due and payable, (B) covenants, conditions and restrictions, rights of way, easements and other matters
      of public record as of the date of recording of the related security instrument, such exceptions appearing of record being acceptable to mortgage lending institutions generally, and (C) other matters to which like properties are commonly subject
      which do not, individually or in the aggregate, materially interfere with the use, enjoyment or marketability of the REO Property.

   

  (c) Title. Each deed is genuine, constitutes the legal, valid and binding conveyance of
      the REO Property in fee simple to the Underlying Entity or its designee.

   

  (d) REO Property as Described. The information set forth in the
      related Asset Schedule and all other information or data furnished by, or on behalf of, the Seller Parties to Administrative Agent is true and correct in all material respects as of the date or dates on which such information is furnished.

   

  (e) Taxes and Assessments. There are no property taxes,
      governmental charges, levies or governmental assessments with respect to any REO Property that are delinquent by more than thirty (30) days; provided, however, that a disclosure of outstanding charges provided to Administrative Agent may include the
      total amount without specifying the related categories of outstanding charges.

   

  (f) No Litigation. Other than any customary claim or counterclaim
      arising out of any eviction, foreclosure or collection proceeding relating to any REO Property or as otherwise disclosed in writing to Administrative Agent, there is no litigation, proceeding or governmental investigation pending, or any order,
      injunction or decree outstanding, existing or relating to each Seller Party or any of their

    

   

  
    Schedule 1-B-1 

    
      
 

  

   

  Subsidiaries with respect to the REO Property that would materially and adversely affect the value of the REO
      Property.

   

  (g) Hazard Insurance. All buildings or other customarily insured
      improvements upon the Contributed REO Property are insured by an insurer against loss by fire, hazards of extended coverage and such other hazards in an amount not less than the lesser of the maximum insurable value and the BPO value.

   

  (h) No Mechanics’ Liens. There are no mechanics’ or similar liens
      or claims which have been filed for work, labor or material (and no rights are outstanding that under the law could give rise to such liens) affecting the REO Property which are or may be liens prior to, or equal or coordinate with, the lien of the
      Mortgage.

   

  (i) No Damage. The REO Property is undamaged by water, fire,
      earthquake, earth movement other than earthquake, windstorm, flood, tornado, defective construction materials or work, or similar casualty which would cause such REO Property to become uninhabitable.

   

  (j) No Condemnation. There is no proceeding pending, or to Seller Party’s knowledge,
      threatened, for the total or partial condemnation of the REO Property.

   

  (k) Environmental Laws. The REO Property is currently in material
      compliance with all applicable environmental laws pertaining to environmental hazards including, without limitation, asbestos.

   

  (l) Location and Type of REO Property. Each REO Property is located
      in the U.S. or a territory of the U.S. and consists of a one- to four-unit residential property, which may include, but is not limited to, a single-family dwelling, townhouse, condominium unit, or unit in a planned unit development.

   

  (m)  No Fraudulent Acts. No fraudulent acts were committed by any Seller Party in
      connection with the acquisition of such REO Property.

   

  (n) Acquisition of REO Property. With respect to each such REO
      Property, (i) such REO Property is a Mortgaged Property acquired by Underlying Entity through foreclosure or by deed in lieu of foreclosure or otherwise, and (ii) with respect to each such REO Property, upon the consummation of the related
      Transaction, the applicable Custodian shall have received the related Asset File and such Asset File shall not have been released from the possession of the applicable Custodian for longer than the time periods permitted under the related Custodial
      Agreement.

   

  (o) No Occupants. Except as otherwise disclosed in writing to Administrative Agent, no
      tenant or other party has any right to occupy or is currently occupying any REO Property.

   

  (p) Title Policy. From and after the date that is one (1) Business
      Day following the conversion of a Mortgage Loan to a REO Property, the REO Property is insured by either an ALTA title insurance policy or other generally acceptable form of policy of title insurance acceptable to prudent mortgage lending
      institutions in the area where the related REO Property is located, issued by a title insurer acceptable to prudent mortgage lenders. With respect to each REO Property, Underlying Entity is the sole insured of such policy, and such policy is in full
      force and effect and will be in full force and effect and inure to the benefit of each Seller Party and its successors. No claims have been made under such policy and no prior holder of the REO Property, including Underlying Entity, has done by act
      or omission, anything that would impair the coverage of such policy.

   

   

  
    Schedule 1-B-2 

    
      
 

  

   

  (q) No Environmental Issue. All uses and operations on or of the
      REO Properties are not in violation of any environmental laws and in compliance with permits issued pursuant thereto and the REO Property is free and clear of all Liens and other encumbrances that may be imposed as a result of any violation of an
      environmental law, whether due to any act or omission of Underlying Entity or any other person or entity.

   

   

  
    Schedule 1-B-3 

    
      
 

  

  
   

  SCHEDULE 1-C

   

  REPRESENTATIONS AND WARRANTIES WITH RESPECT TO THE PURCHASED CERTIFICATES

   

  Each Seller Party makes the following representations and warranties to
      Administrative Agent with respect to each Purchased Certificate that is at all times subject to a Transaction hereunder and at all times while the Program Agreements and any Transaction hereunder is in full force and effect. With respect to those
      representations and warranties which are made to the best of such Seller Party’s knowledge, if it is discovered by such Seller Party or Administrative Agent that the substance of such representation and warranty is inaccurate, notwithstanding such
      Seller Party’s lack of knowledge with respect to the substance of such representation and warranty, such inaccuracy shall be deemed a breach of the applicable representation and warranty for purposes of determining Asset Value.

   

  (a) Ownership. Each Underlying Entity Certificate constitutes all
      the issued and outstanding beneficial interests of all classes of the applicable Underlying Entity, as applicable, and such interests are certificated.

   

  (b) Compliance with Law. Each Underlying Entity Certificate
      complies in all respects with, or are exempt from, all applicable requirements of federal, state or local law relating to such Underlying Entity Certificate.

   

  (c) Good Title. Immediately prior to the sale, transfer and
      assignment to Administrative Agent thereof, the related Seller has good title to, and is the sole owner and holder of, such Underlying Entity Certificate, and such Seller is transferring such Underlying Entity Certificate free and clear of any and
      all liens, pledges, encumbrances, charges, security interests or any other ownership interests of any nature encumbering such Underlying Entity Certificate.

   

  (d) No Fraud. No fraudulent acts were committed by the Sellers or any of their
      respective Affiliates in connection with the issuance of the Underlying Entity Certificate.

   

  (e) No Defaults. No (i) monetary default, breach or violation
      exists with respect to any agreement or other document governing or pertaining to such Underlying Entity Certificate, or (ii) event which, with the passage of time or with notice and the expiration of any grace or cure period, would constitute a
      default, breach or violation of such Underlying Entity Certificate.

   

  (f) No Modifications. Except as expressly contemplated herein, no
      Seller Party is a party to any document, instrument or agreement, and there is no document, that by its terms modifies or affects the rights and obligations of any holder of such Underlying Entity Certificate and no Seller Party has consented to any
      material change or waiver to any term or provision of any such document, instrument or agreement and no such change or waiver exists.

   

  (g) Power and Authority. The applicable Seller Party has full
      right, power and authority to sell and assign the applicable Underlying Entity Certificate and such Underlying Entity Certificate has not been cancelled, satisfied or rescinded in whole or part nor has any instrument been executed that would effect a
      cancellation, satisfaction or rescission thereof.

   

  (h) Consents and Approvals. Other than consents and approvals
      obtained as of the related Purchase Date or those already granted in the documents governing such Underlying Entity Certificate, no consent or approval by any Person is required in connection with the related Seller’s sale and/or

   

   

  
    Schedule 1-C-1 

    
      
 

  

   

  Administrative Agent’s acquisition of such Underlying Entity Certificate, for Administrative
      Agent’s exercise of any rights or remedies in respect of the applicable Underlying Entity Certificate or for Administrative Agent’s sale, pledge or other disposition of such Underlying Entity Certificate. No third party holds any “right of first
      refusal”, “right of first negotiation”, “right of first offer”, purchase option, or other similar rights of any kind, and no other impediment exists to any such transfer or exercise of rights or remedies with respect to such Underlying Entity
      Certificate.

   

  (i) No Governmental Approvals. No consent, approval, authorization
      or order of, or registration or filing with, or notice to, any court or governmental agency or body having jurisdiction or regulatory authority over Sellers is required for any transfer or assignment by the holder of such Underlying Entity
      Certificate to the Administrative Agent.

   

  (j) Original Certificate. The applicable Seller has delivered to
      Administrative Agent the original Underlying Entity Certificate or other similar indicia of ownership of the Purchased Certificate, however denominated, re-registered in Administrative Agent’s name as required hereunder or as otherwise agreed to by
      Administrative Agent.

   

  (k) Duly and Validly Issued. Each Underlying Entity Certificate has been duly and
      validly issued in the name of Administrative Agent.

   

  (l) No Notices. No Seller Party has received written notice of any
      outstanding liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements of any kind for which the holder of such Underlying Entity Certificate is or may become obligated.

   

  (m)  REO Certificate as a Security. Each Underlying Entity
      Certificate (a) constitutes “securities” as defined in Section 8-102 of the Uniform Commercial Code (b) is not dealt in or traded on securities exchanges or in securities markets, (c) does not constitute an investment company security (within the
      meaning of Section 8-103(c) of the Uniform Commercial Code) and (d) is not held in a securities account (within the meaning of Section 8-103(c) of the Uniform Commercial Code).

   

  (n) No Distributions. There are (x) no outstanding rights, options,
      warrants or agreements for a purchase, sale or issuance, in connection with any Underlying Entity Certificate (except as expressly contemplated or permitted by this Agreement), (y) no agreements on the part of the related Seller to issue, sell or
      distribute such Underlying Entity Certificate (except as expressly contemplated or permitted by this Agreement), and (z) no obligations on the part of such Seller (contingent or otherwise) to purchase, repurchase, redeem or otherwise acquire any
      securities or any interest therein (other than from Administrative Agent or as expressly contemplated by this Agreement) or to pay any dividend or make any distribution in respect of such Underlying Entity Certificate (other than to Administrative
      Agent or as expressly contemplated by this Agreement until the repurchase of such Underlying Entity Certificate).

