Document:

EX-10.6

 Exhibit 10.6 

Execution Version 

ACKNOWLEDGMENT AGREEMENT 

WITH RESPECT TO SERVICING ADVANCE RECEIVABLES 

THIS ACKNOWLEDGMENT AGREEMENT WITH RESPECT TO SERVICING ADVANCE RECEIVABLES (this “Agreement”), made and entered into as of this 19th day of
December, 2014, by and among by and among GREEN TREE SERVICING LLC, a Delaware limited liability company with its principal offices at 345 St. Peter Street, St. Paul, MN 55102 (the “Servicer”), GREEN TREE ADVANCE RECEIVABLES III
LLC, a Delaware limited liability company with its principal offices at 345 St. Peter Street, St. Paul, MN 55102 (the “Depositor”), GREEN TREE AGENCY ADVANCE FUNDING TRUST I, a Delaware statutory trust, with its principal offices
for purposes of the matters contemplated hereby at c/o Green Tree Servicing LLC, 345 St. Peter Street, St. Paul, MN 55102 (the “Issuer”), WELLS FARGO BANK, N.A., not in its individual capacity but solely as indenture trustee at the
direction and on behalf of the Issuer, with its principal offices at 9062 Old Annapolis Road, Columbia, MD 21045-1951, Attention: Corporate Trust Services, Green Tree Agency Advance Funding Trust I (in its capacity as Indenture Trustee under the
Indenture described below and not in its individual capacity, the “Indenture Trustee”, and together with the Servicer, the Depositor and the Issuer, the “Transaction Parties”) and FANNIE MAE, a corporation organized
and existing under the laws of the United States of America, with an office at 3900 Wisconsin Avenue, N.W., Washington, DC 20016. 

WITNESSETH 
  

	A.	 The Servicer, as seller, the Depositor, as purchaser, and Walter Investment Management Corp. have entered into a Receivables Sale Agreement, dated as
of January 16, 2014 (as amended, restated, supplemented or otherwise modified from time to time, the “Receivables Sale Agreement”) and the Depositor, as seller, and the Issuer, as purchaser, have entered into a Receivables
Pooling Agreement dated as of January 16, 2014 (as amended, restated, supplemented or otherwise modified from time to time, the “Receivables Pooling Agreement” and together with the Receivables Sale Agreement, the
“Receivables Purchase Agreements”), whereby, from time to time, the Servicer shall sell and/or contribute to the Depositor and the Depositor shall sell and/or contribute to the Issuer all of the Servicer’s present and future
rights, as expressly set forth in, and subject to the limitations of, the Fannie Mae Lender Contract (as hereinafter defined) to reimbursement for (i) Delinquency Advances and Servicing Advances (as each such term is defined in the Fannie Mae
Servicing Guide, as such Guide is amended from time to time (the “Servicing Guide”) and (ii) advances made by the Servicer under the Servicing Guide (a) to repurchase a special servicing option delinquent MBS mortgage loan
from an MBS pool or (b) to liquidate an REO property from an MBS pool, which property was acquired as a result of a foreclosure, preforeclosure or third-party sale, deed-in-lieu, or assignment of a special servicing option mortgage loan
formerly in such MBS pool ((a) and (b), collectively, the “Delinquent MBS Mortgage Repurchase Advances”) (the Delinquency Advances, the Servicing Advances and the Delinquent MBS Mortgage Repurchase Advances, collectively, the
“Servicing Advance Receivables”), with respect to certain mortgage loans owned or held in whole or in part 

	 	
by Fannie Mae, serviced for Fannie Mae by the Servicer under the Fannie Mae Lender Contract and identified by Seller/Servicer Number and by MBS Pool Number on Exhibit A attached to and
made a part of this Agreement, and to such additional mortgage loans made a part of this Agreement pursuant to Section 16 hereof. The advances that constitute the Servicing Advance Receivables are sometimes commonly referred to collectively as
“P&I Delinquency Advances”, “T&I Escrow Advances” and “Corporate Servicing Advances”. 

  

	B.	The Issuer, the Indenture Trustee and certain other parties have entered into an Indenture, dated as of January 16, 2014 (as amended, restated, supplemented or otherwise modified from time to time, the
“Indenture”), pursuant to which, among other things, the Issuer granted to the Indenture Trustee, on behalf of the Secured Parties, as defined in and as specified in the Indenture, a security interest in, among other things, the
Servicing Advance Receivables (the “Security Interest”). Capitalized terms used herein without definition shall have the respective meanings attributed to them in the Receivables Purchase Agreements and the Indenture. (The
Receivables Purchase Agreements, the Indenture, the related note purchase agreement, the related indenture supplements, the related trust agreement, the related administration agreement, the related pricing side letters and the Notes issued pursuant
to the Indenture and such indenture supplements are collectively referred to in this Agreement as the “Transaction Documents”.) 

  

	C.	The Transaction Parties have requested that Fannie Mae consent, and Fannie Mae is willing to consent, subject to the terms, provisions, and conditions of this Agreement, to the Servicer’s sale/and or contribution
of the Servicing Advance Receivables to the Depositor and the Depositor’s sale and/or contribution of the Servicing Advance Receivables to the Issuer, in each case, pursuant to the terms and provisions of the Receivables Purchase Agreements,
and the Issuer’s grant of the Security Interest to the Indenture Trustee on behalf of the Secured Parties under the Indenture. 

  

	D.	Fannie Mae has requested the Transaction Parties, and each of the Transaction Parties has agreed, to acknowledge and reaffirm the rights of Fannie Mae pursuant to the Fannie Mae Lender Contract, and to be bound by the
terms, provisions, and conditions of this Agreement. 

 NOW THEREFORE, in accordance with the Fannie Mae Lender Contract, and for good and
valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Transaction Parties hereby acknowledge, and all parties hereto agree to, the following: 

 

	1.	Recitals Incorporated; Consent to the Sale and/or Contribution of the Servicing Advance Receivables and Grant of Security Interest. The foregoing recitals are incorporated as a part of this Agreement and
are accepted and agreed to by all parties as though fully set forth in the body of this Agreement. 

 Fannie Mae hereby
consents, subject to the terms, provisions and conditions of this Agreement, to (a) the Servicer’s sale and/or contribution of the Servicing Advance Receivables to the Depositor pursuant to the terms and provisions of the Receivables Sale
Agreement, (b) the Depositor’s sale and/or contribution of the Servicing Advance Receivables to the Issuer, pursuant to the terms and provisions of the Receivables Pooling Agreement, and (c) the Issuer’s grant of the Security
Interest to the Indenture Trustee on behalf of the Secured Parties under the Indenture (each, a “Transaction” and collectively, the “Transactions”). 

  
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 Fannie Mae hereby acknowledges that its Consent (as hereinafter defined), subject to the terms,
provisions and conditions of this Agreement, will remain effective until the earliest of (i) the payment in full of all outstanding Purchased Servicing Advance Receivables (as hereinafter defined) subject to reimbursement by Fannie Mae to
the Servicer pursuant to the Fannie Mae Lender Contract and this Agreement, (ii) payment in full of all outstanding obligations under the Transaction Documents, including all amounts owed under the Notes issued pursuant to the Indenture and
termination of the commitment to further fund such Servicing Advance Receivables under the Transaction Documents, and (iii) the provision by the Indenture Trustee, on behalf of the Secured Parties, of a notice to the other parties hereto to the
effect that the transactions contemplated by the Transaction Documents have been terminated. As used in this Agreement, a “Purchased Servicing Advance Receivable” is a Servicing Advance Receivable with respect to which all of the
following events have occurred pursuant to the Transaction Documents: (i) the Servicer has sold and/or contributed the Servicing Advance Receivable to the Depositor; (ii) the Depositor has sold and/or contributed the Servicing Advance
Receivable to the Issuer; and (iii) the Issuer has granted a Security Interest in the Servicing Advance Receivable to the Indenture Trustee on behalf of the Secured Parties under the Indenture. 

Fannie Mae’s reimbursement of any Purchased Servicing Advance Receivable prior to the liquidation of the related mortgage loan is subject
to reconciliation by Fannie Mae or its designee. The Servicer hereby agrees to reimburse Fannie Mae for the reasonable fees and out-of-pocket expenses of any accountant, auditor, or professional advisor retained by Fannie Mae to perform such
reconciliation. 
  

	2.	Waiver of Right of Set Off. Notwithstanding anything to the contrary in the Fannie Mae Lender Contract or any other agreement between the Servicer and Fannie Mae, Fannie Mae agrees that Fannie Mae will not
set off or net any claims it might have against the Servicer, or payments due from the Servicer, from reimbursements Fannie Mae owes to the Servicer pursuant to the Fannie Mae Lender Contract on account of the Purchased Servicing Advance
Receivables. 

  

	3.	Subordination of Sale and/or Contribution of Servicing Advance Receivables and Security Interest. Subject to Section 2, each of the Transaction Parties acknowledges that the sale and/or contribution
of the Servicing Advance Receivables and the grant of the Security Interest as they are described in this Agreement and the Transaction Documents are subject to and subordinate in all respects to all rights, powers, and prerogatives of Fannie Mae
under and in connection with: (i) this Agreement, and (ii) the Mortgage Selling and Servicing Contract, the Fannie Mae Selling Guide, as such Guide is amended from time to time (the “Selling Guide”), the Servicing Guide
and any supplemental servicing instructions or directives provided by Fannie Mae, all applicable master agreements (including applicable MBS pool purchase contracts and variances), recourse agreements, repurchase agreements, indemnification
agreements, loss-sharing agreements, and any other agreements between Fannie Mae and the Servicer, and all as amended, modified, restated or supplemented from time to time (collectively, the “Fannie Mae Lender Contract”), which
rights, powers, and prerogatives include, without limitation, the right of Fannie Mae to terminate the Fannie Mae Lender Contract with or without cause. 

Each of the Indenture Trustee, the Depositor and the Issuer also acknowledges that it has no claim or entitlement as a secured creditor against
Fannie Mae, and Fannie Mae has no 

  
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duty or obligation to the Indenture Trustee, the Depositor or the Issuer, except as otherwise expressly provided in this Agreement. In the event of any conflict or inconsistency between the terms
and provisions of this Agreement and those of the Transaction Documents, the terms and provisions of this Agreement shall prevail. 
  

	4.	Financing Statements. In recognition of the foregoing, each of the Servicer, the Depositor and the Issuer agrees to insert the following language in any financing statement filed in connection with the
Transaction Documents: 

 The sale and/or contribution of the Servicing Advance Receivables and the Security Interest described
in this financing statement are subject and subordinate to all rights, powers, and prerogatives of Fannie Mae under and in connection with (i) the terms and conditions of that certain Acknowledgment Agreement With Respect to Servicing Advance
Receivables, by and among Fannie Mae, Green Tree Servicing LLC (the “Debtor”), Green Tree Advance Receivables III LLC (the “Depositor”), Green Tree Agency Advance Funding Trust I (the “Trust”), and
Wells Fargo Bank, N.A. (the “Indenture Trustee”), and (ii) the Mortgage Selling and Servicing Contract, the Fannie Mae Selling Guide, the Fannie Mae Servicing Guide and any supplemental servicing instructions or directives
provided by Fannie Mae, all applicable master agreements (including applicable MBS pool purchase contracts and variances), recourse agreements, repurchase agreements, indemnification agreements, loss-sharing agreements, and any other agreements
between Fannie Mae and the Debtor, and all as amended, modified, restated or supplemented from time to time (collectively, the “Fannie Mae Lender Contract”), which rights, powers, and prerogatives include, without limitation, the
right of Fannie Mae to terminate the Fannie Mae Lender Contract with or without cause. 
  

