Document:

EX-10.19

 EXHIBIT 10.19 

 
  

 
 MASTER REPURCHASE AGREEMENT

 Between 
 BARCLAYS BANK PLC, as Purchaser and Agent 
 and 

STONEGATE MORTGAGE CORPORATION, as Seller 
 Dated as of December 24, 2012 
  

 
  

 TABLE OF CONTENTS 

 

							
	 1.
	  	APPLICABILITY	  	 	1	  
	 2.
	  	DEFINITIONS AND INTERPRETATION	  	 	1	  
	 3.
	  	THE TRANSACTIONS	  	 	18	  
	 4.
	  	CONFIRMATION	  	 	20	  
	 5.
	  	TAKEOUT COMMITMENTS	  	 	20	  
	 6.
	  	PAYMENT AND TRANSFER	  	 	21	  
	 7.
	  	MARGIN MAINTENANCE	  	 	21	  
	 8.
	  	TAXES; TAX TREATMENT	  	 	22	  
	 9.
	  	SECURITY INTEREST; PURCHASER’S APPOINTMENT AS ATTORNEY-IN-FACT	  	 	23	  
	 10.
	  	CONDITIONS PRECEDENT	  	 	24	  
	 11.
	  	RELEASE OF PURCHASED ASSETS	  	 	28	  
	 12.
	  	RELIANCE	  	 	28	  
	 13.
	  	REPRESENTATIONS AND WARRANTIES	  	 	29	  
	 14.
	  	COVENANTS OF SELLER	  	 	31	  
	 15.
	  	REPURCHASE OF PURCHASED ASSETS	  	 	39	  
	 16.
	  	SERVICING OF THE MORTGAGE LOANS; SERVICER TERMINATION	  	 	39	  
	 17.
	  	EVENTS OF DEFAULT	  	 	42	  
	 18.
	  	REMEDIES	  	 	44	  
	 19.
	  	DELAY NOT WAIVER; REMEDIES ARE CUMULATIVE	  	 	46	  
	 20.
	  	USE OF EMPLOYEE PLAN ASSETS	  	 	47	  
	 21.
	  	INDEMNITY	  	 	47	  
	 22.
	  	WAIVER OF REDEMPTION AND DEFICIENCY RIGHTS	  	 	48	  
	 23.
	  	REIMBURSEMENT; SET-OFF	  	 	48	  
	 24.
	  	FURTHER ASSURANCES	  	 	49	  
	 25.
	  	ENTIRE AGREEMENT; PRODUCT OF NEGOTIATION	  	 	49	  
	 26.
	  	TERMINATION	  	 	49	  
	 27.
	  	REHYPOTHECATION; ASSIGNMENT	  	 	49	  
	 28.
	  	AMENDMENTS, ETC.	  	 	50	  
	 29.
	  	SEVERABILITY	  	 	50	  
	 30.
	  	BINDING EFFECT; GOVERNING LAW	  	 	51	  
	 31.
	  	WAIVER OF JURY TRIAL; CONSENT TO JURISDICTION AND VENUE; SERVICE OF PROCESS	  	 	51	  
	 32.
	  	SINGLE AGREEMENT	  	 	51	  
	 33.
	  	INTENT	  	 	52	  
	 34.
	  	NOTICES AND OTHER COMMUNICATIONS	  	 	52	  
	 35.
	  	CONFIDENTIALITY	  	 	54	  
	 36.
	  	DUE DILIGENCE	  	 	54	  
	 37.
	  	USA PATRIOT ACT; OFAC AND ANTI-TERRORISM	  	 	55	  

  
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 SCHEDULES AND EXHIBITS 

 

			
	EXHIBIT A	  	MONTHLY CERTIFICATION
	EXHIBIT B	  	REPRESENTATIONS AND WARRANTIES WITH RESPECT TO MORTGAGE LOANS
	EXHIBIT C	  	FORM OF TRANSACTION NOTICE
	EXHIBIT D	  	FORM OF GOODBYE LETTER
	EXHIBIT E	  	FORM OF WAREHOUSE LENDER’S RELEASE
	EXHIBIT F	  	LIST OF APPROVED MEMBERS OF THE MORTGAGE BACKED SECURITIES DIVISION OF THE FIXED INCOME CLEARING CORPORATION
	EXHIBIT G	  	FORM OF ESCROW INSTRUCTION LETTER
	EXHIBIT H	  	FORM OF SELLER MORTGAGE LOAN SCHEDULE
	EXHIBIT I	  	FORM OF CORRESPONDENT SELLER RELEASE
	EXHIBIT J	  	PURCHASER’S UNDERWRITING GUIDELINES

  
 -ii-

 MASTER REPURCHASE AGREEMENT 

Dated as of December 24, 2012 
 BETWEEN: 
 BARCLAYS BANK PLC , in its capacity as purchaser (“Purchaser”)
and agent pursuant hereto (“Agent”), 
 and 
 STONEGATE MORTGAGE CORPORATION (“Seller”). 
  

	1.	APPLICABILITY 

Purchaser may from time to time, upon the terms and conditions set forth herein, agree to enter into transactions on an uncommitted basis
in which Seller sells to Purchaser Eligible Mortgage Loans, on a servicing-released basis, against the transfer of funds by Purchaser, with a simultaneous agreement by Purchaser to transfer to Seller the related Purchased Assets on a date certain
not later than one year following such transfer, against the transfer of funds by Seller; provided that the Aggregate MRA Purchase Price shall not exceed, as of any date of determination, the lesser of (a) the Maximum Aggregate Purchase
Price (less the Aggregate EPF Purchase Price) or (b) the Asset Base. Each such transaction shall be referred to herein as a “Transaction,” and shall be governed by this Agreement. This Agreement sets forth the procedures to be
used in connection with periodic requests for Purchaser to enter into Transactions with Seller. Seller acknowledges that during the term of this Agreement, Agent may undertake to join either one or both of Sheffield Receivables Corporation and
Barclays Bank Delaware as additional purchasers under this Agreement, and Seller hereby consents to the joinder of such additional purchasers. 
  

	2.	DEFINITIONS AND INTERPRETATION 

 (a) Defined Terms. 
 “30+ Day Delinquent Mortgage Loan” means any
Mortgage Loan at any time the Monthly Payment for which was not received within twenty-nine (29) days after its Due Date. 

“Accepted Servicing Practices” means with respect to any Mortgage Loan, those accepted, customary and prudent mortgage
servicing practices (including collection procedures) of prudent mortgage banking institutions that service mortgage loans of the same type as the Mortgage Loans in the jurisdiction where the related Mortgaged Property is located, and which are in
accordance with the requirements of each Agency Program, applicable law, FHA regulations and VA regulations, if applicable, and the requirements of any private mortgage insurer so that the FHA insurance, VA guarantee or any other applicable
insurance or guarantee in respect of any Mortgage Loan is not voided or reduced. 
 “Accrual Period” means,
with respect to each Monthly Payment Date for any Transaction, the immediately prior calendar month; provided that with respect to the first Monthly Payment Date of a Transaction following the related Purchase Date, the Accrual Period shall commence
on the related Purchase Date. 

 “Act of Insolvency” means, with respect to any Person: 

(i) the filing of a voluntary petition (or the consent by such Person to the filing of any such petition against it),
commencing, or authorizing the commencement of any case or proceeding under any bankruptcy, insolvency, reorganization, liquidation, dissolution or similar law relating to the protection of creditors, or suffering any such petition or proceeding to
be commenced by another; or such Person shall consent to or seek the appointment of or the taking of possession by a custodian, receiver, conservator, trustee, liquidator, sequestrator or similar official of such Person, or for any substantial part
of its Property, or any general assignment for the benefit of creditors; 
 (ii) a proceeding shall have been
instituted against such Person under any bankruptcy, reorganization, arrangement, insolvency, readjustment of debt, dissolution, moratorium, delinquency or liquidation law of any jurisdiction, whether now or subsequently in effect, or a custodian,
receiver, conservator, liquidator, trustee, sequestrator or similar official for such Person or such Person’s Property (as a debtor or creditor protection procedure) is appointed by any Governmental Authority having the jurisdiction to do so or
takes possession of such Property and any such proceeding is not dismissed within thirty (30) days of filing; 
 (iii) that such Person or any Affiliate shall become insolvent; 

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

(v) any Governmental Authority shall have seized or appropriated, or assumed custody or control of, all or any substantial
part of the Property of such Person, or shall have taken any action to displace the management of such Person; 

(vi) the audited annual financial statements of such Person or the notes thereto or other opinions or conclusions stated
therein shall be qualified or limited by reference to the status of such Person as a “going concern” or a reference of similar import or shall indicate that such Person has a negative net worth or is insolvent; or 

(vii) if such Person or any Affiliate is a corporation, such Person or any Affiliate or any of their Subsidiaries, shall
take any corporate action in furtherance of, or the action of which would result in any of the foregoing actions. 

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

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

“Adjustable Rate Mortgage Loan” means a Mortgage Loan which provides for the adjustment of the Mortgage Interest Rate
payable in respect thereto. 
 “Affiliate” means, with respect to any specified Person, any other Person
controlling or controlled by or under common control with such specified Person. For the purposes of this definition, “control” means the power to direct the management and policies of such Person, directly or indirectly, whether through
the ownership of voting securities, by contract or otherwise and the terms “controlling,” “controlled by” and “under common control with” have meanings correlative to the meaning of “control.” 

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

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

 “Agency Program” means the Freddie Mac Program, the Fannie Mae Program, or the Ginnie Mae Program, as
applicable. 
 “Agent” means Barclays Bank PLC and its successors in interest, as administrative agent for
Purchaser and any additional purchasers that may become a party hereto. 
 “Aggregate EPF Purchase Price” means
as of any date of determination, an amount equal to the aggregate Purchase Price (as defined in the Mortgage Loan Participation Purchase and Sale Agreement) for all Participation Certificates (as defined in the Mortgage Loan Participation Purchase
and Sale Agreement) then owned by Purchaser under the Mortgage Loan Participation Purchase and Sale Agreement. 

“Aggregate MRA Purchase Price” means as of any date of determination, an amount equal to the aggregate Purchase Price
for all Mortgage Loans then subject to Transactions under this Agreement. 
 “Agreement” means this Master
Repurchase Agreement (including all exhibits, schedules and other addenda thereto), as it may be amended, further supplemented or otherwise modified from time to time. 
 “ALTA” means the American Land Title Association. 

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

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

“Appraised Value” shall mean the value set forth in an appraisal made in connection with the origination of the related
Mortgage Loan as the value of the Mortgaged Property. 
 “Approvals” means with respect to Seller, any
approvals obtained from the Applicable Agency or HUD in designation of Seller as a Ginnie Mae-approved issuer, an FHA-approved mortgagee, a VA-approved lender, a Fannie Mae-approved lender and a Freddie Mac-approved Seller/Servicer, as applicable,
in good standing. 
 “Asset Base” means, on any date of determination and with respect to all Eligible Mortgage
Loans then subject to Transactions and, to the extent applicable, all Eligible Mortgage Loans proposed to be sold to the Purchaser as of such date of determination, the lesser of (i) 100% of the Principal Balance of all such Eligible Mortgage
Loans as of such date of determination and (ii) the product of the applicable Purchase Price Percentage multiplied by the Market Value of all such Eligible Mortgage Loans. 

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

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

  
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 “Attorney Bailee Letter” shall have the meaning assigned thereto in the
Custodial and Disbursement Agreement. 
 “Bank” means (i) U.S. Bank National Association and its
successors and permitted assigns or (ii) such other bank as may be mutually acceptable to the Seller and the Purchaser. 

“Bankruptcy Code” means 11 U.S.C. Section 101 et seq., as amended from time to time. 

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

“Business Day” means any day other than (i) a Saturday or Sunday, (ii) a day upon which the New York Stock
Exchange or the Federal Reserve Bank of New York is closed or (iii) with respect to any day on which the parties hereto have obligations to the Custodian or on which the Custodian has obligations to any party hereto, a day upon which the
Custodian’s offices are closed. 
 “Certification” shall have the meaning assigned thereto in the
Custodial and Disbursement Agreement. 
 “Change in Control” means (a) the sale, transfer, or other
disposition of all or substantially all of Seller’s assets (excluding any such action taken in connection with any securitization transaction or routine sales of Mortgage Loans) or (b) the consummation of a merger or consolidation of
Seller with or into another entity or any other corporate reorganization, if more than 50% of the combined voting power of the continuing or surviving entity’s equity outstanding immediately after such merger, consolidation or such other
reorganization is owned by persons who were not equityholders of the Seller immediately prior to such merger, consolidation or other reorganization. 
 “Change in Law” means (a) the adoption of any law, rule or regulation after the date of this Agreement, (b) any change in any law, rule or regulation or in the interpretation or
application thereof by any Governmental Authority after the date of this Agreement or (c) compliance by Purchaser (or any Affiliate thereof) with any request, guideline or directive (whether or not having the force of law) of any Governmental
Authority made or issued after the date of this Agreement. 
 “Closing Protection Letter” shall mean, with
respect to any Wet-Ink Mortgage Loan that becomes subject to a Transaction, a letter of indemnification from a title company approved by Purchaser, in its sole discretion, in any jurisdiction where insured closing letters are permitted under
applicable law and regulation, addressed to Seller, which is fully assignable to Purchaser, with coverage that is customarily acceptable to Persons engaged in the origination of mortgage loans, identifying the Settlement Agent covered thereby, which
may be in the form of a blanket letter. 
 “Code” means the Internal Revenue Code of 1986, as amended from time
to time. 
 “Collection Account” means the following account established by the Seller in accordance with
Section 16(e) for the benefit of the Pur§chaser, Account Number: 104790826630. 
 “Collection Account Control
Agreement” means that certain Collection Account Control Agreement, dated as of December 24, 2012, by and among the Purchaser, the Seller and Bank, in form and substance acceptable to the Purchaser to be entered into with respect to
the Collection Account, as the same may be amended, modified or supplemented from time to time. 
 “Compare
Ratio” has the meaning set forth in Compare Report. 

  
 - 4 -

 “Compare Report” means the DE Compare Report or the Institution Compare
Report, as applicable. 
 “Confirmation” shall have the meaning assigned thereto in Section 4 hereof.

 “Contract” means an agreement between an Originator and any Obligor, pursuant to or under which such Obligor
shall be obligated to pay for merchandise, insurance or services from time to time. 
 “Correspondent Loan”
means a Mortgage Loan that is (i) originated by a Correspondent Seller and underwritten in accordance with Seller’s underwriting guidelines and (ii) acquired by Seller from a Correspondent Seller in the ordinary course of business.

 “Correspondent Seller” means a mortgage loan originator that sells Mortgage Loans originated by it to Seller
as a “correspondent” or “private label” client. 
 “Correspondent Seller Release” means,
with respect to any Correspondent Loan, a release by the related Correspondent Seller, in the form of Exhibit I hereto, of all right, title and interest, including any security interest, in such Correspondent Loan. 

“Custodial and Disbursement Agreement” means that certain Custodial and Disbursement Agreement, dated as of
December 24, 2012, among Seller, Purchaser, Custodian and Disbursement Agent, entered into in connection with this Agreement and the Mortgage Loan Participation Purchase and Sale Agreement, as the same may be amended, modified or supplemented
from time to time. 
 “Custodian” means U.S. Bank National Association, and its successors and permitted
assigns. 
 “DE Compare Ratio” has the meaning set forth in the DE Compare Report. 

“DE Compare Report” means with respect to the Seller, the top of the three rows of the report entitled
“Neighborhood Watch Early Warning System – Single Lender – Originator by Institution” and found at https://entp.hud.gov/sfnw/public/. Such report shall be generated using the following criteria: Mortgagee Selections: “Direct
Endorsement Lender;” Delinquent Choices: “Seriously Delinquent;” and 2 Year Performance Period: “Data as of [END OF MOST RECENT PRIOR QUARTER].” 
 “Default” means any event that, with the giving of notice or the passage of time or both, would constitute an Event of Default. 

“Default Rate” shall have the meaning assigned thereto in the Pricing Side Letter. 

“Disbursement Agent” shall mean U.S. Bank National Association, and its successors and permitted assigns, or such other
entity as mutually agreed upon by Agent and Seller. 
 “Dollars” or “$” means, unless
otherwise expressly stated, lawful money of the United States of America. 
 “Due Date” means the day of the
month on which the Monthly Payment is due on a Mortgage Loan, exclusive of any days of grace. 
 “Due Diligence Review
Percentage” shall have the meaning assigned thereto in the Pricing Side Letter. 
 “Effective Date”
means December 24, 2012. 

  
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 “Electronic Tracking Agreement” means the electronic tracking agreement in
form and substance acceptable to Purchaser and Seller, dated as of December 24, 2012 among Purchaser, Seller, MERSCORP Holdings, Inc. and Mortgage Electronic Registration Systems, Inc., entered into in connection with this Agreement and the
Mortgage Loan Participation Purchase and Sale Agreement, as the same may be amended, modified or supplemented from time to time. 
 “Electronic Transmission” means the delivery of information in an electronic format acceptable to the applicable recipient thereof. An Electronic Transmission shall be considered written
notice for all purposes hereof (except when a request or notice by its terms requires execution). 
 “Eligible Mortgage
Loan” means a Mortgage Loan that (i) satisfies each of the representations and warranties in Exhibit B to the Agreement in all material respects, (ii) if such Mortgage Loan is (a) a Ginnie Mae Mortgage Loan, Fannie Mae
Mortgage Loan or Freddie Mac Mortgage Loan, it is in Strict Compliance with the eligibility requirements of the Ginnie Mae Program, Fannie Mae Program, or Freddie Mac Program, respectively, or (b) Jumbo Mortgage Loan, was underwritten and
originated in accordance with Purchaser’s underwriting guidelines attached hereto as Exhibit J, (iii) contains all required documents in the Mortgage File without exceptions unless otherwise waived by Purchaser or permitted below,
(iv) satisfies such other customary criteria for eligibility determined by the Purchaser and (v) satisfies the Additional Eligible Loan Criteria. 
 “EPF Custodial Account Control Agreement” means that certain Custodial Account Control Agreement, dated as of December 24, 2012, among Seller, Purchaser and Bank entered into in
connection with the Mortgage Loan Participation Purchase and Sale Agreement, as the same shall be amended, supplemented or otherwise modified from time to time. 
 “EPF Pricing Side Letter” means that certain Pricing Side Letter, dated as of December 24, 2012, between Seller and Purchaser entered into in connection with the Mortgage Loan
Participation Purchase and Sale Agreement, as the same shall be amended, supplemented or otherwise modified from time to time. 

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

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

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

  
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 “Event of Default” shall have the meaning assigned thereto in
Section 17 hereof. 
 “Fannie Mae” means Fannie Mae or any successor thereto. 

“Fannie Mae Guide” means the Fannie Mae MBS Selling and Servicing Guide, as such Guide may hereafter from time to time
be amended. 
 “Fannie Mae Mortgage Loan” means a mortgage loan that is in Strict Compliance on the related
Purchase Date with the eligibility requirements specified for the applicable Fannie Mae Program described in the Fannie Mae Guide. 
 “Fannie Mae Program” means the Fannie Mae Guaranteed Mortgage-Backed Securities Programs, as described in the Fannie Mae Guide. 

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

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

“FHA” means the Federal Housing Administration, an agency within HUD, or any successor thereto, and including the
Federal Housing Commissioner and the Secretary of Housing and Urban Development where appropriate under the FHA regulations. 

“FICO Score” means the credit score of the Mortgagor provided by Fair, Isaac & Company, Inc. or such other
organization providing credit scores on the Origination Date of a Mortgage Loan. 
 “Foreign Purchaser” shall
have the meaning assigned thereto in Section 8(d). 
 “Freddie Mac” means Freddie Mac, and its successors
in interest. 
 “Freddie Mac Guide” means the Freddie Mac Sellers’ and Servicers’ Guide, as such
Guide may hereafter from time to time be amended. 
 “Freddie Mac Mortgage Loan” means a mortgage loan that is
in Strict Compliance on the related Purchase Date with the eligibility requirements specified for the applicable Freddie Mac Program described in the Freddie Mac Guide. 
 “Freddie Mac Program” means the Freddie Mac Home Mortgage Guarantor Program or the Freddie Mac FHA/VA Home Mortgage Guarantor Program, as described in the Freddie Mac Guide. 

“Freddie Mac Security” means a modified pass-through mortgage-backed participation certificate, evidenced by a
book-entry account in a depository institution having book-entry accounts at the Federal Reserve Bank of New York, issued and guaranteed, with respect to timely payment of interest and ultimate payment of principal, by Freddie Mac and backed by a
pool of Freddie Mac Mortgage Loans, in substantially the principal amount and with substantially the other terms as specified with respect to such Freddie Mac Security in the related Takeout Commitment, if any. 

  
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 “GAAP” means generally accepted accounting principles as in effect from
time to time in the United States of America. 
 “Ginnie Mae” means the Government National Mortgage
Association and its successors in interest, a wholly-owned corporate instrumentality of the government of the United States of America. 
 “Ginnie Mae Guide” means the Ginnie Mae Mortgage-Backed Securities Guide, as such Guide may hereafter from time to time be amended. 

“Ginnie Mae Mortgage Loan” means a mortgage loan that is in Strict Compliance on the related Purchase Date with the
eligibility requirements specified for the applicable Ginnie Mae Program in the applicable Ginnie Mae Guide. 
 “Ginnie
Mae Program” means the Ginnie Mae Mortgage-Backed Securities Programs, as described in the Ginnie Mae Guide. 

“Ginnie Mae Security” means a fully-modified pass-through mortgage-backed certificate guaranteed by Ginnie Mae,
evidenced by a book-entry account in a depository institution having book-entry accounts at the Federal Reserve Bank of New York and backed by a pool of Ginnie Mae Mortgage Loans, in substantially the principal amount and with substantially the
other terms as specified with respect to such Ginnie Mae Security in the related Takeout Commitment. 
 “Governmental
Authority” means any nation or government, any state or other political subdivision, agency or instrumentality thereof, or any entity exercising executive, legislative, judicial, regulatory or administrative functions of or pertaining to
government and any court or arbitrator having jurisdiction over Seller any of its Subsidiaries or any of their Property. 

“HARP Mortgage Loan” means any Mortgage Loan that has been modified under the U.S. Department of the Treasury’s
Home Affordable Refinance Program. 
 “Hedge Instrument” means any interest rate cap agreement, interest rate
floor agreement, interest rate swap agreement or other interest rate hedging agreement entered into by Seller with a counterparty reasonably acceptable to Agent, in each case with respect to the Mortgage Loans. 

“High Cost Mortgage Loan” means a Mortgage Loan that is (a) subject to, covered by or in
violation of the provisions of the Homeownership and Equity Protection Act of 1994, as amended, (b) a “high cost,” “covered,” “threshold,” “abusive,” “predatory” or “high risk”
mortgage loan under any federal, state or local law, or any similarly classified loan using different terminology under any law imposing heightened regulation, scrutiny or additional legal liability for residential mortgage loans having high
interest rates, points and/or fees, or any other state or other regulation providing assignee liability to holders of such mortgage loans, (c) subject to or in violation of any such or comparable federal, state or local statutes or regulations,
or (d) a “High Cost Loan” or “Covered Loan,” as applicable, as such terms are defined in the current version of the Standard & Poor’s LEVELS® Glossary Revised, Appendix E. 

“HUD” means the Department of Housing and Urban Development, or any federal agency or official thereof which may from
time to time succeed to the functions thereof with regard to FHA mortgage insurance. The term “HUD,” for purposes of this Agreement, is also deemed to include subdivisions thereof such as the FHA and Government National Mortgage
Association. 

  
 - 8 -

 “Income” means, with respect to any Purchased Asset at any time, any
principal and/or interest thereon and all dividends, sale proceeds and all other proceeds as defined in Section 9-102(a)(64) of the Uniform Commercial Code and all other collections and distributions thereon (including, without limitation, any
proceeds received in respect of mortgage insurance). 
 “Indebtedness” means, with respect to any Person as of
any date of determination: (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 to pay the deferred purchase or acquisition price of Property or services, other than trade accounts payable (other than for borrowed money)
arising, and accrued expenses incurred, in the ordinary course of business so long as such trade accounts payable are payable and paid within ninety (90) days of the date the respective goods are delivered or the respective services are
rendered; (c) indebtedness of others secured by a Lien on the Property of such Person, whether or not the respective indebtedness so secured has been assumed by such Person; (d) obligations (contingent or otherwise) in respect of letters
of credit or similar instruments issued for account of such Person; (e) capital lease obligations; (f) payment obligations under repurchase agreements, single seller financing facilities, warehouse facilities and other lines of credit;
(g) indebtedness of others guaranteed on a recourse or partial recourse basis by such Person; (h) all obligations incurred in connection with the acquisition or carrying of fixed assets; (i) indebtedness of general partnerships of
which such Person is a general partner; and (j) any other known or contingent liabilities of such Person. 

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

“Initial Fee” shall have the meaning assigned thereto in the Pricing Side Letter. 

“Institution Compare Ratio” has the meaning set forth in the Institution Compare Report. 

“Institution Compare Report” means with respect to the Seller, the report entitled “Neighborhood Watch Early
Warning System – Single Lender – Originator by Institution” and found at https://entp.hud.gov/sfnw/public/. Such report shall be generated using the following criteria: Mortgagee Selections: “Originator by Institution;”
Delinquent Choices: “Seriously Delinquent;” and 2 Year Performance Period: “Data as of [END OF MOST RECENT PRIOR QUARTER].” 
 “Investment Company Act” means the Investment Company Act of 1940, as amended, including all rules and regulations promulgated thereunder. 

“Jumbo Mortgage Loan” means a first lien mortgage loan that conforms with all requirements of the Purchaser’s
underwriting guidelines attached hereto as Exhibit J, as the same may be amended, supplemented or otherwise modified from time to time. 
 “LIBOR” means for each day, the rate (adjusted for statutory reserve requirements for eurocurrency liabilities) for eurodollar deposits for a period equal to one month appearing on
Bloomberg Screen US 0001M Page or if such rate ceases to appear on Bloomberg Screen US 0001M Page, or any other service providing comparable rate quotations at approximately 11:00 a.m., London time, on the applicable date of determination, or such
interpolated rate as determined by the Agent. 
 “Lien” means any mortgage, deed of trust, lien, claim, pledge,
charge, security interest or similar encumbrance. 

  
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 “Loan-to-Value Ratio” means, as of any date of determination, the fraction,
expressed as a percentage, the numerator of which is the principal balance of the related Mortgage Loan at such date and the denominator of which is the lesser of (a) the Appraised Value of the Mortgaged Property at the origination of such
Mortgage Loan, and (b) if the Mortgaged Property was purchased within twelve (12) months of the origination of the Mortgage Loan, the purchase price of the related Mortgaged Property. 

“Margin Call” shall have the meaning assigned thereto in Section 7(b) hereof. 

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

“Market Value” means, with respect to any Transaction and as of any date of determination, (i) the value ascribed
to a Purchased Asset or a Mortgage Loan by Agent in its sole discretion, using methodology and parameters customarily used by Agent to value similar assets, as may be as marked to market daily, and (ii) zero, with respect to any Mortgage Loan
that is not an Eligible Mortgage Loan. 
 “Master Netting Agreement” means that certain Global Netting and
Security Agreement, dated as of December 24, 2012, among Purchaser, Seller and certain Affiliates and Subsidiaries of Purchaser and/or Seller, entered into in connection with this Agreement and the Mortgage Loan Participation Purchase and Sale
Agreement, as the same shall be amended, supplemented or otherwise modified from time to time. 
 “Material Adverse
Change” means, with respect to a Person, any material adverse change in the business, condition (financial or otherwise), operations, performance, Property or prospects of such Person, including the insolvency of such Person. 

“Material Adverse Effect” means (a) a Material Adverse Change with respect to Seller, Servicer or any of their
respective Affiliates; (b) a material impairment of the ability of Seller, Servicer or any of their respective Affiliates that is a party to any Program Document to perform under any Program Document to which it is a party; (c) a material
adverse effect upon the legality, validity, binding effect or enforceability of any Program Document against Seller, Servicer or any of their respective Affiliates that is a party to any Program Document; (d) a material adverse effect on the
Market Value of the Purchased Assets; or (e) a material adverse effect on the Approvals of Seller or Servicer. 

“Maturity Date” means December 23, 2013. 
 “Maximum Age Since Origination” shall have the meaning assigned thereto in the Pricing Side Letter. 
 “Maximum Aggregate Purchase Price” shall have the meaning assigned thereto in the Pricing Side Letter. 
 “Maximum Error Rate” shall have the meaning assigned thereto in the Pricing Side Letter. 
 “MERS” means Mortgage Electronic Registration Systems, Inc., a Delaware corporation, or any successor in interest thereto. 

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

  
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 “MERS Identification Number” shall have the meaning assigned thereto in the
Custodial and Disbursement Agreement. 
 “Monthly Payment” shall mean the scheduled monthly payment of
principal and interest on a Mortgage Loan as adjusted in accordance with changes in the mortgage interest rate pursuant to the provisions of the Mortgage Note for an Adjustable Rate Mortgage Loan. 

“Monthly Payment Date” means the fifth (5th) Business Day of each calendar month beginning with January 2012.

 “Mortgage” means a mortgage, deed of trust, or other security instrument, securing a Mortgage Note.

 “Mortgage File” shall have the meaning assigned thereto in the Custodial and Disbursement Agreement.

 “Mortgage Interest Rate” means, with respect to each Mortgage Loan, the annual rate at which interest
accrues on such Mortgage Loan from time to time in accordance with the provisions of the related Mortgage Note. 

“Mortgage Loan” means a Ginnie Mae Mortgage Loan, a Fannie Mae Mortgage Loan, a Freddie Mac Mortgage Loan, a HARP
Mortgage Loan or a Jumbo Mortgage Loan. 
 “Mortgage Loan Participation Purchase and Sale Agreement” means that
certain Mortgage Loan Participation Purchase and Sale Agreement, dated as of December 24, 2012, between Purchaser and Seller, as the same may be amended, modified or supplemented from time to time. 

“Mortgage Note” means a promissory note or other evidence of indebtedness of the obligor thereunder, evidencing a
Mortgage Loan, and secured by the related Mortgage. 
 “Mortgaged Property” means the real property (or
leasehold estate, if applicable) securing repayment of the debt evidenced by a Mortgage Note. 
 “Mortgagee”
means the record holder of a Mortgage Note secured by a Mortgage. 
 “Mortgagor” means the obligor or obligors
on a Mortgage Note, including any person who has assumed or guaranteed the obligations of the obligor thereunder. 

“Negative Amortization” means the portion of interest accrued at the Mortgage Interest Rate in any month which exceeds
the Monthly Payment on the related Mortgage Loan for such month and which, pursuant to the terms of the Mortgage Note, is added to the principal balance of such Mortgage Loan. 
 “Notice Date” shall have the meaning assigned thereto in Section 3(c) hereof. 
 “Obligations” means (a) all amounts due and payable by Seller to Purchaser in connection with a Transaction hereunder, together with interest thereon (including interest which would
be payable as post-petition interest in connection with any bankruptcy or similar proceeding) and other obligations and liabilities of Seller to Purchaser arising under, or in connection with, the Program Documents or directly related to the
Purchased Assets, whether now existing or hereafter arising; (b) any and all sums paid by Purchaser or on behalf of Purchaser pursuant to the Program Documents in order to preserve any Purchased Asset or its interest therein; (c) in the
event of any proceeding for the collection or enforcement 

  
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of any of Seller’s indebtedness, obligations or liabilities referred to in clause (a), the reasonable expenses of retaking, holding, collecting, preparing for sale, selling or otherwise
disposing of or realizing on any Purchased Asset, or of any exercise by Purchaser of its rights under the Program Documents, including without limitation, reasonable attorneys’ fees and disbursements and court costs; and (d) all of
Seller’s indemnity obligations to Purchaser pursuant to the Program Documents. 
 “Obligor” means a Person
obligated to make payments pursuant to a Contract; provided that in the event that any payments in respect of a Contract are made by any other Person, such other Person shall also be deemed to be an Obligor. 

“OFAC” means the Office of Foreign Assets Control of the United States Department of Treasury. 

“OFAC Lists” has the meaning ascribed to it in Section 37(b). 

“Origination Date” means (i) with respect to Mortgage Loans (other than HARP Mortgage Loans and Correspondent
Loans), the date on which a Mortgage Loan was originated by the related originator, (ii) with respect to HARP Mortgage Loans, the date on which a HARP Mortgage Loan became subject to a Transaction and (iii) with respect to Correspondent
Loans, the date on which a Correspondent Loan was acquired by Seller. 
 “Originator” means Seller or any other
third party originator as mutually agreed upon by Agent and Seller. 
 “Other Taxes” shall have the meaning
assigned thereto in Section 8(b). 
 “Parent Company” means a corporation or other entity owning at least
50% of the outstanding shares of voting stock of Seller. 
 “Person” means any legal person, including any
individual, corporation, partnership, association, joint stock company, trust, limited liability company, unincorporated organization, governmental entity or other entity of similar nature. 

“Price Differential” means, with respect to any Purchased Asset or Transaction as of any date of determination, an
amount equal to the product of (A) the Pricing Rate (or during the continuation of an Event of Default, by daily application of the Default Rate) and (B) the Purchase Price for such Purchased Asset or Transaction. Price Differential will
be calculated in accordance with Section 3(f) herein for the actual number of days elapsed during such Accrual Period on a 360-day basis. 
 “Price Differential Determination Date” means, with respect to any Monthly Payment Date, the second (2nd) Business Day preceding such date. 
 “Pricing Rate” means, as of any date of determination and with respect to an Accrual Period for any Purchased Asset or Transaction, an amount equal to the sum of (i) LIBOR plus
(ii) the Applicable Margin. 
 “Pricing Side Letter” means that certain Pricing Side Letter, dated as of
December 24, 2012, between Seller and Purchaser, entered into in connection with this Agreement, as the same may be amended, modified or supplemented from time to time. 
 “Principal Balance” means the unpaid principal balance of a Mortgage Loan. 

  
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 “Program Documents” means this Agreement, the Pricing Side Letter, the
Custodial and Disbursement Agreement, the Collection Account Control Agreement, any assignment of Hedge Instrument, the Electronic Tracking Agreement, the Master Netting Agreement, the EPF Program Documents and all other agreements, documents and
instruments entered into by Seller on the one hand, and Purchaser or one of its Affiliates (or Custodian on its behalf) and/or Agent or one of its Affiliates on the other, in connection herewith or therewith with respect to the transactions
contemplated hereunder or thereunder and all amendments, restatements, modifications or supplements thereto. 