   

  (o) Conveyance; First Priority Lien. Upon delivery to the
      Administrative Agent of the applicable Underlying Entity Certificate (and assuming the continuing possession by the Administrative Agent of the Purchased Asset in accordance with the requirements of applicable law) and the filing of a financing
      statement covering such Underlying Entity Certificate in the appropriate jurisdictions and naming the related Seller as debtor and the Administrative Agent as secured party, such Seller has conveyed and transferred to Administrative Agent all of its
      right, title and interest to such Underlying Entity Certificate, including taking all steps as may be necessary in connection with the endorsement, transfer of power, delivery and pledge of such Underlying Entity Certificate as a “security” (as
      defined in Section 8-102 of the Uniform Commercial Code) to Administrative Agent. Upon delivery of such Underlying Entity Certificate to Administrative Agent the Lien granted hereunder is a first priority Lien on such Underlying Entity Certificate.

   

   

  
    Schedule 1-C-2 

    
      
 

  

   

  (p) No Waiver. No Seller has waived or agreed to any waiver under,
      or agreed to any amendment or other modification of the related Underlying Entity Agreement, as applicable, except as expressly contemplated herein or otherwise agreed to by Administrative Agent in writing.

   

  (q) Status of Underlying Entity. Since the date of its organization
      until the date of this Agreement, no Underlying Entity, has been engaged in any business or activity and has not owned any assets other than the assets made subject to Transactions hereunder.

   

   

  
    Schedule 1-C-3 

    
      
 

  

   

  SCHEDULE 2

   

  AUTHORIZED REPRESENTATIVES OF SELLER

   

  

  	Name	 	Title	 	Authorized Signature
	 	 	 	 	 
	William A. Newman	 	President and Chief Executive Officer	 	[***]
	 	 	 	 	 
	Maria Fregosi	 	Chief Financial Officer	 	[***]
	 	 	 	 	 
	Brian Ludtke	 	Chief Administrative Officer and Corporate Secretary	 	[***]
	 	 	 	 	 
	Phillip Miller	 	
          Chief Operating Officer

        	 	[***]
	 	 	 	 	 
	William Fischer	 	Controller/ Chief Accounting Officer	 	[***]
	 	 	 	 	 
	Joseph Ruhlin	 	Treasurer	 	[***]

   

  Authorized Representatives to Master Repurchase Agreement 

   

  
     

    
      
 

  

   

  

  ADMINISTRATIVE AGENT AND
          BUYER AUTHORIZATIONS

   

  Any of the persons whose signatures and titles appear below, including any other authorized officers, are authorized, acting singly, to act for Administrative Agent and/or Buyers under this Agreement:

   

  	Name	 	Title	 	Signature
	Margaret Dellafera	 	Vice President	 	[***]
	 	 	 	 	 
	Elie Chau 	 	Vice President 	 	[***]
	 	 	 	 	 
	Robert  Durden 	 	Vice President 	 	[***]
	 	 	 	 	 
	Pete Sack	 	Vice President 	 	[***]
	 	 	 	 	 
	Kwaw De Graft-Johnson	 	Vice President 	 	[***]
	 	 	 	 	 
	Dominic Obaditch	 	Vice President 	 	[***]
	 	 	 	 	 
	Sean Walker 	 	Vice President 	 	[***]
	 	 	 	 	 
	Ernest Calabrese	 	Vice President 	 	[***]
	 	 	 	 	 
	Jonathan Braus	 	Vice President 	 	[***]
	 	 	 	 	 
	Charles Trombley	 	Vice President 	 	[***]

   

  Authorized Representatives to Master Repurchase Agreement

   

   

  
     

    
      
 

  

  
   

  EXHIBIT A

   

  FORM OF POWER OF ATTORNEY

   

  KNOW ALL MEN BY THESE PRESENTS, that [Home Point Financial Corporation]
      [Underlying Entity] [(“Seller”)] [(“Underlying Entity”)] hereby irrevocably constitutes and appoints Credit Suisse First Boston Mortgage Capital LLC (“Administrative Agent”) 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] [Underlying Entity] and in the name of [Seller] [Underlying Entity] or in its own name, from time to time in
      Administrative Agent’s discretion:

   

  (a) in the name of [Seller] [Underlying Entity], 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 assets purchased or contributed by Administrative Agent on behalf of certain Buyers
      and/or Repledgees under the Master Repurchase Agreement (as amended, restated, supplemented or otherwise modified from time to time) dated October 23, 2020 (the “Assets”) and to file any claim or to take any other action or proceeding in any
      court of law or equity or otherwise deemed appropriate by Administrative Agent for the purpose of collecting any and all such moneys due with respect to any other assets whenever payable;

   

  (b) to pay or discharge taxes and
      liens levied or placed on or threatened against the Assets;

   

  (c) (i) to direct any party liable for any payment under any Assets to
      make payment of any and all moneys due or to become due thereunder directly to Administrative Agent or as Administrative Agent shall direct; (ii) 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 Assets; (iii) to sign and endorse any invoices, assignments, verifications, notices and other documents in connection with any Assets; (iv) to commence and prosecute any
      suits, actions or proceedings at law or in equity in any court of competent jurisdiction to collect the Assets or any proceeds thereof and to enforce any other right in respect of any Assets; (v) to defend any suit, action or proceeding brought
      against [Seller] [Underlying Entity] with respect to any Assets; (vi) to settle, compromise or adjust any suit, action or proceeding described in clause (v) above and, in connection therewith, to give such discharges or releases as Administrative
      Agent may deem appropriate; (vii) to cause the mortgagee of record to be changed to Administrative Agent on the FHA, VA or USDA system, as applicable and (viii) generally, to sell, transfer, pledge and make any agreement with respect to or otherwise
      deal with any Assets as fully and completely as though Administrative Agent were the absolute owner thereof for all purposes, and to do, at Administrative Agent’s option and [Seller] [Underlying Entity]’s expense, at any time, and from time to time,
      all acts and things which Administrative Agent deems necessary to protect, preserve or realize upon the Assets and Administrative Agent’s Liens thereon and to effect the intent of this Agreement, all as fully and effectively as [Seller] [Underlying
      Entity] might do;

   

  (d) for the purpose of carrying out the transfer of servicing with respect
      to the Assets from [Seller] [Underlying Entity] to a successor servicer appointed by Administrative Agent in its sole discretion and to take any and all appropriate action and to execute any and all documents and instruments which may be necessary or
      desirable to accomplish such transfer of servicing, and, without limiting the generality of the foregoing, [Seller] [Underlying Entity] hereby gives Administrative Agent the power and right, on behalf of [Seller] [Underlying Entity], without assent
      by [Seller] [Underlying Entity], to, in the name of [Seller] [Underlying Entity] or its own name, or otherwise, prepare and send or cause to be sent “good-bye” letters to all mortgagors under the Assets, transferring the servicing of the Assets to a
      successor servicer appointed by Administrative Agent in its sole discretion; and

   

   

  
    Exhibit A-1 

    
      
 

  

   

  (e) for the purpose of delivering any notices of sale to mortgagors or other third parties,
      including without limitation, those required by law.

   

  [Seller] [Underlying Entity] 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] [Underlying Entity] also authorizes Administrative Agent, from
      time to time, to execute, in connection with any sale, any endorsements, assignments or other instruments of conveyance or transfer with respect to the Assets.

   

  The powers conferred on Administrative Agent hereunder are solely to
      protect Administrative Agent’s interests in the Assets and shall not impose any duty upon it to exercise any such powers. Administrative Agent shall be accountable only for amounts that it actually receives as a result of the exercise of such powers,
      and neither it nor any of its officers, directors, employees or agents shall be responsible to [Seller] [Underlying Entity] for any act or failure to act hereunder, except for its or their own gross negligence or willful misconduct.

   

  TO INDUCE ANY THIRD PARTY TO ACT HEREUNDER, [SELLER] [UNDERLYING ENTITY]
      HEREBY AGREES THAT ANY THIRD PARTY RECEIVING A DULY EXECUTED COPY OR FACSIMILE OF THIS INSTRUMENT MAY ACT HEREUNDER, AND THAT REVOCATION OR TERMINATION HEREOF SHALL BE INEFFECTIVE AS TO SUCH THIRD PARTY UNLESS AND UNTIL ACTUAL NOTICE OR KNOWLEDGE OF
      SUCH REVOCATION OR TERMINATION SHALL HAVE BEEN RECEIVED BY SUCH THIRD PARTY, AND ADMINISTRATIVE AGENT ON ITS OWN BEHALF AND ON BEHALF OF ADMINISTRATIVE AGENT’S ASSIGNS, HEREBY AGREES TO INDEMNIFY AND HOLD HARMLESS ANY SUCH THIRD PARTY FROM AND
      AGAINST ANY AND ALL CLAIMS THAT MAY ARISE AGAINST SUCH THIRD PARTY BY REASON OF SUCH THIRD PARTY HAVING RELIED ON THE PROVISIONS OF THIS INSTRUMENT.

   

  [REMAINDER OF PAGE INTENTIONALLY BLANK. SIGNATURES FOLLOW.]

  

   

  
    Exhibit A-2 

    
      
 

  

   

  IN WITNESS WHEREOF [Seller] [Underlying Entity] has caused this Power of Attorney to be
      executed and [Seller] [Underlying Entity]’s seal to be affixed this ______ day of ____________, 202___.