	5.	Payment to the Servicer. During the term of this Agreement, all payments, if any, made by Fannie Mae relating to the Servicing Advance Receivables will be paid directly to the deposit account
designated by the Servicer. The Servicer agrees that it shall designate the deposit account described in Exhibit B hereto (the “Deposit Account”) as the account to which Fannie Mae should wire all payments, if any, made by
Fannie Mae relating to the Servicing Advance Receivables. Fannie Mae may also make payments due to the Servicer, which payments do not relate to Servicing Advance Receivables, through the Deposit Account. Each Transaction Party will be deemed, by
virtue of its execution of this Agreement, to have specifically and irrevocably consented to any such payment to the Deposit Account, and Fannie Mae shall have no further obligation or responsibility to confirm with any Transaction Party any such
payment or where or how the funds are distributed after they are deposited in the Deposit Account. 

  

	6.	Fannie Mae’s Right to Withdraw Its Consent. 

  

	 	(a)	Events Enabling Fannie Mae to Withdraw Consent. Fannie Mae shall have the right to withdraw its consent to the Transactions and its waiver of its right of set off (collectively, Fannie Mae’s
“Consent”) : 

  

	 	(i)	if Fannie Mae exercises its right to suspend or terminate the Servicer’s eligibility to service mortgage loans for Fannie Mae (each, a “Servicer Suspension/Termination Event”); 

  
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	 	(ii)	if the Servicer voluntarily resigns as a Fannie Mae servicer (a “Servicer Resignation Event”); 

  

	 	(iii)	if the Servicer transfers the servicing of some, but not all, of the mortgage loans that the Servicer is servicing for Fannie Mae under the Fannie Mae Lender Contract using the Fannie Mae Seller/Servicer Numbers
specified on Exhibit A (a “Partial Transfer of Servicing Event”) but such withdrawal of Consent shall apply only to the mortgage loans that are subject to the transfer; 

 

	 	(iv)	on each yearly anniversary of the date of this Agreement (each, an “Anniversary Event”); 

  

	 	(v)	if a Financial Trigger Event (as hereinafter defined) occurs; or 

  

	 	(vi)	if the Servicer fails to maintain Collateral at the Required Collateral Level or to Transfer Eligible Collateral to the Custodian in the amounts and within the time frames specified in the Pledge and Security Agreement
(the “Pledge Agreement”), dated December 19, 2014, between the Servicer, as grantor, and Fannie Mae, as secured party, as amended, modified, or supplemented from time to time (each, a “Collateral Termination
Event”). 

  

	 	(b)	Actions Fannie Mae May Take Upon the Occurrence of a Servicer Suspension/Termination Event and Related Matters. 

  

	 	(i)	Fannie Mae may, at its option, exercise its right to withdraw its Consent upon the occurrence of a Servicer Suspension/Termination Event by giving written notice to the Servicer, the Depositor, the Issuer, and the
Indenture Trustee of the occurrence of such Servicer Suspension/Termination Event in accordance with Section 8 of this Agreement. 

  

	 	(ii)	If Fannie Mae exercises its option to withdraw its Consent upon the occurrence of a Servicer Suspension/Termination Event: 

  

	 	(A)	Such withdrawal of Fannie Mae’s Consent shall apply to any Servicing Advance Receivable with respect to which the Servicer has made or will make a Delinquent MBS Mortgage Repurchase Advance, a Delinquency Advance
or a Servicing Advance after the effective date of such Servicer Suspension/Termination Event; provided, that the Security Interest shall remain in full force and effect and Fannie Mae shall continue to be obligated to reimburse the Servicer
pursuant to the Fannie Mae Lender Contract and this Agreement on account of any Purchased Servicing Advance Receivables as to which the Servicer has made or will make a Delinquent MBS Mortgage Repurchase Advance, a Delinquency Advance or a Servicing
Advance in accordance with the Fannie Mae Lender Contract on or before the effective date of such Servicer Suspension/Termination Event. 

  

	 	(B)	 After the effective date of such Servicer Suspension/Termination Event, the Servicer shall not sell and/or contribute to the Depositor any Servicing
Advance Receivables with respect to which the Servicer has made or will make a Delinquent MBS Mortgage Repurchase Advance, a Delinquency Advance or a Servicing Advance, the Depositor shall not sell and/or

  
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contribute any such Servicing Advance Receivables to the Issuer, and the Issuer shall not grant a Security Interest with respect to such Servicing Advance Receivables to the Indenture Trustee on
behalf of the Secured Parties under the Indenture. 

  

	 	(C)	Except with respect to the reimbursements by Fannie Mae to the Servicer described in Section 6(b)(ii)(A), above, related to any Purchased Servicing Advance Receivables as to which the Servicer has made a Delinquent
MBS Mortgage Repurchase Advance, a Delinquency Advance or a Servicing Advance in accordance with the Fannie Mae Lender Contract on or before the effective date of such Servicer Suspension/Termination Event, after the effective date of such Servicer
Suspension/Termination Event and the applicable Final Payment Date (defined below), Fannie Mae’s agreement in Section 2 to not set off or net any claims it might have against the Servicer, or payments due from the Servicer, from
reimbursements Fannie Mae owes to the Servicer pursuant to the Fannie Mae Lender Contract on account of Purchased Servicing Advance Receivables with respect to which the Servicer has made or will make a Delinquent MBS Mortgage Repurchase Advance, a
Delinquency Advance or a Servicing Advance after the effective date of such Servicer Suspension/Termination Event in accordance with the Fannie Mae Lender Contract shall become null and void and of no further force and effect. 

The “Final Payment Date” is the date on which Fannie Mae makes its final payment into the Deposit Account for the Purchased
Servicing Advance Receivables as to which Fannie Mae is obligated to reimburse the Servicer pursuant to the Fannie Mae Lender Contract and this Agreement. 
  

	 	(iii)	If a Servicer Suspension/Termination Event occurs and pursuant to this Section 6(b) Fannie Mae exercises its right to withdraw its Consent, it is expected that the Servicer will continue to process Loan Activity
Reports (as defined in the Servicing Guide) and/or requests for expense reimbursement relating to Purchased Servicing Advance Receivables in accordance with the Servicing Guide, or that the Indenture Trustee (or its designee, which may be the
Administrative Agent, as defined in the Indenture) will attempt to arrange with any third-party successor servicer to process such Loan Activity Reports and/or requests for expense reimbursement relating to Purchased Servicing Advance Receivables
made before the Servicer Suspension/Termination Event. Fannie Mae will permit the Servicer or the Indenture Trustee (or its designee), as applicable, to submit to Fannie Mae Loan Activity Reports and/or requests for expense reimbursement relating to
any Purchased Servicing Advance Receivables as to which the Servicer has made a Delinquent MBS Mortgage Repurchase Advance, a Delinquency Advance or a Servicing Advance in accordance with the Fannie Mae Lender Contract on or before the effective
date of such Servicer Suspension/Termination Event. 

 Fannie Mae shall cease making payments to the Deposit Account following
a Servicer Suspension/Termination Event described in this Section. In order to have Fannie Mae process claims for reimbursement following the Servicer Suspension/Termination Event, the Indenture Trustee (or its designee, which may be the
Administrative Agent) shall provide to Fannie Mae (A) a summary 

  
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report detailing the outstanding advance balances by Fannie Mae loan number, broken out by P&I Delinquency Advances, T&I Escrow Advances and Corporate Servicing Advances (as such terms
are described in Recital A of this Agreement) and (B) wiring instructions identifying where Fannie Mae is to make payments related to Purchased Servicing Advance Receivables following the Servicer Suspension/Termination Event (the “New
Wire Instructions”). The information described in the preceding sentence shall be sent to Fannie Mae at the notice addresses identified in Section 8, with copies to (x) Customer Account Risk Management at
tracy_l_glascoe@fanniemae.com and (y) Special Assets Advance Solution at advance_facilities_data@fanniemae.com. Following Fannie Mae’s receipt of the information described in the second sentence of this paragraph and its
reconciliation of the information contained in the summary report and processing of the New Wire Instructions, Fannie Mae shall make payments related to Purchased Servicing Advance Receivables pursuant to the New Wire Instructions. The Servicer
acknowledges and agrees that, following the occurrence of a Servicer Suspension/Termination Event and Fannie Mae’s receipt of the New Wire Instructions, Fannie Mae shall be authorized to, and shall, make payments related to Purchased Servicing
Advance Receivables pursuant to the New Wire Instructions. 
 The Indenture Trustee (or its designee) will work diligently to submit Loan
Activity Reports and/or requests for expense reimbursement pursuant to this Section 6(b)(iii) in accordance with the requirements of the Servicing Guide. If, despite its diligence, the Indenture Trustee (or its designee) is unable to obtain and
submit the required supporting detail to Fannie Mae within 90 days following the Servicer Suspension/Termination Event, then upon the written request of the Indenture Trustee (or its designee), accompanied by an explanation in reasonable detail of
the difficulties the Indenture Trustee (or its designee) is encountering, Fannie Mae will discuss with the Indenture Trustee (or its designee) and reasonably consider possible resolutions of such difficulties. The Indenture Trustee (or its designee)
and Fannie Mae will work together to arrive at a plan for the submission of supporting detail and reimbursement of the Purchased Servicing Advance Receivables that is reasonably acceptable to Fannie Mae, as quickly as reasonably practicable. 

It is understood that in the absence of a mutually acceptable plan arrived at as quickly as reasonably practicable, the requirements of the
Servicing Guide shall continue to govern the submission and reimbursement of the Purchased Servicing Advance Receivables. 
 If an
Insolvency Event (defined below) with respect to the Servicer occurs following the occurrence of a Servicer Suspension/Termination Event, Fannie Mae’s obligations to pay such reimbursements shall be subject to the requirements of the bankruptcy
or other court having jurisdiction over the insolvency proceeding. 
 For the purpose of this Section 6(b) and Section 6(c) of
this Agreement, an “Insolvency Event” shall have the same meaning as set forth in the Indenture in effect as of the day of this Agreement and not as such definition may be amended, restated, supplemented, or otherwise modified from time to
time without, in each such case, Fannie Mae’s prior written consent. 

  
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	 	(iv)	Fannie Mae shall have no obligation to the Indenture Trustee or any of the other Transaction Parties relating to any successor servicer’s payment or remittance of the Purchased Servicing Advance Receivables made
after the effective date of such Servicer Suspension/Termination Event to the Indenture Trustee or such other Transaction Parties. 

  

	 	(c)	Actions Fannie Mae May Take Upon the Occurrence of a Servicer Resignation Event or a Partial Transfer of Servicing Event and Related Matters. 

 

	 	(i)	Fannie Mae may, at its option, exercise its right to withdraw its Consent upon the occurrence of a Servicer Resignation Event or a Partial Transfer of Servicing Event (in which case, the Consent shall be withdrawn
solely with respect to the mortgage loans subject to the partial transfer) by giving written notice to the Servicer, the Depositor, the Issuer, and the Indenture Trustee in accordance with Section 8 of this Agreement. 