“Property” means any right or interest in or to property of any kind whatsoever, whether real, personal or mixed and
whether tangible or intangible. 
 “Purchase Date” means, with respect to each Transaction, the date on which
Purchased Assets are sold by Seller to the Purchaser or its designee hereunder. 
 “Purchase Price” means the
price at which Purchased Assets subject to a Transaction are sold by Seller to Purchaser or its designee on a Purchase Date (which includes a mutually negotiated premium allocable to the portion of the related Purchased Assets that constitutes the
related Servicing Rights), which shall (unless otherwise agreed to by the Seller and Purchaser) be equal to the lesser of (i) 100% of the Principal Balance of such Purchased Assets as of such date of determination and (ii) the product of
the applicable Purchase Price Percentage multiplied by the Market Value of such Purchased Assets as of such date of determination. 
 “Purchase Price Percentage” shall have the meaning assigned thereto in the Pricing Side Letter. 
 “Purchased Assets” means all of the following that are sold by Seller to Purchaser in a Transaction, whether now existing or hereafter acquired: (i) the Eligible Mortgage Loans,
(ii) the related Servicing Rights, (iii) Seller’s rights under any related Hedge Instruments to the extent related to the Mortgage Loans, (iv) such other Property, rights, titles or interest as are specified on the related
Transaction Notice, (v) all mortgage guarantees and insurance relating to the individual Mortgage Loans (issued by governmental agencies or otherwise) or the related Mortgaged Property and any mortgage insurance certificate or other document
evidencing such mortgage guarantees or insurance and all claims and payments related to the Mortgage Loans, (vi) all guarantees or other support for the Mortgage Loans, (vii) all rights to Income and the rights to enforce such payments
arising from the Mortgage Loans and any other contract rights, payments, rights to payment (including payments of interest or finance charges) with respect thereto, (viii) all Takeout Commitments and Trade Assignments (including the rights to
receive the related purchase price related therefor), (ix) the Collection Account and all amounts on deposit therein, (x) all Additional Purchased Mortgage Loans, (xi) all “accounts,” “deposit accounts,”
“securities accounts,” “chattel paper,” “commercial tort claims,” “deposit accounts,” “documents,” “general intangibles,” “instruments,” “investment property,” and
“securities accounts,” relating to the foregoing as each of those terms is defined in the Uniform Commercial Code and all cash and cash equivalents and all other products and proceeds relating to or constituting any or all of the
foregoing, (xii) any purchase agreements or other agreements or contracts relating to or constituting any or all of the foregoing, (xiii) any other collateral pledged or otherwise relating to any or all of the foregoing, together with all
files, material documents, instruments, surveys (if available), certificates, correspondence, appraisals, computer records, computer storage media, accounting records and other books and records relating to the foregoing, and (xiv) any and all
replacements, substitutions, distributions on, or proceeds with respect to, any of the foregoing. The term “Purchased Assets” with respect to any Transaction at any time also shall include Additional Purchased Mortgage Loans delivered
pursuant to Section 7(b) hereof. 
 “Purchaser” shall have the meaning set forth in the preamble hereof.

  
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 “Purchaser’s Wire Instructions” shall have the meaning set forth in
the Pricing Side Letter. 
 “Records” means all instruments, agreements and other books, records, and reports
and data generated by other media for the storage of information maintained by Seller or any other person or entity with respect to a Purchased Asset. Records shall include, without limitation, the Mortgage Notes, any Mortgages, the Mortgage Files,
the Servicing Files, and any other instruments necessary to document or service an Asset that is a Purchased Asset, including, without limitation, the complete payment and modification history of each Asset that is a Purchased Asset. 

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

“Repurchase Date” means, with respect to any Transaction, the earliest of (i) the Termination Date, (ii) the
date set forth in the related Transaction Notice as the scheduled Repurchase Date, (iii) the second Business Day following Seller’s written notice to Purchaser requesting a repurchase of such Transaction or (iv) at the conclusion of
the Maximum Age Since Origination for any Eligible Mortgage Loan purchased hereunder, or if such day is not a Business Day, the immediately following Business Day. 
 “Repurchase Price” means the price at which Purchased Assets are to be transferred from Purchaser or its designee to Seller upon termination of a Transaction, which will be determined in
each case as the sum of: (i) any portion of the Purchase Price not yet repaid to Purchaser, (ii) the Price Differential accrued and unpaid thereon, (iii) Breakage Costs, if any, and (iv) any accrued and unpaid fees or expenses or
indemnity amounts and any other outstanding amounts owing under the Program Documents from Seller to Purchaser. 

“Request for Release of Documents” shall mean the Request for Release of Documents set forth as Annex 5 to the
Custodial and Disbursement Agreement, as applicable. 
 “Requirement of Law” means as to any Person, the
certificate of incorporation and by-laws or other organizational or governing documents of such Person, and any law, treaty, rule or regulation or determination of an arbitrator or a court or other Governmental Authority, in each case applicable to
or binding upon such Person or any of its Property or to which such Person or any of its Property is subject. 

“Restricted Mortgage Loan” means (i) a “Growing Equity Loan,” “Manufactured Home Loan,”
“Graduated Payment Loan,” “Buydown Loan,” “Project Loan,” “Construction Loan” or “HECM Loan,” each as defined in the applicable Agency Guide, (ii) a 30+ Day Delinquent Mortgage Loan,
(iii) a Mortgage Loan for which the related Escrow Payments have not been made by the next succeeding Due Date, (iv) a High Cost Mortgage Loan, (v) a Mortgage Loan that could result in Negative Amortization, (vi) a Special Loan
or (vii) a Mortgage Loan that was not underwritten and originated with full documentation. 
 “SEC” shall
have the meaning ascribed thereto in Section 35 hereof. 
 “Section 404 Notice” means the notice required
pursuant to Section 404 of the Helping Families Save Their Homes Act of 2009 (P.L. 111-22), which amends 15 U.S.C. Section 1641 et seq., to be delivered by a creditor that is an owner or an assignee of a Mortgage Loan to the related
Mortgagor within thirty (30) days after the date on which such Mortgage Loan is sold or assigned to such creditor. 

  
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 “Security” means a Ginnie Mae Security, a Fannie Mae Security or a Freddie
Mac Security, as applicable. 
 “Seller” shall have the meaning set forth in the preamble hereof. 

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

“Servicer” means any servicer approved by Agent in its sole discretion, which may be Seller. 

“Servicing File” means with respect to each Mortgage Loan, the file retained by Seller or its designee consisting of all
documents that a prudent originator and servicer would include (including copies of the Mortgage File), all documents necessary to document and service the Mortgage Loans and any and all documents required to be delivered in connection with any
transfer of servicing pursuant to the Program Documents. 
 “Servicing Records” means with respect to a
Mortgage Loan, the related servicing records, including but not limited to any and all servicing agreements, files, documents, records, data bases, computer tapes, copies of computer tapes, proof of insurance coverage, insurance policies,
appraisals, other closing documentation, payment history records, and any other records relating to or evidencing the servicing of such Mortgage Loan. 
 “Servicing Rights” means contractual, possessory or other rights of Seller or any other Person to administer or service a Mortgage Loan or to possess the Servicing File. 

“Servicing Term” shall have the meaning assigned thereto in Section 16(d) hereof. 

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

“Settlement Date” means the date specified in a Takeout Commitment upon which the related Security is scheduled to be
delivered to the specified Takeout Investor on a “delivery versus payment” basis. 
 “Special Loans”
means USDA Mortgage Loans, Manufactured Home Loans (as defined in the applicable Agency Guide) and “closed-end” Mortgage Loans with respect to HUD 203(k). 
 “Stable Balance Fee” shall have the meaning assigned thereto in the Pricing Side Letter. 
 “Strict Compliance” means compliance of Seller and the Mortgage Loans with the requirements of the Agency Guide as amended by any agreements between Seller and the Applicable Agency,
sufficient to enable Seller to issue and to service and Ginnie Mae to guarantee or Fannie Mae or Freddie Mac to issue and guarantee a Security; provided, that until copies of any such agreements between Seller and the Applicable Agency have been
provided to Agent by Seller and approved by Agent, such agreements shall be deemed, as between Seller and Purchaser, not to amend the requirements of the Agency Guide. 

  
 - 15 -

 “Subordinated Debt” means, with respect to any Person Indebtedness of such
Person to any other Person that is subordinated to the Obligations pursuant to a currently effective and irrevocable subordination agreement approved by Agent in its sole discretion and the principal of which is not due and payable until ninety
(90) days or more after the Termination Date. 
 “Subsidiary” means, with respect to any Person, any
corporation, partnership or other entity of which at least a majority of the securities or other ownership interests having by the terms thereof ordinary voting power to elect a majority of the board of directors or other persons performing similar
functions of such corporation, partnership or other entity (irrespective of whether or not at the time securities or other ownership interests of any other class or classes of such corporation, partnership or other entity shall have or might have
voting power by reason of the happening of any contingency) is at the time directly or indirectly owned or controlled by such Person or one or more Subsidiaries of such Person or by such Person and one or more Subsidiaries of such Person.

 “Takeout Commitment” means a fully executed trade confirmation from the related Takeout Investor to Seller
confirming the details of a forward trade between the Takeout Investor and Seller with respect to one or more Purchased Assets, which trade confirmation shall be enforceable and in full force and effect, and shall be validly and effectively assigned
to Purchaser pursuant to a Trade Assignment, and relate to pools of Mortgage Loans that satisfy the “good delivery standards” of the Securities Industry and Financial Markets Association as set forth in the Securities Industry and
Financial Markets Association Uniform Practices Manual, as amended from time to time. 
 “Takeout Investor”
means (x) for non-Jumbo Mortgage Loans, either (i) Barclays Capital, Inc., or any successor thereto, (ii) any member of the Mortgage Backed Securities Division of the Fixed Income Clearing Corporation listed in Exhibit F or
(iii) any other Person approved by Agent in its sole discretion and (y) for Jumbo Mortgage Loans, Barclays Bank PLC. 

“Tangible Net Worth” means for any Person as of any date of determination, an amount equal to (i) such
Person’s shareholder equity calculated in accordance with GAAP, plus (ii) any Subordinated Debt issued by such Person with maturities greater than twelve (12) months, minus (iii) the intangible assets of such Person. 

“Taxes” shall have the meaning assigned thereto in Section 8(a) hereof. 

“Termination Date” means the earliest to occur of (i) the Maturity Date, (ii) the termination of the Mortgage
Loan Participation Purchase and Sale Agreement and (iii) at the option of Purchaser, the occurrence of an Event of Default under this Agreement after the expiration of any applicable grace period. 

“Trade Assignment” means an assignment to Purchaser of a forward trade between the Takeout Investor and Seller with
respect to one or more Purchased Assets, together with the related trade confirmation from the Takeout Investor to Seller that has been fully executed, is enforceable and is in full force and effect and confirms the details of such forward trade.

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

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

  
 - 16 -

 “Uniform Commercial Code” means the Uniform Commercial Code as in effect
from time to time in the State of New York; provided that if by reason of mandatory provisions of law, the perfection or the effect of perfection or non-perfection of the security interest in any Purchased Assets or the continuation, renewal or
enforcement thereof is governed by the Uniform Commercial Code as in effect in a jurisdiction other than New York, “Uniform Commercial Code” shall mean the Uniform Commercial Code as in effect in such other jurisdiction for purposes of the
provisions hereof relating to such perfection or effect of perfection or non-perfection. 
 “USDA” means the
United States Department of Agriculture. 
 “USDA Mortgage Loan” means a Mortgage Loan that is guaranteed by
the USDA’s Guaranteed Rural Housing Loan Program. 
 “VA” means the United States Department of Veterans
Affairs. 
 “Warehouse Lender” means any lender providing financing to Seller for the purpose of warehousing,
originating or purchasing a Mortgage Loan (including but not limited to purchasers under repurchase agreements), which lender has a security interest in such Mortgage Loan to be purchased by Purchaser. 

“Warehouse Lender’s Release” means a letter, in the form of Exhibit E, from a Warehouse Lender to Purchaser,
unconditionally releasing all of Warehouse Lender’s right, title and interest in certain Mortgage Loans identified therein upon payment to the Warehouse Lender. 
 “Wet-Ink Mortgage Loan” means a Mortgage Loan that Seller is selling to Purchaser simultaneously with the origination thereof that is funded in part, either directly or indirectly, with
the Purchase Price paid by Purchaser hereunder and prior to receipt by Purchaser or its Custodian of the original Mortgage Note. 
 “Wet-Ink Mortgage Loan Document Receipt Date” means for any Wet-Ink Mortgage Loan, the date that the Custodian executes an original trust receipt without exceptions. 

“Wet-Ink Mortgage Loan Purchase Price Range” shall have the meaning assigned thereto in the Custodial Agreement.

 (b) Interpretation. 
 Headings are for convenience only and do not affect interpretation. The following rules of this subsection (b) apply unless the context requires otherwise. The singular includes the plural and
conversely. A gender includes all genders. Where a word or phrase is defined, its other grammatical forms have a corresponding meaning. A reference to a subsection, Section, Annex or Exhibit is, unless otherwise specified, a reference to a section
of, or annex or exhibit to, this Agreement. A reference to a party to this Agreement or another agreement or document includes the party’s successors and permitted substitutes or assigns. A reference to an agreement or document is to the
agreement or document as amended, modified, novated, supplemented or replaced, except to the extent prohibited by any Program Document. A reference to legislation or to a provision of legislation includes any modification or re-enactment of it, a
legislative provision substituted for it and a regulation or statutory instrument issued under it. A reference to writing includes a facsimile transmission and any means of reproducing words in a tangible and permanently visible form. A reference to
conduct includes, without limitation, an omission, statement or undertaking, whether or not in writing. An Event of Default exists until it has been waived in writing by Purchaser or has been timely cured. The words “hereof,”
“herein,” 

  
 - 17 -

 
“hereunder” and similar words refer to this Agreement as a whole and not to any particular provision of this Agreement. The term “including” is not limiting and means
“including without limitation.” In the computation of periods of time from a specified date to a later specified date, the word “from” means “from and including,” the words “to” and “until” each mean
“to but excluding,” and the word “through” means “to and including.” This Agreement may use several different limitations, tests or measurements to regulate the same or similar matters. All such limitations, tests and
measurements are cumulative and shall each be performed in accordance with their terms. Unless the context otherwise clearly requires, all accounting terms not expressly defined herein shall be construed, and all financial computations required
under this Agreement shall be made, in accordance with GAAP, consistently applied. References herein to “fiscal year” and “fiscal quarter” refer to such fiscal periods of Seller. 

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

	3.	THE TRANSACTIONS 

(a) It is acknowledged and agreed that, notwithstanding any other provision of this Agreement to the contrary, the facility provided under
this Agreement is an uncommitted facility and Purchaser shall have no obligation to enter into any Transactions hereunder. 

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

(c) With respect to the purchase of any Eligible Mortgage Loans (other than Wet-Ink Mortgage Loans (as defined below)) Seller shall
deliver, no later than 11:00 a.m. (New York City time) one (1) Business Day prior to the proposed Purchase Date, the following: 
 (i) a Seller Mortgage Loan Schedule to Purchaser and Custodian, 

(ii) a Transaction Notice to Purchaser and Custodian; 

  
 - 18 -

 (iii) the complete Mortgage Files to Custodian for each Mortgage Loan
subject to such Transaction; and 
 (iv) for Correspondent Loans, the Correspondent Seller Release, duly executed
and delivered by each applicable Correspondent Seller, to Purchaser. 
 With respect to the purchase of any Wet-Ink Mortgage
Loans, Seller shall provide (A) written notice to the Purchaser, the Custodian and the Disbursement Agent of the Wet-Ink Mortgage Loan Purchase Price Range no later than 4:00 p.m. (New York City time) one (1) Business Day prior to the
proposed Purchase Date, and (B) written notice, in the form of a Transaction Notice and the related Seller Mortgage Loan Schedule to Purchaser, the Disbursement Agent and the Custodian, with respect to such Wet-Ink Mortgage Loans no later than
9:00 a.m. (New York City time) on the proposed Purchase Date. 
 The date on which any notice pursuant to this
Section 3(c) is given is known as the “Notice Date”; provided that with respect to any Eligible Mortgage Loan that is not a Wet-Ink Mortgage Loan, if such notice is given after 11:00 a.m. (New York City time) one
(1) Business Day prior to the proposed Purchase Date, the Notice Date shall be deemed to be the next succeeding Business Day and the proposed Purchase Date shall be no earlier than one (1) Business Day after the date on which such notice
is given. 
 (d) With respect to each Wet-Ink Mortgage Loan, immediately following the Purchase Date, Seller shall cause the
related Settlement Agent to deliver to the Custodian the remaining documents in the Mortgage File. 
 (e) Upon Seller’s
request to enter into a Transaction pursuant to Section 3(c) and assuming all conditions precedent set forth in this Section 3 and in Sections 10(a) and (b) have been met, and provided no Default or Event of Default shall have
occurred and be continuing, on the requested Purchase Date, Purchaser may, in its sole discretion, purchase the Eligible Mortgage Loans included in the related Transaction Notice by transferring the Purchase Price (net of any related Initial Fee or
any other fees and expense then due and payable by Seller to Purchaser pursuant to the Agreement) in accordance with the following wire instructions or as otherwise provided: 
 US Bank National Association 
 Account Number: 153565447700 

ABA#: 091000022 
 Seller
acknowledges and agrees that the Purchase Price includes a mutually negotiated premium allocable to the portion of the Purchased Assets that constitutes the related Servicing Rights. 

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

  
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 (h) If Agent determines in its sole discretion that any Change in Law or any change in
accounting rules regarding capital requirements has the effect of reducing the rate of return on Purchaser’s capital or on the capital of any Affiliate of Purchaser under this Agreement as a consequence of such Change in Law or change in
accounting rules, then from time to time Seller will compensate Purchaser or Purchaser’s Affiliate, as applicable, for such reduced rate of return suffered as a consequence of such Change in Law or change in accounting rules on terms similar to
those imposed by Purchaser. Further, if due to the introduction of, any change in, or the compliance by Purchaser with (i) any eurocurrency reserve requirement, or (ii) the interpretation of any law, regulation or any guideline or request
from any central bank or other Governmental Authority whether or not having the force of law, there shall be an increase in the cost to Purchaser or any Affiliate of Purchaser in engaging in the present or any future Transactions, then Seller shall,
from time to time and upon demand by Purchaser, compensate Purchaser or Purchaser’s Affiliate for such increased costs, and such amounts shall be deemed a part of the Obligations hereunder. Purchaser shall provide Seller with notice as to any
such Change in Law, change in accounting rules or change in compliance promptly following Purchaser’s receipt of actual knowledge thereof. 
 (i) Seller shall indemnify the Purchaser and hold the Purchaser harmless from any losses, costs and/or expenses which the Purchaser may sustain or incur as a result of terminating any Transaction on or
before a Repurchase Date arising from the reemployment of funds obtained by the Purchaser hereunder or from actual out of pocket fees and expenses payable to terminate the deposits from which such funds were obtained (“Breakage
Costs”). The Agent shall deliver to Seller a statement setting forth the amount and basis of determination of any Breakage Costs in such detail as determined in good faith by the Purchaser to be adequate, it being agreed that such statement
and the method of its calculation shall be adequate and shall be conclusive and binding upon Seller, absent manifest error. The provisions of this Section 3(h) shall survive termination of this Agreement. 

 

	4.	CONFIRMATION 

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

	5.	TAKEOUT COMMITMENTS 

Seller hereby assigns to Purchaser, free of any security interest, lien, claim or encumbrance of any kind, Seller’s rights under each
Takeout Commitment to deliver the Purchased Assets specified therein to the related Takeout Investor and to receive the purchase price therefor from such Takeout Investor. Seller shall deliver to Purchaser a duly executed and enforceable Trade
Assignment on the date such Trade Assignment is executed by the related Takeout Investor. Subject to Purchaser’s rights hereunder, Purchaser agrees that it will satisfy the obligation under the Takeout Commitment to deliver the related
Purchased Assets to the Takeout Investor on the Settlement Date specified therein. Seller understands that, as a result of this Section 5 and each Trade Assignment, Purchaser will succeed to the rights and

  
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obligations of Seller with respect to each Takeout Commitment subject to a Trade Assignment, and that in satisfying each such Takeout Commitment, Purchaser, will stand in the shoes of Seller and,
consequently, will be acting as a non-dealer in exercising its rights and fulfilling its obligations assigned pursuant to this Section 5 and each Trade Assignment. Each Trade Assignment delivered by Seller to Purchaser shall be delivered by
Seller in a timely manner sufficient to enable Purchaser to facilitate the settlement of the related trade on the trade date in accordance with “good delivery standards” of the Securities Industry and Financial Markets Association as set
forth in the Securities Industry and Financial Markets Association Uniform Practices Manual, as amended from time to time. 
  

	6.	PAYMENT AND TRANSFER 

 (a) Unless otherwise agreed by Seller and Purchaser, all transfers of funds hereunder shall be in Dollars in immediately available funds. Seller shall remit (or, if applicable, shall cause to be remitted)
directly to Purchaser all payments required to be made by it to Purchaser hereunder or under any other Program Document in accordance with wire instructions provided by Purchaser. Any payments received by Purchaser after 4:00 p.m. (New York City
time) shall be applied on the next succeeding Business Day. 
 (b) Following Seller’s receipt of the Closing Protection
Letter and Escrow Instruction Letter, the Disbursement Agent will aggregate and disburse funds directly to the loan closing with respect to Wet-Ink Mortgage Loans that are subject to a Transaction hereunder. 

 

	7.	MARGIN MAINTENANCE 

(a) Agent shall determine the Market Value of the Purchased Assets on a daily basis as determined by Agent in its sole discretion.

 (b) If, as of any date of determination, the lesser of (a) 100% of the Principal Balance of the Eligible Mortgage Loans
and (b) the aggregate Market Value of all related Purchased Assets subject to all Transactions, taking into account the cash then on deposit in the Collection Account, multiplied by the applicable Purchase Price Percentage is less than the
Repurchase Price (excluding accrued Price Differential) for all such Transactions (a “Margin Deficit”), then Agent may, by notice to the Seller (as such notice is more particularly set forth below, a “Margin Call”),
require Seller to transfer to Purchaser or its designee cash or, at Purchaser’s option (and provided Seller has additional Eligible Mortgage Loans), additional Eligible Mortgage Loans to Purchaser (“Additional Purchased Mortgage
Loans”) to cure the Margin Deficit. If the Agent delivers a Margin Call to the Seller on or prior to 11:00 a.m. (New York City time) on any Business Day, then the Seller shall transfer cash or Additional Purchased Mortgage Loans to
Purchaser or its designee no later than 5:00 p.m. (New York City time) on the same Business Day. In the event the Agent delivers a Margin Call to Seller after 11:00 a.m. (New York City time) on any Business Day, Seller shall be required to
transfer cash or Additional Purchased Mortgage Loans no later than 12:00 noon (New York City time) on the next succeeding Business Day. 
 (c) Any cash transferred to Purchaser or its designee pursuant to Section 16(f)(ii) herein shall reduce the Repurchase Price of the related Transactions. 

(d) The failure of Purchaser, on any one or more occasions, to exercise its rights hereunder, shall not change or alter the terms and
conditions of this Agreement or limit the right of the Purchaser to do so at a later date. Seller and Purchaser each agree that a failure or delay by a Purchaser to exercise its rights hereunder shall not limit or waive Purchaser’s rights under
this Agreement or otherwise existing by law or in any way create additional rights for Seller. 

  
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 (e) For the avoidance of doubt, it is hereby understood and agreed that Seller shall be
responsible for satisfying any Margin Deficit existing as a result of any reduction of the Principal Balance of any Purchased Asset pursuant to any action by any bankruptcy court. 

 

	8.	TAXES; TAX TREATMENT 

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

(d) Any Purchaser that either (i) is not incorporated under the laws of the United States, any State thereof, or the District of
Columbia or (ii) whose name does not include “Incorporated,” “inc.,” “Corporation,” “Corp.,” “P.C.,” “insurance company,” or “assurance company” (a “Foreign
Purchaser”) shall provide Seller and Agent with original properly completed and duly executed United States Internal Revenue Service (“IRS”) Forms W-8BEN or W-8ECI or any successor form prescribed by the IRS, certifying
that such Person is either (1) entitled to benefits under an income tax treaty to which the United States is a party which eliminates or (2) otherwise fully exempt from (2) United States withholding tax under Sections 1441
through 1442 of the Code on payments to it or certifying that the income receivable pursuant to this Agreement is effectively connected with the conduct of a trade or business in the United States in either case, on or prior to the date upon which
each such Foreign Purchaser becomes a Purchaser. Each Foreign Purchaser will resubmit the appropriate form eliminating withholding tax on 

  
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payments to it on the earliest of (A) the third anniversary of the prior submission, or (B) on or before the expiration of thirty (30) days after there is a “change in
circumstances” with respect to such Person as defined in Treas. Reg. Section 1.1441-1(e)(4)(ii)(D). For any period with respect to which the Foreign Purchaser has failed to provide Seller with the appropriate form or other relevant
document (x) as expressly required under this Section 8(d) (unless such failure is due to a change in treaty, law, or regulation occurring subsequent to the date on which a form originally was required to be provided under the first
sentence of this Section 8(d)) or (y) otherwise as required to establish exemption from United States withholding under Sections 1471 through 1474 of the Code, such Person shall not be entitled to “gross-up” of Taxes under
Section 8(d) or indemnification under Section 8(c) with respect to Taxes imposed by the United States which are imposed because of such failure; provided, however that should a Foreign Purchaser, which is otherwise exempt from a
withholding tax, become subject to Taxes because of its failure to deliver a form required hereunder, Seller shall take such steps as such Foreign Purchaser shall reasonably request to assist such Foreign Purchaser to recover such Taxes. 

(e) Without prejudice to the survival or any other agreement of Seller hereunder, the agreements and obligations of Seller contained in
this Section 8 shall survive the termination of this Agreement. Nothing contained in this Section 8 shall require Purchaser to make available any of their tax returns or other information that it deems to be confidential or proprietary.

 (f) Each party to this Agreement acknowledges that it is its intent solely for purposes of U.S. federal, state and local
income and franchise taxes to treat each Transaction as indebtedness of Seller that is secured by the Purchased Assets and that the Purchased Assets are owned by Seller in the absence of an Event of Default by Seller. All parties to this Agreement
agree to such treatment and agree to take no action inconsistent with this treatment, unless required by law. 
  

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

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

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

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

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

	10.	CONDITIONS PRECEDENT 

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

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

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

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

(vi) Seller shall have paid to Purchaser and Purchaser shall have received all accrued and unpaid fees and expenses owed
to Purchaser in accordance with the Program Documents, including without limitation, the Initial Fee pursuant to Section 2 of the Pricing Side Letter, in each case, in immediately available funds, and without deduction, set-off or counterclaim;

 (vii) A copy of the insurance policies required by Section 14(q) of this Agreement; 

(viii) Evidence that all other actions necessary to perfect and protect Purchaser’s interest in the Purchased Assets
have been taken, including, without limitation, the establishment of the Collection Account, and duly executed and filed Uniform Commercial Code financing statements acceptable to Purchaser and covering the Purchased Assets on Form UCC1; 

(ix) Seller shall have provided evidence, satisfactory to Purchaser and Agent, that Seller’s Approvals are in good
standing; and 
 (x) Any other documents reasonably requested by Purchaser or Agent. 

(b) As conditions precedent to each Transaction (including the initial Transaction), each of the following conditions shall have been
satisfied: 
 (i) Purchaser or its designee shall have received on or before the Purchase Date with respect to
Eligible Mortgage Loans that are to be the subject of such Transaction (unless otherwise specified in this Agreement) the following, in form and substance satisfactory to Purchaser and (if applicable) duly executed: 

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

  

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

  

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

 

	 	(D)	Purchaser shall have received the Initial Fee pursuant to Section 2 of the Pricing Side Letter, in immediately available funds, and without deduction, set-off or
counterclaim; 

  

	 	(E)	With respect to Mortgage Loans that are not Wet-Ink Mortgage Loans, an original trust receipt executed by the Custodian without exceptions and with respect to Wet-Ink
Mortgage Loans, an original trust receipt executed by the Wet-Ink Mortgage Loan Document Receipt Date by the Custodian without exceptions; 

  

	 	(F)	Such other certifications of Custodian as are required under Sections 2 and 4 of the Custodial and Disbursement Agreement; 

 

	 	(G)	With respect to (i) any table-funded Wet-Ink Mortgage Loan that is the subject of such Transaction, (x) a copy of the Escrow Instruction Letter in the form
attached as Exhibit G hereto, signed by the Settlement Agent and (y) a copy of the Closing Protection Letter from each title company in form and substance acceptable to Purchaser in its sole discretion and (ii) any self-funded
Wet-Ink Mortgage Loan that is the subject of such Transaction, (x) a copy of the Escrow Instruction Letter in the form attached as Exhibit G hereto, signed by the Settlement Agent, (y) a copy of the Closing Protection Letter from
each title company in form and substance acceptable to Purchaser in its sole discretion and (z) confirmation of the Fed. Reference Number (or other independent confirmation reasonably acceptable to the Purchaser) with respect to the funding of
any such Wet-Ink Mortgage Loan; 

  

	 	(H)	 a duly executed Warehouse Lender’s Release from any Warehouse Lender (including any party that has a precautionary security interest in a Mortgage
Loan) having a security interest in any Mortgage Loans, substantially in the form of Exhibit E, addressed to Purchaser, releasing any and all of its right, title and interest in, to and under such Mortgage Loan (including, without limitation,
any security interest that such secured party or secured party’s agent may have by virtue of its 

  
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possession, custody or control thereof) and, to the extent applicable, has filed Uniform Commercial Code termination statements in respect of any Uniform Commercial Code filings made in respect
of such Mortgage Loan, and each such Warehouse Lender’s Release and Uniform Commercial Code termination statement has been delivered to Purchaser prior to such Transaction and to the Custodian as part of the Mortgage File;

  

	 	(I)	Purchaser shall have received the Stable Balance Fee then due and owing pursuant to Section 2 of the Pricing Side Letter in immediately available funds, and
without deduction, set-off or counterclaim; provided that Purchaser may, in its sole discretion, net any Stable Balance Fee from the proceeds of any Purchase Price paid by Purchaser to Seller; and 

 

	 	(J)	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. 

 (ii) No Default or Event of Default shall have occurred and be continuing; 
 (iii) Purchaser shall not have determined that the introduction of or a change in any Requirement of Law or in the interpretation or administration of any requirement of law applicable to Purchaser has
made it unlawful, and no Governmental Authority shall have asserted that it is unlawful, for Purchaser to enter into Transactions with the applicable Pricing Rate; 

(iv) Both immediately prior to the related Transaction and also after giving effect thereto and to the intended use
thereof, all representations and warranties in the Program Documents shall be true and correct on the date of such Transaction (with the same force and effect as if made on such date) and Seller is in compliance with the terms and conditions of the
Program Documents, other than as may be expressly waived by the Purchaser; 
 (v) The then Aggregate MRA Purchase
Price when added to the Purchase Price for the requested Transaction shall not exceed, as of any date of determination, the lesser of (a) the Maximum Aggregate Purchase Price (less the Aggregate EPF Purchase Price) or (b) the Asset Base;

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

(vii) Satisfaction of any conditions precedent to the initial Transaction as set forth in clause (a) of this
Section 10 that were not satisfied prior to such initial Purchase Date; 
 (viii) Purchaser shall have
determined that all actions necessary to maintain Purchaser’s perfected security interest in the Purchased Assets have been taken; 
 (ix) Purchaser or its designee shall have received any other documents reasonably requested by Purchaser; 

  
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 (x) Purchaser and/or Agent shall have completed the due diligence review
pursuant to Section 36, and such review shall be satisfactory to Purchaser and Agent in their sole discretion; 
 (xi) There is no Margin Deficit at the time immediately prior to entering into a new Transaction (other than a Margin Deficit that will be cured contemporaneous with such Transaction in accordance with
the provisions of Section 7 hereof); and 
 (xii) None of the following shall have occurred and/or be
continuing: 
  

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

 

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

 

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

  

	11.	RELEASE OF PURCHASED ASSETS 

 Upon timely payment in full of the Repurchase Price and all other Obligations (if any) then owing with respect to a Purchased Asset pursuant to Section 3(f) hereof, unless a Margin Deficit or an
Event of Default shall have occurred and be continuing: (a) Purchaser shall be deemed to have terminated any security interest that Purchaser may have in such Purchased Asset, (b) all of Purchaser’s right, title and interest in such
Purchased Assets shall automatically transfer to Seller, and (c) with respect to such Purchased Asset, Purchaser shall or shall direct Custodian to release such Purchased Asset to Seller. Except as set forth in Section 16(f)(ii) and
Section 15, Seller shall give at least two (2) Business Days prior written notice to Purchaser if such repurchase shall occur on any date other than the Repurchase Date. 

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

	12.	RELIANCE 

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

  
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	13.	REPRESENTATIONS AND WARRANTIES 

 Seller hereby represents and warrants to Purchaser and Agent, and shall on and as of the Purchase Date for any Transaction and on and as of each date thereafter through and including the related
Repurchase Date be deemed to represent and warrant to Purchaser and Agent that: 
 (a) Due Organization, Qualification,
Power, Authority and Due Authorization. Seller is duly organized, validly existing and in good standing under the laws of the jurisdiction of its organization and it has qualified to do business in each jurisdiction in which it is legally
required to do so. Seller has the power and authority under its certificate of incorporation, bylaws and applicable law to enter into this Agreement and the Program Documents and to perform all acts contemplated hereby and thereby or in connection
herewith and therewith; this Agreement and the Program Documents and the transactions contemplated hereby and thereby have been duly authorized by all necessary corporate action and do not require any additional approvals or consents or other action
by, or any notice to or filing with, any Person other than any that have heretofore been obtained, given or made. 
 (b)
Noncontravention. The consummation of the transactions contemplated by this Agreement and Program Documents are in the ordinary course of business of Seller and will not conflict with, result in the breach of or violate any provision of the
charter or by-laws of Seller or result in the breach of any provision of, or conflict with or constitute a default under or result in the acceleration of any obligation under, any agreement, indenture, loan or credit agreement or other instrument to
which Seller, the Mortgage Loans or any of Seller’s Property is or may be subject to, or result in the violation of any law, rule, regulation, order, judgment or decree to which Seller, the Mortgage Loans or Seller’s Property is subject.
Without limiting the generality of the foregoing, the consummation of the transactions contemplated herein or therein will not violate any policy, regulation or guideline of the FHA or VA or result in the voiding or reduction of the FHA insurance,
VA guarantee or any other insurance or guarantee in respect of any Mortgage Loan, and such FHA insurance or VA guarantee is in full force and effect or shall be in full force and effect as required by the applicable Agency Guide. 

(c) Legal Proceeding. There is no action, suit, proceeding, inquiry or investigation, at law or in equity, or before or by any
court, public board or body pending or, to Seller’s knowledge, threatened against or affecting Seller (or, to Seller’s knowledge, any basis therefor) wherein an unfavorable decision, ruling or finding would adversely affect the validity of
the Mortgage Loans or the validity or enforceability of this Agreement, the Program Documents or any agreement or instrument to which Seller is a party and which is used or contemplated for use in the consummation of the transactions contemplated
hereby, would adversely affect the proceedings of Seller in connection herewith or would or could materially and adversely affect Seller’s ability to carry out its obligations hereunder. 

