Document:

Exhibit 10.3(a)

 

AMENDMENT NO. 6
 TO PRICING SIDE LETTER

 

Amendment No. 6, dated as of September 18, 2013 (this “Amendment”), among CREDIT SUISSE FIRST BOSTON MORTGAGE CAPITAL LLC (the “Buyer”), EXCEL MORTGAGE SERVICING, INC. (the “Seller”), INTEGRATED REAL ESTATE SERVICE CORP. and IMPAC MORTGAGE HOLDINGS, INC. (the “Guarantors”).

 

RECITALS

 

The Buyer, the Seller and the Guarantors are parties to that certain Master Repurchase Agreement, dated as of September 21, 2012 and the related Pricing Side Letter, dated as of September 21, 2012, as amended by Amendment No. 1, dated as of November 19, 2012, Amendment No. 2, dated as of February 21, 2013, Amendment No. 3, dated as of May 2, 2013, Amendment No. 4 dated as of June 7, 2013 and Amendment No. 5 dated as of September 17, 2013 (the “Existing Pricing Side Letter”; and as further amended by this Amendment, the “Pricing Side Letter”).  The Guarantors are parties to that certain Guaranty (the “Guaranty”), dated as of September 21, 2012, as the same may be further amended from time to time.  Capitalized terms used but not otherwise defined herein shall have the meanings given to them in the Existing Pricing Side Letter.

 

The Buyer, the Seller and the Guarantors have agreed, subject to the terms and conditions of this Amendment, that the Existing Pricing Side Letter be amended to reflect certain agreed upon revisions to the terms of the Existing Pricing Side Letter.  As a condition precedent to amending the Existing Pricing Side Letter, the Buyer has required the Guarantors to ratify and affirm the Guaranty on the date hereof.

 

Accordingly, the Buyer, the Seller and the Guarantors hereby agree, in consideration of the mutual promises and mutual obligations set forth herein, that the Existing Pricing Side Letter is hereby amended as follows:

 

SECTION 1.                            Amendments to the Existing Pricing Side Letter.

 

1.1                               Definitions.  Section 1 of the Existing Pricing Side Letter is hereby amended by:

 

(a)                                 Deleting the definition of “Non-Utilization Fee” and replacing it with the following:

 

“Non-Utilization Fee” means, for each calendar quarter, an amount equal to the product of (a) 1.00% per annum calculated on a 360 day year and (b) the excess of, if any (i) 50% of Maximum Combined Aggregate Purchase Price over (ii) the sum of (x) the average daily Purchase Price of the Purchased Mortgage Loans hereunder plus (y) the average daily Repledge Seller Facility Aggregate Purchase Price, in each case, during such calendar quarter.

 

 

(b)                                 Deleting the definition of “Pricing Rate” and replacing it with the following:

 

“Pricing Rate” means (a) CSCOF plus the applicable percentage listed opposite the type of Mortgage Loan as set forth below:

 

	
Type of
   Mortgage Loan
    	
 
    	
Percentage for
   Mortgage Loans
   other than Wet-
   Ink Mortgage
   Loans or Aged
   Loans
    	
 
    	
Percentage for
   Wet-Ink
   Mortgage
   Loans(increases
   calculated based
   upon original
   Pricing Rate)
    	
 
    	
Percentage for
   Aged Loans
   (increases
   calculated based
   upon original
   Pricing Rate)
    	
 
    
	
Conforming Mortgage Loan   (other than Conforming High LTV Loans)
    	
 
    	
3.50%
    	
 
    	
increased by an additional 0.25%
    	
 
    	
increased by an additional 0.25%
    	
 
    
	
FHA Loan and VA Loan
    	
 
    	
3.50%
    	
 
    	
increased by an additional 0.25%
    	
 
    	
increased by an additional 0.25%
    	
 
    
	
USDA Loan
    	
 
    	
3.50%
    	
 
    	
increased by an additional 0.25%
    	
 
    	
increased by an additional 0.25%
    	
 
    
	
FHA 203(k) Loans
    	
 
    	
3.50%
    	
 
    	
increased by an additional 0.25%
    	
 
    	
increased by an additional 0.25%
    	
 
    
	
Jumbo Mortgage Loans
    	
 
    	