 

	 	(ii)	If Fannie Mae exercises its option to withdraw its Consent: 

  

	 	(A)	Such withdrawal of Fannie Mae’s Consent shall apply to any Servicing Advance Receivable with respect to which the Servicer has made or will make a Delinquent MBS Mortgage Repurchase Advance, a Delinquency Advance
or a Servicing Advance after the effective date of the Servicer Resignation Event or the Partial Transfer of Servicing Event, as applicable; provided, the Security Interest shall remain in full force and effect and Fannie Mae shall continue to be
obligated to reimburse the Servicer pursuant to the Fannie Mae Lender Contract and this Agreement on account of any Purchased Servicing Advance Receivables as to which the Servicer has made or will make a Delinquent MBS Mortgage Repurchase Advance,
a Delinquency Advance or a Servicing Advance in accordance with the Fannie Mae Lender Contract on or before the effective date of the Servicer Resignation Event or the Partial Transfer of Servicing Event, as applicable. 

 

	 	(B)	After the effective date of such Servicer Resignation Event or Partial Transfer of Servicing Event, as applicable, the Servicer shall not sell and/or contribute to the Depositor any Servicing Advance Receivables with
respect to which the Servicer has made or will make a Delinquent MBS Mortgage Repurchase Advance, a Delinquency Advance or a Servicing Advance, the Depositor shall not sell and/or contribute any such Servicing Advance Receivables to the Issuer, and
the Issuer shall not grant a Security Interest with respect to such Servicing Advance Receivables to the Indenture Trustee on behalf of the Secured Parties under the Indenture. 

 

	 	(C)	 Except with respect to the reimbursements by Fannie Mae to the Servicer described in Section 6(c)(ii)(A), above, related to any Purchased
Servicing Advance Receivables as to which the Servicer has made a Delinquent MBS Mortgage Repurchase Advance, a Delinquency Advance or a Servicing Advance in accordance with the Fannie Mae Lender Contract on or before the effective date of such
Servicer Resignation Event or Partial Transfer of 

  
 8 

	 	
Servicing Event, as applicable, and the applicable Final Payment Date, Fannie Mae’s agreement in Section 2 to not set off or net any claims it might have against the Servicer, or
payments due from the Servicer, from reimbursements Fannie Mae owes to the Servicer pursuant to the Fannie Mae Lender Contract on account of Purchased Servicing Advance Receivables with respect to which the Servicer has made or will make a
Delinquent MBS Mortgage Repurchase Advance, a Delinquency Advance or a Servicing Advance after the effective date of such Servicer Resignation Event or Partial Transfer of Servicing Event in accordance with the Fannie Mae Lender Contract shall
become null and void and of no further force and effect. 

  

	 	(iii)	Fannie Mae shall have no obligation to the Indenture Trustee or any of the other Transaction Parties relating to any successor servicer’s payment or remittance of the Purchased Servicing Advance Receivables made
after the effective date of such Servicer Resignation Event or Partial Transfer of Servicing Event to the Indenture Trustee or such other Transaction Parties. 

  

	 	(iv)	If a Servicer Resignation Event occurs and pursuant to this Section 6(c) Fannie Mae exercises its right to withdraw its Consent, it is expected that the Servicer will continue to process Loan Activity Reports (as
defined in the Servicing Guide) and/or requests for expense reimbursement relating to Purchased Servicing Advance Receivables in accordance with the Servicing Guide, or that the Indenture Trustee (or its designee, which may be the Administrative
Agent, as defined in the Indenture) will attempt to arrange with any third-party successor servicer to process such Loan Activity Reports and/or requests for expense reimbursement relating to Purchased Servicing Advance Receivables made before the
Servicer Resignation Event. Fannie Mae will permit the Servicer or the Indenture Trustee (or its designee), as applicable, to submit to Fannie Mae Loan Activity Reports and/or requests for expense reimbursement relating to any Purchased Servicing
Advance Receivables as to which the Servicer has made a Delinquent MBS Mortgage Repurchase Advance, a Delinquency Advance or a Servicing Advance in accordance with the Fannie Mae Lender Contract on or before the effective date of such Servicer
Resignation Event. 

 Fannie Mae shall cease making payments to the Deposit Account following a Servicer Resignation Event
described in this Section. In order to have Fannie Mae process claims for reimbursement following the Servicer Resignation Event, the Indenture Trustee (or its designee, which may be the Administrative Agent) shall provide to Fannie Mae (A) a
summary report detailing the outstanding advance balances by Fannie Mae loan number, broken out by P&I Delinquency Advances, T&I Escrow Advances and Corporate Servicing Advances (as such terms are described in Recital A of this Agreement)
and (B) wiring instructions identifying where Fannie Mae is to make payments related to Purchased Servicing Advance Receivables following the Servicer Resignation Event (the “New Wire Instructions”). The information described in the
preceding sentence shall be sent to Fannie Mae at the notice addresses identified in Section 8, with copies to (x) Customer Account Risk Management at tracy_l_glascoe@fanniemae.com and (y) Special Assets Advance Solution at
advance_facilities_data@fanniemae.com. Following Fannie Mae’s receipt of 

  
 9 

 
the information described in the second sentence of this paragraph and its reconciliation of the information contained in the summary report and processing of the New Wire Instructions, Fannie
Mae shall make payments related to Purchased Servicing Advance Receivables pursuant to the New Wire Instructions. The Servicer acknowledges and agrees that, following the occurrence of a Servicer Resignation Event and Fannie Mae’s receipt of
the New Wire Instructions, Fannie Mae shall be authorized to, and shall, make payments related to Purchased Servicing Advance Receivables pursuant to the New Wire Instructions. 

The Indenture Trustee (or its designee) will work diligently to submit Loan Activity Reports and/or requests for expense reimbursement
pursuant to this Section 6(c)(iv) in accordance with the requirements of the Servicing Guide. If, despite its diligence, the Indenture Trustee (or its designee) is unable to obtain and submit the required supporting detail to Fannie Mae within
90 days following the Servicer Resignation Event, then upon the written request of the Indenture Trustee (or its designee), accompanied by an explanation in reasonable detail of the difficulties the Indenture Trustee (or its designee) is
encountering, Fannie Mae will discuss with the Indenture Trustee (or its designee) and reasonably consider possible resolutions of such difficulties. The Indenture Trustee (or its designee) and Fannie Mae will work together to arrive at a plan for
the submission of supporting detail and reimbursement of the Purchased Servicing Advance Receivables that is reasonably acceptable to Fannie Mae, as quickly as reasonably practicable. 

It is understood that in the absence of a mutually acceptable plan arrived at as quickly as reasonably practicable, the requirements of the
Servicing Guide shall continue to govern the submission and reimbursement of the Purchased Servicing Advance Receivables. 
 If an
Insolvency Event with respect to the Servicer occurs following the occurrence of a Servicer Resignation Event, Fannie Mae’s obligations to pay such reimbursements shall be subject to the requirements of the bankruptcy or other court having
jurisdiction over the insolvency proceeding. 
  

	 	(v)	In the case of a Partial Transfer of Servicing Event, such Consent shall not be withdrawn, the Security Interest shall remain in full force and effect, and Fannie Mae shall continue to be obligated to reimburse the
Servicer pursuant to the Fannie Mae Lender Contract and this Agreement on account of Purchased Servicing Advance Receivables with respect to mortgage loans as to which servicing rights have not been transferred. 

 

	 	(d)	Actions Fannie Mae May Take Upon the Occurrence of an Anniversary Event and Related Matters. 

  

	 	(i)	Fannie Mae may, at its option, exercise its right to withdraw its Consent upon the occurrence of an Anniversary Event by giving written notice to the Servicer, the Depositor, the Issuer, and the Indenture Trustee in
accordance with Section 8 of this Agreement on or before the thirtieth day before an Anniversary Event occurs. 

  
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	 	(ii)	If Fannie Mae exercises its option to withdraw its Consent: 

  

	 	(A)	Such withdrawal of Fannie Mae’s Consent shall apply to any Servicing Advance Receivable with respect to which the Servicer has made or will make a Delinquent MBS Mortgage Repurchase Advance, a Delinquency Advance
or a Servicing Advance after the Anniversary Event Cut Off Date (defined below); provided that the Security Interest shall remain in full force and effect and Fannie Mae shall continue to be obligated to reimburse the Servicer pursuant to the Fannie
Mae Lender Contract and this Agreement on account of any Purchased Servicing Advance Receivable as to which the Servicer has made or will make a Delinquent MBS Mortgage Repurchase Advance, a Delinquency Advance or a Servicing Advance in accordance
with the Fannie Mae Lender Contract on or before the last day of the third calendar month following the calendar month in which the applicable anniversary date occurs (the “Anniversary Event Cut Off Date”). 

 

	 	(B)	After the Anniversary Event Cut Off Date, the Servicer shall not sell and/or contribute to the Depositor any Servicing Advance Receivables with respect to which the Servicer has made or will make a Delinquent MBS
Mortgage Repurchase Advance, a Delinquency Advance or a Servicing Advance, the Depositor shall not sell and/or contribute any such Servicing Advance Receivables to the Issuer, and the Issuer shall not grant a Security Interest with respect to such
Servicing Advance Receivables to the Indenture Trustee on behalf of the Secured Parties under the Indenture. 

  

	 	(C)	Except with respect to the reimbursements by Fannie Mae to the Servicer described in Section 6(d)(ii)(A), above, related to any Purchased Servicing Advance Receivables as to which the Servicer has made a Delinquent
MBS Mortgage Repurchase Advance, a Delinquency Advance or a Servicing Advance in accordance with the Fannie Mae Lender Contract on or before the Anniversary Event Cut Off Date, after the Anniversary Event Cut Off Date and the applicable Final
Payment Date, Fannie Mae’s agreement in Section 2 to not set off or net any claims it might have against the Servicer, or payments due from the Servicer, from reimbursements Fannie Mae owes to the Servicer pursuant to the Fannie Mae Lender
Contract on account of Purchased Servicing Advance Receivables with respect to which the Servicer has made or will make a Delinquent MBS Mortgage Repurchase Advance, a Delinquency Advance or a Servicing Advance after the Anniversary Event Cut Off
Date in accordance with the Fannie Mae Lender Contract shall become null and void and of no further force and effect. 

  

	 	(e)	Actions Fannie Mae May Take Upon the Occurrence of a Financial Trigger Event or a Collateral Termination Event and Related Matters. 

 

	 	(i)	Fannie Mae may, at its option, exercise its right to withdraw its Consent upon the occurrence of a Financial Trigger Event or a Collateral Termination Event (each, a “Termination Event”) by giving
written notice to the Servicer, the Depositor, the Issuer, and the Indenture Trustee in accordance with Section 8 of this Agreement. 

  
 11 

	 	(ii)	If Fannie Mae exercises its option to withdraw its Consent: 

  

	 	(A)	Such withdrawal of Fannie Mae’s Consent shall apply to any Servicing Advance Receivable with respect to which the Servicer has made or will make a Delinquent MBS Mortgage Repurchase Advance, a Delinquency Advance
or a Servicing Advance after the Termination Event Cut Off Date (defined below); provided that the Security Interest shall remain in full force and effect and Fannie Mae shall continue to be obligated to reimburse the Servicer pursuant to the Fannie
Mae Lender Contract and this Agreement on account of any Purchased Servicing Advance Receivables as to which the Servicer has made or will make a Delinquent MBS Mortgage Repurchase Advance, a Delinquency Advance or a Servicing Advance in accordance
with the Fannie Mae Lender Contract on or before the effective date of the Termination Event (the “Termination Event Cut Off Date”). 