   

  

  	 	[HOME POINT FINANCIAL CORPORATION]
	 	[Underlying Entity], as [Seller] [Underlying Entity]
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

    

  Signature Page to Power of Attorney

   

  
     

    
      
 

  

   

  

  	STATE OF	)	 
		)	ss.:
	COUNTY OF 	)	 

    

  On the        day of            

      , 20     before me, a Notary Public in and for said State, personally appeared ________________________________, known to me to be _____________________________________ of [Home Point Financial Corporation] [Underlying Entity], the
      institution that executed the within instrument and also known to me to be the person who executed it on behalf of said corporation, and acknowledged to me that such corporation executed the within instrument.

   

  IN WITNESS WHEREOF, I have hereunto set my hand affixed my office seal the
      day and year in this certificate first above written.

   

  _____________________________

  Notary Public

   

  My Commission expires ________________________________

   

  Signature Page to Power of Attorney

  

   

  
     

    
      
 

  

  
   

  EXHIBIT B

   

  FORM OF ESCROW INSTRUCTION LETTER TO BE PROVIDED BY SELLER BEFORE CLOSING

   

  The escrow instruction letter (the “Escrow Instruction Letter”) shall also include
      the following instruction to the Settlement Agent (the “Escrow Agent”):

   

  Credit Suisse First Boston Mortgage Capital LLC (the “Administrative
        Agent”), has agreed to provide funds (“Escrow Funds”) to [Seller] to finance certain mortgage loans (the “Mortgage Loans”) for which you are acting as Escrow Agent.

   

  You hereby agree that (a) you shall receive such Escrow Funds from
      Administrative Agent to be disbursed in connection with this Escrow Instruction Letter, (b) you will hold such Escrow Funds in trust, without deduction, set-off or counterclaim for the sole and exclusive benefit of Administrative Agent until such
      Escrow Funds are fully disbursed on behalf of Administrative Agent in accordance with the instructions set forth herein, and (c) you will disburse such Escrow Funds on the date specified for closing (the “Closing Date”) only after you have
      followed the Escrow Instruction Letter’s requirements with respect to the Mortgage Loans. In the event that the Escrow Funds cannot be disbursed on the Closing Date in accordance with the Escrow Instruction Letter, you agree to promptly remit the
      Escrow Funds to the Administrative Agent by re-routing via wire transfer the Escrow Funds in immediately available funds, without deduction, set-off or counterclaim, back to the account specified in Administrative Agent’s incoming wire transfer.

   

  You further agree that, upon disbursement of the Escrow Funds, you will
      hold all Mortgage Loan Documents specified in the Escrow Instruction Letter in escrow as agent and bailee for Administrative Agent, and will forward the Mortgage Loan Documents and original Escrow Instruction Letter in connection with such Mortgage
      Loans by overnight courier to the Custodian within five (5) Business Days following the date of origination.

   

  You agree that all fees, charges and expenses regarding your services to
      be performed pursuant to the Escrow Instruction Letter are to be paid by Seller or its borrowers, and Administrative Agent shall have no liability with respect thereto.

   

  You represent, warrant and covenant that you are not an affiliate of or
      otherwise controlled by Seller, and that you are acting as an independent contractor and not as an agent of Seller.

   

  The provisions of this Escrow Instruction Letter may not be modified,
      amended or altered, except by written instrument, executed by the parties hereto and Administrative Agent. You understand that Administrative Agent shall act in reliance upon the provisions set forth in this Escrow Instruction Letter, and that
      Administrative Agent on behalf of Buyers and certain Repledgees is an intended third party beneficiary hereof.

   

  Whether or not an Escrow Instruction Letter executed by you is received by
      the Custodian, your acceptance of the Escrow Funds shall be deemed to constitute your acceptance of the Escrow Instruction Letter.

   

   

  
    Exhibit B-1 

    
      
 

  

  
   

  EXHIBIT C

   

  OFFICER’S COMPLIANCE CERTIFICATE

   

  I, ___________________, do hereby
      certify that I am the [duly elected, qualified and authorized] [CFO/TREASURER/FINANCIAL OFFICER] of Home Point Financial Corporation (“Seller”). This Certificate is delivered to you in connection with Section 17 of the Master Repurchase
      Agreement dated as of October 23, 2020, among Seller, any Underlying Entity joined thereto from time to time, Credit Suisse AG, a company incorporated in Switzerland, acting through its Cayman Islands Branch, Alpine Securitization LTD and Credit
      Suisse First Boston Mortgage Capital LLC (as amended, restated, supplemented or otherwise modified from time to time, the “Agreement”), as the same may have been amended from time to time. I hereby certify that, as of the date of the financial
      statements attached hereto and as of the date hereof, Seller and Guarantor are and have been in compliance with all the terms of this Agreement and, without limiting the generality of the foregoing, I certify that:

   

  Adjusted Tangible Net Worth. As of the end of each calendar month, Seller has
      maintained an Adjusted Tangible Net Worth of at least [***]. A calculation of Seller’s actual Adjusted Tangible Net Worth is provided in Schedule 1 hereto.

   

  Maintenance of Liquidity. At all times, Seller has maintained Liquidity in an
      amount not less than [***]. A calculation of Seller’s actual Liquidity is provided in Schedule 1 hereto.

   

  Indebtedness to Adjusted Tangible Net Worth Ratio. As of the end of each
      calendar month, Seller’s ratio of Indebtedness (on and off balance sheet) to Adjusted Tangible Net Worth has not exceeded [***]. A calculation of Seller’s actual Indebtedness to Adjusted Tangible Net Worth is provided in Schedule 1
      hereto.

   

  Maintenance of Profitability. Seller has not permitted, for any Test Period,
      Adjusted Net Income for such Test Period, before income taxes for such Test Period and distributions made during such Test Period, to be less than [***]. A calculation of Seller’s actual Profitability is provided in Schedule 1 hereto.

   

  Insurance. Seller, or its Affiliates, have maintained, for Seller Parties and
      their Subsidiaries, insurance coverage with respect to employee dishonesty, forgery or alteration, theft, disappearance and destruction, robbery and safe burglary, property (other than money and securities) and computer fraud or an aggregate amount
      of at least $1,000,000. The actual amount of such coverage is $_____________.

   

  Financial Statements. The financial statements attached hereto are accurate
      and complete, accurately reflect the financial condition of Seller, and do not omit any material fact as of the date(s) thereof.

   

  Documentation. Seller Parties have performed the documentation procedures
      required by its operational guidelines with respect to endorsements and assignments, including the recordation of assignments, or has verified that such documentation procedures have been performed by a prior holder of such Purchased Asset and
      Contributed Asset.

   

  Compliance. Seller Parties have observed or performed in all material
      respects all of its covenants and other agreements, and satisfied every condition, contained in this Agreement and the other Program Agreements to be observed, performed and satisfied by it. [If a

   

   

  
    Exhibit C-1 

    
      
 

  

   

  covenant or other agreement or condition has not been complied with, Seller Parties
      shall describe such lack of compliance and provide the date of any related waiver thereof.]

   

  Regulatory Action. Except as otherwise disclosed to Administrative Agent or
      to the extent prohibited from disclosing by any Governmental Authority, no Seller Party is currently under investigation or, to best of Seller Parties’ knowledge, no investigation by any federal, state or local government agency is threatened. Except
      to the extent prohibited from disclosing by any Governmental Authority, neither Seller Party has been the subject of any government investigation which has resulted in the voluntary or involuntary suspension of a license, a cease and desist order, or
      such other action as could adversely impact Seller Parties’ business. [If so, Seller Parties shall describe the situation in reasonable detail and describe the action that Seller Parties have taken or proposes to take in connection therewith.]

   

  No Default. No Default or Event of Default has occurred or is continuing. [If
      any Default or Event of Default has occurred and is continuing, Seller Parties shall describe the same in reasonable detail and describe the action Seller Parties have taken or proposes to take with respect thereto, and if such Default or Event of
      Default has been expressly waived by Administrative Agent in writing, Seller Parties shall describe the Default or Event of Default and provide the date of the related waiver.]

   

  Distributions. If an Event of Default has occurred and is continuing, no
      Seller Party has paid any dividends greater than Net Income in any given calendar year.

   

  Indebtedness. All Indebtedness (other than Indebtedness evidenced by the
      Repurchase Agreement) of Seller Parties existing on the date hereof is listed on Schedule 2 hereto.

   

  [Originations][Acquisitions]. Attached hereto as Schedule 3 is a true
      and correct summary of all Mortgage Loans [originated][acquired] by Seller Parties for the calendar month ending [DATE] and for the year to date ending [DATE].

   

  Hedging. Attached hereto as Schedule 4 is a true and correct summary
      of all Interest Rate Protection Agreements entered into or maintained by Seller Parties during the calendar month ending on [DATE].

   

  Repurchases and Early Payment Default Requests. Attached hereto as Schedule

        5 is a true and correct summary of the portfolio performance including representation breaches, missing document breaches, repurchases due to fraud, early payment default requests, and Mortgage Loans subject to other warehouse lines in excess
      of sixty (60) days summarized on the basis of (a) pending repurchase demands (including weighted average duration of outstanding request), (b) satisfied repurchase demands and (c) total repurchase demands.

   

  Quality Control. Attached hereto as Schedule 6 is a true and correct
      copy of the internal quality control maintained by Seller Parties.

   

  Litigation Summary. To the extent Seller is not prohibited from disclosing,
      attached hereto as Schedule 7 is a true and correct summary of all material actions, notices, proceedings and investigations pending with respect to which Seller Parties have received service of process or other form of notice or, to the best
      of Seller Parties’ knowledge, threatened against it, before any court, administrative or governmental agency or other regulatory body or tribunal that (i) questions or challenges the validity or enforceability of any of the

   

   

  
    Exhibit C-2 

    
      
 

  

   

  Program Agreements or any action to be taken in connection with the transactions
      contemplated hereby, (ii) makes a non-frivolous claim individually in an amount greater than (x) with respect to Seller, [***] and (y) with respect to an Underlying Entity, [***]; provided, that, this clause (ii) shall not include any
      routine actions brought by or on behalf of an individual Mortgagor with respect to which Seller is acting in its capacity as servicer (which shall include without limitation, contested foreclosures, contested actions or bankruptcy proceedings) or
      (iii) which, individually or in the aggregate, would be reasonably likely to have a Material Adverse Effect, as of the calendar month ending [DATE].

