Document:

Mortgage Warehouse Agreement

 Exhibit 10.8 

MORTGAGE WAREHOUSE AGREEMENT 

by and between 
 REDFIN MORTGAGE,
LLC, A DELAWARE LIMITED LIABILITY COMPANY, and 
 TEXAS CAPITAL BANK, NATIONAL ASSOCIATION 

DATED: 
 DECEMBER 21, 2016

 AGREEMENT NO.: 
 4301

  

					
		  		  	 Mortgage Warehouse Agreement

Version: 2015-11

HAL2016-4

 MORTGAGE WAREHOUSE AGREEMENT 

THIS MORTGAGE WAREHOUSE AGREEMENT (this “Agreement”) is made and entered into as of DECEMBER 21, 2016 (the “Effective
Date”) between REDFIN MORTGAGE, LLC, A DELAWARE LIMITED LIABILITY COMPANY (the foregoing are each individually and collectively referred to herein as “Seller”) and TEXAS CAPITAL BANK, NATIONAL ASSOCIATION. 

RECITALS 
 A. Seller is
actively engaged in Mortgage Loan Activities. 
 B. Seller is seeking additional funding sources for its Mortgage Loan Activities through
the sale of Participation Interests in Mortgage Loans generated by such Mortgage Loan Activities. 
 C. Bank is, among other things, in the
business of purchasing participation interests in Mortgage Loans. 
 D. Seller shall have no obligation to offer for sale, and Bank shall
have no obligation to purchase, Participation Interests in such Mortgage Loans. However, Seller and Bank desire to set forth the terms under which such offers and purchases, if any, can be made. 

AGREEMENT 
 NOW,
THEREFORE, for and in consideration of the covenants, representations, warranties and agreements contained herein, and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as
follows: 
 ARTICLE 1 

DEFINITIONS 
 1.1
Specific Defined Terms. As used in this Agreement, the following terms shall have the meanings set forth below: 

“Advance Request Termination Date” shall mean the final day on which Seller may submit to Bank a Request. The
Advance Request Termination Date is the earlier to occur of: (a) DECEMBER 21, 2017; or (b) the date on which Seller’s rights hereunder to submit any and all Requests to Bank shall terminate pursuant to the provisions of this Agreement
or any other Warehouse Document (including, pursuant to Section 5.2, 5.3 or 9.2). 
 “Bank
Document Deliverables” shall mean, with respect to any Participated Mortgage Loan, (a) the original of the fully executed Mortgage Note for such Participated Mortgage Loan, together with the Required Endorsements related thereto
(including, without limitation, each original executed allonge required by Bank in connection therewith) and (b) any other agreements, files, records and other documents related to such Participated Mortgage Loan which are required to be
delivered to Bank in connection with the purchase of the Participation Interest in such Participated Mortgage Loan pursuant to the Warehouse Program Guide in effect as of the related Purchase Date. 

“Document Custodian” shall mean Bank. 

  

					
		  	Page 1	  	 Mortgage Warehouse Agreement

Version: 2015-11

HAL2016-4

 “Eligible Mortgage Loan” shall mean any Mortgage Loan:
(a) that is a Seller Originated Mortgage Loan; (b) that is in all respects in compliance with the provisions of the Warehouse Program Guide applicable to such Mortgage Loan; (c) for which all of the representations and warranties set
forth in Section 6.10 shall be true, complete and correct on and as of the Purchase Date of a Participation Interest in such Mortgage Loan and at all times thereafter; and (d) which is otherwise acceptable to Bank in its sole and
absolute discretion on and as of such Purchase Date. 
 “Funding Fee” shall mean a fee payable by Seller to
Bank in an amount equal to FIFTY and No/100 Dollars ($50.00) for each Participated Mortgage Loan. Subject to applicable Law, Bank may, in its sole and absolute discretion, adjust the Funding Fee applicable to Participated Mortgage Loans upon thirty
(30) days advance written notice to Seller, in which case, commencing upon the thirty-first (31st) day after the date of such notice, the Funding Fee set forth in such written notice shall apply to any and all Mortgage Loans in which Bank
elects to purchase Participation Interests on or after such thirty-first (31st) day. 
 “Maximum Participation
Amount” shall mean an amount equal to TEN MILLION and No/100 Dollars ($10,000,000.00); provided, however, that during any Overline Period, the Maximum Participation Amount shall be the amount set forth for the same in the related Overline
Confirmation for such Overline Period. 
 “Minimum Pledged Balance” shall mean good funds in an amount not
less than TWO Percent (2.00%) of the Maximum Participation Amount; provided, however, that during any Overline Period, the Minimum Pledged Balance shall be the amount set for the same in the related Overline Confirmation for such Overline
Period. 
 “Mortgage Loan Activities” shall mean the processing, origination, administration, servicing and
selling of Mortgage Loans by Seller and any other business activities related thereto or contemplated by this Agreement (including any activities related to Mortgage Loan Transactions). 

“Mortgage Loan Transaction” shall mean, with respect to any Mortgage Loan, the closing and funding of such
Mortgage Loan by the applicable Escrow Agent. 
 “Participation Interest Rate” shall mean, with respect to
any Participated Mortgage Loan, the per annum rate of interest payable to Bank in connection with such Participated Mortgage Loan and its Participation Interest therein, which rate shall be calculated as a fixed rate equal to the greater of:
(a) the Mortgage Note Rate for such Participated Mortgage Loan as of the related Purchase Date Minus ONE HUNDRED FIFTY Basis Points (1.50%); or (b) the Participation Interest Rate Floor; provided, however, that the Participation Interest
Rate for any Participated Mortgage Loan shall not at any time be greater than the maximum rate permitted under applicable Law. Subject to applicable Law, Bank may, in its sole and absolute discretion, adjust the Participation Interest Rate
applicable to Participated Mortgage Loans upon thirty (30) days advance written notice to Seller, in which case, commencing upon the thirty-first (31st) day after the date of such notice, the Participation Interest Rate for any and all
Mortgage Loans in which Bank elects to purchase Participation Interests on or after such thirty-first (31st) day shall be the lesser of (a) the rate of interest set forth in such written notice or (b) the maximum rate permitted under
applicable Law for the applicable Participated Mortgage Loan. All interest hereunder shall be calculated on the basis of a three hundred sixty (360) day year and shall accrue on the actual number of days elapsed for any whole or partial month
in which interest is being calculated. 

  

					
		  	Page 2	  	 Mortgage Warehouse Agreement

Version: 2015-11

HAL2016-4

 “Participation Interest Rate Floor” shall mean an interest rate
equal to THREE HUNDRED Basis Points (3.00%) per annum. Subject to applicable Law, Bank may, in its sole and absolute discretion, adjust the Participation Interest Rate Floor applicable to Participated Mortgage Loans upon thirty (30) days
advance written notice to Seller, in which case, commencing upon the thirty-first (31st) day after the date of such notice, the Participation Interest Rate Floor set forth in such written notice shall apply to any and all Mortgage Loans in
which Bank elects to purchase Participation Interests on or after such thirty-first (31st) day. 
 “Repayment
Account” shall mean the deposit account established, owned and controlled by Bank, into which all proceeds from each sale of any Participated Mortgage Loan by Bank and Seller to a Take-Out Purchaser shall be funded and deposited, and such
account and all funds deposited or maintained therein shall be disbursed and applied by Bank pursuant to the terms of this Agreement. The account number for the Repayment Account is 2111051526 or such other deposit account number designated by Bank
from time to time as the Repayment Account in a written notice delivered by Bank to Seller pursuant to this Agreement. 

“Required Endorsements” shall mean, with respect to any Mortgage Note, at Bank’s election, either:
(a) the endorsement pursuant to applicable Law of such Mortgage Note in blank by Seller (which may, in Bank’s discretion, be evidenced by an original allonge, in form and content acceptable to Bank, executed by Seller and affixed to such
Mortgage Note); or (b) no endorsement of such Mortgage Note by Seller, if Bank shall have received and accepted a valid power of attorney, in form and content satisfactory to Bank, authorizing Bank to endorse such Mortgage Note for and on
behalf of Seller (provided that prior to any delivery of such Mortgage Note by Bank to a Take-Out Purchaser, such Mortgage Note shall be endorsed in favor of such Take-Out Purchaser by Bank as agent for Seller under such power of attorney). 

“Standard Participation Percentage” shall mean a percentage equal to NINETY-SEVEN percent (97.00%). 

“Target Usage Amount” shall mean an amount equal to Fifty Percent (50.00%) of the principal balance of
mortgage loans originated by the Seller during the calendar month. 
 1.2 General Defined Terms. In addition to the terms
defined in Section 1.1, as used in this Agreement, the following terms shall have the meanings set forth below: 

“Accepted Lending Practices” shall mean the loan origination practices to be observed by the originators of
the Mortgage Loans, which practices shall be conducted: (a) in a commercially reasonable manner and in good faith; (b) in accordance with the provisions of this Agreement; (c) in accordance with all applicable Laws; (d) in
accordance with the requirements (if any) of the Warehouse Program Guide; and (e) in a manner consistent with customary and usual standards of practice of prudent originators of residential mortgage loans. 

“Accepted Servicing Practices” shall mean the loan servicing practices to be observed by Seller in connection
with Participated Mortgage Loans, which practices shall be conducted: (a) in a commercially reasonable manner and in good faith; (b) in accordance with the provisions of this Agreement; (c) in accordance with all applicable Laws;
(d) in accordance with the Warehouse Program Guide; (e) in a manner consistent with customary and usual standards of practice of prudent servicers of residential mortgage loans; and (f) to the extent consistent with the foregoing, in
a manner to maximize the timely and complete recovery of all Mortgage Loan Collections. 

  

					
		  	Page 3	  	 Mortgage Warehouse Agreement

Version: 2015-11

HAL2016-4

 “Account” or “Accounts” shall mean any of the
deposit accounts to be established and maintained pursuant to this Agreement, including: (a) the Participation Account; (b) the Pledged Account; (c) the Remittance Account; (d) the Repayment Account; and (e) such other
accounts as Bank may require Seller to establish pursuant to or in connection with this Agreement or any other Warehouse Document. 

“Advance” shall mean each payment of funds by Bank to Seller pursuant to the terms of this Agreement to pay
the Purchase Price for the purchase of a Participation Interest. Such payment by Bank to Seller of the Purchase Price for a Participation Interest shall be effected through the delivery by Bank on behalf of Seller of the proceeds of the related
Advance directly to the applicable Funding Recipient, which proceeds shall be applied towards satisfying Seller’s obligations with respect to the applicable Mortgage Loan Transaction. With respect to any Participated Mortgage Loan, an Advance
shall be deemed to be made on the date on which funds are wired or otherwise transferred by Bank to the related Funding Recipient regardless of whether funds are actually received by such Funding Recipient on the date of the initiation of such wire
or other transfer. 
 “Aged Participated Mortgage Loan” shall mean any Participated Mortgage Loan which does
not constitute a Retired Participated Mortgage Loan on or after the thirtieth (30th) day after the Purchase Date for such Participated Mortgage Loan. 

“Agency” shall mean FHA, FHLMC, FNMA, GNMA, VA or USDA. 

“Agreement Termination Date” shall mean the date on which this Agreement shall terminate and cease to be in
force and effect (except with respect to the provisions of this Agreement which expressly survive termination). The Agreement Termination Date is the earlier to occur of: (a) the date on which this Agreement shall terminate pursuant to
Section 5.2(c); or (b) the date on which this Agreement shall otherwise terminate in accordance with the express terms of this Agreement or any other Warehouse Document. 

“Bank” shall mean TEXAS CAPITAL BANK, NATIONAL ASSOCIATION, and its successors and assigns. 

“Bank Payment Deliverables” shall mean any and all checks, commercial paper, notes, cash or other forms of
payment of any and all sums: (a) required to be paid to Bank hereunder but which have been received by Seller (including any and all proceeds received by Seller from the sale of any Participated Mortgage Loan to a Take-Out Purchaser); or
(b) received by Seller during the occurrence of an Event of Default which sums relate to any Participated Mortgage Loan. 

“Bankruptcy Code” shall mean Title 11 of the United States Code, as now or hereafter in effect. 

“Bailee Letter” shall mean a letter, in such form and content required by Bank, delivered or caused to be
delivered by Bank to any Take-Out Purchaser in connection with the proposed purchase of a Participated Mortgage Loan by such Take-Out Purchaser or its designee, which letter, among other things, directs such Take-Out Purchaser to hold, as bailee for
Bank, the Mortgage Loan Documents for such Participated Mortgage Loan. 
 “Blanket Assignment” shall mean an
assignment agreement in the form of Exhibit I, or in such other form required by Bank, executed and acknowledged by Seller and Bank, which evidences, among other things, the sale, transfer, assignment and conveyance by Seller to Bank of any
and all Participation Interests in the Participated Mortgage Loans and the Mortgage Loan Documents related thereto now or hereafter purchased by Bank from Seller. 

  

					
		  	Page 4	  	 Mortgage Warehouse Agreement

Version: 2015-11

HAL2016-4

 “Borrower” shall mean any Person who is an obligor on or under a
Mortgage Loan. 
 “Business Day” shall mean any day other than a Saturday, Sunday or day on which commercial
banks are authorized or required to be closed under the Laws of the State of Texas. Unless otherwise provided herein, the term “day” means a calendar day. 

“Collateral” shall have the meaning given to such term in the UCC-1 financing statement attached hereto as
Exhibit D 
 “Escrow Agent” shall mean, with respect to any Mortgage Loan, the title company or agency,
approved in advance by Bank, which is responsible for the closing and funding of such Mortgage Loan. 
 “Event of
Default” shall mean any of the events specified in Section 9.1. 
 “FHA” shall mean the
Federal Housing Administration, or its successor. 
 “FHLMC” shall mean the Federal Home Loan Mortgage
Corporation, or its successor. 
 “FNMA” shall mean the Federal National Mortgage Association, or its
successor. 
 “Funding Recipient” shall mean, with respect to any Participated Mortgage Loan, the Person to
whom Bank shall directly pay the Purchase Price for the purchase of a Participation Interest in such Participated Mortgage Loan, as set forth in the related Request, provided that such Person meets the qualifications set forth in the Warehouse
Program Guide for being a Funding Recipient with respect to such Participated Mortgage Loan. 
 “Generally Accepted
Accounting Principles” or “GAAP” shall mean those generally accepted accounting principles and practices which are recognized as such by the American Institute of Certified Public Accountants acting through its Accounting
Principles Board or by the Financial Accounting Standards Board or through other appropriate boards or committees thereof and which are consistently applied for all applicable periods, except that any accounting principle or practice required to be
changed by the said Accounting Principles Board or Financial Accounting Standards Board (or other appropriate board or committee of the said Boards) in order to continue as a generally accepted accounting principle or practice may be so changed.

 “GNMA” shall mean the Government National Mortgage Association, or its successor. 

“Governmental Authority” shall mean any and all (domestic or foreign) federal, state, county, municipal, city
or other government department, commission, board, court, agency or any other instrumentality of any of them having jurisdiction over Bank, Seller, the Mortgage Loans or any of the transactions contemplated herein. 

“Guarantor” shall mean any Person who now or hereafter has executed and delivered to 

Bank a Guaranty Agreement. 

“Guaranty Agreement” shall mean, individually and collectively, each guaranty agreement, in such form and
content required by Bank, now or hereafter executed and delivered to Bank in connection with this Agreement and the transactions contemplated hereby, including each agreement (if any) attached hereto as Exhibit C. 

  

					
		  	Page 5	  	 Mortgage Warehouse Agreement

Version: 2015-11

HAL2016-4

 “Investor” shall mean any Person (other than a Securitizer),
approved in advance by Bank, who purchases or agrees to purchase any Participated Mortgage Loan from Seller and Bank pursuant to an Investor Loan Purchase Agreement. 

“Investor Loan Purchase Agreement” shall mean, with respect to any Participated Mortgage Loan to be sold by
Seller and Bank to any Investor, a current, valid, binding and enforceable commitment issued by such Investor in favor of Seller, and/or other written agreement or arrangement between such Investor and Seller, to purchase such Participated Mortgage
Loan (including any such commitment or agreement which does not specifically identify such Participated Mortgage Loan but which contemplates the purchase of Mortgage Loans by such Investor from time to time on a best-efforts basis), which Investor
Loan Purchase Agreement provides for a purchase price to be paid by such Investor of not less than the Take-Out Purchase Price for such Participated Mortgage Loan and which is otherwise on terms and in such form and content acceptable to Bank. 

“Law” or “law” shall mean any and all present and future law, statute, code, ordinance,
order, rule, regulation, judgment, decree, injunction, franchise, permit, certificate, license, guideline, authorization or other direction or requirement of the United States, or of any city or municipality, state, commonwealth, nation, country,
territory or possession or of any court or governmental department, commission, board, bureau, agency or instrumentality. The terms “Law” and “law” include: (a) the Dodd-Frank Wall Street Reform and Consumer
Protection Act, Pub. Law No. 111-203, 124 Stat. 1376 (2010), and any and all Laws issued thereunder or in connection therewith, as may be amended from time to time (collectively, the “Dodd-Frank Act”); (b) the Interagency
Appraisal and Evaluation Guidelines jointly issued on December 2, 2010 by the Office of the Comptroller of Currency, the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, the Office of Thrift
Supervision, and the National Credit Union Administration, as the same may be amended from time to time (collectively, the “Interagency Appraisal Guidelines”); (c) the S.A.F.E. Mortgage Licensing Act of 2008 (12 U.S.C.
§§ 5101 et seq.) and any and all applicable state Laws related thereto, as may be amended from time to time (collectively, the “S.A.F.E. Act”); (d) any and all similar Laws from time to time in effect; (e) any
and all interpretations, rules, and regulations promulgated by any Government Authority in connection with the foregoing; and (f) any and all amendments to or replacements of the foregoing. 

“Lien” shall mean any lien, mortgage, security interest, assignment, tax lien, pledge or encumbrance, or
conditional sale or title retention agreement, any financing lease having substantially the same economic effect as any of the foregoing, or any other interest in Property designed to secure the repayment of indebtedness. 

“Loan Application” shall mean a completed application for the applicable Mortgage Loan in its final form,
signed by all applicable Borrowers, and which is in compliance with all applicable Laws. 
 “Material Adverse
Effect” shall mean any set of circumstances or event which with respect to any Person: (a) could reasonably be expected to have a material adverse effect upon the validity, performance, or enforceability of any Warehouse Document
against such Person; (b) is or could reasonably be expected to have a material adverse effect upon the condition (financial or otherwise), properties, liabilities (actual or contingent), business operations or prospects of such 

Person; (c) could reasonably be expected to materially impair the ability of such Person to perform its obligations under any Warehouse
Document to which it is a party; or (d) could reasonably be expected to cause an Event of Default. 

  

					
		  	Page 6	  	 Mortgage Warehouse Agreement

Version: 2015-11

HAL2016-4

 “Maximum Judgment Amount” shall mean the lesser of:
(a) $250,000.00; or (b) at any particular time, the amount equal to ten percent (10.0%) of the sum of Seller’s cash, cash equivalents (certificates of deposit and other depository accounts established at FDIC-insured banks),
United States government-issued securities and other registered, unrestricted equity or debt securities which are publicly traded on a recognized United States exchange and have been approved by Bank, in its sole and absolute discretion and which,
in all events, are held in Seller’s name and are free and clear of all Liens (except Liens in favor of Bank). 

“Mortgage Loan” shall mean a residential mortgage loan evidenced by a Mortgage Note and secured by a Security
Instrument. 
 “Mortgage Loan Collections” shall mean all checks, instruments, funds, and other property
from time to time paid on, under or with respect to any Participated Mortgage Loan under any Mortgage Loan Document or otherwise related thereto, including, without limitation, all payments of principal, interest, fees, charges, costs, expenses,
indemnities and other amounts, and all proceeds of sale of such Participated Mortgage Loan. 
 “Mortgage Loan
Documents” shall mean, with respect to any Mortgage Loan, the Mortgage Note evidencing such Mortgage Loan, the Security Instrument securing such Mortgage Loan, and all other agreements, instruments and documents governing, evidencing,
guaranteeing or relating to such Mortgage Loan, Mortgage Note or Security Instrument. 
 “Mortgage Loan
File” shall mean, with respect to any Participated Mortgage Loan, any and all Mortgage Loan Documents and other agreements, files, records and other documents related to such Participated Mortgage Loan (including the related credit file and
underwriting standards under which Seller approved such Participated Mortgage Loan). 
 “Mortgage Note”
shall mean, with respect to any Mortgage Loan, a full recourse promissory note evidencing such Mortgage Loan and secured by a Security Instrument. 

“Mortgage Note Rate” shall mean, with respect to any Mortgage Loan, the per annum rate of interest in effect
and accruing from time to time on the outstanding principal balance of such Mortgage Loan, as set forth in the Mortgage Note evidencing such Mortgage Loan. 

“Mortgaged Property” shall mean, with respect to any Mortgage Loan, the Residential Real Property subject to a
Security Instrument securing such Mortgage Loan. 
 “Obligated Party” shall mean Seller, each Guarantor, or
any other Person who is or becomes party to any agreement that guarantees or secures payment or performance of Seller’s obligations to Bank under this Agreement. 

“Outstanding Participation Balance” shall mean, at any given time, an amount, as reflected on Bank’s
books and records, equal to the aggregate sum of each Repurchase Price which would be payable by Seller to Bank hereunder if Seller was required hereunder to immediately repurchase from Bank, in their entirety, all of Bank’s then-outstanding
Participation Interests in all Participated Mortgage Loans pursuant to Section 4.8 hereof. 

  

					
		  	Page 7	  	 Mortgage Warehouse Agreement

Version: 2015-11

HAL2016-4

 “Participated Mortgage Loan” shall mean any Mortgage Loan in
which Bank has elected to purchase a Participation Interest from Seller pursuant to the terms and conditions of this Agreement. A Mortgage Loan in which Bank has purchased a Participation Interest shall cease to be a Participated Mortgage Loan
hereunder at such time as such Mortgage Loan is a Retired Participated Mortgage Loan. 
 “Participation
Account” shall mean the deposit account established and maintained by Seller at Bank for the purpose of holding funds of Seller to be used to pay Seller’s Funding Amounts. The account number for the Participation Account is identified
in Schedule 1 to the Pledge Agreement. 
 “Participation Interest” shall mean, with respect to any
Mortgage Loan, an undivided percentage ownership interest in all rights, titles and interests in, to and under such Mortgage Loan (including, all Mortgage Loan Collections payable on, and with respect to such Mortgage Loan, all of such Mortgage Loan
Documents and all other obligations thereunder, all claims, suits, causes of action, and any other rights, known or unknown, against any of the related Borrower, guarantor or other Person relating to any of the foregoing, all collateral, guarantees
and other security of or provided by any of the related Borrower or any other Person of any kind for or in respect to any and all of the foregoing, and all proceeds of any and all of the foregoing) purchased by Bank from Seller hereunder and owned
by Bank. The undivided percentage ownership interest of Bank in any such Mortgage Loan shall be equal to the Participation Percentage for such Mortgage Loan in effect from time to time. 

“Participation Percentage” shall mean, with respect to any Participation Interest in a Participated Mortgage
Loan, a percentage of undivided ownership interest in such Participated Mortgage Loan equal to: (a) the Standard Participation Percentage; or (b) if Bank elects, in its sole discretion, to make an Advance for the purchase of such
Participation Interest which is greater or less than the amount equal to the Standard Participation Percentage multiplied by the outstanding principal amount of such Participated Mortgage Loan as of the related Purchase Date, then the amount of such
Advance divided by such outstanding principal amount, expressed as a percentage; as the Participation Percentage for such Participated Mortgage Loan is reflected on Bank’s books and records. Upon any repurchase of all or any portion of
Bank’s outstanding Participation Interest in any Participated Mortgage Loan by Seller hereunder, Bank’s then-current Participation Percentage in such Participated Mortgage Loan shall be adjusted pursuant to this Agreement to give effect to
such repurchase. The Participation Percentage for any Participated Mortgage Loan shall be the percentage reflected on Bank’s books and records from time to time for such Participation Percentage, absent manifest error conclusively established
by Seller. 
 “Party” shall mean each of Seller and Bank. 

“Permitted Encumbrances” shall mean, with respect to any Mortgage Loan: (a) the Lien of current real
property taxes and assessments not yet due and payable; (b) covenants, conditions and restrictions, rights of way, easements and other matters of the public record as of the date of recording being acceptable pursuant to Accepted Lending
Practices and specifically referred to in the lender’s title insurance policy delivered to the originator of such Mortgage Loan and which do not adversely affect the appraised value of the Mortgaged Property for such Mortgage Loan; and
(c) other matters to which like properties are commonly subject which are acceptable pursuant Accepted Lending Practices and do not, individually or in the aggregate, materially interfere with the benefits of the security intended to be
provided by the Security Instrument for such Mortgage Loan or the use, enjoyment, value or marketability of the related Mortgaged Property. 

  

					
		  	Page 8	  	 Mortgage Warehouse Agreement

Version: 2015-11

HAL2016-4

 “Person” shall mean any individual, corporation, limited
liability company, partnership, joint venture, association, joint stock company, trust, unincorporated organization, government or any agency or political subdivision thereof, or any other form of entity. 

“Pledge Agreement” shall mean, individually and collectively, each pledge or security agreement, in such form
and content required by Bank, now or hereafter executed for the benefit of Bank in connection with this Agreement and the transactions contemplated hereby, including each agreement attached hereto as Exhibit B. 

“Pledged Account” shall mean the depository account or accounts established and maintained by Seller at Bank
for the purpose of holding funds of Seller to be used as a source of funds to pay the Repurchase/Sale Obligations. The account number for the Pledged Account is identified in Schedule 1 to the Pledge Agreement. 

“Property” shall mean any interest in any kind of property or asset, whether real, personal or mixed, or
tangible or intangible. 
 “Purchase Date” shall mean, with respect to any Participated Mortgage Loan, the
date and time of the Advance for the purchase by Bank of a Participation Interest in such Participated Mortgage Loan. 

“Purchase Price” shall mean, with respect to a Participation Interest in any Mortgage Loan to be purchased by
Bank, an amount equal to the outstanding principal amount of such Mortgage Loan on the related Purchase Date multiplied by the Bank’s Participation Percentage for such Participation Interest in such Mortgage Loan. 

“Remittance Account” shall mean the deposit account established and maintained by Seller at Bank into which
Bank shall deposit any and all funds received by Bank from time to time which are attributable hereunder to Seller’s Retained Percentage in any Participated Mortgage Loan and which are required to be paid by Bank to Seller hereunder. 

“Repurchase Participation Percentage” shall mean, with respect to a Participation Interest in any Participated
Mortgage Loan: (a) the portion of Bank’s outstanding Participation Percentage in such Participated Mortgage Loan which is required by Bank to be repurchased by Seller from Bank pursuant to Section 4.7, expressed as a percentage
(for example, if Bank’s Participation Percentage immediately prior to the repurchase is 99.0%, and Bank’s Participation Percentage is required to be reduced to 89.0% in connection with the repurchase, then the Repurchase Participation
Percentage would equal 10.0%); or (b) one hundred percent (100.0%) of Bank’s outstanding Participation Percentage in such Mortgage Loan which is required by Bank to be repurchased in its entirety by Seller from Bank pursuant to
Section 4.8 (for example, if Bank’s Participation Percentage immediately prior to the repurchase is 99.0%, and Bank’s Participation Percentage is required to be reduced to 0.0% in connection with the repurchase, then the
Repurchase Participation Percentage would equal 99.0%). 
 “Repurchase Price” shall mean, with respect to a
Participation Interest in any Participated Mortgage Loan, the amount to be paid by Seller to Bank for the repurchase of all or any portion of such Participation Interest which is required by Bank to be repurchased by Seller from Bank pursuant to
Sections 4.7 or 4.8, which amount shall be equal to: (a) the amount of any then-earned and unpaid Funding Fee payable by Seller to Bank hereunder with respect to such Participated Mortgage Loan as of the date of such repurchase; plus
(b) the amount of any then-earned and unpaid Administrative Fees payable by Seller to Bank hereunder with respect to such Participated 

  

					
		  	Page 9	  	 Mortgage Warehouse Agreement

Version: 2015-11

HAL2016-4

 
Mortgage Loan as of the date of such repurchase; plus (c) an amount equal to (i) the Purchase Price for such Participated Mortgage Loan, multiplied by (ii) the Repurchase
Participation Percentage for such Participated Mortgage Loan; plus (d) the amount of Bank’s pro rata share of accrued interest on such Participated Mortgage Loan (which is allocable to the portion of the Participation Interest that is
required to be repurchased by Seller), determined at the Participation Interest Rate for such Participated Mortgage Loan, during the period of time commencing on the Purchase Date for such Participated Mortgage Loan and ending on the date of such
repurchase; plus (e) any and all other amounts related to such Participated Mortgage Loan which are then due and payable by Seller to Bank under this Agreement as of the date of such repurchase (including, without limitation, any and all costs
and expenses of Bank incurred in enforcing its rights and remedies hereunder in connection with the related Mortgage Loan); less (f) all amounts (if any) received and applied by Bank hereunder, as of the date of such repurchase, towards payment
of Bank’s pro rata share (determined in accordance with Bank’s Participation Percentage in effect from time to time with respect to such Participation Interest) of principal and interest (determined at the applicable Participation Interest
Rate) on such Participated Mortgage Loan. 
 “Repurchase/Sale Obligations” shall mean: (a) any and all
obligations of Seller, whether now existing or hereafter arising, to (i) arrange for the sale by and on behalf of the Parties of each Participated Mortgage Loan to a Take-Out Purchaser, and complete each such sale, as and when required pursuant
to the terms and conditions of this Agreement and (ii) repurchase all or any portion of Bank’s Participation Interest in each Participated Mortgage Loan as and when required pursuant to the terms and conditions of this Agreement;
(b) any and all liabilities of Seller to Bank in connection with the obligations described in clause (a) of this sentence; and (c) any and all costs and expenses incurred by Bank in connection with the collection, administration or
enforcement of all or any part of the obligations and liabilities described in clauses (a) and (b) of this sentence or the protection or preservation of, or realization upon, any collateral securing all or any part of such liabilities and
obligations, including, without limitation, all reasonable attorneys’ fees. 
 “Request” shall mean any
request by Seller to Bank for the purchase by Bank from Seller of a Participation Interest in an Eligible Mortgage Loan and the Advance by Bank of funds for the Purchase Price for such Participation Interest, which Request shall be delivered by
Seller to Bank in such manner and shall contain such information as may be required by Bank from time to time. 

“Residential Real Property” shall mean a single platted lot of land improved with a one- to-four family
residence. 
 “Restricted Accounts” shall mean the Participation Account and the Pledged Account. 

“Retained Percentage” shall mean, with respect to any Participated Mortgage Loan, the percentage of undivided
ownership interest retained by Seller in such Participated Mortgage Loan, after giving effect to the sale by Seller and purchase by Bank of such Participation Interest hereunder, which percentage shall be, for any such Mortgage Loan, equal to the
difference of one hundred percent (100.0%) less the Bank’s Participation Percentage in such Participated Mortgage Loan. Upon any repurchase of all or any portion of Bank’s outstanding Participation Interest in any Participated
Mortgage Loan by Seller hereunder, Seller’s then-current Retained Percentage in such Participated Mortgage Loan shall be adjusted to give effect to such repurchase. The Retained Percentage for any Participated Mortgage Loan shall be the
percentage reflected on Bank’s books and records from time to time for such Retained Percentage, absent manifest error conclusively established by Seller. 

  

					
		  	Page 10	  	 Mortgage Warehouse Agreement

Version: 2015-11

HAL2016-4

 “Retired Participated Mortgage Loan” shall mean any Mortgage
Loan in which Bank has purchased a Participation Interest: (a) which has been subsequently sold in its entirety to a Take- Out Purchaser and the full amount of the Take-Out Purchase Price for such sale has been received and applied by Bank (as
reflected on the Bank’s books and records), all pursuant to the terms of this Agreement; (b) for which the Participation Interest in such Mortgage Loan has been subsequently repurchased in its entirety by Seller from Bank and the full
amount of the Repurchase Price for such repurchase has been received and applied by Bank (as reflected on the Bank’s books and records), all pursuant to the terms of this Agreement; or (c) for which the entire principal balance and all
accrued interest for such Mortgage Loan has been subsequently paid in full by the related Borrower, and Bank’s pro rata share of such amounts (determined in accordance with Bank’s Participation Percentage and the Participation Interest
Rate in effect from time to time with respect to such Mortgage Loan) have been received and applied by Bank (as reflected on the Bank’s books and records), all pursuant to the terms of this Agreement. 

“Security Instrument” shall mean, with respect to any Mortgage Loan, a full recourse mortgage or deed of trust
securing such Mortgage Loan and granting a perfected first priority lien on the Residential Real Property related thereto. 

“Securitizer” shall mean any Person, approved in advance by Bank in its sole and absolute discretion, who or
which purchases or agrees to purchase any Participated Mortgage Loan from Seller and Bank pursuant to a Securitizer Loan Purchase Agreement in connection with the securitization of a pool of mortgage loans. 

“Securitizer Loan Purchase Agreement” shall mean, with respect to any Participated Mortgage Loan to be sold by
Seller and Bank to a Securitizer, a current, valid, binding and enforceable mortgage loan purchase and sale agreement and/or other written agreement between the Securitizer and Seller regarding the sale of mortgage loans by Seller to, and purchase
by, the Securitizer in connection with the securitization of a pool of residential mortgage loans, which Securitizer Loan Purchase Agreement provides for a purchase price to be paid by the Securitizer of not less than the Take-Out Purchase Price for
such Participated Mortgage Loan and which is otherwise on terms and in such form and content acceptable to Bank in its sole and absolute discretion. 

“Seller’s Funding Amount” shall mean, with respect to any Participated Mortgage Loan and the related
Mortgage Loan Transaction, the total amount to be paid by Seller (through sources other than an Advance) in connection with such Mortgage Loan Transaction, which Seller’s Funding Amount shall be equal to the Total Funding Amount for such
Participated Mortgage Loan less the Purchase Price for the Participation Interest therein. 
 “Seller Originated
Mortgage Loan” shall mean any Mortgage Loan: (a) originated by Seller and closed in the name of Seller as lender; and (b) with respect to which Seller is (or shall be upon the closing thereof) the holder of the Mortgage Note for
such Mortgage Loan and otherwise owns all rights, titles and interests in and to such Mortgage Loan. 
 “Take-Out
Purchase Agreement” shall mean any Investor Loan Purchase Agreement or Securitizer Loan Purchase Agreement. 

“Take-Out Purchase Price” shall mean, with respect to any Participated Mortgage Loan to be sold by Seller and
Bank to a Take-Out Purchaser pursuant to a Take-Out Purchase Agreement, an amount which is not less than: (a) as of the date of such sale, the outstanding principal balance of such Mortgage Loan plus any and all accrued and unpaid interest
thereon; or (b) such other amount approved by Bank as confirmed in writing by Bank to Seller prior to such sale. 

  

					
		  	Page 11	  	 Mortgage Warehouse Agreement

Version: 2015-11

HAL2016-4

 “Take-Out Purchaser” shall mean any Securitizer or any Investor
approved in advance by Bank in its sole and absolute discretion for the purchase of a Mortgage Loan from Seller and Bank. 

“Title Policy” shall mean, with respect to any Participated Mortgage Loan, a title insurance policy relating
to such Participated Mortgage Loan, in such form acceptable to Bank, which title insurance policy: (a) is issued by a nationally recognized title insurance company acceptable to Bank; (b) provides insurance to the lender named therein, and
such lender’s successors and assigns, in the full amount of such Participated Mortgage Loan and insures that that the lien of the Security Instrument for such Participated Mortgage Loan is a first and prior lien upon the related Mortgaged
Property, without any exceptions, except for Permitted Encumbrances; (c) includes such endorsements thereto which are consistent with Accepted Lending Practices; and (d) satisfies the requirements (if any) of the Warehouse Program Guide.

 “Total Funding Amount” shall mean, with respect to any Participated Mortgage Loan and the related
Mortgage Loan Transaction, the total amount to be paid by Seller in connection with such Mortgage Loan Transaction (including amounts to be provided on behalf of Seller by Bank through the making of an Advance for the purchase of a Participation
Interest in such Participated Mortgage Loan), as set forth in the related Request. 
 “UCC” shall mean the
Uniform Commercial Code of the State of Texas or other applicable jurisdiction, as it may be amended from time to time. 

“USDA” shall mean the United States Department of Agriculture, or its successor. 

“VA” shall mean the United States Department of Veterans Affairs, or its successor. 

“Warehouse Documents” shall mean this Agreement, the Blanket Assignment, each Guaranty Agreement, the Pledge
Agreement and any and all other agreements, instruments and documents evidencing, securing or pertaining to Bank’s discretionary purchase of Participation Interests in Mortgage Loans from Seller hereunder, as shall from time to time be executed
and delivered to Bank by Seller, any Obligated Party or any other Person pursuant to or in connection with this Agreement or the transactions contemplated hereby, including each addendum to this Agreement (if any) executed by Bank and Seller, any
future amendments hereto, or restatements hereof, together with any and all renewals, extensions, and restatements of, and amendments and modifications to, any such agreements, documents and instruments. 

“Warehouse Program Guide” shall mean, collectively, the “Warehouse Program Guide” issued by Bank and
made available to Seller pursuant to the provisions of this Agreement, as amended, modified or supplemented from time to time by Bank, and including any notices or bulletins issued by Bank concerning the guidelines, procedures and requirements for
the transactions contemplated by this Agreement. 
 1.3 Other Defined Terms. In addition to the terms defined in
Section 1.1 and Section 1.2, as used in this Agreement, other capitalized terms contained in this Agreement shall have the meanings assigned to them. 

  

					
		  	Page 12	  	 Mortgage Warehouse Agreement

Version: 2015-11

HAL2016-4

 1.4 Other Definitional Provisions. 

(a) All terms defined in this Agreement shall have the herein defined meanings when used in any document, certificate, report
or other document, instrument, or writing made or delivered pursuant to this Agreement or any other Warehouse Document, unless the context therein shall otherwise require. 

(b) Words used herein in the singular, where the context so permits, shall be deemed to include the plural and vice versa. The
definitions of words in the singular herein shall apply to such words when used in the plural where the context so permits and vice versa. 

(c) The words “herein,” “hereof,” “hereunder” and other similar compounds of the word
“here” when used in this Agreement shall refer to the entire Agreement and not to any particular provision or section; and the word “including,” as used herein, shall mean “including, without limitation.” 

(d) All references herein to “Articles” and “Sections” are, unless specified otherwise, references to
articles and sections of this Agreement. All references herein to an “Exhibit,” “Schedule” or “Addendum” are references to exhibits, schedules or addenda attached hereto, all of which are made a part hereof for all
purposes, the same as if set forth herein verbatim, it being understood that if any exhibit, schedule or addendum attached hereto, which is to be executed and delivered, contains blanks, the same shall be completed correctly and in accordance with
the terms and provisions contained and as contemplated herein prior to or at the time of the execution and delivery thereof. 
 ARTICLE 2

 PURCHASE OF PARTICIPATION INTERESTS 

2.1 Request for Purchase. 

(a) At any time prior to the Advance Request Termination Date, Seller may submit a Request to Bank for Bank to purchase a
Participation Interest in one or more Eligible Mortgage Loans from Seller hereunder by delivering or causing to be delivered to Bank, by electronic data submission or in such other manner, as may be required by Bank from time to time, the
information and other items for such Eligible Mortgage Loans required by Bank pursuant to the Warehouse Program Guide. 
 (b)
To assist Bank in making its decision whether to purchase a Participation Interest in any particular Eligible Mortgage Loan, Seller will timely provide Bank or Bank’s agents with the information and other items for such Eligible Mortgage Loan
required by Bank pursuant to the Warehouse Program Guide. 
 (c) Each submission of a Request shall be deemed to constitute a
representation and warranty by Seller to Bank on the date of such Request and on the date of an Advance made by Bank to purchase a Participation Interest in any Mortgage Loan in connection with such Request that: (i) such Request relates to an
Eligible Mortgage Loan; and (ii) the information and materials submitted to Bank in connection with such Mortgage Loan and such Request are true, correct and complete in all respects. 

(d) Each submission of a Request shall constitute Seller’s agreement and reaffirmation of the terms of the Blanket
Assignment, such that, if Bank elects to purchase from Seller a Participation Interest in the Mortgage Loan referenced in such Request, then effective upon payment by Bank to Seller of the Purchase Price for such Participation Interest pursuant to

  

					
		  	Page 13	  	 Mortgage Warehouse Agreement

Version: 2015-11

HAL2016-4

 
the terms of this Agreement, Seller shall have (and shall be conclusively deemed to have) irrevocably and unconditionally sold, transferred, assigned and conveyed to Bank, and Bank shall have
(and shall be conclusively deemed to have) purchased and accepted from Seller, all of Seller’s rights, titles, and interests in, to and under such Participation Interest in such Mortgage Loan and the related Mortgage Loan Documents, and such
sale, transfer, assignment and conveyance shall be evidenced by the Blanket Assignment (including the Schedule thereto which shall be updated and maintained by Bank, and which Seller hereby confirms and accepts, and shall be conclusive absent
manifest error conclusively established by Seller). 
 2.2 Decision to Purchase. Each decision of Bank whether to purchase any
Participation Interest in any Mortgage Loan from Seller hereunder shall be made by Bank in its sole and absolute discretion. Bank shall be under no obligation hereunder to purchase any Participation Interest in any Mortgage Loan nor shall Bank have
any obligation hereunder to purchase any minimum amount of Participation Interests in Mortgage Loans. In each instance where a Request is submitted to Bank, Bank will make an independent decision whether to purchase a Participation Interest in any
Mortgage Loan contemplated by the Request. Bank may decline to purchase any Participation Interest in any Mortgage Loan for any reason or for no reason whatsoever and shall provide Seller with notice of its decision not to purchase a Participation
Interest within one Business Day of receipt of the Request from Seller. The election of Bank to purchase a Participation Interest in any Mortgage Loan shall be evidenced by the making of an Advance by Bank for the payment of the Purchase Price
related thereto. If Bank elects to purchase a Participation Interest in an amount other than the Standard Percentage, it shall provide Seller with notice of its decision within one Business Day of receipt of the Request from Seller. 

2.3 Conditions to Each Purchase. As a condition precedent to any purchase of a Participation Interest by Bank from Seller
hereunder, in addition to all other requirements set forth herein, Seller shall deliver to Bank all of the following, each being duly executed, endorsed, notarized where applicable and delivered and in form and content satisfactory to Bank in its
sole and absolute discretion: 
 (a) The information and other items required to be delivered to Bank pursuant to
Section 2.1; 
 (b) If requested by Bank, a written certification from Seller to Bank that the representations and
warranties of Seller contained in this Agreement and each other Warehouse Document (other than those representations and warranties which are, by their terms, expressly limited to the date of the agreement in which they were initially made) are true
and correct in all material respects on and as of the date of such purchase; 
 (c) If requested by Bank, a written
certification from Seller that no Event of Default has occurred or is continuing as of the date of the Advance; 
 (d) Seller
has adequate available funds on deposit in the Participation Account in an amount not less than Seller’s Funding Amount for such Mortgage Loan; and 

(e) Such other documents as Bank may reasonably request at any time at or prior to the date of the first Advance hereunder or
as a condition to any subsequent Advance hereunder, including any and each Pledge Agreement and Guaranty Agreement required by Bank to be executed in connection with the transactions contemplated by this Agreement. 