  

	 	(B)	After the Termination Event Cut Off Date, the Servicer shall not sell and/or contribute to the Depositor any Servicing Advance Receivables with respect to which the Servicer has made or will make a Delinquent MBS
Mortgage Repurchase Advance, a Delinquency Advance or a Servicing Advance, the Depositor shall not sell and/or contribute any such Servicing Advance Receivables to the Issuer, and the Issuer shall not grant a Security Interest with respect to such
Servicing Advance Receivables to the Indenture Trustee on behalf of the Secured Parties under the Indenture. 

  

	 	(C)	Except with respect to the reimbursements by Fannie Mae to the Servicer described in Section 6(e)(ii)(A), above, related to any Purchased Servicing Advance Receivables as to which the Servicer has made a Delinquent
MBS Mortgage Repurchase Advance, a Delinquency Advance or a Servicing Advance in accordance with the Fannie Mae Lender Contract on or before the Termination Event Cut Off Date, after the Termination Event Cut Off Date and the applicable Final
Payment Date, Fannie Mae’s agreement in Section 2 to not set off or net any claims it might have against the Servicer, or payments due from the Servicer, from reimbursements Fannie Mae owes to the Servicer pursuant to the Fannie Mae Lender
Contract on account of Purchased Servicing Advance Receivables with respect to which the Servicer has made or will make a Delinquent MBS Mortgage Repurchase Advance, a Delinquency Advance or a Servicing Advance after the Termination Event Cut Off
Date in accordance with the Fannie Mae Lender Contract shall become null and void and of no further force and effect. 

  

	 	(iii)	The occurrence of any of the following shall constitute a “Financial Trigger Event”: 

  

	 	(A)	the Servicer fails to maintain a Lender Adjusted Net Worth/Total Assets ratio (as defined in the Selling Guide) of at least 10%; 

  

	 	(B)	 the Servicer fails to meet all of Fannie Mae’s requirements relating to a lender’s minimum net worth, a decline in Lender’s Adjusted
Net Worth, minimum capital, liquidity, profitability, cross default, repurchase 

  
 12 

	 	
limitation, financial statements and reports, and required servicer rating described in Subpart A4-2-01 of the Selling Guide, as amended from time to time, including the requirement that a lender
has a financial condition satisfactory to Fannie Mae; or 

  

	 	(C)	a Material Adverse Change occurs with respect to the Servicer. A “Material Adverse Change” means the occurrence of an event that would cause a material and adverse change in the financial condition,
business, or operation of the Servicer and its parent or subsidiaries, taken as a whole, as a result of any event that disproportionately impacts the Servicer and its parent or subsidiaries relative to similarly-sized mortgage companies.

  

	 	(f)	Anniversary Event Winding Up Period. If, during an Anniversary Event Winding Up Period (as hereinafter defined), a Termination Event occurs, Fannie Mae shall have the option to exercise its rights and
remedies under this Agreement with respect to the occurrence of either the Termination Event or the Anniversary Event by giving written notice to the Servicer, the Depositor, the Issuer, and the Indenture Trustee in accordance with Section 8 of
this Agreement. The “Anniversary Event Winding Up Period” is the period commencing on the day Fannie Mae gives written notice of the occurrence of an Anniversary Event pursuant to Section 6(d)(i), of this Agreement and ending
on the Anniversary Event Cut Off Date. 

 If Fannie Mae elects to exercise its rights and remedies under this Agreement with
respect to the occurrence of the Termination Event, Section 6(e) of this Agreement shall apply with the same force and effect as if the Anniversary Event had not occurred. If Fannie Mae elects to continue to exercise its rights and remedies
under this Agreement with respect to the occurrence of the Anniversary Event, Section 6(d) of this Agreement shall continue to apply with the same force and effect as if the Termination Event had not occurred. 

 

	7.	Event of Default Under the Indenture. The Issuer hereby instructs the Indenture Trustee to, and the Indenture Trustee hereby accepts such instruction and agrees that it shall, upon receipt of written
notice of an Event of Default under the Indenture or any other Transaction Document, immediately provide Fannie Mae with notice of the occurrence of such Event of Default. 

 

	8.	Notices. Any notice or other communication to Fannie Mae pursuant to this Agreement shall be in writing and delivered by hand, electronic mail (with confirmation), overnight express or similar service
(fees prepaid), or first-class United States registered or certified mail with return receipt requested (postage prepaid), to Fannie Mae at the address (which may be changed by written notice) shown below. The Transaction Parties request that any
communication from Fannie Mae to any Transaction Party, as applicable, be given in the same manner, and under the same procedures, as provided above, with the Transaction Parties’ addresses for such purpose, and related information, being as
shown below. 

  

			
	FANNIE MAE:	  	Fannie Mae
		  	3900 Wisconsin Avenue, N.W.
		  	Washington, D.C. 20016
		  	Attention: Vice President of Single Family Credit Risk Management
		  	Email: carlos_t_perez@fanniemae.com

  
 13 

			
		
	With a copy to:	  	Fannie Mae
		  	14221 Dallas Parkway, Suite 1000
		  	Dallas, TX 75254
		  	Attention: Tara Malone, Vice President
		  	Email: tara_malone@fanniemae.com
		
	SERVICER:	  	Green Tree Servicing LLC
		  	345 St. Peter Street, Suite 1100
		  	St. Paul, MN 55102
		  	Attention: Cheryl Collins, SVP & Treasurer
		  	Telephone: 651-293-3410
		  	Email: cheryl.collins@gtservicing.com
		
	With a copy to:	  	Green Tree Servicing LLC
		  	345 St. Peter Street, Suite 1100
		  	St. Paul, MN 55102
		  	Attention: General Counsel
		
	DEPOSITOR:	  	Green Tree Advance Receivables III, LLC
		  	345 St. Peter Street, Suite 1100
		  	St. Paul, MN 55102
		  	Attention: Cheryl Collins, SVP & Treasurer
		  	Telephone: 651-293-3410
		  	Email: cheryl.collins@gtservicing.com
		
	ISSUER:	  	Green Tree Agency Advance Funding Trust I
		  	c/o Wilmington Trust, National Association, as Owner Trustee
		  	Rodney Square North, 1100 North Market Street
		  	Wilmington, DE 19890
		
	With a copy to:	  	Green Tree Servicing LLC
		  	345 St. Peter Street, Suite 1100
		  	St. Paul, MN 55102
		  	Telephone: 651-293-3410
		  	Email: cheryl.collins@gtservicing.com
		
		  	Green Tree Servicing LLC
		  	345 St. Peter Street, Suite 1100
		  	St. Paul, MN 55102
		  	Attention: General Counsel
		
	INDENTURE TRUSTEE:	  	Wells Fargo Bank, N.A.
		  	9062 Old Annapolis Road
		  	Columbia, MD 21045-1951
		  	Attention: Corporate Trust Services, Green Tree Agency Advance Funding Trust I
		  	Telephone: (410) 884-2000
		  	Email: TrustAdministrationGroup@wellsfargo.com

  
 14 

	9.	Reliance. Fannie Mae shall be fully protected in acting or relying upon, and shall have no duty or obligation to verify the truth, accuracy, authenticity, validity, or legal sufficiency of any written
notice, direction, request, waiver, consent, receipt, or other paper or document which Fannie Mae in good faith believes to be genuine and to have been signed or presented by the respective Transaction Party pursuant to its rights under the
Transaction Documents and this Agreement. 

  

	10.	[RESERVED] 

  

	11.	Indemnification by the Servicer. The Servicer shall indemnify and hold harmless Fannie Mae against any and all losses, claims, lawsuits, actions, liabilities, damages, judgments, costs, and expenses
arising or resulting from: (i) any present or future act or omission of Fannie Mae with respect to the Servicer, the Depositor or the Issuer in compliance with this Agreement or (ii) any past, present, or future act, error, breach or
omission of the Servicer, the Indenture Trustee or any other Transaction Party pursuant or with respect to this Agreement or the Transaction Documents. Notwithstanding the foregoing, the Servicer is not responsible for, and is not indemnifying and
holding Fannie Mae harmless against any liability, obligation, duty or responsibility of any kind whatsoever arising from the gross negligence or willful misconduct of Fannie Mae with respect to this Agreement. 

 

	12.	Representations and Warranties of the Servicer. The Servicer hereby warrants, represents, and confirms to Fannie Mae the following: 

 

	 	a)	The Security Interest is the only outstanding and existing interest that the Servicer has granted or caused to be granted to the Indenture Trustee, or any other party, in the Servicing Advance Receivables; and the
Transaction Documents are the sole outstanding and existing agreements or instruments containing any grant by the Servicer of any interest in the Servicing Advance Receivables. 

 

	 	b)	The execution and delivery of this Agreement will not violate any provision of law or regulation applicable to the Servicer, any order of any court or other agency of government or any agreement or other instrument to
which the Servicer is bound, or be in conflict with, result in a breach of, or constitute (with due notice or lapse of time or both) a default under any such agreement or other instrument. 

 

	 	c)	 The Servicer has duly executed and delivered the Transaction Documents to which it is a party and this Agreement. The grant of a Security Interest in
the Servicing Advance Receivables to the Indenture Trustee pursuant to the Transaction Documents, and the Servicer’s execution (and the delivery) of the Transaction Documents to which it is a party and this Agreement, has each been duly
authorized and: (i) specifically approved by the board of directors or the equivalent thereof (the “Board of Directors”) of the Servicer, and such approval is reflected in the minutes of the meetings of such Board of Directors
or pursuant to an appropriate consent or other instrument evidencing approval by the Board of Directors or (ii) approved by an officer of the Servicer who was duly authorized by the Board of Directors to enter into such types of transactions
and such authorization is reflected in the minutes of the Board of Directors’ meetings. This Agreement, together with the Transaction 

  
 15 

	 	
Documents and any amendments thereto made in accordance with Section 14 of this Agreement, and any UCC financing statements, constitute the written agreement (the “Written
Agreement”) governing the Servicer’s grant of a Security Interest in the Servicing Advance Receivables to the Indenture Trustee pursuant to the Transaction Documents and the matters agreed to in this Agreement, and the Servicer shall
continuously maintain all components of the Written Agreement as an official record of the Servicer (or any successor thereto). 

  

	 	d)	The Servicer has taken any and all action necessary to ensure the accuracy of the representations and warranties contained in this Section 12. 

 

	13.	Representations and Warranties of the Indenture Trustee. The Indenture Trustee hereby warrants, represents, and confirms to Fannie Mae the following: 

 

	 	a)	The execution and delivery of this Agreement will not violate any provision of law or regulation applicable to the Indenture Trustee, any order of any court or other agency of government or any agreement or other
instrument to which the Indenture Trustee is bound, or be in conflict with, result in a breach of, or constitute (with due notice or lapse of time or both) a default under any such agreement or other instrument, provided, that the
representations contained in this Section 13(a) are made for the sole purpose of preventing the Indenture Trustee from raising any such violation, breach, conflict, or default as a defense to the enforceability of this Agreement.