   

  Beneficial Ownership Certification. To the extent the information contained
      in the previously delivered Beneficial Ownership Certification is no longer true or correct, an updated true and correct Beneficial Ownership Certification is attached here to as Schedule 8 hereto. 

   

   

  
    Exhibit C-3 

    
      
 

  

   

  IN WITNESS WHEREOF, I have set my hand this _____ day of ________, ________.

   

  

  	 	HOME POINT FINANCIAL CORPORATION, as Seller	 
	 	 	 	 
	 	By:	 	 
	 	 	Name:	 
	 	 	Title:	 

   

   

  
    Exhibit C-4 

    
      
 

  

   

  SCHEDULE 1 TO OFFICER’S COMPLIANCE CERTIFICATE

   

  CALCULATIONS OF FINANCIAL COVENANTS 

  As of the calendar month ended [DATE] or quarter ended [DATE]

   

   

  
    Exhibit C-5 

    
      
 

  

   

   

  SCHEDULE 2 TO OFFICER’S COMPLIANCE CERTIFICATE

   

  INDEBTEDNESS AS OF _________________________

   

  

  	LENDER	
          TOTAL 

          FACILITY 

          SIZE 

        	
          FACILITY 

          TYPE (i.e. 

          EFP, Repurchase, etc) 

        	
          $ AMOUNT 

          COMMITTED 

        	
          OUTSTANDING 

          INDEBTEDNESS 

        	
          EXPIRATION 

          DATE 

        
	 	 	 	 	 	 
	 	 	 	 	 	 
	 	 	 	 	 	 
	 	 	 	 	 	 

    

   

  
    Exhibit C-6 

    
      
 

  

   

  SCHEDULE 3 TO OFFICER’S COMPLIANCE CERTIFICATE

   

  CURRENT MONTHLY OVERALL MORTGAGE LOAN [ORIGINATIONS - ORIGNATIONS] [ACQUISITIONS – PURCHASES]

   

  	 	[Monthly]	[Quarterly]	[YTD]
	 	UPB	UPB	UPB
	CONV	[__]	[__]	[__]
	EDGE	[__]	[__]	[__]
	FHA	[__]	[__]	[__]
	Other	[__]	[__]	[__]
	USDA	[__]	[__]	[__]
	VA	[__]	[__]	[__]
	Grand Total	[__]	[__]	[__]

   

  	By Channel	[Monthly]	[Quarterly]	[YTD]
	Broker	[__]%	[__]%	[__]%
	Consumer Direct	[__]%	[__]%	[__]%
	Correspondent Del	[__]%	[__]%	[__]%
	Correspondent Non	[__]%	[__]%	[__]%
	Del	 	 	
           

           

        
	Grand Total	100.00%	100.00%	100.00%

  	 	 	 	 
	By Type	[Monthly]	[Quarterly]	[YTD]
	Cash-Out Refinance	[__]%	[__]%	[__]%
	NoCash-Out Refinance	[__]%	[__]%	[__]%
	Purchase	[__]%	[__]%	[__]%
	Grand Total	100.00%	100.00%	100.00%

  

   

  
    Exhibit C-7 

    
      
 

  

   

  SCHEDULE 4 TO OFFICER’S COMPLIANCE CERTIFICATE

   

  INTEREST RATE PROTECTION AGREEMENTS

  

   

  
    Exhibit C-8 

    
      
 

  

   

   

  SCHEDULE 5 TO OFFICER’S COMPLIANCE CERTIFICATE

   

  REPURCHASES AND EARLY PAYMENT DEFAULT REQUESTS

   

  	Repurchases	YTD UPB	YTD Count
	Open repurchase requests	$	 
	Open repurchases being contested	$	 
	Repurchases settled YTD	$	 
	Repurchases settled EOY 2019	$	 
	Repurchases settled EOY 2018	$	 
	Repurchases settled EOY 2017	$	 
	 	 	 	 
	 	Total # of	 	 
	Indemnifications	Loans	Indemnifications ($)	 
	All-Time	 	$	 

  

   

  
    Exhibit C-9 

    
      
 

  

   

   

  SCHEDULE 6 TO OFFICER’S COMPLIANCE CERTIFICATE

   

  QUALITY CONTROL RESULTS

   

   

  
    Exhibit C-10 

    
      
 

  

   

  SCHEDULE 7 TO OFFICER’S COMPLIANCE CERTIFICATE

   

  LITIGATION SUMMARY

   

  	
          Case 

          Caption 

        	
          Filing 

          Date 

        	
          Court / 

          Regulator 

        	
          Case 

          No. 

        	
          Nature 

          of 

          Claims 

        	
          Damages /

          Penalties 

          Alleged 

        	
          Plaintiff’s 

          Counsel 

        	
          Customer’s 

          counsel 

        	Status	
          Customer’s 

          Reserve 

          Amount 

        
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 

  

   

  
    Exhibit C-11 

    
      
 

  

   

  SCHEDULE 8 TO OFFICER’S COMPLIANCE CERTIFICATE

   

  BENEFICIAL OWNERSHIP CERTIFICATION

   

  [ATTACHED]

   

  
    Exhibit C-12 

    
      
 

  

  
   

  EXHIBIT D

   

  SCHEDULE OF INDEBTEDNESS

   

  See Attached.

   

  
    Exhibit D-1 

    
      
 

  

   

  	 	[***]

        	[***]

        
	[***] 

        	[***] 	[***] 

        
	[***] 

        	[***] 

        	[***] 

        
	 	 	 
	[***] 

        	 

        	 
	[***]	[***]	[***] 

        
	

        	 	 
	[***] 

        	 	 
	[***]	[***] 

        	[***] 

        
	[***]	[***]	[***]
	[***]	[***]	[***]
	[***]	[***]	[***]
	[***]	[***]	[***]
	[***] 

        	[***]	[***]
	[***] 

        	[***]	[***] 

        
	 	

        	

        
	[***] 

        	[***]	[***] 

        
	 	 

        	 
	[***] 

        	 	 
	[***] 

        	[***] 

        	[***] 

        
	[***] 

        	[***]	[***]
	[***] 

        	[***]	[***]Exhibit 10.4

   

  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

   

  HOME POINT FINANCIAL CORPORATION, A NEW JERSEY CORPORATION,

   

  and

   

  TEXAS CAPITAL BANK, NATIONAL ASSOCIATION

    

  AGREEMENT DATE:

  AUGUST 5, 2020

   

  AGREEMENT NO.:

  4916

   

  
    
      
 

  

  
   

  MORTGAGE WAREHOUSE AGREEMENT

   

  THIS MORTGAGE WAREHOUSE AGREEMENT (this “Agreement”) is made and entered into as of AUGUST 5, 2020
    (the “Agreement Date”) (but effective as of the Effective Date) between HOME POINT FINANCIAL CORPORATION, A NEW JERSEY CORPORATION (“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).

   

  “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

   

  
    Page 1

    
      
 

  

   

  Participation Interest in such Participated Mortgage Loan pursuant to the Warehouse Program Guide in effect as of the related Purchase Date.

   

  “Broker Originated Mortgage Loan” shall mean any Mortgage Loan which: (a) is closed in the
    name of a mortgage broker as lender; 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 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 on and as of the Purchase Date of a Participation Interest in such Mortgage Loan and at all times thereafter (other than those representations and warranties which are, by their terms, expressly
    limited to the date or time period specified therein) 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 THREE HUNDRED MILLION
    and No/100 Dollars ($300,000,000.00); 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.

   

  “Minimum Pledged Balance” shall mean good funds in an amount not less than [***] of
    the Maximum Participation Amount; provided, however, that during any Overline Period, the Minimum Pledged Balance shall be the amount set for the same in the related Overline Confirmation for such Overline Period.

   

  
    Page 2

    
      
 

  

   

  “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 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. Subject to applicable Law, Bank may, in its sole and absolute discretion, adjust the Participation Interest Rate 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 Participation
    Interest Rate for any and all Mortgage Loans in which Bank elects to purchase Participation Interests on or after such thirty-first (31st) day shall be the lesser of (a) the rate of interest set forth in such
    written notice or (b) the maximum rate permitted under applicable Law for the applicable Participated Mortgage Loan. 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 or, in Bank’s sole discretion, becomes unreliable, 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. Subject to applicable Law, Bank may, in its sole and absolute discretion, adjust the Participation Interest Rate Floor 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 Participation Interest Rate Floor 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.

   

  “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

   

  
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  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).

   

  “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

   

  
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  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 regardless of whether funds are actually received by such Funding Recipient on the date of the initiation of such
    wire or other transfer.

   

  “Aged Participated Mortgage Loan” shall mean any Participated Mortgage Loan which does not
    constitute a Retired Participated Mortgage Loan on or after the thirtieth (30th) day after the Purchase Date for such Participated
    Mortgage Loan.

   

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

   

  “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.

   

  
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  “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.

   

  “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.

   

  “FHA” shall mean the Federal Housing Administration, or its successor.

   

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

   

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

   

  “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.

   

  
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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.

   

  “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.

   

  “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.

   

  
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  “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 condition (financial or otherwise), properties, liabilities (actual or contingent), business operations or prospects of such Person taken as a whole; (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 the lesser of: (a) [***]; or (b) at any
    particular time, the amount equal to [***] of 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).

   

  “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 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 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.

   

  “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.

   

  
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  “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. 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 adversely affect the appraised value of the Mortgaged Property for such 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.

   

  
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  “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 or security
    agreement, in such form and content required by Bank, now or hereafter executed for the benefit of Bank in connection with this Agreement and the transactions contemplated hereby, including each agreement attached hereto as Exhibit B.