Each submission of a Request shall be deemed to constitute a representation and warranty by Seller to Bank on the date of such Request and on the date of the
applicable Advance made to purchase a Participation Interest in connection with such Request as to the facts and statements specified in clauses 

  

					
		  	Page 14	  	 Mortgage Warehouse Agreement

Version: 2015-11

HAL2016-4

 (a), (b), (c) and (d) immediately above and in Sections 5.1(e), (g) and
(h) are true and correct. It is understood and agreed that Bank shall not make any Advance for the Purchase Price of any Participation Interest unless with respect thereto Bank is in receipt of all agreements and documents required to be
delivered to Bank under this Agreement and all other conditions precedent and requirements set forth herein are satisfied or waived by Bank in writing. 

All conditions precedent hereunder to the purchase of a Participation Interest are solely for the benefit of Bank. Bank’s election, in its sole
discretion, to waive any condition precedent hereunder for the purchase of any Participation Interest shall not constitute a waiver of the satisfaction of such condition precedent for any subsequent purchase of any other Participation Interest. No
such condition precedent shall be deemed waived unless waived in writing by Bank. 
 2.4 Funding of Mortgage Loan Transactions;
Purchase of Participation Interests. With respect to each Participated Mortgage Loan, Bank and Seller agree that: 

(a) Bank shall (and is authorized to) debit funds from the Participation Account in an amount equal to Seller’s Funding
Amount for such Participated Mortgage Loan and deliver on behalf of Seller by wire transfer such funds directly to the account of the Funding Recipient designated in the related Request (provided, however, if such Funding Recipient is an Escrow
Agent, then such account shall be an escrow account) or deliver such funds on behalf of Seller to such Funding Recipient in any other manner acceptable to Bank. Bank shall not make an Advance for the purchase of a Participation Interest in any
Mortgage Loan unless Seller has good funds on deposit in the Participation Account in an amount not less than Seller’s Funding Amount for such Mortgage Loan; 

(b) As payment by Bank to Seller for the purchase of a Participation Interest in such Participated Mortgage Loan, Bank shall
make an Advance in an amount equal to the related Purchase Price. Seller hereby irrevocably and unconditionally instructs Bank, with respect to any such Advance, to deliver by wire transfer the proceeds of such Advance on behalf of Seller directly
to the account of the Funding Recipient designated in the related Request or to deliver such proceeds on behalf of Seller to such Funding Recipient in any other manner acceptable to Bank; and 

(c) Upon the making of an Advance by Bank to or on behalf of Seller for the purchase of a Participation Interest in such
Participated Mortgage Loan as described above in this Section: (i) Bank shall immediately have purchased such Participation Interest from Seller, and shall immediately have become fully vested with, an undivided percentage ownership interest in
all of Seller’s rights, titles and interests in and to such Participated Mortgage Loan and the related Mortgage Loan Documents, which undivided percentage ownership interest shall equal the Participation Percentage for such Participated
Mortgage Loan; and (ii) Seller shall immediately make proper entries on its books and records disclosing the absolute sale by Seller to Bank of such Participation Interest in such Participated Mortgage Loan and the related Mortgage Loan
Documents. The purchase and sale of a Participation Interest in any Participated Mortgage Loan hereunder shall be conclusively established by the making of an Advance by Bank for the Purchase Price for such Participation Interest as and in the
manner provided in this Section and shall be evidenced by the Blanket Assignment. 
 2.5 Failure to Complete Mortgage Loan
Transaction. Each Advance made by Bank to purchase a Participation Interest from Seller in a Mortgage Loan is intended by Bank and Seller to be made in connection with a Mortgage Loan Transaction, which Mortgage Loan Transaction is to occur
on or about the date on which the related Request for such Advance is submitted by Seller to Bank for Bank 

  

					
		  	Page 15	  	 Mortgage Warehouse Agreement

Version: 2015-11

HAL2016-4

 
to purchase a Participation Interest in such Mortgage Loan or on such date otherwise specified in such Request. With respect to any Mortgage Loan for which Seller has submitted a Request to Bank
for Bank to purchase a Participation Interest therein, if the Mortgage Loan Transaction related thereto is not expected by Seller to occur or fails to occur within two (2) days of such Request then Seller shall immediately provide notice
thereof to Bank. Should the Mortgage Loan Transaction related to any Mortgage Loan not be expected by Seller to occur or fail to occur within two (2) days of the Request to Bank for Bank to purchase a Participation Interest therein and Bank
shall have delivered on behalf of Seller to the related Funding Recipient the proceeds of the Advance for the purchase by Bank of such Participation Interest, then: (a) the proceeds of such Advance shall immediately be returned directly to Bank
and Bank may instruct such Funding Recipient to immediately return such proceeds directly to Bank; and (b) Seller shall (i) immediately instruct and cause such Funding Recipient to return the proceeds of such Advance directly to Bank and
(ii) cooperate with Bank to effect the immediate return of the proceeds of such Advance directly to Bank and, at the request of Bank, take such actions and do such things deemed necessary or appropriate by Bank to effect the immediate return
directly to Bank of the proceeds of such Advance. 
 2.6 Funding Fee. Seller shall pay to Bank a Funding Fee for each
Participated Mortgage Loan as compensation for Bank’s costs and expenses incurred in connection with underwriting and processing its purchase of the Participation Interest in such Participated Mortgage Loan and administering such Participation
Interest hereunder. The Funding Fee with respect to any Participated Mortgage Loan shall be: (a) earned in full by Bank on the related Purchase Date; and (b) payable to Bank by Seller upon the earlier to occur of the date on which:
(i) all or any portion of the related Participation Interest is to be repurchased by Seller from Bank as contemplated by and in accordance with the terms of this Agreement; (ii) such Participated Mortgage Loan is sold to a Take-Out
Purchaser as contemplated by and in accordance with the terms of this Agreement; or (iii) the entire principal balance of such Participated Mortgage Loan has been paid in full by the related Borrower. 

2.7 Maximum Participation Amount. Notwithstanding anything to the contrary contained herein, Bank shall not purchase and hold,
at any one time, Participation Interests such that the Outstanding Participation Amount exceeds the Maximum Participation Amount; provided, however, that Bank may, in its sole and absolute discretion, elect to temporarily increase the Maximum
Participation Amount upon written notice to Seller pursuant to Section 2.8. Nothing contained in this Section shall limit, impair or affect the provisions of Section 2.2. 

2.8 Overline Facility Increases. Upon Seller’s request from time to time, Bank may, in its sole and absolute discretion,
elect to temporarily increase the amount of the Maximum Participation Amount (each, an “Overline Facility Increase”) by providing written notice thereof to Seller (each, an “Overline Confirmation”). Each Overline
Confirmation shall set forth the terms on which Bank agrees to temporarily increase the Maximum Participation Amount, including: (a) the amount to which the Maximum Participation Amount will be temporarily increased; (b) the date on which
such temporary increase in the Maximum Participation Amount shall commence and terminate (the “Overline Period”); and (c) the amount to which the Minimum Pledged Balance shall be increased in connection with such Overline
Facility Increase. As a condition precedent to the effectiveness of any Overline Facility Increase, Seller shall deposit into the Pledged Account good funds in such amount required in order to maintain therein the Minimum Pledged Balance set forth
in the related Overline Confirmation. During any Overline Period, the Maximum Participation Amount and Minimum Pledged Balance shall equal the respective amounts set forth on the Overline Confirmation and, upon the expiration of the Overline Period,
the Maximum Participation Amount and Minimum Pledged Balance shall automatically be reduced to the respective amounts in effect prior to the commencement of any Overline Period. 

  

					
		  	Page 16	  	 Mortgage Warehouse Agreement

Version: 2015-11

HAL2016-4

 2.9 Client-to-Client Funding. If Seller submits a Request to Bank for Bank to
purchase a Participation Interest in a Mortgage Loan from Seller hereunder to pay off a Mortgage Loan in which Bank already holds an ownership interest pursuant to a separate agreement with a different mortgage company (each, a
“Client-to-Client Funding”), then Seller: (a) shall provide any and all documents and information Bank requests regarding or related to such Participation Interest representing the Client-to- Client Funding; and
(b) acknowledges and agrees that, without limiting any other provision in this Article 2 relating to the purchase of such Participation Interest, any such Client-to-Client Funding shall be conditioned upon the timely satisfaction
of all other conditions Bank may in its sole and absolute discretion determine to be necessary or appropriate, including the consent of the original mortgage company to the Client-to-Client Funding and Bank’s agreement to the application of the
funds advanced under the Client-to-Client Funding. 
 ARTICLE 3 

DELIVERY OF BANK DOCUMENT DELIVERABLES 

3.1 Documents to be Delivered to the Document Custodian After an Advance. Subject to Sections 3.2 and 3.3, within
two (2) Business Days after the Purchase Date for any Participated Mortgage Loan, Seller shall deliver or cause to be delivered to the Document Custodian all of the Bank Document Deliverables for such Participated Mortgage Loan. Bank reserves
the right to require copies of any of the Bank Document Deliverables for review prior to making any Advance for the purchase of a Participation Interest in any specific Mortgage Loan. 

3.2 Procedure for Delivery of Bank Document Deliverables. Seller shall cause the Bank Document Deliverables for each
Participated Mortgage Loan to be delivered directly to the Document Custodian (and, in the event that the applicable Funding Recipient for such Participated Mortgage Loan is or is required hereunder to be an Escrow Agent, such Bank Document
Deliverables shall be delivered directly to the Document Custodian from escrow by the Escrow Agent for such Participated Mortgage Loan) within two (2) Business Days after the Purchase Date for such Participated Mortgage Loan, unless otherwise
expressly provided by Bank in writing to Seller with respect to such Participated Mortgage Loan (it being understood that any such writing from Bank shall only apply to the specific Participated Mortgage Loan referenced therein). 

3.3 Bank Document Deliverables Held By Seller. Without limiting the requirements set forth in Section 3.2, Seller
acknowledges and agrees that any and all Bank Document Deliverables relating to any Participated Mortgage Loan which are at any time in the custody, possession or control of Seller after Bank’s purchase of a Participation Interest in such
Participated Mortgage Loan shall be held and delivered to the Document Custodian pursuant to the terms and conditions of Section 5.11. Nothing contained in this Article authorizes or permits the delivery to Seller or any other Person
(other than the Document Custodian) of any of the Bank Document Deliverables which Seller is required hereunder to cause to be delivered directly to the Document Custodian. 

ARTICLE 4 
 SALE OF
LOANS TO TAKE-OUT PURCHASERS; 
 AGED LOANS; REPURCHASE OBLIGATIONS 

4.1 Short Term Nature of Investment. 

(a) It is understood that each Participation Interest which Bank purchases in any Mortgage Loan shall be purchased by Bank for
its own account for the short term investment of its capital and in reliance of Seller’s agreement hereunder that: (i) Seller shall arrange and complete the sale by and on behalf the Parties of the related Participated Mortgage Loan as and

  

					
		  	Page 17	  	 Mortgage Warehouse Agreement

Version: 2015-11

HAL2016-4

 
when required pursuant to the terms of this Agreement; or (ii) repurchase all or any portion of such Participation Interest as and when required pursuant to the terms of this Agreement, if
such sale is not arranged and completed by Seller as and when required pursuant to the terms of this Agreement. In order to secure the prompt and complete performance by Seller of its Repurchase/Sale Obligations, Seller does hereby pledge, assign
and grant to Bank a continuing security interest in and to the Collateral. For this purpose, this Agreement shall constitute a security agreement in accordance with the UCC, and Bank shall have all the rights of a secured creditor with respect to
such security. 
 (b) For each Participated Mortgage Loan, it is the intention of Bank and Seller that such Participated
Mortgage Loan and the related Mortgage Loan Documents will be sold and delivered to a Take-Out Purchaser, and for such Take-Out Purchaser to have paid the full amount of the Take-Out Purchase Price for such Participated Mortgage Loan, within thirty
(30) days of the Purchase Date for such Participated Mortgage Loan. Notwithstanding the foregoing, it is understood and agreed that Bank shall not have and does not undertake any duty, obligation or liability arising from or related to any
Take-Out Purchase Agreement or any Take-Out Purchaser. 
 4.2 Sale of Participated Mortgage Loans to Take-Out Purchasers. 

(a) The sale of each Participated Mortgage Loan by Seller and Bank to any Take-Out Purchaser shall be in accordance with the
terms of the related Take-Out Purchase Agreement. If a Take-Out Purchaser fails to perform or anticipatorily breaches its obligations under a Take-Out Purchase Agreement to purchase any Participated Mortgage Loan, then Seller shall promptly locate
and consummate the sale by Bank and Seller of such Participated Mortgage Loan to another Take-Out Purchaser acceptable to Bank at a price which is not less than the Take-Out Purchase Price for such Participated Mortgage Loan; provided, however, that
the foregoing shall not limit or qualify any other rights or remedies available to Bank hereunder with respect to such Participated Mortgage Loan or any Participation Interest therein. 

(b) Notwithstanding anything to the contrary in any Take-Out Purchase Agreement, the procedures of sale to a Take-Out Purchaser
by Seller and Bank of any Participated Mortgage Loan shall be as follows: 
 (i) Seller shall deliver to the Take-Out
Purchaser the Mortgage Loan Documents for such Participated Mortgage Loan (other than the related Mortgage Note and other Mortgage Loan Documents, if any, which are then being held by the Document Custodian). Such Mortgage Loan Documents shall be
delivered by Seller to the Take- Out Purchaser under the provisions of the Take-Out Purchase Agreement which govern the Take-Out Purchaser’s custody and possession of such Mortgage Loan Documents or under such other written custodial or similar
agreement between Seller and the Take-Out Purchaser acceptable to Bank. Seller shall provide prompt written notice to Bank of the transmittal and delivery of such Mortgage Loan Documents to the Take-Out Purchaser. 

(ii) Bank shall deliver or cause to be delivered to the Take-Out Purchaser, under a Bailee Letter, the Mortgage Loan Documents
for such Participated Mortgage Loan which are then held by the Document Custodian pursuant to this Agreement, including the original Mortgage Note for such Participated Mortgage Loan accompanied by: (A) the Required Endorsements; and
(B) if such Mortgage Note was not endorsed in blank by Seller, an allonge endorsed in favor of such Take-Out Purchaser by Bank, as agent for Seller, pursuant to (and if and to the extent that Bank shall have received and accepted) a valid power
of attorney, in form and content satisfactory to Bank, authorizing Bank to endorse such Mortgage Note for and on behalf of Seller. 

  

					
		  	Page 18	  	 Mortgage Warehouse Agreement

Version: 2015-11

HAL2016-4

 (c) Within a period of time acceptable to Bank, but in no event more than twenty
(20) days after the delivery by the Document Custodian to the Take-Out Purchaser of the Mortgage Note evidencing such Participated Mortgage Loan, Seller shall cause the Take-Out Purchaser to pay or cause to be paid directly to Bank, as payment
to Seller and Bank for the purchase by the Take-Out Purchaser of such Participated Mortgage Loan, immediately available funds in an amount not less than the Take-Out Purchase Price for such Participated Mortgage Loan. 

(d) All of the proceeds from the sale by Seller and Bank of a Participated Mortgage Loan to a Take-Out Purchaser shall be paid
directly to Bank pursuant to Section 4.3 and shall be applied by Bank on behalf of Bank and Seller in accordance with Section 4.4. 

(e) Subject to Section 4.4(b), Bank and Seller’s ownership interests in any Participated Mortgage Loan to be sold
to a Take-Out Purchaser shall continue in full force and effect, and Bank and Seller shall not have (and shall not be deemed to have) sold such Participated Mortgage Loan to a Take-Out Purchaser unless and until such time as Bank shall have received
immediately available funds from the Take-Out Purchaser for such sale in an amount not less than the Take-Out Purchase Price for such Participated Mortgage Loan and applied such funds in accordance with Section 5.12. 

4.3 Payments From Take-Out Purchasers. In connection with each sale of a Participated Mortgage Loan by Seller and Bank to a
Take-Out Purchaser, Seller shall cause the Take-Out Purchase Price to be paid by the Take-Out Purchaser for the purchase of the Participated Mortgage Loan to be paid by the Take-Out Purchaser, in immediately available funds, directly to Bank into
the Repayment Account. 
 4.4 Processing Payments From Take-Out Purchasers. With respect to any immediately available funds on
deposit in the Repayment Account which constitute the proceeds of any Take-Out Purchase Price (each a “Take-Out Purchaser Payment”): 

(a) Seller shall promptly confirm to Bank the Participated Mortgage Loan to which such Take-Out Purchaser Payment applies;
provided, however, that if Seller shall not have provided such confirmation to Bank by the last Business Day of the calendar month in which Bank provided notice to Seller of the Take-Out Purchaser Payment, then Bank may, in its sole discretion,
determine and designate the Participated Mortgage Loan to which such Take-Out Purchaser Payment applies to the extent Bank is able to make such a determination based on information available to it; 

(b) Bank reserves the right, in its sole discretion, to determine whether to accept or reject such Take-Out Purchaser Payment
in the event that insufficient funds were delivered by the Take-Out Purchaser to Bank to fully pay the Take-Out Purchase Price for the Participated Mortgage Loan to which the Take-Out Purchaser Payment applies. Seller acknowledges and agrees that:
(i) if Bank elects, in its sole discretion, to reject a Take-Out Purchaser Payment for which insufficient funds were delivered, then Bank’s related Participation Interest shall not have been sold (and shall be deemed to not have been sold)
to such Take-Out Purchaser, and Seller shall immediately notify such Take-Out Purchaser that no sale of such Participated Mortgage Loan by Bank and Seller to such Take-Out Purchaser has occurred; and (ii) if Bank elects, in its sole discretion,
not to reject a Take-Out Purchaser Payment for which insufficient funds were delivered, then Bank shall have the right to offset any amounts in any Account in order to effect full payment of Bank’s share of such Take-Out Purchase Price; and

  

					
		  	Page 19	  	 Mortgage Warehouse Agreement

Version: 2015-11

HAL2016-4

 (c) If such Take-Out Purchaser Payment is accepted by Bank, the proceeds of the
Take-Out Purchaser Payment shall be applied by Bank pursuant to Section 5.12. 
 All notices to be given and actions to be taken pursuant to this
Section shall be effectuated electronically or in such other manner, as required by Bank from time to time pursuant to the Warehouse Program Guide. 

4.5 Reserved. 

[Remainder of Page Intentionally Left Blank] 

  

					
		  	Page 20	  	 Mortgage Warehouse Agreement

Version: 2015-11

HAL2016-4

 4.6 Participation Interest Rate for Aged Participated Mortgage Loans. 

(a) With respect to any Aged Participated Mortgage Loan, to the extent permitted by applicable Law, Bank may from time to time,
in its sole discretion, increase the then-current Participation Interest Rate with respect to such Aged Participated Mortgage Loan by an amount, as determined by Bank, in accordance with the following: 

 

					
	 Number of days elapsed since the

Purchase Date for the Participation

Interest in the Aged Mortgage Loan
	  	 Maximum aggregate total

amount by which Bank may

increase the applicable

Participation Interest Rate

pursuant to this Section
	  	 Date on which the

increase (if any) in the

Participation Interest
 Rate
is effective

	30 days or more but less than 45 days	  	up to 1.0%	  	30th day following the Purchase Date of the Participation Interest
			
	45 days or more but less than 60 days	  	 up to 1.5%

(inclusive of all prior increases to the applicable Participation Interest Rate made by Bank pursuant to this Section)
	  	45th day following the Purchase Date of the Participation Interest
			
	60 days or more	  	 up to 2.5%

(inclusive of all prior increases to the applicable Participation Interest Rate made by Bank pursuant to this Section)
	  	60th day following the Purchase Date of the Participation Interest

 (b) Notwithstanding anything herein to the contrary, the Participation Interest Rate for any
Participated Mortgage Loan shall not at any time exceed the maximum rate permitted under applicable Law. 
 (c) The
provisions of this Section shall not limit or qualify any rights or remedies of Bank hereunder (including, without limitation, any rights or remedies of Bank Sections 4.5, 4.7 or 4.8). 

[Remainder of Page Intentionally Left Blank] 

  

					
		  	Page 21	  	 Mortgage Warehouse Agreement

Version: 2015-11

HAL2016-4

 4.7 Curtailment of Aged Participated Mortgage Loans. 

(a) With respect to any Aged Participated Mortgage Loan, to the extent permitted by applicable Law, Bank may from time to time,
in its sole and absolute discretion, require Seller to repurchase from Bank any portion of the Participation Interest then owned by Bank in such Aged Participated Mortgage Loan, as determined by Bank, in accordance with the following table: 

 

			
	 Number of days elapsed since the

Purchase Date for the Participation

Interest in the Aged Mortgage Loan
	  	 Maximum aggregate total portion of
the Participation
 Percentage (as of the Purchase Date for the related

Participation Interest) in the applicable Aged Mortgage

Loan which Bank may require to be repurchased by

Seller pursuant to this Section

	60 days or more but less than 75 days	  	up to 10.0%

 (b) To effect the repurchase by Seller from Bank of any portion of a Participation Interest
required by Bank to be repurchased under this Section, Seller shall pay to Bank an amount equal to the applicable Repurchase Price for such portion of such Participation Interest, which amount shall be due and payable upon any demand therefor made
by Bank pursuant to the terms of this Section. Bank shall have the right to offset any amounts in the Pledged Account in order to effect full payment of any Repurchase Price when due and payable under this Section, and upon any such offset, Seller
shall immediately deposit funds into the Pledged Account in the amount required to fully restore the Minimum Pledged Balance. 

(c) Upon Bank’s receipt from Seller of the full amount of the Repurchase Price for the portion of the Participation
Interest in any Aged Participated Mortgage Loan required to be repurchased by Seller from Bank pursuant to this Section, effective as of the date of receipt of such funds and the application by Bank of such funds pursuant to the terms of this
Agreement, Seller shall have repurchased from Bank such portion of such Participation Interest equal to the Repurchase Participation Percentage for such Participation Interest, and Bank’s respective Participation Percentage in such Aged
Participated Mortgage Loan and Seller’s respective Retained Percentage in such Aged Participated Mortgage Loan shall be correspondingly adjusted, all as indicated on the Bank’s books and records. 

(d) The provisions of this Section shall not limit or qualify any rights or remedies of Bank hereunder (including, without
limitation, any rights or remedies of Bank under Sections 4.5, 4.6 or 4.8). 
 4.8 Full Repurchase of
Participation Interests. 
 (a) With respect to any specific Participated Mortgage Loan, Bank shall have the
right to require Seller, upon demand by Bank, to repurchase from Bank, in its entirety, all of Bank’s then-outstanding Participation Interest in such Participated Mortgage Loan, if Bank reasonably determines at any time, that: (i) any
representation or warranty made or deemed made by Seller to Bank under Sections 2.1 or 6.10 as to such Participated Mortgage Loan was false, misleading, or erroneous in any respect at the time on or as of the Purchase Date for such
Participated Mortgage Loan; (ii) such Participated Mortgage Loan was not an Eligible Mortgage Loan on or as of the Purchase Date for such Participated Mortgage Loan or no longer qualifies as an Eligible Mortgage Loan anytime thereafter;
(iii) any Mortgage Loan Document related to such Participated Mortgage Loan was erroneous, unsigned or incomplete in any material respect on the 

  

					
		  	Page 22	  	 Mortgage Warehouse Agreement

Version: 2015-11

HAL2016-4

 
Purchase Date for such Participated Mortgage Loan and such error, lack of signature or incompleteness has not been corrected to the reasonable satisfaction of Bank within a commercially
reasonable time period following such Purchase Date; (iv) any fraud occurred on the part of Seller or its agents or employees or of Borrower or any other Person with respect to the origination, underwriting, closing or funding of such Mortgage
Loan; or (v) any of the Bank Document Deliverables for such Participated Mortgage Loan have not been delivered to the Document Custodian as and when required pursuant to the provisions of this Agreement. In addition, if an Event of Default
shall have occurred, Bank shall have the right to require Seller, upon demand by Bank, to repurchase from Bank, in their entirety, all of Bank’s then-outstanding Participation Interests in the Participated Mortgage Loans identified in such
demand. 
 (b) In Bank’s sole and absolute discretion, Seller shall automatically be required to immediately repurchase
from Bank, in its entirety, all of Bank’s then-outstanding Participation Interest in any Aged Participated Mortgage Loan on the seventy-fifth (75th) day after the Purchase Date for such Participation Interest if such Aged Participated
Mortgage Loan does not constitute a Retired Participated Mortgage Loan by such seventy-fifth (75th) day. In addition, Seller shall automatically be required, whether or not Bank has made demand therefor, to immediately repurchase from Bank, in
their entirety, all of Bank’s then-outstanding Participation Interests in any and all Participated Mortgage Loan upon the occurrence of an Event of Default under Sections 9.1(e) or (f) with respect to Seller. 

(c) To effect the repurchase of any Participation Interest required under this Section, Seller shall pay to Bank an amount
equal to applicable Repurchase Price for such Participation Interest, which amount shall be due and payable: (i) on the date Bank has made demand for the repurchase of such Participation Interest, if such repurchase is required pursuant to
Section 4.8(a); or (ii) on the seventy-fifth (75th) day after the Purchase Date for such Participation Interest, if such repurchase is required pursuant to Section 4.8(b). Bank shall have the right to offset any
amounts in the Pledged Account in order to effect full payment of any Repurchase Price when due and payable under this Section, and upon any such offset, Seller shall immediately deposit funds into the Pledged Account in the amount required to fully
restore the Minimum Pledged Balance. 
 (d) Upon Bank’s receipt from Seller of the full amount of the Repurchase Price
for the Participation Interest in any Participated Mortgage Loan to be repurchased in its entirety by Seller from Bank pursuant to this Section, and so long as such payment is not disgorged or revoked by a court of competent jurisdiction:
(i) effective as of the date of receipt of such funds and the application by Bank of such funds pursuant to the terms of this Agreement, Seller shall have repurchased from Bank such Participation Interest in its entirety, and Bank’s
respective Participation Percentage in such Participated Mortgage Loan and Seller’s respective Retained Percentage in such Participated Mortgage Loan shall be correspondingly adjusted, all as indicated on the Bank’s books and records; and
(ii) Bank shall thereafter deliver or cause to be delivered to Seller the Mortgage Note and any other Mortgage Loan Documents for such Participated Mortgage Loan then in the Document Custodian’s possession. 

(e) The provisions of this Section shall not limit or qualify any rights or remedies of Bank hereunder (including, without
limitation, any rights or remedies of Bank under Sections 4.5, 4.6 or 4.7). 
 4.9 Bank’s Direct Contact
with Take-Out Purchasers. Seller irrevocably authorizes Bank and its agents and representatives to directly deliver all pertinent documentation to, and communicate with, disclose to, receive from and share information with, any Take-Out
Purchaser, which is related to any Participated Mortgage Loan which is to be purchased or has been purchased by such Take-Out Purchaser. 

  

					
		  	Page 23	  	 Mortgage Warehouse Agreement

Version: 2015-11

HAL2016-4

 ARTICLE 5 

GENERAL PROVISIONS 

5.1 Conditions to Effectiveness of Agreement. As a condition precedent to effectiveness of this Agreement, in addition to all
other requirements set forth herein, Seller shall deliver to Bank all of the following, each being duly executed, endorsed, notarized where applicable and delivered and in form and content satisfactory to Bank in its sole and absolute discretion:

 (a) This Agreement, the Blanket Assignment, the Pledge Agreement and each Guaranty Agreement; 

(b) One (1) or more limited power of attorney in the form of Exhibit A executed by Seller; 

(c) All financing statements required by Bank, including a UCC-1 financing statement identifying Seller, as debtor, and Bank,
as secured party, which covers the Collateral, and Seller hereby authorizes Bank and its representatives to execute, deliver and file of record all such financing statements; 

(d) Such signature cards, depository account agreements, USA PATRIOT Act forms and information, and such other documents and
instruments, as Bank may require for Seller to establish at Bank, the Pledged Account, the Participation Account and the Remittance Account or to otherwise implement the arrangements contemplated herein; 

(e) Evidence that all necessary action on the part of Seller and each other Obligated Party has been taken with respect to the
execution and delivery of the Warehouse Documents and the performance of the matters contemplated thereby, so that this Agreement and all of the other Warehouse Documents shall be valid and binding upon each Person executing and delivering the same.
Such evidence shall include certified organizational documents, certified resolutions, and certificates of incumbency for Seller and each other Obligated Party that is not a natural person; 

(f) For Seller and each Obligated Party that is not a natural person, a copy, certified as true, complete and correct, by an
authorized officer, partner, member, manager or other representative of such entity, of the documents evidencing the formation and governance of the operations and affairs of such entity, together with all amendments thereto; 

(g) For Seller and each Obligated Party that is not a natural person, a certificate of existence and good standing showing that
such entity is in good standing under the Laws of the state of its formation and certificates indicating that such entity has qualified to transact business and is in good standing in all other states where it transacts business; 

(h) Evidence that Seller has received any and all licenses, permits, approvals and other consents under any and all applicable
Laws to permit Seller to lawfully engage in the Mortgage Loan Activities, and evidence that the same are currently in existence and good standing; and 

  

					
		  	Page 24	  	 Mortgage Warehouse Agreement

Version: 2015-11

HAL2016-4

 (i) Such other documents, information and materials as Bank may require to be
delivered or caused to be delivered by Seller to Bank prior to the execution of this Agreement by Bank. 
 5.2 Termination;
Burn-Down. 
 (a) Seller’s rights hereunder to submit any Request to Bank shall automatically terminate
on the Advance Request Termination Date. 
 (b) Notwithstanding anything herein to the contrary, and without limiting
Bank’s rights and remedies under Section 9.2, prior to the Advance Request Termination Date, either Party may immediately terminate for any reason whatsoever Seller’s rights hereunder to submit any Request to Bank to purchase a
Participation Interest by providing written notice thereof to the other Party. It is understood that the Parties intend the continuation of this Agreement by Bank (and, accordingly, the continuation of Seller’s rights hereunder to submit any
Request to Bank for Bank to purchase a Participation Interest) will be based upon the quality of the Mortgage Loans owned by Seller and Seller’s performance of its obligations in connection therewith and herewith and also based upon market
conditions and the business objectives of Bank and Seller which may change from time to time. 
 (c) Any and all outstanding
Participation Interests in Participated Mortgage Loans owned by Bank on or before the Advance Request Termination Date shall continue to be subject to the terms and conditions of this Agreement. Unless extended by a written agreement executed by
Seller and Bank, this Agreement shall automatically terminate and cease to be in force and effect (except with respect to the provisions of this Agreement which expressly survive termination) without any action or notice upon such time as:
(i) Seller shall no longer have any rights hereunder to submit any Request to Bank to purchase a Participation Interest; (ii) each Participated Mortgage Loan constitutes a Retired Participated Mortgage Loan; (iii) Bank has received
full, final and indefeasible payment of all other amounts due and payable by Seller to Bank pursuant to the terms hereof and any other Warehouse Document; (iv) Seller has fully performed and discharged each of its duties, covenants and
obligations under each Warehouse Document; and (v) Bank has remitted to Seller all amounts, if any, required hereunder to be remitted by Bank to Seller hereunder. 

5.3 Target Usage; Termination for Non-Usage. While pursuant to Section 2.2, Bank is not obligated to purchase, and
Seller is not obligated to sell, any Participation Interests, or any minimum amount of Participation Interests, Bank and Seller contemplate that Seller shall sell, and Bank shall purchase, Participation Interests such that, Bank’s total
Participation Interest for a calendar month shall equal or exceed the Target Usage Amount. Should for any calendar quarter, the total Participation Interest, on average for such calendar quarter, not equal or exceed the Target Usage Percentage, Bank
may elect to increase the Participation Interest Rate Floor or, pursuant to Section 5.2(b), terminate Seller’s right hereunder to submit any Request to Bank to purchase a Participation Interest. 

5.4 Seller’s Accounts. 

(a) Seller shall at all times during the term of this Agreement maintain each Restricted Account with Bank. With respect to
each Restricted Account, Seller may deposit funds into the Restricted Account, however Seller shall not be permitted to withdraw, transfer or otherwise exercise any rights to access any funds held therein and Seller shall have no rights to exercise
dominion or control over the Restricted Account. 

  

					
		  	Page 25	  	 Mortgage Warehouse Agreement

Version: 2015-11

HAL2016-4

 (b) Seller shall at all times during the term of this Agreement maintain the
Remittance Account with Bank. Subject to the terms and conditions of this Agreement and the other Warehouse Documents, Seller shall be permitted to withdraw, transfer and otherwise exercise rights to access any funds held therein; provided, that
notwithstanding the foregoing, upon the occurrence of an Event of Default, Seller shall not be permitted to withdraw, transfer or otherwise exercise any rights to access any funds held therein and Seller shall have no rights to exercise dominion or
control over the Remittance Account. 
 (c) Concurrently with the execution hereof Seller shall deposit into the Pledged
Account, and thereafter for the duration of this Agreement Seller shall maintain in the Pledged Account, good funds in an amount not less than the Minimum Pledged Balance. Seller shall replenish funds in the Pledged Account, such that the Pledged
Account is fully restored to the Minimum Pledged Balance, in the event Bank shall offset or apply funds from the Pledged Account in accordance with the terms of this Agreement. 

(d) In order to secure the prompt and complete performance by Seller of its Repurchase/Sale Obligations, Seller does hereby
pledge, assign and grant to Bank a continuing security interest in and to the Restricted Accounts, the Remittance Account and the other Collateral. For this purpose, this Agreement shall constitute a security agreement in accordance with the UCC,
and Bank shall have all the rights of a secured creditor with respect to such security, and Bank shall have the right to hold and “freeze” such Accounts and the funds maintained therein upon the occurrence of an Event of Default. Without
limiting any rights and remedies available to Bank hereunder, Bank may exercise the right to offset and apply all or any portion of the funds of Seller held in one or more of the Accounts towards the payment of all or any portion of any amount due
and payable by Seller to Bank hereunder in connection with Seller’s Repurchase/Sale Obligations. Bank is hereby authorized to debit funds from the Accounts in accordance with the provisions of this Agreement without any notice to or permission
from Seller. 
 5.5 Subordination. It is expressly understood and agreed that all of Seller’s rights, title and interests
in and to any Participated Mortgage Loan (including Seller’s servicing rights, if any) are subordinate and inferior to Bank’s Participation Interest in such Participated Mortgage Loan, from and after the Purchase Date for such Participated
Mortgage Loan. 
 5.6 Power of Attorney. Seller hereby irrevocably appoints Bank and each officer of Bank as its
attorney-in-fact, with full power of substitution, for, on behalf of, and in the name of Seller, to: (a) endorse and deliver to any Person any notes, checks, drafts, money orders or other instruments of payment coming into Bank’s
possession and representing any payment made on or with respect to any Participated Mortgage Loan or otherwise received in connection with any Participated Mortgage Loan (including the proceeds from the sale of any such Participated Mortgage Loan
received from a Take-Out Purchaser), and any collateral and any Take-Out Purchase Agreement therefor; (b) prepare, complete, execute, deliver and record, and do anything else necessary or desirable to effect, (i) any endorsement to Bank,
any Take-Out Purchaser or any other Person, of any Mortgage Note evidencing a Participated Mortgage Loan, or (ii) any transfer, assignment or conveyance to Bank, any Take-Out Purchaser or any other Person, of any or all rights, titles and
interest in and to any Mortgage Note and the Mortgage Loan Documents related thereto in which Bank has purchased a Participation Interest (including servicing rights); (c) do anything necessary or desirable to effect sale, transfer, assignment
or conveyance, of any or all rights, titles and interest of Seller and/or Bank in and to any Participated Mortgage Loan and the related Mortgage Loan Documents related thereto to any Take-Out Purchaser or any other Person; and (d) commence,
prosecute, settle, discontinue, defend, or otherwise dispose of any claim relating to any Take- Out Purchase Agreement or any Participated Mortgage Loan. The powers and authorities herein conferred 

  

					
		  	Page 26	  	 Mortgage Warehouse Agreement

Version: 2015-11

HAL2016-4

 
on Bank may be exercised by Bank through any Person who, at the time of the execution of a particular instrument, is an officer of Bank. The limited power of attorney conferred by this Section is
granted for a valuable consideration and is coupled with an interest and, therefore, is irrevocable so long as any duties or obligations to Bank under this Agreement or any other Warehouse Document, or any part thereof, shall remain unpaid or
otherwise unsatisfied, and so long as Bank may elect to purchase any Participation Interests hereunder. The limited power of attorney conferred hereunder shall not be affected by any subsequent disability or incapacity of the principal or by the
lapse of time. To facilitate processing, Bank may request that Seller execute and deliver a separate, limited power of attorney in such form and content required by Bank, but any failure of Bank to request or obtain any such separate power of
attorney instrument shall not mitigate or undermine the rights and powers conferred under this Section. 
 5.7 Private Recording
Systems. Bank reserves the right to require or permit that any or all Participated Mortgage Loans be registered and processed on the MERS® System and/or any other similar mortgage
registration or processing system (collectively, “Private Recording System”). Should Bank require or permit the registration or processing of any or all Participated Mortgage Loans on any Private Recording System: (a) each such
Participated Mortgage Loan shall be registered and processed on the Private Recording System approved by Bank in accordance with the requirements of the Warehouse Program Guide; and (b) Bank may terminate and revoke any such requirement or
permission regarding the registration and processing of any such Participated Mortgage Loans on any Private Recording System. 
 5.8
Regulatory Compliance. With respect to each Participated Mortgage Loan, Seller hereby represents, warrants and certifies to Bank that such Participated Mortgage Loan and each related Mortgage Loan Document was originated, made,
negotiated, executed and delivered pursuant to and in accordance with the applicable terms and provisions of the Federal Truth in Lending Act, the Real Estate Settlement Procedures Act, the Equal Credit Opportunity Act, Dodd-Frank Act, the
Interagency Appraisal Guidelines, and all other applicable Laws relating to the financing of Residential Real Property, each of which Laws have been fully satisfied and strictly complied with by Seller and such other applicable parties, and that
Bank shall have no obligation with respect to the compliance with any such Laws, or the filing of any reports, certifications or other documents or items with or to any Borrower, any Governmental Authority, or any other Person whatsoever. IN THIS
RESPECT, SELLER WILL RELEASE, HOLD HARMLESS AND INDEMNIFY EACH INDEMNIFIED PARTY FROM AND AGAINST ANY AND ALL LOSSES WHICH ARE INCURRED BY OR ASSERTED AGAINST BANK IN CONNECTION WITH ANY BREACH OR INACCURACY OF THE TERMS CONTAINED IN THIS
SECTION. 
 5.9 Verifications. Bank shall have the right and authority to re-verify all information obtained by Seller
regarding any Borrower, including verification of employment, verification of deposit and all information included in each related Loan Application. Seller shall cooperate with Bank in such re-verification process. Further, Bank shall have full
right and authority to obtain an updated credit report on any Borrower. In such verification process, Seller shall, upon the request of Bank, supply a copy of Borrower’s handwritten, typed or signed Loan Application. 

5.10 Servicing Responsibilities. 

(a) Seller shall administer, manage, collect and enforce each Participated Mortgage Loan for and on behalf of and for the
benefit of Bank and Seller in accordance with Accepted Servicing Practices (collectively, the “Mortgage Loan Services”). With respect to each Participated Mortgage Loan, Seller shall promptly take any and all actions, and exercise
any and all available remedies, under the related Mortgage Loan Documents or otherwise which are necessary or advisable to perform the Mortgage Loan Services pursuant to this Agreement. 

  

					
		  	Page 27	  	 Mortgage Warehouse Agreement

Version: 2015-11

HAL2016-4

 (b) At the request of Bank: (i) Seller shall promptly provide to Bank such
information requested by Bank regarding any default, breach, violation or event of acceleration related to any Participated Mortgage Loan, and the actions which Seller has taken or proposes to take in connection therewith; and (ii) Seller shall
promptly take any and all actions, and exercise any and all remedies, under the Mortgage Loan Documents or otherwise for any Participated Mortgage Loan which Bank shall deem, in its discretion, reasonably necessary or advisable to effect the
provisions of this Section. 
 (c) With respect to any Participated Mortgage Loan, any and all Mortgage Loan Collections
received by Seller from the exercise of any rights or remedies under the related Mortgage Loan Documents or in connection with the full repayment of the outstanding principal balance and all accrued and unpaid interest for such Participated Mortgage
Loan shall (i) be immediately transferred or delivered by Seller to Bank (and, if required by Bank, into the Repayment Account) and (ii) upon receipt by Bank, be applied pursuant to the provisions of this Agreement. 

(d) Notwithstanding anything herein to the contrary, upon the occurrence of an Event of Default: (i) Seller shall not
exercise any remedies under any of the Mortgage Loan Documents for any Participated Mortgage Loan without the prior written consent of Bank; and (ii) Bank may at any time: (A) provide written notice to Seller terminating any or all rights,
duties and obligations of Seller to provide Mortgage Loan Services with respect to any Participated Mortgage Loan (each, a “Servicing Termination Notice”); and/or (B) subject to the requirements of RESPA and Regulation X, 12
CFR 1024, require that Seller instruct in writing any Borrower or other Person obligated on any Participated Mortgage Loan to deliver any and all payments to be made by such Borrower or such other Person on or in respect of such Participated
Mortgage Loan directly to Bank or to the Repayment Account, and Seller shall not make any changes to any such instructions so provided without first obtaining the prior written consent of Bank. With respect to each Participated Mortgage Loan
specified in any Servicing Termination Notice, Seller shall at its expense: (i) immediately turn over to Bank or its designee all books, records and other documents related to the Mortgage Loan Services for such Participated Mortgage Loan;
(ii) cooperate with Bank in the immediate and orderly transfer of the administration and servicing responsibilities for such Participated Mortgage Loan to Bank or its designee; and (iii) upon Bank’s request, immediately execute and
deliver to Bank all documents, agreements and instruments, and take such other actions and do such other things, deemed necessary or advisable by Bank in connection with the transfer to Bank of the administration and servicing responsibilities for
such Participated Mortgage Loan. 
 5.11 Trust Provisions. 

(a) Any and all amounts required hereunder to be paid to Bank shall be paid to Bank pursuant to the terms and conditions of
this Agreement. Without limiting the foregoing, any and all Bank Payment Deliverables received by Seller at any time (and any and all Bank Payment Deliverables that are or are deemed to be in or under the custody, possession or control of Seller at
any time) shall be held in trust by Seller as the property and for the benefit of Bank. In such event, Seller shall, and Seller has a fiduciary duty to Bank, (i) to hold in trust, as the property and for the benefit of Bank, the Bank Payment
Deliverables and (ii) (A) to immediately turn over and deliver to Bank each Bank Payment Deliverable, in kind, and in the exact form received, no later than one (1) Business Day after receipt thereof, and concurrently, endorse to Bank
any instrument or other form of payment payable to Seller, but which is to be paid to Bank under this Agreement, (B) not to release any Bank Payment Deliverable to any other Person without Bank’s prior written consent, and (C) not to
negotiate or otherwise seek to convert to cash any Bank Payment 

  

					
		  	Page 28	  	 Mortgage Warehouse Agreement

Version: 2015-11

HAL2016-4

 
Deliverables which are in the form of a check or other form of payment without Bank’s prior written consent. Nothing contained in this Section authorizes or permits payment to Seller or any
other Person (other than Bank) of any amounts which are required under this Agreement to be paid directly to Bank. 
 (b) Any
and all Bank Document Deliverables required hereunder to be delivered to the Document Custodian shall be delivered to the Document Custodian pursuant to the terms and conditions of this Agreement. Without limiting the foregoing, any and all Bank
Document Deliverables received by Seller at any time (and any and all Bank Document Deliverables that are or are deemed to be in or under the custody, possession or control of Seller at any time) shall be held in trust by Seller as the property and
for the benefit of Bank. In such event, Seller shall, and Seller has a fiduciary duty to Bank, (i) to hold in trust for Bank, and as the property and for the benefit of Bank, the Bank Document Deliverables and (ii) (A) to immediately
turn over and deliver to the Document Custodian each Bank Document Deliverable no later than one (1) Business Day after receipt thereof (except that Seller may deliver the applicable Bank Document Deliverables to the Document Custodian by such
later time, if any, permitted by the express terms of this Agreement) and (B) not to release any Bank Document Deliverable to any Person (other than the Document Custodian). Nothing contained in this Section authorizes or permits the delivery
to Seller or any other Person (other than the Document Custodian) of any Bank Document Deliverables which are required under this Agreement to be delivered directly to the Document Custodian. 