  

	 	b)	Wells Fargo Bank, N.A., not in its individual capacity but solely as Indenture Trustee, has, at the direction and instruction of the Issuer, duly executed and delivered the Transaction Documents and this Agreement. The
Indenture Trustee is duly organized, validly existing and in good standing as a national banking association under the laws of the United States with power and authority to conduct its business as such business is currently conducted. The Indenture
Trustee has the power and authority to execute and deliver this Agreement and to carry out its terms; and the execution, delivery and performance of this Agreement have been duly authorized by the Indenture Trustee by all necessary corporate action.

  

	14.	Amendments. The Transaction Documents may be amended without the consent of Fannie Mae in accordance with the terms and conditions of the Transaction Documents, provided that the Indenture Trustee and the
Servicer each hereby agree that each of the representations and warranties contained in Sections 12(b), 12(c), 13(a), and 13(b) of this Agreement shall be applicable to any such amendment. Notwithstanding the foregoing, without the prior written
consent of Fannie Mae, the Transaction Parties shall not make any amendment to the Transaction Documents which: 

 (a)
materially and adversely affects the Servicer’s ability to service (i) the mortgage loans identified by Seller/Servicer Number and by MBS Pool Number on Exhibit A attached and (ii) such additional mortgage loans as may be made
a part of this Agreement pursuant to Section 16 hereof, in each case as required by the Fannie Mae Servicing Guide, including, without limitation, the requirements relating to the Servicer’s making Delinquent MBS Mortgage Repurchase
Advances, Delinquency Advances and/or Servicing Advances; or 
 (b) results in Fannie Mae having to change its processes relating to the
reimbursement of Delinquent MBS Mortgage Repurchase Advances, Delinquency Advances and/or Servicing Advances. 

  
 16 

	15.	Secured Parties Under the Indenture. The Secured Parties under the Indenture, including holders of the Notes and participants in such Notes, shall benefit under the Transaction Documents and this Agreement
solely through the Indenture Trustee and any such Secured Parties shall not be third party beneficiaries of this Agreement. Fannie Mae shall have no direct liability to any such Secured Parties under the Indenture. The Indenture Trustee hereby
represents, warrants, and confirms to Fannie Mae that pursuant to the direction provided by the Issuer: (i) the Indenture Trustee has the authority to enter into this Agreement on behalf of such Secured Parties under the Indenture, including
holders of the Notes and participants in such Notes, (ii) this Agreement, the Transaction Documents, and any amendments thereto, shall be binding on such parties as if they were original signatories thereto and hereto, and (iii) the
Indenture Trustee shall have the authority and duty to act exclusively for such parties with respect to Fannie Mae. 

  

	16.	Identification of Mortgage Loans. This Agreement relates solely to the Servicing Advance Receivables relating to the mortgage loans identified on Exhibit A and additional mortgage loans may be added
to Exhibit A and become a part of this Agreement only upon the consent of Fannie Mae in its sole discretion. 

  

	17.	Fannie Mae’s Right to Perform Due Diligence Activities. Until the occurrence of the Final Payment Date: 

  

	 	a)	The Servicer shall make available or cause the Indenture Trustee to make available to Fannie Mae each Determination Date Administrator Report, each Interim Payment Date Report and Payment Date Report delivered pursuant
to Article III of the Indenture from and after the date hereof. The Servicer shall be responsible for any reasonable costs and expenses associated with providing Fannie Mae such reports. 

 

	 	b)	Fannie Mae shall also have the right from time to time to perform due diligence activities (“Due Diligence”) relating to the Purchased Servicing Advance Receivables during business hours upon reasonable
notice and request to the Servicer. Promptly upon Fannie Mae’s (or its agent’s) advance request, the Servicer is required to provide reasonable access during business hours to its systems, personnel, books and records whether stored in
tangible or electronic form. The Servicer shall bear all reasonable costs and expenses of Fannie Mae associated with such Due Diligence, including, without limitation, third-party vendor fees. 

 

	 	c)	The Servicer acknowledges and agrees that the Due Diligence may include Fannie Mae (or its agent) making inquiries to the Depositor, the Issuer, and/or the Indenture Trustee, and the Servicer hereby authorizes each of
the Depositor, the Issuer, and/or the Indenture Trustee to disclose from time to time to Fannie Mae such information that Fannie Mae may reasonably request. The Servicer shall give, execute, and deliver, or cause or permit to be given, executed, and
delivered, any instrument, document, agreement, letter of direction, consent, waiver, or other paper, as reasonably requested by Fannie Mae, that may be necessary or desirable in order to enable Fannie Mae to exercise and enforce its rights under
this Section 17. 

  
 17 

 This Section 17 shall survive the termination of this Agreement if and for so long as Fannie
Mae is obligated to reimburse the Indenture Trustee, on behalf of the Secured Parties, for any Purchased Servicing Advance Receivable subject to reimbursement by Fannie Mae pursuant to the Fannie Mae Lender Contract. 

 

	18.	Choice of Law. This Agreement shall be governed by and construed in accordance with the laws of the State of New York, without giving effect to any choice of law principles. (other than Section 5-1401
of the New York General Obligations Law). 

  

	19.	Counterparts. This Agreement may be executed in counterparts, each of which is fully effective as an original and all of which together constitute one and the same instrument. 

 

	20.	Owner Trustee and Indenture Trustee. 

  

	 	a)	It is expressly understood and agreed by the parties hereto that (a) this Agreement is executed and delivered by Wilmington Trust, National Association, not individually or personally, but solely as Owner Trustee
of the Issuer under the trust agreement for the Issuer, in the exercise of the powers and authority conferred and vested in it, (b) each of the representations, undertakings and agreements herein made on the part of the Issuer is made and
intended not as a personal representation, undertaking and agreement by Wilmington Trust, National Association but is made and intended for the purpose of binding only the Issuer, (c) nothing herein contained shall be construed as creating any
liability on Wilmington Trust, National Association individually or personally, to perform any covenant either expressed or implied contained herein, all such liability, if any, being expressly waived by the parties hereto and by any Person claiming
by, through or under the parties hereto and (d) under no circumstances shall Wilmington Trust, National Association be personally liable for the payment of any indebtedness or expenses of the Issuer or be liable for the breach or failure of any
obligation, representation, warranty or covenant made or undertaken by the Issuer hereunder. 

  

	 	b)	It is expressly understood and agreed by the parties hereto that (a) this Agreement is executed and delivered by Wells Fargo Bank, N.A., not individually or personally, but solely as Indenture Trustee of behalf of
and at the direction of the Issuer, (b) each of the Indenture Trustee’s representations, undertakings and agreements herein are made on behalf of the Secured Party (as defined in the Indenture) and are made and intended not as a personal
representation, undertaking or agreement by the Indenture Trustee, and (c) under no circumstances shall the Indenture Trustee be liable for the payment of any obligation or be liable (absent the Indenture Trustee’s willful misconduct,
fraud or gross negligence) for the breach or failure of any obligation or covenant made or undertaken by it under this Agreement. 

[Signature page follows] 

  
 18 

 IN WITNESS WHEREOF, the Servicer, the Depositor, the Issuer, the Indenture Trustee, and Fannie Mae have executed
and delivered this Agreement as of the date first above written. 
  

					
	GREEN TREE SERVICING LLC, as Servicer
			
		 	By:	 	 /s/ Cheryl Collins

			
		 	Name:	 	Cheryl Collins
			
		 	Title:	 	SVP & Treasurer
	
	GREEN TREE ADVANCE RECEIVABLES III LLC, as Depositor
			
		 	By:	 	 /s/ Cheryl Collins

			
		 	Name:	 	Cheryl Collins
			
		 	Title:	 	SVP & Treasurer
	
	GREEN TREE AGENCY ADVANCE FUNDING TRUST I, as Issuer
		
		 	By: Wilmington Trust, National Association, not in its individual capacity but solely as Owner Trustee
			
		 	By:	 	 /s/ Rachel L. Simpson

			
		 	Name:	 	Rachel L. Simpson
			
		 	Title:	 	Assistant Vice President
	
	WELLS FARGO BANK, N.A., not in its individual capacity but solely as Indenture Trustee
			
		 	By:	 	 /s/ Mark DeFabio

			
		 	Name:	 	Mark DeFabio
			
		 	Title:	 	Vice President
	
	FANNIE MAE:
			
		 	By:	 	 /s/ Mark S. Bickert

			
		 	Name:	 	Mark S. Bickert
			
		 	Title:	 	Vice President

  
 19 

 Exhibit A to Acknowledgment Agreement 

With Respect to Servicing Advance Receivables 

Dated as of December 19, 2014, among 

Green Tree Servicing LLC, Green Tree Agency Advance Funding Trust I, 

Green Tree Advance Receivables III LLC, Wells Fargo Bank, N.A. , 

and Fannie Mae 
 All mortgage loans serviced for
Fannie Mae by Servicer under the Fannie Mae Lender Contract using the Fannie Mae Seller/Servicer numbers identified below: 
  

					
	 Portfolio
	  	 Seller / Servicer #
	  	 Transfer Date

	FNMA BAC 154	  	261840154	  	 4/1/2013; 5/1/2013;
 6/1/2013; 9/1/2013;

11/1/2013; 12/1/2013

	FNMA Everbank 235	  	261840235	  	05/01/2014
	FNMA FLAGSTAR	  	261840103	  	01/01/2013
	FNMA FRANKLIN BANK	  	261840065	  	12/01/2009
	FNMA Green Tree Servicing LLC	  	261840006	  	N/A
	FNMA NATCITY	  	261840057	  	11/01/2009
	FNMA OPTION ONE	  	261840022	  	07/01/2008

  
 20 

 Exhibit B to Acknowledgment Agreement 

With Respect to Servicing Advance Receivables 

Dated as of December 19, 2014, among 

Green Tree Servicing LLC, Green Tree Agency Advance Funding Trust I, 

Green Tree Advance Receivables III LLC, Wells Fargo Bank, N.A., 

and Fannie Mae 
 Deposit Account:

 Green Tree Servicing LLC (Wire Instructions) 

Bank of America 
 100 N. Tryon
Street 
 Charlotte, NC 28255 

ABA# 026009593 
 Green Tree
Servicing LLC 
 345 St. Peter Street 

St. Paul, MN 55102 
 Account#
1257813493 
 Green Tree Servicing LLC (ACH Instructions) 

Bank of America 
 100 N. Tryon
Street 
 Charlotte, NC 28255 

ABA# 121000358 
 Green Tree
Servicing LLC 
 345 St. Peter Street 

St. Paul, MN 55102 
 Account#
1257813493 

  
 21EX-10.7

 Exhibit 10.7 

Execution Version 
 CONSENT AGREEMENT 

This Consent Agreement (this “Agreement”), made this 17th day of January, 2014, (the “Effective Date”), is
by and among the Federal Home Loan Mortgage Corporation a corporate instrumentality of the United States (“Freddie Mac”), Green Tree Servicing LLC, a limited liability company formed and existing under the laws of the State of
Delaware, whose chief executive office is located at 345 Saint Peter Street, 1100 Landmark Towers, Saint Paul, Minnesota 55102 (“Servicer”), Green Tree Advance Receivables III LLC, a special purpose entity formed as a Delaware
limited liability company wholly owned by Servicer (“Depositor”), Green Tree Agency Advance Funding Trust I, a Delaware statutory trust with Depositor as its sole owner (“Assignee”), Wells Fargo Bank, N.A., not in
its individual capacity but solely as indenture trustee for holders of notes to be issued by Assignee (“Indenture Trustee”) pursuant to the Indenture dated as of January 16, 2014 between Assignee and Indenture Trustee; the
foregoing are hereinafter referred to individually as a “Party” and collectively as the “Parties”. 