3.50%
    	
 
    	
increased by an additional 0.25%
    	
 
    	
increased by an additional 0.25%
    	
 
    
	
Conforming High LTV Loans
    	
 
    	
3.75%
    	
 
    	
increased by an additional 0.25%
    	
 
    	
increased by an additional 0.25%
    	
 
    
	
VA High LTV Loans
    	
 
    	
3.75%
    	
 
    	
increased by an additional 0.25%
    	
 
    	
increased by an additional 0.25%
    	
 
    

 

(c)                                  Deleting the definition of “Purchase Price Percentage” and replacing it with the following:

 

“Purchase Price Percentage” means, (a) the applicable percentage listed opposite the type of Mortgage Loan as set forth below:

 

2

 

	
Type of
   Mortgage Loan
    	
 
    	
Percentage for
   Mortgage Loans
   other than Aged
   Loans
    	
 
    	
Percentage for
   Aged Loans
   (reductions
   calculated based
   upon original
   Purchase Price
   Percentage)
    	
 
    
	
Conforming Mortgage Loan   (other than Conforming High LTV Loans)
    	
 
    	
95%
    	
 
    	
reduced by an additional 5%
    	
 
    
	
FHA Loan and VA Loan
    	
 
    	
95%
    	
 
    	
reduced by an additional 5%
    	
 
    
	
USDA Loan
    	
 
    	
95%
    	
 
    	
reduced by an additional 5%
    	
 
    
	
FHA 203(k) Loans
    	
 
    	
95%
    	
 
    	
reduced by an additional 5%
    	
 
    
	
Jumbo Mortgage Loans
    	
 
    	
95%
    	
 
    	
reduced by an additional 5%
    	
 
    
	
Wet-Ink Mortgage Loans
    	
 
    	
Percentage based on type of Mortgage Loan
    	
 
    	
n/a
    	
 
    
	
Conforming High LTV Loans
    	
 
    	
95%
    	
 
    	
reduced by an additional 5%
    	
 
    
	
VA High LTV Loans
    	
 
    	
95%
    	
 
    	
reduced by an additional 5%
    	
 
    

 

(d)                                 Deleting the definition of “Termination Date” and replacing it with the following:

 

“Termination Date” means the earlier of (a) September 17, 2014, and (b) the date determined by Buyer (or otherwise deemed to occur) in accordance with the provisions of Section 16 of the Agreement.

 

(e)                                  Adding the following definitions in their proper alphabetical order:

 

“Combined Purchased Mortgage Loans” means, collectively, the “Purchased Mortgage Loans” under the Agreement and the Repledge Seller Purchased Mortgage Loans.

 

“Combined Purchase Price Concentration” means with respect to any type of Mortgage Loan (as such type is identified in the schedule set forth in clause (x) of the definition of Asset Value), the sum of (a) the outstanding Purchase Price of a particular type of Purchased Mortgage Loans under the Agreement, and (b) the outstanding 

 

3

 

Purchase Price of the same type of “Purchased Mortgage Loans” as defined in, and under, the Repledge Seller Facility.

 

“Maximum Available Purchase Price” means the excess, if any, of (i) the Maximum Combined Aggregate Purchase Price over (ii) the Repledge Seller Facility Aggregate Purchase Price.

 

“Maximum Combined Aggregate Purchase Price” means ONE HUNDRED MILLION DOLLARS ($100,000,000).

 

“Repledge Seller Facility” means that certain Master Repurchase Agreement (Repledge Facility), dated as of September 18, 2013, among Seller, Guarantors and Buyer, as amended, restated, supplemented or otherwise modified from time to time.

 

“Repledge Seller Facility Aggregate Purchase Price” means as of any date of determination, the aggregate “Purchase Price” of “Purchased Mortgage Loans” subject to outstanding “Transactions”, all as defined in, and calculated under the Repledge Seller Facility.

 

“Repledge Seller Purchased Mortgage Loans” means the “Purchased Mortgage Loans” under the Repledge Seller Facility.