(c) The Mortgage Loan Files for Participated Mortgage Loans (other than any portions thereof which constitute Bank Document
Deliverables or which have been delivered to Bank) shall be held in trust by Seller as the property and for the benefit of Bank. Seller shall, and Seller has a fiduciary duty to Bank, (i) to hold in trust for Bank, and as the property and for
the benefit of Bank, such Mortgage Loan Files and (ii) (A) to turn over and deliver to Bank such Mortgage Loan Files no later than one (1) Business Day after Bank’s request and (B) not to release such Mortgage Loan Files to
any Person (other than Bank) except as otherwise expressly permitted hereunder. 
 5.12 Application of Payments.

 (a) Except as expressly provided otherwise herein, any and all Mortgage Loan Collections received by Bank with respect
to any Participated Mortgage Loan (each, a “Payment”), including all proceeds from the sale of such Participated Mortgage Loan by Seller and Bank to a Take-Out Purchaser, shall be credited and applied in the following order of
priority upon Bank’s actual receipt of such sums, and Seller hereby instructs Bank to so apply such proceeds: 
 (i) To
the payment of any then-earned and outstanding Funding Fees and Administrative Fees payable by Seller to Bank hereunder in connection with such Participated Mortgage Loan; 

(ii) To the payment of any other outstanding fees, costs and expenses assessed or incurred by Bank and payable by Seller to
Bank under this Agreement or any other Warehouse Document with respect to such Mortgage Loan; 
 (iii) To the reimbursement
of all outstanding amounts (other than the Advance made by Bank to purchase a Participation Interest in such Participated Mortgage Loan), if any, disbursed by Bank in connection with such Participated Mortgage Loan; 

  

					
		  	Page 29	  	 Mortgage Warehouse Agreement

Version: 2015-11

HAL2016-4

 (iv) To the payment of Bank’s pro rata share (determined in accordance with
the Participation Interest Rate in effect from time to time for such Participated Mortgage Loan) of all interest that accrued on such Participated Mortgage Loan from and after the related Purchase Date, but which has not been previously paid to
Bank; 
 (v) To the repayment of Bank’s pro rata share (determined in accordance with Bank’s Participation
Percentage in effect from time to time for such Participated Mortgage Loan) of the outstanding principal amount of such Participated Mortgage Loan (as of the related Purchase Date) which has not been previously paid to Bank; 

(vi) Upon the occurrence of an Event of Default, if required by Bank, to the payment of any of the amounts set forth above with
respect to any other Participated Mortgage Loan, to be applied in the same order of priority as set forth above; 
 (vii) To
any other amounts payable by Seller to Bank; 
 (viii) To restoring (in whole or in part) the Minimum Pledged Balance of the
Pledged Account if the balance thereof is less than the Minimum Pledged Balance. Any such funds shall be deposited directly by Bank into the Pledged Account; 

(ix) To the payment of Seller’s pro rata share (determined in accordance with the Seller’s Retained Percentage in
effect from time to time with respect to such Participated Mortgage Loan) of: (A) the outstanding principal amount of such Participated Mortgage Loan (as of the related Purchase Date) which has not been previously paid to or otherwise received
by Seller; and (B) interest that has accrued on such Participated Mortgage Loan from and after the related Purchase Date (including any portion of such interest that accrued at a rate in excess of the Participation Interest Rate in effect from
time to time for such Participated Mortgage Loan), but which has not been previously paid to or otherwise received by Seller. Any and all of the foregoing amounts due to Seller shall be paid by Bank to Seller on or before the next Business Day after
receipt by Bank of the applicable Payment and shall be disbursed by Bank into the Remittance Account; and 
 (x) Thereafter,
all remaining amounts to Seller, except as otherwise required to be in compliance with this Agreement. 
 (b) Notwithstanding
anything to the contrary in Section 5.12(a), with respect to any Participated Mortgage Loan, Bank may elect, in its sole and absolute discretion, to defer applying any proceeds of any Payment to any of the items described in
Section 5.12(a)(i), (ii) or (iii), in which case Bank reserves the right to satisfy any outstanding amount for such items with the proceeds of any future Payment with respect to such Participated Mortgage Loan. 

(c) If the amount of any Take-Out Purchaser Payment received by Bank in connection with the sale of any Participated Mortgage
Loan to a Take-Out Purchaser is insufficient to pay any and all amounts payable to Bank under Section 5.12(a) with respect to such Participated Mortgage Loan, then Bank shall be entitled to offset and apply available funds in the Pledged
Account to satisfy the deficiency in such amounts payable to Bank. In such event, if after resorting the foregoing described sources of payment, any amounts remain payable to Bank under Section 5.12(a) with respect to such Participated
Mortgage Loan, then Seller shall immediately pay such amounts to Bank upon demand. 

  

					
		  	Page 30	  	 Mortgage Warehouse Agreement

Version: 2015-11

HAL2016-4

 (d) In the event that Bank offsets or applies any funds in the Pledged Account to
satisfy amounts payable to Bank, then Seller shall immediately deposit funds into the Pledged Account in the amount required to fully restore the Minimum Pledged Balance. Bank shall have no duty or obligation at any time to apply any amounts due
from any Take-Out Purchaser or from any other Person with respect to any purchase of any Participated Mortgage Loan until Bank has actually received such amounts in immediately available funds. Further, notwithstanding anything herein to the
contrary, Bank shall be under no duty at any time to apply any amounts representing Take-Out Purchaser Payments except pursuant to the procedures set forth in Section 4.4. 

5.13 Warehouse Program Guide. 

(a) Seller agrees to comply at all times with all of the provisions of the Warehouse Program Guide in effect from time to time.
Notwithstanding anything herein to the contrary, each Participated Mortgage Loan: (i) shall be subject to the provisions of the Warehouse Program Guide in effect as of the Purchase Date for such Participated Mortgage Loan; and (ii) shall
not be subject to any material amendment, modification or supplement to the Warehouse Program Guide which occurs after the Purchase Date for such Participated Mortgage Loan. The Warehouse Program Guide is hereby incorporated into this Agreement by
reference as if it was fully set forth herein. 
 (b) Bank shall make available to Seller the Warehouse Program Guide by:
(i) posting the Warehouse Program Guide on a web portal or website (including the Electronic Platform) to which Seller will be granted access (if Bank shall elect to maintain a web portal or web site for such purpose and if Bank shall grant
Seller access thereto); or (ii) by providing a written copy of the Warehouse Program Guide to Seller. Bank may, in its sole discretion, amend, modify or supplement the Warehouse Program Guide from time to time. If Bank shall have granted Seller
access to a web portal or website on which the Warehouse Program Guide is posted, then: (i) any amendments, modifications or supplements to the Warehouse Program Guide shall become effective as to Seller upon such time as the same are posted on
such web portal or website, without any further action or notice by Bank; and (ii) Seller shall be solely responsible for monitoring such web site or web portal for any amendments, modifications or supplements to the Warehouse Program Guide. If
Bank shall have provided to Seller written copies of any amendments, modifications or supplements to the Warehouse Program Guide, then such amendments, modifications or supplements to the Warehouse Program Guide shall become effective as to Seller
upon Seller’s receipt thereof (unless Bank shall have also granted Seller access to a web portal or website to which such amendments, modifications or supplements are posted, in which case, such amendments, modifications or supplements shall
become effective as to Seller upon the earlier of the posting thereof on such web portal or website or Seller’s receipt of written copies thereof). 

(c) Each submission of a Request by Seller to Bank shall constitute: (i) the ratification by Seller of the provisions of
the Warehouse Program Guide in effect as of the Purchase Date (if any) for the Mortgage Loan that is the subject of the Request; and (ii) the agreement by Seller to be bound by all of the provisions of the Warehouse Program Guide (which is in
effect as of such Purchase Date) applicable to the Mortgage Loan that is the subject of the Request. 
 5.14 Financial
Covenants. At all times prior to the Agreement Termination Date (and thereafter if expressly required), Seller shall promptly and fully perform, observe and comply with the provisions set forth in Exhibit E. 

  

					
		  	Page 31	  	 Mortgage Warehouse Agreement

Version: 2015-11

HAL2016-4

 5.15 Supplemental Provisions. At all times prior to the Agreement Termination Date
(and thereafter if expressly required), Seller shall promptly and fully perform, observe and comply with the provisions set forth in Exhibit F. 

5.16 Other Warehousing Facilities. Seller represents and warrants to Bank that any and all mortgage warehousing facilities of
Seller (other than with Bank) in effect as of the date hereof are identified on Exhibit G. Seller covenants and agrees to: (a) notify Bank in writing prior to entering into any other mortgage warehousing facilities; and (b) promptly
notify Bank in writing regarding any material change in any mortgage warehousing facility of Seller (including as to the maximum amount of any such facility and as to any termination, suspension or non-renewal of any such facility) or any default by
Seller under any such mortgage warehousing facility. 
 5.17 Affiliate Escrow Agents. Seller represents and warrants to Bank
that any and all title companies and other Persons that provide closing services in connection with residential mortgage loan transactions which are directly or indirectly owned or controlled by Seller or under common ownership or control with
Seller (each an “Affiliate Escrow Agent”) as of the date hereof are identified on Exhibit H. Seller represents and warrants that, prior to the Effective Date, Seller has delivered to Bank true, correct and complete copies of
the financial statements for each Affiliate Escrow Agent. Seller covenants and agrees to promptly notify Bank in writing regarding any new Affiliate Escrow Agents arising after the Effective Date. 

ARTICLE 6 

REPRESENTATIONS AND WARRANTIES 

Seller represents and warrants to Bank as of the date hereof and thereafter: 

6.1 Organization and Good Standing. Seller is duly organized, validly existing, and in good standing under the Laws of the state
of its formation, and is duly qualified to transact business and is in good standing in each jurisdiction where the nature and extent of Seller’s business and property requires the same. 

6.2 Authorization and Power. Seller has: (a) the requisite power and authority to, and has taken all action necessary to
authorize it to, execute, deliver and perform this Agreement, the other Warehouse Documents to which Seller is a party, and all of the other documents herein contemplated to be executed by Seller or otherwise to be executed by Seller from time to
time in connection herewith; (b) all requisite authority, power, licenses, permits and franchises to conduct its business; and (c) received, has in its possession, and will maintain in full force and effect and in good standing, any and
all federal, state and local licenses or approvals which may be necessary for Seller to undertake the actions required of it pursuant to this Agreement and to conduct its business. No consent or approval of any Person is required (other than such
consents and approvals already obtained by Seller) in order for Seller to legally execute, deliver, and comply with the terms of the Warehouse Documents to which it is a party. 

6.3 No Conflicts. Not the execution and delivery of this Agreement, the other Warehouse Documents to which Seller is a party, or
any other documents to be executed in connection herewith, nor the consummation of any of the transactions herein or therein contemplated, nor compliance with the terms and provisions hereof or with the terms and provisions thereof, will contravene
or materially conflict with any applicable Law, or any loan agreement, lease, promissory note, indenture, mortgage, deed of trust, or other agreement or instrument to which Seller is a party or by which Seller or any of its Property may be bound or
be subject, or violate any provision of the documents creating or governing Seller. 

  

					
		  	Page 32	  	 Mortgage Warehouse Agreement

Version: 2015-11

HAL2016-4

 6.4 Enforceable Obligations. This Agreement and each other Warehouse Document to
which Seller is or will become a party are or upon execution will be the legal, valid and binding obligations of Seller, are enforceable in accordance with their respective terms, except as limited by bankruptcy, insolvency or other Laws of general
application relating to the enforcement of creditors’ rights. 
 6.5 Financial Condition. Seller has delivered to Bank
copies of its most recent balance sheet, and the related statements of income, stockholders’ equity and changes in financial position for the year ending on the date indicated therein, audited by independent certified public accountants; such
financial statements are true and correct, fairly present the financial condition of Seller as of such date and have been prepared in accordance with GAAP as of the date hereof; there are no obligations, liabilities or indebtedness (including
contingent and indirect liabilities and obligations or unusual forward or long term commitments) of Seller which are not reflected in such financial statements; and no change having a material adverse effect has occurred in the financial condition
or business of Seller since the date of such financial statements. 
 6.6 Material Agreements. To the best of Seller’s
knowledge, Seller is not in default under any loan agreement, mortgage, security agreement or other material agreement or obligation to which it is a party or by which any of its Properties is bound, and the execution of this Agreement and the other
Warehouse Documents to which Seller is a party, and Seller’s performance of its duties and obligations hereunder and thereunder, will not cause a default under any loan agreement, mortgage, security agreement or other material agreement or
obligation to which Seller is a party or by which any of its Properties is bound. 
 6.7 Litigation. Except as previously
disclosed to Bank in writing, there are no: (a) actions, suits or legal, equitable, arbitration or administrative proceedings pending, or to the knowledge of Seller, threatened against Seller which, if determined adversely to Seller, may have a
Material Adverse Effect; or (b) outstanding or unpaid judgments against Seller. 
 6.8 Taxes. All tax returns required to
be filed by Seller in any jurisdiction have been filed. All taxes, assessments, fees and other governmental charges upon Seller or upon any of its Properties, income or franchises have been paid (if applicable, prior to the time that such taxes,
assessments, fees or other governmental charges could give rise to a Lien), other than those being protested in good faith by appropriate proceedings, with respect to which no Lien exists and for which Seller has set aside adequate reserves. 

6.9 No Approvals Required. Neither the execution and delivery of this Agreement and the other Warehouse Documents to which
Seller is a party, nor the consummation of any of the transactions contemplated hereby or thereby, requires the consent or approval of, the giving of notice to, or the registration, recording or filing of any document with, or the taking of any
other action in respect of, any Governmental Authority or other Person. 
 6.10 Representations Regarding Participated Mortgage
Loans. Each Participated Mortgage Loan is in all respects in compliance with the provisions of the Warehouse Program Guide. Without limiting the generality of the foregoing, Seller hereby represents and warrants to Bank with respect to each
Participated Mortgage Loan: 
 (a) Except for the Participation Interest in such Participated Mortgage Loan and any and all
other rights, titles or interests of Bank in or to such Participated Mortgage Loan and the related Mortgage Loan Documents: (i) Seller is the sole direct, legal and beneficial owner of all rights, titles and interests in and to such
Participated Mortgage Loan and the related Mortgage 

  

					
		  	Page 33	  	 Mortgage Warehouse Agreement

Version: 2015-11

HAL2016-4

 
Loan Documents; (ii) such Participated Mortgage Loan and the related Mortgage Loan Documents are free and clear of all Liens; and (iii) no right title, or interest in or to such
Participated Mortgage Loan or the related Mortgage Loan Documents, or any part thereof, has been transferred, assigned or conveyed to any Person. Seller has the full right to sell to Bank a Participation Interest in such Participated Mortgage Loan
and the related Mortgage Loan Documents free and clear of any Lien; 
 (b) Bank is the sole legal and beneficial owner of a
Participation Interest in such Mortgage Loan, having an undivided percentage ownership interest equal to the Participation Percentage therefor; 

(c) The Mortgage Note evidencing such Participated Mortgage Loan contains the Required Endorsements. The endorsement of such
Mortgage Note pursuant to the Required Endorsements (including any endorsement of such Mortgage Note on behalf of Seller pursuant to the power of attorney granted herein or such other power of attorney delivered by Seller to Bank in accordance with
this Agreement) and the assignment of such Mortgage Note and the other Mortgage Loan Documents related to such Participated Mortgage Loan (whether executed by Seller or by Bank pursuant to the general power of attorney herein granted or such other
power of attorney delivered by Seller to Bank in accordance with this Agreement) is or will be valid and enforceable under all applicable Law; 

(d) Any and all portions of the Participated Mortgage Loan required hereunder to be funded by Seller have been funded from
sources other than any loan, credit facility or other financing or sale arrangement; 
 (e) (i) The Mortgage Loan
Documents for such Participated Mortgage Loan have been duly executed and delivered by the related Borrower, and where applicable, acknowledged, and recorded; and (ii) such Participated Mortgage Loan is valid and complies with all applicable
lending Laws applicable to the related Borrower, Seller and Bank and the Mortgaged Property securing such Participated Mortgage Loan; 

(f) (i) Such Participated Mortgage Loan is secured by a valid first Lien on the Mortgaged Property described in the
Security Instrument for such Participated Mortgage Loan; (ii) such Mortgaged Property is free and clear of all Liens, claims and encumbrances having priority over the Lien of the Security Instrument which secures such Participated Mortgage
Loan, except for Permitted Encumbrances; and (iii) there is no subordinate Lien encumbering such Mortgaged Property; 

(g) A Title Policy has been obtained by Seller, in the full amount of such Participated Mortgage Loan, which provides insurance
to Seller (and its successors and/or assigns) that the Lien of the Security Instrument securing such Participated Mortgage Loan is a first and prior Lien upon the related Mortgaged Property, without any exceptions, except for Permitted Encumbrances,
and which Title Policy includes such endorsements thereto which are consistent with Accepted Lending Practices; 
 (h) Such
Participated Mortgage Loan and the related Mortgage Loan Documents are valid, binding and enforceable in accordance with their respective terms, in full force and effect, except as such enforceability may be limited by bankruptcy, insolvency or
other Laws of general application relating to the enforcement of creditors’ rights; 

  

					
		  	Page 34	  	 Mortgage Warehouse Agreement

Version: 2015-11

HAL2016-4

 (i) The Mortgage Note evidencing such Participated Mortgage Loan is genuine in
all respects as appearing on its face and as represented in the books and records of Seller, and all information set forth therein is true and correct; 

(j) (i) The Mortgage Loan Documents evidencing such Participated Mortgage Loan contain the entire agreement of the parties
thereto with respect to the subject matter thereof, have not been modified or amended in any respect not expressed in writing therein and are free of concessions or understandings with the obligor thereon of any kind not expressed in writing
therein; and (ii) such Participated Mortgage Loan and the related Mortgage Loan Documents are in all respects consistent with, and contain the same terms as represented by Seller to Bank in, the related Request, except as disclosed by Seller to
Bank in writing prior to the time of the Purchase Date for such Participated Mortgage Loan; 
 (k) No default or breach has
occurred under any Mortgage Loan Document relating to such Participated Mortgage Loan; 
 (l) (i) Such Participated
Mortgage Loan is in all respects in compliance with all Laws applicable thereto, including all Laws applicable to the processing, origination, underwriting, closing and funding of such Participated Mortgage Loan; and (ii) without limiting the
forgoing, Seller is in compliance with all Laws applicable to Seller in connection with such Participated Mortgage Loan; 

(m) (i) The full principal amount of such Participated Mortgage Loan has been advanced; (ii) the outstanding
principal balance of such Participated Mortgage Loan as of the Purchase Date related thereto is as stated in the related Request; and (iii) all costs, fees and expenses incurred in making, closing and recording such Participated Mortgage Loan
have been paid; 
 (n) (i) All payments and other deposits made with respect to such Participated Mortgage Loan have
been paid in cash by the related Borrower; (ii) Seller has not advanced funds, or induced, solicited or knowingly received any advance of funds by a Person other than such Borrower, directly or indirectly, for the payment of any amount required
by such Participated Mortgage Loan, except for interest accruing from the date of the disbursement of the proceeds of such Participated Mortgage Loan to the day which precedes by one (1) month the due date of the first installment of principal
and interest thereunder; and (iii) other than as disclosed to Bank in writing, there have been no prepayments made on such Participated Mortgage Loan; 

(o) To the best of Seller’s knowledge, all taxes, governmental assessments, insurance premiums, water, sewer and municipal
charges (relating to any of the Mortgaged Property for such Participated Mortgage Loan) which previously became due and owing have been paid, or an escrow of funds has been established in an amount sufficient to pay for every such item which remains
unpaid; 
 (p) Such Participated Mortgage Loan which Seller represents to be insured by a private mortgage insurer is so
insured; 
 (q) With respect to such Participated Mortgage Loan, all conditions as to the validity of the applicable
insurance as required by applicable Law, the related Mortgage Loan Documents and by private mortgage insurance companies or other insurers, if and to the extent applicable, have been properly satisfied, and said insurance is valid and enforceable;

  

					
		  	Page 35	  	 Mortgage Warehouse Agreement

Version: 2015-11

HAL2016-4

 (r) To the best of Seller’s knowledge: (i) the Mortgaged Property for
such Participated Mortgage Loan is (A) in good repair and (B) free from damage (normal wear and tear excepted) since the date of the origination of such Participated Mortgage Loan; and (ii) there is no proceeding pending for the total
or partial condemnation of any portion of such Mortgaged Property; 
 (s) (i) Seller has arranged to sell such
Participated Mortgage Loan to a Take-Out Purchaser pursuant to a Take-Out Purchase Agreement, which sale is to be completed pursuant to the terms of such Take-Out Purchase Agreement no later than thirty (30) days after the Purchase Date for
such Participated Mortgage Loan; and (ii) such Participated Mortgage Loan satisfies the eligibility, qualifications and other requirements under such Take-Out Purchase Agreement for the purchase thereunder by such Take-Out Purchaser; 

(t) (i) If such Participated Mortgage Loan shall have been represented by Seller to Bank to be a Mortgage Loan eligible
for purchase by any Agency or is required by Bank pursuant to the Warehouse Program Guide to be eligible for purchase by any Agency, (A) Seller has fully complied with the underwriting requirements of such Agency (in effect at the time such
Participated Mortgage Loan was made) and such other underwriting requirements of the Warehouse Program Guide (in effect as of the date of the Purchase Date for such Participated Mortgage Loan) and (B) such Participated Mortgage Loan is
otherwise in compliance with any and all other rules, regulations, policies, procedures and other requirements of such Agency for the purchase of such Participated Mortgage Loan; or (ii) if such Participated Mortgage Loan shall not have been
represented by Seller to Bank to be a Mortgage Loan eligible for purchase by any Agency or is not required by Bank pursuant to the Warehouse Program Guide to be eligible for purchase by any Agency, Seller has fully complied with the underwriting
requirements of the applicable Take-Out Purchaser for such Participated Mortgage Loan and complied with the underwriting requirements of the “general overlays” within the Warehouse Program Guide (in effect as of the date of the Purchase
Date for such Participated Mortgage Loan); 
 (u) Except as otherwise provided in this Agreement, Seller has obtained, and
has in its possession, in due form, fully executed originals of all of the Mortgage Loan Documents relating to such Participated Mortgage Loan required to legally effect such Participated Mortgage Loan, and all such Mortgage Loan Documents will be
held and delivered by Seller pursuant to the terms and conditions of this Agreement; 
 (v) To the best of Seller’s
knowledge, all of the improvements which are included for the purpose of determining the appraised value of the Mortgaged Property related to such Participated Mortgage Loan lie wholly within the boundaries of such Mortgaged Property and do not
encroach upon building restriction lines, and no improvements on adjoining properties encroach upon such Mortgaged Property. Seller has obtained a Title Policy without exceptions for boundary line and building line encroachments; 

(w) To the best of Seller’s knowledge, no circumstances or conditions exist with respect to such Participated Mortgage
Loan, the related Mortgaged Property or the related Borrower (including its credit standing) that could be reasonably expected: (i) to cause the Take- Out Purchaser committed to purchase such Participated Mortgage Loan from Seller to not
purchase such Participated Mortgage Loan; (ii) to cause any other private institutional investors or any Agency to regard such Participated Mortgage Loan as an unacceptable investment; (iii) to cause the occurrence of a default under the
related Mortgage Loan Documents; or (iv) to adversely affect the value or marketability of such Participated Mortgage Loan; 

  

					
		  	Page 36	  	 Mortgage Warehouse Agreement

Version: 2015-11

HAL2016-4

 (x) The information regarding such Participated Mortgage Loan (including with
regard to the related Borrower) provided to Bank is true, complete and correct as of the Purchase Date for such Participated Mortgage Loan; and 

(y) The Mortgage Loan Transaction for such Participated Mortgage Loan shall have been completed on and as of the Purchase Date
related thereto. 
 6.11 Survival of Representations. All representations and warranties by Seller herein shall survive the
termination or expiration of this Agreement and the making of any and all Advances. Any and all investigations at any time made by or on behalf of Bank shall not limit, impair or diminish Bank’s right to rely on any and all representations and
warranties by Seller herein. 
 ARTICLE 7 

AFFIRMATIVE COVENANTS 

At all times prior to the Agreement Termination Date (and thereafter if expressly required hereunder), Seller covenants and agrees with Bank
that: 
 7.1 Financial Statements and Reports. Seller shall furnish to Bank the following, all in form and detail satisfactory
to Bank: 
 (a) Promptly after becoming available, and in any event within ninety (90) days after the close of each
fiscal year of Seller and Guarantor, an audited balance sheet of Seller and Guarantor as of the end of such year, and an audited statement of income and retained earnings of Seller and Guarantor for such year, setting forth in each case in
comparative form the corresponding figures for the preceding fiscal year, accompanied by the related report of independent certified public accountants acceptable to Bank, which report shall be to the effect that such statements have been prepared
in accordance with GAAP; 
 (b) If requested by Bank, on or before the thirtieth (30th) day of any calendar month:
(i) a statement of income and expenses of Seller for the prior calendar month; and (ii) a statement, in form and content acceptable to Bank, setting forth the status, as of the last day of the prior calendar month, of all Loan Applications
being processed by Seller for closing; 
 (c) Promptly after becoming available, and in any event within thirty
(30) days after the close of each fiscal quarter of Seller and Guarantor, a balance sheet of Seller and Guarantor as of the end of such fiscal quarter, a statement of income and retained earnings for such fiscal quarter and an operating
statement of Seller and Guarantor for such fiscal quarter setting forth in each case in comparative form the corresponding figures for the corresponding fiscal quarter of the preceding fiscal year, prepared in accordance with GAAP and certified by
the principal financial officer of Seller and Guarantor; 
 (d) If Seller has been approved by Bank to sell Mortgage Loans to
Securitizers, weekly hedging reports, in such form and content required by Bank; 
 (e) Promptly upon receipt thereof, a copy
of each other report submitted to Seller by independent accountants in connection with any annual, interim or special audit of the books of Seller; and 

(f) Such other information concerning the business, Properties or financial condition of Seller, or regarding any Participated
Mortgage Loan, as Bank may reasonably request. 

  

					
		  	Page 37	  	 Mortgage Warehouse Agreement

Version: 2015-11

HAL2016-4

 7.2 Taxes and Other Liens. Seller shall pay and discharge promptly all taxes,
assessments and governmental charges or levies imposed upon it or upon its income or upon any of its Property as well as all claims of any kind (including claims for labor, materials, supplies and rent) which, if unpaid, might become a Lien upon any
or all of its Property or the Mortgage Loans; provided, however, Seller shall not be required to pay any such tax, assessment, charge, levy or claim regarding its Property (other than with respect to Participated Mortgage Loans) if the amount,
applicability or validity thereof shall currently be contested in good faith by appropriate proceedings diligently conducted by or on behalf of Seller and if Seller shall have set up reserves therefor adequate under GAAP. 

7.3 Maintenance. Seller shall: (a) maintain its existence and all of its licenses, permits, franchises, qualifications and
rights that are necessary in order for Seller to conduct its business; and (b) observe and comply in all material respects with all applicable Laws. 

7.4 Further Assurances. Seller shall promptly cure any defects in the execution and delivery of this Agreement and any other
Warehouse Document. Seller shall, at its expense, promptly execute and deliver to Bank, upon Bank’s reasonable request, all such other and further documents, agreements and instruments in compliance with or accomplishment of the covenants and
agreements of Seller in this Agreement, the other Warehouse Documents and all documents executed in connection herewith. In addition, Seller will provide Bank with any and all documentation and other information required by Bank relating to the
business and background of Seller and its directors, officers, employees and representatives, and any certifications reasonably required by Bank to verify Seller’s compliance with any applicable Laws. 

7.5 Accounts. To facilitate the transfer of funds contemplated by this Agreement, Seller shall establish and maintain at Bank
each of the Accounts. All other deposit accounts, certificate of deposit and other similar account of Seller shall be maintained only in accounts at federally insured financial institutions. 

7.6 Use of Electronic Platform. Seller shall be required to use the Internet-based electronic platform established by Bank (as
modified, replaced, enhanced or upgraded by Bank from time to time, the “Electronic Platform”) in connection with the purchase and sale of Participation Interests and the other transactions contemplated in this Agreement, subject to
the following: 
 (a) Bank hereby grants to Seller a revocable, non-exclusive, non-transferable license to access and use the
Electronic Platform solely for the limited purpose of facilitating the sale by Seller to Bank of Participation Interests and the other transactions contemplated by this Agreement. Seller shall not permit any Person to utilize the Electronic Platform
other than employees of Seller who have been approved in advance by Bank in writing (each an “Authorized User”). Seller shall immediately notify Bank of any unauthorized use of the Electronic Platform. 

(b) Seller shall take all reasonable precautions to prevent unauthorized Persons from obtaining access to or use of the
Electronic Platform. Bank shall have the right to rely upon any information received in the Electronic Platform from any Person using a password assigned to an Authorized User, and will incur no liability for such reliance. Seller shall be
responsible for securing such passwords and shall be responsible for any actions taken using such passwords. In the event of any breach of the security measures established by Bank, including use of the Electronic Platform by any unauthorized
Person, Bank shall have the right to immediately terminate or suspend access to the affected portion of the Electronic Platform by Seller and their Authorized Users until such time such breach has been secured to Bank’s satisfaction. 

  

					
		  	Page 38	  	 Mortgage Warehouse Agreement

Version: 2015-11

HAL2016-4

 (c) Bank shall not be required to perpetually license, maintain, service or
support the Electronic Platform. Bank may at any time discontinue the Electronic Platform by providing written notice thereof to Seller. In addition, Bank may at any time terminate the license granted to Seller to use, and Seller’s access to,
the Electronic Platform by providing written notice thereof to Seller. Bank reserves the right to modify, replace, enhance or upgrade the Electronic Platform from time to time in Bank’s sole discretion. 

(d) SELLER UNDERSTANDS AND AGREES THAT THE ELECTRONIC PLATFORM IS BEING LICENSED, DELIVERED AND MADE AVAILABLE “AS
IS”, “WHERE IS”, “WITH ALL FAULTS”, AND WITH ANY AND ALL LATENT AND PATENT DEFECTS, WITHOUT ANY EXPRESS OR IMPLIED REPRESENTATION OR WARRANTY BY BANK, AND BANK HEREBY DISCLAIMS AND SELLER HEREBY WAIVES ANY AND ALL IMPLIED
REPRESENTATIONS, WARRANTIES AND COVENANTS. EXCEPT AS EXPRESSLY STATED HEREIN, BANK HAS NOT MADE AND DOES NOT HEREBY MAKE ANY REPRESENTATIONS OR WARRANTIES OF ANY KIND OR CHARACTER WHATSOEVER, EXPRESS OR IMPLIED, INCLUDING, WITHOUT LIMITATION, ANY
IMPLIED WARRANTY OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE, AND BANK HEREBY DISCLAIMS AND RENOUNCES ANY AND ALL SUCH REPRESENTATIONS AND WARRANTIES. 

(e) Seller is fully aware of the inherent security risks of any Internet-based application (such as the Electronic Platform)
and, in particular, the risk that unauthorized third- parties may through unauthorized use, “hacking”, “Trojan horses”, viruses or otherwise be able to access and manipulate the use of the Electronic Platform and the data made
available thereby without Bank in any way being aware that the user is not Seller. Seller voluntarily assumes all such risks. Accordingly, SELLER WILL RELEASE, HOLD HARMLESS AND INDEMNIFY EACH INDEMNIFIED PARTY FROM AND AGAINST ANY AND ALL LOSSES
WHICH ARE RELATED TO ANY UNAUTHORIZED PARTY’S ACCESS THAT RESULTS IN THE DIVERSION, MISAPPROPRIATION OR USE OF THE INFORMATION MADE AVAILABLE THROUGH THE ELECTRONIC PLATFORM OR SELLER’S FUNDS AT BANK OR OTHERWISE. 

(f) Notwithstanding anything in this Section to the apparent contrary, the provisions of this Section shall not be deemed to
limit or release Bank from its obligations under Section 10.26. 
 7.7 Reimbursement of Expenses. Seller shall pay,
upon demand by Bank, any and all out of pocket fees and expenses incurred by Bank in enforcing its rights or remedies under this Agreement or any other Warehouse Document, which amounts shall include all court costs, reasonable attorneys’ fees
(including for trial, appeal or other proceedings, when awarded) , fees of auditors and accountants, and investigation expenses reasonably incurred by Bank in connection with any such matters, together with interest at the highest rate allowed by
applicable Law on each such amount from the date of written demand or request for reimbursement until the date of reimbursement. Seller and Bank shall otherwise each be responsible for their own out of pocket expenses unless expressly provided
otherwise in this Agreement or any other Warehouse Document. 
 7.8 Insurance. Seller shall at all time maintain in force and
effect such insurance required under the Warehouse Program Guide. Without limiting the generality of the foregoing, such insurance shall be issued by such insurers, insure against such risks, be in such form, have such coverage amounts, deductibles,
limits and retentions, contain such endorsements and otherwise be in such form, as required under the Warehouse Program Guide. 

  

					
		  	Page 39	  	 Mortgage Warehouse Agreement

Version: 2015-11

HAL2016-4

 7.9 Accounts and Records. Seller shall keep books of record and account in which
full, true and correct entries will be made of all dealings or transactions in relation to its business and activities, including the sale of any Participation Interests to Bank, in accordance with GAAP. 

7.10 Books and Records. Seller agrees to maintain customary books and records relating to the Participation Interests sold by
Seller to Bank hereunder. Seller shall properly reflect in its books and records the sale by Seller to Bank of all Participation Interests sold to Bank and the Percentage Interests of Bank in such Participation Interests. Upon request, Seller shall
furnish to Bank copies of any of Seller’s books and records and financial statements relating to the Participation Interests purchased by Bank from Seller hereunder. 

7.11 Mortgage Loan Files. Except as expressly permitted or required hereunder, and subject to the provisions of
Section 5.11, at all times after the Purchase Date for any Participated Mortgage Loan, Seller shall have and maintain in its direct custody and possession the Mortgage File for such Participated Mortgage Loan. 

7.12 Document Retention. With respect to each Participated Mortgage Loan, Seller will maintain in its files all records relating
to such Participated Mortgage Loan for the period of time required by applicable Law, but in no event for less than twenty-five (25) months from the Purchase Date for such Participated Mortgage Loan. Within twenty-four (24) hours following
any demand therefor, Seller will supply Bank with certified copies and/or originals of any such records. 
 7.13 Right of
Inspection. Seller shall permit any officer, employee, agent or representative of Bank: (a) with at least one Business Days’ written notice, to examine (at any office of Seller selected by Bank), during normal business hours,
Seller’s books and records, accounts and any and all files, records and documents relating to the Mortgage Loans in which Bank has purchased or will purchase Participation Interests (including any in-file credit reports), and to make copies and
extracts of any and all of the foregoing; and (b) to discuss the affairs, finances, books and records, and accounts of Seller with Seller’s officers, accountants and auditors and other representatives who are subject to the confidentiality
provisions of this Agreement. 
 7.14 Audit. Seller shall permit any third-party consultant engaged by Bank (each an
“Auditor”), at the expense of Seller, which expenses shall be commercially reasonable, to inspect and conduct an audit of Seller’s business operations and records related thereto with respect to Seller’s compliance with
the terms of this Agreement; provided, however, if such audit is conducted by Bank more than once during any fiscal year, and such additional audit is not the result of the occurrence of an Event of Default, Bank shall be responsible for the fee
payable to the Auditor that performed such additional audit. In connection with each audit, Seller shall cooperate with the Auditor and will cause Seller’s employees, agents and contractors to cooperate with the Auditor, and Seller shall
furnish or cause to be furnished to the Auditor such information and documentation the Auditor may consider necessary or useful in connection with the performance of the audit. 

7.15 Notice of Certain Events. 

(a) Upon discovery, Seller shall promptly notify Bank of any event or circumstance or notice thereof which could reasonably be
expected to have a Material Adverse Effect upon Seller. Without limiting the generality of the foregoing, Seller shall promptly deliver to Bank copies of all notices and other documents and correspondence from any Governmental Authority regarding
any alleged non-compliance or potential non-compliance with the Dodd-Frank Act or any other applicable Law related to the financing and sale of Mortgage Loans. 

  

					
		  	Page 40	  	 Mortgage Warehouse Agreement

Version: 2015-11

HAL2016-4

 (b) Seller shall furnish to Bank immediately upon becoming aware of the existence
of any Event of Default, a written notice specifying the nature and period of existence thereof and the action which Seller is taking or proposes to take with respect thereto. 

7.16 Compliance with Warehouse Documents. Seller shall promptly and fully perform, observe and comply with any and all
provisions of this Agreement and the other Warehouse Documents to which Seller is a party. 
 7.17 Guaranty. If requested by
Bank at any time, Seller agrees to obtain and deliver to Bank one or more Guaranty Agreement executed by any of the shareholders, partners, members, managers and/or principals of Seller and/or other Persons required by Bank in consideration of Bank
executing this Agreement and/or to induce Bank to consider purchasing Participation Interests. 
 7.18 INDEMNIFICATION.
SELLER SHALL INDEMNIFY, DEFEND, PROTECT AND HOLD HARMLESS BANK, BANK’S PARENTS, SUBSIDIARIES AND AFFILIATES, AND ALL DIRECTORS, OFFICERS, EMPLOYEES, REPRESENTATIVES AND AGENTS, SUCCESSORS AND ASSIGNS OF ANY OF THE FOREGOING (EACH AN
“INDEMNIFIED PARTY”) FROM AND AGAINST ANY AND ALL LOSSES, LIABILITIES, DAMAGES, CLAIMS, PENALTIES, JUDGMENTS, OBLIGATIONS, DISBURSEMENTS, COSTS AND EXPENSES (INCLUDING REASONABLE ATTORNEYS’ FEES AND EXPENSES), ACTIONS,
PROCEEDINGS OR DISPUTES (COLLECTIVELY, “LOSSES”) INCURRED BY ANY INDEMNIFIED PARTY OR TO WHICH ANY INDEMNIFIED PARTY MAY BECOME SUBJECT WHICH DIRECTLY OR INDIRECTLY ARISE FROM OR RELATE TO THIS AGREEMENT, ANY OTHER WAREHOUSE
DOCUMENT, ANY PARTICIPATED MORTGAGE LOAN OR ANY OF THE TRANSACTIONS CONTEMPLATED BY THIS AGREEMENT OR ANY OTHER WAREHOUSE DOCUMENT, INCLUDING ANY AND ALL LOSSES DUE TO: (A) ANY NEGLIGENT OR FRAUDULENT ACT OR OMISSION OF SELLER OR ANY OF ITS
AGENTS, REPRESENTATIVES OR EMPLOYEES; (B) ANY BREACH BY SELLER OF ANY REPRESENTATION OR WARRANTY CONTAINED HEREIN; (C) ANY BREACH BY SELLER OF ANY PROVISION OF THIS AGREEMENT OR ANY OTHER WAREHOUSE DOCUMENT; (D) ANY EVENT OF DEFAULT;
(E) SELLER’S USE FOR ANY MORTGAGE LOAN OF ANY FORM OR DOCUMENT NOT PROVIDED OR APPROVED BY BANK; (F) ANY MISCALCULATIONS OR OTHER ERRORS WHICH RESULT FROM SELLER’S INDEPENDENT PROCESSING PROCEDURES OR ITS MISUSE OR ALTERATION OF
ANY FORMS OR DOCUMENTS PROVIDED OR APPROVED BY BANK; (G) ANY FAILURE BY SELLER TO COMPLY WITH ANY LAW; (H) THE UNMARKETABILITY OF ANY PARTICIPATED MORTGAGE LOAN RESULTING FROM ANY MATTER DESCRIBED IN CLAUSES (A) THROUGH (G) OF
THIS SENTENCE; AND (I) ANY UNAUTHORIZED ACCESS TO OR USE OF THE ELECTRONIC PLATFORM OR THE INFORMATION MADE AVAILABLE THEREBY DUE TO ANY ACT OR OMISSION OF SELLER. IT IS THE EXPRESS INTENTION OF THE PARTIES HERETO THAT EACH INDEMNIFIED PARTY TO
BE INDEMNIFIED UNDER THIS SECTION OR ANY OTHER SECTION OF THIS AGREEMENT (INCLUDING, SECTIONS 5.8, 7.6 AND 10.23) OR UNDER ANY OTHER WAREHOUSE DOCUMENT SHALL BE INDEMNIFIED FROM AND HELD HARMLESS AGAINST ANY AND ALL LOSSES WHICH IN
WHOLE OR IN PART ARE CAUSED BY OR ARISE OUT OF, OR ARE CLAIMED TO BE CAUSED BY OR ARISE OUT OF, THE NEGLIGENCE (WHETHER SOLE, COMPARATIVE OR CONTRIBUTORY) OR STRICT LIABILITY OF SUCH INDEMNIFIED PARTY; PROVIDED, HOWEVER, THAT SUCH INDEMNITIES SHALL
NOT APPLY TO A PARTICULAR INDEMNIFIED PARTY WITH REGARD TO, AND TO THE EXTENT OF THE AMOUNT OF, THOSE CERTAIN LOSSES (IF ANY) WHICH ARE DETERMINED BY A FINAL NON-APPEALABLE ORDER OF 

  

					
		  	Page 41	  	 Mortgage Warehouse Agreement

Version: 2015-11

HAL2016-4

 
A COURT OF COMPETENT JURISDICTION TO HAVE BEEN PROXIMATELY CAUSED SOLELY BY THE GROSS NEGLIGENCE OR WILLFUL MISCONDUCT OF SUCH INDEMNIFIED PARTY. IN NO EVENT WILL SELLER BE LIABLE FOR LOST
PROFITS OR REVENUES OR DIMINUTION IN VALUE, OR INCIDENTAL, INDIRECT, SPECIAL, OR CONSEQUENTIAL DAMAGES, REGARDLESS OF WHETHER SUCH DAMAGES WERE FORSEEABLE OR WHETHER SELLER WAS ADVISED OF THE POSSIBILITY OF SUCH DAMAGES. Each Indemnified Party
shall give Seller prompt written notice of any losses or discovery of fact on which Indemnified Party intends to base a request for indemnification. Indemnified Party’s failure to provide notice does not relieve Seller of any liability but in
no event will Seller be liable for any losses that result from a delay in providing this notice. Each Indemnified Party may employ an attorney or attorneys to protect or enforce its respective rights, remedies and recourses under this Agreement and
any other Warehouse Documents, and to advise and defend it with respect to any such actions and other matters. Seller shall reimburse each Indemnified Party for its respective reasonable attorneys’ fees and expenses (including expenses and
costs for experts) immediately upon receipt of a written demand therefor, whether on a monthly or other time interval, and whether or not an action is actually commenced or concluded. All other reimbursement and indemnity obligations hereunder shall
become due and payable when actually incurred by such Indemnified Party. Any payments not made within five (5) days after written demand therefor shall bear interest at the highest rate permitted under applicable Law from the date of such
demand until fully paid. The provisions of this Section and the other indemnity and hold harmless provisions of this Agreement (including Sections 5.8, 7.6 and 10.23) and the other Warehouse Documents shall survive the
termination of this Agreement. 
 7.19 Interest Rate Hedging. Seller shall at all times hedge against the interest rate risk
associated with any and all Mortgage Loans owned in whole or in part by Seller, as may be reasonably required by Bank from time to time. 