W I T N E S S E T H 

WHEREAS, Servicer, in order to obtain funding for advances subject to reimbursement from Freddie Mac (the “Financing”),
desires to assign to Depositor, which in turn shall assign to Assignee (such assignments, together, being herein called the “Reimbursement Assignments”), all of Servicer’s present and future rights, as expressly set forth in,
and subject to the limitations of, the Guide (defined below) and/or the Purchase Documents (as defined in the Guide) to reimbursement for advances of delinquent principal and interest (subject to the provisions of Section 3 of this
Agreement), advances of taxes and insurance, and all other advances including foreclosure and liquidation and related expenses (collectively, the “Reimbursement Amounts”), required to be made by Servicer under the Guide and/or the
Purchase Documents, including, but not limited to, the requirements of Guide Chapter 71, and Guide Sections 76.21 and 56.10, or other replacement Sections or Chapters, if any (including, without limitation, the requirements of other Guide
Chapters or Sections governing reimbursement of advances), with respect to Mortgages serviced for Freddie Mac under Seller/Servicer Number 158586 related to the Mortgage loans specifically identified in Schedule A hereto, as may be
amended from time to time, (such rights and Reimbursement Amounts are herein collectively called the “Reimbursement Rights”), which Schedule A is in the form of a print-out of an exchange of e-mails between Servicer and
Freddie Mac (the “E-Mail Exchange”), with an attached spread sheet identifying, by Freddie Mac loan number, the applicable Mortgage loans subject to this Agreement, as such spread sheet may be amended by mutual agreement signed by
all Parties hereto; 
 WHEREAS, Assignee and Indenture Trustee, have entered into an Indenture, dated as of January 16, 2014
between Assignee and Indenture Trustee, (the “Indenture”, a true and correct copy of which has been provided to Freddie Mac), pursuant to which, among other things, Assignee granted to Indenture Trustee, on behalf of the holders of
the Notes (as defined in the Indenture and sometimes referred to as the “Secured Parties”), a security interest in, among other things, the Reimbursement Rights (such pledge of the Reimbursement Rights under the Indenture,
together with the Reimbursement Assignments, the “Reimbursement Assignments and Pledge”); 

  
 1 

 WHEREAS, under the terms of the Freddie Mac Single-Family Seller/Servicer Guide (the
“Guide”), to which Servicer is a party, Freddie Mac’s consent is required with respect to the grant of such Reimbursement Assignments and Pledge; and 

WHEREAS, Servicer has requested that Freddie Mac consent to (a) Servicer’s assignment of the Reimbursement Rights to Depositor and
Depositor’s assignment of the Reimbursement Rights to Assignee, in each case pursuant to the terms and provisions of the Receivables Sale Agreement (as defined in the Indenture) and the Receivables Pooling Agreement (as defined in the
Indenture), as applicable, and (b) Assignee’s grant of the Reimbursement Assignments and Pledge pursuant to the terms and provisions of the Indenture, and Freddie Mac is willing to do so, in consideration of the acknowledgments, promises,
undertakings, covenants, warranties and representations on the part of Servicer set forth in this Agreement. 
 NOW, THEREFORE, for good and
valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties hereto agree as follows: 
 1.
Recitals; Consent to Reimbursement Assignments and Pledge. The recitals above are hereby incorporated herein by this reference, as a substantive contractual part of this Agreement. In reliance upon the covenants, representations and
warranties of Servicer set forth in this Agreement and/or in the Purchase Documents, and subject to the terms and conditions stated herein, Freddie Mac consents to (a) Servicer’s assignment of the Reimbursement Rights to Depositor, and
(b) Depositor’s assignment of the Reimbursement Rights to Assignee, in each case pursuant to the terms and provisions of the Receivables Sale Agreement (as defined in the Indenture) and the Receivables Pooling Agreement (as defined in the
Indenture), as applicable, and the grant by Assignee of the Reimbursement Assignments and Pledge. Servicer agrees to provide, from time to time, promptly upon request, such information as Freddie Mac may reasonably request, including (without
limitation) the identity of Assignee, the information outlined on Schedule B (including updates of same), and the terms and conditions of the Reimbursement Assignments and Pledge and the structured finance arrangement pursuant to which
the Financing will occur, provided, however, that Servicer shall not be obligated to disclose the interest rate or other confidential pricing information regarding such structured finance arrangement. The execution and delivery of this Agreement by
Servicer constitutes notice to Freddie Mac of such assignments and pledges, and the execution and delivery of this Agreement by Freddie Mac constitutes acknowledgment that Freddie Mac has received such information to grant its consent, including
without limitation the terms and conditions of the Reimbursement Assignments and Pledge and the structured finance arrangement pursuant to which such Reimbursement Assignments are financed. 

In addition, Freddie Mac hereby acknowledges and consents, subject to the terms, provisions and conditions of this Agreement, that prior to the Termination
Date (as defined below), Freddie Mac will not consent to (x) the assignment by Servicer of the Reimbursement Rights to any party (other than a Party to this Agreement), or (y) any other transaction with any party that is not a Party to
this Agreement relating to Servicer’s rights with respect to the Reimbursement Rights 

  
 2 

 
(including, without limitation, any transaction evidenced by a consent agreement in form and substance comparable to this Agreement). “Termination Date” means the earlier to
occur of (i) payment in full by Freddie Mac or other reimbursement of all outstanding Reimbursement Amounts (which payment shall be made as and when required by the Guide and/or any other applicable Purchase Documents absent the existence of an
assignment of the Reimbursement Rights but without regard to any default by the Servicer) following termination by Freddie Mac as contemplated in Section 7 of this Agreement or pursuant to Section 17 of this Agreement, and
(b) the provision by Indenture Trustee, on behalf of the Secured Parties, of a written notice to Freddie Mac (the “Indenture Trustee Final Notice”) that the Indenture has been satisfied and discharged in full (from whatever
source), provided that (I) Indenture Trustee shall give Freddie Mac prompt written notice of the satisfaction and discharge in full of the Indenture, and (II) Freddie Mac shall be entitled, from time to time, to submit a written inquiry to
Indenture Trustee as to whether the satisfaction and discharge in full of the Indenture has occurred. 
 2. Freddie Mac’s
Subordination of Right of Setoff. Notwithstanding anything to the contrary in the Guide, Freddie Mac, Servicer, Depositor, Assignee, and Indenture Trustee agree that to the extent of the Financing, Freddie Mac will not set off or net any claims
it might have against Servicer or any Affiliate of Servicer (as defined below), or payments due to Freddie Mac from Servicer or any Affiliate of Servicer, from (i) reimbursements Freddie Mac owes to Servicer or any Affiliate of Servicer, on
account of the Reimbursement Rights, (ii) amounts that Servicer receives from a transferee servicer pursuant to Sections 56.10(c) and (d) of the Guide on account of Reimbursement Rights, or (iii) amounts that Servicer receives upon
subsequent receipt of any Principal and Interest Payments (as such term is defined in the Guide), on account of the Reimbursement Rights; provided however, that Secured Party agrees that if Servicer receives reimbursements as described in
(ii) and (iii) above in this sentence, and such payments are duplicative (that is, Servicer is being reimbursed twice for the same advances), then Secured Party will promptly return the excess payments to Freddie Mac. As used herein,
(x) “Affiliate of Servicer” means, with respect to Servicer, any Person directly or indirectly controlling, controlled by or under common control with Servicer, and (y) “Person” means an individual,
corporation, limited liability company, partnership, joint venture, trust or unincorporated organization). Upon the earlier to occur of (A) the payment in full (from whatever source) of the Notes (as defined in the Indenture), or
(B) Freddie Mac’s receipt of an Indenture Trustee Final Notice, Freddie Mac may, in its sole and absolute discretion, set off against the Reimbursement Rights (that is, subtract from the amount of the Reimbursement Rights) the amounts
of any and all damages, fees, costs and expenses relating to defaults and/or outstanding obligations of Servicer (and/or of any Affiliate of Servicer) due and owing to Freddie Mac, including, but not limited to, amounts owed to Freddie Mac for any
mortgage loan repurchases or claim amounts arising under any other agreement between Servicer (and/or of any Affiliate of Servicer) and Freddie Mac. 

3. Payment to Servicer. During the term of this Agreement, all payments, if any, made by Freddie Mac relating to the Reimbursement
Rights will be paid directly to the blocked account described in Schedule C hereto (the “Blocked Account”). Servicer will be deemed, by virtue of Servicer’s execution of this Agreement, to have specifically and
irrevocably consented to any directed payment of the Reimbursement Rights to the Blocked Account until such time as the Indenture Trustee Final Notice shall have been delivered, and Freddie Mac will have no obligation to confirm with Servicer any
such direction or payment. For the avoidance of doubt, 

  
 3 

 
(i) the Guide requires that Freddie Mac remit to Servicer reimbursement for advances of taxes and insurance and certain other advances, including foreclosure and liquidation and related expenses,
required to be made or incurred by Servicer pursuant to the Guide and/or the Purchase Documents; and (ii) although the definition of “Reimbursement Amounts” does include the reimbursement of advances for delinquent principal and
interest payments required to be made by Servicer pursuant to the Guide and/or the Purchase Documents, any such reimbursement from Freddie Mac will be in the form of either (i) crediting delinquent Principal and Interest Payments (as such term
is defined in the Guide) advanced with respect to the Mortgage loans against amounts otherwise required to be remitted by Servicer to Freddie Mac, in which case the old advances shall be deemed reimbursed and the full amount of the new advances
without regard to the credit shall be deemed to have been remitted, such that Servicer shall remain entitled to reimbursement of the new advance amount as if such new advance amount had been an out-of-pocket payment, or (ii) permitting Servicer
to reimburse itself for delinquent principal and interest advanced with respect to the Mortgage loans by netting those amounts from amounts otherwise required to be remitted by Servicer to Freddie Mac, in which case the old advances shall be deemed
reimbursed and the full amount of the new advances without regard to the amount netted shall be deemed to have been remitted, such that Servicer shall remain entitled to reimbursement of the new advance amount as if such new advance amount had been
an out-of-pocket payment. Issuer, Depositor and Servicer acknowledge and agree that, to the extent not previously reimbursed in cash, such amounts credited or netted with respect to delinquent principal and interest advanced shall be deposited by
Servicer directly into the Blocked Account for the benefit of the Noteholders in accordance with the terms of the Indenture. 
 4.
Purpose of Reimbursement Assignment; No Additional Interests in Reimbursement Rights. Servicer, Depositor, and Assignee covenant to Freddie Mac that the Reimbursement Assignments and Pledge will only be made pursuant to the terms of this
Agreement and the Indenture, provided that in the event of a conflict between this Agreement and the Indenture, the provisions of this Agreement shall prevail. Servicer, Depositor, and Assignee each represents, warrants and covenants (as applicable
to each such entity) that, other than the Reimbursement Assignments and Pledge, none of such entities has, or will, sell, grant or convey to any other Person any interest whatsoever in the Reimbursement Rights; provided, that, upon the
occurrence and during the continuance of an “Event of Default” under the Indenture, Indenture Trustee may, in connection with the enforcement of the Reimbursement Assignments and Pledge and its exercise of remedies pursuant to the
Transaction Documents and applicable law, including, without limitation, applicable provisions of the Uniform Commercial Code (“UCC”), sell the Reimbursement Rights to an approved Freddie Mac Seller/Servicer or such other person or
entity approved in writing by Freddie Mac in advance of such conveyance, which approval may be granted or withheld by Freddie Mac in its sole and absolute discretion. 