(d) Valid and Binding Obligations. This Agreement, the Program Documents and every other document to be executed by Seller in
connection with this Agreement is and will be legal, valid, binding and subsisting obligations of Seller, enforceable in accordance with their respective terms, except that (A) the enforceability thereof may be limited by bankruptcy,
insolvency, moratorium, receivership and other similar laws relating to creditors’ rights generally and (B) the remedy of specific performance and injunctive and other forms of equitable relief may be subject to equitable defenses and to
the discretion of the court before which any proceeding therefor may be brought. 
 (e) Financial Statements. The
financial statements of Seller, copies of which have been furnished to Purchaser, (i) are, as of the dates and for the periods referred to therein, complete and correct in all material respects, (ii) present fairly the financial condition
and results of operations of Seller as of the dates and for the periods indicated and (iii) have been prepared in accordance with GAAP consistently applied, except as noted therein (subject as to interim statements to normal year-end
adjustments). Since 

  
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the date of the most recent financial statements, there has been no Material Adverse Change with respect to Seller. Except as disclosed in such financial statements or pursuant to
Section 14(i) hereof, Seller is not subject to any contingent liabilities or commitments that, individually or in the aggregate, have a material possibility of causing a Material Adverse Change with respect to Seller. 

(f) Accuracy of Information. Neither this Agreement nor any representations and warranties or information relating to Seller that
Seller has delivered or caused to be delivered to Purchaser, including, but not limited to, all documents related to this Agreement, the Program Documents or Seller’s financial statements, contains any untrue statement of a material fact or
omits to state a material fact necessary to make the statements made therein or herein in light of the circumstances under which they were made, not misleading. Since the furnishing of such documents or information, there has been no change, nor any
development or event involving a prospective change that would render any of such documents or information untrue or misleading in any material respect. 
 (g) No Consents. No consent, license, approval or authorization from, or registration, filing or declaration with, any regulatory body, administrative agency or other governmental instrumentality,
nor any consent, approval, waiver or notification of any creditor, lessor or other non-governmental Person, is required in connection with the execution, delivery and performance by Seller of this Agreement or any other Program Document, other than
any that have heretofore been obtained, given or made. 
 (h) Compliance With Law, Etc. No practice, procedure or policy
employed or proposed to be employed by Seller in the conduct of its businesses violates any law, regulation, judgment, agreement, regulatory consent, order or decree applicable to it which, if enforced, would result in a Material Adverse Effect.

 (i) Solvency. Seller is solvent and will not be rendered insolvent by any Transaction and, after giving effect to each
such Transaction, Seller will not be left with an unreasonably small amount of capital with which to engage in its business. Seller does not intend to incur, nor believes that it has incurred, debts beyond its ability to pay such debts as they
mature. Seller is not contemplating the commencement of insolvency, bankruptcy, liquidation or consolidation proceedings or the appointment of a receiver, liquidator, conservator, trustee or similar official in respect of Seller or any of its
assets. 
 (j) Fraudulent Conveyance. The amount of consideration being received by Seller in respect of each
Transaction, taken as a whole, constitutes reasonably equivalent value and fair consideration for the related Purchased Assets. Seller is not transferring any Purchased Assets with any intent to hinder, delay or defraud any of its creditors. The
Agreement and the Program Documents, any other document contemplated hereby or thereby and each transaction have not been entered into fraudulently by Seller hereunder, or with the intent to hinder, delay or defraud any creditor or Purchaser.

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

(l) Taxes. Seller has timely filed all federal and state tax returns that are required to be filed by it and has paid all taxes,
including any assessments received by it, to the extent that such taxes have become due (other than for taxes that are being contested in good faith and for which it has established adequate reserves). Any taxes, fees and other governmental charges
payable by Seller in connection with a Transaction and the execution and delivery of the Program Documents have been paid. 

  
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 (m) Additional Representations. With respect to each Asset to be sold hereunder by
Seller to Purchaser, Seller hereby makes all of the applicable representations and warranties set forth in Exhibit B as of the date the related Mortgage File is delivered to Purchaser or the Custodian with respect to the Assets and
continuously while such Asset is subject to a Transaction. Further, as of each Purchase Date, Seller shall be deemed to have represented and warranted in like manner that Seller has no knowledge that any such representation or warranty may have
ceased to be true in a material respect as of such date, except as otherwise stated in a Transaction Notice, any such exception to identify the applicable representation or warranty and specify in reasonable detail the related knowledge of Seller.

 (n) No Broker. Seller has not dealt with any broker, investment banker, agent, or other person, except for Purchaser,
who may be entitled to any commission or compensation in connection with the sale of Purchased Assets pursuant to this Agreement; provided, that if Seller has dealt with any broker, investment banker, agent, or other person, except for
Purchaser, who may be entitled to any commission or compensation in connection with the sale of Purchased Assets pursuant to this Agreement, such commission or compensation shall have been paid in full by Seller. 

(o) Good Title. Seller has not sold, assigned, transferred, pledged or hypothecated any interest in any individual Mortgage Loan
to any person other than any sale, assignment, transfer, pledge or hypothecation that is released in conjunction with the sale to Purchaser hereunder, and upon delivery of a Purchased Asset to Purchaser, Purchaser will be the sole owner thereof
(other than for tax and accounting purposes), free and clear of any lien, claim or encumbrance other than those arising under this Agreement. 
 (p) Approvals. Seller has all requisite Approvals. 
 (q) Custodian;
Disbursement Agent. The Custodian is not an Affiliate of Seller. The Disbursement Agent is not an Affiliate of Seller. 

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

(s) Affiliated Parties. Seller is not an Affiliate of the Custodian, Disbursement Agent, Settlement Agent or any other party to a
Program Document hereunder other than the Agent. 
 The representations and warranties set forth in this Agreement shall survive
transfer of the Purchased Assets to Purchaser and shall continue for so long as the Purchased Assets are subject to this Agreement. 
  

	14.	COVENANTS OF SELLER 

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

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

  
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 (b) No Amendment or Compromise. None of Seller or those acting on Seller’s
behalf shall amend, modify, or waive any term or condition of, or settle or compromise any claim in respect of, any item of the Purchased Assets, any related rights or any of the Program Documents without the prior written consent of Purchaser,
unless such amendment or modification does not (i) affect the amount or timing of any payment of principal or interest payable with respect to a Purchased Asset, extend its scheduled maturity date, modify its interest rate, or constitute a
cancellation or discharge of its outstanding principal balance or (ii) materially and adversely affect the security afforded by the real property, furnishings, fixtures, or equipment securing the Purchased Asset. Notwithstanding the foregoing,
the Seller may amend, modify or waive any term or condition of the individual Mortgage Loans in accordance with Accepted Servicing Practices and the Agency Guides; provided, that Seller shall promptly notify Purchaser of any amendment, modification
or waiver that causes any Mortgage Loan to cease to be an Eligible Mortgage Loan. 
 (c) No Assignment; No Liens. Seller
shall not sell, assign, transfer or otherwise dispose of, or grant any option with respect to, or pledge, hypothecate or grant a security interest in, or Lien on or otherwise encumber (except pursuant to the Program Documents) any of the Purchased
Assets or any interest therein, provided that this Section 14(c) shall not prevent any of the following: any contribution, sale, assignment, transfer or conveyance of Purchased Assets in accordance with the Program Documents and any
forward purchase commitment or other type of take out commitment for the Purchased Assets (without vesting rights in the related purchasers as against Purchaser). 
 Seller shall not sell, assign, transfer or otherwise dispose of, or grant any option with respect to, or grant, create, incur, assume or permit to exist any Lien with respect to any of the Purchased
Assets, the Mortgage Notes or any Property related thereto, including but not limited to the related Mortgages securing such Mortgage Notes and the proceeds of the Mortgage Notes, unless such Liens are the subject of an intercreditor agreement in
form and substance satisfactory to the Agent, other than: (A) assignments to, and Liens granted to, the Purchaser herein or under the Program Documents; (B) Liens in connection with deposits or pledges to secure payment of worker’s
compensation, unemployment insurance, old age pensions or other social security obligations, in the ordinary course of business of the seller or any subsidiary; (C) liens for taxes, fees, assessments, and governmental charges not delinquent or
which are being contested in good faith by appropriate proceedings and for which appropriate reserves have been established in accordance with GAAP; (D) encumbrances consisting of zoning regulations, easements, rights of way, survey exceptions
and other similar restrictions on the use of real property and minor irregularities in title thereto which do not materially impair their use in operation of its business; (E) Liens in connection with hedging arrangements and (F) any other
Lien approved by Agent in its sole discretion. 
 (d) No Economic Interest. Neither Seller nor any affiliate thereof will
acquire any economic interest in or obligation with respect to any Mortgage Loan except for record title to the Mortgage relating to the Mortgage Loan and the right and obligation to repurchase the Mortgage Loan hereunder. 

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

  
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 (f) Maintenance of Papers, Records and Files. 

(i) Seller shall maintain all Records relating to the Purchased Assets not in the possession of Custodian in good and
complete condition in accordance with industry practices and preserve them against loss. Seller shall collect and maintain or cause to be collected and maintained all such Records in accordance with industry custom and practice, and all such Records
shall be in Purchaser’s or Custodian’s possession unless Purchaser otherwise approves in writing. Seller will not cause or authorize any such papers, records or files that are an original or an only copy to leave Custodian’s
possession, except for individual items removed in connection with servicing a specific Mortgage Loan, in which event Seller will obtain or cause to be obtained a receipt from the Custodian for any such paper, record or file, or as otherwise
permitted under the Custodial and Disbursement Agreement. 
 (ii) For so long as Purchaser has an interest in or
Lien on any Purchased Asset, Seller will hold or cause to be held all related Records for the sole benefit of Purchaser. 
 (iii) Upon reasonable advance notice from Custodian or Purchaser, Seller shall (x) make any and all such Records available to Custodian or Agent for examination, either by its own officers or
employees, or by agents or contractors, or both, and make copies of all or any portion thereof, (y) permit Agent or its authorized agents to discuss the affairs, finances and accounts of Seller with its chief operating officer and chief
financial officer and to discuss the affairs, finances and accounts of Seller with its independent certified public accountants. 
 (g) Financial Statements and Other Information; Financial Covenants. 
 (i) Seller shall keep or cause to be kept in reasonable detail books and records setting forth an account of its assets and business and, as applicable, shall clearly reflect therein the transfer of
Purchased Assets to Purchaser. Seller shall furnish or cause to be furnished to Purchaser the following: 
  

	 	(A)	Financial Statements. 

 (1) Within ninety (90) days after the end of each fiscal year of Seller, the consolidated audited balance sheets of Seller and its consolidated Subsidiaries, which will be in conformity with GAAP,
and the related consolidated audited statements of income and changes in equity showing the financial condition of Seller and its consolidated Subsidiaries as of the close of such fiscal year and the results of operations during such year, and
consolidated audited statements of cash flows, as of the close of such fiscal year, setting forth, in each case, in comparative form the corresponding figures for the preceding year. The foregoing consolidated financial statements are to be reported
on by, and to carry the unqualified report (acceptable in form and content to Purchaser and Agent) of, an independent public accountant of national standing acceptable to Purchaser and Agent and are to be accompanied by a letter of management in
form and substance acceptable to Purchaser and Agent; 
 (2) Within forty-five (45) days after the end of
each of the first three fiscal quarters of each fiscal year of Seller, consolidated unaudited balance sheets and consolidated statements of income and changes in equity and unaudited statement of cash flows, all to be in a form acceptable to
Purchaser and Agent, showing the financial condition and results of operations of Seller and its consolidated Subsidiaries, each on a consolidated basis as of the end of each such quarter and for the then elapsed portion of

  
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the fiscal year, setting forth, in each case, in comparative form the corresponding figures for the corresponding periods of the preceding fiscal year, certified by a financial officer of Seller
(acceptable to Purchaser and Agent) as presenting fairly the financial position and results of operations of Seller and its consolidated Subsidiaries and as having been prepared in accordance with GAAP consistently applied, in each case, subject to
normal year-end audit adjustments; 
 (3) Within forty-five (45) days after the end of each month,
consolidated unaudited balance sheets and consolidated statements of income and changes in equity and unaudited statement of cash flows, all to be in a form acceptable to Purchaser and Agent, showing the financial condition and results of operations
of Seller and its consolidated Subsidiaries on a consolidated basis as of the end of each such month and for the then elapsed portion of the fiscal year, setting forth, in each case, in comparative form the corresponding figures for the
corresponding month of the preceding fiscal year, certified by a financial officer of Seller (acceptable to Purchaser and Agent) as presenting fairly the financial position and results of operations of Seller and its consolidated Subsidiaries and as
having been prepared in accordance with GAAP consistently applied, in each case, subject to normal year-end audit adjustments; 
 (4) Promptly upon receipt thereof, a copy of each other report submitted to Seller by its independent public accountants in connection with any annual, interim or special audit of Seller; 

(5) Promptly upon becoming available, copies of all financial statements, reports, notices and proxy statements sent by
Seller or any of Seller’s consolidated Subsidiaries in a general mailing to their respective stockholders and of all reports and other material (including copies of all registration statements under the Securities Act of 1933, as amended) filed
by any of them with any securities exchange or with the SEC or any governmental authority succeeding to any or all of the functions of the SEC; 
 (6) Promptly upon becoming available, copies of any press releases issued by Seller and copies of any annual and quarterly financial reports that Seller may be required to file with the SEC or any federal
banking agency, or any report which Seller may be required to file with the SEC or any federal banking agency containing such financial statements, and other information concerning Seller’s business and affairs as is required to be included in
such reports in accordance with the rules and regulations of the SEC or such federal banking agency as may be promulgated from time to time; 
 (7) Such supplements to the aforementioned documents and such other information regarding the operations, business, affairs and financial condition of the Seller or any of Seller’s consolidated
Subsidiaries as Purchaser may reasonably request. 
  

	 	(B)	Warehouse capacity. Within five (5) days after the end of each month (or if such day is not a Business Day, the immediately following Business Day), Seller
shall provide to Agent a report detailing its total warehouse capacity and utilization for the prior calendar month. Such warehouse capacity shall be (i) issued directly to Seller, (ii) adequate to fund Seller’s average sixty
(60) day origination production pipeline and (iii) in an amount equal to or greater than $1,000,000 or such other amount as may be required by a Governmental Authority. 

  
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	 	(C)	Other Information. Upon the request of Purchaser or Agent, such other information or reports as Purchaser or Agent may from time to time reasonably request.

 (ii) Seller shall comply with the following financial covenants: 

 

	 	(A)	Seller shall maintain a Tangible Net Worth of not less than the greater of (x) $35,000,000 plus 50% of positive net income, (y) 2.50% of the Aggregate Forward
Rate Locks, or (z) 5.00% of Seller’s outstanding recourse debt. 

  

	 	(B)	Seller’s stockholders’ equity shall decline by not more than (a) 10% in any fiscal quarter, or (b) 15% in any fiscal year. 

 

	 	(C)	At all times Seller shall have unrestricted cash and cash equivalents in an amount of not less than (x) $7,500,000, (y) 0.75% of the Aggregate Forward Rate
Locks, or (z) 1.50% of Seller’s outstanding recourse debt. 

  

	 	(D)	At no time shall the ratio of Seller’s Indebtedness to Tangible Net Worth exceed 10:1. 

 

	 	(E)	At no time shall Seller’s Compare Ratio with respect to its DE Compare Report and Institution Compare Report exceed 175%, which will cause Seller to be on
HUD’s watch list for approved lenders. 

  

	 	(F)	In addition, in the event Seller is subject to financial covenants or margin maintenance requirements under any other agreement for Indebtedness that are more
restrictive of Seller or otherwise more favorable to the lender thereunder than the financial covenants and margin maintenance requirements set forth hereinabove, such financial covenants and margin maintenance requirements shall be automatically
incorporated into this Agreement as if fully set forth herein without the need of any further action on the part of any party and Seller shall comply with such financial covenants and margin maintenance requirements. 

(iii) Certifications. Seller shall execute and deliver a monthly certification substantially in the form of
Exhibit A attached hereto within ten (10) days after the end of each calendar month. 
 (h) Agency Reporting.
Seller shall comply with the reporting requirements of each Agency Guide and HUD. 
 (i) Notice of Material Events.
Seller shall promptly inform Purchaser and Agent in writing of any of the following: 
 (i) any Default, Event of
Default by Seller or any other Person (other than Purchaser or Purchaser’s Affiliates) of any material obligation under any Program Document, or the occurrence or existence of any event or circumstance that Seller reasonably expects will with
the passage of time become a Default, Event of Default by Seller or any other Person; 

  
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 (ii) any change in the insurance coverage of Seller as required to be
maintained pursuant to Section 14(q) hereof, or any other Person pursuant to any Program Document, with copy of evidence of same attached; 
 (iii) the commencement of, or any determination in, any dispute, litigation, investigation, proceeding, sanctions or suspension between Seller, on the one hand, and any Governmental Authority or any other
Person, on the other; 
 (iv) any change in accounting policies or financial reporting practices of Seller which
could reasonably be expected to have a Material Adverse Effect; 
 (v) any event, circumstance or condition that
has resulted, or has a reasonable likelihood of resulting in either a Material Adverse Change or a Material Adverse Effect with respect to Seller; 
 (vi) any material modifications to the Seller’s underwriting or acquisition guidelines; 
 (vii) any financial covenants or margin maintenance requirements Seller becomes subject to or any change or modification to, or waiver of compliance with, any financial covenants or margin maintenance
requirements Seller is obligated to comply with, in either case, under any agreement for Indebtedness; 
 (viii)
any penalties, sanctions or charges levied, or threatened to be levied, against Seller or any change, or threatened change, in Approval status, or actions taken, or threatened to be taken, against Seller by or disputes between Seller and any
Applicable Agency, or any supervisory or regulatory Government Authority (including, but not limited to HUD, FHA and VA) supervising or regulating the origination or servicing of mortgage loans by, or the issuer status of, Seller; 

(ix) any consolidation or merger of Seller, any Change in Control of Seller, or any sale of all or substantially all of
Seller’s Property; or 
 (x) upon Seller becoming aware of any termination or threatened termination by an
Agency of the Custodian as an eligible custodian. 
 (j) Maintenance of Approvals. Seller shall take all necessary
actions to maintain its Approvals (including any obtained after the date of this Agreement) at all times during the term of this Agreement. If, for any reason, Seller ceases to maintain any such Approval, Seller shall so notify Purchaser and Agent
immediately. 
 (k) Maintenance of Licenses. Seller shall (i) maintain all licenses, permits or other approvals
necessary for Seller to conduct its business and to perform its obligations under the Program Documents, (ii) remain in good standing under, and comply in all material respects with, all laws of each state in which it conducts business or any
Mortgaged Property is located, and (iii) conduct its business strictly in accordance with applicable law. 
 (l) Taxes,
Etc. Seller shall pay and discharge or cause to be paid and discharged, when due all taxes, assessments and governmental charges or levies imposed upon it or upon its income and profits or upon any of its Property, real, personal or mixed
(including without limitation, the Purchased Assets) or upon any part thereof, as well as any other lawful claims which, if unpaid, might become a Lien upon such properties or any part thereof, except for any such taxes, assessments and governmental
charges, 

  
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levies or claims as are appropriately contested in good faith by appropriate proceedings diligently conducted and with respect to which adequate reserves are provided. Seller shall file on a
timely basis all federal, and state and local tax and information returns, reports and any other information statements or schedules required to be filed by or in respect of it. 

(m) Nature of Business. Seller shall not make any material change in the nature of its business as carried on at the date hereof.

 (n) Limitation on Distributions. Seller shall have the right to pay dividends so long as Seller remains in compliance
with the financial covenants set forth in Section 14(g)(ii) immediately following such dividend distribution. Notwithstanding the foregoing, if an Event of Default has occurred and is continuing, Seller shall not make any payment of any
dividends or make distributions on account of, or set apart assets for a sinking or other analogous fund for the purchase, redemption, defeasance, retirement or other acquisition of, any capital stock, senior or subordinate debt of Seller or other
equity interests, respectively, thereof, whether now or hereafter outstanding, or make any other distribution in respect thereof, either directly or indirectly, whether in cash or Property or in obligations of Seller. 

(o) Use of Custodian. Without the prior written consent of Purchaser, Seller shall use no third party custodian as document
custodian other than the Custodian for the Mortgage File relating to the Mortgage Loans. 
 (p) Merger of Seller. Seller
shall not, at any time, directly or indirectly (i) liquidate or dissolve or enter into any consolidation or merger or be subject to a Change in Control or sell all or substantially all of its Property (other than in connection with an
asset-based financing or other secondary market transaction related to the Seller’s assets in the ordinary course of the Seller’s business) without providing Purchaser with not less than forty-five (45) days’ prior written notice
of such event; (ii) form or enter into any partnership, joint venture, syndicate or other combination which would have a Material Adverse Effect with respect to Seller; or (iii) make any Material Adverse Change with respect to Seller.

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

  
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 (t) Transfer of Servicing Rights, Servicing Files and Servicing. With respect to the
Servicing Rights of each Mortgage Loan, Seller shall transfer such Servicing Rights to Purchaser or its designee on the related Purchase Date. With respect to the Servicing Files and the physical and contractual servicing of each Mortgage Loan to
the extent in the possession of Seller, Seller shall deliver such Servicing Files and the physical and contractual servicing to Purchaser or its designee upon the expiration of the Servicing Term unless either such Servicing Term is renewed by
Purchaser or the termination of the Seller as servicer pursuant to Section 16. Seller’s transfer of the Servicing Rights, Servicing Files and the physical and contractual servicing under this Section shall be in accordance with customary
standards in the industry including the transfer of the gross amount of all escrows held for the related Mortgagors (without reduction for unreimbursed advances or “negative escrows”). 

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

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

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

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

  
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 (z) Due Diligence. Seller will permit Purchaser, Agent or their respective agents or
designees to perform due diligence reviews on the Mortgage Loans subject to each Transaction hereunder up to the Due Diligence Review Percentage and within thirty (30) days following the related Purchase Date. Seller shall cooperate in all
respects with such diligence and shall provide Purchaser, Agent or their respective agents or designees with all loan files and other information (including, without limitation, Seller’s quality control procedures and results) reasonably
requested by Purchaser, Agent or their respective agents or designees and shall bear all costs and expenses associated with such due diligence. 
 (aa) Error Rate. Seller shall at all times maintain an Error Rate as set forth in the Pricing Side Letter. 
  

	15.	REPURCHASE OF PURCHASED ASSETS 

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

 

	16.	SERVICING OF THE MORTGAGE LOANS; SERVICER TERMINATION 

 (a) Seller to Subservice. 
 (i) Upon payment of the Purchase
Price, Purchaser shall own the servicing rights related to the Mortgage Loans including the Mortgage File. Seller and Purchaser each agrees and acknowledges that the Mortgage Loans sold hereunder shall be sold to Purchaser on a servicing released
basis, and that Purchaser is engaging and hereby does engage Seller to provide subservicing of each Mortgage Loan for the benefit of Purchaser. 
 (ii) So long as a Mortgage Loan is outstanding, Seller shall neither assign, encumber or pledge its obligation to subservice the Mortgage Loans in whole or in part, nor delegate its rights or duties under
this Agreement (to other than a subservicer) without the prior written consent of Purchaser, the granting of which consent shall be in the sole discretion of Purchaser. Seller hereby acknowledges and agrees that (i) Purchaser is entering into
this Agreement in reliance upon Seller’s representations as to the adequacy of its financial standing, servicing 

  
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facilities, personnel, records, procedures, reputation and integrity, and the continuance thereof; and (ii) Seller’s engagement hereunder to provide mortgage servicing for the benefit
of Purchaser is intended by the parties to be a “personal service contract” and Seller is hereunder intended by the parties to be an “independent contractor.” 

(iii) Seller shall subservice and administer the Mortgage Loans on behalf of Purchaser in accordance with Accepted
Servicing Practices. Seller shall have no right to modify or alter the terms of any Mortgage Loan or consent to the modification or alteration of the terms of any Mortgage Loan except in Strict Compliance with the related Agency Program. Seller
shall at all times maintain accurate and complete records of its servicing of the Mortgage Loans, and Agent may, at any time during Seller’s business hours on reasonable notice, examine and make copies of such Servicing Records. Seller agrees
that Purchaser is the 100% beneficial owner of all Servicing Records relating to the Mortgage Loans. Seller covenants to hold such Servicing Records for the benefit of Purchaser and to safeguard such Servicing Records and to deliver them promptly to
Agent or its designee (including the Custodian) at Agent’s request or otherwise as required by operation of this Section 16. 
 (b) Servicing Term. Seller shall subservice such Mortgage Loans for a term of thirty (30) days commencing as of the related Purchase Date, which term may be extended in writing by Purchaser in
its sole discretion, for an additional thirty-day period (each, a “Servicing Term”); provided, that Purchaser shall have the right to immediately terminate the Servicer at any time following the occurrence of a Servicer Termination
Event. If such Servicing Term is not extended by Purchaser or if Purchaser has terminated Seller as a result of a Servicer Termination Event, Seller shall transfer such servicing to Purchaser or its designee at no cost or expense to Purchaser as
provided in Section 14(t). Seller shall hold or cause to be held all Escrow Payments collected with respect to the Mortgage Loans in segregated accounts for the sole benefit of the Mortgagor and shall apply the same for the purposes for which
such funds were collected. If Seller should discover that, for any reason whatsoever, it has failed to perform fully its servicing obligations with respect to the Mortgage Loans, Seller shall promptly notify Purchaser. 

(c) Servicing Reports. Within three (3) Business Days after the end of each month, and as requested by Purchaser from time to
time, Seller shall furnish to Purchaser reports in form and scope satisfactory to Purchaser, setting forth (i) data regarding the performance of the individual Mortgage Loans, (ii) a summary report of all Mortgage Loans serviced by the
Seller and originated pursuant to an Agency Guide, HUD and/or FHA guidelines (on a portfolio basis), in each case, for the immediately preceding month, including, without limitation, all collections, delinquencies, defaults, defects, claim rates,
losses and recoveries, and (iii) any other information reasonably requested by Purchaser or Agent. 
 (d) Backup
Servicer. The Agent, in its sole discretion, may appoint a backup servicer at any time during the term of this Agreement. In such event, Seller shall commence monthly delivery to such backup servicer of the servicing information required to be
delivered to Purchaser pursuant to Section 16(d) hereof and any other information reasonably requested by backup servicer, all in a format that is reasonably acceptable to such backup servicer. Seller shall pay all costs and expenses of such
backup servicer, including, but not limited to all fees of such backup servicer in connection with the processing of such information and the maintenance of a servicing file with respect to the Purchased Assets. Seller shall cooperate fully with
such backup servicer in the event of a transfer of servicing hereunder and will provide such backup servicer with all documents and information necessary for such backup servicer to assume the servicing of the Purchased Assets. 

(e) Collection Account. Prior to the initial Purchase Date, Seller shall establish and maintain a separate account (the
“Collection Account”) with the Bank in the Agent’s name for the sole and exclusive benefit of the Purchaser. Such account shall be subject to the Collection Account Control

  
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Agreement. The Seller shall deposit or credit to the Collection Account all amounts collected on account of the Mortgage Loans within one (1) Business Day of receipt, and to remit such
collections in accordance with Section 16(f) hereof. Following the occurrence and during the continuance of an Event of Default, such amounts shall be deposited or credited irrespective of any right of setoff or counterclaim arising in favor of
Seller (or any third party claiming through it) under any other agreement or arrangement. Amounts on deposit in the Collection Account shall be distributed as provided in Section 16(f). 

(f) Income Payments. 
 (i) Where a particular term of a Transaction extends over the date on which Income is paid in respect of any Purchased Asset subject to that Transaction, (i) Seller shall deposit or cause to be
deposited such Income into the Collection Account no later than one (1) Business Day after receipt thereof, and (ii) such Income shall be the Property of Purchaser subject to subsections 16(f)(ii) and (iii) below. The Collection
Account shall be subject to the terms and conditions of the Collection Account Control Agreement. 
 (ii) Except
as otherwise provided in Section 16(f)(iv), on the Monthly Payment Date, Purchaser shall cause amounts deposited in the Collection Account to be released to Seller, which amounts shall be applied by Seller to (i) reduce outstanding Price
Differential due and payable in respect of Purchased Assets for which Purchaser has received the related Repurchase Price (other than Price Differential) pursuant to Section 3(g) during the prior calendar month, (ii) reduce the Repurchase
Price for all outstanding Transactions, and (iii) pay all other Obligations then due and payable to Purchaser. 
 (iii) Notwithstanding anything herein or in the Collection Account Control Agreement to the contrary, Purchaser shall in no event cause amounts deposited in the Collection Account to be released to Seller
to the extent that such action would result in the creation of a Margin Deficit (unless prior thereto or simultaneously therewith Seller cures such Margin Deficit in accordance with Section 7), or if an Event of Default is then continuing.
Further, if an uncured Margin Deficit exists as of such Monthly Payment Date, Purchaser shall cause the Bank to disburse the Income related to the Transaction for which the Margin Deficit exists to Purchaser (up to the amount of such Margin
Deficit), which amounts shall be applied by Purchaser to reduce the related Repurchase Price. 
 (iv) If
Successor Servicer takes delivery of such Mortgage Loans either under the circumstances set forth in Section 16(i) or otherwise, all amounts deposited in the Custodial Account shall be paid to Purchaser promptly upon such delivery. 

(g) Reserved. 
 (h) Reserved. 
 (i) Servicer Termination. Purchaser, in its sole
discretion, may terminate Seller’s rights and obligations as subservicer of the affected Mortgage Loans and require Seller to deliver the related Servicing Records to Purchaser or its designee upon the occurrence of (i) an Event of Default
or (ii) upon the expiration of the Servicing Term as set forth in Section 16(b) by delivering written notice to Seller requiring such termination. Such termination shall be effective upon Seller’s receipt of such written notice;
provided, that Seller’s subservicing rights shall be terminated immediately upon the occurrence of any event described in Section 17(t), regardless of whether notice of such event shall have been given to or by Purchaser or
Seller. Upon any such termination, all authority and power of Seller respecting its 

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

	17.	EVENTS OF DEFAULT 

With respect to any Transactions covered by or related to this Agreement, the occurrence of any of the following events shall constitute
an “Event of Default”: 
 (a) Seller fails to transfer the Purchased Assets to Purchaser on the applicable
Purchase Date (provided the Purchaser has tendered the related Purchase Price); 
 (b) Seller either fails to repurchase the
Purchased Assets on the applicable Repurchase Date or fails to perform its obligations under Section 7 or the last sentence of Section 15; 
 (c) Seller shall fail to (i) remit to Purchaser when due any payment required to be made under the terms of this Agreement, any of the other Program Documents or any other contracts or agreements
delivered in connection herewith or therewith, or (ii) perform, observe or comply with any material term, condition, covenant or agreement contained in this Agreement or any of the other Program Documents (other than the other “Events of
Default” set forth in this Section 17) or any other contracts or agreements delivered in connection herewith or therewith, and such failure is not cured within the time period expressly provided for therein, or, if no such cure period is
provided, within two (2) Business Days of the earlier of (x) Seller’s receipt of written notice from Purchaser or Custodian of such breach or (y) the date on which Seller obtains notice or knowledge of the facts giving rise to
such breach; 
 (d) Any representation or warranty made by Seller (or any of Seller’s officers) in the Program Documents or
in any other document delivered in connection therewith, or in any other contract or agreement, shall have been incorrect or untrue in any material respect when made or repeated or deemed by the terms thereof to have been made or repeated (other
than the representations or warranties in Exhibit B which shall be considered solely for the purpose of determining whether the related Purchased Asset is an Eligible Mortgage Loan, unless (i) Seller shall have made any such
representation or warranty with the knowledge that it was materially false or misleading at the time made or repeated or deemed to have been made or repeated, or (ii) any such representation or warranty shall have been determined by Purchaser
in its sole discretion to be materially false or misleading on a regular basis); 

  
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 (e) Seller or any of its Affiliates or Subsidiaries shall be in default under, or fail to
perform as requested under, or shall otherwise breach the material terms of, in each case beyond any applicable cure period, (i) any warehouse, credit, repurchase, line of credit, financing, hedging or forward sale agreements or other similar
agreement relating to any Indebtedness in an amount greater than $1.00 between Seller or any of its Affiliates on the one hand, and any Person, on the other hand, (ii) any other agreement relating to any Indebtedness in an amount greater than
$1,000,000 between Seller or any of its Affiliates, on the one hand, and any Person, on the other hand, or (iii) any other agreement (including, without limitation, the Program Documents and the EPF Program Documents), indebtedness, derivative
or obligation entered into between Seller or any of its Affiliates and Purchaser or any of its Affiliates; 
 (f) Any Act of
Insolvency of the Seller or any of its Affiliates; 
 (g) Any final judgment or order for the payment of money in excess of
$1,000,000 in the aggregate (to the extent that it is, in the reasonable determination of Purchaser, uninsured and provided that any insurance or other credit posted in connection with an appeal shall not be deemed insurance for these purposes)
shall be rendered against Seller or any of Seller’s Affiliates by one or more courts, administrative tribunals or other bodies having jurisdiction over them and the same shall not be discharged (or provisions shall not be made for such
discharge) satisfied, or bonded, or a stay of execution thereof shall not be procured, within sixty (60) days from the date of entry thereof and Seller or any of Seller’s Affiliates, as applicable, shall not, within said period of sixty
(60) days, or such longer period during which execution of the same shall have been stayed or bonded, appeal therefrom and cause the execution thereof to be stayed during such appeal; 

(h) Any Governmental Authority or any person, agency or entity acting or purporting to act under governmental authority (i) shall
have taken any action to condemn, seize or appropriate, or to assume custody or control of, all or any substantial part of the Property of Seller or any of Seller’s Affiliates, or shall have taken any action to displace the management of Seller
or any of Seller’s Affiliates or to curtail its authority in the conduct of the business of Seller or any of Seller’s Affiliates, or (ii) takes any action in the nature of enforcement to remove, limit or restrict the approval of
Seller or any of Seller’s Affiliates as an issuer, Purchaser or a seller/servicer of Mortgage Loans or securities backed thereby; 
 (i) Seller shall fail to comply with any of the financial covenants set forth in Section 14(g)(ii); 
 (j) Any Material Adverse Effect shall have occurred; 
 (k) This Agreement shall
for any reason cease to create a valid first priority security interest or ownership interest upon transfer in any material portion of the Purchased Assets purported to be covered hereby; 

(l) A Change in Control of Seller shall have occurred that has not been approved by Agent, or there shall have occurred the resignation,
removal or other substantial change in the management responsibilities of James Cutillo that has not been approved by Agent; 

(m) Purchaser or Agent shall reasonably request, specifying the reasons for such request, reasonable information, and/or written
responses to such requests, regarding the financial well-being of Seller, and such reasonable information and/or responses shall not have been provided within ten (10) Business Days of such request; 

(n) [Reserved]; 

  
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 (o) The Seller ceases to be a member of MERS in good standing for any reason (unless MERS is
no longer acting in such capacity); 
 (p) Change of Servicer without consent of the Agent; 

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

(r) Failure of Servicer to meet the qualifications to maintain all requisite Approvals, such Approvals are revoked or such Approvals are
materially modified; 
 (s) If, at any time, Servicer’s HUD ranking falls below “Tier 2” lender; 

(t) Failure by Servicer to remit when due Income payments required to be made under the terms of this Agreement or such Mortgage Loan;

 (u) Servicer or any of its Affiliates fails to operate or conduct Seller’s business operations or any material portion
thereof in the ordinary course, or Servicer experiences any other material adverse change in its business operations or financial condition, which, in Agent’s sole discretion, constitutes a material impairment of Servicer’s ability to
perform its obligations under this Agreement or any other related document; 
 (v) Due to a Change in Law it becomes unlawful
for a party to this Agreement to perform its obligations to make payment or deliver or to receive payment or delivery with respect to the Transactions or to otherwise comply with the material terms of this Agreement; or 

(w) The Seller merges with or consolidates into another entity or any other corporate reorganization and thereafter (i) the
surviving entity fails to assume all the obligations of Seller under this Agreement or (ii) the creditworthiness of the surviving entity is materially weaker than that of Seller immediately prior to such merger or consolidation. 