7.20 Closing Instructions. Prior to the first Advance hereunder (if any) for the purchase of a Participation Interest in any
Seller Originated Mortgage Loan, Bank shall have received a copy of, and approved in writing, Seller’s standard form of closing instructions letter (such form of closing instructions letter which has been approved by Bank in writing is referred
to herein as the “Approved Closing Instructions Form”). In connection with the closing of each Participated Mortgage Loan (that is a Seller Originated Mortgage Loan) Seller shall deliver a closing instructions letter to the
applicable Escrow Agent which is in all material respects consistent with the Approved Closing Instructions Form and Seller shall have obtained a copy of such closing instructions agreed to by such Escrow Agent. 

ARTICLE 8 
 NEGATIVE
COVENANTS 
 At all times prior to the Agreement Termination Date (and thereafter if expressly required hereunder), Seller covenants
and agrees with Bank that: 
 8.1 Management or Control. Without the prior written consent of Bank: (a) there shall not be
any material change in direct or indirect management or control Seller; and (b) Seller shall not cease to maintain key management and executive personnel at a level of experience and ability equivalent to the present executive management and
executive personnel as of the date hereof. 
 8.2 Transfer of Ownership Interest. Without the prior written consent of Bank,
which consent shall not be unreasonably withheld or delayed, there shall not be any sale, transfer or assignment to any Person of the direct or indirect ownership interest in Seller if such sale, transfer or assignment shall result in such Person
holding, directly or indirectly, ten percent (10.0%) or more of the total outstanding ownership interest in Seller. 

  

					
		  	Page 42	  	 Mortgage Warehouse Agreement

Version: 2015-11

HAL2016-4

 8.3 Merger. Without the prior written consent of Bank, Seller shall not:
(a) become a party to any merger or consolidation; (b) purchase or otherwise acquire all or any part of the assets or shares or other evidence of beneficial ownership of any Person; (c) sell or otherwise sell, transfer or assign all
or substantially all of the assets or Properties of Seller to any other Person; or (d) wind-up, dissolve or liquidate. 
 8.4
Fiscal Year; Method of Accounting. Seller shall not, without giving prior written notice to Bank, change its fiscal year or method of accounting. 

8.5 Actions with respect to Mortgage Loans. Seller shall not: 

(a) Release the Lien of any Security Instrument of any Participated Mortgage Loan; (b) Amend, modify or supplement in any
material respect any Mortgage Loan Document related to any Participated Mortgage Loan; 
 (c) Grant, create, incur, permit or
suffer to exist any Lien upon the Mortgaged Property which is security for any Participated Mortgage Loan, except for the Lien granted under the Security Instrument for such Participated Mortgage Loan; or 

(d) Sell, transfer or assign any of Seller’s rights, tiles or interests in or to any Participated Mortgage Loan to any
Person except as expressly provided in this Agreement or otherwise with the prior written consent of Bank. 
 8.6 Compliance with
Material Agreements. Seller shall not permit any default to occur with respect to any agreement, indenture, mortgage or document binding on it or affecting its Property or business, if such default may have a Material Adverse Effect upon
Seller. 
 8.7 Representations Regarding Interests Sold. Seller will not represent to any Person that Seller owns all or any
portion of the Participation Interests purchased by Bank under this Agreement. 
 ARTICLE 9 

EVENTS OF DEFAULT; 

CERTAIN RIGHTS AND REMEDIES OF BANK 

9.1 Events of Default. An Event of Default shall exist if any one or more of the following occurs: 

(a) Seller or any other Obligated Party shall fail to punctually make any payment of fees or other sums when due hereunder, or
under any other Warehouse Document to which it is a party, and such failure shall continue for a period of three (3) days thereafter (provided that Bank shall not be required to provide any such three (3)-day grace period more than two
(2) times in any twelve (12)-month period); 
 (b) The failure or refusal of Seller or any other Obligated Party to
perform, observe or comply with any covenant or agreement contained in this Agreement or any other Warehouse Document to which it is a party, which failure or refusal is not otherwise addressed in this Section, and such failure or refusal continues
for a period of five (5) days (provided that Bank shall not be required to provide any such five (5)-day grace period more than two (2) times in any twelve (12)-month period); 

  

					
		  	Page 43	  	 Mortgage Warehouse Agreement

Version: 2015-11

HAL2016-4

 (c) Any material statement, warranty or representation made at any time by or on
behalf of Seller or any other Obligated Party in this Agreement or any other Warehouse Document, or in any writing or communication (including any Request), or any statement or representation made in any certificate, report, or opinion delivered to
Bank pursuant to or in connection with this Agreement or any other Warehouse Document to which it is a party, is false, calculated to mislead, misleading or erroneous in any material respect at the time made; 

(d) Default shall occur (after the expiration of any applicable grace and cure periods): (i) in the punctual payment of
any material indebtedness of Seller or any other Obligated Party owing to any Person (other than Bank), or in the performance, observance or compliance with any other covenant, agreement or obligation of any agreement executed in connection
therewith; or (ii) in the performance of any other material agreement binding upon Seller or any other Obligated Party; 

(e) Seller or any other Obligated Party shall: (i) apply for or consent to the appointment of a receiver, trustee,
custodian, intervenor or liquidator of such Person or of all or a substantial part of its assets; (ii) file a voluntary petition in bankruptcy, admit in writing that it is unable to pay its debts as they become due or generally not pay its
debts as they become due; (iii) make a general assignment for the benefit of creditors; (iv) file a petition or answer seeking reorganization or an arrangement with creditors or to take advantage of any bankruptcy or insolvency laws;
(v) file an answer admitting the material allegations of, or consent to, or default in answering, a petition filed against it in any bankruptcy, reorganization or insolvency proceeding; or (vi) take any action for the purpose of effecting
any of the foregoing; 
 (f) An involuntary petition or complaint shall be filed against Seller or any other Obligated Party
seeking bankruptcy or reorganization of such Person or the appointment of a receiver, custodian, trustee, intervenor or liquidator of it, or of all or substantially all of its assets, and such petition or complaint shall not have been dismissed
within thirty (30) days of the filing thereof; or an order, order for relief, judgment or decree shall be entered by any court of competent jurisdiction or other competent authority approving a petition or complaint seeking reorganization of
such Person or appointing a receiver, custodian, trustee, intervenor or liquidator of such Person, or of all or substantially all of its assets, and such order, judgment or decree shall continue unstayed and in effect for a period of thirty
(30) days; 
 (g) Seller shall fail within thirty (30) days to pay, bond or otherwise discharge any judgment or
order for payment of money in excess of the Maximum Judgment Amount that is not otherwise being satisfied in accordance with its terms and is not stayed on appeal or otherwise being contested in good faith; 

(h) Any default or event of default shall occur (after the expiration of any applicable grace and cure periods) under any
indebtedness of Seller or any other Obligated Party to Bank (other than arising out of or pursuant to this Agreement) or under any document evidencing, securing or pertaining to any indebtedness of Seller or any other Obligated Party to Bank; 

(i) Any Person shall levy on, seize, or attach all or any material portion of the Property of Seller or any other Obligated
Party which is not permanently dismissed or discharged within thirty (30) days after commencement of such action; 
 (j)
The failure of Seller to repurchase any Participation Interest (or any portion thereof) as and when required pursuant to the provisions of this Agreement; 

  

					
		  	Page 44	  	 Mortgage Warehouse Agreement

Version: 2015-11

HAL2016-4

 (k) The dissolution of Seller or any other Obligated Party that is an entity for
any reason, or the death or incapacity of any Obligated Party that is a natural person; 
 (l) If any Guarantor should
purport or attempt to revoke Guarantor’s guaranty or terminate Guarantor’s liability thereunder; 
 (m)
(i) Any change in the financial condition of Seller or any other Obligated Party from the condition shown on the financial statements submitted to Bank and relied upon by Bank in connection with the execution of this Agreement, which change
would have a Material Adverse Effect upon Seller or any other Obligated Party, the materiality and adverse effect of such change in financial condition to be reasonably determined by Bank in accordance with its credit standards and underwriting
practices in effect at the time of making such determination; or (ii) if Bank in good faith believes that any other act, event, condition or circumstance exists or has occurred (including a material management or organizational change in Seller
or any other Obligated Party) that would have a Material Adverse Effect upon Seller or any other Obligated Party; or 
 (n)
Any Warehouse Document ceases to be in full force and effect, or to be enforceable in accordance with its terms. 
 9.2 Default
Remedies. Upon the occurrence of an Event of Default, without any presentment, demand, protest, notice of protest and nonpayment, or other notice of any kind, all of which are hereby expressly waived by Seller, Bank may, in its sole and
absolute discretion, immediately: (a) terminate or suspend Seller’s right hereunder to submit any Request to Bank for Bank to purchase Participation Interests; (b) pursuant to the power of attorney conferred to Bank by Seller in
connection with this Agreement (and in reliance of Section 10.18 in the event that Bank exercises the following remedy after the occurrence of an Event of Default specified in Sections 9.1(e) or (f)), sell in a recognized
market (or otherwise in a commercially reasonable manner) at such price or prices as Bank shall reasonably deem satisfactory, any or all rights, titles and interest of Bank and Seller in and to any or all Participated Mortgage Loans and apply the
proceeds thereof to the aggregate outstanding Advances made by Bank in connection with such Participated Mortgage Loans and to any other amounts payable to Bank in connection with this Agreement or any other Warehouse Document, in such order and
amounts determined by Bank; (c) exercise its rights and remedies under any Pledge Agreement, Guaranty Agreement or other Warehouse Document; and/or (d) exercise any other right or remedy otherwise available to Bank under this Agreement or
any other Warehouse Document or at law or in equity. Notwithstanding the foregoing, if an Event of Default specified in Sections 9.1(e) or (f) occurs, fees and other sums due hereunder shall become automatically and immediately
due and payable, both without any action by Bank and without presentment, demand, protest, notice of protest and nonpayment, notice of acceleration or of intent to accelerate, or any other notice of any kind, all of which are hereby expressly
waived, notwithstanding anything contained herein to the contrary. 
 ARTICLE 10 

MISCELLANEOUS 
 10.1
Accounting Principles. Where the character or amount of any asset or liability or item of income or expense is required to be determined or other financial or accounting computation is required to be made for the purposes of this
Agreement or any other Warehouse Document, such determination shall be made in accordance with GAAP, except where such principles are inconsistent with the requirements of this Agreement or such other Warehouse Document. In addition, any accounting
term used in this Agreement or any other Warehouse Document shall have, unless otherwise specifically provided therein, the meaning customarily given to such term in accordance with GAAP or other method of accounting acceptable to Bank. 

  

					
		  	Page 45	  	 Mortgage Warehouse Agreement

Version: 2015-11

HAL2016-4

 10.2 Time. Time is of the essence of each and every term of this Agreement and the
other Warehouse Documents. 
 10.3 Titles of Articles, Sections and Subsections. All titles or headings to articles, sections,
subsections or other divisions of this Agreement or any other Warehouse Document or the exhibits or addenda hereto or thereto are only for the convenience of the parties and shall not be construed to have any effect or meaning with respect to the
content of such articles, sections, subsections or other divisions, such content being controlling as to the agreement between the parties hereto. 

10.4 Seller’s Status. It is agreed that the relationship of Seller and Bank hereunder shall be that of the seller and
purchaser of interests in Mortgage Loans. Seller and Bank are not partners or joint venturers, and nothing contained herein shall be construed to create a partnership, joint venture or similar relationship between the parties. Seller shall not act
as or hold itself out to the public as being an agent for Bank, but is to act in all loan origination, administration and servicing matters hereunder for itself and in its name only, except to the extent that Seller is required under this Agreement
to act as a trustee with fiduciary duties to hold for the benefit of Bank the Participated Mortgage Loans and the related Mortgage Loan Documents, and any and all funds and receipts, whether as principal, interest, escrows of otherwise, in respect
of any Participated Mortgage Loan, and to make the remittances of any and all such documents and funds as specified in this Agreement. It further is agreed that Seller, as trustee, shall not assign its responsibilities under this Agreement except in
accordance with this Agreement. 
 10.5 Notices. Any and all notices, requests and other communications required or permitted
to be given under or in connection with this Agreement or any other Warehouse Document, except as otherwise provided herein or therein, shall be in writing and mailed or sent by electronic mail to the respective address, and to the attention of the
designated recipient, provided below for Bank and provided on the signature page of this Agreement for Seller (or to such other address or to such designated recipient, as either party may designate in a written notice to the other party furnished
pursuant to this Section). Such notices, requests and other communications so sent shall be deemed to have been given immediately if made by electronic mail (confirmed by concurrent written notice sent first class U.S. mail, postage prepaid), or one
(1) day after sending by recognized national overnight courier company, signature of recipient required if to Seller or Bank; any notice, request and other communication sent by any other means shall be deemed made when actually received in
writing by the designated recipient of the party to which notice is provided in accordance with this Section. Notwithstanding the foregoing, Requests or communications related to a Request shall not be effective until actually received by Bank.
Bank’s address for notices is: 
  

					
		  	 TEXAS CAPITAL BANK, N.A.
 2350 Lakeside
Boulevard, Suite 310
 Richardson, Texas 75082
 Attention: Bruce
Karda
 E-mail: bruce.karda@texascapitalbank.com
	  	

 10.6 Amendments and Waivers. Subject to Section 10.7, any provision of this
Agreement or any other Warehouse Document may be amended or waived if, but only if, such amendment or waiver is in writing and is signed by all the parties to this Agreement, such Warehouse Document or such other documents, as the case may be. The
acceptance of Bank at any time and from time to time of part payment on any amounts payable to Bank hereunder shall not be deemed to be a waiver of the balance of such amounts. No waiver by Bank of any Event of Default shall be deemed to be a waiver
of any other 

  

					
		  	Page 46	  	 Mortgage Warehouse Agreement

Version: 2015-11

HAL2016-4

 
then-existing or subsequent Event of Default. No waiver by Bank of any of its rights or remedies under this Agreement, any other Warehouse Document, or otherwise, shall be considered a waiver of
any other or subsequent right or remedy of Bank. No delay or omission by Bank in exercising any right or remedy under this Agreement or any other Warehouse Document shall impair such right or remedy or be construed as a waiver thereof or any
acquiescence therein, nor shall any single or partial exercise of any such right or remedy preclude other or further exercise thereof, or the exercise of any other right or remedy under this Agreement, any other Warehouse Document or otherwise. 

10.7 Amendment Due to Government Regulation. Both Bank and Seller understand that Bank is subject to the supervision of various
Governmental Authorities. Should any Governmental Authority direct Bank to discontinue any practice set forth herein or to amend the terms hereof, Bank shall take immediate action to do so and shall notify Seller of such action. Seller hereby
consents to such action and agrees to enter into any amendment or termination hereof as may be reasonably required by Bank to bring Bank into full compliance with applicable Laws. 

10.8 Participations. Seller agrees that Bank may elect, at any time and in its sole discretion, to sell, assign and convey an
undivided percentage ownership interest, or grant an undivided participation interest, in all or any portion of the Participation Interests (or any portion of any such Participation Interest) to one or more financial institutions, private investors
and/or other Persons (collectively, “Participants”). Seller further agrees that Bank may disseminate to any such actual or potential Participants all documents and information (including any and all financial information) which has
been or is hereafter provided to or known to Bank in connection with this Agreement and the other Warehouse Documents and the transactions contemplated hereby and thereby, including, information with respect to Seller, each Obligated Party and each
Mortgage Loan in which Bank has purchased a Participation Interest. 
 10.9 Invalidity. In the event that any one or more of
the provisions contained in this Agreement or any other Warehouse Document, for any reason, be held invalid, illegal or unenforceable in any respect, such invalidity, illegality or unenforceability shall not affect any other provisions of this
Agreement or the other Warehouse Documents. 
 10.10 Survival. All covenants, agreements, representations and warranties made
herein and in any other Warehouse Document shall continue in full force and effect as long as Bank has the right to purchase Participation Interests hereunder and until all obligations to Bank hereunder and thereunder have been fully satisfied and
discharged. Without limiting the generality of the foregoing, termination of this Agreement by either party pursuant to the terms of this Agreement shall not relieve Seller of: (a) its duties, obligations, representations, warranties,
covenants, agreements or indemnities which accrued under this Agreement prior to the Advance Request Termination Date or the Agreement Termination Date; or (b) performance of its duties and obligations hereunder so long as there is any
Participated Mortgage Loan which does not constitute a Retired Participated Mortgage Loan. 
 10.11 Successors and Assigns.
All covenants and agreements contained by or on behalf of Seller in this Agreement or any Warehouse Document shall bind Seller’s successors and assigns and shall inure to the benefit of Bank and its successors and assigns. Seller shall not,
however, have the right to assign its rights under this Agreement or any interest herein, without the prior written consent of Bank, which consent may be withheld by Bank for any reason. 

10.12 Renewal. If, as of the Effective Date, Bank holds any outstanding undivided percentage ownership interests (each an
“Existing Participation Interest”) in any Mortgage Loan purchased by Bank from Seller pursuant to a written mortgage warehouse agreement or similar written agreement executed by Bank and Seller prior to the Effective Date (as
amended or modified from time to time, the 

  

					
		  	Page 47	  	 Mortgage Warehouse Agreement

Version: 2015-11

HAL2016-4

 
“Existing Warehouse Agreement”), then, as of the Effective Date, unless expressly agreed to otherwise by Seller and Bank in writing after the date of the Existing Warehouse
Agreement: (a) Seller shall not have any rights under the Existing Warehouse Agreement to request Bank to purchase additional undivided percentage ownership interests in Mortgage Loans, and any and all such requests and purchases on or after
the Effective Date shall be governed by the terms and conditions of this Agreement; (b) any and all Existing Participation Interests shall continue to be subject to the terms and conditions of the Existing Warehouse Agreement; (c) the
Existing Warehouse Agreement shall automatically terminate and cease to be in force and effect (except with respect to the provisions of the Existing Warehouse Agreement which expressly survive termination) without any action or notice upon such
time as (i) pursuant to the terms and conditions of the Existing Warehouse Agreement, with respect to each Mortgage Loan in which Bank purchased an Existing Participation Interest (A) such Mortgage Loan has been sold in its entirety and
the full amount of the proceeds of such sale have been received and applied by Bank thereunder or (B) the Existing Participation Interest in such Mortgage Loan has been repurchased in its entirety by Seller and the full amount of the proceeds
of such repurchase have been received and applied by Bank thereunder, (ii) Bank has received full and indefeasible payment of all amounts due and payable to Bank pursuant to the Existing Warehouse Agreement, and (iii) Bank has remitted to
Seller all sums, if any, required by the Existing Warehouse Agreement to be remitted by Bank to Seller; and (d) the Maximum Participation Amount shall be reduced by the sum, as such sum may vary from time to time, of (i) the Outstanding
Participation Balance calculated with respect to the outstanding Existing Participation Interests plus (ii) all other amounts due and payable to Bank pursuant to the Existing Warehouse Agreement. The terms of this Section supersede and modify
any and all inconsistent provisions in any Existing Warehouse Agreement. 
 10.13 Bank’s Consent or Approval. Except
where otherwise expressly provided in this Agreement or the other Warehouse Documents, in any instance under this Agreement or the other Warehouse Documents where the approval, consent or the exercise of judgment of Bank is required: (a) the
granting or denial of such approval or consent and the exercise of such judgment shall be (i) within the sole and absolute discretion of Bank and (ii) deemed to have been given only by a specific writing intended for that purpose and
executed by Bank; and (b) in order to be effective, such approval, consent or exercise of judgment must be given by Bank prior to the applicable action to be taken by Seller which requires Bank’s approval, consent or exercise of judgment,
unless otherwise agreed to in writing by Bank. Each provision for consent, approval, inspection, review, or verification by Bank is for Bank’s own purposes and benefit only. 

10.14 Cumulative Rights. The rights and remedies of Bank under this Agreement and any other Warehouse Document shall be
cumulative, and shall be in addition to any rights and remedies of Bank at law or in equity. 
 10.15 Acceptance of Agreement in
Texas; Governing Law. Seller has signed this Agreement and submits it to Bank for acceptance at Bank’s offices in Richardson, Collin County, Texas. Seller and Bank shall make all payments and perform all other obligations arising
hereunder at Collin County, Texas, and this Agreement is made and entered into at Collin County, Texas. This Agreement and all of the terms and conditions hereof and the rights of the parties hereto shall be governed by and interpreted in accordance
with the Laws of the State of Texas and venue for any legal action brought hereunder shall lie in Collin County, Texas or Dallas County, Texas. 

10.16 Seller’s Understanding. Seller has read this Agreement and has had the opportunity to seek and/or receive counsel
from an attorney of Seller’s choice as to the effects hereof. 

  

					
		  	Page 48	  	 Mortgage Warehouse Agreement

Version: 2015-11

HAL2016-4

 10.17 Nature of Transactions. 

(a) The relationship established by this Agreement and the other Warehouse Documents between Bank and Seller is that of a
seller and purchaser of Participation Interests in Mortgage Loans, and not that of a lender and borrower. Subject to Section 10.17(b), it is the intention of Bank and Seller that: (i) the purchase and sale of each Participation
Interest hereunder shall be treated and construed as a sale by Seller to Bank, and the purchase by Bank from Seller, of a certain undivided percentage ownership interest in the related Mortgage Loan and the related Mortgage Loan Documents; and
(ii) each sale of a Participation Interest by Seller to Bank, and each purchase of a Participation Interest by Bank from Seller, is a sale of an undivided interest in a promissory note to Bank, and that pursuant to Section 9.109 of the UCC
of the State of Texas, Bank and Seller’s characterization of each such sale and purchase of a Participation Interest as a purchase and sale of such Participation Interest shall be conclusive that (A) the transaction is a sale and is not a
secured transaction and (B) legal and equitable title has passed to Bank in the Mortgage Loan and Mortgage Loan Documents in which Bank acquired such Participation Interest. 

(b) Neither Party has made or hereby makes any representations or warranties to the other Party, and hereby disclaims any such
representations or warranties, regarding the accounting or tax treatment to be applied to any Participation Interest (including whether any such Participation Interest qualifies for “sale” treatment under any applicable accounting rules,
regulations or standards). Each Party hereby agrees that it has and will make its own independent determination regarding the accounting and tax treatment to be applied to each Participation Interest, and has not relied upon the other Party in any
manner in making such determination. The accounting or tax treatment applied by any Party with respect to any Participation Interest shall not be binding upon the other Party, shall not be used by the other Party in any manner inconsistent with, and
shall not affect, the Parties’ intent hereunder that any and all transaction pursuant to which Bank pays a Purchase Price to Seller is for a sale by Seller to Bank, and the purchase by Bank from Seller, of a certain undivided percentage
ownership interest in the related Mortgage Loan and Mortgage Loan Documents and that legal and equitable title has passed to Bank in the Mortgage Loan in which Bank acquired such Participation Interest. 

(c) If any court of competent jurisdiction shall deem any transaction involving Bank, Seller or any Participation Interest
governed by this Agreement to be a loan, extension of credit or a secured financing, or if any court of competent jurisdiction shall determine that any purported Participation Interest in any purported Participated Mortgage Loan (or any portion
thereof) is the property of Seller or shall otherwise not have been sold by Seller to, and purchased by, Bank, as contemplated herein, then notwithstanding anything herein or in any other Warehouse Document to the contrary: (i) as of the
Effective Date, Bank shall have (and Seller shall have been deemed to have pledged, assigned and granted to Bank) a first priority security interest in and to the Collateral to secure the prompt and complete payment and performance of any and all of
Seller’s indebtedness and obligations to Bank under this Agreement and the other Warehouse Documents; and (ii) any and all amounts received by Bank with respect to any Participated Mortgage Loan may be applied in such order and priority as
Bank may determine. For this purpose, this Agreement shall constitute a security agreement in accordance with the UCC, and Bank shall have all the rights of a secured creditor with respect to such security. 

10.18 Repurchase Agreement. It is expressly stipulated to be the intent of Bank and Seller, and understood and agreed by Bank
and Seller, that (a) this Agreement constitutes a “repurchase agreement” under Section 101(47) of the Bankruptcy Code and (b) pursuant to Sections 362(b), 555 and 559 of the Bankruptcy Code, the rights of Bank under this
Agreement related to the sale and repurchase of Mortgage Loans (including, the rights of Bank hereunder, upon the occurrence of an Event of Default, to liquidate and/or foreclose on the Mortgage Loans in which it holds Participation Interests) shall
not be stayed, avoided or otherwise limited by the operation of any provision of the Bankruptcy Code. 

  

					
		  	Page 49	  	 Mortgage Warehouse Agreement

Version: 2015-11

HAL2016-4

 10.19 Usury Savings Provision. It is expressly stipulated to be the intent of Bank
and Seller, and understood and agreed by Bank and Seller, that this Agreement: (a) does not represent a loan from Bank to Seller; and (b) allows Bank to purchase the Participation Interests for its own account and for a short term
investment. If, notwithstanding the foregoing or the terms of this Agreement, a court of competent jurisdiction establishes a loan or extension of credit within this Agreement from Bank to Seller, then the parties to this Agreement hereby
understand, acknowledge and agree that in such event: (a) Seller shall be the underlying obligor of that loan or extension of credit established by such court of competent jurisdiction; (b) Seller is utilizing the proceeds of that loan or
extension of credit established by such court of competent jurisdiction for business, commercial, investment, or similar purposes; and (c) Seller has determined that it is beneficial to use any and all proceeds of that loan or extension of
credit established by such court of competent jurisdiction to establish collateral for that loan or extension of credit established by such court of competent jurisdiction by: (i) making deposits at Bank; (ii) purchasing certificates of
deposit from Bank; and/or (iii) establishing other accounts at Bank. Furthermore, it is Bank’s and Seller’s intention and agreement that if a court of competent jurisdiction establishes a loan or extension of credit from Bank to
Seller under this Agreement, then any proceeds of that loan or extension of credit established by such court of competent jurisdiction deposited with Bank as additional collateral for that loan or extension of credit: (a) shall be considered a
compensating balance under and pursuant to Section 276.003 of the Texas Finance Code; and (b) shall not be considered a reduction in the amount of the proceeds of that loan and/or extension of credit from Bank to Seller. Additionally, it
is the stipulated, understood and agreed to be the intent of Bank and Seller that this Agreement shall at all times comply strictly with the applicable Texas law governing the maximum rate or amount of interest payable on the Indebtedness (as
hereinafter defined), if any, or applicable United States federal law to the extent that such law permits Bank to contract for, charge, take, reserve or receive a greater amount of interest than under Texas law. For purposes of this provision,
“Indebtedness” shall mean all indebtedness, if any, evidenced, referenced, described, or established by a court of competent jurisdiction under this Agreement, and all amounts payable in the performance of any covenant or obligation
in any of the other documents or any other communication or writing by or between Bank and Seller related to the transaction or transactions that are the subject matter of this Agreement, or any part of such Indebtedness, if any. If the applicable
law is ever judicially interpreted so as to render usurious any amount contracted for, charged, taken, reserved or received in respect of the Indebtedness, if any, including by reason of the acceleration of the maturity or the prepayment thereof,
then it is Bank’s and Seller’s express intent that all amounts charged in excess of the Maximum Lawful Rate (as hereinafter defined), if any, shall be automatically canceled, ab initio, and all amounts in excess of the Maximum Lawful Rate
theretofore collected by Bank, if any, shall be credited on the principal balance of the Indebtedness, if any, or, if the Indebtedness, if any, has been or would thereby be paid in full, refunded to Seller, and the provisions of this Agreement and
any underlying documents shall immediately be deemed reformed and the amounts thereafter collectible hereunder and thereunder reduced, without the necessity of the execution of any new document, so as to comply with the applicable laws, but so as to
permit the recovery of the fullest amount otherwise called for hereunder and thereunder; provided, however, if the Indebtedness has been paid in full before the end of the stated term hereof, then Bank and Seller agree that Bank shall, with
reasonable promptness after Bank discovers or is advised by Seller that interest was received in an amount in excess of the Maximum Lawful Rate, either credit such excess interest against the Indebtedness then owing by Seller to Bank and/or refund
such excess interest to Seller. If and to the extent Indebtedness is determined to exist by a court of competent jurisdiction, then Seller hereby agrees that as a condition precedent to any claim seeking usury penalties against Bank, Seller will
provide written notice to Bank, advising Bank in reasonable detail of the nature and amount of the violation, and Bank shall have sixty (60) days after receipt of such notice in which to correct such usury violation, if any, by either refunding
such excess interest to Seller or crediting such excess interest against the Indebtedness, if any, then owing by Seller to 

  

					
		  	Page 50	  	 Mortgage Warehouse Agreement

Version: 2015-11

HAL2016-4

 
Bank. All sums contracted for, charged, taken, reserved or received by Bank for the use, forbearance or detention of Indebtedness, if any, shall, to the extent permitted by applicable law, be
amortized, prorated, allocated or spread, using the actuarial method, throughout the stated term of this Agreement (including any and all renewal and extension periods) until payment in full so that the rate or amount of interest on account of the
Indebtedness, if any, does not exceed the Maximum Lawful Rate from time to time in effect and applicable to the Indebtedness, if any, for so long as debt is outstanding. In no event shall the provisions of Chapter 346 of the Texas Finance Code
(which regulates certain revolving credit loan accounts and revolving tri-party accounts) apply to this Agreement or any other part of the Indebtedness, if any. If and to the extent any Indebtedness is determined to exist under this Agreement by a
court of competent jurisdiction, then notwithstanding anything to the contrary contained herein or in any of underlying documents referenced herein, it is not the intention of Bank to accelerate the maturity of any interest, if any, that has not
accrued at the time of such acceleration or to collect unearned interest at the time of such acceleration. If and to the extent any Indebtedness is determined to exist under this Agreement by a court of competent jurisdiction, then the terms and
provisions of this paragraph shall control and supersede every other term, covenant or provision contained herein, in any of the other underlying documents referenced within this Agreement or in any other document or instrument pertaining to the
Indebtedness. As used herein, the term “Maximum Lawful Rate” shall mean the maximum lawful rate of interest which may be contracted for, charged, taken, received or reserved in accordance with the applicable Laws of the State of
Texas (or applicable United States federal law to the extent that such law permits Bank to contract for, charge, take, receive or reserve a greater amount of interest than under Texas law), taking into account all fees, charges and any other value
whatsoever made in connection with the transaction evidenced by this Agreement. To the extent United States federal law permits contracting for, charging, taking, receiving or reserving a greater amount of interest than under Texas law, then such
United States federal law will be relied upon instead of Texas law for the purpose of determining the Maximum Lawful Rate. Additionally, if and to the extent any Indebtedness is determined to exist under this Agreement by a court of competent
jurisdiction, to the extent permitted by applicable law now or hereafter in effect, Bank may, at its option and from time to time utilize any other method of establishing the Maximum Lawful Rate under Texas law or under other applicable law by
giving notice, if required, to Seller as provided by such applicable law now or hereafter in effect. 
 10.20 WAIVER OF JURY
TRIAL. TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, SELLER AND BANK HEREBY IRREVOCABLY AND EXPRESSLY WAIVES ALL RIGHT TO A TRIAL BY JURY IN ANY ACTION, PROCEEDING, OR COUNTERCLAIM (WHETHER BASED UPON CONTRACT, TORT, OR OTHERWISE)
ARISING OUT OF OR RELATING TO THIS AGREEMENT OR ANY OTHER WAREHOUSE DOCUMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY OR THE ACTIONS OF BANK IN THE NEGOTIATION, ADMINISTRATION, OR ENFORCEMENT THEREOF. 

10.21 Joint and Several Liability. The liability of all Persons obligated to Bank in any manner under this Agreement shall be
joint and several. If more than one Person shall execute this Agreement as “Seller”, then the term “Seller” as used herein and in the other Warehouse Documents shall refer both to each such Person individually and to all such
Persons collectively. 
 10.22 Electronic Processing. 

(a) Seller acknowledges that Bank may employ one or more electronic processes and systems with respect to the transactions
contemplated by this Agreement, including the purchase of Participation Interests in Mortgage Loans and the sale of such Participation Interests to Take- Out Purchasers. Seller shall cooperate with Bank with respect to the implementation of any such
electronic document processes or systems. 

  

					
		  	Page 51	  	 Mortgage Warehouse Agreement

Version: 2015-11

HAL2016-4

 (b) With respect to the Mortgage Loan Documents for Participated Mortgage Loans,
Seller may use electronic services, process and systems for the execution thereof only with the Bank’s prior written consent, which approval may be conditioned by Bank upon, among other things, the following: (i) full, unrestricted access
by Bank to all electronic reports, records and data related thereto; (ii) cooperation on the part of Seller with respect to access and turnover of such reports, records and data to Bank; and (iii) recognition agreements with third party
service providers and vendors, in form and content satisfactory to Bank. 
 10.23 Electronic Transmission of Data. Bank and
Seller agree that certain data related to Mortgage Loans (including confidential information, documents, applications and reports) and the transactions contemplated by this Agreement may be transmitted electronically, including over the Internet
and/or through the use of the Electronic Platform. This data may be transmitted to, received from or circulated among agents and representatives of Seller and/or Bank and their affiliates, and other Persons involved with the subject matter of this
Agreement. Seller acknowledges and agrees that: (a) there are risks associated with the use of electronic transmission and that Bank does not control the method of transmittal or service providers; (b) Bank has no obligation or
responsibility whatsoever and assumes no duty or obligation for the security, receipt, or third party interception of such transmissions, and (c) SELLER WILL RELEASE, HOLD HARMLESS AND INDEMNIFY EACH INDEMNIFIED PARTY FROM AND AGAINST ANY
AND ALL LOSSES WHICH ARE RELATED TO THE ELECTRONIC TRANSMITTAL OF DATA, SUBJECT TO THE LIMITATIONS OF SELLER’S INDEMNIFICATION OBLIGATIONS UNDER THIS AGREEMENT. Notwithstanding anything in this Section to the contrary, the provisions of
this Section shall not be deemed to limit or release Bank from its obligations under Section 10.26, Confidentiality. 
 10.24
Force Majeure. Bank shall not be responsible for any failure or delay of Bank in its performance hereunder by reason of fire, flood or other acts of God, lockout, acts of public enemy, riot, insurrection or any interruption, failure or
defects in Internet, telephone or other interconnection service or in electronic or mechanical equipment or any other cause beyond the reasonable control Bank (“Force Majeure Event”). During the duration of any Force Majeure Event,
Bank will use commercially reasonable efforts to avoid or remove such Force Majeure Event and will take reasonable steps to resume its performance under this Agreement with the least possible delay. 

10.25 Limitation of Liability. Neither Bank nor any other Indemnified Party shall have any liability with respect to, and Seller
hereby waives, releases, and agrees not to sue any of them upon, any claim for any special, indirect, incidental, consequential or punitive damages suffered or incurred by Seller in connection with, arising out of, or in any way related to, this
Agreement or any of the other Warehouse Document, or any of the transactions contemplated by this Agreement or any of the Warehouse Document. 

10.26 Confidentiality. 

(a) The Parties hereby acknowledge and agree that all information provided on, before, or after the Effective Date by or on
behalf of one Party or its affiliates, officers, directors, employees, representatives, agents or advisors (collectively, the “Disclosing Party”) to the other Party or its Permitted Recipients (collectively, the “Receiving
Party”) in connection with any Warehouse Document or the transactions contemplated hereby which the Receiving Party knows or reasonably should know is the confidential or proprietary information of the Disclosing Party, including
(i) all information relating to the business, operations and affairs of the Disclosing Party (including internal operating procedures, methodologies, strategies, trade secrets, sales data, vendor data and customer lists, financial plans,
projections and reports), (ii) all property owned, licensed and/or developed by or for the Disclosing Party or its affiliates, such as computer 

  

					
		  	Page 52	  	 Mortgage Warehouse Agreement

Version: 2015-11

HAL2016-4

 
systems, programs, software and devices (including information about the design, methodology and documentation therefor), (iii) the terms of this Agreement and the other Warehouse Documents
(including the outline of the proposed terms of the transactions contemplated hereby contained in any and all term sheets provided by Bank to Seller); and (iv) all “nonpublic personal information” of “customers” and
“consumers” (as each is defined in the GLB Act) (collectively “Confidential Information”), shall be kept confidential by the Receiving Party and shall not be divulged by the Receiving Party to any Person without the prior
written consent of the Disclosing Party except to the extent set forth in Section 10.26(b). Notwithstanding anything herein to the contrary, Confidential Information shall not include information of the Disclosing Party that: (i) is
expressly permitted to be disclosed by the Receiving Party pursuant to and in accordance with any other provisions of this Agreement or the other Warehouse Documents; (ii) is or becomes generally available to the public (through no action or
inaction in breach of this Agreement by the Receiving Party); (iii) was in the Receiving Party’s possession or known by the Receiving Party without obligations of confidentiality owed to the Disclosing Party prior to receipt from the
Disclosing Party; (iii) was rightfully disclosed to the Receiving Party by a third-party without obligations of confidentiality owed to the Disclosing Party, or (iv) was independently developed by the Receiving Party without use or access
to the Confidential Information. Each Party agrees to take reasonable precautions to protect Confidential Information from disclosure in violation of this Section. 

(b) Any Receiving Party shall be permitted to disclose, on a confidential basis, Confidential Information to: (i) its
officers, directors, employees, legal counsel and auditors (“Permitted Recipients”), but only to the extent necessary in connection with the transactions contemplated hereby; (ii) taxing authorities and of Governmental
Authorities, but only to the extent necessary to comply with applicable Law; (iii) any bank examiner, auditor or regulatory authority or supervisory authority that has jurisdiction over such Receiving Party or otherwise in connection with any
audit or examination of such Receiving Party by any such bank examiner, auditor or authority. Any Receiving Party may disclose Confidential Information in connection with any litigation or other legal proceeding if required under applicable Law, and
subject to the following: (i) to the extent permitted by applicable Law, the Receiving Party shall promptly notify the Disclosing Party in writing of the litigation or other proceeding involving the potential disclosure of Confidential
Information, whereupon the Disclosing Party may seek an appropriate protective order or other relief (at the Disclosing Party’s sole expense) and the Receiving Party shall cooperate with the Disclosing Party (at the Disclosing Party’s sole
expense) to obtain such order or relief; and (ii) Receiving Party shall exercise reasonable efforts to limit the disclosure to only that portion of the Confidential Information which is necessary to comply with applicable Law. In addition, Bank
may disclose Confidential Information: (i) to an actual Participant or to a potential Participant pursuant to the provisions of Section 10.8; (ii) if an Event of Default has occurred and Bank has determined that the disclosure
of Confidential Information is necessary or desirable in connection with the marketing and sale of Participated Mortgage Loans or the enforcement or exercise of Bank’s rights or remedies under the Warehouse Documents. 

(c) The Parties understand that the Confidential Information may contain “nonpublic personal information”, as that
term is defined in Section 509(4) of the Gramm-Leach-Bliley Act (the “GLB Act”), and each Party agrees to maintain such nonpublic personal information that it receives hereunder in accordance with the GLB Act and other
applicable privacy and data protection Laws binding upon such Party. Each Party shall implement such physical and other security measures as shall be necessary to: (i) ensure the security and confidentiality of the “nonpublic personal
information” of “customers” and “consumers” (as those terms are defined in the GLB Act); (ii) protect against any threats or hazards to the security and integrity of such nonpublic personal information; and
(iii) protect against any unauthorized access to or use of such 

  

					
		  	Page 53	  	 Mortgage Warehouse Agreement

Version: 2015-11

HAL2016-4

 nonpublic personal information. Each Party shall, at a minimum establish and maintain such data
security program as is necessary to meet the objectives of the Interagency Guidelines Establishing Standards for Safeguarding Customer Information as set forth in the Code of Federal Regulations at 12 C.F.R. Parts 30, 168, 208, 211, 225, 263, 308
and 364. Upon request, each Party will provide evidence reasonably satisfactory to allow the other Party to confirm that the providing Party has satisfied its obligations as required under this Section. Each Party shall notify the other Party
immediately following discovery of any breach or compromise of the security, confidentiality or integrity of nonpublic personal information of customers and consumers related to the Confidential Information. 

10.27 Other Facilities. 

(a) Any default or breach under any present or future indebtedness, obligation or liability of Seller to Bank (other than any
obligations or liabilities of Seller to Bank under the Warehouse Documents) (collectively, the “Other Obligations”) shall also constitute an Event of Default under the Warehouse Documents. Any Event of Default under any Warehouse
Document shall also constitute a default and breach under the documents evidencing, securing or otherwise governing or pertaining to the Other Obligations. 

(b) Any and all Liens at any time securing the Other Obligations shall also secure any and all obligations and liabilities of
Seller under the Warehouse Documents. Any and all Liens at any time securing the obligations and liabilities of Seller under the Warehouse Documents shall also secure the Other Obligations. 

(c) The documents evidencing, securing or otherwise governing or pertaining to the Other Obligations in effect as of the date
hereof are hereby modified and amended in accordance with the provisions of this Section. 
 10.28 Inconsistencies. To the
extent of any conflict between the provisions of this Agreement and the provisions of any other Warehouse Document, the provisions of this Agreement shall govern and control. To the extent of any conflict between the provisions of any Warehouse
Document and the provisions of the Warehouse Program Guide, subject to Section 5.13(a), the provisions of the Warehouse Program Guide shall govern and control. 

10.29 Counterparts. To facilitate execution, this Agreement may be executed in as many counterparts as may be convenient or
required. It shall not be necessary that the signature of, or on behalf of, each party, or that the signature of all Persons required to bind any party, appear on each counterpart. All counterparts shall collectively constitute a single agreement.
It shall not be necessary in making proof of this Agreement to produce or account for more than a single counterpart containing the respective signatures of, or on behalf of, each of the parties hereto. Any signature page to any counterpart may be
detached from such counterpart without impairing the legal effect of the signatures thereon and thereafter attached to another counterpart identical thereto except having attached to it additional signature pages. 

10.30 ENTIRE AGREEMENT. THIS WRITTEN AGREEMENT AND THE OTHER WAREHOUSE DOCUMENTS REPRESENT THE FINAL AGREEMENT BETWEEN THE
PARTIES AND MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS, OR SUBSEQUENT ORAL AGREEMENTS OF THE PARTIES. THERE ARE NO UNWRITTEN ORAL AGREEMENTS BETWEEN THE PARTIES. 

[Signature Pages Follow] 

  

					
		  	Page 54	  	 Mortgage Warehouse Agreement

Version: 2015-11

HAL2016-4

 EXECUTED by Seller to be effective as of the Effective Date. 

 

			
	SELLER:
	
	REDFIN MORTGAGE, LLC, A DELAWARE LIMITED LIABILITY COMPANY
		
	By:	 	/s/ Glenn Kelman
	Name:	 	GLENN KELMAN
	Title:	 	PRESIDENT AND CHIEF EXECUTIVE OFFICER
	
	Seller’s Contact Information for Notices:
	
	REDFIN MORTGAGE, LLC
	1099 Stewart Street, Suite 600
	SEATTLE, WA 98101
	Attention: GLENN KELMAN
	Phone: [omitted]
	E-mail: GLENN.KELMAN@REDFIN.COM
	
	With a copy to:
	
	REDFIN Corporation
	1099 Stewart Street, Suite 600
	Seattle, WA 98101
	Attention: General Counsel

 * * * 

STATE OF
Washington                             § 

                          
                                         
 § 
 COUNTY OF
King                                    § 

This document was acknowledged before me on the 14 day of February, 2017, by GLENN KELMAN, PRESIDENT AND CHIEF EXECUTIVE OFFICER of REDFIN MORTAGE, LLC, A
DELAWARE LIMITED LIABILITY COMPANY, known to me to be the person who executed this document in the capacity and for the purposes therein stated. 
  