5. Filing of Financing Statement. In recognition of the structured finance arrangement discussed herein, Servicer, Depositor and
Assignee agree to insert (and Freddie Mac agrees not to object to) language similar to that presented below in any financing statement filed by Indenture Trustee or Servicer, naming Servicer as debtor, under the UCC with respect to the Reimbursement
Assignments and Pledge: 
 “The Security Interest perfected by this financing statement is subject and subordinate, in each and every
respect, to all rights, powers, and prerogatives of Freddie Mac under and 

  
 4 

 
in connection with (i) the terms and conditions of that certain Consent Agreement dated as of January 17, 2014 (the ‘Consent Agreement’), with respect to the
‘Reimbursement Assignments and Pledge’ of the ‘Reimbursement Rights’ (as such terms are defined in the Consent Agreement), by and among Freddie Mac, Green Tree Servicing LLC, Green Tree Advance Receivables III LLC, Green Tree
Agency Advance Funding Trust I (acting through Wilmington Trust, National Association, its Owner Trustee) and Wells Fargo Bank, N.A., and (ii) the terms and conditions of the Purchase Documents as defined in the Freddie Mac Single Family
Seller/Servicer Guide, as it may be amended from time to time, other than as set forth pursuant to the express terms and provisions of the Consent Agreement.” 

6. Non-Applicability of Transaction Documents. Each of the Parties hereto agrees, and expressly acknowledges its understanding, that
Freddie Mac shall not be bound in any way whatsoever by any terms or provisions of the Indenture or any other transaction document pursuant to which the Reimbursement Assignments and Pledge are created (the Indenture and any such other agreement are
herein called the “Transaction Documents”), and that in the event of an actual or apparent conflict between the provisions of the Transaction Documents and the provisions of this Agreement with respect to the respective rights or
obligations of Servicer, Depositor or Assignee, the provisions of this Agreement shall govern. Furthermore, each of the Parties hereto covenants and agrees not to amend, modify or supplement the Indenture or any other Transaction Document without
the prior written consent of Freddie Mac, which consent may be granted or withheld in Freddie Mac’s sole and absolute discretion; if Freddie Mac determines that any such amendment, modification or supplement would not be materially adverse to
Freddie Mac in any respect, including without limitation, with respect to Freddie Mac’s rights and agreements hereunder, then Freddie Mac will grant such consent as soon as reasonably practicable. 

7. Continuation of Security Interest in Proceeds. Each of the Parties agrees, and expressly acknowledges its understanding, that if
Freddie Mac exercises its right to suspend or terminate Servicer’s eligibility to service Mortgage loans for Freddie Mac, the Reimbursement Assignments and Pledge shall continue in full force with respect to the Reimbursement Rights, subject to
the terms of this Agreement. Freddie Mac agrees that (i) if Servicer is terminated by Freddie Mac (or Servicer’s servicing rights related to the Reimbursement Rights are otherwise transferred away from Servicer) pursuant to the terms and
provisions of the Purchase Documents, (ii) Servicer voluntarily resigns as servicer under the Purchase Documents with respect to any of the Mortgage loans identified on Schedule A, or (iii) Servicer, Depositor and/or Assignee
defaults under the Indenture or any related Transaction Documents, then the Reimbursement Rights shall be vested in Assignee (but only to the extent that such Reimbursement Rights would, under the Guide and/or any other applicable Purchase
Documents, have been vested, as of the applicable date of any such termination or transfer of servicing, in Servicer absent the existence of the Reimbursement Assignments and Pledge), and as promptly as practicable, and in any event within ten
(10) calendar days, after Freddie Mac’s giving or receipt (as applicable) of notice of any such occurrence, Freddie Mac shall make commercially reasonable efforts to (x) provide that all payments made or amounts payable by Freddie Mac
in respect of the Reimbursement Rights (which payments shall be made as and when required pursuant to the Guide and/or any other applicable Purchase Documents absent the existence of the assignment of the Reimbursement Rights) shall be made to the
Blocked Account and, if 

  
 5 

 
applicable, prior to any advance reimbursement payments made to the successor servicer, and (y) enforce the provisions of Guide Section 56.10 and the requirement that the successor
servicer pay in full the aggregate Reimbursement Rights outstanding as of the date of transfer, together with all delinquent interest (net of prepaid interest) and delinquent principal advanced (net of prepaid principal) to Freddie Mac by Servicer
as of the effective date of the servicing transfer and direct such successor servicer to remit such amounts to the Blocked Account. Servicer, Depositor and Assignee hereby authorize Freddie Mac to accept the written instructions of Indenture Trustee
with respect to payments to the Blocked Account. Freddie Mac hereby agrees that it shall endeavor to provide each of Depositor, Assignee and Indenture Trustee, with any notice of Servicer termination or notice of the voluntary resignation of
Servicer within ten (10) calendar days following the date thereof; provided, however, that Freddie Mac will not be liable to any Party for failure to provide such notice by such deadline. Assignee hereby agrees that it shall
promptly provide Freddie Mac with notice of the occurrence of any “Event of Default” under the Indenture or any other Transaction Document. 

8. Participations and Assignments. The holder of any Notes (as defined in the Indenture) issued pursuant to the Indenture (or,
if any holder of any Notes issued pursuant to the Indenture sells one or more participations in such Notes, or assigns a portion of such Notes or otherwise enters into any arrangement whereby one or more entities have rights by,
through, or with, such holder with respect to the security interest created pursuant to the Reimbursement Assignments and Pledge, any such participants and assignees) shall benefit under this Agreement solely through (and the rights
of any such participants and assignees shall be derived solely from) Assignee and Indenture Trustee. Freddie Mac’s only obligations relative to the Reimbursement Assignments and Pledge are as expressly set forth in this Agreement, and
(i) Freddie Mac shall have no liability to, and no obligation hereunder to deal with, any holder of, or any such participant or assignee in, the Notes made pursuant to the Indenture, and (ii) Servicer hereby indemnifies
Freddie Mac from and against any and all loss, costs, damages and expenses (including, without limitation, attorneys’ fees and costs) arising out of or relating to any claim made by any such holder, participant or assignee in a manner other
than as described in this Section 8. 
 9. Entire Agreement. This Agreement constitutes the entire agreement among the
Parties concerning the subject matter hereof, and supersedes any and all prior representations, statements, discussions and negotiations concerning such agreements and the subject matter hereof which may have been made or which may have occurred
prior to or contemporaneous with the execution of this Agreement. 
 10. Amendments; Defined Terms. This Agreement may not be
amended, and none of its terms may be modified or waived, except by a writing that specifically refers to this Agreement and that expressly states that it constitutes an amendment, modification or waiver to this Agreement, and which is signed by the
Party or Parties against whom enforcement of the amendment, modification or waiver is sought. Capitalized terms not defined in this Agreement shall have the meanings ascribed to them in the Guide. 

11. Severability. If any term or provision of this Agreement shall be held to be invalid or unenforceable by a court of competent
jurisdiction, the validity and enforceability of all of the remaining provisions of this Agreement shall not be affected, and the rights and obligations of the Parties shall be construed and enforced as if this Agreement did not contain the
particular term or provision held to be invalid or unenforceable. 

  
 6 

 12. Rights Cumulative. All rights granted to Freddie Mac hereunder shall be cumulative and
shall be in addition to any other rights that Freddie Mac may have under the Purchase Documents, at law or in equity. Except as otherwise expressly set forth in this Agreement, nothing in this Agreement is intended to or shall be construed to amend
or modify any of the terms or provisions of the Purchase Documents or any other agreements between Servicer and Freddie Mac. 
 13. No
Waiver. Neither delay on the part of Freddie Mac in the exercise any of its rights hereunder, nor any partial exercise of any such right, shall constitute a waiver of such right or of any other rights of Freddie Mac under this Agreement. 

14. Successors and Assigns; Third Party Beneficiaries. This Agreement shall be binding upon, and shall inure to the benefit of, the
Parties hereto and their respective successors and assigns. Notwithstanding anything herein to the contrary, it is understood and agreed that none of Servicer, Depositor or Assignee shall have any rights to direct Freddie Mac in any way pursuant to
this Agreement or to bring any action or proceeding against Freddie Mac pursuant to this Agreement to enforce any of Freddie Mac’s obligations hereunder, and only Indenture Trustee shall have the right to provide such direction or to bring any
action against Freddie Mac pursuant to this Agreement to enforce any of Freddie Mac’s obligations hereunder. 
 15. Representations
and Warranties. Servicer, Depositor and Assignee each hereby represents and warrants to Freddie Mac that, as of the Effective Date, it: 

(a) had no present intention of filing any petition under, initiating any proceeding under, or otherwise seeking the protection of, the United
States Bankruptcy Code or any state law concerning bankruptcy; reorganization, insolvency, moratorium, receivership or creditor’s rights or debtor’s obligations generally, or making an assignment for the benefit of creditors, or entering
into a composition or similar agreement; 
 (b) was not insolvent within the meaning of 11 U.S.C. §101 (32); 

(c) did not undertake the Reimbursement Assignments and Pledge with actual intent to hinder, delay or defraud any entity to which the Servicer
was or became indebted on or after the date of the Reimbursement Assignments and Pledge; 
 (d) will not benefit any insider of Servicer
within the meaning of 11 U.S.C. §101(31) by virtue of the Reimbursement Assignments and Pledge; 
 (e) had received reasonably
equivalent value in exchange for undertaking the Reimbursement Assignments and Pledge; and 
 (f) did not intend to incur, or did not
believe that it would incur, debts that would be beyond Servicer’s ability to pay as such debts matured. 

  
 7 

 The applicable Party’s respective representations and warranties in this Section shall survive the execution
and delivery of this Agreement and are a material inducement to Freddie Mac without which Freddie Mac would not have entered into this Agreement and upon which Freddie Mac is entitled to rely. 

16. Assignment Only with Freddie Mac’s Consent. None of Servicer, Depositor, Assignee nor Indenture Trustee may assign its rights
or obligations under this Agreement without Freddie Mac’s prior written consent (except the pledge by Assignee to Indenture Trustee), which consent may be granted or withheld in Freddie Mac’s sole and absolute discretion. 