 

(f)                                   Deleting clause (viii) of the definition of “Asset Value” in its entirety and replacing it with the following:

 

(viii)                        when the Purchase Price for such Purchased Mortgage Loan is added to other Combined Purchased Mortgage Loans, the aggregate Purchase Price of all Combined Purchased Mortgage Loans of any type of Mortgage Loan set forth below exceeds the applicable percentage listed opposite such type of Mortgage Loan as set forth below:

 

	
Type of Mortgage
   Loan
    	
 
    	
Percentage of the Maximum
   Combined Aggregate Purchase
   Price (unless otherwise noted)
    	
 
    
	
Conforming Mortgage Loans
    	
 
    	
100%
    	
 
    
	
FHA Loans and VA Loans
    	
 
    	
100%
    	
 
    
	
Jumbo Mortgage Loans
    	
 
    	
100%
    	
 
    
	
FHA 203(k) Loans
    	
 
    	
10%
    	
 
    
	
Aged Loans
    	
 
    	
10%
    	
 
    
	
Wet-Ink Mortgage Loans
    	
 
    	
30%
    	
 
    
	
Conforming High LTV Loans   (Conforming Tier 1 
    	
 
    	
25%
    	
 
    

 

4

 

	
High LTV Loans, Conforming   Tier 2 High LTV Loans and Conforming Tier 3 High LTV Loans, combined)
    	
 
    	
 
    	
 
    
	
USDA Loans
    	
 
    	
5%
    	
 
    
	
Conforming Tier 2 High LTV   Loans
    	
 
    	
2.5%
    	
 
    
	
Conforming Tier 3 High LTV   Loans
    	
 
    	
2.5%
    	
 
    
	
VA High LTV Loans
    	
 
    	
2.5%
    	
 
    

 

SECTION 2.                            Conditions Precedent.  This Amendment shall become effective as of the date hereof (the “Amendment Effective Date”), subject to the satisfaction of the following conditions precedent:

 

2.1                               Delivered Documents.  On the Amendment Effective Date, the Buyer shall have received the following documents, each of which shall be satisfactory to the Buyer in form and substance:

 

(a)                                 this Amendment, executed and delivered by the Guarantors, the Buyer and the Seller; and

 

(b)                                 such other documents as the Buyer or counsel to the Buyer may reasonably request.

 

SECTION 3.                            Representations and Warranties.  The Seller hereby represents and warrants to the Buyer that it is in compliance with all the terms and provisions set forth in the Master Repurchase Agreement on its part to be observed or performed, and that no Event of Default has occurred or is continuing, and hereby confirms and reaffirms the representations and warranties contained in Section 13 of the Master Repurchase Agreement.

 

SECTION 4.                            Limited Effect.  Except as expressly amended and modified by this Amendment, the Existing Pricing Side Letter shall continue to be, and shall remain, in full force and effect in accordance with its terms and the execution of this Amendment.

 

SECTION 5.                            Severability. Each provision and agreement herein shall be treated as separate and independent from any other provision or agreement herein and shall be enforceable notwithstanding the unenforceability of any such other provision or agreement.

 

SECTION 6.                            Counterparts.  This Amendment may be executed by each of the parties hereto on any number of separate counterparts, each of which shall be an original and all of which taken together shall constitute one and the same instrument.

 

5

 

SECTION 7.                            GOVERNING LAW.  THIS AMENDMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK WITHOUT REFERENCE TO THE CHOICE OF LAW PROVISIONS THEREOF.

 

SECTION 8.                            Reaffirmation of Guaranty.  The Guarantors hereby ratify and affirm all of the terms, covenants, conditions and obligations of the Guaranty and acknowledge and agree that the term “Obligations” as used in the Guaranty shall apply to all of the Obligations of Seller to Buyer under the Pricing Side Letter, as amended hereby.

 

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK.]

 

6

 

IN WITNESS WHEREOF, the parties have caused their names to be signed hereto by their respective officers thereunto duly authorized as of the day and year first above written.

