Document:

Exhibit 10.1

 

SEVENTH AMENDMENT
 TO
 MASTER REPURCHASE AGREEMENT

 

SEVENTH AMENDMENT, dated as of June 21, 2013 (the “Amendment”), to the Master Repurchase Agreement dated as of December 3, 2010, as amended by that certain First Amendment to Master Repurchase Agreement dated as of April 8, 2011, as further amended by that certain Second Amendment to Master Repurchase Agreement dated as of June 30, 2011, as further amended by that certain Third Amendment to Master Repurchase Agreement dated as of April 13, 2012, as further amended by that certain letter dated April 27, 2012, as further amended by that certain Fourth Amendment to Master Repurchase Agreement dated as of June 29, 2012, as further amended by that certain Fifth Amendment to Master Repurchase Agreement dated as of October 26, 2012, and as further amended by that certain Sixth Amendment to Master Repurchase Agreement dated as of February 8, 2013 (the “Existing Master Repurchase Agreement”), by and among EXCEL MORTGAGE SERVICING, INC., a California corporation, with an address at 19500 Jamboree Road #400, Irvine, California 92612, as a seller (“Excel”), AMERIHOME MORTGAGE CORPORATION, a Michigan corporation, with an address at 2141 W. Bristol Road, Flint, Michigan 48507, as a seller (“AmeriHome”) (Excel and AmeriHome are individually and collectively referred to herein as “Seller”), and CUSTOMERS BANK, a Pennsylvania state-chartered bank, with an address at 99 Bridge Street, Phoenixville, Pennsylvania 19460 (the “Buyer”).

 

RECITALS

 

The Seller has requested the Buyer to agree to amend the Existing Master Repurchase Agreement as set forth in this Amendment.  The Buyer is willing to agree to such amendment, but only on the terms and subject to the conditions set forth in this Amendment.

 

NOW, THEREFORE, in consideration of the premises and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the Seller and the Buyer hereby agree as follows:

 

ARTICLE I
 DEFINITIONS

 

Definitions.  Unless otherwise indicated, capitalized terms that are used but not defined herein shall have the meanings ascribed to them in the Existing Master Repurchase Agreement.

 

ARTICLE II
 AMENDMENT

 

1.                                      The following definitions contained in Section 1 (Definitions) of the Existing Master Repurchase Agreement are hereby deleted and replaced in their entirety by the following:

 

“Maximum Aggregate Purchase Price” means Seventy Five Million and 00/100 Dollars ($75,000,000.00).

 

 

“Pricing Rate” for all Mortgage Loans except High LTV Mortgage Loans, Aged Mortgage Loans and GNMA Repurchased Mortgage Loans, means LIBOR plus:

 

(1)                                 3.5% with respect to Transactions from the Purchase Date to forty-four (44) days from the Purchase Date;

 

(2)                                 4.5% with respect to Transactions from the forty-fifth (45th) day to the seventy-fourth (74th) day from the Purchase Date;

 

(3)                                 5.5% with respect to Transactions from the seventy-fifth (75th) day to the eighty-ninth (89th) day from the Purchase Date;

 

(4)                                 6.5% with respect to Transactions from the ninetieth (90th) day from the Purchase Date;

 

(5)                                 the rate determined in the sole discretion of Buyer with respect to any other Transactions so identified by Buyer in agreeing to enter into such Transaction.

 

“Pricing Rate” for High LTV Mortgage Loans means LIBOR plus:

 

(1)                                 3.75% with respect to Transactions from the Purchase Date to forty-four (44) days from the Purchase Date;

 

(2)                                 4.75% with respect to Transactions from the forty-fifth (45th) day to the fifty-ninth (59th) day from the Purchase Date;

 

(3)                                 5.75% with respect to Transactions from the sixtieth (60th) day from the Purchase Date;

 

(4)                                 the rate determined in the sole discretion of Buyer with respect to any other Transactions so identified by Buyer in agreeing to enter into such Transaction.

 

“Pricing Rate” for Aged Mortgage Loans means LIBOR plus:

 

(1)                                 4.25% with respect to Transactions from the Purchase Date to forty-four (44) days from the Purchase Date;

 

(2)                                 5.25% with respect to Transactions from forty-fifth (45th) day to the seventy-fourth (74th) day from the Purchase Date;

 

(3)                                 6.25% with respect to Transactions from the seventy-fifth (75th) day to the eighty-ninth (89th) day from the Purchase Date;

 

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(4)                                 7.25% with respect to Transactions from the ninetieth (90th) day from the Purchase Date;

 

(5)                                 the rate determined in the sole discretion of Buyer with respect to any other Transactions so identified by Buyer in agreeing to enter into such Transaction.