17. Term and Renewal of Agreement. The term of this Agreement shall automatically renew for successive annual terms from and after the
Effective Date; provided, however, that Freddie Mac reserves the right, at its discretion, to terminate this Agreement upon at least thirty (30) calendar days’ prior written notice to Servicer, Depositor, Assignee and Indenture
Trustee, it being understood that a termination under this Section 17 shall only apply to Reimbursement Rights arising after the date of such termination such that this Agreement shall remain effective as to any Reimbursement Rights
subject to the Transaction Documents prior to the expiration of the term of this Agreement. 
 18. Governing Law. This Agreement and
the rights and obligations of the Parties hereunder shall be construed in accordance with and governed by the laws of the United States. Insofar as there may be no applicable precedent, and insofar as to do so will not frustrate the purposes of this
Agreement or the transactions governed hereby, the local laws of the State of New York shall be deemed reflective of the laws of the United States (without reference to the conflicts of laws principles thereof other than Sections 5-1401 and 5-1402
of the New York General Obligations Law). Time is of the essence as to the deadlines and timeframes referenced in this Agreement. 
 19.
INTENTIONALLY OMITTED. 
 20. For the Avoidance of Doubt. The Parties hereto agree that, notwithstanding anything to the
contrary herein, the terms and provisions of this Agreement do not provide, and shall not be interpreted to provide, for the assignment or conveyance of any part or all of the conditional, non-delegable right of Servicer to service the Mortgage
loans identified in Schedule A hereto under the Guide and/or the Purchase Documents or of any proceeds resulting from the sale or transfer of such rights to service those Mortgage loans under the Guide or Purchase Documents. 

21. Reporting Obligations of Servicer. Servicer hereby agrees to provide to Freddie Mac (to the attention of Bryan Pommer, Vice
President, Freddie Mac, 8200 Jones Branch Drive, McLean, VA 22102, or at such other addresses as Freddie Mac may from time to time designate pursuant to written notice), on or before the twentieth (20th) day (or, if such day is not a Business
Day (as defined in the Guide), the next succeeding Business Day) of each calendar month after the Effective Date, a written report containing: (i) all then-outstanding amounts secured by the Reimbursements Assignments and Pledge; (ii) a
cumulative statement showing the dates and amounts of all advances secured by the Reimbursements Assignments and Pledge; 

  
 8 

 
(iii) any notice of default or event of default received or sent by Servicer in connection with the Indenture and/or any other Transaction Document; and (iv) such other information or
documents that Freddie Mac may reasonably request in connection with the Indenture and/or any other Transaction Document and/or this Agreement. 

22. Counterparts. This Agreement may be executed in any number of counterparts and by different Parties hereto in separate
counterparts, each of which when so executed shall be deemed to be an original (whether such counterpart is originally executed or an electronic copy of an original) and all of which when taken together shall constitute one and the same agreement.
The Parties hereto agree that delivery of a counterpart of a signature page to this Agreement by facsimile or electronic transmission shall be effective as delivery of an original executed counterpart of this Agreement. 

23. Notice. All notices that are required or are permitted under this Agreement shall be in writing and shall be: (i) hand-delivered;
(ii) mailed by certified or registered U.S. Mail, return receipt requested, first class postage prepaid; or (iii) sent via facsimile transmission to the Parties as follows: 

if to Freddie Mac: 
 Freddie Mac

 Single-Family Business and Information Technology 

8200 Jones Branch Drive, MSD3N 

McLean, VA 22102-3110 
 Attention:
Senior Vice President, Servicing and REO 
 Facsimile Number: (703) 903-4506 

Email: tracy_mooney@freddiemac.com 

with a copy to: 
 Legal Division

 Freddie Mac 
 8200 Jones
Branch Drive 
 McLean, VA 22102 

Attention: Vice President and Deputy General Counsel, Single Family Real Estate 

Facsimile: (703) 903-2559 
 Email:
jeffrey_marston@freddiemac.com 
 if to Servicer: 

Green Tree Servicing, LLC 
 7360
S. Kyrene Road 
 Tempe, Arizona 85283 (Building 1) 

Attention: President 

  
 9 

 With a copy to: 

Green Tree Servicing, LLC 
 345
Saint Peter Street, 1100 Landmark Towers 
 Saint Paul, Minnesota 55102 

Attention: General Counsel 
 If to
Depositor: 
 Green Tree Servicing, LLC 

345 Saint Peter Street, 1100 Landmark Towers 

Saint Paul, Minnesota 55102 

Attention: General Counsel 
 If to
Assignee: 
 Green Tree Servicing, LLC 

345 Saint Peter Street, 1100 Landmark Towers 

Saint Paul, Minnesota 55102 

Attention: General Counsel 
 If to
Indenture Trustee: 
 9062 Old Annapolis Road 

Columbia, Maryland 21045-1951 

Attention: Corporate Trust Services, Green Tree Agency Advance Funding Trust I, Series 2014-VF1 

or to such other address or facsimile number as any Party shall designate by written notice to the other Party in the manner provided herein. 

* Communications to email address are effective solely for the purposes expressly given in the Agreement. 

24. Confidentiality. Except as otherwise expressly agreed in writing by the other Parties hereto, no Party to this Agreement shall
issue or cause to be issued any announcement, press release, or other statement, or shall voluntarily disclose information concerning this Agreement to the press or the general public. The foregoing shall not be deemed to prevent a Party from
disclosing this Agreement or the terms hereof: (i) in response to a court order, subpoena, or other demand or request made in accordance with applicable law by a governmental or quasi-governmental body having jurisdiction over such Party (including,
without limitation, the Federal Housing Finance Agency), or as otherwise required by applicable law (including, without limitation, applicable Federal securities law), or as that Party may deem reasonably necessary as part of its filings of SEC
Forms 8-K, 10-Q or 10-K and related disclosures to investors (each Party will provide an advance copy to the other Parties of appropriate excerpts of any such disclosure relating to this Agreement, except for non-public

  
 10 

 
disclosures to private investors on a confidential basis); or (ii) to such Party’s subsidiaries, affiliates, officers, agents, representatives, attorneys, accountants, auditors,
successors, and assigns, and to qualified bidders or investors in connection with the sale of such Party or its assets, who have a need to know. 

25. Limitation of Liability. It is expressly understood and agreed by the Parties hereto that (a) this Agreement is executed and
delivered by Wilmington Trust, National Association, not individually or personally, but solely as Owner Trustee of Assignee under its Trust Agreement (as defined in the Indenture), in the exercise of the powers and authority conferred and vested in
it, (b) each of the representations, undertakings and agreements herein made on the part of Assignee is made and intended not as a personal representation, undertaking and agreement by Wilmington Trust, National Association but is made and
intended for the purpose of binding only Assignee, (c) nothing herein contained shall be construed as creating any liability on Wilmington Trust, National Association, individually or personally, to perform any covenant either expressed or
implied contained herein, all such liability, if any, being expressly waived by the Parties hereto and by any Person claiming by, through or under the Parties hereto and (d) under no circumstances shall Wilmington Trust, National Association be
personally liable for the payment of any indebtedness or expenses of Assignee or be liable for the breach or failure of any obligation, representation, warranty or covenant made or undertaken by Assignee under this Consent Agreement or any related
agreement. 
 26. Capacity of Indenture Trustee. It is expressly understood and agreed by the Parties hereto that (a) this
Agreement is executed and delivered by Wells Fargo Bank, N.A., not individually or personally, but solely as Indenture Trustee, for and on behalf of the Secured Parties, (b) each of Indenture Trustee’s representations, undertakings and
agreements herein are made on behalf of the Secured Parties and are made and intended not as a personal representation, undertaking and agreement by Indenture Trustee, (c) under no circumstances shall Indenture Trustee be personally liable for
the payment of any obligation or be liable (absent Indentured Trustee’s willful misconduct, fraud or gross negligence) for the breach or failure of any obligation or covenant made or undertaken by it under this Agreement. 

[Signatures appear on following pages] 

  
 11 

 IN WITNESS WHEREOF, the Parties hereto have caused this Consent Agreement to be executed and delivered by their
duly authorized signatories as of the Effective Date. 
  

	
	FEDERAL HOME LOAN MORTGAGE CORPORATION
	
	 /s/ Tracy Mooney

	By (Signature)
	
	 Tracy Mooney

	Typed Name
	 Senior Vice President

	Typed Title
	
	GREEN TREE SERVICING LLC
	
	 /s/ Cheryl A. Collins

	By (Signature)
	
	 Cheryl A. Collins

	Typed Name
	 Treasurer and Senior Vice President

	Typed Title
	
	GREEN TREE ADVANCE RECEIVABLES III LLC
	
	 /s/ Cheryl A. Collins

	By (Signature)
	
	 Cheryl A. Collins

	Typed Name
	 Treasurer and Senior Vice President

	Typed Title

  
 12 

 
	
	GREEN TREE AGENCY ADVANCE FUNDING TRUST I
	
	By: Wilmington Trust National Association, not in its individual capacity but solely as Owner Trustee
	
	 /s/ Dorri Costello

	By (Signature)
	
	 Dorri Costello

	Typed Name
	 Assistant Vice President

	Typed Title
	
	WELLS FARGO BANK, N.A., not in its individual capacity, but solely as Indenture Trustee
	
	 /s/ Mark DeFabio

	By (Signature)
	
	 Mark DeFabio

	Typed Name
	 Vice President

	Typed Title

  
 13 

 Schedule A 

COPY OF “E-MAIL EXCHANGE” 

E-Mail Exchange Attached; Loan List (referred to in E-Mail Exchange) on File 

 

			
	From:	    	Tricia McKitty/HQ/FHLMC
	To:	    	Pieter.H.Vanzyl@greentreecreditsolutions.com
	Cc:	    	Colin Uckert/HQ/FHLMC@FHLMC
	Date:	    	01/16/2014 05:35 PM
	Subject:	    	Re: [Send Secure] Green Tree Consent Agreement Loan Schedule

 Pieter - I confirm receipt from GreenTree of a file containing 28,306 loans to be added under the Consent Agreement for
advance financing. Thanks. 
  

			
	

	  	 Tricia McKitty
 Director, Servicing Capital

703.903.2262 (office)
 571.294.8305 (mobile)

 
 8200 Jones Branch Drive

McLean, Virginia 22102

  

			
	From:	 	Pieter.H.Vanzyl@greentreecreditsolutions.com
	To:	 	Tricia McKitty <tricia_mckitty@freddiemac.com>
	Date:	 	January 16, 2014 9:33:47 PM GMT
	Subject:	 	[Send Secure] Green Tree Consent Agreement Loan Schedule
	Attachments:	 	Freddie Mac Active Consent Agreement Loan Schedule.xlsxpic28614.gifpic18598.gif

 Tricia, 
 See attached the loans
schedule for the Consent Agreement. 
 Thanks 
 Pieter 

(See attached file: Freddie Mac Active Consent Agreement Loan Schedule.xlsx) 

  
 14 

 Schedule B 

List of Information to be provided to Freddie Mac 

Securitization Trust 
 Lien 

UPB 
 Advance Category 

Beginning Advance Balance 
 Recoveries 

Advances 
 Ending Advance Balance 

Beginning Note Balance 
 Ending Note Balance 

Adjustments 
 Collection Account Balance 

Weighted Average Advance Rate 

  
 15 

 Schedule C 

Blocked Account 
 Name of Bank: Wells Fargo Bank,
N.A. 
 ABA Number of Bank: 121000248 
 Name of Account:
Corporate Trust Clearing 
 Account Number at Bank: 397 077 1416 

For Further Credit To: 48382801 

  
 S-C-1

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