 

 

	
 
    	
Credit   Suisse First Boston Mortgage Capital LLC, as Buyer
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:   
    	
/s/   Adam Loskove
    
	
 
    	
Name:   
    	
Adam   Loskove
    
	
 
    	
Title:   
    	
Vice   President
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
Excel   Mortgage Servicing, Inc., as Seller
    
	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:   
    	
/s/   Todd R. Taylor
    
	
 
    	
Name:   
    	
Todd   R. Taylor
    
	
 
    	
Title:
    	
EVP/CFO
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
Impac   Mortgage Holdings, Inc., as a Guarantor
    
	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:   
    	
/s/   William Ashmore
    
	
 
    	
Name:   
    	
William   Ashmore
    
	
 
    	
Title:   
    	
President
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
Integrated   Real Estate Service Corp., as a Guarantor
    
	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:   
    	
/s/   Todd R. Taylor
    
	
 
    	
Name:   
    	
Todd   R. Taylor
    
	
 
    	
Title:   
    	
EVP/CFO
    

 

Signature Page to Amendment No. 6 to Pricing Side LetterExhibit 10.4

 

September 26, 2013

 

	
Excel Mortgage Servicing, Inc.
    	
AmeriHome Mortgage Corporation
    
	
19500 Jamboree Road
    	
19500 Jamboree Road
    
	
Irvine, CA 92162
    	
Irvine, CA 92162
    
	
 
    	
 
    
	
Integrated Real Estate Service Corporation
    	
 
    
	
19500 Jamboree Road
    	
 
    
	
Irvine, CA 92162
    	
 
    

 

Re:  Seventh Amendment to Master Repurchase Agreement and Pricing Letter (“Seventh Amendment”).

 

This Seventh Amendment is made this 26th day of September, 2013 (the “Amendment Effective Date”), to that certain Master Repurchase Agreement, dated August 31, 2011, as amended (the “Repurchase Agreement”) and the Pricing Letter, dated August 31, 2011, as amended (the “Pricing Letter”), in each case by and among Excel Mortgage Servicing, Inc. and AmeriHome Mortgage Corporation (each a “Seller” and, collectively, “Sellers”), and EverBank (“Buyer”).  The Repurchase Agreement, the Pricing Letter and all amendments are sometimes hereinafter collectively referred to as the “Agreement.”

 

WHEREAS, Sellers and Integrated Real Estate Service Corporation (“Guarantor”) requested that Buyer amend the Agreement; and

 

WHEREAS, Sellers, Guarantor and Buyer have agreed to amend the Agreement as set forth herein.

 

NOW THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto hereby agree to amend the Agreement as follows:

 

SECTION 1.                            Amendments.

 

(a)                                 The following definition contained in Section 1 of the Pricing Letter is hereby amended and restated in its entirety as follows:

 

“Maximum Purchase Amount” shall mean $50,000,000.

 

(b)                                 The following Certain Financial Condition Covenant contained in Section 3 of the Pricing Letter is hereby amended and restated in its entirety as follows:

 

(v)                                 Maintenance of Profitability. Excel shall not permit, for any trailing twelve (12) month basis calculated on a quarterly basis, its Net Income for such fiscal quarter to be less than $1.00.

 

 

SECTION 2.                            Defined Terms.  Any terms capitalized but not otherwise defined herein should have the respective meanings set forth in the Agreement.

 

SECTION 3.                            Limited Effect.  Except as amended hereby, the Agreement shall continue in full force and effect in accordance with its terms.  Reference to this Seventh Amendment need not be made in the Agreement or any other instrument or document executed in connection therewith, or in any certificate, letter or communication issued or made pursuant to, or with respect to, the Agreement, any reference in any of such items to the Agreement being sufficient to refer to the Agreement as amended hereby.

 

SECTION 4.                            Representations.  In order to induce Buyer to execute and deliver this Seventh Amendment, each Seller hereby represents to Buyer that as of the date hereof, except as otherwise expressly waived by Buyer in writing, such Seller is in full compliance with all of the terms and conditions of the Agreement including without limitation, all of the representations and warranties and all of the affirmative and negative covenants, and no Default or Event of Default has occurred and is continuing under the Agreement.

 

SECTION 5.                            Governing Law. This Seventh Amendment and any claim, controversy or dispute arising under or related to or in connection with this Seventh Amendment, the relationship of the parties, and/or the interpretation and enforcement of the rights and duties of the parties will be governed by the laws of the State of New York without regard to any conflicts of law principles other than Sections 5-1401 and 5-1402 of the New York General Obligations Law which shall govern.