 

“Pricing Rate” for all GNMA Repurchased Mortgage Loans, means LIBOR plus:

 

(1)                                 3.75% with respect to Transactions from the Purchase Date to forty-four (44) days from the Purchase Date;

 

(2)                                 4.75% with respect to Transactions from the forty-fifth (45th) day to the seventy-fourth (74th) day from the Purchase Date;

 

(3)                                 5.75% with respect to Transactions from the seventy-fifth (75th) day to the eighty-ninth (89th) day from the Purchase Date;

 

(4)                                 6.75% with respect to Transactions from the ninetieth (90th) day from the Purchase Date;

 

(5)                                 the rate determined in the sole discretion of Buyer with respect to any other Transactions so identified by Buyer in agreeing to enter into such Transaction.

 

The Pricing Rate shall change in accordance with LIBOR.

 

“Purchase Price” means on each Purchase Date, the price at which Mortgage Loans are transferred by Seller to Buyer.  The Purchase Price Percentage shall be applied against the unpaid principal amount of the Mortgage Loan to determine the Purchase Price.

 

“Purchase Price Percentage” means, with respect to each Mortgage Loan except High LTV Mortgage Loans and Aged Mortgage Loans, ninety-eight percent (98%); for High LTV Mortgage Loans, ninety-six (96%); and for Aged Mortgage Loans, ninety-five percent (95%).

 

“Termination Date” means June 20, 2014, or such earlier date on which this Agreement shall terminate in accordance with the provisions hereof or by operation of law.

 

2.                                      The following new definitions are hereby added to Section 1 (Definitions) of the Existing Master Repurchase Agreement:

 

“Aged Mortgage Loan” means a Mortgage Loan that was originated more than thirty (30) days but less than one hundred eighty (180) days prior to the Purchase Date.

 

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“High LTV Mortgage Loan” means a Mortgage Loan that has a loan-to-value ratio greater than one hundred percent (100%) and is underwritten pursuant to and in compliance with an Agency Program that permits loan-to-value ratios greater than one hundred percent (100%).

 

“GNMA Repurchased Mortgage Loan” means a Mortgage Loan being modified by Seller after it has been repurchased by Seller from a pool of mortgage loans securing a GNMA guaranteed mortgage-backed security.

 

3.                                      Section 3(g) of the Existing Master Repurchase Agreement is hereby deleted and replaced in its entirety by the following:

 

(g)                                  On the Repurchase Date, Seller shall pay to Buyer a fee of Seventy Five and 00/100 Dollars ($75) per loan for each Mortgage Loan except for Aged Mortgage Loans purchased pursuant to this Agreement.  For Aged Mortgage Loans, Seller shall pay to Buyer a fee of One Hundred Fifty and 00/100 Dollars ($150) per loan for each Aged Mortgage Loan purchased pursuant to this Agreement.

 

4.                                      Section 3(o) of the Existing Master Repurchase Agreement is hereby deleted and replaced in its entirety by the following:

 

(o)                                 On a monthly basis and on the Termination Date, Buyer shall determine the average monthly utilization during the preceding month (or with respect to the Termination Date, during the period from the date through which the last non-utilization fee calculation has been made to the Termination Date by Seller) by dividing (a) the sum of the Purchase Prices outstanding on each day during such period, by (b) the number of days in such period.  If such average amount determined for any period as a percentage of the Maximum Aggregate Purchase Price (the “Utilization Percentage”) is less than fifty percent (50%), Seller shall pay to Buyer, within one (1) Business Day after receiving notice from Buyer of the amount thereof, a non-utilization fee equal to the product of (i) 0.25%, times (ii) the Maximum Aggregate Purchase Price, times (iii) 1 minus the Utilization Percentage (the “Non-Utilization Fee”), (iv) divided by 12.  The fee shall be prorated for the month of the Termination Date, if the Termination Date does not occur on the last day of such month.  If the Utilization Percentage in any period is greater than or equal to fifty percent (50%), Buyer shall not be paid a Non-Utilization Fee for that period.  All payments shall be made to Buyer in dollars, in immediately available funds, without deduction, setoff or counterclaim by the twentieth (20th) day of such month.  Buyer may not net such Non-Utilization Fee from the proceeds of any Purchase Price due to Seller.