   

  “Pledged Account” shall mean the depository account or accounts established and maintained
    by Seller at Bank for the purpose of holding funds of Seller to be used as a source of funds to pay the Repurchase/Sale Obligations. The account number for the Pledged Account is identified in Schedule 1 to the Pledge Agreement.

   

  “Proceeding” means any action, claim, investigation, lawsuit or other proceeding.

   

  “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.

   

  “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 [***], and Bank’s Participation Percentage is required to be reduced to [***] in connection with the repurchase, then the Repurchase
    Participation Percentage would equal [***]); or (b) [***] of Bank’s outstanding Participation Percentage in such Mortgage Loan which is required by Bank 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 [***], and Bank’s Participation Percentage is required to be reduced to [***] in connection with the repurchase, then the Repurchase Participation
    Percentage would equal [***]).

   

  “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

   

  
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  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 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 platted lot of land improved with a
    one-to-four family residence.

   

  “Restricted Accounts” shall mean the Participation Account and the Pledged Account.

   

  “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 [***] 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.

   

  
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  “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, and purchase by, 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.

   

  “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: (a) as of the date of such sale, the outstanding principal balance of such Mortgage Loan plus any and all accrued and unpaid
    interest thereon; or (b) such other

   

  
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  amount approved by Bank as confirmed in writing by Bank to Seller prior to such sale.

   

  “Take-Out Purchaser” shall mean any Securitizer or any Investor approved in advance by Bank
    in its sole and absolute 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.

   

  “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, 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.

   

  “Warehouse Program Guide” shall mean, collectively, the “Warehouse Lending Program Guide”
    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, 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.

   

  
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  (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.

   

  (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, correct and complete in all 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

   

  
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  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)            

  If requested by Bank, a
    written certification from Seller to Bank that 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;

   

  (c)            

  

  If requested by Bank, a
    written certification from Seller that 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 or as a condition to any subsequent Advance hereunder, including any and each Pledge Agreement required by Bank to be executed in connection with the transactions
    contemplated by this 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. It is

   

  
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  understood and agreed that Bank shall not make any Advance for the Purchase Price of any Participation Interest 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. No such condition precedent shall be deemed waived unless waived in writing by Bank.

   

  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) or deliver such funds on behalf of Seller to such Funding Recipient in any other manner acceptable to
    Bank. 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 or to deliver such proceeds on behalf of Seller to such Funding Recipient in any
    other manner acceptable to Bank; 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 immediately 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 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 or about 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

   

  
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  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) 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; and (b) 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.

   

  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 earlier 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; (b) the date on which such temporary increase in the
    Maximum Participation Amount shall commence and terminate (the “Overline Period”); and (c) the amount to which the Minimum Pledged Balance shall be increased in connection with such Overline Facility Increase. As a condition precedent to the
    effectiveness of any Overline Facility Increase, Seller shall deposit into the Pledged Account good funds in such amount required in order to maintain therein the Minimum Pledged Balance set forth in the related Overline Confirmation. During any
    Overline Period, the Maximum Participation Amount and Minimum Pledged Balance shall equal the respective amounts set forth on the Overline Confirmation and, upon the expiration of the Overline Period, the Maximum Participation Amount and Minimum
    Pledged Balance shall automatically be reduced to the respective amounts in effect prior to the commencement of any Overline Period.

   

  2.9           Client-to-Client Funding. If Seller submits a Request to Bank for Bank to purchase a Participation Interest in a
    Mortgage Loan from Seller hereunder to pay off a Mortgage Loan in which

   

  
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  Bank already holds an ownership interest pursuant to a separate agreement with a different mortgage company (each, a “Client-to-Client

      Funding”), then Seller: (a) shall provide any and all documents and information Bank requests regarding or related to such Participation Interest representing the Client-to-Client Funding; and (b) acknowledges and agrees that, without limiting
    any other provision in this Article 2 relating to the purchase of such Participation Interest, any such Client-to-Client Funding shall be conditioned upon the timely satisfaction of all other conditions Bank may in its sole and absolute
    discretion determine to be necessary or appropriate, including the consent of the original mortgage company to the Client-to-Client Funding and Bank’s agreement to the application of the funds advanced under the Client-to-Client Funding.

   

  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, subject to Subsection (c) of this Section, 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 of the Warehouse Agreement. 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 this Section.

   

  
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  ARTICLE 4

  SALE OF LOANS TO TAKE-OUT PURCHASERS;

      AGED LOANS; REPURCHASE OBLIGATIONS

   

  4.1           Short Term Nature of Investment.

   

  (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; 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 thirty (30) days of the Purchase Date for such Participated Mortgage Loan. 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.

   

  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. If a Take-Out Purchaser fails to perform or anticipatorily breaches its obligations under a
    Take-Out Purchase Agreement to purchase any Participated Mortgage Loan, then Seller shall promptly locate and consummate the sale by Bank and Seller of such Participated Mortgage Loan to another Take-Out Purchaser acceptable to Bank at a price which is
    not less than the Take-Out Purchase Price for such Participated Mortgage Loan; provided, however, that the foregoing shall not limit or qualify any other rights or remedies available to Bank hereunder with respect to such Participated Mortgage Loan or
    any Participation Interest therein.

   

  (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

   

  
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  Purchaser acceptable to Bank. Seller shall provide prompt written notice to Bank of the transmittal and delivery of such Mortgage Loan Documents to the
    Take-Out Purchaser.

   

  (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.

   

  (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 directly 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 directly 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 to be paid by the Take-Out Purchaser, in immediately available funds, directly to Bank into the
    Repayment Account.

   

  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;

   

  
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  (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 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.

   

  4.6           Participation Interest Rate for 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 discretion, increase the then-current Participation Interest Rate with respect to such Aged Participated Mortgage Loan by an amount, as
    determined by Bank, in accordance with the following:

   

  	Number of days elapsed since the 

              Purchase Date for the Participation 

              Interest in the Aged Participated 

              Mortgage Loan	Maximum aggregate

                  total 

          amount by which Bank may 

          increase the applicable 

          Participation Interest Rate 

          pursuant to this Section	Date on which
              the 

              increase (if any) in the 

              Participation Interest

              Rate is effective
	
           60 days or more

        	[***]	
          

          60th day following the Purchase Date of the
            Participation Interest

        

   

  (b)           

  Notwithstanding anything herein to the contrary, the Participation Interest Rate for any Participated Mortgage Loan shall
      not at any time exceed the maximum rate permitted under applicable Law.

   

  (c)           

  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 4.7 or 4.8).

   

  [Remainder of Page Intentionally Left Blank]

   

  
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  4.7           

  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	[***]

   

  (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. Bank shall have the right to offset any amounts in the Pledged Account in order to effect full payment of any Repurchase Price when due and payable
    under this Section, and upon any such offset, Seller shall immediately deposit funds into the Pledged Account in the amount required to fully restore the Minimum Pledged Balance.

   

  (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 4.8).

   

  4.8           

  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 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

   

  
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  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 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, all of Bank’s then-outstanding Participation Interest in any Aged Participated Mortgage Loan on the ninetieth (90th) day after the Purchase Date for such Participation Interest if such Aged Participated Mortgage Loan does not constitute a Retired Participated Mortgage Loan
    by such ninetieth (90th) day. 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 4.8(a); or (ii) on the ninetieth (90th) day after the Purchase Date
    for such Participation Interest, if such repurchase is required pursuant to Section 4.8(b). Bank shall have the right to offset any amounts in the Pledged Account in order to effect full payment of any Repurchase Price when due and payable
    under this Section, and upon any such offset, Seller shall immediately deposit funds into the Pledged Account in the amount required to fully restore the Minimum Pledged Balance.

   

  (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).

   

  4.9           Bank’s Direct Contact with Take-Out Purchasers. Seller irrevocably authorizes Bank and its agents and representatives
    to directly deliver all pertinent documentation to, and communicate with, disclose to, receive from and share information with, any Take-Out Purchaser, which is related to

   

  
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  any Participated Mortgage Loan which is to be purchased or has been purchased by such Take-Out Purchaser.

   

  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:

   

  (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 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, 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, a certificate of
    existence and good standing showing that such entity is in good standing under the Laws of the state of its formation and certificates indicating that such entity has qualified to transact business and is in good standing in all other states where it
    transacts business;

   

  (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.

   

  
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  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 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,

   

  
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  upon the occurrence 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)           

  Concurrently with the
    execution hereof Seller shall deposit into the Pledged Account, and thereafter for the duration of this Agreement Seller shall maintain in the Pledged Account, good funds in an amount not less than the Minimum Pledged Balance. Seller shall replenish
    funds in the Pledged Account, such that the Pledged Account is fully restored to the Minimum Pledged Balance, in the event Bank shall offset or apply funds from the Pledged Account in accordance with the terms of this Agreement.

   

  (d)           

  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 security, and Bank shall have the right to hold and “freeze” such Accounts and
    the funds maintained therein upon the occurrence 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

   

  
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  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 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 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 fully satisfied and strictly complied with by Seller and such other applicable parties, 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. In such verification process, Seller shall, upon the 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.

   

  
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  (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, any and all Mortgage Loan Collections received by Seller from the exercise of any rights or remedies under the related Mortgage Loan Documents or in connection with the full repayment of the outstanding principal balance and
    all accrued and unpaid interest for such Participated Mortgage Loan shall (i) 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 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 instruct in writing any Borrower or other Person obligated on any Participated Mortgage Loan to deliver any and all payments to be made by such Borrower or such other Person on or in respect of such Participated Mortgage Loan
    directly to Bank or to the Repayment Account, and Seller shall not make any changes to any such instructions so provided without first obtaining the prior written consent of Bank. 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 immediately turn over and deliver to Bank each Bank Payment Deliverable, in kind, and in the exact form received, no later than one (1)
    Business Day 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

   

  
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  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 one (1) 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 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 or which have been delivered to Bank) 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 and (ii) (A) to turn over and deliver to Bank such Mortgage Loan Files no later than one (1) Business Day after Bank’s
    request and (B) not to release such Mortgage Loan Files to any Person (other than Bank) except as otherwise expressly permitted hereunder.