	
	
	/s/ Illegible
	Notary Public, State of Washington

 [NOTARY STAMP] 

[Bank’s Signature Page Follows] 

  

					
		  	Page 55	  	 Mortgage Warehouse Agreement

Version: 2015-11

HAL2016-4

 ACCEPTED AND AGREED to by Bank at Richardson, Collin County, Texas, and executed to be effective as the Effective
Date. 
  

			
	BANK:
	
	 TEXAS CAPITAL BANK,
 NATIONAL
ASSOCIATION

		
	By:	 	/s/ Heather Crawford
	Name:	 	Heather Crawford 
	Title:	 	Vice President

  

					
		  	Page 56	  	 Mortgage Warehouse Agreement

Version: 2015-11

HAL2016-4

 EXHIBIT LIST 

 

			
		
	Exhibit A
	  	—   Power of Attorney
		
	Exhibit B
	  	—   Pledge Agreement
		
	Exhibit C
	  	—   Guaranty Agreement
		
	Exhibit D
	  	—   UCC-1 Financing Statement
		
	Exhibit E
	  	—   Financial Covenants Addendum
		
	Exhibit F
	  	—   Supplemental Provisions Addendum
		
	Exhibit G
	  	—   List of Current Warehouse Facilities
		
	Exhibit H
	  	—   List of Current Affiliate Escrow Agents
		
	Exhibit I 	  	—   Blanket Assignment

  

					
		  	Page 57	  	 Mortgage Warehouse Agreement

Version: 2015-11

HAL2016-4

 EXHIBIT A 

(TO MORTGAGE WAREHOUSE AGREEMENT) 

POWER OF ATTORNEY 
 [Follows This
Cover Page] 

  

					
		  		  	 Mortgage Warehouse Agreement: Exhibit A

Version: 2015-11

HAL2016-4

 LIMITED POWER OF ATTORNEY 

Pursuant to that certain Mortgage Warehouse Agreement (as amended or modified from time to time, the “Warehouse Agreement”) dated DECEMBER
21, 2016 (“Effective Date”), executed by the undersigned (the undersigned are each individually and collectively referred to herein as “Seller”) and TEXAS CAPITAL BANK, NATIONAL ASSOCIATION
(“Bank”), relating to Bank’s discretionary purchase of Participation Interests in Mortgage Loans originated by Seller, Seller hereby irrevocably appoints Bank and each officer of Bank as its attorney-in-fact, with full power of
substitution, for, on behalf of, and in the name of Seller, to: (a) endorse and deliver to any Person any notes, checks, drafts, money orders or other instruments of payment coming into Bank’s possession and representing any payment made
on or with respect to any Participated Mortgage Loan or otherwise received in connection with any Participated Mortgage Loan (including the proceeds from the sale of any such Participated Mortgage Loan received from a Take-Out Purchaser), and any
collateral and any Take-Out Purchase Agreement therefor; (b) prepare, complete, execute, deliver and record, and do anything else necessary or desirable to effect, (i) any endorsement to Bank, any Take-Out Purchaser or any other Person, of
any Mortgage Note evidencing a Participated Mortgage Loan, or (ii) any transfer, assignment or conveyance to Bank, any Take-Out Purchaser or any other Person, of any or all rights, titles and interest in and to any Mortgage Note and the
Mortgage Loan Documents related thereto in which Bank has purchased a Participation Interest (including servicing rights); (c) do anything necessary or desirable to effect sale, transfer, assignment or conveyance, of any or all rights, titles
and interest of Seller and/or Bank in and to any Participated Mortgage Loan and the related Mortgage Loan Documents related thereto to any Take-Out Purchaser or any other Person; and (d) commence, prosecute, settle, discontinue, defend, or
otherwise dispose of any claim relating to any Take-Out Purchase Agreement or any Participated Mortgage Loan. Capitalized terms not otherwise defined herein shall have the meanings set forth in the Warehouse Agreement. 

The powers and authorities herein conferred on Bank may be exercised by Bank through any Person who, at the time of the execution of a particular instrument,
is an officer of Bank. The limited power of attorney conferred herein is granted for a valuable consideration and is coupled with an interest and, therefore, is irrevocable so long as any duties or obligations to Bank under the Warehouse Agreement
or the other Warehouse Documents, or any part thereof, shall remain unpaid or otherwise unsatisfied, and so long as Bank may elect to purchase Participation Interests under the Warehouse Agreement. 

This appointment shall be construed in accordance with the Laws of the State of Texas, and venue for any proceeding hereunder shall lie exclusively in Collin
County, Texas or Dallas County, Texas. 
 Dated effective as of the Effective Date. 

 

			
	SELLER:
	
	REDFIN MORTGAGE, LLC
		
	By:	 	/s/ Glenn Kelman
	Name:	 	GLENN KELMAN
	Title:	 	PRESIDENT AND CHIEF EXECUTIVE OFFICER

 * * * 

STATE OF
Washington                         § 

                          
                                      § 

COUNTY OF King               
                § 
 This document was acknowledged before me on the 14
day of February, 2017, by GLENN KELMAN, PRESIDENT AND CHIEF EXECUTIVE OFFICER of REDFIN MORTAGE, LLC, A DELAWARE LIMITED LIABILITY COMPANY, known to me to be the person who executed this document in the capacity and for the purposes therein stated.

  

	
	
	/s/ Illegible
	Notary Public, State of Washington

 [NOTARY STAMP] 

  

					
		  		  	 Mortgage Warehouse Agreement: Exhibit A

Version: 2015-11

HAL2016-4

 EXHIBIT B 

(TO MORTGAGE WAREHOUSE AGREEMENT) 

PLEDGE AGREEMENT 
 [Follows This
Cover Page] 

  

					
		  		  	 Mortgage Warehouse Agreement: Exhibit B

Version: 2015-11

HAL2016-4

 PLEDGE AGREEMENT 

THIS PLEDGE AGREEMENT (this “Pledge Agreement”) is executed effective as of DECEMBER 21, 2016 (“Effective Date”), by REDFIN
MORTGAGE, LLC, A DELAWARE LIMITED LIABILITY COMPANY (the foregoing are each individually and collectively referred to herein as “Seller”), and TEXAS CAPITAL BANK, NATIONAL ASSOCIATION (“Bank”). 

RECITALS 
 A. Pursuant to
that certain Mortgage Warehouse Agreement dated DECEMBER 21, 2016, executed by Bank and Seller, as may have been amended or modified from time to time (the “Warehouse Agreement”), Bank has agreed, on a discretionary basis, to
purchase Participation Interests in various Mortgage Loans subject to the terms and conditions of the Warehouse Agreement. 
 B. As partial
consideration for Bank entering into the Warehouse Agreement and/or for Bank to now or hereafter elect to purchase Participation Interests subject to the terms and conditions of the Warehouse Agreement, Seller has agreed, pursuant to the terms and
conditions of this Pledge Agreement, to assign and pledge to Bank, and grant Bank a security interest in and to, the Collateral described herein. 

AGREEMENT 
 NOW,
THEREFORE, for and in consideration of the matters set forth above and other good and valuable consideration, the receipt and adequacy of which are hereby acknowledged, the parties hereto agree as follows: 

1. Capitalized terms used but not otherwise defined herein shall have the meanings given to such terms in the Warehouse Agreement. In
addition, as used in this Pledge Agreement, the following terms shall have the meanings set forth below: 

“Collateral” shall mean: (a) all rights, titles and interest of Seller in and to each depository and
other account established by Seller at Bank, and all funds therein contained and all earnings thereon and proceeds thereof, including, without limitation, the Accounts more particularly described on Schedule 1 attached hereto (collectively,
the “Accounts”); and (b) any and all other property included in the definition of “Collateral” as such term is defined in the Warehouse Agreement. 

“Event of Default” shall mean any “Event of Default” as such term is defined in the Warehouse
Agreement or any other Warehouse Document. 
 “Secured Obligations” shall mean the Repurchase/Sale
Obligations and any and all other indebtedness, obligations and liabilities of Seller to Bank of any kind or character under the Warehouse Agreement or any other Warehouse Document, now existing or hereafter arising, whether direct, indirect,
related, unrelated, fixed, contingent, liquidated, unliquidated, joint, several or joint and several. 
 2. Seller hereby pledges and
assigns and grants to Bank a continuing security interest in and to the Collateral to secure the prompt and complete payment and performance of the Secured Obligations. 

  

					
		  	Page 1	  	 Mortgage Warehouse Agreement: Exhibit B

Version: 2015-11

HAL2016-4

 3. If any Event of Default should occur, then Bank may enforce this Pledge Agreement in any
manner provided hereunder or at Law or in equity or otherwise. Without limiting the generality of the foregoing, if an Event of Default shall have occurred, then Bank may, at its discretion, apply or use any cash held in the Accounts (to the extent
of the withdraw value of each Account), and any cash proceeds received by Bank in respect of any sale or other disposition of, collection from, or other realization upon all or any part of the Collateral, towards the satisfaction of the Secured
Obligations (provided that Seller shall continue to be liable for any unsatisfied portion of the Secured Obligations). Should an Event of Default occur, Bank may proceed against the Collateral without exhausting its remedies against any Person
liable under or with respect to the Warehouse Agreement or any other Warehouse Document or against any other security therefor, whether in court, by foreclosure, by private sale or otherwise, at which Bank may be a purchaser, and without making any
election. 
 4. Except for Liens in favor of Bank: (a) as of the Effective Date, no Lien exists on any of the Collateral; and
(b) at all times on and after the Effective Date, Seller will not create, incur or suffer to exist any Lien on any of the Collateral. 

5. Nothing in this Pledge Agreement shall be construed as requiring Bank to enforce this Pledge Agreement. Bank’s failure to do so on one
or more occasions shall not affect Bank’s right so to do; nor will enforcement of this Pledge Agreement for less than the full value of any Account impair the effectiveness of this Pledge Agreement as to the remaining value thereof. Bank may
elect to enforce its rights under the Warehouse Agreement or any other Warehouse Document without resort to the remedies provided in this Pledge Agreement. 

6. From and after the occurrence of an Event of Default, Seller authorizes Bank, at Bank’s option, to collect and receive any and all
sums becoming due upon the Collateral, such sums to be held by Bank without liability for interest thereon and applied toward the Secured Obligations. Subject to the terms hereof and the Warehouse Agreement, Bank shall have the full control of each
Account until it is released in accordance herewith. All interest, if any, earned on the Accounts prior to an Event of Default shall be paid to Seller. 

7. Included within Bank’s rights and remedies provided for herein is the right of Bank to sell the Collateral at public or private sale
to the highest bidder for cash pursuant to the requirements of the UCC. Notice of each such sale shall be provided, and such sale shall be conducted, by Bank in accordance with the requirements of the UCC. Bank shall transfer to the purchaser at
such sale said Collateral, and the recitals in such transfer shall be prima facie evidence of the truth of the matters therein stated, and all prerequisites to such sale required hereunder and under the Laws of Texas shall be presumed to have been
performed. The proceeds of the sale shall be applied as follows: (a) first, to Bank’s reasonable expenses of the sale; (b) then, towards the satisfaction of the Secured Obligations and/or any other amounts secured hereby; and
(c) the balance, if any, including any surplus, to Seller. Bank shall have the right to purchase at such public sale, being the highest bidder thereof. 

8. Bank, in addition to the rights and remedies provided for in the preceding paragraphs, shall have all other rights and remedies of a
secured party under the UCC, and shall have the common law rights of set off and banker’s lien, and Bank shall be entitled to avail itself of all such other rights and remedies as may be now or hereafter existing at Law or in equity for the
performance of the Secured Obligations, and the foreclosure of the security interest created hereby and the resort to any remedy provided hereunder or provided by the UCC, or by any other Law of the State of Texas, shall not prevent the concurrent
exercise or enforcement of any other appropriate remedy or remedies. 
 9. The requirement of reasonable notice to Seller of the time and
place of any public sale of the Collateral, or of the time after which any private sale or any other intended disposition thereof is to be made, shall be met if such notice is mailed, postage prepaid, to Seller at the notice address set forth in the
Warehouse Agreement, at least ten (10) days before the date of any public sale or at least ten (10) days before the time after which any private sale or other disposition is to be made. 

  

					
		  	Page 2	  	 Mortgage Warehouse Agreement: Exhibit B

Version: 2015-11

HAL2016-4

 10. Nothing in the foregoing shall be construed as requiring Bank to enforce this security or to
resort to the security hereof in any particular manner excluding other rights or remedies. Bank’s failure to enforce this security in any fashion on one or more occasions shall not affect its right so to do; nor will enforcement hereof for less
than the full extent or value of the Account impair the effectiveness of the security hereof as to any remaining value or interest thereof. Bank may proceed first to enforce the Secured Obligations without resort to the remedies provided in this
Pledge Agreement; in such event the terms of the Warehouse Agreement and the other Warehouse Documents alone shall be controlling and no provisions hereof shall be construed as requiring Bank to perform any condition precedent to the enforcement of
such duties and obligations and the security therefor against any and all Persons liable therefor nor prevent the continued holding of the Accounts or other Collateral and the collection of sums thereunder for proper application to the duties and
obligations of the Warehouse Agreement. 
 11. Bank may remedy any Event of Default, without waiving the same, or may waive any Event of
Default without waiving any prior or subsequent Event of Default. 
 12. The security interest herein created shall not be affected by or
affect any other security taken for the performance of the duties or obligations under the Warehouse Agreement hereby secured, or any part thereof, and any extensions may be made for the performance of such duties and obligations without affecting
the priority of this Pledge Agreement or the validity thereof. Bank and its successors shall not be limited by any election of remedies if it chooses to foreclose this security interest by suit. The right to sell under the terms hereof shall also
exist cumulative with said suit and one method shall not bar the other, but both may be exercised at the same or different times; provided; however that one shall not be a defense to the other. 

13. Seller represents to and covenants and agrees with Bank that Seller will at any time or from time to time, upon the written request of
Bank, execute and deliver such further documents and do such other acts and things as Bank may specify for the purpose of further assurance and of effecting the purposes of this Pledge Agreement, and otherwise do any and all things and acts
whatsoever which Bank may request in order to perfect this Pledge Agreement and the security interests created thereby. 
 14. The Law
governing this Pledge Agreement shall be the UCC and other applicable Laws of the State of Texas, and this Pledge Agreement shall be performable in Collin County, Texas. Except as otherwise provided herein, all terms used herein which, are defined
in the Texas Business and Commerce Code shall have the same meaning herein as in said Code. 
 15. If any clause or provision of this Pledge
Agreement is illegal, invalid, or unenforceable, under present or future Laws effective during the term hereof, then it is the intention of the parties hereto that the remainder of this Pledge Agreement shall not be affected thereby. It is also the
intention of the parties hereto that in lieu of each clause or provision that is illegal, invalid or unenforceable, there be added as a part of this Pledge Agreement a clause or provision as similar in terms to such illegal, invalid or unenforceable
clause or provision as may be possible and be legal, valid and enforceable. 
 16. The Accounts are delivered herewith or are authorized to
be held by Bank. 
 17. The term of this Pledge Agreement shall begin on the Effective Date and shall expire upon the date on which:
(a) the Warehouse Agreement has terminated in accordance with its terms; and (b) all of the Secured Obligations, and all other indebtedness, obligations and liabilities (if any) secured hereby, have been fully satisfied, paid and
performed, as confirmed in writing by Bank on or after the termination date of the Warehouse Agreement. This Pledge Agreement shall be binding upon Seller and inure to the benefit of Bank and its successors and assigns. Seller may not transfer or
assign its duties or obligations hereunder without the prior written consent of Bank. 

  

					
		  	Page 3	  	 Mortgage Warehouse Agreement: Exhibit B

Version: 2015-11

HAL2016-4

 18. The liability of all Persons obligated to Bank in any manner under this Pledge Agreement
shall be joint and several. If more than one Person shall execute this Pledge Agreement as “Seller”, then the term “Seller” as used herein shall refer both to each such Person individually and to all such Persons collectively.

 19. THIS WRITTEN AGREEMENT AND THE OTHER WAREHOUSE DOCUMENTS REPRESENT THE FINAL AGREEMENT BETWEEN THE PARTIES AND MAY NOT BE
CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS, OR SUBSEQUENT ORAL AGREEMENTS OF THE PARTIES. THERE ARE NO UNWRITTEN ORAL AGREEMENTS BETWEEN THE PARTIES. 

[Signature Page Follows] 

  

					
		  	Page 4	  	 Mortgage Warehouse Agreement: Exhibit B

Version: 2015-11

HAL2016-4

 EXECUTED by Seller to be effective as of the Effective Date. 

 

			
	SELLER:
	
	REDFIN MORTGAGE, LLC, A DELAWARE LIMITED LIABILITY COMPANY
		
	By:	 	/s/ Glenn Kelman
	Name:	 	GLENN KELMAN
	Title:	 	PRESIDENT AND CHIEF EXECUTIVE OFFICER

 * * * 

STATE OF
Washington                             § 

                          
                                         
 § 
 COUNTY OF
King                                    § 

This document was acknowledged before me on the 14 day of February, 2017, by GLENN KELMAN, PRESIDENT AND CHIEF EXECUTIVE OFFICER of REDFIN MORTAGE, LLC, A
DELAWARE LIMITED LIABILITY COMPANY, known to me to be the person who executed this document in the capacity and for the purposes therein stated. 
  

	
	/s/ Illegible
	Notary Public, State of Washington

 [NOTARY STAMP] 

AGREED TO AND ACCEPTED BY BANK AT RICHARDSON, 

COLLIN COUNTY, TEXAS, AS OF THE EFFECTIVE DATE: 

TEXAS CAPITAL BANK, 
 NATIONAL ASSOCIATION 

			
		
	By:	 	/s/ Heather Crawford
	Name:	 	Heather Crawford
	Title:	 	Vice President

  

					
		  	Page 5	  	 Mortgage Warehouse Agreement: Exhibit B

Version: 2015-11

HAL2016-4

 SCHEDULE 1 

(TO PLEDGE AGREEMENT) 
 LIST
OF ACCOUNTS 
  

			
	 Account Name
	  	 Account Number

	Pledged Account	  	[omitted]
		
	Participation Account	  	[omitted]
		
	Remittance Account	  	[omitted]

  

					
		  	Page 6	  	 Mortgage Warehouse Agreement: Exhibit B

Version: 2015-11

HAL2016-4

 EXHIBIT C 

(TO MORTGAGE WAREHOUSE AGREEMENT) 

GUARANTY AGREEMENT 
 [Follows This
Cover Page] 

 GUARANTY AGREEMENT 

THIS GUARANTY AGREEMENT (this “Guaranty”) is made as of DECEMBER 21, 2016 (“Effective Date”), by the
undersigned Guarantor (whose address for notice purposes is set forth on the signature page of this Guaranty), for the benefit of Bank. 

1. Definitions. Capitalized terms used in this Guaranty, but not otherwise defined herein, shall have the meanings given to such
terms in the Warehouse Agreement. As used in this Guaranty, the following terms have the meanings indicated below: 

“Affiliate” means, as to any Person, any other Person: (a) that directly or indirectly, through one or
more intermediaries, controls or is controlled by, or is under common control with, such Person; (b) that directly or indirectly beneficially owns or holds ten percent (10.0%) or more of any class of voting stock of such Person; or
(c) that controls ten percent (10.0%) or more of the voting stock of which is directly or indirectly beneficially owned or held by the Person in question. As used herein, the term “control” means the possession, directly or
indirectly, of the power to direct or cause direction of the management and policies of a Person, whether through the ownership of voting securities, by control, or otherwise; provided, however, in no event shall Bank be deemed an Affiliate of
Seller. 
 “Bank” means TEXAS CAPITAL BANK, NATIONAL ASSOCIATION, and its successors and assigns, whose
address for notice purposes is the following: 
  

					
		  	TEXAS CAPITAL BANK, N.A.	  	
		  	2350 Lakeside Boulevard, Suite 310	  	
		  	Richardson, Texas 75082	  	
		  	Attention: Bruce Karda	  	
		  	E-mail: bruce.karda@texascapitalbank.com	  	

 “Debtor Relief Laws” means Title 11 of the United States Code, as now or
hereafter in effect, or any other applicable law, domestic or foreign, as now or hereafter in effect, relating to bankruptcy, insolvency, liquidation, receivership, reorganization, arrangement or composition, extension or adjustment of debts, or
similar laws affecting the rights of creditors. 
 “Guaranteed Obligations” means: (a) any and all
indebtedness, obligations and liabilities of Seller to Bank to repurchase any Participated Mortgage Loans under Section 4.8 of the Warehouse Agreement; (b) any and all accrued but unpaid interest on any of the indebtedness, obligations and
liabilities described in (a) above, and including any and all pre-and post-maturity interest thereon, including, without limitation, post-petition interest and expenses (including attorneys’ fees), if Seller is the debtor in a bankruptcy
proceeding under the Debtor Relief Laws, whether or not allowed under any Debtor Relief Law; (c) any and all obligations of Seller and other Persons to Bank under any documents evidencing, securing, governing and/or pertaining to all or any
part of the indebtedness, obligations and liabilities described in (a) and (b) above; (d) any and all costs and expenses incurred by Bank in connection with the collection and administration of all or any part of the indebtedness,
obligations, and liabilities described in (a), (b) and (c) above or the protection or preservation of, or realization upon, the collateral securing all or any part of such indebtedness, obligations and liabilities, including, without
limitation, all reasonable attorneys’ fees; and (e) any and all renewals, extensions, increases, decreases, modifications and rearrangements of the indebtedness, obligations, and liabilities described in (a), (b), (c) and
(d) above. 
  

  

					
		  	Page 1	  	 Mortgage Warehouse Agreement: Exhibit C

Version: 2015-11

HAL2016-4

 “Guarantor” means the undersigned Person executing this Guaranty
as Guarantor, and such Person’s heirs, personal representatives, successors and assigns. If the term “Guarantor” includes more than one Person, then the term “Guarantor” as used herein and all riders hereto shall refer both
to each such Person individually and to all such Persons collectively. 
 “Person” means any individual,
corporation, partnership, joint venture, limited liability company or partnership (general or limited), association, trust, unincorporated association, joint stock company, government, municipality, political subdivision or agency, or other entity.

 “Seller” means REDFIN MORTGAGE, LLC, A DELAWARE LIMITED LIABILITY COMPANY and each such Person’s
heirs, personal representatives, successors and assigns. If the term “Seller” includes more than one Person, then the term “Seller” as used herein shall refer both to each such Person individually and to all such Persons
collectively. 
 “Warehouse Agreement” means that certain Mortgage Warehouse Agreement dated DECEMBER 21,
2016, executed by Seller and Bank, as amended or modified from time to time. 
 2. Payment. Guarantor is a beneficial owner of
Seller and/or an Affiliate of Seller and the execution of the Warehouse Agreement and/or the discretionary purchase by Bank of Participation Interests in Mortgage Loans subject to the terms and conditions of the Warehouse Agreement is a substantial
and direct benefit to Guarantor. As an inducement to Bank to extend financial accommodations to Seller, Guarantor, for value received, jointly and severally, does hereby unconditionally and absolutely guarantee the prompt and full payment and
performance of the Guaranteed Obligations when due or declared to be due and at all times thereafter. Guarantor shall promptly pay the amount due thereon to Bank without notice or demand, of any kind or nature, in lawful money of the United States
of America. 
 3. Character of Obligations. This is an absolute, continuing and unconditional guaranty of payment and not of
collection and if at any time or from time to time there are no outstanding Guaranteed Obligations, the obligations of Guarantor with respect to any and all Guaranteed Obligations incurred thereafter shall not be affected. All Guaranteed Obligations
heretofore, concurrently herewith or hereafter made by Bank to Seller shall be conclusively presumed to have been made or acquired in acceptance hereof. Guarantor shall be liable, jointly and severally, with Seller and any other guarantor of all or
any part of the Guaranteed Obligations. Bank shall be under no obligation to notify Guarantor of any advances made, credit extended, or discretionary purchase of any Participation Interest by Bank under the Warehouse Agreement or any other Warehouse
Document. 
 4. No Right of Revocation. Guarantor understands and agrees that Guarantor may not revoke Guarantor’s future
obligations under this Guaranty at any time prior to the date (the “Guaranty Termination Date”) on which: (a) the Warehouse Agreement has terminated in accordance with its terms; and (b) all duties and obligations of
Seller and any other Person to Bank under the Warehouse Agreement and any other Warehouse Document (including Guarantor’s obligations to Bank under this Guaranty) have been fully satisfied, paid and performed, as confirmed in writing by Bank on
or after the termination date of the Warehouse Agreement. If Guarantor is an individual and dies, Guarantor’s obligations under this Guaranty shall be binding on Guarantor’s estate. 

  

					
		  	Page 2	  	 Mortgage Warehouse Agreement: Exhibit C Version: 2015-11

HAL2016-4

 5. Representations and Warranties. Guarantor hereby represents and warrants the following to Bank:

 (a) This Guaranty may reasonably be expected to benefit, directly or indirectly, Guarantor, and (i) if Guarantor is a
partnership, the requisite number of its partners have determined that this Guaranty may reasonably be expected to benefit, directly or indirectly, Guarantor, or (ii) if Guarantor is a corporation, limited liability company or other entity, the
Board of Directors or other governing body of Guarantor has determined that this Guaranty may reasonably be expected to benefit, directly or indirectly, Guarantor, and (iii) the value of the consideration received and to be received by
Guarantor is reasonably worth at least as much as the liability and obligation of Guarantor hereunder, and such liability and obligation may reasonably be expected to benefit Guarantor directly or indirectly; and 

(b) Guarantor has adequate means to obtain from Seller on a continuing basis information concerning the financial condition of
Seller and Guarantor is not relying on Bank to provide such information to Guarantor either now or in the future; and 
 (c)
Guarantor has the power and authority to execute, deliver and perform this Guaranty and any other agreements executed by Guarantor contemporaneously herewith, and the execution, delivery and performance of this Guaranty and any other agreements
executed by Guarantor contemporaneously herewith do not and will not violate: (i) any agreement or instrument to which Guarantor is a party; (ii) any Law to which Guarantor is subject; or (iii) Guarantor’s organizational
documents; and 
 (d) Neither Bank nor any other Person has made any representation or warranty to Guarantor in order to
induce Guarantor to execute this Guaranty; and 
 (e) The financial statements and other financial information regarding
Guarantor heretofore and hereafter delivered to Bank are and shall be true and correct in all material respects and fairly present the financial position of Guarantor as of the dates thereof, and no material adverse change has occurred in the
financial condition of Guarantor reflected in the financial statements and other financial information regarding Guarantor heretofore delivered to Bank since the date of the last statement thereof; and 

(f) As of the date hereof, and after giving effect to this Guaranty and the obligations and liabilities evidenced hereby:
(i) Guarantor is and will be solvent; (ii) the fair saleable value of Guarantor’s assets exceeds and will continue to exceed its liabilities (both fixed and contingent); (iii) Guarantor is and will continue to be able to pay
Guarantor’s debts as they mature; and (iv) if Guarantor is not an individual, Guarantor has and will continue to have sufficient capital to carry on its business and all businesses in which it is about to engage; and 

(g) Guarantor has received and reviewed a copy of the Warehouse Agreement and each other Warehouse Document. 

6. Covenants. Guarantor hereby covenants and agrees with Bank as follows: 

(a) Guarantor shall not, so long as Guarantor’s obligations under this Guaranty continue, transfer or pledge any material
portion of Guarantor’s assets for less than full and adequate consideration; and 
 (b) Guarantor shall promptly furnish
to Bank from time to time such financial statements and other financial information of Guarantor as Bank may reasonably require, in form and content satisfactory to Bank; provided, however, if, pursuant to any other Warehouse Document or any rider
to this Guaranty, Guarantor is obligated to provide financial statements to Bank at specific times and in a specific format, those provisions shall control over this Section; and 

  

					
		  	Page 3	  	 Mortgage Warehouse Agreement: Exhibit C Version: 2015-11

HAL2016-4

 (c) Guarantor shall promptly furnish to Bank such additional information
concerning Guarantor as Bank may reasonably request; and 
 (d) Guarantor shall comply with all terms and provisions of the
Warehouse Documents that apply to Guarantor; and 
 (e) Guarantor shall promptly inform Bank of: (i) any litigation or
governmental investigation against Guarantor or affecting any security for all or any part of the Guaranteed Obligations or this Guaranty which, if determined adversely, might reasonably be expected to have a material adverse effect upon the
financial condition of Guarantor or upon such security or might reasonably be expected to cause a default under any Warehouse Document; (ii) any claim or controversy which might reasonably be expected to become the subject of such litigation or
governmental investigation; and (iii) any material adverse change in the financial condition of Guarantor. 
 7. Consent and
Waiver. 
 (a) Guarantor waives: (i) promptness, diligence and notice of acceptance of this Guaranty and notice
of the incurring of any obligation, indebtedness or liability to which this Guaranty applies or may apply and, except as expressly required by this Guaranty or any other Warehouse Document, waives presentment for payment, notice of nonpayment,
protest, demand, notice of protest, notice of intent to accelerate, notice of acceleration, notice of dishonor, diligence in enforcement and indulgences of every kind; and (ii) the taking of any other action by Bank, including, without
limitation, giving any notice of default or any other notice to, or making any demand on, Seller, any other guarantor of all or any part of the Guaranteed Obligations or any other Person. 

(b) Guarantor waives any rights Guarantor has or may hereafter acquire under, or any requirements imposed by: (i) Chapter
43 of the Texas Civil Practice and Remedies Code, as amended (except rights under Section 43.04); (ii) Section 17.001 of the Texas Civil Practice and Remedies Code, as amended; (iii) Rule 31 of the Texas Rules of Civil Procedure,
as amended; and (iv) any and all rights under Sections 51.003, 51.004 and 51.005 of the Texas Property Code, as amended. 

(c) Bank may at any time, without the consent of or notice to Guarantor, without incurring liability to Guarantor and without
impairing, releasing, reducing or affecting the obligations of Guarantor hereunder: (i) change the manner, place or terms of payment or performance of all or any part of the Guaranteed Obligations, or renew, extend, modify, rearrange or alter
all or any part of the Guaranteed Obligations; (ii) change the interest rate, if any, accruing on all or any part of the Guaranteed Obligations (including, without limitation, any periodic change in such interest rate that occurs because such
Guaranteed Obligations accrues interest at a variable rate which may fluctuate from time to time); (iii) sell, exchange, release, surrender, subordinate, realize upon or otherwise deal with in any manner and in any order any collateral for all
or any part of the Guaranteed Obligations or this Guaranty or setoff against all or any part of the Guaranteed Obligations; (iv) neglect, delay, omit, fail or refuse to take or prosecute any action for the collection of all or any part of the
Guaranteed Obligations or this Guaranty or to take or prosecute any action in connection with any of the Warehouse Documents; (v) exercise or refrain from exercising any rights against Seller or others, or otherwise act or refrain from acting;
(vi) settle or compromise all or any part of the Guaranteed Obligations and subordinate the payment of all or any part of the Guaranteed Obligations to the payment of any obligations, indebtedness or liabilities which may be due or become due
to Bank or others; (vii) apply any deposit balance, 

  

					
		  	Page 4	  	 Mortgage Warehouse Agreement: Exhibit C Version: 2015-11

HAL2016-4

 fund, payment, collections through process of Law or otherwise or other collateral of Seller to
the satisfaction and liquidation of the indebtedness, duties or obligations of Seller to Bank, if any, not guaranteed under this Guaranty; and (viii) apply any sums paid to Bank by Guarantor, Seller or others to the Guaranteed Obligations in
such order and manner as Bank, in its sole discretion, may determine. 
 (d) Should Bank seek to enforce the obligations of
Guarantor hereunder by action in any court or otherwise, Guarantor waives any requirement, substantive or procedural, that: (i) Bank first enforce any rights or remedies against Seller or any other Person liable to Bank for all or any part of
the Guaranteed Obligations, including, without limitation, that a judgment first be rendered against Seller or any other Person, or that Seller or any other Person should be joined in such cause; or (ii) Bank shall first enforce rights against
any collateral which shall ever have been given to secure all or any part of the Guaranteed Obligations or this Guaranty. Such waiver shall be without prejudice to Bank’s right, at its option, to proceed against Seller or any other Person,
whether by separate action or by joinder. 
 (e) In addition to any other waivers, agreements and covenants of Guarantor set
forth herein, Guarantor hereby further waives and releases all claims, causes of action, defenses and offsets for any act or omission of Bank, its directors, officers, employees, representatives or agents in connection with Bank’s
administration of the Guaranteed Obligations or any Participation Interests, except for Bank’s willful misconduct and gross negligence. 

(f) Guarantor waives any benefit of, and any right to participate in, any security now or hereafter held by Bank. 

8. Obligations Not Impaired. 

(a) Guarantor agrees that Guarantor’s obligations under this Guaranty shall not be released, diminished, impaired, reduced
or affected by the occurrence of any one or more of the following events: (i) the death, disability or lack of corporate power of Seller, Guarantor or any other guarantor of all or any part of the Guaranteed Obligations; (ii) any
receivership, insolvency bankruptcy, disability or other proceedings affecting Seller, Guarantor or any other guarantor of all or any part of the Guaranteed Obligations, or any of their respective property; (iii) the partial or total release or
discharge of Seller or any other guarantor of all or any part of the Guaranteed Obligations, or any other Person from the performance of any obligation contained in any instrument or agreement evidencing, governing or securing all or any part of the
Guaranteed Obligations, whether occurring by reason of law or otherwise; (iv) the taking or accepting of any collateral for all or any part of the Guaranteed Obligations or this Guaranty; (v) the taking or accepting of any other guaranty
for all or any part of the Guaranteed Obligations; (vi) any failure by Bank to acquire, perfect or continue any lien or security interest on collateral securing all or any part of the Guaranteed Obligations or this Guaranty; (vii) the
impairment of any collateral securing all or any part of the Guaranteed Obligations or this Guaranty; (viii) any failure by Bank to sell any collateral securing all or any part of the Guaranteed Obligations or this Guaranty in a commercially
reasonable manner or as otherwise required by Law; (ix) any invalidity or unenforceability of or defect or deficiency in any Warehouse Document; (x) any other circumstance which might otherwise constitute a defense available to, or
discharge of, Seller, Guarantor or any other guarantor of all or any part of the Guaranteed Obligations; (xi) the discretionary purchase by Bank of any Participation Interests pursuant to the Warehouse Agreement, thus increasing the Guaranteed
Obligations; or (xii) the sale, transfer, assignment or conveyance by Seller of all or any portion of the Mortgage Loans as contemplated by the Warehouse Agreement. 

  

					
		  	Page 5	  	 Mortgage Warehouse Agreement: Exhibit C Version: 2015-11

HAL2016-4

 (b) This Guaranty shall continue to be effective or be reinstated, as the case
may be, if at any time any payment of all or any part of the Guaranteed Obligations is rescinded or must otherwise be returned by Bank upon the insolvency, bankruptcy or reorganization of Seller, Guarantor, any other guarantor of all or any part of
the Guaranteed Obligations, or otherwise, all as though such payment had not been made. 
 (c) None of the following shall
affect Guarantor’s liability hereunder: (i) the unenforceability of all or any part of the Guaranteed Obligations against Seller by reason of the fact that the Guaranteed Obligations exceed the amount permitted by Law; (ii) the act of
creating all or any part of the Guaranteed Obligations are ultra vires; or (iii) the officers, partners, members, managers or other Persons creating all or any part of the Guaranteed Obligations acted in excess of their authority. Guarantor
hereby acknowledges that withdrawal from, or termination of, any ownership interest in Seller now or hereafter owned or held by Guarantor shall not alter, affect or in any way limit the obligations of Guarantor hereunder. 

9. Insolvency. Should Guarantor become insolvent, or fail to pay Guarantor’s debts generally as they become due, or
voluntarily seek, consent to, or acquiesce in the benefit or benefits of any Debtor Relief Law, or become a party to (or be made the subject of) any proceeding provided for by any Debtor Relief Law (other than as a creditor or claimant) that could
reasonably be expected to suspend or otherwise adversely affect the rights and remedies of Bank granted hereunder, then, in any such event, the Guaranteed Obligations shall be, as between Guarantor and Bank, a fully matured, due, and payable
obligation of Guarantor to Bank (without regard to whether Seller is then in default under any Warehouse Documents or whether the Guaranteed Obligations, or any part thereof is then due and owing by Seller to Bank), payable in full by Guarantor to
Bank upon demand, which shall be the estimated amount owing in respect of the contingent claim created hereunder. 
 10.
Subrogation. Until the Guaranty Termination Date, Guarantor hereby covenants and agrees that Guarantor shall not assert, enforce, or otherwise exercise: (a) any right of subrogation to any of the rights or Liens of Bank against
Seller or any other guarantor of the Guaranteed Obligations or any collateral or other security; or (b) unless such rights are expressly made subordinate to the Guaranteed Obligations (in form and upon terms acceptable to Bank) and the rights
of Bank under this Guaranty and the Warehouse Documents, any right of recourse, reimbursement, contribution, indemnification, or similar right against Seller or any other guarantor of all or any part of the Guaranteed Obligations. 

11. Subordinate Debt. All principal of and interest on all indebtedness, liabilities, and obligations of Seller to Guarantor
(the “Subordinated Debt”) now or hereafter existing, due or to become due to Guarantor, or held or to be held by Guarantor, whether created directly or acquired by assignment or otherwise, and whether evidenced by written instrument
or not, shall be expressly subordinated to the Guaranteed Obligations. Until the Guaranty Termination Date, Guarantor agrees not to receive or accept any payment from Seller with respect to the Subordinated Debt at any time an Event of Default or
default under any Warehouse Document has occurred and is continuing; and, in the event Guarantor receives any payment on the Subordinated Debt in violation of the foregoing, Guarantor will hold any such payment in trust for Bank and forthwith turn
it over to Bank in the form received, to be applied to the Guaranteed Obligations. If Guarantor has executed a separate subordination agreement approved by Bank (“Subordination Agreement”) applicable to the Subordinated Debt, the
Subordination Agreement shall control over any inconsistent provision in this Section. 
 12. No Fraudulent Transfer. It is
the intention of Guarantor and Bank that the amount of the Guaranteed Obligations guaranteed by Guarantor by this Guaranty shall be in, but not in excess of, the maximum amount permitted by fraudulent conveyance, fraudulent transfer, or similar Laws
applicable to Guarantor. Accordingly, notwithstanding anything to the contrary contained in this Guaranty or any other 

  

					
		  	Page 6	  	 Mortgage Warehouse Agreement: Exhibit C Version: 2015-11

HAL2016-4

 
agreement or instrument executed in connection with the payment or performance of any of the Guaranteed Obligations, the amount of the Guaranteed Obligations guaranteed by Guarantor by this
Guaranty shall be limited to that amount which after giving effect thereto would not: (a) render Guarantor insolvent; (b) result in the fair saleable value of the assets of Guarantor being less than the amount required to pay
Guarantor’s debts and other liabilities (including contingent liabilities) as they mature; or (c) leave Guarantor with unreasonably small capital to carry out Guarantor’s business as now conducted and as proposed to be conducted,
including its capital needs, as such concepts described in clauses (a), (b) and (c) of this Section, are determined under applicable Law, if the obligations of Guarantor hereunder would otherwise be set aside, terminated, annulled or
avoided for such reason by a court of competent jurisdiction in a proceeding actually pending before such court. 
 13. Actions
against Guarantor. In the event of a default in the payment or performance of all or any part of the Guaranteed Obligations, or if an Event of Default occurs under any Warehouse Document, when all or any portion of the Guaranteed Obligations
becomes due, whether by its terms, by acceleration or otherwise, Guarantor shall, upon demand, promptly pay the amount due thereon to Bank, in lawful money of the United States, at Bank’s address set forth above. One or more successive or
concurrent actions may be brought against Guarantor, either in the same action in which Seller is sued or in separate actions, as often as Bank deems advisable. The exercise by Bank of any right or remedy under this Guaranty or under any other
agreement or instrument, at law, in equity otherwise, shall not preclude concurrent or subsequent exercise of any other right or remedy. The books and records of Bank shall be admissible in evidence in any action or proceeding involving this
Guaranty and shall be prima facie evidence of the payments made on, and the outstanding balance of, the Guaranteed Obligations. 
 14.
Notice of Sale. Except as otherwise required by applicable Law, in the event that Guarantor is entitled to receive any notice under the UCC of the sale or other disposition of any collateral securing all or any part of the Guaranteed
Obligations or this Guaranty, reasonable notice shall be deemed given when such notice is deposited in the United States mail, postage prepaid, at the address for Guarantor set forth above, ten (10) days prior to the date any public sale, or
after which any private sale, of any such collateral is to be held; provided, however, that notice given in any other reasonable manner or at any other reasonable time shall be sufficient. 

15. Waiver by Bank. No delay on the part of Bank in exercising any right hereunder or failure to exercise the same shall operate
as a waiver of such right. In no event shall any waiver of the provisions of this Guaranty be effective unless the same be in writing and signed by an officer of Bank, and then only in the specific instance and for the purpose given. 

16. Successors and Assigns. This Guaranty is for the benefit of Bank, its successors and assigns. This Guaranty is binding upon
Guarantor and Guarantor’s heirs, executors, administrators, personal representatives and successors, including, without limitation, any Person obligated by operation of Law upon the reorganization, merger, consolidation or other change in the
organizational structure of Guarantor. 
 17. Setoff Rights. Bank shall have the right to set off and apply against the
Guaranteed Obligations, any and all deposits owing from Bank to Guarantor if Guarantor’s obligation to remit all or any portion of the Guaranteed Obligations has matured under this Guaranty irrespective of whether or not Bank shall have made
any demand under this Guaranty. The rights and remedies of Bank hereunder are in addition to other rights and remedies (including, without limitation, other rights of setoff) which Bank may have. 

  

					
		  	Page 7	  	 Mortgage Warehouse Agreement: Exhibit C Version: 2015-11

HAL2016-4

 18. Costs and Expenses. Guarantor shall pay on demand by Bank all costs and
expenses, including, without limitation, all reasonable attorneys’ fees incurred by Bank in connection with the enforcement and/or collection of this Guaranty. This covenant shall survive the payment of the Guaranteed Obligations. 

19. Severability. If any provision of this Guaranty is held by a court of competent jurisdiction to be illegal, invalid or
unenforceable under present or future laws, such provision shall be fully severable, shall not impair or invalidate the remainder of this Guaranty and the effect thereof shall be confined to the provision held to be illegal, invalid or
unenforceable. 
 20. No Obligation. Nothing contained herein shall be construed as an obligation on the part of Bank to
extend or continue to extend credit or other financial accommodations to Seller. Without limiting the generality of the foregoing, nothing contained herein shall obligate Bank to purchase any Participation Interests pursuant to the Warehouse
Agreement, unless Bank elects, in its sole and absolute discretion, to purchase any such Participation Interests pursuant to the terms and conditions of the Warehouse Agreement. 

21. Amendment. No modification or amendment of any provision of this Guaranty, nor consent to any departure by Guarantor
therefrom, shall be effective unless the same shall be in writing and signed by an officer of Bank, and then shall be effective only in the specific instance and for the purpose for which given. 

22. Cumulative Rights. All rights and remedies of Bank hereunder are cumulative of each other and of every other right or remedy
which Bank may otherwise have at law or in equity or under any instrument or agreement, and the exercise of one or more of such rights or remedies shall not prejudice or impair the concurrent or subsequent exercise of any other rights or remedies.