 

5.                                      Section 3(r) of the Existing Master Repurchase Agreement is hereby deleted and replaced in its entirety by the following:

 

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(r)                                    On a monthly basis the Buyer shall determine the Average Outstanding Balance during the preceding month.  If the Average Outstanding Balance is greater than Twenty Million and 00/100 Dollars ($20,000,000) but less than or equal to Thirty Million and 00/100 Dollars ($30,000,000), Buyer shall pay Seller a Price Differential rebate equal to the product of (i) such Average Outstanding Balance, times (ii) 25 basis points (0.25%), divided by (iii) twelve (12).  If the Average Outstanding Balance is greater than Thirty Million and 00/100 Dollars ($30,000,000) but less than or equal to Fifty Five Million and 00/100 Dollars ($55,000,000), Buyer shall pay Seller a Price Differential rebate equal to the product of (i) such Average Outstanding Balance, times (ii) 37.5 basis points (0.375%), divided by (iii) twelve (12).  If the Average Outstanding Balance is greater than Fifty Five Million and 00/100 Dollars ($55,000,000), Buyer shall pay Seller a Price Differential rebate equal to the product of (i) such Average Outstanding Balance, times (ii) 50 basis points (0.50%), divided by (iii) twelve (12).  Such rebate shall be paid by Buyer to Seller by the twentieth (20th) day of the month of such calculation.

 

6.                                      A new Section 5(b)(9) is hereby added to the Existing Master Repurchase Agreement as follows:

 

(9)                                 For Aged Mortgage Loans, Buyer must receive the original Note and payment history on such Aged Mortgage Loan which must be satisfactory to Buyer in its sole discretion.

 

7.                                      A new Section 5(b)(10) is hereby added to the Existing Master Repurchase Agreement as follows:

 

(10)                          The total outstanding principal balance of all High LTV Mortgage Loans owned by Buyer after such purchase shall not exceed twenty five percent (25%) of the Maximum Aggregate Purchase Price.

 

8.                                      A new Section 5(b)(11) is hereby added to the Existing Master Repurchase Agreement as follows:

 

(11)                          The total outstanding principal balance of all Aged Mortgage Loans owned by Buyer after such purchase shall not exceed forty percent (40%) of the Maximum Aggregate Purchase Price.

 

9.                                      A new Section 5(b)(12) is hereby added to the Existing Master Repurchase Agreement as follows:

 

(12)                          The total outstanding principal balance of all GNMA Repurchased Mortgage Loans owned by Buyer after such purchase shall not exceed Two Million Five Hundred Thousand and 00/100 Dollars ($2,500,000.00).

 

10.                               Section 6(k) of the Existing Master Repurchase Agreement is hereby deleted and replaced in its entirety by the following:

 

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(k)                                 Minimum Maintenance Account Balance.  Seller authorizes Buyer to open at Buyer a maintenance account in Seller’s name. Seller authorizes all Warehouse Lending officers of Buyer as the sole signatories on such maintenance account to conduct transactions in the maintenance account.  Seller shall deposit and maintain in the maintenance account at all times during the term of this Agreement a Minimum Maintenance Account Balance of at least three quarters of one percent (0.75%) of the Maximum Aggregate Purchase Price.

 

ARTICLE III
 REPRESENTATIONS AND WARRANTIES

 

All representations and warranties contained in the Existing Master Repurchase Agreement are true and correct as of the date of this Amendment (except to the extent that any of such representations and warranties expressly relate to an earlier date).

 

ARTICLE IV
 MISCELLANEOUS

 

1.                                      Ratification.  Except as expressly affected by the provisions hereof, the Existing Master Repurchase Agreement, as amended, shall remain in full force and effect in accordance with its terms and ratified and confirmed by the parties hereto.  On and after the date hereof, each reference in the Existing Master Repurchase Agreement to “the Agreement”, “hereunder”, “herein” or words of like import shall mean and be a reference to the Agreement as amended by this Amendment.

 

2.                                      Limited Scope.  This Amendment is specific to the circumstances described above and does not imply any future amendment or waiver of rights of the Buyer and the Seller under the Existing Master Repurchase Agreement.