   

  5.12         Application of Payments.

   

  (a)           

  Except as expressly provided
    otherwise herein, any and all Mortgage Loan Collections received by Bank with respect to any Participated Mortgage Loan (each, a “Payment”), including all proceeds from the sale of such Participated Mortgage Loan by Seller and Bank to a Take-Out
    Purchaser, 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;

   

  
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  (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 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 restoring (in whole or in
    part) the Minimum Pledged Balance of the Pledged Account if the balance thereof is less than the Minimum Pledged Balance. Any such funds shall be deposited directly by Bank into the Pledged Account;

   

  (ix)          

  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

   

  (x)           

  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 Bank shall be entitled to offset and apply available funds in the Pledged Account to satisfy the deficiency in such amounts payable to Bank. In such event, if after resorting the foregoing described sources of payment, any amounts
    remain 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 demand.

   

  
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  (d)           

  In the event that Bank
    offsets or applies any funds in the Pledged Account to satisfy amounts payable to Bank, then Seller shall immediately deposit funds into the Pledged Account in the amount required to fully restore the Minimum Pledged Balance. 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)            

  Seller agrees to comply at
    all times 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.

   

  (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. If Bank
    shall have granted Seller access to a web portal or website on which the Warehouse Program Guide is posted, then: (i) 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, without any further action or notice by Bank; and (ii) Seller shall be solely responsible for monitoring such web site or web portal for any amendments, modifications or supplements to the Warehouse
    Program Guide. 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 thereof on such web portal or website or Seller’s receipt of written copies thereof).

   

  (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.

   

  
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  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: (a) notify Bank in writing prior to entering into any other mortgage warehousing facilities; and (b) promptly
    notify Bank in writing regarding any material change in any mortgage warehousing facility of Seller (including as to the maximum amount of any such facility and as to any termination, suspension or non-renewal of any such facility) or any default by
    Seller under any such mortgage warehousing facility.

   

  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.

   

  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.

   

  6.2           Authorization and Power. Seller has: (a) the requisite 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 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.

   

  
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  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 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 best of Seller’s knowledge, Seller is not in default under any material agreement or
    obligation to which it is a party or by which any of its Properties is bound, and the execution of this 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 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, or to the knowledge of Seller, threatened against Seller or (ii) any other Proceedings pending, or to the knowledge of Seller, threatened against Seller
    which, if determined adversely to Seller, may have a Material Adverse Effect; or (b) outstanding or unpaid material judgments against Seller.

   

  6.8           Taxes. All tax returns required to be filed by Seller in any jurisdiction have been filed. All 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 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

   

  
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  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
    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 and delivered by the related Borrower, and where applicable, acknowledged, and recorded; and (ii) such Participated Mortgage Loan was valid and complied with all applicable lending
    Laws applicable to the related Borrower, Seller and Bank and the Mortgaged Property securing such Participated Mortgage Loan as of origination;

   

  (f)            

  (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; (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; and (iii) there is no subordinate Lien encumbering such Mortgaged Property;

   

  (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

   

  
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  information set forth therein is true and correct as of origination;

   

  (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 then applicable to the processing, origination, underwriting, closing and funding of such Participated Mortgage Loan at the time of the relevant
    activity; and (ii) without limiting the forgoing, Seller is in compliance with all Laws applicable to Seller in connection with such Participated Mortgage Loan;

   

  (m)           

  (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)           

  (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 best of 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 be insured by a private mortgage insurer is so insured;

   

  (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 the best of 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

   

  
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  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, which sale is to be completed pursuant to the terms of such Take-Out Purchase Agreement no later than thirty (30) days after the Purchase Date for
    such Participated Mortgage Loan; 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 or is required by Bank pursuant to the Warehouse Program Guide to be 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 effect as of the date of the Purchase Date for such
    Participated Mortgage Loan) 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 or is not required by Bank pursuant to the Warehouse Program Guide to be 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 the best of 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 the best of 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 the occurrence of a default under the related Mortgage Loan Documents; or (iii) 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

   

  
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  (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:

   

  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 within ninety (90) days after the
    close of each fiscal year of Seller, 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 thirtieth (30th)
    day of any calendar month: (i) a statement of income and expenses of Seller for the prior calendar month; and (ii) a statement, in form and content acceptable to Bank, setting forth the status, as of the last day of the prior calendar month, of all
    Loan Applications being processed by Seller for closing;

   

  (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 request therefor by Bank, a copy of the most recent report submitted to
    Seller by independent accountants in connection with any annual, interim or special audit of the books of Seller; and

   

  (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 taxes, assessments and governmental charges or
    levies imposed upon it or upon its income or upon any of its Property as well as all claims of any kind (including claims for labor, materials, supplies and rent) which, if unpaid, might become a Lien upon any or all of its Property or the Mortgage
    Loans; provided, however, Seller

   

  
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  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 reserves therefor adequate under 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, Seller shall at all times maintain all Agency
    Approvals in good standing, and none of the Agency Approvals shall at any time be suspended or terminated.

   

  7.4           Further Assurances. Seller shall promptly cure any defects in the execution and delivery of this Agreement and any
    other Warehouse Document. Seller shall, at its expense, promptly 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 related
    to Seller (including any employee, contractor agent or other Person which may obtain access to the Electronic Platform by or through Seller) (“Unauthorized Seller 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 Seller Persons, 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.

   

  
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  (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 ANY AND ALL IMPLIED REPRESENTATIONS,
    WARRANTIES AND COVENANTS. EXCEPT AS EXPRESSLY STATED IN THIS SECTION 7.6, 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 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 to the extent caused by Unauthorized Seller Persons.

   

  (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.

   

  (g)           Bank agrees to exercise commercially reasonable
      efforts to maintain the Electronic Platform in a manner consistent with Bank’s internal policies and procedures regarding the maintenance of data security; provided, notwithstanding anything herein to the apparent contrary, Bank shall not have any
      liability to Seller with respect to any failure to comply with the provisions of this Section 7.6(g) other than if such failure is due to the gross negligence, bad faith or intentional misconduct of Bank.

   

  7.7            Reimbursement of Expenses. Seller shall pay, upon demand by Bank, any and all 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. 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,

   

  
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  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.

   

  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, but in no event for less than twenty-five (25) months from the Purchase Date for such Participated Mortgage Loan. Within one (1) Business Day following any
    demand therefor, Seller will supply Bank with copies, certified copies 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
    [***] 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 officers, accountants and auditors and
    other representatives.

   

  7.14         Audit. Seller shall permit any third-party consultant engaged by Bank (each an “Auditor”), at the expense of
    Seller, 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, Bank will provide reasonable prior notice to Seller and 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 reasonably consider necessary or useful
    in connection with the performance of the audit.

   

  7.15         Notice from Seller of Certain Events.

   

  (a)           Seller shall promptly, but in any event within [***] 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 and to the extent permitted to be disclosed:

   

  
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  (i)           Seller shall promptly, but in any event within [***] of obtaining knowledge thereof, notify Bank in writing of:
    (A) any Proceeding by any Governmental Authority pending, or to the knowledge of Seller, threatened against Seller; and (B) any other Proceeding pending, or to the knowledge of Seller, threatened against Seller which, if determined adversely to Seller,
    may have a Material Adverse Effect upon Seller. Seller shall immediately notify Bank in writing upon obtaining any knowledge thereof 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, but in any event within [***] of receipt, deliver to Bank copies of all
      notices and other documents and correspondence from any Governmental Authority regarding any alleged non-compliance or potential non-compliance with the Dodd-Frank Act or any other applicable Law related to the financing and sale of Mortgage Loans.

    

  (b)           If there is any pending or, to knowledge of Seller, threatened 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 with the results or findings of any such
      audit or investigation), then Seller shall provide written notice thereof to Bank within [***] of Seller obtaining any knowledge thereof. If any Agency Approval is not in good standing or is otherwise suspended or terminated, then Seller
      shall provide immediate written notice thereof to Bank.

   

  (c)           Seller shall furnish to Bank immediately upon 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, 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 MATERIAL BREACH BY SELLER OF ANY REPRESENTATION OR WARRANTY CONTAINED HEREIN; (C) ANY MATERIAL BREACH BY
      SELLER OF ANY PROVISION OF

   

  
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  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) [Reserved] (G) ANY MATERIAL FAILURE BY SELLER TO COMPLY WITH ANY APPLICABLE LAW; 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, 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 BEEN PROXIMATELY CAUSED BY THE 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) immediately upon receipt of a written demand therefor, whether on a monthly or other time interval, and whether or not an action is
    actually commenced or concluded. 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
    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           Management or Control. Without the prior written notice to Bank: (a) there shall not be any change in direct or
    indirect management or control of Seller; and (b) Seller, and each entity which directly or indirectly manages or controls Seller, shall not cease to maintain key management and executive personnel at a level of experience and ability equivalent to the
    present executive management and executive personnel as of the date hereof.

    

  8.2           Transfer of Ownership Interest. Without the prior written notice to Bank, which consent shall not be unreasonably
    withheld or delayed, there shall not be any sale, transfer or assignment to any Person of the direct or indirect ownership interest in Seller if such sale, transfer or assignment shall result in such Person holding, directly or indirectly, [***]
    or more of the total outstanding ownership interest in Seller.

   

  
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  8.3           Merger. Without the prior written consent of Bank, Seller shall not: (a) become a party to any merger or consolidation
    without Seller being the surviving and controlling legal entity; (b) sell or otherwise sell, transfer or assign all or substantially all of the assets or Properties of Seller to any other Person; or (c) wind-up, dissolve or liquidate.

   

  8.4           Fiscal Year; Method of Accounting. Seller shall not, without giving prior written notice to Bank, change its fiscal
    year or method of accounting.

   

  8.5           Actions with respect to Mortgage Loans. Seller shall not:

   

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

   

  (b)           Other than to correct errors, Amend, modify or supplement in any material respect any
    Mortgage Loan Document related to any Participated Mortgage Loan;

   

  (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.