 

SECTION 6.                            Counterparts.  This Seventh Amendment may be executed in two (2) or more counterparts, each of which shall be deemed an original but all of which together shall constitute but one and the same agreement.  This Seventh Amendment, to the extent signed and delivered by facsimile or other electronic means, shall be treated in all manner and respects as an original agreement and shall be considered to have the same binding legal effect as if it were the original signed version thereof delivered in person.  No signatory to this Seventh Amendment shall raise the use of a facsimile machine or other electronic means to deliver a signature or the fact that any signature or agreement was transmitted or communicated through the use of a facsimile machine or other electronic means as a defense to the formation or enforceability of a contract and each such Person forever waives any such defense.

 

SECTION 7.                            Guarantor.  Guarantor acknowledges and agrees that nothing contained herein, and Guarantor’s signature hereon, shall not be deemed an acknowledgement, a course of conduct, a waiver or an amendment of the provisions of the Facility Guaranty, which continue in full force and effect and do not require any Guarantor’s consent to the actions taken hereunder.

 

[Signature Page Follows]

 

 

IN WITNESS WHEREOF, Sellers, Guarantor and Buyer have caused this Seventh Amendment to be executed and delivered as of the Amendment Effective Date.

 

	
EXCEL MORTGAGE SERVICING,
    	
 
    	
EVERBANK,   as Buyer
    
	
INC., as a Seller
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
By:
    	
/s/   Todd R. Taylor
    	
 
    	
By:
    	
/s/   Paul Chmielinski
    
	
Its:
    	
Todd   R. Taylor
    	
 
    	
Its:
    	
Paul   Chmielinski
    
	
Title:
    	
EVP/CFO
    	
 
    	
Title:
    	
V.P.
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
AMERIHOME MORTGAGE
    	
 
    	
INTEGRATED   REAL ESTATE
    
	
CORPORATION, as a Seller
    	
 
    	
SERVICE   CORPORATION, as Guarantor
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
By:
    	
/s/ Todd R. Taylor
    	
 
    	
By:
    	
/s/ Todd R. Taylor
    
	
Its:
    	
Todd R. Taylor
    	
 
    	
Its:
    	
Todd R. Taylor
    
	
Title:
    	
EVP/CFO
    	
 
    	
Title:
    	
EVP/CFO
    

 

 

EXHIBIT A

 

COMPLIANCE CERTIFICATE

 

[PLEASE REVIEW CAREFULLY]

 

	
SELLER:
    	
EXCEL   MORTGAGE SERVICING INC.
   AMERIHOME MORTGAGE CORPORATION
    
	
GUARANTORS:
    	
INTEGRATED   REAL ESTATE SERVICE CORPORATION
    
	
BUYER:
    	
EVERBANK
    
	
TODAY’S   DATE:
    	
        /        /201  
    
	
REPORTING   PERIOD ENDED:
    	
         month(s) ended           /        /20  
    

 

This certificate is delivered to Buyer under the Master Repurchase Agreement dated as of August 31, 2011, between Seller and Buyer (as amended from time to time, the “Agreement”), all the defined terms of which have the same meanings when used herein.

 

I hereby certify that: (a) I am, and at all times mentioned herein have been, the duly elected, qualified, and acting officer of Seller designated below; (b) to the best of my knowledge, the Financial Statements of Seller from the period shown about (the “Reporting Period”) and which accompany this certificate were prepared in accordance with GAAP and present fairly the financial condition of the Financial Reporting Party as of the end of the Reporting Period and the results of its operations for Reporting Period; (c) a review of the Agreement and of the activities of Seller during the Reporting Period has been made under my supervision with a view to determining Seller’s compliance with the covenants, requirements, terms, and conditions of the Agreement, and such review has not disclosed the existence during or at the end of the Reporting Period (and I have no knowledge of the existence as of the date hereof) of any Default or Event of Default, except as disclosed herein (which specifies the nature of existence of each Default or Event of  Default, if any, and what action Seller has taken, is taking, and proposes to take with respect to each); (d) all information set forth on the attachment to this Compliance Certificate is true, correct, and complete, and the calculations set forth therein evidence that Seller is in compliance with the requirements of the Agreement at the end of the Reporting Period (or if Seller is not in compliance, showing the extent of non-compliance and specifying the period of non-compliance and what actions Seller proposes to take with respect thereto); and (e) Seller was, as of the end of the Reporting Period, in compliance and good standing with applicable Fannie Mae, Ginnie Mae, Freddie Mac, and HUD net worth requirements.