 

	18.	REMEDIES 

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

  
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 (ii) Purchaser may (A) sell, on or following the Business Day following
the date on which the Repurchase Price becomes due and payable pursuant to Section 18(a)(i) without notice or demand of any kind, at a public or private sale and at such price or prices as Purchaser may reasonably deem satisfactory, any or all
or portions of the Purchased Assets on a servicing-released or servicing-retained basis, as Purchaser may determine in its sole discretion and/or (B) in its sole discretion elect, in lieu of selling all or a portion of such Purchased Assets, to
give Seller credit for such Purchased Assets (including credit for the Servicing Rights in respect of sales on a servicing-retained basis) in an amount equal to the Market Value of the Purchased Assets against the aggregate unpaid Repurchase Price
and any other amounts owing by Seller hereunder. Seller shall remain liable to Purchaser for any amounts that remain owing to Purchaser following a sale and/or credit under the preceding sentence. The proceeds of any disposition of Purchased Assets
shall be applied first to the reasonable costs and expenses including but not limited to legal fees incurred by Purchaser in connection with or as a result of an Event of Default; second to costs of cover and/or related hedging
transactions; third to the aggregate Repurchase Prices; and fourth to all other Obligations. 

(iii) The parties recognize that it may not be possible to purchase or sell all of the Purchased Assets on a particular
Business Day, or in a transaction with the same purchaser, or in the same manner because the market for such Purchased Assets may not be liquid. In view of these characteristics of the Purchased Assets, the parties agree that liquidation of a
Transaction or the underlying Purchased Assets does not require a public purchase or sale and that a good faith private purchase or sale shall be deemed to have been made in a commercially reasonable manner. Accordingly, Purchaser may elect the time
and manner of liquidating any Purchased Asset and nothing contained herein shall obligate Purchaser to liquidate any Purchased Asset upon the occurrence of an Event of Default or to liquidate all Purchased Assets in the same manner or on the same
Business Day or shall constitute a waiver of any right or remedy of Purchaser. Notwithstanding the foregoing, the parties to this Agreement agree that the Transactions have been entered into in consideration of and in reliance upon the fact that all
Transactions hereunder constitute a single business and contractual obligation and that each Transaction has been entered into in consideration of the other Transactions. 

(iv) The Purchaser may terminate the Agreement. 
 (b) Seller hereby acknowledges, admits and agrees that Seller’s obligations under this Agreement are recourse obligations of Seller. In addition to their rights hereunder, Purchaser shall have the
right to proceed against any of Seller’s assets which may be in the possession of Purchaser, any of Purchaser’s Affiliates or their designee (including the Custodian), including the right to liquidate such assets and to set-off the
proceeds against monies owed by Seller to Purchaser pursuant to this Agreement. Purchaser may set off cash, the proceeds of the liquidation of the Purchased Assets and Additional Purchased Mortgage Loans and all other sums or obligations owed by
Purchaser to Seller or against all of Seller’s Obligations to Purchaser, or Seller’s obligations to Purchaser under any other agreement between the parties, or otherwise, whether or not such obligations are then due, without prejudice to
Purchaser’s right to recover any deficiency. 
 (c) Purchaser shall have the right to obtain physical possession of the
Records and all other files of Seller relating to the Purchased Assets and all documents relating to the Purchased Assets which are then or may thereafter come into the possession of Seller or any third party acting for Seller and Seller shall
deliver to Purchaser such assignments as Purchaser shall request. 

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

(e) Purchaser shall, without regard to the adequacy of the security for the Obligations, be entitled to the appointment of a receiver by
any court having jurisdiction, without notice, to take possession of and protect, collect, manage, liquidate, and sell the Purchased Assets or any portion thereof, collect the payments due with respect to the Purchased Assets or any portion thereof,
and do anything that Purchaser is authorized hereunder to do. Seller shall pay all costs and expenses incurred by Purchaser in connection with the appointment and activities of such receiver, and such shall be deemed part of the Obligations
hereunder. 
 (f) Purchaser may, at its option, enter into one or more hedging transactions covering all or a portion of the
Purchased Assets, and Seller shall be responsible for all damages, judgments, costs and expenses of any kind which may be imposed on, incurred by or asserted against Purchaser relating to or arising out of such hedging transactions; including
without limitation any losses resulting from such hedging transactions, and such shall be deemed part of the Obligations hereunder. 
 (g) In addition to all the rights and remedies specifically provided herein, Purchaser shall have all other rights and remedies provided by applicable federal, state, foreign and local laws, whether
existing at law, in equity or by statute, including, without limitation, all rights and remedies available to a purchaser/secured party under the Uniform Commercial Code. 
 Except as otherwise expressly provided in this Agreement, Purchaser shall have the right to exercise any of their rights and/or remedies without presentment, demand, protest or further notice of any kind,
other than as expressly set forth herein, all of which are hereby expressly waived by Seller. 
 Purchaser may enforce its
rights and remedies hereunder without prior judicial process or hearing, and Seller hereby expressly waives, to the extent permitted by law, any right Seller might otherwise have to require Purchaser to enforce its rights by judicial process. Seller
also waives, to the extent permitted by law, any defense Seller might otherwise have to the Obligations, or any guaranty thereof, arising from use of nonjudicial process, enforcement and sale of all or any portion of the Purchased Assets or from any
other election of remedies. Seller recognizes that nonjudicial remedies are consistent with the usages of the trade, are responsive to commercial necessity and are the result of a bargain at arm’s length. 

Seller shall cause all sums received by it with respect to the Purchased Assets to be deposited promptly upon receipt thereof but in no
event later than twenty-four (24) hours thereafter. Seller shall be liable to Purchaser for the amount of all losses, costs and/or expenses (plus interest thereon at a rate equal to the Default Rate) which Purchaser may sustain or incur in
connection with hedging transactions relating to the Purchased Assets, conduit advances and payments for mortgage insurance. 
  

	19.	DELAY NOT WAIVER; REMEDIES ARE CUMULATIVE 

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

  
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	20.	USE OF EMPLOYEE PLAN ASSETS 

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

 

	21.	INDEMNITY 

 (a)
Seller agrees to indemnify and hold harmless Purchaser, Agent and their Affiliates and their respective officers, directors, employees, agents and advisors (each, an “Indemnified Party”) from and against (and will reimburse each
Indemnified Party as the same is incurred within thirty (30) days following receipt of an invoice therefor) any and all claims, damages, losses, liabilities, taxes, increased costs and all other expenses including out-of-pocket expenses
(including, without limitation, reasonable fees and expenses of outside counsel and audit and due diligence fees) that may be incurred by or asserted or awarded against any Indemnified Party, in each case arising out of or in connection with or by
reason of (including without limitation, in connection with) (i) any investigation, litigation or other proceeding (whether or not such Indemnified Party is a party thereto) relating to, resulting from or arising out of any of the Program
Documents and all other documents related thereto, any breach by Seller of any representation or warranty or covenant in this Agreement or any other Program Document, and all actions taken pursuant thereto, (ii) the Transactions, the actual or
proposed use of the proceeds of the Transactions, this Agreement or any of the transactions contemplated thereby, including, without limitation, any acquisition or proposed acquisition, or any indemnity payable under the servicing agreement or other
servicing arrangement, (iii) the actual or alleged presence of hazardous materials on any Property or any environmental action relating in any way to any Property, (iv) the actual or alleged violation of any federal, state, municipal or
local predatory lending laws, or (v) the reduction of the Principal Balance due to a cram down or similar action authorized by any bankruptcy proceeding or other case arising out of or relating to any petition under the Bankruptcy Code, in each
case, except to the extent such claim, damage, loss, liability or expense is found in a final, non-appealable judgment by a court of competent jurisdiction to have resulted directly from such Indemnified Party’s gross negligence or willful
misconduct or is the result of a claim made by Seller against the Indemnified Party, and Seller is ultimately the successful party in any resulting litigation or arbitration. Seller hereby agrees not to assert any claim against Purchaser or any of
its Affiliates, or any of their respective officers, directors, employees, attorneys and agents, on any theory of liability, for special, indirect, consequential or punitive damages arising out of or otherwise relating to the Program Documents, the
actual or proposed use of the proceeds of the Transactions, this Agreement or any of the transactions contemplated thereby. THE FOREGOING INDEMNITY AND AGREEMENT NOT TO ASSERT CLAIMS EXPRESSLY APPLIES, WITHOUT LIMITATION, TO THE NEGLIGENCE (BUT NOT
GROSS NEGLIGENCE OR WILLFUL MISCONDUCT) OF THE INDEMNIFIED PARTIES. 
 (b) If Seller fails to pay when due any costs, expenses
or other amounts payable by it under this Agreement, including, without limitation, reasonable fees and expenses of counsel and indemnities, such amount may be paid on behalf of Seller by Purchaser, in its sole discretion and Seller shall remain
liable for any such payments by Purchaser and such amounts shall be deemed part of the Obligations hereunder. No such payment by Purchaser shall be deemed a waiver of any of Purchaser’s rights under the Program Documents. 

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

  
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	22.	WAIVER OF REDEMPTION AND DEFICIENCY RIGHTS 

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

	23.	REIMBURSEMENT; SET-OFF 

 (a) Seller agrees to pay on demand all reasonable out-of-pocket costs and expenses of Purchaser in connection with the initial and subsequent negotiation, modification, renewal and amendment of the
Program Documents (including, without limitation, (A) all collateral review and UCC search and filing fees and expenses and (B) the reasonable fees and expenses of outside counsel for Purchaser with respect to advising Purchaser as to its
rights and responsibilities, or the perfection, protection or preservation of rights or interests, under this Agreement and any other Program Document, with respect to negotiations with Seller or with other creditors of Seller arising out of any
Default or any events or circumstances that may give rise to a Default and with respect to presenting claims in or otherwise participating in or monitoring any bankruptcy, insolvency or other similar proceeding involving creditors’ rights
generally and any proceeding ancillary thereto). Seller agrees to pay on demand, with interest at the Default Rate to the extent that an Event of Default has occurred, all costs and expenses, including without limitation, reasonable attorneys’
fees and disbursements (and fees and disbursements of Purchaser’s outside counsel) expended or incurred by Purchaser and/or Custodian in connection with the modification, renewal, amendment and enforcement (including any waivers) of the Program
Documents (regardless of whether a Transaction is entered into hereunder), the taking of any action, including legal action, required or permitted to be taken by Purchaser (without duplication to Purchaser) and/or Custodian pursuant thereto or by
refinancing or restructuring in the nature of a “workout.” Further, Seller agrees to pay, with interest at the Default Rate to the extent that an Event of Default has occurred, all costs and expenses, including without limitation,
reasonable attorneys’ fees and disbursements (and fees and disbursements of Purchaser’s outside counsel) expended or incurred by Purchaser in connection with (a) the rendering of legal advice as to Purchaser’s rights, remedies
and obligations under any of the Program Documents, (b) the collection of any sum which becomes due to Purchaser under any Program Document, (c) any proceeding for declaratory relief, any counterclaim to any proceeding, or any appeal, or
(d) the protection, preservation or enforcement of any rights of Purchaser. For the purposes of this Section 23(a), attorneys’ fees shall include, without limitation, fees incurred in connection with the following: (1) discovery;
(2) any motion, proceeding or other activity of any kind in connection with a bankruptcy proceeding or case arising out of or relating to any petition under Title 11 of the United States Code, as the same shall be in effect from time to time,
or any similar law; (3) garnishment, levy, and debtor and third party examinations; and (4) post-judgment motions and proceedings of any kind, including without limitation any activity taken to collect or enforce any judgment. Any and all
of the foregoing amounts referred to in this Section 23(a) shall be deemed a part of the Obligations hereunder. Without prejudice to the survival of any other agreement of Seller hereunder, the covenants and obligations of Seller contained in
this Section 23(a) shall survive the payment in full of the Repurchase Price and all other amounts payable hereunder and delivery of the Purchased Assets by Purchaser against full payment therefor. 

  
 - 48 -

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

	24.	FURTHER ASSURANCES 

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

	25.	ENTIRE AGREEMENT; PRODUCT OF NEGOTIATION 

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

	26.	TERMINATION 

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

  
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	27.	REHYPOTHECATION; ASSIGNMENT 

 (a) Purchaser may, in its sole election, and without the consent of the Seller engage in repurchase transactions with the Purchased Assets or otherwise pledge, hypothecate, assign, transfer or otherwise
convey the Purchased Assets with a counterparty of Purchaser’s choice, in all cases subject to Purchaser’s obligation to reconvey the Purchased Assets (and not substitutes therefor) on the Repurchase Date, all at no cost to the Seller. In
the event Purchaser engages in a repurchase transaction with any of the Purchased Assets or otherwise pledges or hypothecates any of the Purchased Assets, Purchaser shall have the right to assign to Purchaser’s counterparty any of the
applicable representations or warranties in Exhibit B to this Agreement and the remedies for breach thereof, as they relate to the Purchased Assets that are subject to such repurchase transaction. 

(b) The Program Documents and the Seller’s rights and obligations thereunder are not assignable by Seller without the prior written
consent of Purchaser. Any Person into which Seller may be merged or consolidated, or any corporation resulting from any merger, conversion or consolidation to which Seller shall be a party, or any Person succeeding to the business of Seller, shall
be the successor of Seller hereunder, without the execution or filing of any paper or any further act on the part of any of the parties hereto, anything herein to the contrary notwithstanding. Without any requirement for further consent of the
Seller and at no cost or expense to the Seller, each of Purchaser and Agent may, in its sole election, assign or participate all or a portion of its rights and obligations under this Agreement and the Program Documents with a counterparty of
Purchaser’s or Agent’s choice. Purchaser or Agent shall notify Seller of any such assignment and participation and shall maintain, for review by Seller upon written request, a register of assignees and participants and a copy of any
executed assignment and acceptance by Purchaser or Agent and assignee (“Assignment and Acceptance”), specifying the percentage or portion of such rights and obligations assigned. The Seller agrees that, for any such permitted
assignment, Seller will cooperate with the prompt execution and delivery of documents reasonably necessary for such assignment process to the extent that Seller incurs no cost or expense that is not paid by the Purchaser or Agent, as applicable.
Upon such assignment, (a) such assignee shall be a party hereto and to each Program Document to the extent of the percentage or portion set forth in the Assignment and Acceptance, and shall succeed to the applicable rights and obligations of
Purchaser or Agent hereunder, and (b) Purchaser or Agent shall, to the extent that such rights and obligations have been so assigned by it to either (i) an Affiliate of Purchaser or Agent which assumes the obligations of Purchaser or Agent
hereunder or (ii) to another Person which assumes the obligations of Purchaser or Agent hereunder, be released from their obligations hereunder accruing thereafter and under the Program Documents. 

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

	28.	AMENDMENTS, ETC. 

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

 

	29.	SEVERABILITY 

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

  
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	30.	BINDING EFFECT; GOVERNING LAW 

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

 

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

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

	32.	SINGLE AGREEMENT 

Seller, Purchaser and Agent acknowledge that, and have entered hereinto and will enter into each Transaction hereunder in consideration of
and in reliance upon the fact that, all Transactions hereunder constitute a single business and contractual relationship and have been made in consideration of each other. Accordingly, Seller, Purchaser and Agent each agree (i) to perform all
of its obligations in respect of each Transaction hereunder, and that a default in the performance of any such obligations shall constitute a default by it in respect of all Transactions hereunder, and (ii) that payments, deliveries and other
transfers made by any of them in respect of any Transaction shall be deemed to have been made in consideration of payments, deliveries and other transfers in respect of any other Transaction hereunder, and the obligations to make any such payments,
deliveries and other transfers may be applied against each other and netted. 

  
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	33.	INTENT 

 Seller,
Purchaser and Agent recognize that each of the Transactions and this Agreement is a “repurchase agreement” as that term is defined in Section 101 of the Bankruptcy Code, and a “securities contract” as that term is defined in
Section 741 of the Bankruptcy Code, or a “qualified financial contract” as that term is defined in the Federal Deposit Insurance Act, as applicable, and a “master netting agreement” as that term is defined in
Section 101 of the Bankruptcy Code. 
 It is understood that Purchaser’s right to liquidate the Purchased Assets and
terminate and accelerate the Transactions and this Agreement or to exercise any other remedies pursuant to Section 18 hereof is a contractual right to liquidate, terminate and accelerate the Transactions under a repurchase agreement, a
securities contract, a master netting agreement, and a qualified financial contract as described in Sections 559, 555 and 561 of the Bankruptcy Code and Section 1821(e)(8)(A)(i) of the Federal Deposit Insurance Act, as applicable, and a
contractual right to offset under a master netting agreement and across contracts, as described in Section 561 of the Bankruptcy Code. It is understood that Seller’s right to accelerate the Repurchase Date with respect to the Purchased
Assets and any Transaction hereunder pursuant to Section 18 hereof is a contractual right to liquidate, terminate and accelerate the Transactions under a repurchase agreement, a securities contract, a master netting agreement, and a qualified
financial contract as described in Sections 559, 555 and 561 of the Bankruptcy Code and Section 1821(e)(8)(A)(i) of the Federal Deposit Insurance Act, as applicable. 
 The parties hereby intend that any provisions hereof or in any other document, agreement or instrument that is related in any way to the servicing of the individual Mortgage Loans shall be deemed
“related to” this Agreement within the meaning of Sections 101(38A)(A) and 101(47)(A)(v) of the Bankruptcy Code and part of the “contract” as such term is used in Section 741 of the Bankruptcy Code. 

 

	34.	NOTICES AND OTHER COMMUNICATIONS 

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

	 if to Seller: 
	Stonegate Mortgage Corporation 

 9190 Priority Way West
Drive, Suite 300 
 Indianapolis, IN 46240 
 Attention: James Cutillo 
 Telephone: (317) 663-5101 

Facsimile: (317) 569-0705 
 E-mail: jcutillo@stonegatemtg.com 

  
 - 52 -

	 	With copies to: 

  

	 	Thomas M. Maxwell 

Barnes & Thornburg LLP 
 11 S. Meridian Street 
 Indianapolis, IN 46204 

Telephone: (317) 231-7796 
 Facsimile: (317) 231-7433 
 E-mail: tmaxwell@btlaw.com 

 

	 if to Purchaser: 
	Barclays Bank PLC – Mortgage Finance 

 745 Seventh
Avenue, 4th Floor 
 New York, New York 10019 
 Attention: Joseph O’Doherty 
 Telephone: (212) 412-5517 

Facsimile: (212) 412-7333 
 E-mail: Joseph.o’doherty@barcap.com 
  

	 	With copies to: 

  

	 	Barclays Bank PLC – Legal Department 

 745 Seventh Avenue, 20th Floor 
 New York, New York 10019 

Telephone: (212) 412-1494 
 Facsimile: (212) 412-1288 
  

	 	Barclays Capital – Operations 

 70 Hudson Street-7th Floor 
 Jersey City, New Jersey 07302 

Attention: Hánsel Nieves 
 Telephone: (201) 499-2269 
 Facsimile: (646) 845-6464 

Email: hansel.nieves@barclayscapital.com 
  

	 if to Agent: 
	Barclays Bank PLC – Mortgage Finance 

 745 Seventh
Avenue, 4th Floor 
 New York, New York 10019 
 Attention: Ellen Kiernan 
 Telephone: (212) 412-7990 

Facsimile: (212) 412-7333 
 E-mail: ellen.kiernan@barcap.com 

  
 - 53 -

	 	With copies to: 

 Barclays Bank
PLC – Legal Department 
 745 Seventh Avenue, 20th Floor 

New York, New York 10019 
 Telephone: (212) 412-1494 
 Facsimile: (212) 412-1288 

Barclays Capital – Operations 
 70 Hudson Street-7th Floor 
 Jersey City, New Jersey 07302 

Attention: Hánsel Nieves 
 Telephone: (201) 499-2269 
 Facsimile: (646) 845-6464 

Email: hansel.nieves@barclayscapital.com 
 or to such other address, e-mail address or facsimile number as either party may notify to the others in writing from time to time. 

 

	35.	CONFIDENTIALITY 

Seller, Purchaser and Agent each hereby acknowledge and agree that all written or computer-readable information provided by one party to
the other in connection with the Program Documents or the Transactions contemplated thereby, including without limitation, Seller’s Mortgagor information in the possession of Purchaser (the “Confidential Terms”) shall be kept
confidential and shall not be divulged to any party without the prior written consent of such other party except for (i) disclosure to Seller’s direct and indirect parent companies, directors, attorneys, agents or accountants, provided
that such attorneys or accountants likewise agree to be bound by this covenant of confidentiality, or are otherwise subject to confidentiality restrictions or (ii) with prior (if feasible) written notice to Purchaser, disclosure required by
law, rule, regulation or order of a court or other regulatory body or (iii) with prior (if feasible) written notice to Purchaser, disclosure to any approved hedge counterparty to the extent necessary to obtain any Hedge Instrument hereunder or
(iv) with prior (if feasible) written notice to Purchaser, any disclosures or filing required under Securities and Exchange Commission (“SEC”) or state securities’ laws; provided that in the case of clause (iv), Seller
shall not file the Pricing Side Letter. Notwithstanding anything herein to the contrary, except as reasonably necessary to comply with applicable securities laws, each party (and each employee, representative, or other agent of each party) may
disclose to any and all persons, without limitation of any kind, the tax treatment and tax structure of the transaction and all materials of any kind (including opinions or other tax analyses) that are provided to it relating to such tax treatment
and tax structure. For this purpose, tax treatment and tax structure shall not include (i) the identity of any existing or future party (or any Affiliate of such party) to this Agreement or (ii) any specific pricing information or other
commercial terms, including the amount of any fees, expenses, rates or payments arising in connection with the transactions contemplated by this Agreement. 
  

	36.	DUE DILIGENCE 

Purchaser, Agent or any of their respective agents, representatives or permitted assigns shall have the right, upon reasonable prior
notice and during normal business hours, to conduct inspection and perform continuing due diligence reviews of (x) Seller and its Subsidiaries, directors, officers and employees, including, without limitation, their respective financial
condition and performance of its obligations under the Program Documents, and (y) the Servicing File and the Purchased Assets. Seller agrees promptly to provide Purchaser, Agent and their respective agents with access to, copies of and

  
 - 54 -

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

 

	37.	USA PATRIOT ACT; OFAC AND ANTI-TERRORISM 

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

(b) (i) Neither the Seller, nor the Parent Company nor any Originator is named on the list of Specifically Designated Nationals
maintained by OFAC or any similar list issued by OFAC (collectively, the “OFAC Lists”); (ii) no Person on the OFAC Lists owns a 50% or greater interest in, directly or indirectly, or otherwise controls, the Seller, the Parent Company
or any Originator; and (iii) to the best of the knowledge of the Seller or any Originator, none of the Purchaser or Agent is precluded, under the laws and regulations administered by OFAC, from entering into this Agreement or any transactions
pursuant to this Agreement with the Seller or any Originator due to the ownership or control by any person or entity of stocks, shares, bonds, debentures, notes, drafts or other securities or obligations of the Seller or any Originator. 

(c) (i) Neither the Seller nor any Originator will conduct business with or engage in any transaction with any Obligor that the
Seller or any Originator knows or should reasonably be expected to know that (x) is named on any of the OFAC Lists or (y) 50% or greater of the equity interests in such Obligor are owned by a Person named on any OFAC List; (ii) if any
of the Seller or any Originator obtains actual knowledge or should reasonably be expected to know that any Obligor is named on any of the OFAC Lists or that any Person named on an OFAC List owns a 50% or greater interest in an Obligor, the Seller or
any Originator, as applicable, will give prompt written notice to the Purchaser and Agent of such fact or facts; and (iii) the Seller and any Originator will (x) comply at all times with the requirements of the Economic and Trade Sanctions
and Anti-Terrorism Laws applicable to any transactions, dealings or other actions relating to this Agreement, except to the extent such non-compliance does not result in a violation of applicable law by any of the Purchaser or Agent and
(y) will, upon the Purchaser’s or Agent’s reasonable request from time to time during the term of this Agreement, deliver a certification confirming its compliance with the covenants set forth in this Section 37. 

[SIGNATURE PAGE FOLLOWS] 

  
 - 55 -

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

			
	STONEGATE MORTGAGE CORPORATION, as Seller
		
	By:	 	/s/ Jim Cutillo
	Name:	 	Jim Cutillo
	Title:	 	CEO

  

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

 Signature Page to Master Repurchase Agreement 

 EXHIBIT A 
 MONTHLY CERTIFICATION 
 I,
                                         
   ,
                                         
    of Stonegate Mortgage Corporation (the “Seller”), in accordance with that certain Master Repurchase Agreement (“Agreement”), dated as of December 24, 2012, by and between Barclays Bank PLC
and Seller do hereby certify that: 
  

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

 

	 	(ii)	Attached hereto as Schedule One is a schedule of each financial covenant that the Seller is subject to under any agreement (other than this Agreement), and a
calculation which demonstrates compliance with each such financial covenant; 

  

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

  

	 	(iv)	Attached hereto as Attachment A is the Servicer’s HUD Compare Report, which is the report entitled “Neighborhood Watch Early Warning System – Single
Lender – Originator by Institution” and found at https://entp.hud.gov/sfnw/public/. Such report shall be generated using the following criteria: Mortgagee Selections: “Originator by Institution;” Delinquent Choices:
“Seriously Delinquent;” and 2 Year Performance Period: “Data as of [END OF MOST RECENT PRIOR MONTH];” and 

  

	 	(v)	The Servicer’s HUD tier ranking as of the end of [insert immediately preceding month] is
                                . 

[Signature Page Follows] 

  
 A - 1

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

 IN WITNESS WHEREOF, I have signed this certificate. 
 Date:
                                        ,
20[        ] 
  

			
	[                        
]
		
	By:	 	 
	Name:	 	
	Title:	 	

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

  
 A - 2

 SCHEDULE ONE TO EXHIBIT A 

OTHER FINANCIAL COVENANTS 

  
 A - 3

 SCHEDULE TWO TO EXHIBIT A 

FINANCIAL COVENANTS WORKSHEET 

  
 A - 4

 EXHIBIT B 
 REPRESENTATIONS AND WARRANTIES 
 WITH RESPECT TO MORTGAGE LOANS

 Capitalized terms used but not defined in this Exhibit B have the meanings assigned to such terms in the Master
Repurchase Agreement dated as of December 24, 2012 (the “Agreement”), by and between Barclays Bank PLC, (“Purchaser” or “Agent”) and Stonegate Mortgage Corporation (“Seller”).
Seller hereby represents and warrants to the Purchaser and Agent that, for each Mortgage Loan as of the related Purchase Date and the related Repurchase Date and on each date that such Mortgage Loan is subject to a Transaction: 

(a) All information provided to Purchaser by Seller, including without limitation the information set forth in the Seller Mortgage Loan
Schedule, with respect to the Mortgage Loan is true and correct in all material respects; 
 (b) Such Mortgage Loan is an
Eligible Mortgage Loan; 
 (c) Such Mortgage Loan is owned solely by Seller, and, upon Purchaser’s receipt of a duly
executed Warehouse Lender’s Release with respect thereto and its compliance with the terms set forth therein, such Mortgage Loan will not be subject to any lien, claim or encumbrance, including, without limitation, any such interest pursuant to
a loan or credit agreement for warehousing mortgage loans, and was originated or acquired by Seller from an Originator, underwritten and serviced in Strict Compliance (in respect of Fannie Mae Mortgage Loans, Freddie Mac Mortgage Loans or Ginnie Mae
Mortgage Loans) or the Purchaser’s underwriting guidelines (in respect of Jumbo Mortgage Loans), and has at all times remained in compliance with all applicable laws and regulations, including without limitation the Federal Truth-in-Lending
Act, the Real Estate Settlement Procedures Act, regulations issued pursuant to any of the aforesaid, and, in respect of Fannie Mae Mortgage Loans, Freddie Mac Mortgage Loans or Ginnie Mae Mortgage Loans, all rules, requirements, guidelines and
announcements of each Agency, and, as applicable, the FHA and VA, as the same may be amended from time to time; 
 (d) The
improvements on the land securing such Mortgage Loan are and will be kept insured at all times by responsible insurance companies reasonably acceptable to Purchaser and the Applicable Agency against fire and extended coverage hazards under policies,
binders or certificates of insurance with a standard mortgagee clause in favor of Seller and its assigns, providing that such policy may not be canceled without prior notice to Seller. Any proceeds of such insurance shall be held in trust for the
benefit of Purchaser. The scope and amount of such insurance shall satisfy the rules, requirements, guidelines and announcements of the Applicable Agency, and shall in all cases be at least equal to the lesser of (A) the principal amount of
such Mortgage Loan or (B) the maximum amount permitted by applicable law, and shall not be subject to reduction below such amount through the operation of a coinsurance, reduced rate contribution or similar clause; 

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

  
 B - 1

 (f) Such Mortgage Loan is either (i) insured by the FHA under the National Housing Act,
guaranteed by the VA under the Servicemen’s Readjustment Act of 1944 or (ii) with respect to Fannie Mae Mortgage Loans and Freddie Mac Mortgage Loans, is otherwise eligible to be insured or guaranteed in accordance with the requirements of
the applicable Agency Program and, in either case, such Mortgage Loan is not subject to any defect that would prevent recovery in full or in part against the FHA, VA or other insurer or guarantor, as the case may be; 

(g) A mortgage identification number (“MIN”) has been assigned by MERS and such MIN is accurately provided on the Seller
Mortgage Loan Schedule. Either the Mortgage is in favor of MERS or an Assignment of Mortgage to MERS has been duly and properly recorded; 
 (h) Seller has not received any notice of liens or legal actions with respect to such Mortgage Loan and no such notices have been electronically posted by MERS; 

(i) Each Mortgage Loan is eligible for sale to the Applicable Agency and fully complies with all of the terms and conditions, including
any covenants, representations and warranties, in the applicable Agency Guide and eligible for securitization by and/or sale to Fannie Mae, Freddie Mac or eligible for inclusion in a Ginnie Mae MBS pool; 

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

 (k) The original Mortgage in respect of each Mortgage Loan has been sent for recordation in the appropriate public recording
office in the applicable jurisdictions wherein such recordation is necessary to perfect the lien thereof as against creditors of the applicable Mortgagor; 
 (k) Such Mortgage Loan may not result in Negative Amortization; 
 (l) The
Mortgagor is one or more natural persons and/or trustees for an Illinois land trust or a trustee under a “living trust” and such “living trust” is in compliance with Applicable Agency guidelines for such trusts; 

(m) Such Mortgage Loan is not a High Cost Mortgage Loan; 
 (n) No predatory, abusive or deceptive lending practices, including but not limited to, the extension of credit to a Mortgagor without regard for the Mortgagor’s ability to repay the Mortgage Loan
and the extension of credit to a Mortgagor which has no tangible net benefit to the Mortgagor, were employed in connection with the origination of the Mortgage Loan. Such Mortgage Loan is in compliance with the anti predatory lending eligibility for
purchase requirements of the Fannie Mae Guide; 
 (o) On the Origination Date the related Mortgagor’s FICO Score was equal
to or greater than 600 (for this purpose, it being acknowledged that the related Mortgagor shall be deemed to have a FICO Score of zero where no FICO Score is available) unless it is a part of (i) an FHA and VA streamlined program for which a
current FICO Score is not required for credit purposes or (ii) the U.S. Department of the Treasury’s Home Affordable Refinance Program but only to the extent of the HARP Mortgage Loan Sublimit (as defined in the Pricing Side Letter);
provided that any such Mortgage Loans that require compliance with representations and warranties include an Agency waiver for any exceptions; 
 (p) If such Mortgage Loan was pledged to another warehouse, credit, repurchase or other financing facility immediately prior to the related Purchase Date, (i) such pledge has been released
immediately prior to, or concurrently with, the related Purchase Date hereunder and (ii) Purchaser has received a Warehouse Lender’s Release Letter in respect of such Mortgage Loan; 

  
 B - 2

 (q) Such Mortgage Loan has not been released from the possession of the Custodian under
Section 5 of the Custodial and Disbursement Agreement to Seller for a period in excess of fifteen (15) calendar days (or if such fifteenth day is not a Business Day, the next succeeding Business Day) or such earlier time period as
indicated on the related Request for Release of Documents; 
 (r) Such Mortgage Loan has not been selected in a manner so as to
adversely affect Purchaser’s interests; 
 (s) Such Mortgage Loan has not been manually underwritten; 

(t) Such Mortgage Loan is a MERS Designated Mortgage Loan; 
 (u) No Mortgage Loan 
 (A) that is a First Mortgage Loan insured by the FHA or
guaranteed by the VA (other than a HARP Mortgage Loan), has a Loan-to-Value Ratio on First Mortgage Loans over 97.5%; 
 (B)
that is any other Mortgage Loan (other than one originated as part of an FHA or VA streamlined program) has a Loan-to-Value Ratio over 95% (or in the case of second Mortgage Loans has a combined Loan-to-Value Ratio over 95%); 

(C) that was originated under an FHA and VA streamlined program has a Loan-to-Value Ratio more than that permitted under such streamlined
program (together, “Streamline Loans”); provided that Streamline Loans that require compliance with representations and warranties include an Agency waiver for any exceptions; and 

(D) that is a HARP Mortgage Loan has a Loan-to-Value Ratio other than that permitted under the U.S. Department of the Treasury’s
Home Affordable Refinance Program; provided that this clause (D) applies only to the extent of the HARP Mortgage Loan Sublimit (as defined in the Pricing Side Letter). 
 (v) With respect to each Mortgage Loan that is a Wet-Ink Mortgage Loan, the Settlement Agent has been instructed in writing by Seller to hold the related Mortgage File as agent and bailee for Purchaser or
Agent and to promptly forward such Mortgage File in accordance with the provisions of the Custodial and Disbursement Agreement and the Escrow Instruction Letter; 
 (w) No Mortgage Loan shall be a Mortgage Loan of a loan type deemed an unacceptable risk for any reason at the Purchaser’s reasonable discretion; provided, that a Mortgage Loan that meets the
Applicable Agency guidelines shall not be deemed an unacceptable risk. 
 (x) Each Mortgage Loan has been fully disbursed and is
secured by a first lien on an underlying property as a “closed-end” Mortgage Loan with no further disbursements required by any party; 
 (y) The Loan-to-Value Ratio for each Jumbo Mortgage Loan is within the limits set forth in Purchaser’s underwriting guidelines attached hereto as Exhibit J, as the same may be amended,
supplemented or otherwise modified from time to time; 
 (z) The Mortgage Loan is not secured by property located in (a) a
state where the Seller is not licensed as a lender/mortgage banker or (b) a state that the Purchaser determines to be unacceptable because of a predatory lending or other law in such state; 

  
 B - 3

 (aa) The Mortgage Loan has not been converted to an ownership interest in real property
through foreclosure or deed-in-lieu of foreclosure; 
 (bb) The Mortgage Loan relates to Mortgaged Property that consists of
(i) a detached single family dwelling, (ii) a two-to-four family dwelling, (iii) a one-family dwelling unit in a Freddie Mac eligible condominium project, (iv) a townhouse, or (v) a detached single family dwelling in a
planned unit development none of which is a cooperative or commercial property; and is not related to Mortgaged Property that consists of (a) mixed use properties, (b) log homes, (c) earthen homes, (d) underground homes,
(e) mobile homes or manufactured housing units (whether or not secured by real property), (f) any dwelling situated on more than ten acres of property or (h) any dwelling situated on a leasehold estate; 

(cc) Such Mortgage Loan is not a Restricted Mortgage Loan; 
 (dd) The related Mortgagor in respect of such Mortgage Loan shall not have been thirty (30) or more days delinquent with respect to any Monthly Payment relating to such Mortgage Loan at any time
during the twenty four (24) month period prior to the related Purchase Date; 
 (ee) With respect to (i) any
table-funded Wet-Ink Mortgage Loan that is the subject of such Transaction, Seller shall have received (x) a copy of the Escrow Instruction Letter in the form attached as Exhibit G hereto, signed by the Settlement Agent and (y) a copy of
the Closing Protection Letter from each title company in form and substance acceptable to Purchaser in its sole discretion and (ii) any self-funded Wet-Ink Mortgage Loan that is the subject of such Transaction, (x) Seller shall have
received a copy of the Escrow Instruction Letter in the form attached as Exhibit G hereto, signed by the Settlement Agent, (y) Seller shall have received a copy of the Closing Protection Letter from each title company in form and substance
acceptable to Purchaser in its sole discretion and (z) Seller shall have provided to Purchaser confirmation of the Fed. Reference Number (or other independent confirmation acceptable to the Purchaser) with respect to the funding of any such
Wet-Ink Mortgage Loan; and 
 (ff) The related Mortgagor in respect of such Mortgage Loan shall have made its first scheduled
Monthly Payment when it was due (inclusive of any applicable grace period), unless such time frame has not occurred yet. 