 

3.                                      Severability.  Any provisions of this Amendment which are prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction.

 

4.                                      Caption.  The captions in the Amendment are for convenience of reference only and shall not define or limit any of the terms or provisions hereof.

 

5.                                      Counterparts.  This Amendment may be executed in any number of counterparts, each of which counterparts shall be deemed to be an original, and such counterparts shall constitute but one and the same instrument.

 

6.                                      Applicable Law.  THIS AMENDMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAW OF THE STATE OF NEW YORK.

 

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IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed as of the day and year first above written.

 

 

	
ATTEST: 
    	
 
    	
CUSTOMERS   BANK 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
By:   
    	
/s/   J. Christopher Black 
    	
 
    	
By:   
    	
/s/   Glenn Hedde 
    
	
Name:   
    	
J.   Christopher Black 
    	
 
    	
Name:   
    	
Glenn   Hedde 
    
	
Title:   
    	
Senior   Vice President
    	
 
    	
Title:   
    	
President,   Warehouse Lending
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
ATTEST: 
    	
 
    	
EXCEL   MORTGAGE SERVICING, INC. 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
By:   
    	
/s/   Ron Morrison
    	
 
    	
By:   
    	
/s/   Todd Taylor 
    
	
Name:   
    	
Ron   Morrison
    	
 
    	
Name:   
    	
Todd   Taylor 
    
	
Title:   
    	
Executive   Vice President &
   General Counsel
    	
 
    	
Title:   
    	
Chief   Financial Officer
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
ATTEST: 
    	
 
    	
AMERIHOME   MORTGAGE CORPORATION 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
By:   
    	
/s/   Ron Morrison 
    	
 
    	
By:   
    	
/s/   Todd Taylor 
    
	
Name:   
    	
Ron   Morrison 
    	
 
    	
Name:   
    	
Todd   Taylor 
    
	
Title:   
    	
Executive   Vice President &
   General Counsel
    	
 
    	
Title:   
    	
Chief   Financial Officer
    

 

Signature Page to Seventh Amendment to Master Repurchase AgreementExhibit 10.2

 

Agreement of Amendment

 

dated as of

 

May 28, 2013

 

In accordance with Section 11.02 of the Master Repurchase Agreement (the “MR Agreement”) dated as of March 30, 2011, between Excel Mortgage Servicing, Inc. a California corporation as the Seller and Alliance Bank of Arizona, a division of Western Alliance Bank as the Buyer, the following amendments to the MR Agreement shall take effect upon execution of this Agreement of Amendment by both the Seller and the Buyer (the “Amendment”).

 

Section 1.  Amendments.

 

(a)                                 Article  II, Section 2.01, DEFINITIONS, is hereby amended by deleting the definition of “Seller’s Concentration Limit” in its entirety and inserting the following definition in lieu thereof:

 

““Seller’s Concentration Limit” means $40,000,000.00 at any one time.”

 

(b)                                 Article III, Section 3.01, REQUEST FOR PUCHASE OF MORTGAGE LOANS, is hereby amended by deleting clause (b) thereof in its entirety and inserting the following in lieu thereof:

 

“(b) the aggregate outstanding balance of Purchased Loans with original Mortgage Notes not in Buyer’s possession equals or exceeds an amount equal to SIXTEEN MILLION DOLLARS ($16,000,000.00),”

 

(c)                               The Pricing Schedule, Schedule 3, is hereby amended by deleting the Pricing Schedule with the Effective Date of 8/20/12 and any previous pricing schedules in their entirety and inserting the attached Amended Pricing Schedule, Schedule 3, with the Effective Date of 5/28/13.

 

(d)                              Schedule 4, FINANCIAL COVENANTS, item 1.  Tangible Net Worth. is hereby amended by deleting the “item 1” in its entirety and inserting the following in lieu thereof:

 

“1.  Tangible Net Worth.  The amount referenced in Section 7.11 of this Agreement is $20,000,000.00. Tangible Net Worth defined as Total Assets minus twenty-five percent (25.0%) of Mortgage Servicing Rights, minus due from Affiliates, minus Total Liabilities.”

 

(e)                               Schedule 4, FINANCIAL COVENANTS, item 4.  Minimum Liquidity. is hereby amended by deleting the “item 4” in its entirety and inserting the following in lieu thereof:

 

“4.  Minimum Liquidity.  The liquidity referenced in Section 7.14 of this Agreement is $7,000,000.00. Liquidity is defined as Cash or Cash Equivalents that is not restricted or pledged to another creditor.”