 23. Compliance with Applicable Usury Laws. Notwithstanding any other provision of this Guaranty or of any instrument or
agreement evidencing, governing or securing all or any part of the Guaranteed Obligations, Guarantor and Bank by its acceptance hereof agree that Guarantor shall never be required or obligated to pay interest in excess of the maximum nonusurious
interest rate as may be authorized by applicable Law for the written contracts which constitute the Guaranteed Obligations. It is the intention of Guarantor and Bank to conform strictly to the applicable Laws which limit interest rates, and any of
the aforesaid contracts for interest, if and to the extent payable by Guarantor, shall be held to be subject to reduction to the maximum nonusurious interest rate allowed under said Law. 

24. Descriptive Headings. The headings in this Guaranty are for convenience only and shall not define or limit the provisions
hereof. 
 25. Gender. Within this Guaranty, words of any gender shall be held and construed to include the other gender. 

26. Exhibits. All exhibits, addenda, and riders which are attached hereto and executed by Guarantor and Bank are incorporated
into this Guaranty and made a part hereof for all purposes, the same as if set forth herein verbatim. 
 27. Entire Agreement.
This Guaranty contains the entire agreement between Guarantor and Bank regarding the subject matter hereof and supersedes all prior written and oral agreements and understandings, if any, regarding same; provided, however, this Guaranty is in
addition to and does not replace, cancel, modify or affect any other guaranty of Guarantor now or hereafter held by Bank that relates to Seller and different liabilities or indebtedness. 

  

					
		  	Page 8	  	 Mortgage Warehouse Agreement: Exhibit C Version: 2015-11

HAL2016-4

 28. GOVERNING LAW AND VENUE. GUARANTOR HAS SIGNED THIS GUARANTY AND SUBMITS IT TO
BANK FOR ACCEPTANCE AT BANK’S OFFICE IN RICHARDSON, COLLIN COUNTY, TEXAS. GUARANTOR SHALL MAKE ALL PAYMENTS AND PERFORM ALL OTHER OBLIGATIONS ARISING HEREUNDER AT COLLIN COUNTY, TEXAS, AND THIS AGREEMENT IS MADE AND ENTERED INTO AT COLLIN
COUNTY, TEXAS. THIS AGREEMENT AND ALL OF THE TERMS AND CONDITIONS HEREOF AND THE RIGHTS OF THE PARTIES HERETO SHALL BE GOVERNED BY AND INTERPRETED IN ACCORDANCE WITH THE LAWS OF THE STATE OF TEXAS AND VENUE FOR ANY LEGAL ACTION BROUGHT HEREUNDER
SHALL LIE IN COLLIN COUNTY, TEXAS OR DALLAS COUNTY, TEXAS. 
 29. WAIVER OF RIGHT TO JURY. GUARANTOR HEREBY IRREVOCABLY AND
UNCONDITIONALLY WAIVES ALL RIGHT TO TRIAL BY JURY IN ANY ACTION, SUIT, PROCEEDING, OR COUNTERCLAIM THAT RELATES TO OR ARISES OUT OF ANY OF THE WAREHOUSE DOCUMENTS OR THE ACTS OR FAILURE TO ACT OF OR BY SELLER IN THE ENFORCEMENT OF ANY OF THE TERMS
OR PROVISIONS OF THIS GUARANTY OR THE OTHER WAREHOUSE DOCUMENTS. 
 30. NO ORAL AGREEMENTS. THIS GUARANTY AND THE OTHER
WAREHOUSE DOCUMENTS REPRESENT THE FINAL AGREEMENT BETWEEN THE PARTIES AND MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS, OR SUBSEQUENT ORAL AGREEMENTS BY THE PARTIES. THERE ARE NO UNWRITTEN ORAL AGREEMENTS BETWEEN THE PARTIES. 

31. Joint and Several Liability. The liability of all Persons obligated to Bank in any manner under this Guaranty and any and
all riders hereto shall be joint and several. 
 [Signature Page Follows] 

  

					
		  	Page 9	  	 Mortgage Warehouse Agreement: Exhibit C Version: 2015-11

HAL2016-4

 EXECUTED by Guarantor to be effective as of the Effective Date. 

 

			
	GUARANTOR:
	
	REDFIN CORPORATION, A DELAWARE CORPORATION

 
			
		
	By:	 	/s/ Glenn Kelman
	Name:	 	GLENN KELMAN
	Title:	 	CHIEF EXECUTIVE OFFICER

 
			
	
	Guarantor’s Address for Notices:
	
	GLENN KELMAN
	1099 STEWART STREET, SUITE 600
	SEATTLE, WA 98101
	Attention:	 	GLENN KELMAN
	Phone:	 	[omitted]
	E-mail:	 	GLENN.KELMAN@REDFIN.COM
	
	 With a copy to:

	
	 REDFIN CORPORATION

	 1099 STEWART STREET, SUITE 600

	 SEATTLE, WA 98101

	 ATTENTION: GENERAL COUNSEL

 * * * 
  

			
	STATE OF Washington            	  	§
		  	§
	COUNTY OF King                  	  	§

 This document was acknowledged before me on the 14 day of February, 2017, by GLENN KELMAN, PRESIDENT AND CHIEF
EXECUTIVE OFFICER of REDFIN MORTAGE, LLC, A DELAWARE LIMITED LIABILITY COMPANY, known to me to be the person who executed this document in the capacity and for the purposes therein stated. 

 

	
	/s/ Illegible
	Notary Public, State of Washington

 [NOTARY STAMP] 

  

					
		  	Page 10	  	 Mortgage Warehouse Agreement: Exhibit C

Version: 2015-11

HAL2016-4

 FINANCIAL COVENANTS RIDER 

(TO GUARANTY AGREEMENT) 

THIS FINANCIAL COVENANTS RIDER (“Rider”) is entered into as of December 21, 2016 (the “Effective
Date”), by TEXAS CAPITAL BANK, NATIONAL ASSOCIATION (“Bank”), and the undersigned executing this Rider as “Guarantor”. This Rider is attached to and made a part of that certain Guaranty Agreement (the
“Guaranty”) dated the Effective Date, executed by Guarantor for the benefit of Bank. Capitalized terms used in this Rider, but not otherwise defined herein, shall have the meanings given to such terms in the Guaranty. Guarantor and
Bank agree that the following provisions supersede, govern and control any contrary provisions in the Guaranty: 
 1. Financial
Covenants. Guarantor covenants and agrees that, until the Guaranty Termination Date, Guarantor will, at all times, observe, perform and comply with each of the following covenant(s): 

(a) Minimum Tangible Net Worth. Guarantor shall maintain Tangible Net Worth of not less than $60,000,000.00.
“Tangible Net Worth” means, at any particular time, all amounts which, in conformity with GAAP (as defined in the Warehouse Agreement), would be properly included as owner’s equity on Guarantor’s balance sheet, but
excluding (i) all assets which are properly classified as intangible assets, and (ii) loans or advances to, or receivables from, any owner, officer or employee of Guarantor. 

(b) Minimum Liquid Assets. Guarantor shall maintain Total Eligible Liquidity of not less than $40,000,000.00.
“Total Eligible Liquidity” means, at any particular time, the sum of Guarantor’s cash, cash equivalents (certificates of deposit and other depository accounts established at FDIC-insured banks), United States government-issued
securities and other registered, unrestricted equity or debt securities which are publicly traded on a recognized United States exchange and have been approved by Bank, in its sole and absolute discretion and which, in all events, are held in
Guarantor’s name and are free and clear of all Liens (as defined in the Warehouse Agreement) (except Liens in favor of Bank), as calculated and determined as set forth in Exhibit A attached hereto. 

(c) Consecutive Quarterly Net Losses. Guarantor shall not incur pre-tax net losses for two consecutive quarters,
excluding any markup or markdown of mortgage servicing rights. 
 After the Effective Date, Guarantor and Bank may, in their sole discretion, enter into
certain written agreements executed by Guarantor and Bank guaranteeing, evidencing or otherwise governing one or more credit facilities extended by Bank in addition to the financial accommodations evidenced and governed by the Warehouse Agreement
(collectively, “Credit Agreements”), which Credit Agreements may include (a) certain financial covenants pertaining to Guarantor in addition to those contained in this Rider (each a “New Financial Covenant”)
and (b) one or more of the same financial contained in this Rider, but with certain modified terms covenants pertaining to Guarantor with respect to each such financial covenant (each a “Modified Financial Covenant”). In such
event, unless otherwise agreed to by Bank, the financial covenants contained in this Rider shall automatically be modified and amended from time to time (a) to include each New Financial Covenant and (b) to include the most recent terms of
each Modified Financial Covenant to the extent inconsistent with those contained in this Rider. Except as modified and amended in accordance with the terms of the previous sentence, this Rider shall continue in full force and effect as originally
executed and delivered. The modifications and amendments contemplated hereby shall not be affected by the termination of any Credit Agreement, and shall survive the termination of each Credit Agreement. 

  

					
		  	Page 11	  	 Mortgage Warehouse Agreement: Exhibit C Version: 2015-11

HAL2016-4

 2. Compliance Certificates. Guarantor acknowledges Bank has requested, and
Guarantor shall timely prepare and furnish to Bank, the financial statements and reports described in the Warehouse Agreement which pertain to Guarantor, plus such additional financial reports and information as Bank may from time to time request.
In addition, Guarantor shall prepare and submit to Bank, on a quarterly basis and no later than thirty (30) days after the end of each calendar quarter, a compliance certificate executed by Guarantor, demonstrating Guarantor’s compliance
with the covenants set forth in Section 1 of this Rider and such substantiation thereof as may be required by Bank, all in such form and content required by Bank from time to time. A copy of Bank’s current required form of
compliance certificate is attached hereto as Exhibit A. Although compliance certificates are to be delivered to Bank on a quarterly basis, Guarantor shall at all times comply with all covenants set forth in Section 1 of this Rider
and Bank may test Guarantor’s compliance with such covenants at any time. 
 3. Miscellaneous. The liability of all
Persons obligated to Bank in any manner under this Rider shall be joint and several. If more than one Person shall execute this Rider as “Guarantor”, then the term “Guarantor” as used herein shall refer both to each such Person
individually and to all such Persons collectively. Except as hereby modified or supplemented, the Guaranty shall remain in full force and effect. 

[Signature Page Follows] 

  

					
		  	Page 12	  	 Mortgage Warehouse Agreement: Exhibit C Version: 2015-11

HAL2016-4

 EXECUTED by Guarantor to be effective as of the Effective Date. 

 

			
	GUARANTOR:
	
	REDFIN CORPORATION, A DELAWARE CORPORATION
		
	By:	 	/s/ Glenn Kelman
	Name:	 	GLENN KELMAN
	Title:	 	CHIEF EXECUTIVE OFFICER

 * * * 
  

			
	STATE OF Washington            	  	§
		  	§
	COUNTY OF King	  	§

 This document was acknowledged before me on the 14 day of February, 2017, by GLENN KELMAN, PRESIDENT AND CHIEF EXECUTIVE
OFFICER of REDFIN MORTAGE, LLC, A DELAWARE LIMITED LIABILITY COMPANY, known to me to be the person who executed this document in the capacity and for the purposes therein stated. 

 

	
	/s/ Illegible
	Notary Public, State of Washington

 [NOTARY STAMP] 

AGREED TO AND ACCEPTED BY BANK AT RICHARDSON, 

COLLIN COUNTY, TEXAS, AS OF THE EFFECTIVE DATE: 

TEXAS CAPITAL BANK, 
 NATIONAL ASSOCIATION 

 

			
	
		
	By:	 	/s/ Heather Crawford
	Name:	 	Heather Crawford
	Title:	 	Vice President

  

					
		  	Page 13	  	 Mortgage Warehouse Agreement: Exhibit C

Version: 2015-11

HAL2016-4

 EXHIBIT A 

(TO FINANCIAL COVENANTS RIDER) 

COMPLIANCE CERTIFICATE [Follows 

This Cover Page] 

  

					
		  	Page 14	  	 Mortgage Warehouse Agreement: Exhibit C Version: 2015-11

HAL2016-4

 COMPLIANCE CERTIFICATE 

REPORTING PERIOD:
                                        ,
20             through                        ,
20             
 This Compliance Certificate (this “Certificate”) is
being delivered in connection with that certain Guaranty Agreement (as amended and modified from time to time, and including all addenda, riders and exhibits thereto, the “Guaranty”)
dated                        , 20        , executed for the benefit of
TEXAS CAPITAL BANK, NATIONAL ASSOCIATION (“Bank”) by the undersigned executing this Certificate as “Guarantor”. Capitalized terms used in this Certificate shall, unless otherwise indicated herein, have the meanings
set forth in the Guaranty. On behalf of Guarantor, the undersigned certifies to Bank as of the last day of the reporting period indicated above (the “Determination Date”) that: (a) no default has occurred and is continuing
under the Guaranty; (b) all representations and warranties of Guarantor contained in the Guaranty and in the other Warehouse Documents are true and correct in all material respects; and (c) the information set forth below and all documents
provided to Bank to substantiate the same are true, correct and complete. 
 Minimum Tangible Net Worth: 

 

									
	 Actual Tangible Net Worth

(as of the Determination Date)
	 	  	Required minimum
Tangible Net Worth
(pursuant to the Guaranty)	 
	 GAAP Net Worth
	  	 	$                    	 	  			
			
	 Less:
	  				  			
	 Goodwill, Patents, etc. Related
	  	 	($                    	) 	  			
	 Party Receivables
	  	 	($                    	) 	  			
	 Officer/Employee Receivables
	  	 	($                    	) 	  			
	 Goodwill, Other Intangibles, etc.
	  	 	($                    	) 	  			
	 TOTAL TANGIBLE NET WORTH:
	  	 	$                    	 	  	 	$60,000,000.00	 

 Minimum Liquid Assets: 
  

									
	 Actual Liquid Assets

(as of the Determination Date)
	 	  	Required minimum
Liquid Assets
(pursuant to the Guaranty)	 
	 Total Liquidity
	  	 	$                    	 	  			
	 Less:
	  				  			
	 Pledged Liquid Assets
	  	 	($                    	) 	  			
	 Other Encumbered/Ineligible
	  				  			
	 Liquidity Assets
	  	 	($                    	) 	  			
	 Plus:
	  				  			
	 Liquidity Pledged to Bank (If Deducted Above)
	  	 	$                    	 	  			
	 TOTAL ELIGIBLE LIQUIDITY:
	  	 	$                    	 	  	 	$40,000,000.00	 

  

					
		  	Page 15	  	 Mortgage Warehouse Agreement: Exhibit C

Version: 2015-11

HAL2016-4

 Consecutive Quarterly Net Losses: 

 

											
	 Actual Quarterly Net Income (Loss)

(as of the Determination Date)

	 	  	Current QTR	 	 	Prior QTR	 	 	 
				
	 Pre-Tax Net Income (Loss)
	  	 	$            	 	 	 	$            	 	 	 No Two Consecutive Quarterly Pre-Tax Net Losses, Excluding Any Markup or Markdown of Mortgage Servicing Rights (pursuant
to the Agreement)

	 Less:
	  				 				 
	 MSR Fair Value Increase (Decrease)
	  	 	($            	 ) 	 	 	($            	 ) 	 
	 ACTUAL PRE-TAX NET INCOME EXCLUDING MSR FAIR VALUE ADJUSTMENT:
	  	 	$            	 	 	 	$            	 	 

  

					
		  	Page 16	  	 Mortgage Warehouse Agreement: Exhibit C

Version: 2015-11

HAL2016-4

 EXECUTED by Guarantor as of the Determination Date. 

 

			
	GUARANTOR:
	
	REDFIN CORPORATION, A DELAWARE CORPORATION

 
			
		
	By:	 	 
	Name:	 	 
	Title:	 	 

  

					
		  	Page 17	  	 Mortgage Warehouse Agreement: Exhibit C

Version: 2015-11

HAL2016-4

 EXHIBIT D 

(TO MORTGAGE WAREHOUSE AGREEMENT) 

UCC-1 FINANCING STATEMENT 

[Follows This Cover Page] 

  

					
		  		  	 Mortgage Warehouse Agreement: Exhibit D

Version: 2015-11

HAL2016-4

 UCC-1 FINANCING STATEMENT 

SCHEDULE OF COLLATERAL 
  

			
	 DEBTOR:
	  	REDFIN MORTGAGE, LLC, A DELAWARE LIMITED LIABILITY COMPANY
		
	SECURED PARTY:	  	TEXAS CAPITAL BANK, NATIONAL ASSOCIATION

 Capitalized terms used but not otherwise defined in this UCC-1 Financing Statement Schedule of Collateral
shall have the meanings given to such terms in the UCC-1 Financing Statement Schedule of Defined Terms attached hereto and made a part hereof for all purposes. Unless otherwise defined in the UCC-1 Financing Statement Schedule of Defined Terms or in
this UCC-1 Financing Statement Schedule of Collateral, all capitalized terms used herein shall have the meanings given to such terms in the UCC. 

This Financing Statement covers any and all rights, titles and interests of Debtor in and to any and all Participated Mortgage Loans, wherever
the foregoing is located, in which Debtor now has or at any time hereafter has or acquires any right, title or interest, and all Product and Proceeds thereof (collectively, the “Collateral”). Without limiting the generality of the
foregoing, the term Collateral shall include all rights, titles and interests of Debtor in and to the following, wherever the following is located, in which Debtor now has or at any time hereafter has or acquires any right, title or interest, and
all Products and Proceeds thereof: 
  

	1.	(a) the Mortgage Notes evidencing the Participated Mortgage Loans; (b) the Security Instruments securing the Participated Mortgage Loans and the other Mortgage Loan Documents related to the Participated Mortgage
Loans; and (c) any and all other documents relating to the Participated Mortgage Loans (including, without limitation, any and all surveys, appraisals and title insurance commitments and policies); 

 

	2.	(a) all of the rights of Debtor to the payment of money (including, without limitation, tax refund, insurance proceeds and condemnation proceeds) relating to the Participated Mortgage Loans or the Residential Real
Properties securing same; and (b) any other rights ancillary to or securing or relating to the Participated Mortgage Loans; 

  

	3.	all guaranties, bonds, insurance policies and commitments relating to the Participated Mortgage Loans; 

  

	4.	all agreements entered into by Debtor relating to the Participated Mortgage Loans; 

  

	5.	(a) all Take-Out Purchase Agreements related to the Participated Mortgage Loans; and (b) all rights to sell and deliver Participated Mortgage Loans to purchasers thereof; 

 

	6.	all proceeds from the sale, financing or other disposition of the Participated Mortgage Loans; 

  

	7.	all Mortgage Backed Securities secured by, created from or representing any interest in the Participated Mortgage Loans; 

  

					
		  	Page 1	  	 Mortgage Warehouse Agreement: Exhibit D

Version: 2015-11

HAL2016-4

	8.	(a) all rights to service, administer or collect the Participated Mortgage Loans; and (b) (i) all agreements pursuant to which Debtor undertakes to service, administer or collect the Participated Mortgage
Loans and (ii) all rights to the payment of money on account of such servicing, administration or collection activities; 

  

	9.	all purchase agreements, credit agreement or other agreements pursuant to which Debtor acquired the Participated Mortgage Loans and all other agreements, documents or instruments executed in connection therewith;

  

	10.	the Deposit Accounts and any and all funds now or hereafter deposited in or otherwise contained in the Deposit Accounts, including, without limitation, any and all interest and other earnings thereon; 

 

	11.	all data, files (including, without limitation, credit files), books, records (including, without limitation, servicing records), correspondence and accounting records, whether in electronic or written form, and
software, computer files, computer programs, printouts and other electronic materials or records related to the Participated Mortgage Loans (including, without limitation, all of the foregoing items necessary to administer, service and collect the
Participated Mortgage Loans); and 

  

	12.	all Accounts, Chattel Paper, Commercial Tort Claims, Deposit Accounts, Documents, Financial Assets, General Intangibles, Instruments, Investment Property, Securities, Securities Accounts and other personal property of
Debtor of any kind or type, in each case related to the Participated Mortgage Loans. 

  

					
		  	Page 2	  	 Mortgage Warehouse Agreement: Exhibit D

Version: 2015-11

HAL2016-4

 UCC-1 FINANCING STATEMENT 

SCHEDULE OF DEFINED TERMS 

“Borrower” shall mean any Person who is an obligor on or under a Mortgage Loan. 

“Debtor” (whether one or more) shall mean each Person identified as “Debtor” in the UCC-1 

Financing Statement Schedule of Collateral to which this UCC-1 Financing Statement Schedule of Defined Terms is attached. If the term
“Debtor” includes more than one Person, then the term “Debtor” as used herein shall refer both to each such Person individually and to all such Persons collectively. 

“Deposit Accounts” shall mean those certain deposit accounts established by Debtor and maintained at Secured Party pursuant
to the Warehouse Agreement. 
 “Laws” shall mean all statutes, laws, ordinances, regulations, rules, orders, writs,
injunctions or decrees of the United States, any city or municipality, state, commonwealth, nation, country, territory, possession, or any Tribunal. 

“Mortgage Backed Security” shall mean a mortgage pass-through security, collateralized mortgage obligation, real estate
mortgage investment conduit or other security that: (a) is based on and backed by an underlying pool of mortgage loans; and (b) provides for payment by its issuer to its holder of a specified principal installments and/or fixed or floating
rate of interest on the unpaid balance and for all prepayments to be passed through to its holder. 
 “Mortgage Loan” shall
mean a residential mortgage loan evidenced by a Mortgage Note and secured by a Security Instrument. 
 “Mortgage Loan
Documents” shall mean, with respect to any Mortgage Loan, the Mortgage Note evidencing such Mortgage Loan, the Security Instrument securing such Mortgage Loan and all other agreements, instruments and documents governing, evidencing,
guaranteeing or relating to such Mortgage Loan, Mortgage Note or Security Instrument. 
 “Mortgage Note” shall mean, with
respect to any Mortgage Loan, a full recourse promissory note evidencing such Mortgage Loan and secured by a Security Instrument. 

“Participated Mortgage Loan” shall mean any Mortgage Loan in which Secured Party has elected to purchase a Participation
Interest from Debtor pursuant to the terms and conditions of the Warehouse Agreement. A Mortgage Loan in which Secured Party has purchased a Participation Interest shall cease to be a Participated Mortgage Loan under the Warehouse Agreement (and
shall cease to be a Participated Mortgage Loan for purposes of the UCC-1 Financing Statement Schedule of Collateral to which this UCC-1 Financing Statement Schedule of Defined Terms is attached) at such time as such Mortgage Loan is a Retired
Participated Mortgage Loan. 
 “Person” shall mean any individual, corporation, limited liability company, partnership,
joint venture, association, joint stock company, trust, unincorporated organization, government or any agency or political subdivision thereof, or any other form of entity. 

“Products and Proceeds” shall mean: (a) any and all “proceeds,” as such term is defined in Chapter 9 of the
UCC and, in any event, shall include, but not be limited to (i) any and all proceeds of any insurance, indemnity, warranty, or guaranty payable to Debtor from time to time with respect to any of the Collateral, (ii) any and all payments
(in any form whatsoever) made or due and payable to Debtor from time to time in connection with any requisition, confiscation, condemnation, seizure, or forfeiture of 

  

					
		  	Page 3	  	 Mortgage Warehouse Agreement: Exhibit D

Version: 2015-11

HAL2016-4

 
all or any part of the Collateral by any Tribunal (or any person acting under color of Tribunal) and (iii) any and all other amounts from time to time paid or payable under or in connection
with any of the Collateral; and (b) any and all additions, substitutions, replacements and products of any of the Collateral. 

“Residential Real Property” shall mean a single platted lot of land improved with a one-to-four family residence. 

“Retired Participated Mortgage Loan” shall mean any Mortgage Loan in which Secured Party has purchased a Participation
Interest: (a) which has been subsequently sold in its entirety to a Take-Out Purchaser and the full amount of the purchase price for such sale has been received and applied by Secured Party (as reflected on the Secured Party’s books and
records), all pursuant to the terms of the Warehouse Agreement; (b) for which the Participation Interest in such Mortgage Loan has been subsequently repurchased in its entirety by Debtor from Secured Party and the full amount of the repurchase
price for such repurchase has been received and applied by Secured Party (as reflected on the Secured Party’s books and records), all pursuant to the terms of the Warehouse Agreement; or (c) for which the entire principal balance and all
accrued interest for such Mortgage Loan has been subsequently paid in full by the related Borrower (as reflected on the Secured Party’s books and records), and Secured Party’s pro rata share of such amounts have been received and applied
by Secured Party, all pursuant to the terms of the Warehouse Agreement. 
 “Secured Party” shall mean Texas Capital Bank,
National Association. 
 “Security Instrument” shall mean, with respect to any Mortgage Loan, a full recourse mortgage or
deed of trust securing such Mortgage Loan and granting a perfected first priority lien on the Residential Real Property related thereto. 

“Take-Out Purchase Agreement” shall mean, with respect to any Participated Mortgage Loan, any and all agreements, commitments
or other arrangements for Debtor to sell such Participated Mortgage Loan to any Take-Out Purchaser. 
 “Take-Out Purchaser”
shall mean any Person approved by Secured Party (pursuant to the Warehouse Agreement) for the purchase of any Participated Mortgage Loan. 

“Tribunal” shall mean any state, commonwealth, federal, foreign, territorial or other court or governmental department,
commission, board, bureau, agency or instrumentality. 
 “UCC” shall mean the Uniform Commercial Code of the State of
Texas, or other applicable jurisdiction, as it may be amended from time to time. 
 “Warehouse Agreement” shall mean that
certain Mortgage Warehouse Agreement most recently executed by Debtor and Secured Party on or before the date of the filing of this UCC-1 Financing Statement, as the same may from time to time be modified, amended, supplemented, renewed, extended or
replaced. 

  

					
		  	Page 4	  	 Mortgage Warehouse Agreement: Exhibit D

Version: 2015-11

HAL2016-4

 EXHIBIT E 

(TO MORTGAGE WAREHOUSE AGREEMENT) 

FINANCIAL COVENANTS ADDENDUM 

[Follows This Cover Page (If Applicable1)] 

 

	1 	If an Additional Warehouse Facility Covenants Addendum does not follow this cover page, then this addendum is not applicable unless such an addendum is subsequently executed by Bank and Seller. 

  

					
		  		  	 Mortgage Warehouse Agreement: Exhibit E

Version: 2015-11

HAL2016-4

 FINANCIAL COVENANTS ADDENDUM 

THIS FINANCIAL COVENANTS ADDENDUM (this “Addendum”) is effective as of DECEMBER 21, 2016 (the “Effective
Date”), and is entered into by the undersigned executing this Addendum as “Seller” and TEXAS CAPITAL BANK, NATIONAL ASSOCIATION (“Bank”) concurrently with, and as a condition to the effectiveness of, that
certain Mortgage Warehouse Agreement (as amended and modified from time to time, the “Warehouse Agreement”) dated the Effective Date, executed by Bank and Seller. Accordingly, Bank and Seller agree as follows: 

1. Financial Covenants. Seller covenants and agrees that, until the Agreement Termination Date, Seller will, at all times,
observe, perform and comply with each of the following covenant(s): 
 (a) Minimum Tangible Net Worth. Seller shall
maintain Tangible Net Worth of not less than $4,000,000.00. “Tangible Net Worth” means, at any particular time, all amounts which, in conformity with GAAP, would be properly included as owner’s equity on Seller’s balance
sheet, but excluding (i) all assets which are properly classified as intangible assets, and (ii) loans or advances to, or receivables from, any owner, officer or employee of Seller. 

(b) Minimum Liquid Assets. Seller shall maintain Total Eligible Liquidity of not less than $1,000,000.00. “Total
Eligible Liquidity” means, at any particular time, the sum of Seller’s cash, cash equivalents (certificates of deposit and other depository accounts established at FDIC-insured banks), United States government-issued securities and
other registered, unrestricted equity or debt securities which are publicly traded on a recognized United States exchange and have been approved by Bank, in its sole and absolute discretion and which, in all events, are held in Seller’s name
and are free and clear of all Liens (except Liens in favor of Bank), as calculated and determined as set forth in Exhibit E-1 attached hereto. 

(c) Consecutive Quarterly Net Losses. Seller shall not incur pre-tax net losses for two consecutive quarters, excluding
any markup or markdown of mortgage servicing rights. 
 If Seller is required or permitted under the Warehouse Agreement to deliver to Bank quarterly
consolidated financial statements, then the above-described financial covenants will be tested and calculated by Bank based on the consolidated financial information of Seller and each other entity whose financial information is required or
permitted by Bank to be set forth on such consolidated financial statements. 
 After the Effective Date, Seller and Bank may, in their sole discretion,
enter into certain written agreements executed by Seller and Bank evidencing or otherwise governing one or more credit facilities extended by Bank to Seller in addition to the financial accommodations evidenced and governed by the Warehouse
Agreement (collectively, “Credit Agreements”), which Credit Agreements may include (a) certain financial covenants pertaining to Seller in addition to those contained in this Addendum (each a “New Financial
Covenant”) and (b) one or more of the same financial covenants contained in this Addendum, but with certain modified terms pertaining to Seller with respect to each such financial covenant (each a “Modified Financial
Covenant”). In such event, unless otherwise agreed to by Bank, the financial covenants contained in this Addendum shall automatically be modified and amended from time to time (a) to include each New Financial Covenant and (b) to
include the most recent terms of each Modified Financial Covenant to the extent inconsistent with those contained in this Addendum. Except as modified and amended in accordance with the terms of the previous sentence, this Addendum shall continue in
full force and effect as originally executed and delivered. The modifications and amendments contemplated hereby shall not be affected by the termination of any Credit Agreement, and shall survive the termination of each Credit Agreement. 

  

					
		  	Page 1	  	 Mortgage Warehouse Agreement: Exhibit E

Version: 2015-11

HAL2016-4

 2. Intentionally Omitted. 

3. Compliance Certificates. Seller acknowledges Bank has requested, and Seller shall timely prepare and furnish to Bank, the
financial statements and reports described in the Warehouse Agreement, plus such additional financial reports and information as Bank may from time to time request. In addition, Seller shall prepare and submit to Bank, on a quarterly basis and no
later than thirty (30) days after the close of each fiscal quarter, a compliance certificate executed by Seller, demonstrating Seller’s compliance with the covenants set forth in Section 1 of this Addendum and the provisions of
the Warehouse Agreement, and such substantiation thereof as may be required by Bank, all in such form and content required by Bank from time to time. A copy of Bank’s current required form of compliance certificate is attached hereto as
Exhibit E-1. Although compliance certificates are to be delivered to Bank on a quarterly basis, Seller shall at all times comply with all covenants set forth in Section 1 of this Addendum and the provisions of the Warehouse Agreement
and Bank may test Seller’s compliance with such covenants and provisions at any time. 
 4. Miscellaneous. This Addendum
is made a part of and is incorporated into the Warehouse Agreement. The provisions of this Addendum supersede, modify and amend any and all inconsistent or conflicting provisions in the Warehouse Agreement. Except as hereby modified and amended, the
Warehouse Agreement shall remain in full force and effect. Capitalized terms not otherwise defined in this Addendum shall have the meanings set forth in the Warehouse Agreement. The liability of all Persons obligated to Bank in any manner under this
Addendum shall be joint and several. If more than one Person shall execute this Addendum as “Seller”, then the term “Seller” as used herein shall refer both to each such Person individually and to all such Persons collectively.

 [Signature Page Follows] 

  

					
		  	Page 2	  	 Mortgage Warehouse Agreement: Exhibit E

Version: 2015-11

HAL2016-4

 EXECUTED by Seller to be effective as of the Effective Date. 

 

			
	SELLER:
	
	REDFIN MORTGAGE, LLC, A DELAWARE LIMITED LIABILITY COMPANY
		
	By:	 	/s/ Glenn Kelman
	Name:	 	GLENN KELMAN
	Title:	 	PRESIDENT AND CHIEF EXECUTIVE OFFICER

 * * * 
  

					
	STATE OF Washington                	  	        §	  	
		  	        §	  	
	COUNTY OF King                        	  	        §	  	

 This document was acknowledged before me on the 14 day of February, 2017, by GLENN KELMAN, PRESIDENT AND CHIEF EXECUTIVE
OFFICER of REDFIN MORTAGE, LLC, A DELAWARE LIMITED LIABILITY COMPANY, known to me to be the person who executed this document in the capacity and for the purposes therein stated. 

 

	
	/s/ Illegible
	Notary Public, State of Washington                        

 [NOTARY STAMP] 

AGREED TO AND ACCEPTED BY BANK AT RICHARDSON, 

COLLIN COUNTY, TEXAS, AS OF THE EFFECTIVE DATE: 
  

			
	 TEXAS CAPITAL BANK,
 NATIONAL
ASSOCIATION

		
	By:	 	/s/ Heather Crawford
	Name:	 	Heather Crawford
	Title:	 	Vice President

  

					
		  	Page 3	  	 Mortgage Warehouse Agreement: Exhibit E

Version: 2015-11

HAL2016-4

 EXHIBIT E-1 

(TO FINANCIAL COVENANTS ADDENDUM TO 

MORTGAGE WAREHOUSE AGREEMENT) 

COMPLIANCE CERTIFICATE 
 [Follows
This Cover Page] 

  

					
		  	Page 4	  	 Mortgage Warehouse Agreement: Exhibit E

Version: 2015-11

HAL2016-4

 REDFIN MORTGAGE, LLC, A DELAWARE LIMITED LIABILITY COMPANY 

COMPLIANCE CERTIFICATE 
 REPORTING PERIOD:
                    , 20         through
                    , 20         

This Compliance Certificate (this “Certificate”) is being delivered in connection with that certain Mortgage Warehouse Agreement (as amended
and modified from time to time, and including all addenda and exhibits thereto, the “Agreement”) dated DECEMBER 21, 2016 executed by TEXAS CAPITAL BANK, NATIONAL ASSOCIATION (“Bank”) and the undersigned executing
this Certificate as “Seller”. Capitalized terms used in this Certificate shall, unless otherwise indicated herein, have the meanings set forth in the Agreement. On behalf of Seller, the undersigned certifies to Bank as of the last
day of the reporting period indicated above (the “Determination Date”) that: (a) no Event of Default has occurred and is continuing; (b) all representations and warranties of Seller contained in the Agreement and in the
other Warehouse Documents are true and correct in all material respects; and (c) the information set forth below and all documents provided to Bank to substantiate the same are true, correct and complete. 

Minimum Tangible Net Worth: 
  

									
	 Actual Tangible Net Worth

(as of the Determination Date)
	 	  	Required minimum
Tangible Net Worth
(pursuant to the Agreement)	 
	 GAAP Net Worth
	  	 	$                    	 	  			
	 Less:
	  				  			
	 Investment in Affiliates
	  	 	($                    	 ) 	  			
	 Loan Receivable – Related Party
	  	 	($                    	 ) 	  			
	 Officer/Employee Receivables
	  	 	($                    	 ) 	  			
	 Goodwill, Other Intangibles, etc.
	  	 	($                    	 ) 	  			
	 TOTAL TANGIBLE NET WORTH:
	  	 	$                    	 	  	 	$4,000,000.00	 

 [Additional Covenants Follow] 

  

					
		  	Page 5	  	 Mortgage Warehouse Agreement: Exhibit E

Version: 2015-11

HAL2016-4

 Compliance Certificate page 2 

Minimum Liquid Assets: 
  

									
	 Actual Liquid Assets

(as of the Determination Date)
	 	  	Required minimum
Liquid Assets
(pursuant to the Agreement)	 
	 Total Liquidity
	  	 	$                    	 	  			
	 Less:
	  				  			
	 Pledged Liquid Assets
	  	 	($                    	 ) 	  			
	 Other Restricted Liquidity Assets
	  	 	($                    	 ) 	  			
	 Plus:
	  				  			
	 Liquidity Pledged to Bank (If Deducted Above)
	  	 	($                    	 ) 	  			
	 TOTAL ELIGIBLE LIQUIDITY
	  	 	$                    	 	  	 	$1,000,000.00	 

 Consecutive Quarterly Net Losses: 
  

											
	 Actual Quarterly Net Income (Loss)

(as of the Determination Date)

	 	  	Current QTR	 	 	Prior QTR	 	 	 
				
	 Pre-Tax Net Income (Loss)
	  	 	$            	 	 	 	$            	 	 	 No Two Consecutive Quarterly Pre-Tax Net Losses, Excluding Any Markup or Markdown of Mortgage Servicing Rights (pursuant
to the Agreement)

	 Less:
	  				 				 
	 MSR Fair Value Increase

(Decrease)
	  	 	($            	 ) 	 	 	($            	 ) 	 
	 ACTUAL PRE-TAX NET INCOME EXCLUDING MSR FAIR VALUE ADJUSTMENT:
	  	 	$            	 	 	 	$            	 	 

 [Additional Covenants and Signature Page Follows] 

  

					
		  	Page 6	  	 Mortgage Warehouse Agreement: Exhibit E

Version: 2015-11

HAL2016-4

 Compliance Certificate page 3 

Other Warehousing Facilities: Seller represents and warrants to Bank that any and all mortgage warehousing facilities of Seller (other than with
Bank) in effect as of the date hereof are identified on the schedule appearing immediately below. Further, Seller represents and warrants to Bank that no default has occurred under any of the mortgage warehousing facilities of Seller identified in
such schedule Pursuant to the Agreement, Seller covenants and agrees to: (a) notify Bank in writing prior to entering into any other mortgage warehousing facilities; and (b) promptly notify Bank in writing regarding any material change in
any mortgage warehousing facility of Seller (including as to the maximum amount of any such facility and as to any termination, suspension or non-renewal of any such facility) or any default by Seller under any such mortgage warehousing facility.

  

					
	 Warehouse Lender
	  	Maximum Facility Amount	 
	 Western Alliance
	  	$	10,000,000.00	 

 EXECUTED by Seller as of the Determination Date. 

 

			
	SELLER:
	
	 REDFIN MORTGAGE, LLC, A DELAWARE

LIMITED LIABILITY COMPANY

 
			
		
	By:	 	 
	Name:	 	 
	Title:	 	 

  

					
		  	Page 7	  	 Mortgage Warehouse Agreement: Exhibit E

Version: 2015-11

HAL2016-4

 EXHIBIT F 

(TO MORTGAGE WAREHOUSE AGREEMENT) 

SUPPLEMENTAL PROVISIONS ADDENDUM 

[Follows This Cover Page] 

  

					
		  		  	 Mortgage Warehouse Agreement: Exhibit F

Version: 2015-11

HAL2016-4

 SUPPLEMENTAL PROVISIONS ADDENDUM 

THIS SUPPLEMENTAL PROVISIONS ADDENDUM (this “Addendum”) is effective as of DECEMBER 21, 2016 (the “Effective
Date”), and is entered into by the undersigned executing this Addendum as “Seller” and TEXAS CAPITAL BANK, NATIONAL ASSOCIATION (“Bank”) concurrently with, and as a condition to the effectiveness of, that
certain Mortgage Warehouse Agreement (as amended and modified from time to time, the “Warehouse Agreement”) dated the Effective Date, executed by Bank and Seller. Accordingly, Bank and Seller agree as follows: 

 

	 	1.	Delivery of Closing Documents by Seller. 

 (a) Subject to
Subsections (b) and (c) of this Section, within five (5) Business Days after the Purchase Date for any Participated Mortgage Loan, Seller shall deliver or cause to be delivered to the Document Custodian all of the Bank
Document Deliverables for such Participated Mortgage Loan. Bank reserves the right to require copies of any of the Bank Document Deliverables for review prior to making any Advance for the purchase of a Participation Interest in any specific
Mortgage Loan. 
 (b) Seller shall cause the Bank Document Deliverables for each Participated Mortgage Loan to be:
(i) delivered directly to Seller (and, in the event that the applicable Funding Recipient for such Participated Mortgage Loan is or is required hereunder to be an Escrow Agent, such Bank Document Deliverables shall be delivered directly to
Seller from escrow by the Escrow Agent for such Participated Mortgage Loan); and (ii) thereafter, delivered directly to the Document Custodian by Seller within five (5) Business Days after the Purchase Date for such Participated Mortgage
Loan, unless otherwise expressly provided by Bank in writing to Seller with respect to such Participated Mortgage Loan (it being understood that any such writing from Bank shall only apply to the specific Participated Mortgage Loan referenced
therein). Seller acknowledges and agrees that the foregoing arrangement (which allows for Seller, subject to Subsection (c) of this Section, to directly deliver to the Document Custodian the Bank Document Deliverables within five
(5) Business Days after the Purchase Date for the related Participated Mortgage Loan) is being made as an accommodation to Seller and that Bank may, in its sole discretion, by providing written notice to Seller: (i) terminate Seller’s
authorization to deliver directly to the Document Custodian any or all of the Bank Document Deliverables; and (ii) require that within (2) two Business Days after the Purchase Date for any Participated Mortgage Loan, any or all Bank
Document Deliverables shall be delivered directly to the Document Custodian (and, in the event that the applicable Funding Recipient for such Participated Mortgage Loan is or is required hereunder to be an Escrow Agent, such Bank Document
Deliverables shall be delivered directly to the Document Custodian from escrow by the Escrow Agent for such Participated Mortgage Loan). 

(c) Without limiting the requirements set forth in Subsection (b) of this Section, Seller acknowledges and agrees
that each and every Bank Document Deliverable for any Participated Mortgage Loan which is at any time in the custody, possession or control of Seller after Bank’s purchase of a Participation Interest in such Participated Mortgage Loan shall be
held and delivered to the Document Custodian pursuant to the terms and conditions of Section 5.11 of the Warehouse Agreement. Nothing contained in this Addendum authorizes or permits the delivery to Seller or any other Person (other than
the Document Custodian) of any of the Bank Document Deliverables which are required to be delivered directly to the Document Custodian pursuant to the provisions of this Addendum. 

  

					
		  	Page 1	  	 Mortgage Warehouse Agreement: Exhibit F Version: 2015-11

HAL2016-4

 2. Miscellaneous. This Addendum is made a part of and is incorporated into the
Warehouse Agreement. The provisions of this Addendum supersede, modify and amend any and all inconsistent or conflicting provisions in the Warehouse Agreement. Except as hereby modified and amended, the Warehouse Agreement shall remain in full force
and effect. Capitalized terms not otherwise defined in this Addendum shall have the meanings set forth in the Warehouse Agreement. The liability of all Persons obligated to Bank in any manner under this Addendum shall be joint and several. If more
than one Person shall execute this Addendum as “Seller”, then the term “Seller” as used herein shall refer both to each such Person individually and to all such Persons collectively. 

[Signature Page Follows] 

  

					
		  	Page 2	  	 Mortgage Warehouse Agreement: Exhibit F Version: 2015-11

HAL2016-4

 EXECUTED by Seller to be effective as of the Effective Date. 

 

			
	SELLER:
	
	REDFIN MORTGAGE, LLC, A DELAWARE LIMITED LIABILITY COMPANY
		
	By:	 	/s/ Glenn Kelman
	Name:	 	GLENN KELMAN
	Title:	 	PRESIDENT AND CHIEF EXECUTIVE OFFICER

 * * * 
  

					
	 STATE OF Washington
	    	§
		 		    	§
	COUNTY OF King	    	§

 This document was acknowledged before me on the 14 day of February, 2017, by GLENN KELMAN, PRESIDENT AND CHIEF EXECUTIVE
OFFICER of REDFIN MORTAGE, LLC, A DELAWARE LIMITED LIABILITY COMPANY, known to me to be the person who executed this document in the capacity and for the purposes therein stated. 