  
 B - 4

 EXHIBIT C 
 FORM OF TRANSACTION NOTICE 
 [insert date] 

Barclays Bank PLC 
 745 Seventh Avenue, 4th Floor

 New York, New York 10019 
 Attention:
Mary Logan 
  

	 	Re:	Master Repurchase Agreement, dated as of December 24, 2012 by and between Barclays Bank PLC (“Purchaser” and “Agent”) and
Stonegate Mortgage Corporation (“Seller”) 

 Ladies/Gentlemen: 

Reference is made to the above-referenced Master Repurchase Agreement (the “Repurchase Agreement”; capitalized terms used but
not otherwise defined herein shall have the meaning given them in the Repurchase Agreement). 
 In accordance with
Section 3(c) of the Repurchase Agreement, the undersigned Seller hereby requests, and the Purchaser, agrees to enter into a Transaction with us, in connection with our delivery of Eligible Mortgage Loans and all related Servicing Rights, on
                                 [insert requested Purchase Date, which must be at
least one (1) Business Day following the date of the request] (the “Purchase Date”), in connection with which we shall sell to you such Eligible Mortgage Loans on the Seller Mortgage Loan Schedule attached hereto. The Principal
Balance of the Eligible Mortgage Loans is $             and the Purchase Price shall be              [insert
applicable Purchase Price]. The Purchaser shall transfer to the Seller an amount equal to $              [insert amount which represents the Purchase Price net of any related Initial
Fee or any other fees then due and payable by Seller to Purchaser pursuant to the Agreement]. Seller agrees to repurchase such Purchased Asset on the Repurchase Date(s) at the Repurchase Price(s) listed below. 

The Eligible Mortgage Loans have the characteristics on the electronic file or computer tape or disc delivered by Seller to Purchaser
with respect thereto in connection with this Transaction Notice. 
 The Seller hereby certifies, as of such Purchase Date, that:

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

  
 C - 1

 (4) Seller has all requisite Approvals; and 

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

 

			
	Very truly yours,
	
	[                        
]
		
	By:	 	 
	Name:	 	
	Title:	 	

  
 C - 2

 EXHIBIT D 
 FORM OF GOODBYE LETTER 

«Primary_Borrower»                    
                                         
                               
[            ] [__], 20[    ] 

«Mailing_address_line_1» 

«Mail_city», «Mail_state» «Mail_zip» 
  

	RE:	Transfer of Mortgage Loan Servicing 

 Mortgage Loan «Account_number» 
 Dear Customer: 

[SELLER] is the present servicer of your mortgage loan. Effective [Date] the servicing of your mortgage will be transferred to
            . This transfer does not affect the terms and conditions of your mortgage, other than those directly related to servicing. Because of the change in servicer, we are
required to provide you with this disclosure. 
 [SELLER] cannot accept any payments received after [Date]. Effective [Date], all payments are
to be made to                 . Any payments received by [SELLER] after [Date] will be forwarded to
                        .
                         will be contacting you shortly with payment instructions. Please make future payments to:

  
  

Attn:                 
         

[Address]                   

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

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

  
 D - 1

 NOTICE OF ASSIGNMENT, SALE OR TRANSFER 

OF SERVICING RIGHTS 
 You
are hereby notified that the servicing of your mortgage loan, that is the right to collect payments from you, is being assigned, sold or transferred. 
 The assignment, sale or transfer of the servicing of the mortgage loan does not affect any term or condition of the mortgage instruments, other than the terms directly related to the servicing of your
loan. 
 Except in limited circumstances, the law requires that your present servicer send you a notice at least 15 days before the effective
date, or at closing. Your new servicer must also send you this notice no later than 15 days after this effective date. 
 This notification is a
requirement of Section 6 of the Real Estate Settlement Procedures Act (RESPA) (12 U.S.C. 2605). You should also be aware of the following information, which is set out in more detail in Section 6 of RESPA (12 U.S.C. 2605). 

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

 
 [Address]

 No later than 60 Business Days after receiving your request, your servicer must make any appropriate corrections to your account, and must
provide you with a written clarification regarding any dispute. During this 60 Business Day period, your servicer may not provide information to a consumer reporting agency concerning any overdue payment related to such period or qualified written
request. However, this does not prevent the servicer from initiating foreclosure if proper grounds exist under the mortgage documents. 

A Business Day is any day excluding legal public holidays (State or federal), Saturday and Sunday. 

Section 6 of RESPA also provides for damages and costs for individuals or classes of individuals, in circumstances where servicers are shown to have
violated the requirements of that Section. You should seek legal advice if you believe your rights have been violated. 
 MIRANDA DISCLOSURE
– For your protection, please be advised that we are attempting to collect a debt and any information obtained will be used for that purpose. Calls will be monitored and recorded for quality assurance purposes. If you do not wish for your call
to be recorded please notify the customer service associate when calling. 

  
 D - 2

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

  
 D - 3

 EXHIBIT E 
 FORM OF WAREHOUSE LENDER’S RELEASE 
 (Date) 

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

745 Seventh Avenue, 20th Floor 
 New York, New
York 10019 
 Attention: General Counsel 

Barclays Capital – Operations 
 70 Hudson
Street -7th Floor 
 Jersey City, New Jersey 07302 
 Attention: Hánsel Nieves 
 Stonegate Mortgage Corporation 

9190 Priority Way West Drive, Suite 300 

Indianapolis, IN 46240 
 Attention: James Cutillo

 Re: Certain Assets Identified on Schedule A hereto and owned by Stonegate Mortgage Corporation 

Capitalized terms used herein but not defined herein shall have the meanings ascribed to such terms in the Master Repurchase Agreement,
dated as of December 24, 2012 (the “Repurchase Agreement”), between Barclays Bank PLC and Stonegate Mortgage Corporation. 
 The undersigned hereby releases all right, interest, lien or claim of any kind with respect to the mortgage loans described in the attached Schedule A, such release to be effective automatically
without any further action by any party upon receipt in the account identified below in immediately available funds of
$                                , representing a loan count of
                    , in accordance with the following wire instructions: 

[                      
                      ] 
  

			
	Very truly yours,
	
	[WAREHOUSE LENDER]
		
	By:	 	 
	Name:	 	
	Title:	 	

  
 E - 1

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

  
 E - 2

 EXHIBIT F 
 LIST OF APPROVED MEMBERS OF THE MORTGAGE BACKED SECURITIES DIVISION OF 
 THE FIXED
INCOME CLEARING CORPORATION 
 Jefferies & Company, Inc. 

Fannie Mae 

Citigroup Global Markets Inc. 
 The Bank of New York Mellon 
 Barclays Capital, Inc. 

Cantor Fitzgerald & Co. 
 JPMorgan Chase Bank, National Association 
 RBS Securities Inc. 

Daiwa Capital Markets America Inc. 
 UBS Securities LLC 
 Morgan Stanley & Co. LLC 

Nomura Securities International, Inc. 

  
 F - 1

 EXHIBIT G 
 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”): 
 Barclays Bank PLC (the “Purchaser”), 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. Purchaser’s document custodian and funds disbursement agent, U.S.
Bank National Association (the “Custodian”), will disburse such funds on behalf of Purchaser. 
 You hereby
agree that (a) you shall receive such Escrow Funds from Purchaser to be disbursed by the Custodian 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 Purchaser until such Escrow Funds are fully disbursed on behalf of Purchaser 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 this 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 Custodian 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 Custodian’s incoming wire transfer. 
 You further agree that, upon disbursement of the Escrow Funds,
you will hold the Mortgage File as specified in the Escrow Instruction Letter in escrow as agent and bailee for Purchaser, and will forward the Mortgage File and original Escrow Instruction Letter in connection with such Mortgage Loans by overnight
courier (y) to the Custodian within three (3) Business Days following the date of origination. 
 You agree that all
fees, charges and expenses regarding your services to be performed pursuant to this Escrow Instruction Letter are to be paid by Seller or its borrowers, and Purchaser 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 Purchaser. You understand that Purchaser shall act in reliance upon the provisions set forth in this Escrow Instruction Letter, and that Purchaser 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 this Escrow Instruction Letter. 

  
 G - 1

 [SELLER SIGNATURE BLOCK] 
 [ESCROW AGENT/SETTLEMENT AGENT SIGNATURE BLOCK] 

  
 G - 2

 EXHIBIT H 
 FORM OF SELLER MORTGAGE LOAN SCHEDULE 
 [TO BE PROVIDED BY BARCLAYS]

  
 H - 1

 EXHIBIT I 
 FORM OF CORRESPONDENT SELLER RELEASE 
 [insert date] 

Stonegate Mortgage Corporation 
 9190 Priority
Way West Drive, Suite 300 
 Indianapolis, IN 46240 
 Attention: James Cutillo 
  

	 	Re:	Correspondent Seller Release 

Effective immediately upon the receipt (the date and time of such receipt, the “Date and Time of Sale”) by [Name of
Correspondent Seller] of $                    , [Name of Correspondent Seller] hereby relinquishes any and all right, title and interest it
may have in and to the mortgage loans described in Exhibit A attached hereto (the “Loans”), including any security interest therein, and certifies that all notes, mortgages, assignments and other documents in its possession or in
the possession of its custodial agent relating to such Loans have been released to Stonegate Mortgage Corporation or its designee as of the Date and Time of Sale. 

 

			
	[NAME OF CORRESPONDENT SELLER]
		
	By:	 	 
	Name:	 	
	Title:	 	

  
 I - 1

 EXHIBIT A TO CORRESPONDENT SELLER RELEASE 

[List of Loans] 

  
 I - 2

 EXHIBIT J 
 PURCHASER’S UNDERWRITING GUIDELINES 
 [SEE ATTACHED] 

  
 J - 1EX-10.20

 EXHIBIT 10.20 

 
  

 
 MORTGAGE LOAN PARTICIPATION
PURCHASE AND SALE AGREEMENT 
 between 
 STONEGATE MORTGAGE CORPORATION 
 Seller 

and 
 BARCLAYS
BANK PLC 
 Purchaser and Agent 
 Dated December 24, 2012 
  

 
  

  

 TABLE OF CONTENTS 

 

					
	 	  	Page	 
	 Section 1. Definitions
	  	 	2	  
		
	 Section 2. Procedures for Purchases of Participation Certificates.
	  	 	14	  
		
	 Section 3. Takeout Commitments
	  	 	16	  
		
	 Section 4. Completion Fee
	  	 	16	  
		
	 Section 5. Issuance of Securities
	  	 	17	  
		
	 Section 6. Servicing of the Mortgage Loans; Servicer Termination; Backup Servicer
	  	 	18	  
		
	 Section 7. Transfers of Participation Certificates and Securities by Purchaser
	  	 	23	  
		
	 Section 8. Record Title to Mortgage Loans; Intent of Parties; Security Interest
	  	 	23	  
		
	 Section 9. Representations and Warranties
	  	 	24	  
		
	 Section 10. Covenants and Seller
	  	 	29	  
		
	 Section 11. Term
	  	 	32	  
		
	 Section 12. Set-Off
	  	 	32	  
		
	 Section 13. Indemnification
	  	 	33	  
		
	 Section 14. Exclusive Benefit of Parties; Assignment
	  	 	33	  
		
	 Section 15. Amendments; Waivers; Cumulative Rights
	  	 	34	  
		
	 Section 16. Execution in Counterparts
	  	 	34	  
		
	 Section 17. Effect of Invalidity of Provisions
	  	 	34	  
		
	 Section 18. Governing Law
	  	 	34	  
		
	 Section 19. Notices
	  	 	35	  
		
	 Section 20. Entire Agreement
	  	 	35	  
		
	 Section 21. Costs of Enforcement
	  	 	35	  
		
	 Section 22. Securities Contract; Netting Agreement
	  	 	36	  
		
	 Section 23. Consent to Service
	  	 	36	  
		
	 Section 24. Construction
	  	 	36	  
		
	 Section 25. Further Assurances
	  	 	36	  
		
	 Section 26. Due Diligence
	  	 	36	  
		
	 Section 27. Confidentiality
	  	 	37	  

  
 - i -

 EXHIBITS 
  

	
	 Exhibit A Participation Certificate

	
	 Exhibit B Trade Assignment

	
	 Exhibit C [RESERVED]

	
	 Exhibit D Warehouse Lender’s Release

	
	 Exhibit E Assignment

	
	 Exhibit F Form of Confirmation

	
	 Exhibit G Seller’s Officer’s Certificate

	
	 Exhibit H Seller’s Officer’s Certificate

	
	 Annex A [RESERVED]

	
	 Annex B Purchaser Notices

  
 - ii -

 MORTGAGE LOAN PARTICIPATION PURCHASE AND SALE AGREEMENT 

This is a MORTGAGE LOAN PARTICIPATION PURCHASE AND SALE AGREEMENT (“Agreement”), dated as of December 24, 2012,
between Barclays Bank PLC, as administrative agent (“Agent”) and purchaser (“Purchaser”) and Stonegate Mortgage Corporation, as Seller (“Seller”). 

PRELIMINARY STATEMENT 
 Seller desires to sell to Purchaser from time to time all of Seller’s beneficial right, title and interest in and to designated pools of fully amortizing first lien single-family residential Mortgage
Loans eligible in the aggregate to back Securities, and in and to the servicing rights relating thereto, with the terms described in related Takeout Commitments, each in the form of a 100% undivided beneficial ownership interest evidenced by a
Participation Certificate. 
 Purchaser may, subject to satisfaction of certain conditions precedent, purchase such
Participation Certificates from Seller in accordance with the terms and conditions set forth in this Agreement. Seller, subject to the terms hereof, will cause (a) the Related Mortgage Loans to back a Security issued and/or guaranteed by the
Applicable Agency, and (b) Delivery of such Security by the Applicable Agency to Purchaser or its designee in exchange for the Related Participation Certificate, which Security will be purchased by a Takeout Investor. 

Purchaser’s willingness to purchase any Participation Certificate evidencing a beneficial interest in the Related Mortgage Loans and
the servicing rights related thereto is at the sole discretion of Purchaser and based on Purchaser’s expectation, in reliance upon Seller’s representations and warranties herein, that (a) such Mortgage Loans in the aggregate,
constitute a pool or pools of mortgage loans that are eligible to back a Security, (b) such Mortgage Loans are sufficient for the Applicable Agency to issue and/or guarantee the Security, (c) such Security will be issued in the amount and
with the terms described in the related Takeout Commitment, (d) Purchaser’s broker-dealer affiliate, Barclays Capital Inc. (“BCI”) will receive Delivery of such Security on the specified Anticipated Delivery Date on behalf
of Purchaser, and (e) such Security will be purchased by the related Takeout Investor. 
 The amount of the Purchase Price
and the Completion Fee to be paid by Purchaser to Seller with respect to each Participation Certificate will be calculated on the expectation of Purchaser, based upon the representations and warranties of Seller herein, that Purchaser or BCI, on
behalf of Purchaser, will receive Delivery of the Security to be backed by the Related Mortgage Loans on the specified Anticipated Delivery Date, that failure to receive such Delivery will result in a material decrease in the market value of the
Participation Certificate and the Related Mortgage Loans considered as a whole and that the related Takeout Investor will purchase the Security from Purchaser or BCI, on behalf of Purchaser. During the period from the purchase of a Participation
Certificate to Delivery of the related Security, Purchaser expects to rely entirely upon Seller to subservice the Related Mortgage Loans for the benefit of Purchaser, it being acknowledged that the continued effectiveness of Seller’s Approvals
during such period constitutes an essential factor in the calculation by Agent of the Purchase Price and the Completion Fee paid to Seller for the Related Participation Certificate and that loss of such Approvals by Seller would result in a material
decrease in the market value of the Participation Certificate and the Related Mortgage Loans considered as a whole. 

  

 In consideration of the mutual promises and agreements herein contained the receipt and
sufficiency of which are hereby acknowledged, the parties hereto as follows: 
 Section 1. Definitions. 

Capitalized terms used but not defined herein shall have the meanings set forth in the Custodial Agreement. As used in this Agreement,
the following terms shall have the following meanings: 
 “30+ Day Delinquent Mortgage Loan” means any Mortgage
Loan for which the Monthly Payment for which was not received within twenty-nine (29) days after its Due Date. 

“Accepted Servicing Practices” means, with respect to any Related Mortgage Loan, those accepted and prudent mortgage
servicing practices and procedures (including collection procedures) of prudent mortgage lending institutions which service mortgage loans of the same type as the Mortgage Loans in the jurisdiction where the related Mortgaged Property is located,
and which are in accordance with the requirements of each Agency Program, applicable law, FHA regulations and VA regulations and the requirements of any private mortgage insurer so that the FHA insurance, VA guarantee or any other applicable
insurance or guarantee in respect of any Mortgage Loan is not voided or reduced. 
 “Act of Insolvency” means,
with respect to Seller or any Affiliate of Seller: (i) becoming insolvent or admitting in writing its inability to pay its debts as they come due, or the commencement of a voluntary case under the federal bankruptcy laws, as now or hereafter in
effect, or any other present or future federal or state bankruptcy, insolvency or similar law, or the consent to the appointment of or taking possession by a receiver, liquidator, assignee, trustee, custodian, sequestrator or other similar official
or of any substantial part of its property or the making of an assignment for the benefit of creditors or the failure generally to pay debts as such debts become due or the taking of action in furtherance of any of the foregoing; (ii) a
petition or a proceeding shall have been filed or commenced against the Seller or such Affiliate seeking (a) a decree or order for relief in an involuntary case under the federal bankruptcy laws, as now or hereafter in effect, or any other
present or future federal or state bankruptcy laws or similar law, as now or hereafter in effect, (b) the appointment of a receiver, liquidator, assignee, trustee, custodian, sequestrator or other similar official of the Seller or such
Affiliate or of any substantial part of its property, or (c) the winding up or liquidation of the affairs of the Seller or such Affiliate and such petition or proceeding shall not have been dismissed for a period of thirty (30) consecutive
days, or an order or decree for relief against the Seller or such Affiliate shall be entered in any such proceeding; (iii) the making or offering by Seller or such Affiliate of a concession with its creditors or a general assignment for the
benefit of creditors; (iv) the Seller or such Affiliate shall (a) either fail or admit in writing its inability to pay or discharge its debts or obligations generally as they become due or mature, (b) admit in writing its inability
to, or intention not to, perform any of its material obligations, or (c) voluntarily suspend payment of any of its debts or obligations as they become due or mature; (v) 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 Seller or of any of its Affiliates, or shall
have taken any action to displace the management of Seller or of any of its Affiliates or to curtail its authority in the conduct of the business of Seller or of any of its Affiliates; or (vi) the audited annual financial statements of the
Seller or such Affiliate or the notes thereto or other opinions or conclusions stated therein shall be qualified or limited by reference to the status of the Seller as a “going concern” or a reference of similar import or shall indicate
that the Seller has a negative net worth or is insolvent. 
 “Adjustable Rate Mortgage Loan” means a Mortgage
Loan which provides for the adjustment of the Mortgage Interest Rate payable in respect thereto. 
 “Affiliate”
means, with respect to any specified Person, any other Person controlling or controlled by or under common control with such specified Person. For the purposes of this definition, “control” means the power to direct the management and
policies of such Person, directly or indirectly, whether through the ownership of voting securities, by contract or otherwise and the terms “controlling,” “controlled by” and “under common control with” have meanings
correlative to the meaning of “control.” 

  
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 “Agency Guide” means the Freddie Mac Guide, the Fannie Mae Guide, or the
Ginnie Mae Guide, as applicable. 
 “Agency Program” means the Freddie Mac Program, the Fannie Mae Program, or
the Ginnie Mae Program, as applicable. 
 “Agent” means Barclays Bank PLC and its successors in interest, as
administrative agent for Purchaser and any additional purchasers that may become a party hereto. 
 “Aggregate EPF
Purchase Price” means, as of any date of determination, an amount equal to the aggregate Purchase Price for all Participation Certificates then owned by Purchaser and subject to the terms of this Agreement. 

“Aggregate MRA Purchase Price” means, as of any date of determination, an amount equal to the aggregate Purchase Price
(as defined in the Master Repurchase Agreement) for all Mortgage Loans then subject to Transactions (as defined in the Master Repurchase Agreement) under the Master Repurchase Agreement. 

“Anticipated Delivery Date” means, with respect to a Security, the date specified in the related Form HUD 11705
(Schedule of Subscribers), Fannie Mae Form 2014 (Delivery Schedule) or Freddie Mac Form 939 (Settlement and Information Multiple Registration Form), as applicable, on which it is anticipated that Delivery of the Security by the Applicable Agency
will be made, which date shall occur no more than thirty (30) days following the related Purchase Date. 

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

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

“Appraised Value” shall mean the value set forth in an appraisal made in connection with the origination of the related
Mortgage Loan as the value of the Mortgaged Property. 
 “Approvals” means, with respect to Seller, any
approvals obtained from the Applicable Agency, or HUD in designation of Seller as a Ginnie Mae-approved issuer, an FHA-approved mortgagee, a VA-approved lender, a Fannie Mae-approved lender and a Freddie Mac-approved Seller/Servicer, as applicable,
in good standing. 
 “Assignee” shall have the meaning assigned thereto in Section 7. 

“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 assignment of the beneficial interest in the Mortgage to the Purchaser. 

“Bank” means U.S. Bank National Association and its permitted successors under the Custodial Account Control Agreement.

 “Bankruptcy Code” means Title 11 United States Code, Section 101 et seq., as amended from time
to time. 
 “BCI” means Barclays Capital Inc., and its successors in interest. 

  
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 “Business Day” means any day other than (i) a Saturday or Sunday,
(ii) a day upon which the New York Stock Exchange of the Federal Reserve Bank of New York is closed or (iii) with respect to any day on which the parties hereto have obligations to the Custodian or on which the Custodian has obligations to
any party hereto, a day upon which the Custodian’s offices are closed. 
 “Change in Control” means:
(a) the sale, transfer, or other disposition of all or substantially all of Seller’s assets (excluding any such action taken in connection with any securitization transaction or routine sales of Mortgage Loans) or (b) the consummation
of a merger or consolidation of Seller with or into another entity or any other corporate reorganization, if more than 50% of the combined voting power of the continuing or surviving entity’s equity outstanding immediately after such merger,
consolidation or such other reorganization is owned by persons who were not equityholders of the Seller immediately prior to such merger, consolidation or other reorganization. 

“Collateral” shall have the meaning assigned thereto in Section 8(c). 

“Completion Fee” means, with respect to each Participation Certificate, an amount equal to the Discount plus the Net
Carry Adjustment, less any reduction pursuant to Section 5(b), which amount shall be payable to Seller by Purchaser in two installments as provided in Section 4(a), the Initial Completion Fee Installment and the Final Completion Fee
Installment, as compensation to Seller for its services in connection with the issuance of the related Security and performance of its obligations under this Agreement. 
 “Confirmation” means a written confirmation of Purchaser’s intent to purchase a Participation Certificate, which written confirmation shall be substantially in the form attached
hereto as Exhibit F. 
 “Custodial Account Control Agreement” means the Custodial Account Control
Agreement, dated as of December 24, 2012, among Seller, Purchaser and Bank entered into in connection with this Agreement, as amended, supplemented or otherwise modified from time to time. 

“Custodial Account” shall have the meaning assigned thereto in Section 6(c). 

“Custodial and Disbursement Agreement” means the Custodial and Disbursement Agreement, dated of even date herewith,
among Seller, Purchaser and Custodian entered into in connection with this Agreement and the Master Repurchase Agreement, as the same may be amended, modified or supplemented from time to time. 

“Custodian” means U.S. Bank National Association (which, under the appropriate circumstances, may include Freddie Mac as
Custodian) and its permitted successors under the Custodial and Disbursement Agreement. 
 “Daily Completion Fee
Reduction Amount” shall have the meaning assigned thereto in the Pricing Side Letter. 
 “Defective Mortgage
Loan” means, with respect to a Participation Certificate, a Related Mortgage Loan that is not in Strict Compliance with the Ginnie Mae Program, Fannie Mae Program, or Freddie Mac Program, as applicable. 

“Delinquent” means, with respect to any Mortgage Loan, that a monthly payment due thereon is not made by the close of
business on the Due Date. 

  
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 “Delivery” means the later to occur of (a) the issuance of the related
Security and (b) the transfer of all of the right, title and ownership interest in that Security to Purchaser or its designee. 
 “Discount” means, with respect to each Participation Certificate, the portion of the Trade Principal of the related Security agreed upon by Seller and Purchaser, as set forth in the
Pricing Side Letter, to reserve for the possibility that Seller may be unable to perform its obligations under this Agreement in accordance with their terms. 
 “Due Date” means the day of the month on which the Monthly Payment is due on a Loan, exclusive of any days of grace. 

“Effective Date” means shall have the meaning assigned thereto in the Master Repurchase Agreement. 

“Electronic Agent” shall have the meaning assigned thereto in Section 2 of the Electronic Tracking
Agreement. 
 “Electronic Tracking Agreement” means the Electronic Tracking Agreement, dated as of the date
hereof, among the Purchaser, the Seller, the Electronic Agent and MERS entered into in connection with this Agreement and the Master Repurchase Agreement, as the same shall be amended, supplemented or otherwise modified from time to time.

 “Error Rate” shall have the meaning assigned thereto in the Pricing Side Letter. 

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

“Fannie Mae Guide” means the Fannie Mae MBS Selling and Servicing Guide, as such Guide may hereafter from time to time
be amended. 
 “Fannie Mae Mortgage Loan” means, with respect to any Fannie Mae Participation Certificate or
any Fannie Mae Security, a mortgage loan that is in Strict Compliance on the related Purchase Date with the eligibility requirements specified for the applicable Fannie Mae Program described in the Fannie Mae Guide. 

“Fannie Mae Participation Certificate” means, with respect to the Fannie Mae Program, a certificate, in the form of
Exhibit A, authenticated by Custodian, evidencing the 100% undivided beneficial ownership interest in the Fannie Mae Mortgage Loans set forth on Fannie Mae Form 2005 (Schedule of Mortgages). 

“Fannie Mae Program” means the Fannie Mae Guaranteed Mortgage-Backed Securities Programs, as described in the Fannie Mae
Guide. 
 “Fannie Mae Security” means an ownership interest in a pool of Fannie Mae Mortgage Loans, evidenced
by a book-entry account in a depository institution having book-entry accounts at the Federal Reserve Bank of New York, issued and guaranteed, with respect to timely payment of interest and 

  
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ultimate payment of principal, by Fannie Mae and backed by a pool of Fannie Mae Mortgage Loans, in substantially the principal amount and with substantially the other terms as specified with
respect to such Fannie Mae Security in the related Takeout Commitment, if any. 
 “FDIA” means Title 12 United
States Code, Section 1811 et seq., as amended from time to time. 
 “FDIC” means the Federal
Deposit Insurance Corporation or any successor thereto. 
 “FHA” means the Federal Housing Administration, an
agency within HUD, or any successor thereto, and including the Federal Housing Commissioner and the Secretary of Housing and Urban Development where appropriate under the FHA regulations. 

“FICO Score” means the credit score of the Mortgagor provided by Fair, Isaac & Company, Inc. or such other
organization providing credit scores on the Origination Date of a Mortgage Loan. 
 “Final Completion Fee
Installment” means the amount equal to the difference between the Completion Fee and the Initial Completion Fee Installment. 
 “First Mortgage Loan” means a mortgage loan that is secured by a first lien on the related Mortgaged Property. 
 “Freddie Mac” means Freddie Mac or any successor thereto. 

“Freddie Mac as Custodian” means, with respect to Freddie Mac Participation Certificates, the circumstances in which
Seller elects to appoint Freddie Mac (as opposed to some other third party as permitted by the Freddie Mac Guide) as Custodian for the Freddie Mac Mortgage Loans subject to the Freddie Mac Participation Certificates to be purchased by Purchaser
hereunder. 
 “Freddie Mac Guide” means the Freddie Mac Sellers’ and Servicers’ Guide, as such Guide
may hereafter from time to time be amended. 
 “Freddie Mac Mortgage Loan” means, with respect to any Freddie
Mac Participation Certificate or any Freddie Mac Security, a mortgage loan that is in Strict Compliance on the related Purchase Date with the eligibility requirements specified for the applicable Freddie Mac Program described in the Freddie Mac
Guide. 
 “Freddie Mac Participation Certificate” means, with respect to the Freddie Mac Program, a
certificate, in the form of Exhibit A, issued by Seller and authenticated by Custodian, evidencing the 100% undivided beneficial ownership interest in the Freddie Mac Mortgage Loans that are either (a) set forth on a copy of the Freddie
Mac Form 1034 (Fixed-Rate Custodial Certification Schedule) attached to such Participation Certificate or (b) identified on a computer tape compatible with Selling System as belonging to the mortgage loan pool described in such Participation
Certificate. 
 “Freddie Mac Program” means the Freddie Mac Home Mortgage Guarantor Program or the Freddie Mac
FHA/VA Home Mortgage Guarantor Program, as described in the Freddie Mac Guide. 
 “Freddie Mac Security” means
a modified pass-through mortgage-backed participation certificate, evidenced by a book-entry account in a depository institution having book-entry accounts at the Federal Reserve Bank of New York, issued and guaranteed, with respect to timely
payment of interest 

  
 - 6 -

 
and ultimate payment of principal, by Freddie Mac and backed by a pool of Freddie Mac Mortgage Loans, in substantially the principal amount and with substantially the other terms as specified
with respect to such Freddie Mac Security in the related Takeout Commitment, if any. 
 “GAAP” means generally
accepted accounting principles as in effect from time to time in the United States of America. 
 “Ginnie Mae”
means Government National Mortgage Association or any successor thereto. 
 “Ginnie Mae Guide” means the Ginnie
Mae Mortgage-Backed Securities Guide, as such Guide may hereafter from time to time be amended. 
 “Ginnie Mae Mortgage
Loan” means, with respect to any Ginnie Mae Participation Certificate or any Ginnie Mae Security, a mortgage loan that is in Strict Compliance on the related Purchase Date with the eligibility requirements specified for the applicable
Ginnie Mae Program in the applicable Ginnie Mae Guide. 
 “Ginnie Mae Participation Certificate” means, with
respect to the Ginnie Mae Program, a certificate, in the form of Exhibit A, issued by Seller and authenticated by Custodian, evidencing the 100% undivided beneficial ownership interest in the Ginnie Mae Mortgage Loans set forth on the Form
HUD 11706 (Schedule of Pooled Mortgages). 
 “Ginnie Mae Program” means the Ginnie Mae Mortgage-Backed
Securities Programs, as described in a Ginnie Mae Guide. 
 “Ginnie Mae Security” means a fully-modified
pass-through mortgage-backed certificate guaranteed by Ginnie Mae, evidenced by a book-entry account in a depository institution having book-entry accounts at the Federal Reserve Bank of New York and backed by a pool of Ginnie Mae Mortgage Loans, in
substantially the principal amount and with substantially the other terms as specified with respect to such Ginnie Mae Security in the related Takeout Commitment. 
 “HARP Mortgage Loan” means any Mortgage Loan that has been modified under the U.S. Department of the Treasury’s Home Affordable Refinance Program. 

“HARP Mortgage Loan Sublimit” shall have the meaning assigned thereto in the MRA Pricing Side Letter. 

“High Cost Mortgage Loan” means a Mortgage Loan that is (a) subject to, covered by or in
violation of the provisions of the Homeownership and Equity Protection Act of 1994, as amended, (b) a “high cost,” “covered,” “threshold,” “abusive,” “predatory” or “high risk”
mortgage loan under any federal, state or local law, or any similarly classified loan using different terminology under any law imposing heightened regulation, scrutiny or additional legal liability for residential mortgage loans having high
interest rates, points and/or fees, or any other state or other regulation providing assignee liability to holders of such mortgage loans, (c) subject to or in violation of any such or comparable federal, state or local statutes or regulations,
or (d) a “High Cost Loan” or “Covered Loan,” as applicable, as such terms are defined in the current version of the Standard & Poor’s LEVELS® Glossary Revised, Appendix E. 