   

  8.6           Compliance with Material Agreements. Seller shall not permit any default to occur with respect to any material
    agreement, indenture, mortgage or document binding on it or affecting its Property or business, if such default may have a Material Adverse Effect upon Seller.

   

  8.7           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.

   

  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 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 [***] times in any
      twelve (12)-month period);

   

  (b)           The failure or refusal of Seller 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 [***] (provided that Bank shall not be required
      to provide any such [***] grace period more than [***] times in any twelve (12)-month period);

   

  (c)            Any material statement, warranty or representation made at any time by or on behalf
    of Seller in this Agreement or any other Warehouse Document, or in any writing or

   

  
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  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 or misleading in any material respect at the time made;

   

  (d)           Default shall occur (after the expiration of any applicable grace and cure periods):
    (i) in the punctual payment of any material indebtedness of Seller owing to any Person (other than Bank), or in the performance, observance or compliance with any other covenant, agreement or obligation of any agreement executed in connection
    therewith; or (ii) in the performance of any other material agreement binding upon Seller;

   

  (e)           Seller 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 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 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 to Bank;

   

  (i)            Any Person shall levy on, seize, or attach all or any material portion of the
    Property of Seller which is not 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 that is an entity for any reason;

   

  (l)            [Reserved];

   

  
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  (m)          If (i) any Agency Approval is not in good standing, (ii) any Agency Approval is
    suspended or terminated, or (iii) Seller failed to provide any written notice as and when required pursuant to Section 7.15(b);

   

  (n)           If (i) there is any Proceeding by any Governmental Authority pending, or to knowledge
    of Seller, threatened against Seller which, if determined adversely to Seller, may have a Material Adverse Effect, (ii) there is any judgment, decision, order, finding, determination or other disposition in connection with a Proceeding that has
    resulted in a Material Adverse Effect upon Seller, or (iii) Seller failed to provide any written notice as and when required pursuant to Section 7.15(a)(i);

   

  (o)           (i) Unless previously disclosed to Bank in writing, Any change in the financial
    condition of Seller 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, the materiality and
    adverse effect of such change in financial condition to be reasonably determined by Bank in accordance with its credit standards and underwriting practices in effect at the time of making such determination; or (ii) if Bank in good faith believes that
    any other act, event, condition or circumstance exists or has occurred (including a material management or organizational change in Seller) that would have a Material Adverse Effect upon Seller; or

   

  (p)           Any Warehouse Document ceases to be in full force and effect, or to be enforceable in
    accordance with its terms, other than due to the fault of Bank.

   

  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 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

   

  
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  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 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)
    the amount of any and all then-earned and unpaid Administrative Fees 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 (f) 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

   

  
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  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 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:           [***]	 
	 	E-mail:               [***]	 

   

  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
    consents to such action and agrees to enter into any amendment or termination hereof as may be reasonably required by Bank to bring Bank into full compliance with applicable Laws.

   

  10.8         Participations. Seller agrees that Bank may elect, at any time and in its sole discretion, to sell, assign and convey
    an undivided percentage ownership interest, or grant an undivided participation

   

  
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  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”). 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
    and each Mortgage Loan in which Bank has purchased a Participation Interest.

   

  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 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

   

  
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  Participation Balance calculated with respect to the outstanding Existing Participation Interests plus (ii) 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

   

  
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  such Participation Interest qualifies for “sale” treatment under any applicable accounting rules, 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; (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; and (c) Seller has determined that it is beneficial to use any and all proceeds of that loan or extension of credit established by such court of competent jurisdiction to establish collateral for that loan
    or extension of credit established by such court of competent jurisdiction by: (i) making deposits at Bank; (ii) purchasing certificates of deposit from Bank; and/or (iii) establishing other accounts at Bank. Furthermore, it is Bank’s and Seller’s
    intention and agreement that if a court of competent jurisdiction establishes a loan or extension of credit from Bank to Seller under this Agreement, then any proceeds of that loan or extension of credit established by such court of competent
    jurisdiction deposited with Bank as additional collateral

   

  
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  for that loan or extension of credit: (a) shall be considered a compensating balance under and pursuant to Section 276.003 of the
    Texas Finance Code; and (b) shall not be considered a reduction in the amount of the proceeds of that loan and/or extension of credit from Bank to Seller. 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 other communication or writing by or between Bank 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

   

  
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  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.

   

  10.20      WAIVER OF JURY TRIAL. TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, EACH PARTY 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.

   

  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 of Bank

   

  
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  (“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.

   

  10.25       Limitation of Liability. Neither each Party hereto shall have any liability with respect to, and the other Party hereto
    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 the other Party 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; (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

   

  
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  with any litigation or other legal proceeding if required under applicable Law, and subject to the 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; (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)           Reserved.

   

  (b)          Any and all Liens at any time securing the Other Obligations shall also secure any and
    all obligations and liabilities of Seller under the Warehouse Documents. Any and all Liens at any time securing the obligations and liabilities of Seller under the Warehouse Documents shall also secure the Other Obligations.

   

  (c)           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:
	 	 	 
	 	HOME POINT FINANCIAL CORPORATION, A NEW JERSEY CORPORATION
	 	 	 
	 	By:	/s/ JOSEPH RUHLIN   
	 	Name: 	JOSEPH RUHLIN
	 	Title:	TREASURER
	 	 	 
	 	Execution Date: September 2 , 2020

   

  	 	Seller’s Contact Information for Notices:
	 	    
	 	HOME POINT FINANCIAL CORPORATION
	 	2211 OLD EARHART ROAD, SUITE 250     
	 	ANN ARBOR, MI 48105
	 	Attention: 	JOSEPH RUHLIN 

        
	 	Phone:	[***] 

        
	 	E-mail:	[***] 

        
	 	 
	 	WITH A COPY TO: 

          CHIEF LEGAL OFFICER 

          [***]

   

   

  [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 3 , 2020

   

  
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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]

   

  
     

    
      
 

  

   

  LIMITED POWER OF ATTORNEY

   

  Pursuant to that certain Mortgage Warehouse Agreement (as amended or modified from time to time, the “Warehouse Agreement”) entered into as of AUGUST 5, 2020
    by the undersigned (“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 tile 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 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:
	 	 
	 	HOME POINT FINANCIAL CORPORATION
	 	 
	 	By:	/s/ JOSEPH RUHLIN
	 	Name:	JOSEPH RUHLIN
	 	Title:	TREASURER

   

  ***

   

  	STATE OF Michigan	§
	 	§
	COUNTY OF Washtenaw	§

   

  This document was acknowledged before me on the 2nd day of September, 2020, by JOSEPH
    RUHLIN, TREASURER of HOME POINT FINANCIAL CORPORATION, A NEW JERSEY CORPORATION, known to me to be the person who executed this document in the capacity and for the purposes therein stated.

   

  	[***]	/s/ [***]
	Notary Public, State of Michigan	Notary Public, State of Michigan
	County of Oakland	 
	My Commission Expires [***]	 
	Acting in the county of Washtenaw	 
	[NOTARY STAMP]	 

   

  
     

    
      
 

  

   

  EXHIBIT B

  

  (TO MORTGAGE WAREHOUSE AGREEMENT)

   

  PLEDGE AGREEMENT

   

  [Follows This Cover Page]

   

  
     

    
      
 

  

  
   

  PLEDGE AGREEMENT

   

  THIS PLEDGE AGREEMENT (this “Pledge Agreement”) is executed made and entered into as of AUGUST 5, 2020 (but effective as of the Effective
    Date), by HOME POINT FINANCIAL CORPORATION, A NEW JERSEY CORPORATION (“Seller”), and TEXAS CAPITAL BANK, NATIONAL ASSOCIATION (“Bank”).

   

  RECITALS

   

  A.            Pursuant to that certain Mortgage Warehouse Agreement entered into as of AUGUST 5, 2020 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 and other account established
    by Seller at Bank, and all funds therein contained and all earnings thereon and proceeds thereof, including, without limitation, the Accounts 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, 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

   

  
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  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 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, 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 Liens in favor of Bank: (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 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, Bank shall have the 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

   

  
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  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.

   

  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 expire ten (10) days after 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

   

  
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  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.

   

  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.

   

  [Signature Page Follows]

   

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

   

  	 	SELLER:
	 	 	 
	 	HOME POINT FINANCIAL CORPORATION, A NEW JERSEY CORPORATION
	 	 	 
	 	By:	/s/ JOSEPH RUHLIN
	 	Name:	JOSEPH RUHLIN 
	 	Title:	TREASURER

   

  AGREED TO AND ACCEPTED BY BANK AT RICHARDSON,

  COLLIN COUNTY, TEXAS, AS OF THE EFFECTIVE DATE:

  	 	 	 
	TEXAS CAPITAL BANK, NATIONAL ASSOCIATION	 
	 	 
	By:	/s/ Heather Crawford	 
	Name:	Heather Crawford	 
	Title:	Vice President	 

   

  
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  SCHEDULE 1

  (TO PLEDGE AGREEMENT)

   

  LIST OF ACCOUNTS

   

  	Account Name	Account Number
	Pledged Account	[***]
	Participation Account	[***]
	Remittance Account	[***]

   

  
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  EXHIBIT C

  (TO MORTGAGE WAREHOUSE AGREEMENT)

   

  [Reserved]

   

  
     

    
      
 

  

   

  EXHIBIT D

  (TO MORTGAGE WAREHOUSE AGREEMENT)

   

  UCC-1 FINANCING STATEMENT

   

  [Follows This Cover Page]

   

  
     

    
      
 

  

  
   

  UCC-1 FINANCING STATEMENT

  SCHEDULE OF COLLATERAL

   

  	DEBTOR:	HOME POINT FINANCIAL CORPORATION, A NEW JERSEY 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

   

  
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  	 	Mortgage Loans and (ii) all rights to the payment of money on account of such servicing, administration or collection activities;
	 	 
	9.	all purchase agreements, credit agreement or other agreements pursuant to which Debtor acquired the Participated Mortgage Loans and all other agreements, documents or instruments executed in connection therewith;
	 	 
	10.	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;
	 	 
	11.	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); and
	 	 
	12.	all Accounts, chattel paper, commercial tort claims, deposit accounts, documents, financial assets, general intangibles, instruments, investment property, securities, securities accounts and other personal property
          of Debtor of any kind or type, in each case related to 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

   

  
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  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.