 

	
	/s/ Illegible
	Notary Public, State of Washington

 [NOTARY STAMP] 

AGREED TO AND ACCEPTED BY BANK AT RICHARDSON, 

COLLIN COUNTY, TEXAS, AS OF THE EFFECTIVE DATE: 

TEXAS CAPITAL BANK, 
 NATIONAL ASSOCIATION 

 

			
	By:	 	/s/ Heather Crawford
	Name:	 	Heather Crawford
	Title:	 	Vice President

  

					
		  	Page 3	  	 Mortgage Warehouse Agreement: Exhibit F

Version: 2015-11

HAL2016-4

 EXHIBIT G 

(TO MORTGAGE WAREHOUSE AGREEMENT) 

LIST OF CURRENT WAREHOUSE FACILITIES 
  

					
	 Warehouse Lender
	  	Maximum Facility Amount	 
	 Western Alliance
	  	$	10,000,000.00	 

  

					
		  		  	 Mortgage Warehouse Agreement: Exhibit G

Version: 2015-11

HAL2016-4

 EXHIBIT H 

(TO MORTGAGE WAREHOUSE AGREEMENT) 

LIST OF CURRENT AFFILIATE ESCROW AGENTS 
  

			
	 Name of Affiliate Escrow Agent

(including any d/b/a)
	  	 Address

	 Title Forward
	  	1628 John F. Kennedy Boulevard, 8 Penn Center, Suite 700, Philadelphia, PA 19103

  

					
		  		  	 Mortgage Warehouse Agreement: Exhibit H

Version: 2015-11

HAL2016-4

 EXHIBIT I 

(TO MORTGAGE WAREHOUSE AGREEMENT) 

BLANKET ASSIGNMENT 
 [Follows This
Cover Page] 

  

					
		  		  	 Mortgage Warehouse Agreement: Exhibit I

Version: 2015-11

HAL2016-4

 (Space Above For Recorder’s Use) 

ASSIGNMENT OF INTERESTS IN MORTGAGE LOANS 

THIS ASSIGNMENT OF INTERESTS IN MORTGAGE LOANS (this “Agreement”) is made and entered into as of DECEMBER 21, 2016 (the
“Effective Date”) between REDFIN MORTGAGE, LLC, A DELAWARE LIMITED LIABILITY COMPANY (the foregoing are each individually and collectively referred to herein as “Seller”) and TEXAS CAPITAL BANK, NATIONAL ASSOCIATION
(together with its successors and assigns, “Bank”). 
 RECITALS 

A. Seller and Bank have entered into that certain Mortgage Warehouse Agreement (as amended or modified from time to time, the
“Warehouse Agreement”) dated as of DECEMBER 21, 2016, relating to Bank’s discretionary purchase from time to time of Participation Interests from Seller in Mortgage Loans. Capitalized terms used and not otherwise defined herein
shall have the respective meanings assigned to such terms in the Warehouse Agreement. 
 B. Pursuant to the terms and conditions of the
Warehouse Agreement, Seller shall sell, transfer, assign and convey to Bank a Participation Interest in each Mortgage Loan and Mortgage Loan Document related thereto in which Bank elects to purchase a Participation Interest under the Warehouse
Agreement. 
 AGREEMENT 

NOW, THEREFORE, for and in consideration of the premises, recitals and the agreements contained in this Agreement and the Warehouse Agreement,
and for other good and valuable consideration, the receipt and adequacy of which are hereby acknowledged, the Seller and Bank agree as follows: 

1. Seller does hereby irrevocably, absolutely and unconditionally sell, transfer, assign and convey to Bank any and all of Seller’s
rights, titles and interests in and to any and all Participation Interests in Mortgage Loans now or hereafter purchased by Bank from Seller pursuant to the terms of the Warehouse Agreement. With respect to any Participation Interest purchased by
Bank from Seller under the Warehouse Agreement, the sale, transfer, assignment and conveyance by Seller to Bank of all of Seller’s rights, titles and interests in and to such Participation Interest in such Mortgage Loan shall be automatically
effective, and shall be deemed conclusively to have occurred as of the Purchase Date for such Participation Interest, without further action by either party hereto, by operation of the applicable terms and provisions of the Warehouse Agreement. 

  

					
		  	Page 1	  	 Mortgage Warehouse Agreement: Exhibit I

Version: 2015-11

HAL2016-4

 2. Bank may from time to time append and attach hereto as Schedule A (the
“Participation Interest Schedule”) information identifying each Participated Mortgage Loan and Bank’s Participation Interest therein (“Participation Interest Information”), which Participation Interest
Information may include with respect to each Participated Mortgage Loan: (a) the name of the related Borrower; (b) the principal amount of the Participated Mortgage Loan; (c) the related Purchase Date; (d) Bank’s related
Participation Percentage; (e) Seller’s related Retained Percentage; (f) a description of the related Residential Real Property; and (g) the recording information for the related Security Instrument. Bank may from time to time
attach hereto an updated Participation Interest Schedule which reflects the then- current Participation Interest Information. 
 3. Bank may
at any time elect to record this Agreement (with a corresponding Participation Interest Schedule) in any real property records of any jurisdiction deemed appropriate from time to time by Bank. However, any failure by Bank to so record this Agreement
shall not limit, impair or otherwise affect the provisions of the Warehouse Agreement or this Agreement. If Bank at any time requires additional executed originals of this Agreement in order to effect the recording of this Agreement (with any
corresponding Participation Interest Schedule) in any jurisdiction deemed appropriate by Bank or for any other reason, Seller shall promptly upon request by Bank execute additional originals of this Agreement as and when required by Bank, and Bank
may execute additional copies of this Agreement on Seller’s behalf, as Seller’s attorney-in-fact, pursuant to any power of attorney granted to Bank by Seller under the Warehouse Agreement or any other Warehouse Document. 

4. The liability of all Persons obligated to Bank in any manner under this Agreement shall be joint and several. If more than one Person shall
execute this Addendum as “Seller”, then the term “Seller” as used herein shall refer both to each such Person individually and to all such Persons collectively. 

5. This Agreement shall be binding upon and inure to the benefit of the successors and assigns of Seller and Bank. Neither party hereto may
sell, assign or transfer any right, title or interest hereunder except in accordance with the Warehouse Agreement or with the prior written consent of the other party hereto. Further, Seller shall not sell, assign or transfer any right, title or
interest in the Participated Mortgage Loans in violation of any applicable provisions of the Warehouse Agreement. 
 6. This Agreement may
be executed in several identical counterparts, and by the parties hereto on separate counterparts, and each counterpart, when so executed and delivered, shall constitute an original instrument, and all such separate counterparts shall constitute but
one and the same instrument. 
 7. This Agreement shall be governed by, and construed and interpreted in accordance with, the laws of the
State of Texas, without regard to the principles of conflicts of laws thereof. 
 [Signature Pages Follow] 

  

					
		  	Page 2	  	 Mortgage Warehouse Agreement: Exhibit I

Version: 2015-11

HAL2016-4

 IN WITNESS WHEREOF, each of the parties hereto have duly executed and delivered this Agreement as of the date
first written above. 
  

			
	SELLER:
	
	REDFIN MORTGAGE, LLC, A DELAWARE LIMITED LIABILITY COMPANY
		
	By:	 	/s/ Glenn Kelman
	Name:	 	GLENN KELMAN
	Title:	 	PRESIDENT AND CHIEF EXECUTIVE OFFICER

 * * * 
  

					
	 STATE OF Washington
	    	§
		 		    	§
	COUNTY OF King	    	§

 This document was acknowledged before me on the 14 day of February, 2017, by GLENN KELMAN, PRESIDENT AND CHIEF EXECUTIVE
OFFICER of REDFIN MORTAGE, LLC, A DELAWARE LIMITED LIABILITY COMPANY, known to me to be the person who executed this document in the capacity and for the purposes therein stated. 

 

	
	/s/ Illegible
	Notary Public, State of Washington

 [NOTARY STAMP] 

  

					
		  	Page 3	  	 Mortgage Warehouse Agreement: Exhibit I

Version: 2015-11

HAL2016-4

 AGREED TO AND ACCEPTED by Bank at Richardson, Collin County, Texas, as of the Effective Date. 

 

			
	BANK:
	
	TEXAS CAPITAL BANK, NATIONAL ASSOCIATION

 
			
		
	By:	 	 
	Name:	 	 
	Title:	 	 

 * * * 
  

					
	 STATE OF
                    
	    	§
		 		    	§
	COUNTY OF                 	    	§

 This document was acknowledged before me on the          day of
                                ,
20        , by
                                         
       ,
                                         
        of TEXAS CAPITAL BANK, NATIONAL ASSOCIATION, known to me to be the person who executed this document in the capacity and for the purposes therein stated. 

 

	
	 
	Notary Public, State of
                                         
       

 [NOTARY STAMP] 

  

					
		  	Page 4	  	 Mortgage Warehouse Agreement: Exhibit I

Version: 2015-11

HAL2016-4

 SCHEDULE A 

(TO ASSIGNMENT OF INTERESTS IN MORTGAGE LOANS) 

PARTICIPATION INTEREST SCHEDULE 

[To Be Attached and Updated By Bank From Time to Time] 

  

					
		  	Page 5	  	 Mortgage Warehouse Agreement: Exhibit I

Version: 2015-11

HAL2016-4Master Repurchase Agreement

 Exhibit 10.9 
  

 
  

MASTER REPURCHASE AGREEMENT 

Between 
 REDFIN MORTGAGE, LLC
A DELAWARE LIMITED LIABILITY COMPANY 
 as Seller 

and 
 WESTERN ALLIANCE BANK, AN
ARIZONA CORPORATION 
 as Buyer 
  

 
 dated as of 

June 15, 2017 
  

 
  

 
  

 MASTER REPURCHASE AGREEMENT 

This MASTER REPURCHASE AGREEMENT (together with all exhibits and schedules attached hereto, this “Agreement”) is made as of
this 15th day of June, 2017, between Redfin Mortgage, LLC, a Delaware limited liability company (“Seller”) and Western Alliance Bank, an Arizona corporation
(“Buyer”). 
 ARTICLE I. 

APPLICABILITY 
 From time to
time, Buyer agrees to purchase certain Mortgage Loans from Seller, on a servicing released basis, and Seller agrees to re-purchase such Purchased Loans, on a servicing released basis, in accordance with the
terms of this Agreement (each a “Transaction”) and each such Transaction shall be governed by this Agreement. This Agreement is not a commitment by Buyer to enter into any Transaction with Seller but rather sets forth the procedures
to be used in connection with periodic requests by Seller, for Buyer to enter into a Transaction with Seller. Seller hereby acknowledges that Buyer is under no obligation to enter into any Transaction pursuant to this Agreement. 

ARTICLE II. 
 CERTAIN DEFINITIONS

 Section 2.01 DEFINITIONS. As used in this Agreement, the following terms shall, unless the context otherwise requires, have
the following meanings (such meanings to be equally applicable to the singular and plural forms of such terms and to the masculine, feminine and neuter genders of such terms): 

“Actual Utilization Amount” shall have the meaning set forth in Section 3.07. 

“Affiliate” of any Person means any other Person, directly or indirectly controlling, or controlled by, or under common
control with such Person. For the purposes of this definition, “control” means the power to direct the management and policies of such Person, directly or indirectly, whether through the ownership of voting equity, by contract or
otherwise. 
 “Agreement” is defined in the preamble. 

“Approved Takeout Investor” means GNMA, Fannie Mae, Freddie Mac and any other investor listed on Schedule 2 as the
same may be amended from time to time at the sole discretion of Buyer. 
 “Bailee Letter” shall have the meaning set forth
in Section 4.04. 
 “Business Day” means any day except Saturday, Sunday or other day on which
banks located in the city of Phoenix, Arizona are authorized or obligated by law or executive order to be closed and any day on which Buyer is authorized or obligated by law or executive order to be closed. 

  
 1 

 “Buyer” is defined in the preamble set forth above. 

“Buyer’s Repurchase Request” means a request executed by Buyer and delivered to Seller in substantially the form of
Exhibit C. 
 “Cash” shall have the meaning set forth on Schedule 4. 

“Cash Equivalents” shall have the meaning set forth on Schedule 4. 

“Change of Control” means: 

(a) any “person” or “group” (as such terms are used in Sections 13(d) and 14(d) of the Securities Exchange
Act of 1934, but excluding any employee benefit plan of such person or its subsidiaries, and any person or entity acting in its capacity as trustee, agent or other fiduciary or administrator of any such plan) becomes the “beneficial owner”
(as defined in Rules 13d-3 and 13d-5 under the Securities Exchange Act of 1934), directly or indirectly, of 35% or more of the equity interests of any Seller Party (or
its direct or indirect parent company) entitled to vote for members of the board of directors or equivalent governing body of the Seller Party (or its direct or indirect parent company) on a fully diluted basis; provided that, any change in
ownership resulting from the completion of an initial public offering of the securities of Seller’s immediate parent in accordance with the provisions of the Securities Act of 1933, as amended, shall not be considered a Change of Control; or

 (b) Seller’s immediate parent company shall cease to own and control, of record and beneficially, directly 100% of
each class of capital stock of Seller free and clear of all Liens. 
 “Compliance Certificate” shall mean a compliance
certificate delivered by Seller to Buyer, in form and substance satisfactory to Buyer, in its sole and absolute discretion. 

“Consolidated” means the consolidation of any Person, with its properly consolidated subsidiaries, in accordance with GAAP.

 “Conventional Mortgage Loan” means a Mortgage Loan, other than an FHA Loan or VA Loan, which complies with all
applicable requirements for purchase under the Fannie Mae or Freddie Mac standard form of conventional mortgage purchase contract. 

“Default” shall mean an Event of Default or an event that with the giving of notice or lapse of time or both would become an
Event of Default. 
 “Eligible Mortgage Loan” means a Conventional Mortgage Loan, or other Mortgage Loan acceptable to
Buyer in its sole and absolute discretion that satisfies the applicable criteria set forth on Schedule 3 and that, at all times during the term of this Agreement: (a) is evidenced by loan documents that are the standard forms approved by
VA, FHA, Fannie Mae, or Freddie Mac or forms previously approved, in writing, by Buyer in its sole discretion; (b) is made to a natural person or persons, or individual’s personal revocable trust; (c) is evidenced by a Mortgage Note
made payable to the order of Seller; (d) is not in default in the payment of 

  
 2 

 
principal and interest or in the performance of any obligation under the Mortgage Note or the Mortgage evidencing or securing such Mortgage Loan; (e) except as expressly permitted on
Schedule 3 has closed less than 7 calendar days prior to the Purchase Date of such Mortgage Loan; (f) the Repurchase Date applicable to such Mortgage Loan has not occurred; (g) is not subject to a voluntary or involuntary
bankruptcy or an act of fraud by the Mortgagor or any other related Person; (h) is or before its Repurchase Date will be fully covered by a Takeout Commitment; and (i) satisfies each of the applicable representations and warranties set
forth in Section 6.02 hereof. 
 “Event of Default” shall have the meaning specified in
Article IX hereof, provided that any requirement in connection with such event for the giving of notice or the lapse of time, or the happening of any further condition, event or act necessary for such event to
constitute an Event of Default, has been satisfied. 
 “Event of Insolvency” means: (i) the filing of a petition,
commencing, or authorizing the commencement of any case or proceeding under any bankruptcy, insolvency, reorganization, liquidation, dissolution or similar law relating to the protection from creditors, or suffering any such petition or proceeding
to be commenced by another with respect to any Seller Party or an Affiliate of any Seller Party; (ii) seeking or consenting to the appointment of a receiver, trustee, custodian or similar official for any Seller Party or an Affiliate of any
Seller Party or any substantial part of the property of either; (iii) the appointment of a receiver, conservator, or manager for any Seller Party or an Affiliate of any Seller Party by any governmental agency or authority having the
jurisdiction to do so; (iv) the making or offering by any Seller Party or an Affiliate of any Seller Party of a concession with its creditors or a general assignment for the benefit of creditors; (v) the admission by any Seller Party or an
Affiliate of any Seller Party of any Seller Party’s or such Affiliate’s inability to pay its debts or discharge its obligations as they become due or mature; or (vi) any governmental authority or agency or any other Person acting or
purporting to act under governmental authority shall have taken any action to condemn, seize or appropriate, or to assume custody or control of, all or any substantial part of the property of any Seller Party or of any of its Affiliates, or shall
have taken any action to displace the management of any Seller Party or of any of its Affiliates or to curtail its authority to conduct of the business. 

“FHA” means the Federal Housing Administration or any successor thereto. 

“FHA Loan” means a Mortgage Loan, payment of which is partially or completely insured by the FHA under the National Housing
Act or Title V of the Housing Act of 1949 or with respect to which there is a current, binding and enforceable commitment for such insurance issued by the FHA. 

“Fidelity Insurance” shall mean insurance coverage with respect to employee errors, omissions, dishonesty, forgery, theft,
disappearance and destruction, robbery and safe burglary, property (other than money and securities) and computer fraud. 
 “Fiscal
Quarter” shall mean each period of three calendar months ending March 31, June 30, September 30 and December 31 of each year. 

  
 3 

 “Fiscal Year” shall mean each period of twelve (12) calendar months ending
December 31 of each year. 
 “Fannie Mae” means the Federal National Mortgage Association or any successor thereto.

 “Freddie Mac” means the Federal Home Loan Mortgage Corporation or any successor thereto. 

“GAAP” means generally accepted accounting principles in the United States of America, consistently applied. 

“GNMA” means the Government National Mortgage Association or any successor thereto. 

“Guarantor” shall have the meaning set forth on Schedule 4. 

“Guaranty Agreement” means, with respect to each Guarantor, a Guaranty Agreement executed by each Guarantor, for the benefit
of Buyer, guarantying all or any portion of the obligations of Seller to Buyer, in form and substance acceptable to Buyer in its sole and absolute discretion. 

“Income” shall mean, with respect to any Purchased Loan at any time, any principal, interest, dividends or other
distributions payable thereon. 
 “Index Rate” shall have the meaning set forth on Schedule 4. 

“Investor Requirements” means, with respect to any Mortgage Loan, the documentation and other requirements (including,
without limitation, all those set forth in the applicable Sale Agreement and Takeout Commitment) for the purchase by the Approved Takeout Investor of such Mortgage Loan. 

“Leverage Ratio” shall have the meaning set forth on Schedule 4. 

“Liabilities” shall have the meaning set forth on Schedule 4. 

“Lien” means any mortgage, pledge, hypothecation, assignment, deposit arrangement, encumbrance, lien (whether statutory or
otherwise), or preference, priority or other security agreement or preferential arrangement of any kind or nature whatsoever (including, without limitation, any conditional sale or other title retention agreement, any financing lease having
substantially the same economic effect as any of the foregoing, and the filing of any financing statement under the UCC or comparable law of any jurisdiction in respect of any of the foregoing). 

“Liquid Assets” shall have the meaning set forth on Schedule 4. 

“Market Value” at any time shall be determined by Buyer, in its sole and absolute discretion, based upon information then
available to Buyer regarding quotes to dealers for the purchase of mortgage notes similar to the Mortgage Notes that have been delivered to Buyer pursuant to this Agreement. 

  
 4 

 “Material Adverse Effect” means, in each case as determined by Buyer in its sole
and absolute discretion, a material adverse effect on: (a) the property, business, operations, financial condition or prospects of any Seller Party or any Affiliate, (b) the ability of any Seller Party or any Affiliate to perform its
obligations under any of the Repurchase Documents to which it is a party, (c) the validity or enforceability of any of the Repurchase Documents, (d) the rights and remedies of Buyer under any of the Repurchase Documents, (e) the
timely payment of any amounts payable under the Repurchase Documents, or (f) the Market Value of the Purchased Loans taken as a whole. 

“Maturity Date” shall have the meaning set forth on Schedule 4. 

“Maximum Dwell Date” shall have the meaning set forth in Section 3.06(a). 

“Maximum Rate” means the maximum rate of non-usurious interest permitted by
applicable law. 
 “MERS” means Mortgage Electronic Registration, Inc., a Delaware corporation, or any successor thereto.

 “MERS Agreement” means that certain Electronic Tracking Agreement among Seller, Buyer, MERS and MERSCORP, Inc. 

“MERS(R) System” means the system of recording transfers of mortgages electronically maintained by MERS. 

“MIN” means, with respect to each Mortgage Loan, the Mortgage Identification Number for such Mortgage Loan registered with
MERS on the MERS(R) System. 
 “Minimum Rate” means, with respect to any Purchased Loan, the minimum rate per annum
applicable to such Purchased Loan as set forth in Schedule 3 
 “Minimum Utilization Amount” shall have the meaning
set forth on Schedule 4. 
 “MOM Loan” means, with respect to any Mortgage Loan, MERS acting as the mortgagee of
such Mortgage Loan, solely as nominee for Seller, as the case may be, of such Mortgage Loan. 
 “Monthly Payment” means a
scheduled monthly payment of principal and interest on a Mortgage Loan. 
 “Mortgage” means the trust deed, mortgage, deed
of trust, or other instrument creating a first–priority lien on real property securing a Mortgage Note. 
 “Mortgage
Assets” shall have the meaning set forth in Section 3.04. 

  
 5 

 “Mortgage Documents” means, with respect to each Mortgage Loan, the documents
and other items described on Schedule 1 hereto relating to such Mortgage Loan. 
 “Mortgage Loan” means a mortgage
loan made to an individual person(s) or a person(s) individual revocable trust that is not a construction or non-residential commercial loan, is evidenced by a valid Mortgage Note, and is secured by a Mortgage
that grants a perfected first-priority lien on a Single Family Dwelling. Any reference herein to a Mortgage Loan shall mean and include the Mortgage Assets relating thereto. 

“Mortgage Note” means a promissory note evidencing the indebtedness of a Mortgagor under a Mortgage Loan. 

“Mortgaged Property” means, with respect to any Mortgage Loan, the property covered by the Mortgage securing such Mortgage
Loan. 
 “Mortgagor” means the current and unreleased obligor(s) on a Mortgage Note. 

“Net Worth” shall have the meaning set forth on Schedule 4. 

“Non-Utilization Fee” shall have the meaning set forth on Schedule 4. 

“Obligations” means (a) any amounts due and payable by Seller to Buyer in connection with a Transaction hereunder,
together with the Price Differential thereon (and including interest which would be payable as post-petition interest in connection with any bankruptcy or similar proceeding) and all other fees or expenses which are payable hereunder or under any of
the Repurchase Documents; and (b) all other obligations or amounts due and payable by Seller to Buyer under the Repurchase Documents. 

“Operating Account” means the non-interest bearing demand checking account (whether
one or more) established by Seller with Buyer which shall be used for Seller’s operations. 
 “Par Value” shall mean,
with respect to any Mortgage Loan at the time of any determination, the unpaid principal balance of such Mortgage Loan on such date. 

“Person” means any individual, corporation, business trust, association, company, partnership, joint venture, governmental
authority or other entity. 
 “Post-Default Rate” shall mean, at the time in question, with respect to all Obligations, the
sum of (i) five percent (5%) per annum, plus (ii) the per annum Pricing Rate otherwise payable in respect of the Obligations, provided that in no event shall the Post-Default Rate ever exceed the Maximum Rate. 

“Power of Attorney” means a Power of Attorney dated the date hereof executed by Seller for the benefit of Buyer in
substantially the form of Exhibit D attached hereto. 
 “Pre-Tax
Net Profit” shall have the meaning set forth on Schedule 4. 

  
 6 

 “Price Differential” means, with respect to any Purchased Loan as of any date,
the aggregate amount obtained by daily application of the Pricing Rate (or, during the continuation of an Event of Default, by daily application of the Post Default Rate) for such Transaction to the Purchase Price for such Transaction on a 360 day
per year basis for the actual number of days during the period commencing on (and including) the Purchase Date for such Transaction and ending on (but excluding) the Repurchase Date (reduced by any amount of such Price Differential previously paid
by Seller to Buyer with respect to such Transaction). 
 “Pricing Rate” means, with respect to any Purchased Loan, the rate
per annum applicable to such Purchased Loan as set forth on Schedule 3. 
 “Purchase Acceptance Deadline” means with
respect to any Mortgage Loan in a Purchase Request, 1:00 p.m. (Phoenix, Arizona time) on the requested Purchase Date. 
 “Purchase
Date” means any day on which a Mortgage Loan is sold by Seller to Buyer. 
 “Purchase Fee” means a non-refundable fee, fully-earned at the time a Mortgage Loan is purchased in the amount set forth on Schedule 3. 

“Purchase Price” means with respect to each Mortgage Loan purchased by Buyer on a Purchase Date, an amount equal to the
applicable Purchase Price Percentage time the lesser of (i) the Takeout Commitment Price under the applicable Takeout Commitment, or (ii) the Par Value of the Mortgage Loan. 

“Purchase Price Haircut” means, with respect to each Mortgage Loan purchased by Buyer on a Purchase Date, the difference
between the amount necessary to be paid thereunder to fully fund the Mortgage Loan at its original closing and the Purchase Price. 

“Purchase Price Percentage” means, with respect to any Eligible Mortgage Loan purchased by the Buyer on a Purchase Date, the
purchase price percentage applicable to such Eligible Mortgage Loan as set forth on Schedule 3 
 “Purchase Request”
means a request by Seller for the purchase of Mortgage Loans by Buyer made in the form of Exhibit A. 

“Purchase Request Deadline” means 12:00 p.m. (Phoenix, Arizona time) on the requested Purchase Date. 

“Purchased Loan” means a Mortgage Loan (including the Mortgage Assets relating thereto) purchased by Buyer hereunder. 

“Purchased Loan File” shall mean the documents specified in Section 3.02 and
Schedule 1, together with any additional documents and information required to be delivered to Buyer or its designee pursuant to this Agreement. 

“Remaining Proceeds” shall have the meaning set forth in Section 4.04. 

  
 7 

 “Repurchase Date” means the date on which Seller is to repurchase the Purchased
Loans subject to a Transaction from Buyer, which date shall be the earliest of: (i) the applicable date requested pursuant to Sections 4.01 or 4.02 hereof; (ii) any date determined by application of the
provisions of Section 3.06(a), or (iii) the Termination Date, including any date determined by application of the provisions of Section 10.01. 

“Repurchase Documents” means this Agreement, each Guaranty Agreement, the MERS Agreement, the Power of Attorney, and any and
all other agreements, documents, and instruments executed and delivered in connection with any Transactions thereunder, and any amendments thereto, or restatements thereof, together with any and all renewals, extensions, restatements of, and
amendments and modifications to, any such agreements, documents and instruments. 
 “Repurchase Price” means for any
Purchased Loan repurchased by Seller hereunder or sold to an Approved Takeout Investor pursuant to Section 4.04 hereof, an amount equal to the sum of the following calculated as of the Settlement Date: (i) the
Purchase Price paid by Buyer for such Purchased Loan; plus (ii) the Transaction Fees; plus (iii) accrued and unpaid Price Differential on such Purchased Loan at the Pricing Rate from the Purchase Date through the day immediately preceding
the Settlement Date, both inclusive; plus (iv) all other fees Seller has agreed to pay Buyer under this Agreement or otherwise with respect to such Purchased Loan; plus (v) any other amount owed to Buyer hereunder with respect to the
Repurchased Loan which is due but unpaid; less (vi) all Income on such Purchased Loan received by Buyer during such period; and less (vii) all Price Differential previously paid to Buyer in accordance with
Section 3.06(b) hereof. 
 “Sale Agreement” means the agreement providing for the purchase by an
Approved Takeout Investor of Mortgage Loans from Seller. 
 “Seller” is defined in the preamble as set forth above. 

“Seller Party” means Seller, including Affiliates, and each Guarantor. 

“Seller Repurchase Request” means a request executed by Seller and delivered to Buyer in substantially the form of
Exhibit B. 
 “Seller’s Concentration Limit” shall have the meaning set forth on Schedule
4. 
 “Servicer Files” means, with respect to any Mortgage Loan, all Mortgage Loan papers and documents required to be
maintained pursuant to the Sale Agreement and all other papers and records of whatever kind or description, whether developed or originated by Seller, or others, required to document or service the Mortgage Loan including any other documentation
included in the loan documentation package, excluding the Mortgage Documents. 
 “Settlement Account” means the non-interest bearing demand deposit account established by Seller with Buyer to be used for (i) the deposit of proceeds from the repurchase of a Purchased Loan, (ii) the deposit of all Income upon and
during the continuance of an Event of Default, and (iii) the payment of the Obligations. The Settlement Account shall be pledged to Buyer, and Seller shall not be entitled to withdraw funds from the Settlement Account. 

  
 8 

 “Settlement Date” means, with respect to any Purchased Loan, the date of payment
of the Takeout Proceeds by an Approved Takeout Investor to Buyer on behalf of Seller or the date of payment of the Repurchase Price by Seller to Buyer in connection with Seller’s repurchase of such Purchased Loan. 

“Single Family Dwelling” means residential real property consisting of land and a completed one-to-four unit single family dwelling or condominium unit (but not a manufactured home unit or a mobile home, a co-op, or a multi-family dwelling for more than four
families) thereon which is fully completed and legally ready for occupancy. 
 “State of Organization” shall have the
meaning set forth on Schedule 4. 
 “Sublimit” means the maximum aggregate amount of all Purchase Prices that is
permitted to be outstanding at any one time for Purchased Loans in a specific type of Eligible Mortgage Loan, as set forth in Schedule 3 to this Agreement (expressed as a dollar amount or a percentage of Seller’s Concentration Limit).

 “Subordinated Debt” shall have the meaning set forth on Schedule 4. 

“Successor Servicer” means an entity designated by Buyer, with notice provided in conformity with
Section 8.05, to replace Seller, as servicer of the Mortgage Loans. 
 “Takeout Commitment” means
a written commitment of an Approved Takeout Investor to purchase any Mortgage Loan or a pool of Mortgage Loans under which such Mortgage Loan(s) will be delivered to such Approved Takeout Investor on terms satisfactory to Buyer, in its reasonable
discretion. 
 “Takeout Commitment Price” means, with respect to any Mortgage Loan, the purchase price the applicable
Approved Takeout Investor has agreed to pay for such Mortgage Loan under the related Takeout Commitment. 
 “Takeout
Proceeds” means, with respect to any Purchased Loan, the proceeds received from the sale of the Purchased Loan under the Takeout Commitment. 

“Termination Date” means the date on which this Agreement shall be terminated in accordance with the provisions of
Section 11.13 hereof. 
 “Third Party Underwriter” means any third party, including but not
limited to a mortgage loan pool insurer, who underwrites a Mortgage Loan prior to the purchase thereof by Buyer. 
 “Third Party
Underwriter’s Certificate” means a certificate issued by a Third Party Underwriter with respect to a Mortgage Loan, certifying that such Mortgage Loan complies with its underwriting requirements. 

“Transaction” has the meaning set forth in Article I. 

“Transaction Fees” means the amounts specified on Schedule 3, which are due and payable by Seller to Buyer. 

  
 9 

 “Transfer Taxes” means any tax, fee or governmental charge payable by Seller or
Buyer to any federal, state or local government attributable to the assignment of a Mortgage Loan. 
 “UCC” means the
Uniform Commercial Code as in effect in the State of Arizona. 
 “VA” means the United States Department of Veterans
Affairs. 
 “VA Loan” means a Mortgage Loan, payment of which is partially or completely guaranteed by the VA under the
Servicemen’s Readjustment Act of 1944 or Chapter 37 of Title 38 of the United States Code or with respect to which there is a current binding and enforceable commitment for such a guaranty issued by the VA. 

“Wet Sublimit” shall have the meaning set forth on Schedule 4. 

Section 2.02 TERMS GENERALLY. The words “include”, “includes” and “including” shall be deemed to be
followed by the phrase “without limitation”. Unless the context requires otherwise: (a) any definition of or reference to any agreement, instrument or other document herein shall be construed as referring to such agreement,
instrument or other document as from time to time amended, supplemented or otherwise modified (subject to any restrictions on such amendments, supplements or modifications set forth herein), (b) any reference herein to any Person shall be
construed to include such Person’s successors and assigns, (c) the words “herein”, “hereof” and “hereunder”, and words of similar import, shall be construed to refer to this Agreement in its entirety and not
to any particular provision hereof, and (d) all references herein to Articles, Sections, Exhibits and Schedules shall be construed to refer to Articles and Sections of, and Exhibits and Schedules to, this Agreement. Terms used herein, which are
defined in the UCC, unless otherwise defined herein, shall have the meanings determined in accordance with the UCC. 
 ARTICLE III. 

PURCHASE OF MORTGAGE LOANS AND SALE TO 

APPROVED TAKEOUT INVESTOR 

Section 3.01 REQUEST FOR PURCHASE OF MORTGAGE LOANS. Subject to the terms and conditions of this Agreement, Seller may, in its
sole and absolute discretion, offer to sell to Buyer, and Buyer may, in its sole and absolute discretion, agree to purchase from Seller, one or more Mortgage Loans on the terms and conditions set forth herein. Notwithstanding any other provision of
this Agreement, Seller understands that Buyer’s consideration of any such Purchase Request constitutes an independent decision which Buyer retains the sole and absolute discretion to make and that no commitment to make any purchase is hereby
given by Buyer. Buyer commits that if it decides not to purchase a loan, it will notify Seller within one Business Day. Seller acknowledges that Buyer will not consider purchasing a Mortgage Loan on any date if, as of such
date: (a) a Default exists, (b) the aggregate outstanding balance of Purchased Loans with original Mortgage Notes not in Buyer’s possession equals or exceeds the Wet
Sublimit, (c) any applicable Sublimit hereunder is exceeded, or (d) the aggregate outstanding principal balance of all Purchased Loans which Buyer continues to own on such date equals or exceeds
Seller’s Concentration Limit. 

  
 10 

 Section 3.02 PROCEDURES FOR PURCHASE OF MORTGAGE LOANS. Seller may request that Buyer
purchase one or more Mortgage Loans by delivering or causing to be delivered to Buyer a Purchase Request and the items listed in Schedule 1 for each such Mortgage Loan no later than the Purchase Request Deadline. Each Mortgage Loan included
in such Purchase Request must be an Eligible Mortgage Loan. Buyer shall notify Seller whether or not Buyer agrees to purchase any Mortgage Loan included in such Purchase Request on or before Purchase Acceptance Deadline. 

Section 3.03 PURCHASE PRICE. If Buyer agrees to purchase a Mortgage Loan described in any Purchase Request, then in consideration
of the sale by Seller to Buyer of such Mortgage Loans and the transfer of the Mortgage Documents relating thereto, Buyer shall, on the Purchase Date, cause the Purchase Price relating to such Mortgage Loan in the form of cash by federal wire
transfer (same day) to be paid to the applicable title company. Buyer shall have no obligation to pay the Purchase Price with respect to any Mortgage Loan until the Purchase Price Haircut is or has been paid by Seller and satisfactory evidence of
such payment has been provided to Buyer. 
 Section 3.04 ASSIGNMENT. Effective upon the payment by Buyer of the Purchase Price
with respect to each Mortgage Loan submitted for purchase hereunder, Seller hereby sells, assigns and transfers to Buyer, all of Seller’s right, title and interest in and to the Mortgage Loan identified in the Purchase Request (including the
Mortgage Assets relating thereto). The term “Mortgage Assets” means, with respect to each Mortgage Loan, all right, title and interest of Seller in the following relating to such Mortgage Loan: (i) all Mortgage Documents;
(ii) all Monthly Payments received thereon after such Purchase Date and all other right to receive any payment made under the Mortgage Documents; (iii) all insurance policies and insurance proceeds related to any Purchased Loan or the
related Mortgaged Property, including without limitation, related title, hazard, or mortgage or other insurance policies and proceeds thereunder; (iv) all escrow and other amounts held by Seller in connection therewith; (v) the servicing
rights, (vi) the Servicing File, (vii) the real property and improvements securing the Mortgage Loan, including all rights of Seller as mortgagee with respect to such real property and improvements, (viii) all supporting obligations,
including any insurance or guaranty of the Mortgage Loan by FHA, Fannie Mae or other governmental related entity; (ix) the Takeout Commitment for such Mortgage Loan and the Takeout Proceeds payable thereunder; (x) all Income relating
thereto, and (xi) all of the following relating to, or arising from or in connection with, such Mortgage Loan: accounts (including interest in escrow accounts) and other payments, rights of payment, contract rights, money, chattel paper,
instruments, general intangibles, commercial tort claims, any other property related to the Mortgage Loan, and all products and proceeds of the Mortgage Loan and of any of the other property described in this definition. If a Purchased Loan is
registered on the MERS® System, Seller shall enter the name of Buyer in the “Interim Funder” category of such system with respect to such Purchased Loan. 

Section 3.05 NO ASSUMPTION. The foregoing assignment, transfer and conveyance does not constitute and is not intended to result in
any assumption by Buyer of any obligation of Seller to the Mortgagors, the Approved Takeout Investors, the insurers or any other Person in connection with any Purchased Loan. 

  
 11 

 Section 3.06 REPURCHASE DATE, PRICE DIFFERENTIAL. 

(a) The Repurchase Date for each Purchased Loan shall not be later than the last day of the Repurchase Period which is specified in Schedule
3 for such Purchased Loan (the “Maximum Dwell Date”). 
 (b) Notwithstanding that Buyer and Seller intend that the
Transactions hereunder be sales to Buyer of the Purchased Loans, Seller shall pay to Buyer the accrued and unpaid Price Differential (less any amount of such Price Differential previously paid by Seller to Buyer) on the first (1st) day of each month, commencing with the first month following the date of this Agreement, and continuing on the first (1st) day of each
succeeding month thereafter until this Agreement has been terminated and the entire unpaid Repurchase Prices have been paid to Buyer, in full. 

Section 3.07 NON-UTILIZATION FEE. On a monthly basis and on the Termination Date, Buyer
shall determine the average aggregate Purchase Prices outstanding during the preceding calendar month (or with respect to the Termination Date, during the period from the date through which the last calculation has been made to the Termination Date)
(the “Actual Utilization Amount”) by dividing (a) the sum of the aggregate Purchase Prices outstanding on each day during such period, by (b) the number of days in such period. If the Actual Utilization Amount for any such
period is less than the Minimum Utilization Amount, Seller shall pay to Buyer on such date, a Non-Utilization Fee for such period. If the utilization in any period is greater than or equal to the Minimum
Utilization Amount, 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.

 Section 3.08 SECURITY INTEREST. Although the parties intend that all Transactions hereunder be sales and purchases (other
than for accounting and tax purposes) and not loans, in the event any such Transactions are deemed to be loans, Seller hereby pledges to Buyer as security for the performance by Seller of its Obligations and hereby grants, assigns and pledges to
Buyer a first-priority security interest in the Purchased Loans, the servicing, records and , any other property relating to any Purchased Loan or the related Mortgage Assets, the Operating Account, the Settlement Account, and in all instances,
including, but not limited to, any products or proceeds of any of the foregoing, whether now owned or hereafter acquired, now existing or hereafter created (collectively, the “Repurchase Assets”). 

ARTICLE IV. 
 REPURCHASES 

Section 4.01 REPURCHASE IN GENERAL. Seller unconditionally and irrevocably agrees to repurchase from Buyer each Purchased Loan on
or before the Repurchase Date therefore by payment of the Repurchase Price in the form of cash by federal wire transfer (same day) funds to Buyer. If the proposed Repurchase Date is before both the Maximum Dwell Date or the Termination Date, then
(i) Seller shall submit a Seller’s Repurchase Request not less than one (1) Business Day prior to the date on which Seller wishes to consummate the repurchase and (ii) the date designated in Seller’s Repurchase Request shall
be the “Repurchase Date” with respect to each Purchased Loan identified therein. Each repurchase by Seller shall be on a whole-loan, servicing-released basis without recourse, representation or warranty of Buyer, at the Repurchase
Price. 

  
 12 

 Section 4.02 IMMEDIATE REPURCHASE. Seller unconditionally and irrevocably agrees to
repurchase from Buyer each Purchased Loan immediately, if:
 (a) Buyer identifies any evidence of fraud or material misrepresentation in the
origination, creation or underwriting of a Purchased Loan by Seller or the sale of the Purchased Loan to Buyer; or 
 (b) Buyer is unable to
sell the Purchased Loan to the Approved Takeout Investor who has issued the Takeout Commitment for any reason; or 
 (c) the Purchased Loan
is not an Eligible Mortgage Loan; or 
 (d) any of Seller’s representations or warranties set forth herein applicable to the Purchased
Loan are determined by Buyer to be untrue in any respect as of the Purchase Date for the Purchased Loan, then Buyer may require Seller to repurchase the affected Purchased Loan by the delivery to Seller of a Buyer’s Repurchase Request. 

Seller unconditionally and irrevocably agrees to repurchase each such Purchased Loan identified on a Buyer’s Repurchase Request One (1) Business Day
after Seller’s receipt of Buyer’s Repurchase Request by the payment of the Repurchase Price on such day in the form of cash by federal wire transfer (same day) funds to Buyer. Such repurchase shall be on a whole-loan, servicing-released
basis without recourse, representation or warranty of Buyer, at the Repurchase Price. 
 Section 4.03
RE-ASSIGNMENT. Effective on the date of payment by Seller to Buyer of the Repurchase Price for a Purchased Loan, Buyer hereby sells, assigns and transfers to Seller, all of Seller’s right, title
and interest in and to the Purchased Loan identified in the applicable repurchase request (including the Mortgage Assets relating thereto). The assignment by Buyer under this Section 4.03 is without recourse, representation
or warranty to Buyer; provided that Buyer represents that the Purchased Loan is free of any Lien created by, through or under Buyer and Buyer has not transferred the Purchased Loan to any other Person. 

Section 4.04 NOTE SHIPMENT TO APPROVED TAKEOUT INVESTORS. Provided that no Default or Event of Default exists, if Seller desires
that Buyer send a Mortgage Note to facilitate the sale of the Purchased Loans to the applicable Approved Takeout Investor under the applicable Takeout Commitment, rather than to Seller directly in connection with its repurchase of the related
Purchased Loans, then Seller shall prepare and send to Buyer shipping instructions to instruct Buyer when and how to send such Mortgage Note to such Approved Takeout Investor. If shipping instructions are received by Buyer before 2:00 p.m. (Phoenix,
Arizona Time) of any Business Day, Buyer will ship such Mortgage Note under a Bailee letter in form and substance reasonably satisfactory to Buyer (the “Bailee Letter”) to the applicable Approved Takeout Investor on the same
Business Day, otherwise Buyer will ship the documents the next Business Day following receipt of shipping instructions. Under the Bailee Letter delivered thereunder, Takeout Proceeds for each Purchased Loan are required to be sent to

  
 13 

 
Buyer. Buyer shall deduct the Repurchase Price for each Purchased Loan from the Takeout Proceeds. If the Takeout Proceeds of any such sale of such Purchased Loans are insufficient to cover the
aggregate Repurchase Prices for such Purchased Loans, Seller will pay to Buyer the amount of any such deficiency on the Settlement Date in the form of cash by federal wire transfer (same day) funds to Buyer. If the Takeout Proceeds of any such sale
of such Purchased Loans are greater than the sum of the aggregate Repurchase Prices for such Purchased Loans (the positive difference herein referred to as the “Remaining Proceeds”), Buyer shall pay to Seller, as additional
consideration for Seller’s sale of such Purchased Loans to Buyer and to compensate Seller for the servicing obligations under this Article VIII, the Remaining Proceeds within two (2) Business Days of the Settlement Date. 

ARTICLE V. 
 CONDITIONS PRECEDENT

 Section 5.01 INITIAL PURCHASE. Buyer’s obligation to enter into the initial Transaction hereunder, is subject to the
satisfaction, immediately prior to or concurrently with the making of such Transaction, of the condition precedent that Buyer shall have received from Seller any fees and expenses then due and payable hereunder, and all of the following documents,
each of which shall be satisfactory to Buyer in form and substance: 
 (a) Documents. The Repurchase Documents (including, but not
limited to, this Agreement, each Guaranty Agreement, the MERS Agreement, the Power of Attorney and the Compliance Certificate) shall be duly executed, issued and/or delivered by the parties thereto and delivered to Buyer. 