 

(f)                                Article VI, Section 6.01 (h) Locations: Organizational Identification Numbers. Section is hereby amended by deleting in its entirety and inserting the following in lieu thereof:

 

1

 

“(h)   Locations: Organizational Identification Numbers.  The Seller’s chief executive office is located at its address set forth on the signature page hereto.  The Seller’s jurisdiction of organization is California.  Within the last four completed calendar months prior to the date hereof, the Seller has not had any other chief executive office or jurisdiction of organization.  The Seller is a registered organization and its California organizational identification number is 3126082 and its federal tax employee identification number is 80-0233937.”

 

Section 2.   Waiver/No Default.

 

On the effective date of this Amendment, no Default or Event of Default shall have occurred and be continuing under the MR Agreement and each of the representations and warranties of Seller made in the MR Agreement shall be true and correct.

 

Section 3.   Limited Effect.

 

Except as expressly amended, waived and modified by this Amendment, the MR Agreement shall continue to be, and shall remain, in full force and effect in accordance with its terms.  The execution of this Amendment by the Buyer shall not operate as a waiver of any of its rights, powers or privileges under the MR Agreement or any related document.

 

Section 4.   Counterparts.

 

This Amendment may be executed by each of the parties hereto on any number of separate counterparts, each of which shall be an original and all of which taken together shall constitute one and the same instrument.  Delivery of an executed counterpart signature page to this Amendment in Portable Document Format (PDF) or by facsimile transmission shall be as effective as delivery of a manually executed original counterpart thereof.

 

Section 5.   GOVERNING LAW.

 

THIS AMENDMENT SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE INTERNAL LAWS OF THE STATE OF ARIZONA.

 

 

	
SELLER
    	
 
    	
BUYER
    
	
Excel Mortgage   Servicing, Inc.
    	
 
    	
ALLIANCE BANK OF ARIZONA, A DIVISION OF   WESTERN ALLIANCE BANK
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
By:
    	
/s/ Todd Taylor
    	
 
    	
By:
    	
/s/ Albert Thuma
    
	
Name: 
    	
Todd Taylor
    	
 
    	
Name:
    	
Albert Thuma
    
	
Title:
    	
Executive Vice President, CFO
    	
 
    	
Title:
    	
Vice President
    
	
Date:
    	
 
    	
 
    	
Date:
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
SELLER
    	
 
    	
 
    	
 
    
	
Excel Mortgage   Servicing, Inc.
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
By:
    	
/s/ William Ashmore
    	
 
    	
 
    	
 
    
	
Name: 
    	
William Ashmore
    	
 
    	
 
    	
 
    
	
Title:
    	
President, COO
    	
 
    	
 
    	
 
    
	
Date:
    	
 
    	
 
    	
 
    	
 
    

 

2

 

Schedule 3
 TO
 MASTER REPURCHASE AGREEMENT
 BETWEEN
  Excel Mortgage Servicing, Inc.
 AND
  Alliance Bank of Arizona, A Division of Western Alliance Bank

PRICING SCHEDULE
 Effective Date 5/28/2013

 

1)             Transaction Fees.  With respect to this Agreement, the Seller shall pay to the Buyer each of the following amounts (“Transaction Fees”):

a)             Repurchase Facility Origination Fee:  $0.00

 

b)             Loan Purchase Fee: $75.00 for each Purchased Loan

 

c)              $50.00 a day will be assessed on any Purchased Loan with respect to which Buyer is not in receipt of the original Mortgage Note evidencing such Purchased Loan within five (5) Business Days of the Purchase Date.  This fee will be assessed daily until the original Mortgage Note evidencing such Purchased Loan is received by Buyer.

 

2)             Pricing Rates:  With respect to any Purchased Loan, the following Pricing Rates shall apply:

 

a)             Purchased Loans repurchased by Seller within 30 days of its Purchase Date:  Prime Rate plus 0.75%

 

b)             Purchased Loans repurchased by Seller within 31-59 days of its Purchase Date:  Prime Rate plus 1.50%

 

c)              Purchased Loans repurchased by Seller within 60-90 days of its Purchase Date:  Prime Rate plus 3.75%

 

d)             Purchased Loans not repurchased by Seller within 91 days of its Purchase Date:  the lesser of (i) the Maximum Rate or (ii) Prime Rate plus 5.75%

 

e)              Purchased Loans that are Eligible Mortgage Aged Loans not sold or purchased by Seller within 364 days of its Purchase Date:  the lesser of (i) the Maximum Rate or (ii) Prime Rate plus 1.25%, unless an Eligible Mortgage Aged Loan has not been sold or purchased by 365 days of its Purchase Date, the Pricing Rates for b) through d) above shall apply.