   

  “Residential Real Property” shall mean a single 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.

   

  
     

    
      
 

  

  
   

  FINANCIAL COVENANTS ADDENDUM

   

  THIS FINANCIAL COVENANTS ADDENDUM (this “Addendum”) is entered into as of AUGUST 5, 2020 (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,
    and (ii) loans or advances to, or receivables from, any owner, officer or employee of Seller.

   

  (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 markup or markdown of mortgage servicing rights.

   

  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. The modifications and amendments

   

  
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  contemplated hereby shall not be affected by the termination of any Credit Agreement, and shall survive the termination of each Credit Agreement.

   

  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]

   

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

   

  	 	SELLER:
	 	 	 
	 	HOME POINT FINANCIAL CORPORATION, A NEW JERSEY CORPORATION
	 	 	 
	 	By:	/s/ JOSEPH RUHLIN
	 	Name:	JOSEPH RUHLIN 
	 	Title:	TREASURER

   

  AGREED TO AND ACCEPTED BY BANK AT RICHARDSON, 

  COLLIN COUNTY, TEXAS, AS OF THE EFFECTIVE DATE: 

  	 	 	 
	TEXAS CAPITAL BANK, NATIONAL ASSOCIATION	 
	 	 
	By:	/s/ Heather Crawford	 
	Name:	Heather Crawford	 
	Title:	Vice President	 

   

  
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  EXHIBIT E-1

  (TO FINANCIAL COVENANTS ADDENDUM

  TO MORTGAGE WAREHOUSE AGREEMENT)

   

  COMPLIANCE CERTIFICATE

   

  [Follows This Cover Page]

   

  
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  HOME POINT FINANCIAL CORPORATION, A NEW JERSEY 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”) entered into as of AUGUST 5, 2020 executed by TEXAS CAPITAL BANK, NATIONAL ASSOCIATION (“Bank”) and the undersigned executing this Certificate as “Seller”.

    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 	Required minimum 
	(as of the Determination Date) 	Tangible Net Worth 
	 	(pursuant to the Agreement) 
	GAAP Net Worth 	$___________________ 	 
	 	 	 
	Less: 	 	 
	[***]	($__________________) 	 
	[***]	($__________________) 	 
	[***]	($__________________) 	 
	[***]	($__________________) 	 
	TOTAL TANGIBLE NET WORTH: 	$___________________ 	[***]

   

  Minimum Liquid Assets:

   

  	Actual Liquid Assets 	Required minimum 
	(as of the Determination Date) 	Liquid Assets 
	 	(pursuant to the Agreement) 
	Total Liquidity 	$___________________ 	 
	 	 	 
	Less: 	 	 	 
	 	[***]	($__________________) 	 
	 	[***]	($__________________) 	 
	Plus: 	 	 	 
	 	[***]	 	 
	 	[***]	$___________________ 	 
	TOTAL ELIGIBLE LIQUIDITY: 	$___________________ 	[***]

  [Additional Covenants Follows]

   

  
    Page 5 

    
      
 

  

   

  Compliance Certificate page 2

   

  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: 	 	 	 	 
	 	 	 	 	 
	[***]	($__________) 	($___________) 	($___________) 	($___________) 
	ACTUAL PRE-TAX 	 	 	 	 
	NET INCOME 	 	 	 	 
	EXCLUDING MSR 	 	 	 	 
	FAIR VALUE 	 	 	 	 
	ADJUSTMENT: 	$___________ 	$_____________ 	$_____________ 	$____________ 

   

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

   

  [Additional Covenants and Signature Page Follows]

   

  
    Page 6 

    
      
 

  

   

  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. Further, Seller represents and warrants to Bank that no default has occurred under any of the mortgage warehousing facilities of Seller identified in such schedule. Pursuant to the Agreement,
    Seller covenants and agrees to: (a) notify Bank in writing prior to entering into any other mortgage warehousing facilities; and (b) promptly notify Bank in writing regarding any material change in any mortgage warehousing facility of Seller (including
    as to the maximum amount of any such facility and as to any termination, suspension or non-renewal of any such facility) or any default by Seller under any such mortgage warehousing facility.

   

  	Warehouse Lender 	Maximum Facility Amount 	Facility Expiration Date 
	[***]	$_______________________________ 	_______________________________ 
	[***]	$_______________________________ 	_______________________________ 
	[***]	$_______________________________ 	_______________________________ 
	[***]	$_______________________________ 	_______________________________ 

   

  EXECUTED by Seller as of the Determination Date.

   

  	 	SELLER:
	 	 	 
	 	HOME POINT FINANCIAL CORPORATION, A NEW JERSEY CORPORATION
	 	 	 
	 	By:	 
	 	 	 
	 	Name:	 
	 	 	 
	 	Title:	 

   

  
    Page 7 

    
      
 

  

   

  EXHIBIT F

  (TO MORTGAGE WAREHOUSE AGREEMENT)

   

  SUPPLEMENTAL PROVISIONS ADDENDUM

   

  [Follows This Cover Page]

   

  
     

    
      
 

  

  
   

  SUPPLEMENTAL PROVISIONS ADDENDUM

   

  THIS SUPPLEMENTAL PROVISIONS ADDENDUM (this “Addendum”) is entered into as of AUGUST 5, 2020 (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”) of even date herewith, executed by Bank and Seller. 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 October 12, 2017, executed by Bank, Seller and the U.S. BANK,
    NATIONAL ASSOCIATION as agreement may be amended, supplemented, replaced or modified from time to time pursuant to the provisions of this Addendum.

   

  “Document Custodian” means U.S. BANK, NATIONAL ASSOCIATION, in its capacity as custodian for Bank under 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.

   

  
    Page 1 

    
      
 

  

   

  (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)            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).

   

  
    Page 2 

    
      
 

  

   

  (e)            SELLER WILL RELEASE, HOLD HARMLESS AND INDEMNIFY EACH INDEMNIFIED PARTY FROM AND AGAINST ANY AND ALL LOSSES WHICH ARE
      RELATED TO THE CUSTODIAL AGREEMENT.

   

  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 Seller's knowledge, 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 Seller's knowledge, such mortgage loan broker 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.

   

  [Signature Page Follows]

   

  
    Page 3 

    
      
 

  

   

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

   

  	 	SELLER:
	 	 	 
	 	HOME POINT FINANCIAL CORPORATION, A NEW JERSEY CORPORATION
	 	 	 
	 	By:	/s/ JOSEPH RUHLIN
	 	Name:	JOSEPH RUHLIN 
	 	Title:	TREASURER

   

  AGREED TO AND ACCEPTED BY BANK AT RICHARDSON,

  COLLIN COUNTY, TEXAS, AS OF THE EFFECTIVE DATE:

  	 	 	 
	TEXAS CAPITAL BANK, NATIONAL ASSOCIATION	 
	 	 
	By:	/s/ Heather Crawford	 
	Name:	Heather Crawford	 
	Title:	Vice President	 

   

  
    Page 4 

    
      
 

  

   

  EXHIBIT G 

  (TO MORTGAGE WAREHOUSE AGREEMENT)

   

  LIST OF CURRENT WAREHOUSE FACILITIES

   

  	Warehouse Lender 	Maximum Facility Amount 
	[***]	[***]
	[***]	[***]
	[***]	[***]
	[***]	[***]

   

  
     

    
      
 

  

   

  EXHIBIT H

  (TO MORTGAGE WAREHOUSE AGREEMENT)

   

  LIST OF CURRENT AFFILIATE ESCROW AGENTS

   

  	Name of Affiliate Escrow Agent 	Address 
	(including any d/b/a) 	 
	NOT APPLICABLE 	NOT APPLICABLE 

   

  
     

    
      
 

  

   

  EXHIBIT I

  (TO MORTGAGE WAREHOUSE AGREEMENT)

   

  BLANKET ASSIGNMENT

   

  [Follows This Cover Page]

   

  
     

    
      
 

  

  
   

   

  
  
     

  

  
  (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 as of AUGUST 5, 2020 (but effective as of the Effective Date)
    between HOME POINT FINANCIAL CORPORATION, A NEW JERSEY CORPORATION (“the foregoing are each individually and collectively referred to herein as “Seller”) and TEXAS CAPITAL BANK, NATIONAL ASSOCIATION (together with its successors and assigns, “Bank”).

   

  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.

   

  
    Page 1 

    
      
 

  

   

  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.

   

  [Signature Pages Follow]

   

  
    Page 2 

    
      
 

  

   

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

   

  	 	SELLER:
	 	 
	 	HOME POINT FINANCIAL CORPORATION, A NEW JERSEY CORPORATION
	 	 
	 	By:	/s/ JOSEPH RUHLIN
	 	Name:	JOSEPH RUHLIN
	 	Title:	TREASURER

   

  ***

   

  	STATE OF Michigan	§
	 	§
	COUNTY OF Washtenaw	§

   

  This document was acknowledged before me on the day of 2nd day of September, 2020, by
    JOSEPH RUHLIN, TREASURER of HOME POINT FINANCIAL CORPORATION, A NEW JERSEY CORPORATION, known to me to be the person who executed this document in the capacity and for the purposes therein stated.

   

  	[***]	/s/ [***]
	Notary Public, State of Michigan	Notary Public, State of Michigan
	County of Oakland	 
	My Commission Expires [***]	 
	Acting in the county of Washtenaw	 
	[NOTARY STAMP]	 

   

  
    Page 3 

    
      
 

  

   

  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 

    
      
 

  

   

  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

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