 

 

	
 
    	
By:
    	
 
    
	
 
    	
 
    	
Name:
    
	
 
    	
 
    	
Title:
    

 

 

	
SELLER:
    	
EXCEL   MORTGAGE SERVICING INC.
   AMERIHOME MORTGAGE CORPORATION
    
	
REPORTING   PERIOD ENDED:
    	
        /        /20   
    

 

All financial calculations set forth herein are as of the end of the Reporting Period.

 

1.              ADJUSTED TANGIBLE NET WORTH

 

	
The   Adjusted Tangible Net Worth of Seller is:
    	
 
    
	
GAAP   Net Worth:
    	
$
    
	
Minus:   Intangible Assets (excluding capitalized Servicing Rights)
    	
$
    
	
Minus:   Due from Shareholders or Related Parties
    	
$
    
	
Minus:   Capitalized Servicing Rights
    	
$
    
	
Minus:   Assets pledged to secure liabilities not included in Indebtedness:
    	
$
    
	
Minus:   Any other HUD non-acceptable assets:
    	
$
    
	
Minus:   Investments in Affiliates:
    	
$
    
	
Plus:   Lesser of (a) most recent MSR Appraised Value, and (b) capitalized   Servicing Rights (per above):
    	
$
    
	
Plus:   Subordinated Debt:
    	
$
    
	
ADJUSTED TANGIBLE NET WORTH:
    	
$
    
	
SELLER REQUIRED MINIMUM
    	
$17,000,000
    
	
GUARANTOR REQUIRED MINIMUM
    	
$17,000,000
    
	
In compliance?
    	
o Yes
    	
o No
    

 

2.              INDEBTEDNESS OF SELLER

 

	
 
    	
 
    	
 
    
	
INDEBTEDNESS:
    	
$
    

 

3.              LEVERAGE: ADJUSTED INDEBTEDNESS TO ADJUSTED TANGIBLE NET WORTH

 

	
 
    	
 
    	
 
    
	
Indebtedness   (from 2, above)
    	
$
    
	
Minus:   Subordinated Debt (from 1, above)
    	
$
    
	
ADJUSTED INDEBTEDNESS
    	
$
    

 

 

	
Adjusted   Tangible Net Worth (from 1, above)
    	
$
    
	
RATIO OF ADJUSTED INDEBTEDNESS /ADJUSTED TANGIBLE NET   WORTH:
    	
:1
    
	
Maximum permitted
    	
15:1
    
	
In compliance?
    	
o  Yes 
    	
o No
    

 

4.              OPERATING CASH FLOW TO DEBT SERVICE

 

	
EBITDA (trailing six months)
    	
$
    
	
Plus: any non-cash expenses (trailing six months)
    	
$
    
	
Less: any non-cash income (trailing six months)
    	
$
    
	
OPERATING CASH FLOW (trailing six months)
    	
$
    
	
Debt   Service (trailing six months)
    	
$
    
	
RATIO OF OCF TO DS (trailing six months)
    	
:1
    
	
Minimum required for trailing six months   (through Termination Date)
    	
1.00:1.00
    
	
In compliance?
    	
o  Yes 
    	
o No
    

 

5.              LIQUIDITY

 

	
Cash
    	
$
    
	
Less:   Restricted Cash
    	
$
    
	
Plus:   Cash Equivalents
    	
$
    
	
LIQUIDITY
    	
$
    
	
Minimum required
    	
$ 7,000,000
    
	
In compliance?
    	
o Yes 
    	
o No
    

 

6.              PROFITABILITY RATIO

 

	
Net   Income (prior three (3) fiscal quarters)
    	
$
    
	
Net   Income (fiscal quarter just ended)
    	
$
    
	
Total   Net Income (prior four (4) fiscal quarters)
    	
$
    
	
Minimum required (trailing 12 months   calculated quarterly)
    	
$1.00 or more
    
	
In compliance?
    	
o Yes
    	
o No
    

 

 

7.              FACILITIES (Please list all credit facilities including off balance sheet facilities)

 

	
Institution
    	
 
    	
Total Commitment
    	
 
    	