 

3)             Minimum Pricing Rates:  With respect to any Purchased Loan the following are the Minimum Pricing Rates:

 

a)             Purchased Loans repurchased by Seller within 30 days of its Purchase Date:  4.00%

 

b)             Purchased Loans repurchased by Seller within 31-59 days of its Purchase Date:  4.75%

 

c)              Purchased Loans repurchased by Seller within 59-90 days of its Purchase Date:  7.00%

 

d)             Purchased Loans not repurchased by Seller within 91 days of its Purchase Date:  the lesser of (i) the Maximum Rate or (ii) 8.50%

 

3

 

e)              Purchased Loans that are Eligible Mortgage Aged Loans not sold or purchased by Seller within 364 days of its Purchase Date:  the lesser of (i) the Maximum Rate or (ii) Prime Rate plus 1.25%, unless an Eligible Mortgage Aged Loan has not been sold or purchased by 365 days of its Purchase Date, the Minimum Pricing Rates for b) through d) above shall apply.

 

4)             Sublimits, Purchase Price Percentage, Repurchase Date for Eligible Mortgage Loans:

 

	
Eligible Mortgage
   Loans
    	
 
    	
Definition
    	
 
    	
Repurchase
   Facility Sublimit
    	
 
    	
Purchase
   Price
   Percentage
    	
 
    	
Repurchase Date
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
Conforming   Mortgage Loans*
    	
 
    	
Conforming   mortgage loans are conventional one-to-four family residential, first lien   mortgages that fully conform to all underwriting and documentation   requirements of FNMA, FHLMC, or FHA/VA.
    	
 
    	
100% /
   No Limit
    	
 
    	
98
    	
%
    	
75 Days   from the applicable Purchase Date.
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
Conforming   Non-Owner Occupied
    	
 
    	
Conforming   mortgage loans on a property other than the mortgagor’s primary residence   that conforms to all underwriting and documentation requirements of FNMA and   FHLMC.
    	
 
    	
20%
    	
 
    	
98
    	
%
    	
75   Days from the applicable Purchase Date.
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
Eligible   Jumbo & Super Jumbo
    	
 
    	
Non-Conforming   mortgage loans are standard mortgage loans secured by a one-to-four family   residential, first lien mortgage but have a loan balance greater than   $417,000; $625,500 in California.  

 

An approved   investor commitment will be required before these loans are funded. The   underlying loan can be no greater than $2MM and must have a minimum FICO of   700.
    	
 
    	
30%
    	
 
    	
97
    	
%
    	
60   Days from the applicable Purchase Date.
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
FNMA / Freddie Mac   HARP Loans
    	
 
    	
Maximum LTV on   underlying loan of 125% for FNMA Seller Servicer. Loans must be underwritten   by automated DU system or have approved investor commitment. Maximum DTI of   45%, Minimum FICO of 680. Primary and Second Homes only.
    	
 
    	
25%
    	
 
    	
95
    	
%
    	
60 days from the   applicable Purchase Date.
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
FHA Loans / GNMA   Securitization
    	
 
    	
Maximum LTV of   100% on underlying loan. Loans must be underwritten by automated Loan   Prospector system or have approved investor commitment.
    	
 
    	
100% /
   No Limit
    	
 
    	
98
    	
%
    	
45 days from the   applicable Purchase Date.
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
Aged Loans
    	
 
    	
Performing   Eligible Mortgage Loan without a current Take-Out Commitment. Requires   pre-approval of Buyer before Funding.
    	
 
    	
$1,000,000.00
    	
 
    	
80
    	
%
    	
364 days from the   applicable Purchase Date.
    

 

	
 
    	
Borrowers Initial:
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
Alliance Bank Initial:
    	
 
    

 

4

 

QUARTERLY COMPLIANCE CERTIFICATE

 

	
SELLER:
    	
Excel Mortgage   Servicing, Inc.
    