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

  
 - 7 -

 “Indebtedness” means, with respect to Seller: (a) obligations created,
issued or incurred by Seller 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 Seller to pay the deferred purchase or acquisition price of property or services, other than trade accounts payable (other than for borrowed money) arising, and accrued expenses incurred, in the ordinary course
of business so long as such trade accounts payable are payable within ninety (90) days of the date the respective goods are delivered or the respective services are rendered; (c) indebtedness of others secured by a Lien on the property of
Seller, whether or not the respective Indebtedness so secured has been assumed by Seller; (d) obligations (contingent or otherwise) of Seller in respect of letters of credit or similar instruments issued or accepted by banks and other financial
institutions for account of Seller; (e) all obligations of Seller 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 its balance sheet of Seller under GAAP, and, for purposes of this Agreement, the amount of such obligations shall be the capitalized amount thereof, determined in accordance with GAAP; (f) payment obligations of Seller
under repurchase agreements, single seller financing facilities, warehouse facilities and other lines of credit; (g) indebtedness of others guaranteed by Seller on a recourse or partial recourse basis; (h) all obligations of Seller
incurred in connection with its acquisition or carrying of fixed assets by Seller; (i) indebtedness of general partnerships of which Seller is a general partner; and (j) any other known or contingent liabilities of Seller. 

“Initial Completion Fee Installment” shall have the meaning assigned thereto the Pricing Side Letter. 

“Initial Fee” shall have the meaning assigned thereto in the Master Repurchase Agreement. 

“Initial Purchase Price Installment” means, with respect to any Participation Certificate, the excess of the related
Trade Principal over the Discount. 
 “Issuance Date” means, with respect to a Security, the first day of the
month in which the Security is issued. 
 “LIBOR” means the rate (adjusted for statutory reserve requirements
for eurocurrency liabilities) for eurodollar deposits for a period equal to one month appearing on Bloomberg Screen US 0001M Page or if such rate ceases to appear on Bloomberg Screen US 0001M Page, or any other service providing comparable rate
quotations at approximately 11:00 a.m., London time, on the applicable date of determination, or such interpolated rate as determined by the Buyer. 
 “Lien” means any mortgage, deed of trust, lien, claim, pledge, charge, security interest or similar encumbrance. 
 “Loan-to-Value Ratio” means, as of any date of determination, the fraction, expressed as a percentage, the numerator of which is the principal balance of the related Mortgage Loan at such
date and the denominator of which is the lesser of (a) the Appraised Value of the Mortgaged Property at the origination of such Mortgage Loan, and (b) if the Mortgaged Property was purchased within twelve (12) months of the
origination of the Mortgage Loan, the purchase price of the related Mortgaged Property. 
 “Losses” means any
and all losses, claims, judgments, taxes, damages, liabilities, costs or expenses (including lost interest and reasonable attorney’s fees) imposed on, incurred by or asserted against any Person specified. 

  
 - 8 -

 “Master Netting Agreement” means that certain Global Netting and Security
Agreement, dated as of December 24, 2012, among Purchaser, Seller and certain Affiliates and Subsidiaries of Purchaser and/or Seller, entered into in connection with this Agreement and the Master Repurchase Agreement, as the same shall be
amended, supplemented or otherwise modified from time to time. 
 “Master Repurchase Agreement” means that
certain Master Repurchase Agreement, dated as of December 24, 2012, by and between Purchaser and Seller, as the same shall be amended, supplemented or otherwise modified from time to time. 

“Material Adverse Change” means, with respect to a Person, any material adverse change in the business, condition
(financial or otherwise), operations, performance, Property or prospects of such Person, including the insolvency of such Person. 
 “Material Adverse Effect” means: (a) a Material Adverse Change with respect to Seller or any of its Affiliates; (b) a material impairment of the ability of Seller or any of its
Affiliates that is a party to any Program Document to perform under any Program Document to which it is a party; (c) a material adverse effect upon the legality, validity, binding effect or enforceability of any Program Document against Seller
or any of its Affiliates that is a party to any Program Document; (d) a material adverse effect on the Approvals of Seller. 
 “Maturity Date” means December 23, 2013. 
 “Maximum
Aggregate Purchase Price” shall have the meaning assigned thereto in the Pricing Side Letter. 
 “Maximum Error
Rate” shall have the meaning assigned thereto in the Pricing Side Letter. 
 “MERS Mortgage Loan”
means any Mortgage Loan as to which the related Mortgage or Assignment of Mortgage, has been recorded in the name of MERS, as agent for the holder from time to time of the Mortgage Note and which is identified as a MERS Mortgage Loan on the related
schedule attached to the Related Participation Certificate. 
 “MERS” means Mortgage Electronic Registration
Systems, Inc., a Delaware corporation, or any successor in interest thereto. 
 “MIN” means the mortgage
identification number of Mortgage Loans registered with MERS on the MERS System. 
 “Monthly Payment” means the
scheduled monthly payment of principal and interest on a Mortgage Loan as adjusted in accordance with changes in the Mortgage Interest Rate pursuant to the provisions of the Mortgage Note for an Adjustable Rate Mortgage Loan. 

“Mortgage” means a mortgage, deed of trust or other security instrument, securing a Mortgage Note. 

“Mortgage File” shall have the meaning assigned thereto in the Custodial Agreement. 

“Mortgage Interest Rate” means, with respect to each Mortgage Loan, the annual rate at which interest accrues on such
Mortgage Loan from time to time in accordance with the provisions of the related Mortgage Note. 

  
 - 9 -

 “Mortgage Loan” means a Ginnie Mae Mortgage Loan, a Fannie Mae Mortgage
Loan, a Freddie Mac Mortgage Loan or a HARP Mortgage Loan. 
 “Mortgage Note” means a promissory note or other
evidence of indebtedness of the obligor thereunder, evidencing a Mortgage Loan, and secured by the related Mortgage. 

“Mortgaged Property” means the real property (or leasehold estate, if applicable) securing repayment of the debt
evidenced by a Mortgage Note. 
 “Mortgagor” means the obligor or obligors on a Mortgage Note, including any
person who has assumed or guaranteed the obligations of the obligor thereunder. 
 “MRA Collection Account Control
Agreement” means that certain Collection Account Control Agreement, dated as of December 24, 2012, among Seller, Purchaser and U.S. Bank National Association entered into in connection with the Master Repurchase Agreement, as the same
shall be amended, supplemented or otherwise modified from time to time. 
 “MRA Pricing Side Letter” means the
Pricing Side Letter, dated as of December 24, 2012, among between Seller and Purchaser entered into in connection with the Master Repurchase Agreement, as the same shall be amended, supplemented or otherwise modified from time to time.

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

“Negative Amortization” means the portion of interest accrued at the Mortgage Interest Rate in any month which exceeds
the Monthly Payment on the related Mortgage Loan for such month and which, pursuant to the terms of the Mortgage Note, is added to the principal balance of the Mortgage Loan. 
 “Net Carry Adjustment” means an amount (which may be a negative number) equal to the difference obtained by subtracting (i) the product of (A) the Pass-Through Rate of the
related Security multiplied by the aggregate principal amount of the Related Mortgage Loans evidenced by the related Participation Certificate, and (B) the number of days in the period from and including the Issuance Date of such Security
through but excluding the related Settlement Date, divided by 360, from (ii) the product of (A) the applicable Transaction Rate multiplied by the initial principal amount of related Security, and (B) the number of days in the period
from and including the date of the purchase of the related Participation Certificate under this Agreement through but excluding the related Settlement Date, divided by 360. 
 “Parent Company” means a corporation or other entity owning at least 50% of the outstanding shares of voting stock of Seller. 

“Participation Certificate” means a Ginnie Mae Participation Certificate, a Fannie Mae Participation Certificate or a
Freddie Mac Participation Certificate, as applicable. 
 “Pass Through Rate” means with respect to a Security,
the rate of interest to be borne by such Security, which rate or rates shall be set forth in the related Confirmation. 

  
 - 10 -

 “Person” means any individual, corporation, company, voluntary association,
partnership, joint venture, limited liability company, trust, unincorporated association or government (or any agency, instrumentality or political subdivision thereof). 
 “Pricing Side Letter” means the Pricing Side Letter, dated as of even date herewith, between Seller and Purchaser entered into in connection with this Agreement, as amended, supplemented
or otherwise modified from time to time. 
 “Program Documents” means this Agreement, the Pricing Side Letter,
the Custodial Agreement, the Electronic Tracking Agreement, the Custodial Account Control Agreement, the Master Netting Agreement, the Participation Certificates, the MRA Program Documents, and all other agreements, documents and instruments entered
into by Seller on the one hand, and Purchaser or one of its Affiliates (or Custodian on its behalf) and/or Agent or one of its Affiliates on the other, in connection herewith or therewith with respect to the transactions contemplated hereunder or
thereunder and all amendments, restatements, modifications or supplements thereto. 
 “Purchase Date” means,
with respect to a Participation Certificate, the date on which Purchaser elects to purchase such Participation Certificate. 

“Purchase Price” means, with respect to each Participation Certificate, the Trade Principal of the Security to be backed
by the Related Mortgage Loans. Such Purchase Price shall be payable (i) on the Purchase Date in an amount equal to the Initial Purchase Price Installment, and (ii) on or prior to the Settlement Date in an amount equal to the Completion
Fee. Accrued interest shall be allocated in accordance with Section 4(d). 
 “Purchaser” means
Barclays Bank PLC and its successors in interest, including, but not limited to, any lender, designee or assignee to whom a Participation Certificate or a Security shall be pledged or assigned. 

“Refinanced Mortgage Loan” means a Mortgage Loan the proceeds of which were not used to purchase the related Mortgaged
Property. 
 “Related Mortgage Loan” means a Mortgage Loan in which a Participation Certificate evidences the
100% undivided beneficial ownership interest. 
 “Related Participation Certificate” means the Participation
Certificate relating to a pool of Mortgage Loans. 
 “Request for Release of Documents” means the Request for
Release of Documents set forth as Annex 5 to the Custodial Agreement. 
 “Restricted Mortgage Loan”
means (i) a “Growing Equity Loan,” “Graduated Payment Loan” or “Buydown Loan,” each as defined in the applicable Agency Guide, (ii) a 30+ Day Delinquent Mortgage Loan, (iii) a Mortgage Loan for which the
related Escrow Payments have not been made by the next succeeding Due Date, (iv) a High Cost Mortgage Loan, (v) a Mortgage Loan that could result in Negative Amortization or (vi) a Special Mortgage Loan. 

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

“Security” means a Ginnie Mae Security, a Fannie Mae Security or a Freddie Mac Security, as applicable. 

  
 - 11 -

 “Security Issuance Failure” means failure of the Security to be issued for
any reason whatsoever on or before the Anticipated Delivery Date. 
 “Selling System” means the Freddie Mac
automated system by which sellers and servicers of mortgage loans to Freddie Mac transfer mortgage summary and record data or mortgage accounting and servicing information from their computer system or service bureau to Freddie Mac, as more fully
described in the Freddie Mac Guide. 
 “Servicing File” means, with respect to each Mortgage Loan, the file
retained by Seller or its designee consisting of all documents that a prudent originator and servicer would include (including copies of the Mortgage File), all documents necessary to document and service the Mortgage Loans and any and all documents
required to be delivered in connection with any transfer of servicing pursuant to the Program Documents. 
 “Servicing
Records” means, with respect to a Related Mortgage Loan, the related servicing records, including but not limited to any and all servicing agreements, files, documents, records, data bases, computer tapes, copies of computer tapes, proof of
insurance coverage, insurance policies, appraisals, other closing documentation, payment history records, and any other records relating to or evidencing the servicing of such Related Mortgage Loan. 

“Servicing Term” shall have the meaning assigned thereto in Section 6(a). 

“Servicing Termination Events” shall have the meaning assigned thereto in Section 6(e). 

“Settlement Date” means the date specified in a Takeout Commitment upon which the related Security is scheduled to be
delivered to the specified Takeout Investor on a “delivery versus payment” basis. 
 “Special Loans”
means USDA Mortgage Loans, Manufactured Home Loans (as defined in the applicable Agency Guide) and “closed-end” Mortgage Loans with respect to HUD 203(k). 
 “Stockholders Equity” means, on any day, the amount that would, in conformity with GAAP, be included on Seller’s consolidated balance sheet under total shareholders equity (or such
other name as is assigned to this entry on Seller’s consolidated balance sheet) on such day. 
 “Streamline
Loans” shall have the meaning assigned thereto in Section 9(b)(xix)(C). 
 “Strict Compliance”
means compliance of Seller and the Related Mortgage Loans with the requirements of the Agency Guide as amended by any agreements between Seller and the Applicable Agency, sufficient to enable Seller to issue and Ginnie Mae to guarantee or Fannie Mae
or Freddie Mac to issue and guarantee a Security; provided, that until copies of any such agreements between Seller and the Applicable Agency have been provided to Agent by Seller and approved by Agent, such agreements shall be deemed, as between
Seller and Purchaser, not to amend the requirements of the Agency Guide. 
 “Subsidiary” means, with respect to
any Person, any corporation, partnership or other entity of which at least a majority of the securities or other ownership interests having by the terms thereof ordinary voting power to elect a majority of the board of directors or other persons
performing similar functions of such corporation, partnership or other entity (irrespective of whether or not at the time securities or other ownership interests of any other class or classes of such corporation, partnership or other entity shall
have or might have voting power by reason of the happening of any contingency) is at the time directly or indirectly owned or controlled by such Person or one or more Subsidiaries of such Person or by such Person and one or more Subsidiaries of such
Person. 

  
 - 12 -

 “Successor Servicer” means an entity with the necessary Approvals, as the
circumstances may require, and designated by Purchaser, in conformity with Section 6(f), to replace Seller as issuer and subservicer, mortgagee or seller/servicer of the Related Mortgage Loans or the Securities related thereto.

 “Takeout Commitment” means a fully executed trade confirmation from the related Takeout Investor to Seller
confirming the details of a forward trade between the Takeout Investor and Seller with respect to one or more Securities relating to a Participation Certificate, which trade confirmation shall be enforceable and in full force and effect, and shall
be validly and effectively assigned to BCI pursuant to a Trade Assignment, and relate to pools of Related Mortgage Loans that satisfy the “good delivery standards” of the Securities Industry and Financial Markets Association as set forth
in the Securities Industry and Financial Markets Association Uniform Practices Manual, as amended from time to time. 

“Takeout Investor” means either (i) Barclays Capital, Inc., or any successor thereto, (ii) any member of the
Mortgage Backed Securities Division of the Fixed Income Clearing Corporation listed in Exhibit F of the Master Repurchase Agreement or (iii) any other Person approved by Agent in its sole discretion. 

“Termination Date” means the earliest to occur of (i) the Maturity Date, (ii) the termination of the Master
Repurchase Agreement and (iii) at the option of Agent, the occurrence of a Servicing Termination Event under this Agreement after the expiration of any applicable grace period. 

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

“Trade Price” means the price (expressed as a percentage of the initial principal amount of the Security), as specified
in the related Takeout Commitment at which the related Takeout Investor is obligated to purchase such Security as specified in such Takeout Commitment. 
 “Trade Principal” means an amount equal to the product of (a) the Trade Price and (b) the initial principal amount of the related Security, as specified in the related Takeout
Commitment. 
 “Transaction Rate” shall have the meaning assigned thereto in the Pricing Side Letter.

 “USDA” means the United States Department of Agriculture. 

“USDA Mortgage Loan” means a Mortgage Loan that is guaranteed by the USDA’s Guaranteed Rural Housing Loan Program.

 “VA” means the United States Department of Veterans Affairs or any successor thereto. 

“Warehouse Lender” means any lender providing financing to Seller for the purpose of originating Mortgage Loans
(including but not limited to purchasers under repurchase agreements), which prior to the Purchase Date has a security interest in such Mortgage Loans as collateral for the obligations of Seller to such lender. 

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

  
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 Section 2. Procedures for Purchases of Participation Certificates. 

(a) Purchaser shall, until the Termination Date, but subject to satisfaction of certain conditions precedent set forth herein purchase
one or more Participation Certificates from Seller; provided, that the sum of (i) the Aggregate MRA Purchase Price and (ii) the Aggregate EPF Purchase Price shall not shall not exceed, as of any date of determination, the
Maximum Purchase Price. In connection with Purchaser’s purchase of any such Participation Certificate, Seller, on behalf of Purchaser, shall arrange for the Delivery to BCI of a Security backed by the Related Mortgage Loans, which Security
shall be subject to a Takeout Commitment. The purchase of any Participation Certificate shall be subject to the receipt by Purchaser of the documents listed in Section 2(f) and (g) from Seller, in form and substance satisfactory to
Agent, and the execution of the Custodial Agreement relating to the Participation Certificate by Seller and Custodian and the Electronic Tracking Agreement relating to the Related Mortgage Loans by Seller, MERS and Electronic Agent, and delivery
thereof to Purchaser. In accordance with the provisions of the Electronic Tracking Agreement, the Seller shall, at its sole cost and expense, (1) cause each Related Mortgage Loan with respect to which a Participation Certificate is to be sold
to the Purchaser on a Purchase Date, the Mortgage for which is recorded in the name of MERS, to be designated a MERS Mortgage Loan and (2) cause the Purchaser to be designated an “associated member” (as defined in the Electronic
Tracking Agreement) with respect to each such MERS Mortgage Loan. 
 (b) In order to purchase any Participation Certificate,
Purchaser shall deliver a completed Confirmation with respect to such Participation Certificate to Seller reflecting the agreed-upon terms of the transaction, and shall pay to Seller, on the Purchase Date, the amount of the Initial Purchase Price
Installment for such Participation Certificate upon receipt of a duly executed and properly completed original Participation Certificate. Effective upon execution and delivery of such Participation Certificate to Purchaser, Seller hereby assigns to
Purchaser all of Seller’s right, title and interest in and to such Participation Certificate and a 100% undivided beneficial interest in the Related Mortgage Loans. In the event that Purchaser does not transmit the Initial Purchase Price
Installment, (i) any Participation Certificate delivered by Custodian to Purchaser in anticipation of such purchase shall automatically be null and void, (ii) Purchaser will not consummate the transactions contemplated in the applicable
Trade Assignment and (iii) to the extent that Purchaser shall nevertheless receive the Security backed by the Related Mortgage Loans prior to the Participation Certificate becoming null and void as provided in clause (i) above, Purchaser
shall take all reasonable actions necessary to ensure that such Security shall be delivered in accordance with delivery instructions provided by Seller. 
 (c) The terms and conditions of the purchase of each Participation Certificate shall be as set forth in this Agreement. Each Participation Certificate shall be deemed to incorporate, and Seller shall be
deemed to make as of the applicable dates specified in Section 9, for the benefit of Purchaser and each Assignee of such Participation Certificate, the representations and warranties set forth in Section 9. 

(d) Purchaser shall provide a Confirmation to Seller on or before the Purchase Date or as soon as practicable after the Purchase Date. In
the event of any conflict between the terms of a Confirmation and this Agreement, the Confirmation shall prevail. 
 (e) For the
avoidance of any doubt, it is hereby understood and agreed that Purchaser’s purchase of the beneficial ownership interest in and to Related Mortgage Loans, as evidenced by a Participation Certificate, shall include a beneficial ownership
interest in and to all of the servicing rights relating to such Mortgage Loans. 

  
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 (f) Prior to the Effective Date, Purchaser shall have received the following, in form and
substance satisfactory to Purchaser and Agent and duly executed by each party thereto (as applicable): 
 (i)
Completed and fully executed Program Documents containing indemnity provisions acceptable to Purchaser and in form and substance satisfactory to Purchaser and Agent and duly executed by each party thereto (as applicable); 

(ii) A copy of an Officer’s Certificate in the form attached hereto as Exhibit G together with (1) the articles
of incorporation of Seller and any amendments thereto, certified by the Secretary of State of Seller’s state of incorporation, (2) a copy of Seller’s by-laws, together with any amendments thereto, (3) a copy of the resolutions
adopted by Seller’s Board of Directors authorizing Seller to enter into this Agreement and the other Program Documents to which it is a party, and authorizing one or more of Seller’s officers to execute the documents related to this
Agreement and the other Program Documents to which it is a party; 
 (iii) An opinion of Seller’s counsel as
to such matters as Purchaser or Agent may reasonably request (including, without limitation, with respect to Purchaser’s first priority lien on and perfected security interest in the Related Mortgage Loans; a no material litigation opinion
(which may be provided by internal counsel); a non-contravention, enforceability and corporate opinion with respect to Seller; an opinion with respect to the inapplicability of the Investment Company Act of 1940 to Seller and its Subsidiaries; an
opinion that this Agreement constitutes a “securities contract” within the meaning of the Bankruptcy Code and an opinion that no transaction constitutes an avoidable transfer under Section 546(f) of the Bankruptcy Code), each in form
and substance acceptable to Purchaser and Agent. 
 (iv) The Initial Fee, in U.S. dollars, in immediately
available funds, without deduction, setoff or counterclaim; provided that Purchaser may, in its sole discretion, net the Initial Fee, from the proceeds of any Purchase Price paid by Purchaser to Seller; and 

(v) Evidence that all other actions necessary or, in the opinion of Agent, desirable to perfect and protect
Purchaser’s interest in the Related Mortgage Loans and other Collateral have been taken, including, without limitation, duly filed Uniform Commercial Code financing statements on Form UCC1. 

(g) In addition to those items listed in Section 2(a) and (b), prior to each Purchase Date, the following shall have occurred:

 (i) Seller shall have paid to Purchaser all accrued fees and expenses, including, on the last Business Day of
such quarter or Termination Date, the Stable Balance Fee if required under Section 2 of the MRA Pricing Side Letter in U.S. dollars, in immediately available funds, without deduction, setoff or counterclaim; provided that Purchaser may, in its
sole discretion, net any Stable Balance Fee from the proceeds of any Purchase Price paid by Purchaser to Seller; 

(ii) The fully completed, executed and authenticated Participation Certificate together with the certifications of the
Custodian provided by Section 2 of the Custodial Agreement or, with respect to a Security, such Security, shall have been delivered to the Purchaser; 

  
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 (iii) A Trade Assignment (unless Purchaser is the Takeout Investor), fully
completed and duly executed by Seller and the related Takeout Investor, together with either (a) a copy of a Takeout Commitment with respect to the Security to be backed by the Mortgage Loans evidenced by such Participation Certificate or
(b) a letter from Seller confirming the details of such Takeout Commitment shall have been delivered to Purchaser; 
 (iv) A letter from any warehouse lender having a security interest in the Related Mortgage Loans, substantially in the form of Exhibit D, addressed to Purchaser, releasing any and all right, title and
interest in such Mortgage Loans shall have been delivered to Purchaser; 
 (v) All representations and warranties
made by Seller in this Agreement are true and correct in all material respects; and 
 (vi) No Servicing
Termination Event has occurred and is continuing. 
 Section 3. Takeout Commitments. 

Seller hereby assigns to BCI, free of any security interest, lien, claim or encumbrance of any kind, Seller’s rights under each
Takeout Commitment to deliver the Security specified therein to the related Takeout Investor and to receive the purchase price therefor from such Takeout Investor. Subject to Purchaser’s rights hereunder, Purchaser agrees that it will cause BCI
to satisfy the obligation under the Takeout Commitment to deliver the Security to the Takeout Investor on the Settlement Date specified therein. Seller understands that, as a result of this Section 3 and each Trade Assignment, BCI will
succeed to the rights and obligations of Seller with respect to each Takeout Commitment subject to a Trade Assignment, and that in satisfying each such Takeout Commitment, BCI will stand in the shoes of Seller and, consequently, will be acting as a
non-dealer in exercising its rights and fulfilling its obligations assigned pursuant to this Section 3 and each Trade Assignment. Each Trade Assignment delivered by Seller to Purchaser shall be delivered by Seller in a timely manner
sufficient to enable BCI to facilitate the settlement of the related trade on the trade date in accordance with Chapter 8 of the Securities Industry and Financial Markets Association’s Uniform Practices for the Clearance and Settlement of
Mortgage Backed Securities and other Related Securities, as amended from time to time. 
 Section 4. Completion Fee.

 (a) Subject to the terms of this Agreement, Purchaser shall pay to Seller the Completion Fee for each Participation
Certificate that Purchaser elects to purchase hereunder as follows: (i) the Initial Completion Fee Installment shall be paid on the date of Delivery of the related Security and (ii) the Final Completion Fee Installment shall be paid on the
latest to occur of (x) the Settlement Date of the related Security, (y) and the date of receipt by BCI of the Trade Price with respect to such related Security and (z) the satisfaction by Seller of its obligations under this Agreement

 (b) Except as otherwise provided in this Section 4 and in Section 5(b), and subject to
Purchaser’s right of set-off set forth in Section 12, the Completion Fee owed by Purchaser with respect to a Participation Certificate, if any, shall be paid by Purchaser to Seller in full by not later than the Settlement Date of
the related Security in accordance with the following wire instructions: 
 US Bank National Association 

Account Number: 153565447700 
 ABA#: 091000022 

  
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 (c) Upon exercise by Purchaser of its remedies under Section 6(f),
Purchaser’s obligation to pay and Seller’s right to receive any portion of the Completion Fee relating to such Mortgage Loans shall automatically be canceled and become null and void; provided, that such cancellation shall in
no way relieve Seller or otherwise affect the obligation of Seller to indemnify and hold Purchaser and Agent harmless as specified in Section 13. At no time shall Seller have any beneficial interest in the servicing rights with respect
to Related Mortgage Loans while the related Participation Certificate is outstanding. 
 (d) If a Participation Certificate is
purchased by Purchaser after the first day of the month in which the Settlement Date occurs, Purchaser shall also pay to Seller on the date of Delivery to Purchaser of the Security backed by the related Mortgage Loans an amount equal to the accrued
interest on the related Security at the rate specified in the related Takeout Commitment from the first day of such month to and including the day immediately preceding the date Purchaser purchased such Participation Certificate. If a Participation
Certificate is purchased by Purchaser in the month prior to the month in which the Settlement Date occurs, the Completion Fee shall be reduced by an amount equal to all interest payments which accrue on such Participation Certificate during the
period from the date of purchase of such Participation Certificate through and including the last day of the month prior to the month in which such Settlement Date occurs. 
 Section 5. Issuance of Securities. 
 (a) (i) In connection with the
purchase of a Participation Certificate, Seller shall instruct (and, if Seller fails to instruct, then Agent may instruct) Custodian to deliver to the Applicable Agency, the documents listed in Annex 19-A, 19-B or 19-C of the
Custodial Agreement, as applicable, in respect of the Related Mortgage Loans, in the manner and at the time set forth in the Custodial Agreement. Seller shall thereafter promptly deliver to the Applicable Agency any and all additional documents
requested by the Applicable Agency to enable the Applicable Agency to make Delivery to Purchaser of a Security backed by such Mortgage Loans on the related Anticipated Delivery Date. Seller shall not revoke such instructions to Custodian and shall
not revoke its instructions to the Applicable Agency to make Delivery to Purchaser or its designee of a Security backed by such Mortgage Loans. The Delivery to Purchaser of a Security shall be made in accordance with the following delivery
instructions 
 Fed Book Entry Securities (MBS) 
 ABA: 021000018 
 Bank of NYC/BCMBS 

(ii) Seller shall notify Purchaser, not later than 12:00 noon, Eastern Time, on the second (2nd) Business Day prior to the applicable Settlement Date
(a) of the amount of any change in the principal amount of the Mortgage Loans backing each such Security related to such Settlement Date and (b) with respect to Freddie Mac Securities, the Freddie Mac mortgage loan pool number applicable
to each Security to which such Settlement Date relates. Upon Delivery of such Security to BCI or its designee, Purchaser shall cease to have any interest under such Participation Certificate and in exchange shall have a 100% ownership interest in
the related Security. It is understood and agreed that for so long as Seller is subservicing Related Mortgage Loans, Seller shall retain only record title to the Mortgages (and not an equitable interest) in all such Mortgage Loans (other than MERS
Mortgage Loans) for the sole purpose of subservicing such Mortgage Loans on a servicing-released basis. 
 (b) If Delivery of a
Security backed by the Mortgage Loans evidenced by a Participation Certificate purchased hereunder has not occurred by 12:00 noon (Eastern Time) on the related Settlement Date as a result of a Security Issuance Failure or otherwise, then subject to
the exercise 

  
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by Purchaser of its rights set forth in Section 4(c), the Completion Fee relating to such Participation Certificate shall be reduced on each day during the period from the Settlement
Date to (but not including) the earlier of (x) the date of Delivery of such Security, and (y) the date of satisfaction of the obligations of Seller pursuant to the exercise by Purchaser of any remedial election authorized by this
Section 5, by an amount equal to the Daily Completion Fee Reduction Amount. The Completion Fee (reduced by the applicable Daily Completion Fee Reduction Amounts) relating to such Participation Certificate, if any, shall not be payable
until the end of the period specified in the preceding sentence. 
 (c) If a breach by Seller of this Agreement results in any
Related Mortgage Loan being a Defective Mortgage Loan on the Purchase Date of the related Participation Certificate to Purchaser, Agent in its sole discretion may require that Seller, upon receipt of notice from Purchaser or Agent of its exercise of
such right, to either (x) immediately repurchase Purchaser’s beneficial ownership interest in such Defective Mortgage Loan by remitting to Purchaser the allocable amount paid by Purchaser for such beneficial interest plus accrued and
unpaid interest at the rate specified in the related Mortgage Note on the principal amount thereof from the date of Purchaser’s purchase of such Participation Certificate to the date of such repurchase together with any Losses suffered by
Purchaser relating to such repurchase (including, without limitation, any Losses incurred by Purchaser resulting from adjustments to the trade required by the Takeout Investor), or (y) deliver to Custodian a Mortgage Loan eligible to back such
Security in exchange for such Defective Mortgage Loan, which newly delivered Mortgage Loan shall be in all respects acceptable to Agent in Agent’s sole discretion, and such newly delivered Mortgage Loan will thereupon become one of the Related
Mortgage Loans relating to the Participation Certificate. If the aggregate principal balance of any Mortgage Loans that are accepted by Purchaser pursuant to clause (y) of the immediately preceding sentence is less than the aggregate principal
balance of any Defective Mortgage Loan that is being replaced by such Mortgage Loan, Seller shall remit with such Mortgage Loan to Purchaser an amount equal to the difference between the aggregate principal balance of the new Mortgage Loan accepted
by Purchaser and the aggregate principal balance of the Defective Mortgage Loan being replaced thereby plus accrued interest on such Defective Mortgage Loan at the rate specified in the related Mortgage Note on the principal amount thereof from the
Purchase Date of Purchaser’s purchase of such Participation Certificate to the date of substitution. 
 (d) If any Related
Mortgage Loan becomes thirty (30) or more days past due with respect to the first scheduled monthly payment due Purchaser after the date on which such Related Mortgage Loan was originated and prior to the Anticipated Delivery Date, Seller shall
repurchase the beneficial interest in such Related Mortgage Loan as if it were a Defective Mortgage Loan upon direction by Agent given no later than one hundred twenty (120) days after the Purchase Date. 

(e) No exercise by Purchaser or Agent of their respective rights under this Section 5 shall relieve Seller of responsibility
or liability for any breach of this Agreement. 
 Section 6. Servicing of the Mortgage Loans; Servicer Termination;
Backup Servicer. 
 (a) Upon payment of the Initial Purchase Price Installment (subject to Section 4), Purchaser
shall own a 100% undivided beneficial interest in the servicing rights related to the Related Mortgage Loans and all source files, documents, agreements and papers related to servicing the Related Mortgage Loans and shall own all derivative
information created by Seller or other third party used or useful in servicing such Mortgage Loans. Seller and Purchaser each agrees and acknowledges that a 100% undivided beneficial interest in Related Mortgage Loans shall be sold to Purchaser on a
servicing released basis, and that Purchaser is engaging and hereby does engage Seller to provide subservicing of each Related Mortgage Loan for the benefit of Purchaser (and any other registered holder of the related Participation Certificate) for
each transaction for a term of forty-five (45) days from the related Purchase Date (subject to the termination rights provided in this Agreement, including, without limitation, 

  
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Section 6(f) of this Agreement), which term may be extended in writing by Purchaser, in its sole discretion, for an additional forty-five (45) day period (each, a
“Servicing Term”). If such Servicing Term is not extended by Purchaser or if Purchaser has terminated Seller as a result of a Servicing Termination Event, Seller shall transfer such servicing to Purchaser or its designee at no cost
or expense to Purchaser as provided in Section 6(g) of this Agreement. Seller shall hold or cause to be held all Escrow Payments collected with respect to the Mortgage Loans in segregated accounts for the sole benefit of the Mortgagor
and shall apply the same for the purposes for which such funds were collected. If Seller should discover that, for any reason whatsoever, it has failed to perform fully its servicing obligations with respect to the Mortgage Loans, Seller shall
promptly notify Purchaser. 
 For so long as a Participation Certificate is outstanding, Seller shall neither assign, encumber
or pledge its obligation to subservice the Related Mortgage Loans in whole or in part, nor delegate its rights or duties under this Agreement without the prior written consent of Agent, the granting of which consent shall be in the sole discretion
of Agent. Seller hereby acknowledges and agrees that (i) Purchaser is entering into this Agreement in reliance upon Seller’s representations as to the adequacy of its financial standing, servicing facilities, personnel, records,
procedures, reputation and integrity, and the continuance thereof; and (ii) Seller’s engagement hereunder to provide mortgage servicing for the benefit of Purchaser (and any other registered holder of the Participation Certificate) is
intended by the parties to be a “personal service contract” and Seller is hereunder intended by the parties to be an “independent contractor.” 
 (b) (i) Seller shall subservice and administer the Related Mortgage Loans relating to a Participation Certificate on behalf of Purchaser in accordance with Accepted Servicing Practices. Seller shall have
no right to modify or alter the terms of any Related Mortgage Loan or consent to the modification or alteration of the terms of any Related Mortgage Loan except in Strict Compliance with the related Agency Program. Seller shall at all times maintain
accurate and complete records of its servicing of the Related Mortgage Loans, and Agent may, at any time during Seller’s business hours on reasonable notice, examine and make copies of such Servicing Records. Seller agrees that Purchaser is the
100% beneficial owner of all Servicing Records relating to the Related Mortgage Loans. Seller covenants to hold such Servicing Records for the benefit of Purchaser and to safeguard such Servicing Records and to deliver them promptly to Agent or its
designee (including the Custodian) at Agent’s request or otherwise as required by operation of this Section 6. 
 (ii) If Delivery of a Security is not made to Purchaser on or before the Anticipated Delivery Date, Seller shall deliver to Purchaser monthly reports regarding the status of those Related Mortgage Loans
for which a Security has not yet been issued, which reports shall include, but shall not be limited to, a description of those Related Mortgage Loans in default for more than thirty (30) days, and such other circumstances with respect to any
Related Mortgage Loans (whether or not such Related Mortgage Loans are included in the foregoing list) that could materially adversely affect any of such Related Mortgage Loans, Purchaser’s beneficial interest in such Related Mortgage Loans or
the collateral securing any of such Related Mortgage Loans. Seller shall deliver such a report to Purchaser every thirty (30) days until (i) Delivery of the related Security to Purchaser or (ii) the exercise by Purchaser of any
remedial election pursuant to Section 5. In no event shall Seller delegate any of its subservicing duties hereunder to any other Person without first obtaining the prior written consent of Purchaser. 