Outstanding
    	
 
    
	
EverBank Warehouse Lending
    	
 
    	
$
    	
 
    	
 
    	
$
    	
 
    	
 
    
	
 
    	
 
    	
$
    	
 
    	
 
    	
$
    	
 
    	
 
    
	
 
    	
 
    	
$
    	
 
    	
 
    	
$
    	
 
    	
 
    
	
 
    	
 
    	
$
    	
 
    	
 
    	
$
    	
 
    	
 
    
	
 
    	
 
    	
$
    	
 
    	
 
    	
$
    	
 
    	
 
    
	
 
    	
 
    	
$
    	
 
    	
 
    	
$
    	
 
    	
 
    
	
 
    	
 
    	
$
    	
 
    	
 
    	
$
    	
 
    	
 
    
	
 
    	
 
    	
$
    	
 
    	
 
    	
$
    	
 
    	
 
    
	
TOTALS
    	
 
    	
$
    	
 
    	
 
    	
$
    	
 
    	
 
    

 

8.             REPURCHASES / INDEMNIFICATIONS (R&I)

 

	
Repurchases
    	
 
    	
UPB
    	
 
    	
# of Loans
    	
 
    	
Actual or
   Estimated
   Loss
    	
 
    	
How were
   they
   recorded
   on the
   financials?
    	
 
    
	
Beginning Open R&I’s
    	
 
    	
$
    	
 
    	
 
    	
 
    	
 
    	
$
    	
 
    	
 
    	
 
    	
 
    
	
New R&I’s received this month
    	
 
    	
$
    	
 
    	
 
    	
 
    	
 
    	
$
    	
 
    	
 
    	
 
    	
 
    
	
R&I’s rescinded this month
    	
 
    	
$
    	
 
    	
 
    	
 
    	
 
    	
$
    	
 
    	
 
    	
n/a
    	
 
    
	
R&I’s settled this month
    	
 
    	
$
    	
 
    	
 
    	
 
    	
 
    	
$
    	
 
    	
 
    	
 
    	
 
    
	
Ending Open R&I’s
    	
 
    	
$
    	
 
    	
 
    	
 
    	
 
    	
$
    	
 
    	
 
    	
 
    	
 
    

 

*                 If you have a detailed schedule of loans subject to repurchases that includes the investor requesting, reason for repurchases, origination date, loan characteristics such as LTV, lien position, occupancy etc., and valuation method if you have estimated your loss exposure, please attach it with this table.

 

 

9.              LOAN LOSS RESERVE

 

	
 
    	
 
    	
Current Month
    	
 
    	
Year-to-Date
    	
 
    
	
Beginning loan loss reserve
    	
 
    	
$
    	
 
    	
 
    	
$
    	
 
    	
 
    
	
Additional loss provision
    	
 
    	
$
    	
 
    	
 
    	
$
    	
 
    	
 
    
	
Actual charge off
    	
 
    	
$
    	
 
    	
 
    	
$
    	
 
    	
 
    
	
Ending Loan Loss Reserve
    	
 
    	
$
    	
 
    	
 
    	
$
    	
 
    	
 
    

 

10.       LITIGATION

 

	
 
    	
 
    	
Current Month
    	
 
    	
Year-to-Date
    	
 
    
	
Pending litigations (Unit)
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
Expected losses on litigation
    	
 
    	
$
    	
 
    	
 
    	
$
    	
 
    	
 
    
								

 

11.       THIRD PARTY REPORTS

 

All reports received from third parties (such as the SEC, Fannie Mae, Ginnie Mae, Freddie Mac) subsequent to the last reporting period are attached hereto. These reports include the following (if none, write “None”):  [              ]

 

12.       DEFAULTS OR EVENTS OF DEFAULT

 

Disclose nature and period of existence and action being taken in connection therewith; if none, write “None”:  [              ]

 

13.       OTHER REPORTS REQUIRED (Please attach if applicable)

 

a.                                      Indemnification & Repurchase Report for the prior year and current YTD.

 

b.                                      Hedge Reports (including: position summary report, MBS & whole loan trade detail, loan level detail report with weighted average take out price).

 

c.                                       Summary of year-to-date production, broken out by product type.

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00223-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00223-of-00352.parquet"}]]