Document:

pfsi_EX_10107

		
			Exhibit 10.107
		

		
			EXECUTION
		

		
			AMENDMENT NO. 1
TO MASTER REPURCHASE AGREEMENT
		

		
			Amendment No. 1 to Master Repurchase Agreement, dated as of May 3, 2017 (this “Amendment”), by and between PennyMac Loan Services, LLC. (the “Seller”) and Royal Bank of Canada (the “Buyer”).
		

		
			RECITALS
		

		
			Buyer and Seller are parties to that certain (a) Master Repurchase Agreement, dated as of September 19, 2016 (as amended, restated, supplemented or otherwise modified from time to time, the “Existing Repurchase Agreement”; and as further amended by this Amendment, the “Repurchase Agreement”) and (b) the related Pricing Side Letter, dated as of September 19, 2016 (as amended, restated, supplemented or otherwise modified from time to time, the “Pricing Side Letter”).  
		

		
			Buyer and Seller have agreed, subject to the terms and conditions of this Amendment, that the Existing Repurchase Agreement be amended to reflect certain agreed upon revisions to the terms of the Existing Repurchase Agreement.
		

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

		
			Section 1.    Definitions.  The Existing Repurchase Agreement is hereby amended by adding the following definitions in their proper alphabetical order:
		

		
			“USDA Loan” has the meaning set forth in the Pricing Side Letter.
		

		
			“USDA Loan Guaranty Agreement” means the obligation of the United States to pay a specific percentage of a Mortgage Loan (subject to a maximum amount) upon default of the Mortgagor.
		

		
			Section 2.    Representations and Warranties with Respect to Purchased Mortgage Loans.  Schedule 1 to the Existing Repurchase Agreement is hereby amended by deleting subsection (nnn) in its entirety and replacing it with the following:
		

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

		
			
		

		
			

		 

 

		

		
			Section 3.    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:
		

		
			3.1    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 a duly authorized officer of each of the Buyer and the Seller; 
		

		
			(b)    Amendment No. 1 to the Pricing Side Letter, executed and delivered by a duly authorized officer of each of the Buyer and the Seller; and 
		

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

		
			Section 4.   Representations and Warranties.    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 11 of the Master Repurchase Agreement.
		

		
			Section 5.    Limited Effect.  Except as expressly amended and modified by this Amendment, the Existing Repurchase Agreement shall continue to be, and shall remain, in full force and effect in accordance with its terms.  
		

		
			Section 6.    Counterparts.  This Amendment may be executed in any number of counterparts, all of which taken together constitutes one and the same instrument, and each party hereto may execute this Amendment by signing any such counterpart.  Delivery of an executed counterpart of a signature page of this Amendment in Portable Document Format (PDF) or by facsimile shall be effective as delivery of a manually executed original counterpart of this Amendment.
		

		
			Section 7.    Severability.  Each provision and agreement herein will be treated as separate and independent from any other provision or agreement herein and will be enforceable notwithstanding the unenforceability of any such other provision or agreement.
		

		
			Section 8.     GOVERNING LAW.  THIS AMENDMENT IS GOVERNED BY THE INTERNAL LAWS OF THE STATE OF NEW YORK.
		

		
			[SIGNATURE PAGES FOLLOWS]
		

		
			 
		

		
			 
		

		
			 
		

		
			

		 

		

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			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.
		

			
					
						 

					
					
						ROYAL BANK OF CANADA, as Buyer

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						/s/ Johnathan King

				
	
					
						 

					
					
						 

					
					
						Name:   Johnathan King

				
	
					
						 

					
					
						 

					
					
						Title:     Managing Director

				

		
			 
		

		
			
		

		

		 

		

			Signature Page to Amendment No. 1 to Master Repurchase Agreement

		

 

	
					
						

					
						 

					
					
						PennyMac Loan Services, LLC,  

				
	
					
						 

					
					
						as Seller

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						/s/ Pamela Marsh

				
	
					
						 

					
					
						 

					
					
						Name:   Pamela Marsh

				
	
					
						 

					
					
						 

					
					
						Title:     Managing Director, Treasurer

				

		
			 
		

		 

		

			Signature Page to Amendment No. 1 to Master Repurchase Agreementpfsi_EX_1020

		
			Exhibit 10.20
		

		
			AMENDMENT NO. 1
		

		
			AMENDED AND RESTATED
		

		
			MORTGAGE BANKING SERVICES AGREEMENT
		

		
			Amendment No. 1 to Amended and Restated Mortgage Banking Services Agreement, dated as of May 25, 2017 (the “Amendment”), by and between PennyMac Loan Services, LLC, a Delaware limited liability company (the “Service Provider”), and PennyMac Corp.,  a Delaware corporation (the “Company”).
		