(iii) Within three (3) Business Days after the end of each calendar month (or if such day is not a Business Day, the
immediately following Business Day), and as requested by Purchaser or Agent from time to time, Seller shall furnish to Purchaser and Agent reports in form and scope satisfactory to Agent, setting forth (i) data regarding the performance of the
individual Mortgage Loans, (ii) a summary report of all Related Mortgage Loans serviced by the Seller and 

  
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originated pursuant to an Agency Guide, HUD and/or FHA guidelines (on a portfolio basis), in each case, for the immediately preceding month, including, without limitation, all collections,
delinquencies, defaults, defects, claim rates, losses and recoveries, and (iii) any other information reasonably requested by Purchaser or Agent. 
 (c) Seller, as servicer, shall establish and maintain a separate custodial account (the “Custodial Account”) with Bank entitled “Stonegate Mortgage Corporation Custodial Account, for
the benefit of Barclays Bank PLC and its assignees” and shall deposit into such account in the form received within one (1) Business Day’s receipt thereof, with any necessary endorsements, all collections received in respect of the
Related Mortgage Loans relating to Participation Certificates purchased by Purchaser hereunder. The Custodial Account shall be subject to the terms and conditions of the Custodial Account Control Agreement. 

(d) Amounts deposited in the Custodial Account with respect to any Related Mortgage Loan relating to Participation Certificates purchased
by Purchaser hereunder shall be held for the benefit of Purchaser and shall be released only in accordance with Agent’s written instructions, including as follows: 

(i) Except as otherwise provided in Section 6(d)(ii), upon either (x) the Settlement Date (unless there
is a Securities Issuance Failure) or (y) if earlier, on the date required by the applicable Agency Guide, Agent shall cause amounts deposited in the Custodial Account to be released to Seller. Notwithstanding the foregoing, all amounts relating
to Participation Certificates purchased by Purchaser hereunder and deposited in the Custodial Account shall be released to Seller at Agent’s direction upon the Settlement Date of the related Security (unless there is a Securities Issuance
Failure) only if, and to the extent that, the amounts due and payable to Purchaser hereunder have been set-off against the Purchase Price for the Related Participation Certificate or the Completion Fee. The amounts paid to Seller (if any) pursuant
to this Section 6(d)(i) shall constitute Seller’s sole compensation for subservicing the Related Mortgage Loans as provided in this Section 6. 

(ii) If Successor Servicer takes delivery of such Mortgage Loans either under the circumstances set forth in
Section 6(f) or otherwise, all amounts deposited in the Custodial Account shall be paid to Purchaser promptly upon such delivery. 
 (e) Purchaser (or any other registered holder of the Related Participation Certificate) shall be entitled to effect termination of Seller’s subservicing rights and obligations respecting the affected
Related Mortgage Loans in the event any of the following circumstances or events (“Servicing Termination Events”) occur and are continuing: 
 (i) any failure by Seller to remit to Purchaser (or other registered holder of the Participation Certificate) when due any payment required to be made under the terms of this Agreement or such
Participation Certificate; or 
 (ii) failure by Seller duly to observe or perform in any material respect any of
Seller’s other covenants or agreements set forth in this Agreement or in the Custodial Agreement which continues unremedied for a period of two (2) Business Days of the earlier of (x) Seller’s receipt of written notice from
Purchaser, Agent or Custodian of such breach or (y) the date on which Seller obtains notice or knowledge of the facts giving rise to such breach; or 
 (iii) any representation, warranty or certification made or deemed made herein or in the Custodial Agreement by Seller or any certificate furnished to Purchaser pursuant to the provisions thereof, shall
prove to have been false or misleading in any material respect as of the time made or furnished; or 

  
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 (iv) an Act of Insolvency with respect to Seller or any Parent Company; or

 (v) Seller ceases to meet the qualifications for maintaining all Approvals, such Approvals are revoked or such
Approvals are materially modified; or 
 (vi) Seller attempts to assign its right to servicing compensation
hereunder or to resell an ownership interest in a Related Mortgage Loan in a manner inconsistent with the terms hereof, or Seller attempts without the consent of Agent to sell or otherwise dispose of all or substantially all of its property or
assets or to assign, encumber or pledge its obligation to subservice the Related Mortgage Loans in whole or in part, or delegate its rights or duties under this Agreement (to other than a subservicer) without the prior written consent of Agent, the
granting of which consent shall be in the sole discretion of Agent; or 
 (vii) Seller or any of its Affiliates
fails to operate or conduct Seller’s business operations or any material portion thereof in the ordinary course, or Seller experiences any other material adverse change in its business operations or financial condition, which, in Agent’s
sole discretion, constitutes a material impairment of Seller’s ability to perform its obligations under this Agreement or any other related document; or 
 (viii) Seller’s membership in MERS is terminated for any reason or Seller shall fail to enter into the Electronic Tracking Agreement with the Purchaser; or 

(ix) Seller shall default under, or fail to perform as requested under, or shall otherwise materially breach the terms of
any material instrument, agreement or contract; or 
 (x) failure by the Seller to be in compliance with the
“doing business” or licensing laws of any jurisdiction where a Mortgaged Property is located; or 

(xi) in the event of a Security Issuance Failure; or 

(xii) A Change in Control of Seller shall have occurred that has not been approved by Agent, or there shall have occurred
the resignation, removal or other substantial change in the management responsibilities of James Cutillo which has not been approved by Agent; or 
 (xiii) Seller or any of its Affiliates or Subsidiaries shall be in default under, or fail to perform as requested under, or shall otherwise breach the material terms of, in each case beyond any applicable
cure period, (i) any warehouse, credit, repurchase, line of credit, financing, hedging or forward sale agreements or other similar agreement relating to any Indebtedness in an amount greater than $1.00 between Seller or any of its Affiliates on
the one hand, and any Person, on the other hand, (ii) any other agreement relating to any Indebtedness in an amount greater than $1,000,000 between Seller or any of its Affiliates, on the one hand, and any Person, on the other hand, or
(iii) any other agreement (including, without limitation, the Program Documents and the MRA Program Documents), indebtedness, derivative or obligation entered into between Seller or any of its Affiliates and Purchaser or any of its Affiliates;

  
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 (f) Purchaser, in its sole discretion, may terminate Seller’s rights and obligations as
subservicer of the affected Related Mortgage Loans and require Seller to deliver the related Servicing Records to Purchaser or its designee upon the occurrence of (i) a Servicing Termination Event, (ii) Seller’s failure to comply with
any of its obligations set forth in Section 5(c) and (d), or (iii) Seller’s breach of Sections 9(a)(xii) or 9(b)(xi), by delivering written notice to Seller requiring such termination. Such termination shall
be effective upon Seller’s receipt of such written notice; provided, that Seller’s subservicing rights shall be terminated immediately upon the occurrence of any event described in Section 6(e)(iv), regardless of
whether notice of such event shall have been given to or by Purchaser or Seller. Upon any such termination, all authority and power of Seller respecting its rights to subservice and duties under this Agreement relating thereto, shall pass to and be
vested in the Successor Servicer appointed by Purchaser and Purchaser is hereby authorized and empowered to transfer such rights to subservice the Related Mortgage Loans for such price and on such terms and conditions as Purchaser shall reasonably
determine; provided, that to the extent the Applicable Agency proceeds to issue a Security with respect to the Related Mortgage Loans, Purchaser shall convey the servicing rights and the rights to subservice such Mortgage Loans in
accordance with such Applicable Agency’s instructions. Seller shall promptly take such actions and furnish to Purchaser such documents that Purchaser deems necessary or appropriate to enable Purchaser to obtain a Security backed by such
Mortgage Loans or to enforce such Mortgage Loans, as appropriate, and shall perform all acts and take all actions so that the Related Mortgage Loans and all files and documents relating to such Mortgage Loans held by Seller, together with all escrow
amounts relating to such Mortgage Loans, are delivered to Successor Servicer, including but not limited to preparing, executing and delivering to the Successor Servicer any and all documents and other instruments, placing in the Successor
Servicer’s possession all Servicing Records pertaining to such Mortgage Loans and doing or causing to be done, all at Seller’s sole expense. To the extent that the approval of the Applicable Agency is required for any such sale or
transfer, Seller shall fully cooperate with Purchaser to obtain such approval. All amounts paid by any purchaser of such rights to service or subservice the Related Mortgage Loans shall be the property of Purchaser. The subservicing rights required
to be delivered to Successor Servicer in accordance with this Section 6(f) shall be delivered free of any servicing rights in favor of Seller or any third party (other than Purchaser) and free of any title, interest, lien, encumbrance or
claim of any kind of Seller other than record title to the Mortgages relating to the Related Mortgage Loans. No exercise by Purchaser of its rights under this Section 6(f) shall relieve Seller of responsibility or liability for any
breach of this Agreement. 
 (g) With respect to the Servicing Files and the physical and contractual servicing of each Mortgage
Loan to the extent in the possession of Seller, Seller shall deliver such Servicing Files and the physical and contractual servicing to Purchaser or its designee upon the expiration of the Servicing Term (unless such Servicing Term is renewed by
Purchaser) or the termination of the Seller as subservicer pursuant to this Section 6. Seller’s transfer of the servicing rights, Servicing Files and the physical and contractual servicing under this Section 6(g) shall
be in accordance with customary standards in the industry including the transfer of the gross amount of all escrows held for the related Mortgagors (without reduction for unreimbursed advances or “negative escrows”). 

(h) The Agent, in its sole discretion, may appoint a backup servicer at any time during the term of this Agreement. In such event, Seller
shall commence monthly delivery to such backup servicer of the servicing information required to be delivered to Purchaser pursuant to Section 6(b)(ii) and any other information reasonably requested by backup servicer, all in a format
that is reasonably acceptable to such backup servicer. Seller shall pay all costs and expenses of such backup servicer, including, but not limited to all fees of such backup servicer in connection with the processing of such information and the
maintenance of a servicing file with respect to the Related Mortgage Loans. Seller shall cooperate fully with such backup servicer in the event of a transfer of servicing hereunder and will provide such backup servicer with all documents and
information necessary for such backup servicer to assume the servicing of the Related Mortgage Loans. 

  
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 Section 7. Transfers of Participation Certificates and Securities by Purchaser.
Purchaser may, in its sole discretion and without the consent of Seller, sell, assign or otherwise transfer all of its right, title and interest or grant a security interest in any Participation Certificate, any Mortgage Note, Mortgage and
Assignment of Mortgage and the related servicing rights, each Security in respect thereof of which Delivery is made to Purchaser and all rights of Purchaser under this Agreement (including, but not limited to, the Custodial Account) in respect of
such Participation Certificate, any Mortgage Note, Mortgage, Assignment of Mortgage and such Security, to any person (an “Assignee”), subject only to an obligation on the part of the Assignee to deliver each such Security to the
Takeout Investor or to Purchaser to permit Purchaser or its designee to make delivery thereof to the Takeout Investor. Assignment by Purchaser of a Participation Certificate and the related servicing rights as provided in this Section 7
will not release Purchaser from its obligations otherwise under this Agreement. 
 Without limitation of the foregoing, an
assignment of a Participation Certificate and the related servicing rights to an Assignee, as described in this Section 7, shall be effective upon delivery of the Participation Certificate to the Assignee or its designee, together with a
duly executed Assignment substantially in the form of Exhibit E (with a copy to Seller). 
 Section 8.
Record Title to Mortgage Loans; Intent of Parties; Security Interest. 
 (a) From and after the issuance and delivery of
the Related Participation Certificate, and subject to the remedies of Purchaser in Section 5, Seller as subservicer shall remain the last named payee or endorsee of each Mortgage Note and the mortgagee or assignee of record of each
Mortgage (except with respect to any MERS Mortgage Loan) and shall retain only record title to the Mortgages (and not an equitable interest) in the Related Mortgage Loan, all for the benefit of Purchaser for the sole purpose of facilitating the
subservicing of such Mortgage Loan and the issuance of a Security backed by such Mortgage Loan. Where Seller has appointed Freddie Mac as Custodian, the parties hereto acknowledge that the Mortgage Notes acquired hereunder have been deposited with
Freddie Mac to facilitate the issuance of Freddie Mac Securities with respect thereto and that prior to such issuance Freddie Mac is holding such Mortgage Notes as Custodian for Purchaser. 

(b) Seller shall maintain a complete set of books and records for each Related Mortgage Loan which shall be clearly marked to reflect the
beneficial ownership interest in each Related Mortgage Loan of the holder of the Related Participation Certificate. Seller shall notify MERS of the beneficial ownership interest of Purchaser in each MERS Mortgage Loan through the MORNET system or
any other comparable system acceptable to MERS. 
 (c) Purchaser and Seller confirm that the transactions contemplated herein
are intended to be sales of the Participation Certificates by Seller to Purchaser rather than borrowings secured by the Participation Certificates. In the event, for any reason, any transaction is construed by any court or regulatory authority as a
borrowing rather than as a sale, Seller and Purchaser intend that Purchaser or its Assignee, as the case may be, shall have a perfected first priority security interest in the Participation Certificates, and all of Seller’s interest in all of
the servicing rights with respect to the Related Mortgage Loans, the Custodial Account and all amounts on deposit therein, the Related Mortgage Loans subject to each Participation Certificate, all documents, records (including Servicing Records),
instruments and data evidencing the Related Mortgage Loans and the servicing thereof, the Securities to be issued as contemplated hereunder, all principal and interest collected thereon and all proceeds thereof, the Takeout Commitments and the
proceeds of any and all of the foregoing (collectively, the “Collateral”), free and clear of adverse claims. In such case, Seller shall be deemed to have hereby granted to Purchaser or its Assignee, as the case may be, a first
priority security interest in and lien upon the Collateral, free and clear of adverse claims. In such event, this Agreement shall constitute a security agreement, the Custodian shall be deemed to be an independent custodian for purposes of
perfection of the security interest herein granted to Purchaser, and Purchaser or each such Assignee shall have all of the rights of a secured party under applicable law. 

  
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 Upon request of Purchaser, Seller shall prepare and deliver to MERS an Assignment of
Mortgage from MERS to Purchaser or its designee. Upon due execution by MERS, Seller shall cause such Assignment of Mortgage to be recorded in the public land records upon request of Purchaser. 

Section 9. Representations and Warranties. 
 (a) Seller hereby represents and warrants to Purchaser and Agent as of the date hereof and with respect to the Related Mortgage Loans as of the date of each issuance and delivery of a Participation
Certificate that: 
 (i) Seller is solvent and will not be rendered insolvent by any transaction contemplated by
this Agreement and, after giving effect to each such transaction, Seller will not be left with an unreasonably small amount of capital with which to engage in its business. Seller does not intend to incur, nor believes that it has incurred, debts
beyond its ability to pay such debts as they mature. Seller is not contemplating the commencement of insolvency, bankruptcy, liquidation or consolidation proceedings or the appointment of a receiver, liquidator, conservator, trustee or similar
official in respect of Seller or any of its assets; 
 (ii) The consideration received by Seller upon the sale of
each Participation Certificate will constitute reasonably equivalent value and fair consideration for the beneficial ownership interest in the Mortgage Loans evidenced by that Participation Certificate; 

(iii) Seller is duly organized, validly existing and in good standing under the laws of the jurisdiction of its
organization, and it has qualified to do business in each jurisdiction in which it is legally required to do so. Seller has the power and authority under its certificate of incorporation, bylaws and applicable law to enter into this Agreement and
the Custodial Agreement and to perform all acts contemplated hereby and thereby or in connection herewith and therewith; this Agreement, the Custodial Agreement, the Pricing Side Letter, the Custodial Account Control Agreement and the transactions
contemplated hereby and thereby have been duly authorized by all necessary action and do not require any additional approvals or consents or other action by, or any notice to or filing with, any Person other than any that have heretofore been
obtained, given or made; 
 (iv) The consummation of the transactions contemplated by this Agreement and the
Custodial Agreement are in the ordinary course of business of Seller and will not conflict with, result in the breach of or violate any provision of the charter or by-laws of Seller or result in the breach of any provision of, or conflict with or
constitute a default under or result in the acceleration of any obligation under, any agreement, indenture, loan or credit agreement or other instrument to which Seller, the Related Mortgage Loans or any of Seller’s property is subject, or
result in the violation of any law, rule, regulation, order, judgment or decree to which Seller, the Related Mortgage Loans or Seller’s property is or may be subject to. Without limiting the generality of the foregoing, the consummation of the
transactions contemplated herein or therein will not violate any policy, regulation or guideline of the FHA or VA or result in the voiding or reduction of the FHA insurance, VA guarantee or any other insurance or guarantee in respect of any Mortgage
Loan, or otherwise render such Mortgage Loans, individually or in the aggregate, ineligible (pursuant to the applicable Agency Guide or otherwise) for inclusion in a pool of mortgages supporting a Security, and such FHA insurance or VA guarantee is
in full force and effect or shall be in full force and effect as required by the applicable Agency Guide; 

  
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 (v) No practice, procedure or policy employed or proposed to be employed by
Seller in the conduct of its businesses violates any law, regulation, judgment, agreement, regulatory consent, order or decree applicable to it which, if enforced, would result in a Material Adverse Effect; 

(vi) This Agreement, the Custodial Agreement and every other Program Document to be executed by Seller is and will be
legal, valid, binding and subsisting obligations of Seller, enforceable in accordance with their respective terms, except that (A) the enforceability thereof may be limited by bankruptcy, insolvency, moratorium, receivership and other similar
laws relating to creditors’ rights generally and (B) the remedy of specific performance and injunctive and other forms of equitable relief may be subject to equitable defenses and to the discretion of the court before which any proceeding
therefor may be brought; 
 (vii) No consent, license, approval or authorization from, or registration, filing or
declaration with, any regulatory body, administrative agency or other governmental instrumentality, nor any consent, approval, waiver or notification of any creditor, lessor or other non-governmental Person, is required in connection with the
execution, delivery and performance by Seller of this Agreement or any other Program Document, other than any that have heretofore been obtained, given or made; 
 (viii) Seller has not sold, assigned, transferred, pledged or hypothecated any interest in any Participation Certificate or Related Mortgage Loan to any person other than any sale, assignment, transfer,
pledge or hypothecation that is released in conjunction with the sale to Purchaser pursuant to the Master Repurchase Agreement or hereunder, and upon delivery of a Participation Certificate to Purchaser, Purchaser will be the sole owner thereof,
free and clear of any lien, claim or encumbrance other than those arising under this Agreement; 
 (ix) Neither
this Agreement nor any representations and warranties or information relating to Seller that Seller has delivered or caused to be delivered to Purchaser, including, but not limited to, all documents related to this Agreement, the Custodial Agreement
or Seller’s financial statements, contains any untrue statement of a material fact or omits to state a material fact necessary to make the statements made therein or herein in light of the circumstances under which they were made, not
misleading. Since the furnishing of such documents or information, there has been no change, nor any development or event involving a prospective change that would render any of such documents or information untrue or misleading in any material
respect; 
 (x) There is no action, suit, proceeding, inquiry or investigation, at law or in equity, or before or
by any court, public board or body pending or, to Seller’s knowledge, threatened against or affecting Seller (or, to Seller’s knowledge, any basis therefor) wherein an unfavorable decision, ruling or finding would adversely affect the
validity or enforceability of this Agreement, any other Program Document to be executed by Seller or any agreement or instrument to which Seller is a party and which is used or contemplated for use in the consummation of the transactions
contemplated hereby, would adversely affect the proceedings of Seller in connection herewith or would or could materially and adversely affect Seller’s ability to carry out its obligations hereunder; 

(xi) Seller has all requisite Approvals; 

(xii) The Custodian is not an Affiliate of Seller; 

  
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 (xiii) The Bank is not an Affiliate of Seller; 

(xiv) The Agreement and the other Program Documents, any other document contemplated hereby or thereby and each
transaction have not been entered into fraudulently by Seller hereunder, or with the intent to hinder, delay or defraud any creditor or Purchaser; 
 (xv) Seller satisfies the financial covenants set forth in Section 10(m) of this Agreement. 
 (xvi) Seller shall have paid to Purchaser and Purchaser shall have received all accrued and unpaid fees and expenses owed to Purchaser in accordance with the Program Documents, including without
limitation, the Initial Fee in immediately available funds, and without deduction, set-off or counterclaim; and 

(xvii) Seller has not received from any Applicable Agency a notice of extinguishment or a notice indicating material
breach, default or material non-compliance which the Agent reasonably determines may entitle an Applicable Agency to terminate, suspend, sanction or levy penalties against the Seller, or a notice from any Applicable Agency, HUD, FHA or VA indicating
any adverse fact or circumstance in respect of Seller which the Agent reasonably determines may entitle such Applicable Agency, HUD, FHA or VA, as the case may be, to revoke any Approval or otherwise terminate, suspend Seller as an Applicable Agency
approved issuer or servicer, or with respect to which such adverse fact or circumstance has caused any Applicable Agency, HUD, FHA or VA, as the case may be, to terminate Seller, without any subsequent rescission thereof in such notice. 

(b) Seller hereby represents and warrants to Purchaser and Agent with respect to each Related Mortgage Loan as of the Purchase Date for
the Related Participation Certificate that: 
 (i) Such Mortgage Loan was, immediately prior to the sale to
Purchaser of the Related Participation Certificate, owned solely by Seller, and, upon Purchaser’s receipt of a duly executed Warehouse Lender’s Release with respect thereto and its compliance with the terms set forth therein, such Mortgage
Loan will not be subject to any lien, claim or encumbrance, including, without limitation, any such interest pursuant to a loan or credit agreement for warehousing mortgage loans, and was originated, underwritten and serviced in Strict Compliance
and at all times remains in compliance with all applicable laws and regulations, including without limitation the Federal Truth-in-Lending Act, the Real Estate Settlement Procedures Act, regulations issued pursuant to any of the aforesaid, and any
and all rules, requirements, guidelines and announcements of the Applicable Agency, and, as applicable, the FHA and VA, as the same may be amended from time to time; 

(ii) The improvements on the land securing such Mortgage Loan are and will be kept insured at all times by responsible
insurance companies reasonably acceptable to Purchaser and the Applicable Agency against fire and extended coverage hazards under policies, binders or certificates of insurance with a standard mortgagee clause in favor of Seller and its assigns,
providing that such policy may not be canceled without prior notice to Seller. Any proceeds of such insurance shall be held in trust for the benefit of Purchaser. The scope and amount of such insurance shall satisfy the rules, requirements,
guidelines and announcements of the Applicable Agency, and shall in all cases be at least equal to the lesser of (A) the principal amount of such Mortgage Loan or (B) the maximum amount permitted by applicable law, and shall not be subject
to reduction below such amount through the operation of a coinsurance, reduced rate contribution or similar clause; 

  
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 (iii) The related Mortgage is a First Mortgage Loan and is covered by an
attorney’s opinion of title acceptable to the Applicable Agency or by a policy of title insurance on a standard ALTA or similar lender’s form in favor of Seller and its assigns, subject only to exceptions permitted by the applicable Agency
Program. Seller shall hold for the benefit of Purchaser such policy of title insurance, and, upon request of Purchaser, shall immediately deliver such policy to Purchaser or to the Custodian on behalf of Purchaser; 

(iv) Such Mortgage Loan is or will be either insured by the FHA under the National Housing Act, guaranteed by the VA under
the Servicemen’s Readjustment Act of 1944 or is or will be otherwise insured or guaranteed in accordance with the requirements of the applicable Agency Program and is not subject to any defect that would prevent recovery in full or in part
against the FHA, VA or other insurer or guarantor, as the case may be; 
 (v) Such Mortgage Loan is in Strict
Compliance with the requirements and specifications (including, without limitation, all representations and warranties required in respect thereof) set forth in the applicable Agency Guide; 

(vi) Such Mortgage Loan conforms in all respects with all requirements of the Takeout Commitment applicable to the
Security to be backed by such Mortgage Loan and such Takeout Commitment is subject to a Trade Assignment in favor of BCI. Each Takeout Commitment is valid and enforceable as against the related Takeout Investor and Seller has no knowledge that
Takeout Investor will not be able to perform under the terms of such Takeout Commitment; 
 (vii) Such Mortgage
Loan is a MERS Designated Mortgage Loan; 
 (viii) A MIN has been assigned by MERS and such MIN is accurately
provided on the schedule of Mortgage Loans attached to the Related Participation Certificate. Either the Mortgage is in favor of MERS or an Assignment of Mortgage to MERS has been duly and properly recorded or sent for recording; 

(ix) Seller has not received any notice of liens or legal actions with respect to such Mortgage Loan and no such notices
have been electronically posted by MERS; 
 (x) Such Mortgage Loan is being serviced by a mortgage sub-servicer
having all Approvals necessary to make such Mortgage Loan eligible to back a Security; 
 (xi) Such Mortgage Loan
is eligible for sale to, securitization by or guarantee by the Applicable Agency, and fully complies with all of the terms and conditions, including any covenants, representations and warranties, in the applicable Agency Guide; 

(xii) No servicing agreement has been entered into with respect to the Mortgage Loan, or any such servicing agreement has
been terminated and there are no restrictions, contractual or governmental, which would impair the ability of Purchaser or Purchaser’s designees from servicing the Mortgage Loans; 

(xiii) The Purchase Price of the Participation Certificate to which such Mortgage Loan relates, when added to the
Aggregate MRA Purchase Price and the Aggregate EPF Purchase Price, does not exceed the Maximum Aggregate Purchase Price; 

  
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 (xiv) The related Mortgagor in respect of such Mortgage Loan shall not have
been thirty (30) or more days Delinquent at any time during the twenty four (24) month period prior to the related Purchase Date; 
 (xv) Such Mortgage Loan is not a Restricted Mortgage Loan; 
 (xvi)
At origination the related Mortgagor’s FICO Score was equal to or greater than 600 (where no available FICO Score is deemed a zero score) unless it is a part of (i) an FHA and VA streamlined program for which a current FICO Score is not
required for credit purposes, or (ii) the U.S. Department of the Treasury’s Home Affordable Refinance Program but only to the extent of the HARP Mortgage Loan Sublimit, provided that any such Mortgage Loans that require compliance with the
representations and warranties include an Agency waiver for any exceptions; 
 (xvii) No Mortgage Loan shall be a
Mortgage Loan of a loan type deemed an unacceptable risk for any reason at the Purchaser’s reasonable discretion, provided that no Mortgage Loan that meets the requirements in the Agency Guides shall be deemed an unacceptable risk; 

(xviii) Each Mortgage Loan has been fully disbursed and is a “closed-end” Mortgage Loan with no further
disbursements required by any party; 
 (xix) No Mortgage Loan: 

(A) that is a First Mortgage Loan insured by the FHA or guaranteed by the VA (other than a HARP Mortgage Loan), has a
Loan-to-Value Ratio on First Mortgage Loans over 97.5%; 
 (B) that is any other Mortgage Loan (other than a
HARP Mortgage Loan or a Mortgage Loan originated as part of an FHA or VA streamlined program) has a Loan-to-Value Ratio over 95% (or in the case of second Mortgage Loans has a combined Loan-to-Value Ratio of over 95%); and 

(C) that was originated under an FHA and VA streamlined program has a Loan-to-Value Ratio more than that permitted under
such streamlined program (together, “Streamline Loans”); provided that Streamline Loans that require compliance with representations and warranties include an Agency waiver for any exceptions; and 

(D) that is a HARP Mortgage Loan has a Loan-to-Value Ratio other than that permitted under the U.S. Department of
Treasury’s Home Affordable Refinance Program; 
 (xx) The Mortgage Loan is not secured by property located
in (a) a state where the Seller is not licensed as a lender/mortgage banker or (b) a state that Purchaser determines, and provides one (1) Business Day’s notice to Seller of such determination, to be unacceptable because of a
predatory lending or other consumer protection law in such state; 
 (xxi) The Mortgage Loan has not been
converted to an ownership interest in real property through foreclosure or deed-in-lieu of foreclosure; 

  
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 (xxii) The original Mortgage in respect to each Mortgage Loan has been sent
for recordation in the appropriate public recording office in the applicable jurisdictions wherein such recordation is necessary to perfect the lien thereof as against creditors of the applicable Mortgagor; and 

(xxiii) The portion of the Purchase Price of the Participation Certificate to which any HARP Mortgage Loan relates, when
added to the portion of the aggregate outstanding Purchase Price for all Participation Certificates to which HARP Mortgage Loans relate and Mortgage Loans under the Master Repurchase Agreement that are HARP Mortgage Loans, does not exceed the HARP
Mortgage Loan Sublimit. 
 The representations and warranties of Seller in this Section 9 are unaffected by and
supersede any provision in any endorsement of any Related Mortgage Loan or in any assignment with respect to such Mortgage Loan to the effect that such endorsement or assignment is without recourse or without representation or warranty. 

Section 10. Covenants of Seller. Seller hereby covenants and agrees with Purchaser and Agent as of the date hereof and for so
long as any Participation Certificate remains outstanding as follows: 
 (a) Seller shall keep or cause to be kept in reasonable
detail books and records setting forth an account of its assets and business and, as applicable, shall clearly reflect therein the transfer of Seller’s beneficial right, title and interest in and to the Related Mortgage Loans. 

(b) Seller shall deliver to Purchaser and Agent: 
 (i) Within ninety (90) days after the end of each fiscal year of Seller, the consolidated audited balance sheets of Seller and its consolidated Subsidiaries, which will be in conformity with GAAP,
and the related consolidated audited statements of income and change in equity showing the financial condition of Seller and its consolidated Subsidiaries as of the close of such fiscal year and the results of operations during such year, and a
consolidated audited statement of cash flows, as of the close of such fiscal year, setting forth, in each case, in comparative form the corresponding figures for the preceding year. The foregoing consolidated financial statements are to be reported
on by, and to carry the unqualified report (acceptable in form and content to Purchaser and Agent) of, an independent public accountant of national standing acceptable to Purchaser and Agent and are to be accompanied by a letter of management in
form and substance acceptable to Purchaser and Agent; 
 (ii) Within forty-five (45) days after the end of
each of the first three fiscal quarters of each fiscal year of Seller, unaudited consolidated balance sheets and consolidated statements of income and changes in equity and unaudited statement of cash flows, all to be in a form acceptable to
Purchaser and Agent, showing the financial condition and results of operations of Seller and its consolidated Subsidiaries on a consolidated basis as of the end of each such quarter and for the then elapsed portion of the fiscal year, setting forth,
in each case, in comparative form the corresponding figures for the corresponding periods of the preceding fiscal year, certified by a financial officer of Seller (acceptable to Purchaser and Agent) as presenting fairly the financial position and
results of operations of Seller and its consolidated Subsidiaries and as having been prepared in accordance with GAAP consistently applied, in each case, subject to normal year-end audit adjustments; 

  
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 (iii) Within forty-five (45) days after the end of each month,
consolidated unaudited balance sheets and consolidated statements of income and changes in equity and unaudited statement of cash flows, all to be in a form acceptable to Purchaser and Agent, showing the financial condition and results of operations
of Seller and its consolidated Subsidiaries on a consolidated basis as of the end of each such month and for the then elapsed portion of the fiscal year, setting forth, in each case, in comparative form the corresponding figures for the
corresponding month of the preceding fiscal year, certified by a financial officer of Seller (acceptable to Purchaser and Agent) as presenting fairly the financial position and results of operations of Seller and its consolidated Subsidiaries and as
having been prepared in accordance with GAAP consistently applied, in each case, subject to normal year-end audit adjustments; 
 (iv) Promptly upon receipt thereof, a copy of each other report submitted to Seller by its independent public accountants in connection with any annual, interim or special audit of Seller; 

(v) Promptly upon becoming aware thereof, notice of (i) the commencement of, or any determination in, any legal,
judicial or regulatory proceedings or (ii) any dispute between Seller and any governmental or regulatory body, which, in any case of (i) or (ii), if adversely determined, would constitute a Material Adverse Effect; 

(vi) Promptly upon becoming available, copies of all financial statements, reports, notices and proxy statements sent by
Seller or any of Seller’s consolidated Subsidiaries in a general mailing to their respective stockholders and of all reports and other material (including copies of all registration statements under the Securities Act of 1933, as amended) filed
by any of them with any securities exchange or with the SEC or any governmental authority succeeding to any or all of the functions of the SEC; 
 (vii) Promptly upon becoming available, copies of any press releases issued by Seller and copies of any annual and quarterly financial reports that Seller may be required to file with the SEC or any
federal banking agency, or any report which Seller may be required to file with the SEC or any federal banking agency containing such financial statements and other information concerning Seller’s business and affairs as is required to be
included in such reports in accordance with the rules and regulations of the SEC or such federal banking agency as may be promulgated from time to time; 
 (viii) Such supplements to the aforementioned documents and such other information regarding the operations, business, affairs and financial condition of Seller or any of Seller’s consolidated
Subsidiaries as Purchaser or Agent may reasonably request; 
 (ix) [RESERVED]; 

(x) [RESERVED]; 
 (xi) Promptly upon becoming aware thereof, notice of any (A) claims or demands for breaches of representations or covenants, including demands for repurchases, indemnification or other compensation
and (B) any assessments, warnings or other negative results of any due diligence or audits, in either case of (A) or (B) by any Applicable Agency, Seller or the FHA; and 

(xii) On each Purchase Date hereunder, Seller shall provide to Purchaser an Officer’s Certificate in the form
attached hereto as Exhibit H; 

  
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 (c) Neither Seller nor any Affiliate thereof will acquire at any time any Participation
Certificate or any other economic interest in or obligation with respect to any Related Mortgage Loan except for the subservicing rights relating thereto and record title to the Mortgage relating to any Related Mortgage Loan. 

(d) [RESERVED] 

(e) Seller will be solvent at all relevant times prior to, and will not be rendered insolvent by, any sale of a Participation Certificate
to Purchaser. 
 (f) Seller will not sell any Participation Certificate to Purchaser with any intent to hinder, delay or defraud
any of Seller’s creditors. 
 (g) Seller shall take all necessary actions to maintain its Approvals (including any obtained
after the date of this Agreement) at all times during the term of this Agreement. If, for any reason, Seller ceases to maintain such Approvals, Seller shall so notify Purchaser immediately. 

(h) Seller shall (i) maintain all licenses, permits or other approvals necessary for Seller to conduct its business and to perform
its obligations under the Program Documents, (ii) remain in good standing under, and comply in all material respects with, all laws of each state in which it conducts business or where any Mortgaged Property is located, and (iii) conduct
its business strictly in accordance with applicable law. 
 (i) Seller shall, upon request of Purchaser or Agent, promptly
execute and deliver to Purchaser all such other and further documents and instruments of transfer, conveyance and assignment, and shall take such other action as Purchaser or Agent may require more effectively to transfer, convey, assign to and vest
in Purchaser and to put Purchaser in possession of the property to be transferred, conveyed, assigned and delivered hereunder and otherwise to carry out more effectively the intent of the provisions under this Agreement. 