	
 
    	
 
    
	
BUYER:
    	
Alliance Bank of Arizona, A Division of   Western Alliance Bank
    
	
 
    	
 
    
	
TODAY’S DATE:
    	
        /        /201   
    
	
 
    	
 
    
	
REPORTING PERIOD ENDED:
    	
        month(s) ended           /        /201    
    

 

This certificate is delivered to the Buyer under the Master Repurchase Agreement dated effective as of March 30, 2011 between the Seller and Alliance Bank of Arizona, A Division of Western Alliance Bank (the “Agreement”), all the defined terms of which have the same meanings when used herein.

 

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

 

	
Excel Mortgage   Servicing, Inc.
    
	
 
    
	
By:
    
	
 
    
	
Name:
    
	
 
    
	
Title:
    

 

	
SELLER:
    	
Excel Mortgage   Servicing, Inc.
    
	
 
    	
 
    
	
REPORTING PERIOD ENDED:
    	
        /        /201
    

 

5

 

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

 

I.             TANGIBLE NET WORTH

 

	
The Tangible Net Worth of Seller is:
    	
 
    
	
 
    	
 
    
	
Total Assets:
    	
$
    
	
 
    	
 
    
	
Minus: Amounts Due from Affiliates
    	
$
    
	
 
    	
 
    
	
Minus: 25% of Capitalized Mortgage Servicing   Rights
    	
$
    
	
 
    	
 
    
	
Minus: Total Liabilities:
    	
$
    
	
 
    	
 
    
	
TANGIBLE NET WORTH:
    	
$
    
	
 
    	
 
    
	
REQUIRED MINIMUM
    	
$20,000,000
    
	
 
    	
 
    
	
In compliance?
    	
oYes  oNo
    

 

II.            LEVERAGE RATIO

 

	
Total Liabilities:
    	
$
    
	
 
    	
 
    
	
Minus: Subordinated Debt
    	
($                           )
    
	
 
    	
 
    
	
ADJUSTED TOTAL LIABILITIES
    	
 
    
	
 
    	
 
    
	
Tangible Net Worth
    	
 
    
	
 
    	
 
    
	
Plus: Subordinated Debt:
    	
 
    
	
 
    	
 
    
	
ADJUSTED TANGIBLE NET WORTH
    	
$
    
	
 
    	
 
    
	
ADJ. TOTAL LIABILTIES / ADJ. TANGIBLE NET WORTH   :
    	
    :1
    
	
 
    	
 
    
	
MAXIMUM PERMITTED
    	
15:1
    
	
 
    	
 
    
	
In compliance?
    	
oYes  oNo
    

 

 

III.          LIQUIDITY PERCENTAGE

 

	
Unencumbered Cash and Cash Equivalents
    	
$
    
	
 
    	
 
    
	
Tangible Net Worth
    	
$
    
	
 
    	
 
    
	
CASH AND CASH EQUIVALENTS / TANGIBLE NET WORTH
    	
       %
    
	
 
    	
 
    
	
MINIMUM REQUIRED
    	
30%
    
	
 
    	
 
    
	
In compliance?
    	
oYes  oNo
    

 

IV.          MINIMUM LIQUIDITY

 

	
Unencumbered Cash and Cash Equivalents
    	
$
    
	
 
    	
 
    
	
MINIMUM REQUIRED
    	
$7,000,000
    
	
 
    	
 
    
	
In   compliance?
    	
oYes  oNo
    

 

V.            MINIMUM PROFITABILITY

 

	
Quarter End Net Profit
    	
$
    
	
 
    	
 
    
	
Year-to-Date Net Profit
    	
$
    
	
 
    	
 
    
	
MINIMUM REQUIRED
    	
$250,000 per quarter
    
	
 
    	
 
    
	
In   compliance?
    	
oYes  oNo
    

 

VI.          OTHER REQUESTED INFORMATION

 

	
Total Liabilities under all warehouse and   repurchase facilities:
    	
$
    
	
 
    	
 
    
	
Early Purchase Facilities:
    	
$
    

 

	
Total dollar value of funded loan volume   (Month or Quarter)
    	
$
    
	
 
    	
 
    
	
Total number of loan units volume (Month or   Quarter)
    	
$
    

 

VII.         DEFAULTS OR EVENTS OF DEFAULT

 

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

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00220-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00220-of-00352.parquet"}]]