		
			RECITALS
		

		
			WHEREAS, the Service Provider and the Company are parties to that certain Amended and Restated Mortgage Banking Services Agreement, dated as of September 12, 2016 (the “Existing MBS Agreement” and, as amended by this Amendment, the “MBS Agreement”). Capitalized terms used but not otherwise defined herein shall have the meanings given to them in the Existing MBS Agreement.
		

		
			WHEREAS, the Service Provider and the Company have agreed, subject to the terms and conditions of this Amendment, that the Existing MBS Agreement be amended to reflect certain agreed upon revisions to the terms of the Existing MBS Agreement.
		

		
			NOW, THEREFORE, in consideration of the mutual premises and mutual obligations set forth herein, the Service Provider and the Company hereby agree that the Existing MBS Agreement is hereby amended as follows:
		

		
			SECTION 1.    Amendment. Section 4.05(a) of the Existing MBS Agreement is hereby amended by deleting it in its entirety and replacing it with the following language:
		

		
			(a)     The Service Provider shall indemnify the Company, its directors, officers, employees and agents and hold them harmless against any and all claims, losses, damages, penalties, fines, forfeitures, reasonable legal fees and related costs, judgments, and any other costs, fees and expenses that any of them may sustain by reason of the Service Provider’s (i) willful misfeasance, bad faith or gross negligence in the performance of its duties under this Agreement, (ii) reckless disregard of its obligations or duties under this Agreement, (iii) breach of its representations or warranties under this Agreement, (iv) gross negligence in the performance of its duties under any agreement with a Correspondent pursuant to which it performs underwriting services relating to a Mortgage Loan purchased by the Company and where such Mortgage Loan is subject to a repurchase or indemnity claim from one of the Company’s investors as a result of such gross negligence, or (v) exercise of its rights under Section 3.04 or use of the “net funding” mechanism provided under Section 3.07 of this Agreement, in either case without regard to any action, inaction or fault of any kind on the part of the Service Provider or the Company. For the purposes of this Section 4.05, the term “gross negligence” shall include any ordinary negligence to the extent systemic in nature or otherwise occurring on a regular basis.
		

		
			

		 

		

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

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

		
			(a)      this Amendment, executed and delivered by duly authorized officers of the Service Provider and the Company; and
		

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

		
			SECTION 3.    Representations and Warranties. Each party represents that it is in compliance in all material respects with all the terms and provisions set forth in the Existing MBS Agreement on its part to be observed or performed.
		

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

		
			SECTION 5.  GOVERNING LAW. THIS AMENDMENT SHALL BE CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS. 
		

		
			SECTION 6.    Counterparts. This Amendment may be executed in one or more counterparts and by different parties hereto on separate counterparts, each of which, when so executed, shall constitute one and the same agreement.
		

		
			SECTION 7.    Conflicts. The parties hereto agree that in the event there is any conflict between the terms of this Amendment, and the terms of the Existing MBS Agreement, the provisions of this Amendment shall control.
		

		
			[SIGNATURE PAGE FOLLOWS]
		

		
			
		

		
			

		 

		

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			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.
		

			
					
						The Service Provider:

					
					
						PENNYMAC LOAN SERVICES, LLC

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						/s/ Douglas Jones

				
	
					
						 

					
					
						 

					
					
						Name:   Douglas Jones

				
	
					
						 

					
					
						 

					
					
						Title:     President

				

		
			 
		

			
					
						The Company:

					
					
						PENNYMAC CORP.

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						/s/ Andrew S. Chang

				
	
					
						 

					
					
						 

					
					
						Name:   Andrew S. Chang

				
	
					
						 

					
					
						 

					
					
						Title:     Senior Managing Director and
              Chief Financial Officer

				

		
			 
		

		 

		

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