(j) The Seller is a member of MERS in good standing and current in the payment of all fees and assessments imposed by MERS, and has
complied in all material respects with all rules and procedures of MERS. In connection with the assignment of any Related Mortgage Loan registered on the MERS System, the Seller agrees that at the request of the Purchaser or Agent it will, at the
Seller’s own cost and expense, cause the MERS System to indicate that a beneficial interest in such Mortgage Loan has been transferred to the Purchaser in accordance with the terms of this Agreement by including in MERS’ computer files
(a) the code in the field which identifies the specific owner of the Related Mortgage Loans and (b) the code in the field “Pool Field” which identifies the series in which such Mortgage Loans were sold. The Seller further agrees
that it will not alter codes referenced in this paragraph with respect to any Related Mortgage Loan at any time that such Mortgage Loan is subject to this Agreement, and the Seller shall retain its membership in MERS at all times during the term of
this Agreement. 
 (k) Seller will permit Purchaser, Agent or their respective agents or designees to perform due diligence
reviews on the Related Mortgage Loans subject to each Participation Certificate purchased hereunder within the thirty (30) days following the related Purchase Date, at which point 5% of all such Related Mortgage Loans shall have completed such
due diligence review. Seller shall cooperate in all respects with such diligence and shall provide Purchaser, Agent or their respective agents or designees with all loan files and other information reasonably requested by Purchaser, Agent or their
respective agents or designees and shall bear all costs and expenses associated with such due diligence. 

  
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 (l) Seller shall at all times maintain an Error Rate as set forth in the Pricing Side
Letter. 
 (m) Seller shall comply with the financial covenants set forth in Section 14(g)(ii) of the Master Repurchase
Agreement. 
 (n) Seller shall (i) at all times maintain copies of relevant portions of all final written Applicable Agency
audits, examinations, evaluations, monitoring reviews and reports of its origination and servicing operations (including those prepared on a contract basis for any such agency) in which there are material adverse findings, including without
limitation notices of defaults, notices of termination of approved status, notices of imposition of supervisory agreements or interim servicing agreements, and notices of probation, suspension, or non-renewal, and all necessary approvals from each
Applicable Agency, and (ii) provide Agent with copies of such audits, examinations, evaluations, monitoring reviews and reports promptly upon receipt from any Applicable Agency or agent of any Applicable Agency. 

(o) Seller shall take all actions necessary to maintain its respective Approvals. 

(p) Seller shall timely pay to Purchaser all fees and actual out of pocket expenses required to be paid by Seller hereunder and under any
other Program Document to Purchaser in immediately available funds, and without deduction, set-off or counterclaim in accordance with the following wire instructions: 
 Bank Name: Bank of New York Mellon 
 Address: New York. NY 

ABA Routing Number: 021-000-018 
 DDA Number: GLA 111569 WV1 
 Account Name: BBPLC NY Branch Whole Loans Warehouse

 Stonegate 
 Ref: Stonegate 
 Attention: Whole Loan Operations 

Phone Validation: 
 201-499-2841 – John Whitacre 
 201-499-2139 – Roberto Wang 

Section 11. Term. This Agreement shall continue in effect until terminated as to future transactions on the Termination Date;
provided, that no termination will affect the obligations hereunder as to any of the Participation Certificates then outstanding hereunder or any Security not yet delivered to the related Takeout Investor. Seller’s obligations to
indemnify Purchaser and Agent pursuant to this Agreement and the other Program Documents shall survive the termination hereof. 

Section 12. Set-Off. In addition to any rights and remedies of Purchaser provided by this Agreement and by law, Purchaser and
its Affiliates shall have the right, without prior notice to Seller, any such notice being expressly waived by Seller to the extent permitted by applicable law, upon any amount becoming due and payable (whether at the stated maturity, by
acceleration or otherwise) by Seller hereunder or under any other agreement (including, without limitation, the Master Repurchase Agreement) entered into between Seller or any of its Affiliates on the one hand, and Purchaser or any of its Affiliates
on the other hand, to set-off and appropriate and apply against such amount (subject to any existing limitations on recourse in connection with this Agreement) any and all property and deposits (general or special, time or demand, provisional or
final), in any currency, or any other credits, 

  
 - 32 -

 
indebtedness or claims, in any currency, or any other collateral (in the case of collateral not in the form of cash or such other marketable or negotiable form, by selling such collateral in a
recognized market therefor or as otherwise permitted by law or as may be in accordance with custom, usage or trade practice), in each case, whether direct or indirect, absolute or contingent, matured or unmatured, at any time held or owing by
Purchaser or any Affiliate thereof to or for the credit or the account of Seller or any of its Affiliates (including, without limitation, the amount of any accrued and unpaid Completion Fees). Purchaser may also, subject to any existing limitations
on recourse in connection with this Agreement, set-off cash and all other sums or obligations owed by Purchaser or its Affiliates to Seller or its Affiliates (whether under this Agreement or under any other agreement between the parties (including,
without limitation, the Master Repurchase Agreement) or between Seller or any of its Affiliates, on the one hand, and Purchaser or any of its Affiliates, on the other) against all of Seller’s obligations to Purchaser or its Affiliates (whether
under this Agreement or under any other agreement between the parties (including, without limitation, the Master Repurchase Agreement) or between Seller or any of its Affiliates, on the one hand, and Purchaser or any of its Affiliates, on the
other), whether or not such obligations are then due. The exercise of any such right of set-off shall be without prejudice to Purchaser’s or its Affiliate’s right to recover any deficiency. Purchaser agrees to promptly notify Seller after
any such set-off and application made by Purchaser; provided that the failure to give such notice shall not affect the validity of such set-off and application. 
 Section 13. Indemnification. Seller shall indemnify and hold Purchaser and Agent harmless against any and all Losses (including, without limitation, Losses incurred by Purchaser on account of
fees paid by Purchaser to the Applicable Agency to cause the Securities to be issued or any Losses in connection with any indemnification by Purchaser of the Applicable Agency) resulting from, relating to or otherwise arising in connection with the
breach or failure of Seller to perform any representation, warranty, covenant, term or condition made or obligation to be performed by Seller under this Agreement (including, without limitation, any failure to perform servicing obligations) in
strict compliance with the terms of this Agreement. Without prejudice to the survival of any other agreement of Seller hereunder, the covenants and obligations of Seller contained in this Section 13 shall survive the termination of this
Agreement. 
 Section 14. Exclusive Benefit of Parties; Assignment. This Agreement is for the exclusive benefit of
the parties hereto and their respective successors and assigns and shall not be deemed to give any legal or equitable right to any other person, including any Takeout Investor or the Custodian. In addition to the rights of Purchaser as provided in
Section 7, without any requirement for further consent of the Seller and at no cost or expense to the Seller, each of Purchaser and Agent may, in its sole election, assign or participate all or a portion of its rights and obligations
under this Agreement and the Program Documents with a counterparty of Purchaser’s or Agent’s choice. Purchaser or Agent shall notify Seller of any such assignment and participation and shall maintain, for review by Seller upon written
request, a register of assignees and participants and a copy of any executed assignment and acceptance by Purchaser or Agent and assignee (“Assignment and Acceptance”), specifying the percentage or portion of such rights and obligations
assigned. The Seller agrees that, for any such permitted assignment, Seller will cooperate with the prompt execution and delivery of documents reasonably necessary for such assignment process to the extent that Seller incurs no cost or expense that
is not paid by the Purchaser or Agent, as applicable. Upon such assignment, (a) such assignee shall be a party hereto and to each Program Document to the extent of the percentage or portion set forth in the Assignment and Acceptance, and shall
succeed to the applicable rights and obligations of Purchaser or Agent hereunder, and (b) Purchaser or Agent shall, to the extent that such rights and obligations have been so assigned by it to either (i) an Affiliate of Purchaser or Agent
which assumes the obligations of Purchaser or Agent hereunder or (ii) to another Person which assumes the obligations of Purchaser or Agent hereunder, be released from their obligations hereunder accruing thereafter and under the Program
Documents. 

  
 - 33 -

 The Program Documents and the Seller’s rights and obligations thereunder are not
assignable by Seller without the prior written consent of Purchaser and Agent. Any Person into which Seller may be merged or consolidated, or any corporation resulting from any merger, conversion or consolidation to which Seller shall be a party, or
any Person succeeding to the business of Seller, shall be the successor of Seller hereunder, without the execution or filing of any paper or any further act on the part of any of the parties hereto, anything herein to the contrary notwithstanding

 Section 15. Amendments; Waivers; Cumulative Rights. This Agreement may be amended from time to time only by
written agreement of Seller, Purchaser and Agent. Any forbearance, failure or delay by either party in exercising any right, power or remedy hereunder shall not be deemed to be a waiver thereof, and any single or partial exercise by either party of
any right, power or remedy hereunder shall not preclude the further exercise thereof. Every right, power and remedy of either party shall continue in full force and effect until specifically waived by such party in writing. No right, power or remedy
shall be exclusive, and each such right, power or remedy shall be cumulative and in addition to any other right, power or remedy, whether conferred hereby or hereafter available at law or in equity or by statute or otherwise. 

Section 16. Execution in Counterparts. This Agreement may be executed in any number of counterparts, each of which shall be
deemed an original, but all of which shall constitute one and the same instrument. The parties agree that this Agreement, any documents to be delivered pursuant to this Agreement and any notices hereunder may be transmitted between them by email
and/or by facsimile. The parties intend that faxed signatures and electronically imaged signatures such as .pdf files shall constitute original signatures and are binding on all parties. The original documents shall be promptly delivered, if
requested. 
 Section 17. Effect of Invalidity of Provisions. In case any one or more of the provisions contained in
this Agreement should be or become invalid, illegal or unenforceable in any respect, the validity, legality and enforceability of the remaining provisions contained herein or therein shall in no way be affected, prejudiced or disturbed thereby.

 Section 18. Governing Law. THE AGREEMENT AND ANY MATTERS ARISING OUT OF OR RELATING TO THE AGREEMENT SHALL BE
CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK WITHOUT REGARD TO ANY CONFLICTS OF LAW PROVISIONS (EXCEPT FOR SECTION 5-1401 AND SECTION 5-1402 OF THE NEW YORK GENERAL OBLIGATIONS LAW) AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE
PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, EXCEPT TO THE EXTENT PREEMPTED BY FEDERAL LAW. 
 EACH PARTY HERETO HEREBY IRREVOCABLY AND UNCONDITIONALLY: 
 (A) SUBMITS FOR ITSELF
AND ITS PROPERTY IN ANY LEGAL ACTION OR PROCEEDING RELATING TO THIS AGREEMENT, OR FOR RECOGNITION AND ENFORCEMENT OF ANY JUDGMENT IN RESPECT THEREOF, TO THE NON-EXCLUSIVE GENERAL JURISDICTION OF THE COURTS OF THE STATE OF NEW YORK, THE FEDERAL
COURTS OF THE UNITED STATES OF AMERICA FOR THE SOUTHERN DISTRICT OF NEW YORK, AND APPELLATE COURTS FROM ANY THEREOF; 
 (B)
CONSENTS THAT ANY SUCH ACTION OR PROCEEDING MAY BE BROUGHT IN SUCH COURTS AND, TO THE EXTENT PERMITTED BY LAW, WAIVES ANY OBJECTION THAT IT MAY NOW OR HEREAFTER HAVE TO THE VENUE OF ANY SUCH ACTION OR PROCEEDING IN ANY SUCH COURT OR THAT SUCH ACTION
OR PROCEEDING WAS BROUGHT IN AN INCONVENIENT COURT AND AGREES NOT TO PLEAD OR CLAIM THE SAME; 

  
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 (C) AGREES THAT SERVICE OF PROCESS IN ANY SUCH ACTION OR PROCEEDING MAY BE EFFECTED BY
MAILING A COPY THEREOF BY REGISTERED OR CERTIFIED MAIL (OR ANY SUBSTANTIALLY SIMILAR FORM OF MAIL), POSTAGE PREPAID, TO ITS ADDRESS SET FORTH IN SECTION 19; AND 
 (D) AGREES THAT NOTHING HEREIN SHALL AFFECT THE RIGHT TO EFFECT SERVICE OF PROCESS IN ANY OTHER MANNER PERMITTED BY LAW OR SHALL LIMIT THE RIGHT TO SUE IN ANY OTHER JURISDICTION. 

Section 19. Notices. Any notices, consents, elections, directions and other communications given under this Agreement shall
be in writing and shall be deemed to have been duly given when telecopied or delivered by overnight courier to, personally delivered to, or on the third day following the placing thereof in the mail, first class postage prepaid to, the parties
hereto at the related address set forth in Annex B or to such other address as either party shall give notice to the other party pursuant to this Section. Notices to any Assignee shall be given to such address as the Assignee shall provide to
Seller in writing. 
 Section 20. Entire Agreement. This Agreement, the Participation Certificates and the Custodial
Agreement contain the entire agreement between the parties hereto with respect to the subject matter hereof, and supersede all prior and contemporaneous agreements between them, oral or written, of any nature whatsoever with respect to the subject
matter hereof. 
 Section 21. Costs of Enforcement. (a) In addition to any other indemnity specified in this
Agreement, Seller agrees to pay as and when billed by Purchaser or Agent all of the out-of pocket costs and expenses incurred by Purchaser and Agent in connection with the development, preparation, and execution of, and any amendment, supplement or
modification to, and enforcement of this Agreement, any other related document or any other documents prepared in connection herewith or therewith. Seller agrees to pay as and when billed by Purchaser or Agent all of the out-of-pocket costs and
expenses incurred in connection with the consummation, monitoring and administration of the transactions contemplated hereby and thereby including, without limitation, (i) all the fees, disbursements and expenses of counsel to Purchaser and
Agent and (ii) all the due diligence, inspection, testing and review costs and expenses incurred by Purchaser and Agent with respect to the Related Mortgage Loans under this Agreement. 

(b) If Seller fails to pay when due any costs, expenses or other amounts payable by it under this Agreement, including, without
limitation, reasonable fees and expenses of counsel and indemnities, such amount may be paid on behalf of Seller by Purchaser or Agent, in its sole discretion and Seller shall remain liable for any such payments by Purchaser or Agent, as applicable.
No such payment by Purchaser or Agent shall be deemed a waiver of any of Purchaser’s or Agent’s respective rights under this Agreement. 
 (c) In addition to any other indemnity specified in this Agreement, in the event of a breach by Seller of this Agreement, the Custodial Agreement, a Participation Certificate or a Takeout Commitment,
Seller agrees to pay the reasonable attorneys’ fees and expenses of Purchaser, Agent and/or any Assignee incurred as a consequence of such breach. 

  
 - 35 -

 Section 22. Securities Contract; Netting Agreement. 

(a) Seller, Purchaser and Agent recognize that each sale of a Participation Certificate (including the related servicing rights) under
this Agreement is a “securities contract” and a “master netting agreement” as those terms are defined in Section 741 and Section 101(38A)(A) of the Bankruptcy Code, respectively, and a “qualified financial
contract” as that term is defined in the FDIA. Seller and Purchaser further recognize that the beneficial interest in the Related Mortgage Loans evidenced by a Participation Certificate shall constitute an “interest in a mortgage
loan” as that term is used in Section and 741(7)(A)(i) of Bankruptcy Code. 
 (b) It is understood that the Purchaser
shall have the right to liquidate, terminate and accelerate, or exercise any other remedies permitted upon the occurrence of any Servicing Termination Event, and that such liquidation, termination and acceleration rights constitute contractual
rights to liquidate, terminate and accelerate the transactions under a “securities contract” and a “master netting agreement” as described in Section 555 and Section 561 of the Bankruptcy Code, respectively, and a
“qualified financial contract” as described Section 1821(e)(8)(A)(i) of the FDIA. 
 (c) The parties hereto agree
and acknowledge that if a party hereto is an “insured depository institution,” as such term is defined in the FDIA, then each transaction hereunder is a “qualified financial contract,” as that term is defined in the FDIA and any
rules, orders or policy statements thereunder (except insofar as the type of assets subject to such transaction would render such definition inapplicable). 
 (d) 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 hereunder shall constitute a “covered contractual payment entitlement” or “covered contractual payment obligation,” respectively, as defined in and
subject to FDICIA. 
 Section 23. Consent to Service. Each party irrevocably consents to the service of process by
registered or certified mail, postage prepaid, to it at its address provided pursuant to Section 19. 

Section 24. Construction. The headings in this Agreement are for convenience only and are not intended to influence its
construction. References to Sections, Exhibits and Annexes in this Agreement are to the Sections of and Exhibits and Annexes to this Agreement. The Exhibits and Annexes are part of this Agreement. In this Agreement, the singular includes the plural,
the plural the singular, and the words “and” and “or” are used in the conjunctive or disjunctive as the sense and circumstances may require. 
 Section 25. Further Assurances. Seller, Purchaser and Agent each agree to execute and deliver to the other such reasonable and appropriate additional documents, instruments or agreements as
may be necessary or appropriate to effectuate the purposes of this Agreement. 
 Section 26. Due Diligence.
Purchaser, Agent or any of their respective agents, representatives or permitted assigns shall have the right, upon reasonable prior notice and during normal business hours, to conduct inspection and perform continuing due diligence reviews of
(x) Seller and its Affiliates, directors, officers, employees and significant shareholders, including, without limitation, their respective financial condition and performance of its obligations under the Program Documents, and (y) the
Servicing File and the Related Mortgage Loans. Seller agrees promptly to provide Purchaser, Agent and their respective agents with access to, copies of and extracts from any and all documents, records, agreements, instruments or information
(including, without limitation, any of the foregoing in computer data banks and computer software systems) relating to Seller’s respective business, operations, servicing, financial condition, performance of their obligations under the Program
Documents, the documents 

  
 - 36 -

 
contained in the Servicing Files or the Related Mortgage Loans or assets proposed to be sold hereunder in the possession, or under the control, of Seller. In addition, Seller shall also make
available to Purchaser and/or Agent, upon reasonable prior notice and during normal business hours, a knowledgeable financial or accounting officer of Seller for the purpose of answering questions respecting the Related Mortgage Loans. Without
limiting the generality of the foregoing, Seller acknowledges that Purchaser shall enter into transactions with Seller based solely upon the information provided by Seller to Purchaser and/or Agent and the representations, warranties and covenants
contained herein, and that Purchaser and/or Agent, at its option, shall have the right at any time to conduct itself or through its agents, or require Seller to conduct quality reviews and underwriting compliance reviews of the individual Related
Mortgage Loans at the expense of Seller. Any such diligence conducted by Purchaser and/or Agent shall not reduce or limit the Seller’s representations, warranties and covenants set forth herein. Seller agrees to reimburse Purchaser and/or Agent
for all reasonable out-of-pocket due diligence costs and expenses incurred pursuant to this Section 26. 
 Section 27.
Confidentiality. Seller, Purchaser and Agent each hereby acknowledge and agree that all written or computer-readable information provided by one party to the other in connection with the Program Documents or the Transactions contemplated
thereby, including without limitation, Seller’s Mortgagor information in the possession of Purchaser shall be kept confidential and shall not be divulged to any party without the prior written consent of such other party except for
(i) disclosure to Seller’s direct and indirect parent companies, directors, attorneys, agents or accountants, provided that such attorneys or accountants likewise agree to be bound by this covenant of confidentiality, or are otherwise
subject to confidentiality restrictions or (ii) with prior (if feasible) written notice to Purchaser, disclosure required by law, rule, regulation or order of a court or other regulatory body or (iii) with prior (if feasible) written
notice to Purchaser, any disclosures or filing required under SEC or state securities’ laws; provided that in the case of clause (iii), Seller shall not file the Pricing Side Letter. Notwithstanding anything herein to the contrary, except as
reasonably necessary to comply with applicable securities laws, each party (and each employee, representative, or other agent of each party) may disclose to any and all persons, without limitation of any kind, the tax treatment and tax structure of
the transaction and all materials of any kind (including opinions or other tax analyses) that are provided to it relating to such tax treatment and tax structure. For this purpose, tax treatment and tax structure shall not include (i) the
identity of any existing or future party (or any Affiliate of such party) to this Agreement or (ii) any specific pricing information or other commercial terms, including the amount of any fees, expenses, rates or payments arising in connection
with the transactions contemplated by this Agreement. 
 [signature page follows] 

  
 - 37 -

 IN WITNESS WHEREOF, Purchaser, Agent and Seller have duly executed this Agreement as of the
date and year set forth on the cover page hereof. 
  

			
	BARCLAYS BANK PLC
		
	By:	 	/s/ Joseph O’Doherty
	Name:	 	Joseph O’Doherty
	Title:	 	Managing Director
	
	STONEGATE MORTGAGE CORPORATION
		
	By:	 	/s/ Jim Cutillo
	Name:	 	Jim Cutillo
	Title:	 	CEO

 Acknowledged and Agreed with respect to Section 3: 

 

			
	BARCLAYS CAPITAL INC.
		
	By:	 	/s/ Ellen V. Kiernan
	Name:	 	Ellen V. Kiernan
	Title:	 	Director

 Exhibit A 
 PARTICIPATION CERTIFICATE 
 POOL NO. (or Freddie Mac CONTRACT NO.): 

This Participation Certificate evidences a one hundred percent (100%) undivided beneficial ownership interest in (including the right
to receive the payments of principal of and interest on) the Mortgage Loans (the “Participation”) identified: 
 (Check Box)

  

					
	 ̈	  	(a)	  	Form HUD 11706 (Schedule of Pooled Mortgages);
			
	 ̈	  	(b)	  	Fannie Mae Form 2005 (Schedule of Mortgages); or
			
	 ̈	  	(c)	  	Freddie Mac Form 1034 (Fixed-Rate Custodial Certification Schedule) or Selling System computer tape.

 The Participation has been sold to Purchaser pursuant to the terms of that certain Mortgage Loan
Participation Purchase and Sale Agreement, dated December 24, 2012 (the “Agreement”) between Stonegate Mortgage Corporation, as Seller, and Barclays Bank PLC, as Purchaser and Agent. Capitalized terms used but not defined
herein shall have the meanings set forth in the Agreement, the terms of which are hereby incorporated by reference and made a part of this Participation Certificate. 
 Upon Delivery of the related Security to Purchaser or its Assignee, Purchaser’s beneficial ownership interest in the Mortgage Loans evidenced in this Participation Certificate shall terminate in
exchange for such Security, and this Participation Certificate shall be void and of no further effect. 
 This Participation
Certificate may be amended only by a written agreement between Seller, Purchaser and Agent. 
  

			
	STONEGATE MORTGAGE CORPORATION
		
	By:	 	 
	Its:	 	
	Date:	 	

  
 A-1

 AGGREGATE PRINCIPAL BALANCES OF THE MORTGAGE LOANS (GIVING EFFECT TO PAYMENTS MADE AS OF
                    ,         ):
$             
  

	
	Hereby authenticated by U.S. Bank National Association pursuant to the Custodial Agreement (May not be applicable for Freddie Mac)

  

			
	By:	 	 
	Its:	 	
	Date:	 	

  
 A-2

 Exhibit B 
 TRADE ASSIGNMENT 

                     (“Takeout
Investor”) 
 (Address)  
 Attention: 
 Fax No.: 
 Ladies and Gentlemen: 
 Attached hereto is a correct and complete copy of your
confirmation of commitment (the “Commitment”), trade-dated                     ,
        , to purchase $             of     %
             year, 
 Stip: 

(Check Box) 
  

			
	 ̈	  	Government National Mortgage Association;
		
	 ̈	  	Federal National Mortgage Association; or
		
	 ̈	  	Federal Home Loan Mortgage Corporation.

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

Please acknowledge your acceptance of the foregoing by countersigning below and delivering an executed copy of this Trade Assignment to
                     at fax # (        )
            -            . Notification of incorrect information or rejection of this Trade Assignment or any
questions regarding this Trade Assignment should be immediately made to [                    ]. 

  
 B-1

 
			
	 Very truly yours,
  

STONEGATE MORTGAGE CORPORATION

		
	By:	 	 
	Title:	 	
	Date:	 	

 Acknowledged and agreed to: 

 

			
	BARCLAYS CAPITAL INC.
		
	By:	 	 
	Title:	 	 
	Date:	 	 

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

			
	[TAKEOUT INVESTOR]
		
	By:	 	 
	Title:	 	 
	Date:	 	 

  
 B-2

 Exhibit C 
 [RESERVED] 

  
 C-1

 Exhibit D 
 WAREHOUSE LENDER’S RELEASE 
 (Date) 

Barclays Bank PLC 
 745 Seventh Avenue, 4th
Floor 
 New York, New York 10019 

Attention: 
 Ladies and Gentlemen: 

Capitalized terms used herein but not defined herein shall have the meanings ascribed to such terms in the Custodial Agreement, dated as
of December 24, 2012, among Barclays Bank PLC, Stonegate Mortgage Corporation and U.S. Bank National Association. 
 Upon receipt of
payment, in immediately available funds, of $            , representing a loan count of
                     and unpaid principal balance of
                    , to the account shown on the attached, from Barclays Bank PLC, we hereby release all right, interest or claim of any
kind, including any security interest or lien, with respect to the mortgage loans referenced in the attached schedule (Ginnie Mae/Fannie Mae/Freddie Mac Pool/Contract
#                    ), such release to be effective automatically without any further action by any party. 

 

			
	 Very truly yours,
  

[WAREHOUSE LENDER]

  
 D-1

 Exhibit E 
 ASSIGNMENT 
 FOR VALUE RECEIVED the undersigned hereby sell(s) and assign(s) and transfer(s) unto

 (Please print or typewrite name and address, including postal zip code of assignee) 
 an undivided Participation Interest Equal to % of the beneficial interest in the Mortgage Loans relating to the within Participation Certificate, Pool No. (Freddie Mac Contract No.)
                    , Pass-Through Rate                 , Discount
                 and hereby authorize(s) the transfer of registration of such interest to assignee. 

 

			
	[Assignor]
		
	By:	 	 
	Name:	 	
	Title:	 	

Dated:                     

  
 E-1

 Exhibit F 
 FORM OF CONFIRMATION 
 TO: STONEGATE MORTGAGE CORPORATION 

[ADDRESS OF SELLER] 
 DATE:

  

	RE:	Confirmation of Purchase of a beneficial interest in  

	    	Mortgage Loans relating to a Participation Certificate 

 Barclays Bank PLC (“Purchaser” and “Agent”) is pleased to confirm its agreement to purchase and your agreement to sell a 100% undivided, beneficial interest in the
Mortgage Loans relating to a Participation Certificate relating to the pool number (or Freddie Mac Contract Number) referred to herein, pursuant to the Mortgage Loan Participation Purchase and Sale Agreement, dated as of December 24, 2012 (the
“Agreement”), between Purchaser, Agent and Seller, under the terms and conditions in Schedule I attached hereto. 

  
 F-1

 Capitalized terms used and not otherwise defined herein shall have the meanings ascribed in the Agreement.

  

			
	 Very truly yours,
  

BARCLAYS BANK PLC

		
	By:	 	 
	Name:	 	
	Title:	 	

  
 F-2

 Exhibit G 
 SELLER’S OFFICER’S CERTIFICATE 
 I,
                    , hereby certify that I am the duly elected
                     of Stonegate Mortgage Corporation, a
                     [entity type] (“Seller”), and further certify, on behalf of Seller as follows: 

 

	 	1.	Attached hereto as Attachment I is a true and correct copy of the articles of incorporation and by-laws of Seller as are in full force and effect on the date hereof.

  

	 	2.	Attached hereto as Attachment II is a Certificate of Good Standing of Seller, issued by the Secretary of the State of Ohio dated
                    ,         . No event has occurred since
                    ,          which has affected the good standing of Seller under the laws of
the State of             . 

  

	 	3.	Each person who, as an officer or attorney-in-fact of Seller, signed (a) the Mortgage Loan Participation Purchase and Sale Agreement (the “Purchase
Agreement”), dated as of December 24, 2012, by and between Seller and Barclays Bank PLC (“Purchaser” and “Agent”); (b) the Custodial Agreement (the “Custodial Agreement”), dated
as of December 24, 2012, by and among Seller, the Purchaser and U.S. Bank National Association; and (c) any other document delivered prior hereto or on the date hereof in connection with transactions contemplated in the Purchase Agreement
was, at the respective times of such signing and delivery, and is as of the date hereof, duly elected or appointed, qualified and acting as such officer or attorney-in-fact, and the signatures of such persons appearing on such documents are their
genuine signatures. 

  

	 	4.	Attached hereto as Attachment III is a true and correct copy of the resolutions duly adopted by the board of directors of Seller on
                    ,          (the “Resolutions”) with respect to the
authorization and approval of the transactions contemplated in the Purchase Agreement; said Resolutions have not been amended, modified, annulled or revoked and are in full force and effect on the date hereof. 

 

	 	5.	All of the representations and warranties of Seller contained in the Purchase Agreement were true and correct in all material respects as of the date of the Purchase
Agreement and are true and correct in all material respects as of the date hereof. 

  

	 	6.	Seller has performed all of its duties and has satisfied all the material conditions on its part to be performed or satisfied pursuant to the Purchase Agreement on or
prior to the date hereof. 

  

	 	7.	There are no actions, suits or proceedings pending or, to my knowledge, threatened, against or affecting Seller which, if adversely determined either individually or in
the aggregate, would adversely affect Seller’s obligations under the Purchase Agreement or the Custodial Agreement. 

  
 G-1

	 	8.	No proceedings that could result in the liquidation or dissolution of Seller are pending or contemplated. 

 

	 	9.	Incumbency of Officers. The below named persons have been duly elected or appointed, and have been duly qualified as officers of Seller holding the respective
office below set opposite his or her name, and the signature below set opposite his or her name is his or her genuine signature. 

  

																			
	  	 	 Name
	 	  	 	  	  	 Office
	  	  	  	  	  	  	  	 Signature
	  	  
	 		 		 		 	 		 
	 	 	 	 	 	 	 	  	 	  	 	  	 	  	 	  	 	  	 
	 		 		 		 	 		 
	 	 	 	 	 	 	 	  	 	  	 	  	 	  	 	  	 	  	 
	 		 		 		 	 		 
	 	 	 	 	 	 	 	  	 	  	 	  	 	  	 	  	 	  	 
	 		 		 		 	 		 
	 	 	 	 	 	 	 	  	 	  	 	  	 	  	 	  	 	  	 

 All capitalized terms used herein and not otherwise defined shall have the meaning assigned to them in
the Purchase Agreement. 
 IN WITNESS WHEREOF, I have hereunto signed my name and affixed the seal of Seller. 

Dated:                     
        ,              
 [Seal] 
  

	
	 
	 By:
 Name:

Title:

 I,
                    ,              of
                    , hereby certify that
                     is the duly elected, qualified and acting
                     of
                     and that the signature appearing above is the genuine signature of such person. 

IN WITNESS WHEREOF, I have hereunto signed my name. 
 Dated:                              ,
             
 [Seal 

 

			
	By:	 	 
	Name:	 	
	Title:	 	

  
 G-2

 Exhibit H 
 SELLER’S OFFICER’S CERTIFICATE 
 I,
            , hereby certify that I am the duly elected              of Stonegate Mortgage Corporation, a
             [entity type] (“Seller”), and further certify, on behalf of Seller as follows: 

 

	 	1.	There has been no change in the articles of incorporation and by-laws of Seller since the date such documents were provided to the Purchaser and Agent and such
documents are in full force and effect on the date hereof. 

  

	 	2.	No event has occurred since the date of the last good standing certificate of Seller provided to the Purchaser and Agent which has affected the good standing of Seller
under the laws of the State of                     . 

 

	 	3.	All of the representations and warranties of Seller contained in Section 9(a) of the Purchase Agreement, are true and correct in all material respects as of
the date hereof and all of the representations and warranties of Seller contained in Section 9(b) of the Purchase Agreement are true and correct in all material respects as to the Related Mortgage Loans subject to the Participation
Certificate being sold to Purchaser on the date hereof. 

  

	 	4.	Seller has performed all of its duties and has satisfied all the material conditions on its part to be performed or satisfied pursuant to the Purchase Agreement on or
prior to the date hereof. 

  

	 	5.	There are no actions, suits or proceedings pending or, to my knowledge, threatened, against or affecting Seller which, if adversely determined either individually or in
the aggregate, would adversely affect Seller’s obligations under the Purchase Agreement or the Custodial Agreement. 

  

	 	6.	No proceedings that could result in the liquidation or dissolution of Seller are pending or contemplated. 

 

	 	7.	Under generally accepted and regulatory accounting principles (“GAAP”) and for federal income tax purposes, Seller will report the sale of each
Participation Certificate to the Purchaser as a sale of the 100% undivided beneficial ownership interest in the Mortgage Loans evidenced by that Participation Certificate. Seller has been advised by, or has confirmed with, its independent public
accountants that the foregoing transactions will be so classified. 

  

	 	8.	Each Mortgage Loan that is subject to a Participation Certificate to be sold to the Purchaser on the date hereof was originated by Seller or purchased from an approved
originator previously approved by the Purchaser not more than sixty (60) days prior to the date hereof. No Related Mortgage Loan was rejected for purchase or financing by any third party. 

  
 H-1

 All capitalized terms used herein and not otherwise defined shall have the meaning assigned
to them in the Purchase Agreement. 
 IN WITNESS WHEREOF, I have hereunto signed my name and affixed the seal of Seller.

 Dated:                     
        ,              
 [Seal] 
  

			
	 
		
	By:	 	 
	Name	 	
	Title:	 	

  
 H-2

 I,
                    ,              of
                    , hereby certify that
                     is the duly elected, qualified and acting
                     of
                     and that the signature appearing above is the genuine signature of such person. 

IN WITNESS WHEREOF, I have hereunto signed my name. 
 Dated:                              ,
             
 [Seal] 

 

			
	 
		
	By:	 	 
	Name	 	
	Title:	 	

  
 H-3

 Annex A 
 [RESERVED] 

  
 Annex A-1

 Annex B 
 PURCHASER NOTICES 
  

			
	 Name:
	  	Barclays Bank PLC
		
	 Address:
	  	 745 Seventh Avenue, 4th Floor

New York, New York 10019

		
	 Telephone:
	  	(212) 412-3266
		
	 Telecopy:
	  	(212) 412-6846

 AGENT NOTICES 
  

			
	 Name:
	  	Barclays Bank PLC
		
	 Address:
	  	 745 Seventh Avenue, 4th Floor

New York, New York 10019

		
	 Telephone:
	  	(212) 412-3266
		
	 Telecopy:
	  	(212) 412-6846

  
 Annex B-1

 SELLER NOTICES 

 

			
	 Name:
	  	Stonegate Mortgage Corporation
		
	 Address:
	  	 9190 Priority Way West Drive, Suite 300
 Indianapolis, IN 46240

		
	 Telephone:
	  	(317) 663-5101
		
	 E-mail:
	  	jcutillo@stonegatemtg.com

  

			
		
	 Name:
	  	Thomas M. Maxwell
		
	 Address:
	  	 Barnes & Thornburg LLP

11 S. Meridian Street
 Indianapolis, IN
46204

		
	 Telephone:
	  	(317) 231-7796
		
	 E-mail:
	  	tmaxwell@btlaw.com

  
 Annex B-2

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00221-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00221-of-00352.parquet"}]]