(b) Authorization. Buyer shall have received such documents and certificates as Buyer or its counsel may reasonably request relating to
the organization, existence and good standing of each Seller Party, the authorization of the transactions contemplated by the Repurchase Documents and any other legal matters relating to Seller Parties, the Repurchase Documents or the transactions
contemplated thereby, all in form and substance satisfactory to Buyer and its counsel. 
 (c) Fees and Expenses. Buyer shall have
received all fees and other amounts due and payable on or prior to the date hereof, including, to the extent invoiced, reimbursement or payment of all out of pocket expenses (including fees, charges and disbursements of counsel) required to be
reimbursed or paid by Seller under the Repurchase Documents. 
 (d) UCC Matters. Buyer shall have received: (i) the results
of a search of the Uniform Commercial Code (or equivalent) filings made with respect to Seller in the jurisdiction in which Seller is organized and copies of the financing statements (or similar documents) disclosed by such search and evidence
reasonably satisfactory to Buyer that any Liens reflected thereon encumbering any of the Purchased Loans or other property sold to Buyer hereunder have been released; and (ii) all documents and instruments, including Uniform Commercial Code
financing statements, required by law or reasonably requested by Buyer to be filed, registered or recorded to create or perfect the Liens intended to be created under this Agreement and to otherwise protect or perfect Buyer’s interests in the
Purchased Loans. 

  
 14 

 (e) Insurance. Seller shall have delivered to Buyer evidence that Seller has added Buyer
as an additional loss payee under its Fidelity Insurance and copies thereof. 
 (f) Other Documents. Seller shall have delivered to
Buyer such other documents as Buyer may reasonably request. 
 Section 5.02 CONDITIONS TO ALL PURCHASES. All purchases of
Mortgage Loans by Buyer are subject to the satisfaction of the following conditions: 
 (a) No Default. No Default or Event of Default
shall have occurred and be continuing under the Repurchase Documents; 
 (b) Representations and Warranties True. Both immediately
prior to the Transaction and also after giving effect thereto the representations and warranties made by Seller in Sections 6.01 and 6.02 hereof, shall be true, correct and complete on and as of such Purchase Date in
all respects with the same force and effect as if made on and as of such date (or, if any such representation or warranty is expressly stated to have been made as of a specific earlier date, as of such specific earlier date). 

(c) Files Marked; Files and Records Owned by Buyer. Seller shall, at its own expense, on or prior to each Purchase Date, indicate in its
files that the Mortgage Loans sold to Buyer on such Purchase Date have been sold, assigned and transferred to Buyer pursuant to this Agreement. Further, Seller hereby agrees that the computer files and other physical records of the Mortgage Loans
maintained by Seller will bear an indication reflecting that the Mortgage Loans have been sold, assigned and transferred to Buyer pursuant to this Agreement. 

(d) Purchase Decision. Buyer shall have determined in its sole discretion to purchase the Mortgage Loan hereunder. 

(e) Other Documents. Seller shall have delivered to Buyer such other documents as Buyer may reasonably request. 

Each Purchase Request shall be deemed to constitute a representation and warranty by Seller on the date thereof as to the matters specified in
paragraphs (a) and (b) of this Section. 
 ARTICLE VI. 

REPRESENTATIONS AND WARRANTIES OF SELLER 

Section 6.01 GENERAL REPRESENTATIONS AND WARRANTIES OF SELLER. Seller hereby represents and warrants that, as of the date hereof
and as of each Purchase Date (except for the representations and warranties contained in Sections 6.01(c) through (h), which shall be true and correct at all times): 

(a) Organization and Authority. Seller is duly organized, validly existing and in good standing under the laws of the jurisdiction of
its organization, has all requisite power and authority to carry on its business as now conducted, and is qualified to do business in, and is in good standing in, every jurisdiction where such qualification is required. Seller is not operating

  
 15 

 
under any type of agreement or order (including, without limitation, a supervisory agreement, memorandum of understanding, cease and desist order, capital or supervisory directive, or consent
decree) with or by the Consumer Financial Protection Bureau or any other applicable regulatory authority, and Seller is in compliance with any and all capital, leverage and other financial requirements imposed by any applicable regulatory authority.
Seller has obtained all licenses and effected all registrations required under all applicable local, state and federal laws, regulations and orders by virtue of any of the activities conducted, or property owned, by it. 

(b) Authority. Seller has all requisite power and authority to execute and deliver the Repurchase Documents, to perform in accordance
with each of the terms thereof, and to enter into and consummate all transactions contemplated by the Repurchase Documents. Seller has duly executed and delivered the Repurchase Documents. 

(c) No Conflicts. Neither the execution and delivery of any of the Repurchase Documents, the acquisition and/or making of each Mortgage
Loan by Seller, the sale of each Mortgage Loan to Buyer, the consummation of the other transactions contemplated by the Repurchase Documents nor any other fulfillment of or compliance with the terms and conditions of any Repurchase Document will
conflict with or result in a breach or violation of: (i) any of the terms, conditions or provisions of any of the Seller’s organizational documents, (ii) any law, rule, regulation, order, judgment or decree to which Seller or any
of its property is subject; or (iii) any agreement or instrument to which Seller is now a party or by which it is bound (including, without limitation, any Takeout Commitment or Sale Agreement). 

(d) No Consent Required. No consent, approval, authorization, order or review by or on behalf of any Person, court, authority or agency,
governmental or otherwise, is required for the execution and performance by Seller of, or compliance by Seller with, any Repurchase Document. 

(e) No Litigation Pending. There is no action, suit, proceeding, inquiry, review, audit or investigation pending or threatened against
Seller or Seller Parties: (i) that could reasonably be expected to have any Material Adverse Effect; (ii) which would draw into question the validity of any Mortgage Loan or enforceability of any Mortgage Documents; or
(iii) which would be likely to materially impair the ability of Seller to perform its Obligations under any Repurchase Document. 
 (f)
Compliance with Laws and Agreements. Seller is in material compliance with all laws, regulations and orders of any governmental authority applicable to it or its property and all indentures, agreements and other instruments (including,
without limitation, each Sale Agreement and each Takeout Commitment) binding upon it or its property. 
 (g) Disclosure. No reports,
financial statements, certificates or other information furnished by or on behalf of Seller to Buyer in connection with this Agreement or any other Repurchase Document or delivered hereunder or thereunder contains any material misstatement of fact
or omits to state any material fact necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading. 

  
 16 

 (h) Name; Locations; Organizational Identification Numbers. Seller’s exact legal name
is set forth in the preamble of this Agreement and Seller does not do business under any other names. Seller is the type of entity specified in the preamble of this Agreement and is organized under the laws of its State of Organization. Within the
last four completed calendar months prior to the date hereof, Seller has not had any other chief executive office or jurisdiction of organization. Seller is a registered organization and its organizational identification number issued by its State
of Organization and federal employee tax identification number provided to Buyer are accurate and correct. 
 Section 6.02
REPRESENTATIONS AND WARRANTIES OF SELLER REGARDING EACH MORTGAGE LOAN. Seller hereby represents and warrants as to each Mortgage Loan sold hereunder, that: 

(a) Title and Encumbrances. Seller has good title to, and is the sole owner of, the Mortgage Loan. The sale and assignment of the
Mortgage Loan contemplated by this Agreement validly transfers the Mortgage Loan to Buyer free and clear of any Lien or any other encumbrance. 

(b) Underwriting, Origination and Servicing. Except as expressly otherwise permitted in Schedule 3, the Mortgagor has a credit
score of at least 620, issued by an institution acceptable to Buyer and the Mortgage Loan otherwise complies with the Investor Requirements. The Mortgage Loan has been underwritten, originated and serviced in compliance with: (i) all of
the Investor Requirements (including, without limitation, those of Fannie Mae, GNMA or Freddie Mac), (ii) Seller’s underwriting standards and procedures; and (iii) all other applicable law, rules, regulations and guidelines. The
underwriting, origination and servicing of the Mortgage Loan has been in all respects legal, proper, prudent and customary, and has conformed to customary standards of the residential mortgage origination and servicing business. Without limiting the
generality of the foregoing, all federal and state laws, rules and regulations applicable to the Mortgage Loan have been complied with (including, without limitation, the following: the Real Estate Settlement Procedures Act; the Flood Disaster
Protection Act; the Federal Consumer Credit Protection Act, the Truth–in–Lending and Equal Credit Opportunity Acts, statutes, rules or regulations governing fraud, lack of consideration, unconscionability, consumer credit transactions and
interest charges) and all consumer disclosures have been properly and timely given to Mortgagor and any guarantor. 
 (c) Proper Licensing
and Qualification. All parties which have had any interest in the Mortgage Documents, whether as mortgagee, assignee, pledgee or otherwise, are (or, during the period in which they held and disposed of such interest, were): (i) in
compliance with any and all applicable licensing requirements of the laws of the state wherein the Mortgaged Property is located, and (ii) organized under the laws of such state, or qualified to do business in such state, or a federal savings
and loan association or national bank having its principal offices in such state, or not doing business in such state so as to require qualification as a foreign entity in order to use the courts of such state to enforce the Mortgage Documents. 

(d) No Defenses to Sale. The sale of the Mortgage Loan is not subject to any right of rescission,
set-off, counterclaim or defense, including the defense of usury, nor will the operation of any of the terms of this Agreement, or the exercise of any right hereunder, render the sale unenforceable, in whole
or in part, or subject to any right of rescission, set off, counterclaim or defense, and no such right of rescission, set off, counterclaim or defense has been asserted with respect thereto. 

  
 17 

 (e) Terms of Mortgage Documents. Each Mortgage Document contains customary and enforceable
provisions which render the rights and remedies of the holder adequate to the benefits of the security against the Mortgaged Property, including: (i) in the case of a Mortgage Document designed as a deed of trust, by trustee’s sale,
(ii) by summary foreclosure, if available under applicable law, and (iii) otherwise by foreclosure, and there are no homestead or other exemptions of dower, courtesy or other rights or interests available to the Mortgagor or the
Mortgagor’s spouse, survivors or estate, or any other Person that would, or could, interfere with such right to sell at a trustee’s sale or right to foreclose, except for those arising by operation of law. To the extent necessary to
protect the interests of the holder of the Mortgage Note and the Mortgage Documents, and as permitted by applicable law, both spouses are signatories on, and jointly and severally liable under, the Mortgage Note and the Mortgage Documents. 

(f) Enforceability. The Mortgage Loan is a binding and valid obligation of the Mortgagor thereon, in full force and effect and
enforceable in accordance with its terms, except as enforceability may be limited by bankruptcy, insolvency, reorganization or other similar terms affecting creditor’s rights in general and by general principles of equity. The Mortgage Loan is
genuine in all respects as appearing on its face and as represented in the books and records of Seller, and all information set forth in the Mortgage Documents is true and correct. 

(g) No Default under or Defenses to the Mortgage Loan. The Mortgage Loan is free of any default of any party thereto (including Seller),
counterclaims, offsets and defenses, including the defense of usury, and not subject to any right of rescission, cancellation or avoidance, and all right thereof, whether by operation of law or otherwise. The Mortgagor is not in bankruptcy, no
lawsuit or other proceeding has been filed against the Mortgagor with respect to the Mortgage Loan and the Mortgage Loan is not subject to any foreclosure or similar proceeding. 

(h) Entire Agreement. Where required, the Mortgage Documents have been prepared by a licensed attorney and have not been modified or
amended in any respect not expressed in writing therein and the Mortgage Loan is free of any concessions or understandings with the Mortgagor thereon of any kind not expressed in writing in the Mortgage Documents. Without limiting the generality of
the forgoing, Seller has not made arrangements with the Mortgagor for any payment forbearance or future refinancing with respect to the Mortgage Loan except to the extent provided in the related Mortgage Documents. 

(i) Takeout Commitment. An Approved Takeout Investor has committed to purchase the Mortgage Loan pursuant to a Takeout Commitment for an
amount which will not be less than the Repurchase Price which is in full force and effect and is valid binding and enforceable except as enforceability may be limited by bankruptcy, insolvency, reorganization or other similar terms affecting
creditor’s rights in general and by general principles of equity. The Mortgage Loan may be sold to the Approved Takeout Investor under the Takeout Commitment after its purchase by Buyer hereunder. 

  
 18 

 (j) Status of Payments. All advance payments and other deposits on the Mortgage Loan have
been paid in cash, and no part of said sums has been loaned, directly or indirectly, by Seller to the Mortgagor, and there have been no prepayments. 

(k) Maturity and Interest Rate. The Mortgage Loan matures no later than thirty (30) years after the Purchase Date, the principal
amount of the Mortgage Loan will amortize over the term of the Mortgage Loan and is repayable in equal monthly installments of principal and interest. 

(l) Appraisal. The appraisal made with respect to the Mortgaged Property was made by an appraiser who is licensed or certified as
appropriate under applicable state law and meets the minimum qualifications for appraisers required by Buyer and the Investor Requirements. 

(m) Collateral. The Mortgage Loan is secured by a first lien on Mortgaged Property consisting of a completed Single Family Dwelling
which is not used for commercial purposes and which is not under construction or other renovation. There are no delinquent taxes, insurance premiums, water, sewer and municipal charges, governmental assessments or any other outstanding charges
affecting the Mortgaged Property. The Mortgaged Property is free of damage and in good repair, is free from toxic materials or other environmental hazards, no notice of condemnation has been given with respect to the Mortgaged Property and the
Mortgaged Property is in compliance with local, state or federal laws or regulations designed to protect the health and safety of the occupants of the Mortgage Property. All improvements included for the purpose of determining the appraised value of
the Mortgaged Property lie wholly within the boundaries, the building restriction lines and the setback lines of the Mortgaged Property, and no improvements or structures of any kind on adjoining properties encroach upon the Mortgaged Property. If
the Mortgage is a deed of trust, a trustee duly qualified under applicable law to serve as such is properly named, designated and serving. Except in connection with a trustee’s sale after default by the Mortgagor, no fees or expenses are or
will become payable by Seller or Buyer to the trustee under any such deed of trust. 
 (n) Closing; Future Purchases. The Mortgage
Loan has been closed less than seven (7) calendar days prior to the Purchase Date of such Mortgage Loan in accordance with this Agreement and there is no requirement for future advances thereunder. 

(o) Title Policy. A commitment or policy for title insurance, in the form and amount required by the Sale Agreement, Takeout Commitment
and the other Investor Requirements is in effect as of the closing of the Mortgage Loan, is valid and binding, and remains in full force and effect. No claims have been made under such title insurance policy and no holder of the related mortgage,
including Seller, has done or omitted to do anything which would impair the coverage of such title insurance policy. As to each Mortgage Loan secured by a Mortgaged Property located in Iowa, and if an American Land Title Association (ALTA) policy of
title insurance has not been provided, an attorney’s certificate, in the form and amount required by this Agreement, duly delivered and effective as of the closing of each such Mortgage Loan, is valid and binding, and remains in full force and
effect. 

  
 19 

 (p) Mortgage Insurance. If required by the Sale Agreement, the Takeout Commitment, or any
other Investor Requirements, primary mortgage insurance has been obtained, the premium has been paid, and the mortgage insurance coverage is in full force and effect meeting the requirements of the Investor Requirements. 

(q) Casualty and Flood Insurance. The Mortgaged Property covered by the Mortgage Loan is insured against loss or damage by fire and all
other hazards normally included within standard extended coverage in accordance with the provisions of the Mortgage Loan with Seller named as a loss payee thereon. The improvements upon the Mortgaged Property are insured against flood if required
under the National Flood Insurance Act of 1968, as amended. The Mortgage Documents require the Mortgagor to maintain such casualty and if applicable, flood insurance at the Mortgagor’s cost and expense, and on the Mortgagor’s failure to do
so, authorizes the holder of the Mortgage Documents to obtain and maintain such insurance at the Mortgagor’s cost and expense and to seek reimbursement therefore from the Mortgagor. 

(r) Third Party Guaranty or Insurance. If the Mortgage Loan is insured or guaranteed by FHA, Fannie Mae, GNMA, or some other
governmental related entity, such insurance or guaranty is in full force and effect and no action has been taken or failed to be taken which has resulted or will result in an exclusion from, denial of, or defense to, coverage under any such
insurance or guarantee. 
 (s) MERS. If the Mortgage Loan is registered on the MERS(R) System, Seller has entered the name of Buyer
in the “Interim Funder” category of such system with respect to such Mortgage Loan. 
 (t) Third Parties in Possession. No
third party Person other than the applicable title company or the applicable County Recorder’s Office has possession of any of the Mortgage Documents. 

ARTICLE VII. 
 COVENANTS OF SELLER

 Seller further covenants and agrees with Buyer as follows:

Section 7.01 FURTHER ASSURANCES. Seller will, at its expense as from time to time reasonably requested by Buyer, promptly execute
and deliver all further instruments, agreements, filings and registrations, and take all further action, in order to confirm and validate this Agreement and Buyer’s rights and remedies hereunder, or to otherwise give Buyer the full benefits of
the rights and remedies described in or granted under this Agreement and the other Repurchase Documents. Seller hereby authorizes Buyer to file such UCC financing statements as Buyer may deem necessary naming Seller as debtor and describing the sale
of Purchased Loans hereunder. 

  
 20 

 Section 7.02 NAME CHANGE. At least ten (10) Business Days prior to making any
change in its name, identity, jurisdiction of organization or organizational structure which would make any financing statement or continuation statement filed in accordance with this Agreement seriously misleading, Seller shall give Buyer written
notice thereof. Upon receipt of such notice, Buyer is authorized to file such UCC financing statements or amendments to existing UCC financing statements as Buyer may deem necessary in connection with any such change. 

Section 7.03 TRANSFER TAXES. In the event that Buyer receives actual notice of any Transfer Taxes arising out of the transfer,
assignment and conveyance of the Mortgage Loans on written demand by Buyer or upon Seller’s otherwise being given notice thereof by Buyer, Seller shall pay, indemnify, and hold harmless Buyer for, from and against, on an after-tax basis, any and all such Transfer Taxes (it being understood that Buyer shall have no obligation to pay such Transfer Taxes). 

Section 7.04 FINANCIAL STATEMENTS AND REPORTS. Seller shall furnish to Buyer, in form and detail reasonably satisfactory to Buyer,
the financial statements and reports set forth on Schedule 4. 
 Section 7.05 NOTICES OF MATERIAL EVENTS. Seller will
furnish to Buyer prompt written notice of the following: 
 (a) the occurrence of any default or any event of default under any Mortgage
Loan; 
 (b) the discovery that Seller’s representations and warranties applicable to any Mortgage Loan are untrue in any respect; 

(c) the filing or commencement of any action, suit or proceeding by or before any arbitrator or governmental authority against or affecting
Seller or any Mortgage Loan; and 
 (d) any other development that results in, or could reasonably be expected to result in, a material
adverse effect on any Purchased Loan or the ability of Seller to fulfill its obligations hereunder. 
 Each notice delivered under this
Section shall be accompanied by a statement of a financial officer or other executive officer of Seller setting forth the details of the event or development requiring such notice and any action taken or proposed to be taken with respect
thereto. 
 Section 7.06 INSURANCE AND GUARANTEES. Seller will cooperate fully and in a timely manner with Buyer in connection
with: (i) the filing of any claims with an insurer or guarantor or any agent of any insurer or guarantor under any insurance policy or guaranty affecting a Mortgagor or any of the Mortgaged Property; (ii) supplying any additional
information as may be requested by Buyer or any such agent or insurer in connection with the processing of any such claim; and (iii) the sale of any Mortgage Loan under a Takeout Commitment. Seller shall take all such actions as may be
reasonably requested by Buyer to protect the rights of Buyer in and to any proceeds under any and all of the foregoing insurance policies and Takeout Commitments. Seller shall not take or cause to be taken any action which would impair the rights of
Buyer in and to any proceeds under any of the foregoing insurance policies or Takeout Commitments. 

  
 21 

 Section 7.07 BOOKS AND RECORDS; INSPECTION AND AUDIT RIGHTS. Seller will keep proper
books of record and account in which full, true and correct entries are made of all dealings and transactions in relation to its business and activities, including Seller’s underwriting of each Mortgagor, Seller’s servicing of the
Purchased Loans and the other transaction contemplated by the Repurchase Documents. Seller will permit any representatives designated by Buyer (including Buyer’s auditors and governmental examiners), upon no less than 5 Business Days’
prior notice, no more frequently than annually unless Seller is in default under the Repurchase Documents, to visit during normal business hours, inspect and audit its books and records, and to discuss the transactions contemplated by any Repurchase
Documents with its officers and employeeswho are subject to the confidentiality provisions of this Agreement. 
 Section 7.08
COMPLIANCE WITH LAWS AND AGREEMENTS. Seller will comply with: (a) all laws, rules, regulations and orders of any governmental authority applicable to it or its property; (b) each Sale Agreement, each Takeout Commitment and all
other requirements of all Approved Takeout Investors who have committed to purchase Mortgage Loans purchased by Buyer hereunder; and (c) all other agreements binding upon it or its property. 

Section 7.09 LIENS. Seller will not create, incur, assume or permit to exist any Lien on any Mortgage Loan or any Mortgage
Property except as contemplated by this Agreement. 
 Section 7.10 EXISTENCE; CONDUCT OF BUSINESS. Seller will do or cause to be
done all things necessary to preserve, renew and keep in full force and effect its legal existence and the rights, licenses, permits, privileges, franchises, patents, copyrights, trademarks and trade names material to the conduct of its business.

 Section 7.11 FINANCIAL COVENANTS. Seller covenants and agrees that, until the satisfaction and payment in full of all of the
Obligations of Seller to Buyer, Seller will comply with each of the financial covenants set forth on Schedule 4. 
 ARTICLE VIII. 

SERVICING OF THE MORTGAGE LOANS 

Section 8.01 SERVICING. Upon payment of the Purchase Price for a Purchased Loan, Buyer shall own each Purchased Loan, all rights
to service such Purchased Loan, all Servicer Files and Mortgage Documents for such Purchased Loan and all derivative information created by Seller or other third party used or useful in servicing such Purchased Loan. As a condition of purchasing a
Mortgage Loan, Buyer may require Seller to service such Mortgage Loan as subservicer for Buyer for a term of thirty (30) days, which is renewable as provided in Section 8.05 below. Seller (or a sub-subservicer approved by Buyer) shall service and administer such Purchased Loan on behalf of Buyer in accordance with prudent Mortgage Loan servicing standards and procedures generally accepted by prudent buyers
in the mortgage banking industry and in accordance with the Investor Requirements, provided that Seller shall at 

  
 22 

 
all times comply with the Investor Requirements, applicable law, the terms of the related Mortgage Documents and the requirements of any applicable insurer or guarantor. At the request and in
accordance with the directions of Buyer, Seller shall deliver to Buyer copies of any Servicer Files in its possession within three (3) Business Days of such request by Buyer. 

Section 8.02 PAYMENTS ON PURCHASED LOANS. Seller shall endeavor to collect or cause to be collected, as and when due, any and all
amounts owing under each Purchased Loan. Collections received in respect of the Purchased Loans shall be deposited into the Settlement Account and held in trust for the Buyer as the owner of such amounts until the Settlement Date. 

Section 8.03 SALE OF PURCHASED LOANS TO APPROVED TAKEOUT INVESTORS. To facilitate the sale of the Purchased Loans to the
applicable Approved Takeout Investor under the applicable Takeout Commitment, but subject to the provisions of Section 4.04 hereof, Buyer hereby appoints Seller as its agent and authorizes Seller to take only such actions
on its behalf as are necessary to sell each Purchased Loan to the applicable Approved Takeout Investor under the related Takeout Commitment. Seller agrees to take such action as is necessary to sell each Purchased Loan under the applicable Takeout
Commitment to the applicable Approved Takeout Investor in Seller’s own name. Subject to the provisions of Section 4.04 hereof, Seller agrees to execute any and all further documents, agreements and instruments, and
take all such further actions, which may be required under the Investor Requirements, or which Buyer may reasonably request, to effectuate the sale of each Purchased Loan to the applicable Approved Takeout Investor all at its own expense. 

Section 8.04 MODIFICATIONS. Without the prior written consent of Buyer, Seller shall not: (a) agree to any compromise,
settlement, amendment or other modification of any of the Mortgage Documents for any Purchased Loan; (b) release, in whole or in part, any Mortgagor or other Person liable for payment on any Purchased Loan; or (c) release any Lien,
guaranty or other supporting obligation securing any Purchased Loan. 
 Section 8.05 TERMINATION OF INTERIM SERVICING RIGHTS.
Seller’s rights and obligations to service each Purchased Loan as provided in this Agreement, shall terminate on the earlier of the related Settlement Date or the date which is thirty (30) calendar days following written notice by Buyer to
Seller. If any Default occurs at any time, Seller’s rights and obligations to service the Purchased Loan(s), as provided in this Agreement, shall at Buyer’s election, terminate immediately upon notice or action by Buyer. Upon any such
termination, Buyer is hereby authorized and empowered to sell and transfer such rights to service the Purchased Loan(s) for such price and on such terms and conditions as Buyer shall reasonably determine, and Seller shall have no right to attempt to
sell or transfer such rights to service. Seller shall perform all acts and take all actions so that the Purchased Loan(s) and all files and documents relating to such Purchased Loan(s) held by Seller, together with all escrow amounts relating to
such Purchased Loan(s), are delivered to the Successor Servicer or as Buyer shall otherwise direct. To the extent that the approval of any Third Party Underwriter or any other insurer or guarantor is required for any such sale or transfer, Seller
shall fully cooperate with Buyer to obtain such approval. All amounts paid by the purchaser of such rights to service the Purchased Loan(s) shall be the property of Buyer. 

  
 23 

 Section 8.06 TRANSFER TO SUCCESSOR SERVICER. Each Purchased Loan delivered to Buyer
hereunder shall be delivered on a servicing released basis free of any servicing rights in favor of Seller and free of any title, interest, lien, encumbrance or claim of any kind of Seller and Seller hereby waives its right to assert any interest,
lien, encumbrance or claim of any kind. Upon transfer of such servicing rights to any Successor Servicer, Seller shall deliver or cause to be delivered all files and documents relating to each Purchased Loan held by Seller to Successor Servicer or
as Buyer shall otherwise direct. Seller shall promptly take such actions and furnish to Buyer such documents that Buyer deems necessary or appropriate to enable Buyer to cure any defect in each such Purchased Loan or to enforce such Purchased Loans,
as appropriate. 
 Section 8.07 SERVICING RELEASED. For the avoidance of doubt, Seller retains no economic rights to the
servicing of the Purchased Loans provided that Seller shall continue to service the Purchased Loans hereunder as part of its Obligations hereunder. As such, Seller expressly acknowledges that the Purchased Loan are sold to Buyer on a “servicing
released” basis. 
 ARTICLE IX. 

EVENTS OF DEFAULT 
 If any of the
following events (each an “Event of Default”) occur, Buyer, shall have the rights set forth in Article 10, as applicable: 

Section 9.01 PAYMENT FAILURE. Seller shall default in the payment (a) of any Price Differential, Purchase Price Haircut or
Repurchase Price, or of any other sum which has become due and payable under the terms hereof, for a period of five (5) days or greater, or (b) on the Termination Date of the aggregate Repurchase Price for all Purchased Loans. 

Section 9.02 BREACH OF COVENANTS. Seller shall fail to observe or perform any term, covenant or agreement contained in this
Agreement or any other Repurchase Document), and such failure to observe or perform shall continue un-remedied for a period of five (5) Business Days; or 

Section 9.03 REPRESENTATION AND WARRANTY BREACH. Any representation or warranty made by Seller in connection with this Agreement
or contained herein is inaccurate or incomplete in any respect on or as of the date made or hereafter becomes untrue. 
 Section 9.04
JUDGMENTS. A judgment or judgments for the payment of money in excess of $250,000.00 in the aggregate shall be rendered against any Seller Party or any of its Affiliates by one or more courts, administrative tribunals or other bodies having
jurisdiction and the same shall not be satisfied, discharged (or provision shall not be made for such discharge) or bonded, or a stay of execution thereof shall not be procured, within thirty (30) days from the date of entry thereof, and such
Seller Party shall not, within said period of thirty (30) days, or such longer period during which execution of the same shall have been stayed or bonded, appeal therefrom and cause the execution thereof to be stayed during such appeal. 

  
 24 

 Section 9.05 EVENT OF INSOLVENCY. An Event of Insolvency shall have occurred with
respect to a Seller Party or any Affiliate. 
 Section 9.06 ENFORCEABILITY. For any reason, this Agreement at any time shall not
be in full force and effect in all material respects or shall not be enforceable in all material respects in accordance with its terms, or any Lien granted pursuant thereto shall fail to be perfected and of first priority, or any party thereto
(other than Buyer) shall contest the validity, enforceability, perfection or priority of any Lien granted pursuant thereto, or any party thereto (other than Buyer) shall seek to disaffirm, terminate, limit or reduce its obligations hereunder. 

Section 9.07 LIENS. Seller shall grant, or suffer to exist, any Lien on any Repurchase Asset (except any Lien in favor of Buyer);
or at least one of the following fails to be true (A) the Mortgage Assets shall have been sold to Buyer, or (B) the Liens contemplated hereby are first-priority, perfected Liens on any Mortgage Assets in favor of Buyer or shall be Liens in
favor of any Person other than Buyer. 
 Section 9.08 MATERIAL ADVERSE EFFECT. Buyer shall have reasonably determined that a
Material Adverse Effect has occurred. 
 Section 9.09 CHANGE OF CONTROL. A Change of Control of any Seller Party shall have
occurred. 
 Section 9.10 CESSATION OF BUSINESS. Seller shall terminate its existence or suspend or discontinue their business.

 Section 9.11 BUSINESS CONDITION. A change occurs, or is reasonably likely to occur, in the business condition (financial or
otherwise), operations, properties or prospects of Seller, or the ability of Seller to pay amounts owed to Buyer under the Repurchase Documents which could reasonably be expected to have a Material Adverse Effect. 

Section 9.12 OTHER DEBT. Seller or any Guarantor shall default in the due and punctual payment of the principal of or the
interest, on any debt (other than the Transactions made hereunder) with Buyer, secured or unsecured, or in the due performance or observance of any covenant or condition of any agreement executed in connection therewith, and such default shall have
continued beyond any period of grace or cure provided with respect thereto. Seller shall default in the due and punctual payment of the principal of or the interest, on any debt to any third party, secured or unsecured, or in the due
performance or observance of any covenant or condition of any agreement executed in connection therewith, and such default shall have continued beyond any period of grace or cure provided with respect thereto. 

  
 25 

 ARTICLE X. 

REMEDIES 
 Section 10.01
EXERCISE OF REMEDIES. If an Event of Default occurs, Buyer may exercise the following rights and remedies in its sole discretion: 

(a) By written notice (which may be delivered via email, telecopy, overnight mail, regular mail or any other method selected by Buyer in its
sole discretion) to Seller (which option shall be deemed to have been exercised, even if no notice is given, immediately upon the occurrence of an Event of Insolvency of Seller), the Repurchase Date for each Transaction hereunder, if it has not
already occurred, shall be deemed immediately to occur. Any written notice given by Buyer hereunder shall be deemed to have been received by Seller immediately upon such notice having been sent by Buyer to Seller’s address, fax number or email
address, as the case may be, specified on the signature page hereof. 
 (b) If Buyer exercises or is deemed to have exercised the option
referred to in subsection (a) of this Section, 
 (i) Seller’s obligations in such Transactions to
repurchase all Purchased Loans, at the Repurchase Price therefore on the Repurchase Date determined in accordance with subsection (a) of this Section, shall thereupon become immediately due and payable, and all
Income paid after such exercise or deemed exercise shall be retained by Buyer and applied to the aggregate unpaid Repurchase Price and any other amounts owed by Seller hereunder; 

(ii) to the extent permitted by applicable law, the Repurchase Price with respect to each such Transaction shall be increased by the aggregate
amount accrued by daily application of, on a 360 day per year basis for the actual number of days during the period from and including the date of the exercise or deemed exercise of such option to but excluding the date of payment of the Repurchase
Price as so increased, (x) the Post-Default Rate to (y) the Repurchase Price for such Transaction as of the Repurchase Date as determined pursuant to subsection (a) of this Section (decreased as of any day
by (i) any amounts actually in the possession of Buyer pursuant to Section 10.02, and (ii) any proceeds from the sale of Purchased Loans applied to the Repurchase Price pursuant to
Section 10.03; and 
 (c) By written notice (which may be delivered via email, telecopy, overnight mail, regular
mail or any other method selected by Buyer in its sole discretion) to Seller, the Repurchase Price for each Transaction hereunder shall be deemed to be due and payable on each Repurchase Date therefor. Any written notice given by Buyer hereunder
shall be deemed to have been received by Seller immediately upon such notice having been sent by Buyer to Seller’s address, fax number or email address, as the case may be, specified on the signature page hereof. 

Section 10.02 POSSESSION OF FILES. Upon the occurrence of one or more Events of Default, Buyer shall have the right to obtain
physical possession of all files of Seller relating to the Purchased Loans and the Repurchase Assets and all documents relating to the Purchased Loans which are then or may thereafter come in to the possession of Seller or any third party acting for
Seller and Seller shall deliver to Buyer such assignments as Buyer shall request. Buyer shall be entitled to specific performance of all agreements of Seller contained in the Repurchase Documents. 

  
 26 

 Section 10.03 SALE OF PURCHASED LOANS. At any time on the Business Day following
notice to Seller (which notice may be the notice given under Section 10.01(a) of this Section), in the event Seller has not repurchased all Purchased Loans, Buyer may immediately sell, without demand or further
notice of any kind, at a public or private sale and at such price or prices as Buyer may deem satisfactory any or all Purchased Loans and the Repurchase Assets, on a servicing released basis, and apply the proceeds thereof to the aggregate unpaid
Repurchase Prices and any other amounts owing by Seller hereunder. Buyer may be a purchaser of any Purchased Loan at any public or private sale and Buyer shall be entitled, for the purpose of bidding or making settlement or payment of the purchase
price for all or portion of the Purchased Loan sold at any such sale to credit amounts owed to Buyer to such sale amount. The proceeds of any disposition of Purchased Loans and the Repurchase Assets shall be applied first to the costs and expenses
incurred by Buyer in connection with Seller’s default; second to the Repurchase Price; and third to any other outstanding Obligations of Seller. 

Section 10.04 LIABILITY OF SELLER. Seller shall be liable to Buyer for (i) the amount of all legal or other expenses
(including, without limitation, all reasonable costs and expenses of Buyer in connection with the enforcement of this Agreement or any other agreement evidencing a Transaction, whether in action, suit or litigation or bankruptcy, insolvency or other
similar proceeding affecting creditors’ rights generally, further including, without limitation, the reasonable fees and expenses of counsel incurred in connection with or as a result of a Default, (ii) damages in an amount equal to the
cost (including all fees, expenses and commissions) of entering into replacement transactions and entering into or terminating hedge transactions in connection with or as a result of a Default, and (iii) any other loss, damage, cost or expense
directly arising or resulting from the occurrence of a Default in respect of a Transaction. 
 Section 10.05 CUMULATIVE RIGHTS.
Buyer shall have, in addition to its rights hereunder, any rights otherwise available to it under any other agreement or applicable law. 

Section 10.06 REMEDIES NON-EXCLUSIVE. Buyer may exercise one or more of the remedies
available to Buyer immediately upon the occurrence of an Event of Default and, except to the extent provided in Sections 10.01(a) and 10.03, at any time thereafter without notice to Seller. All rights and remedies
arising under this Agreement as amended from time to time hereunder are cumulative and not exclusive of any other rights or remedies which Buyer may have. 

Section 10.07 ENFORCEMENT. Buyer may enforce its rights and remedies hereunder without prior judicial process or hearing, and
Seller hereby expressly waives any defenses Seller might otherwise have to require Buyer to enforce its rights by judicial process. Seller also waives any defense (other than a defense of payment or performance) Seller might otherwise have arising
from the use of non-judicial process, enforcement and sale of all or any portion of the Repurchase Assets, or from any other election of remedies. Seller recognizes that
non-judicial remedies are consistent with the usages of the trade, are responsive to commercial necessity and are the result of a bargain at arm’s length. 

  
 27 

 Section 10.08 LIABILITY FOR ADDITIONAL AMOUNTS. To the extent permitted by applicable
law, Seller shall be liable to Buyer for interest on any amounts owing by Seller hereunder, from the date Seller becomes liable for such amounts hereunder until such amounts are (i) paid in full by Seller or (ii) satisfied in full by the
exercise of Buyer’s rights hereunder. Interest on any sum payable by Seller to Buyer under this Section 10.08 shall be at a rate equal to the Post-Default Rate. 

ARTICLE XI. 
 MISCELLANEOUS
PROVISIONS 
 Section 11.01 OBLIGATIONS OF SELLER. The obligations of Seller under this Agreement shall not be affected by
reason of any invalidity illegality or irregularity of any Purchased Loan. 
 Section 11.02 AMENDMENT. This Agreement may be
amended, restated or supplemented from time to time only by a written agreement duly executed and delivered by Seller and Buyer. 

Section 11.03 WAIVERS. No failure or delay on the part of Buyer in exercising any power, right or remedy under any Repurchase
Document shall operate as a waiver thereof, nor shall any single or partial exercise of any such power, right or remedy preclude any other or further exercise thereof or the exercise of any other power, right or remedy. Any waiver of the terms and
provisions hereof must be in writing and consented to in writing by Buyer. 
 Section 11.04 NOTICES. All notices, requests,
consents and other communications hereunder shall be in writing and shall be delivered personally or mailed by first-class registered or certified mail, postage prepaid, or by telephonic facsimile transmission or electronic mail, to any party at its
address shown on the signature pages of this Agreement or at such other address as may be designated by it by notice to the other party. All notices and other communications given to any party hereto in accordance with the provisions of this
Agreement shall be deemed to have been given on the date of receipt. 
 Section 11.05 SURVIVAL. The respective agreements
(including without limitation, the agreements of Seller contained in Sections 11.09 and 11.10), representations, warranties and other statements by Seller set forth in or made pursuant to this Agreement shall remain
in full force and effect and will survive each Purchase Date. 
 Section 11.06 HEADINGS. The various headings in this Agreement
are included for convenience only and shall not affect the meaning or interpretation of any provision of this Agreement. 

Section 11.07 GOVERNING LAW. This Agreement shall be governed by and construed in accordance with the laws of the State of Arizona
without regard to its principles of conflict of laws. 

  
 28 

 Section 11.08 COUNTERPARTS. This Agreement may be executed in two or more
counterparts and by different parties on separate counterparts, each of which shall be an original, but all of which together shall constitute one and the same agreement. Delivery of an executed counterpart of a signature page of this Agreement by
telecopy or PDF copy by e-mail shall be effective as delivery of a manually executed counterpart of this Agreement. 

Section 11.09 EXPENSES. Seller shall pay all actual and reasonable out of pocket expenses incurred by Buyer, including the fees,
charges and disbursements of outside counsel for Buyer, in connection with: (i) the transaction contemplated by the Repurchase Documents, (ii) the preparation and administration of the Repurchase Documents or any amendments,
modifications or waivers of the provisions thereof (whether or not the transactions contemplated hereby or thereby shall be consummated), and (iii) the enforcement or protection of its rights in connection with any Repurchase Documents,
including its rights under this Section provided that, such fees, costs and expenses shall not include any arising out of Buyer’s bad faith, gross negligence, willful misconduct or material breach of this Agreement. 

Section 11.10 INDEMNITY. SELLER SHALL INDEMNIFY AND HOLD HARMLESS BUYER, BUYER’S AFFILIATES AND THE RESPECTIVE DIRECTORS,
OFFICERS, EMPLOYEES, AGENTS AND ADVISORS OF BUYER AND ITS AFFILIATES (EACH SUCH PERSON BEING CALLED AN “INDEMNITEE”) FOR, FROM AND AGAINST, ANY AND ALL LOSSES, CLAIMS, DAMAGES, LIABILITIES AND RELATED EXPENSES, INCLUDING THE
REASONABLE FEES, CHARGES AND DISBURSEMENTS OF ANY COUNSEL FOR ANY INDEMNITEE, INCURRED BY OR ASSERTED AGAINST ANY INDEMNITEE ARISING OUT OF, IN CONNECTION WITH, OR AS A RESULT OF (I) THE EXECUTION OR DELIVERY OF ANY REPURCHASE DOCUMENT, THE
PERFORMANCE BY THE PARTIES TO THE REPURCHASE DOCUMENTS OF THEIR RESPECTIVE OBLIGATIONS THEREUNDER OR THE CONSUMMATION OF THE SALE OF PURCHASED LOANS TO BUYER OR THE APPLICABLE TAKEOUT INVESTOR OR ANY OTHER TRANSACTIONS CONTEMPLATED HEREBY OR
THEREBY, (II) ANY BREACH OF ANY OF SELLER’S REPRESENTATIONS, WARRANTIES OR COVENANTS CONTAINED IN THIS AGREEMENT, (III) ANY ACTUAL OR ALLEGED PRESENCE OR RELEASE OF HAZARDOUS MATERIALS ON OR FROM ANY MORTGAGED PROPERTY, OR ANY
ENVIRONMENTAL LIABILITY RELATED IN ANY WAY TO ANY MORTGAGED PROPERTY, (IV) ANY BREACH OF ANY REPRESENTATIONS OR WARRANTIES PROVIDED TO AN APPROVED TAKEOUT INVESTOR IN CONNECTION WITH THE SALE OF A PURCHASED LOAN UNDER A TAKEOUT COMMITMENT, AND
(V) ANY ACTUAL OR PROSPECTIVE CLAIM, LITIGATION, INVESTIGATION OR PROCEEDING RELATING TO ANY OF THE FOREGOING, WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY AND REGARDLESS OF WHETHER ANY INDEMNITEE IS A PARTY THERETO; PROVIDED THAT SUCH
INDEMNITY SHALL NOT, AS TO ANY INDEMNITEE, BE AVAILABLE TO THE EXTENT THAT SUCH LOSSES, CLAIMS, DAMAGES, LIABILITIES OR RELATED EXPENSES ARE DETERMINED BY A COURT OF COMPETENT JURISDICTION BY FINAL AND
NON-APPEALABLE JUDGMENT TO HAVE RESULTED FROM THE GROSS NEGLIGENCE OR WILLFUL MISCONDUCT OF SUCH INDEMNITEE. IN NO EVENT WILL SELLER BE LIABLE FOR LOST PROFITS OR REVENUES OR DIMINUTION IN VALUE,
OR INCIDENTAL, INDIRECT, SPECIAL, OR CONSEQUENTIAL DAMAGES, REGARDLESS OF WHETHER SUCH DAMAGES WERE FORESEEABLE OR WHETHER SELLER WAS ADVISED OF THE POSSIBILITY OF SUCH DAMAGES.  

  
 29 

 Section 11.11 WAIVER OF DAMAGES. Seller shall not assert, and waives, any claim
against any Indemnitees, on any theory of liability, for special, indirect, consequential or punitive damages (as opposed to direct or actual damages) arising out of, in connection with, or as a result of, any Repurchase Document or the transactions
contemplated thereby. 
 Section 11.12 SUCCESSORS AND ASSIGNS. The provisions of this Agreement shall be binding upon and inure
to the benefit of the parties hereto and their respective successors and assigns permitted hereby, except that Seller may not assign or otherwise transfer any of its rights or obligations hereunder without the prior written consent of Buyer (and any
attempted assignment or transfer by Seller without such consent shall be null and void). Buyer may assign or otherwise transfer all or any portion of its rights, titles and interests in and to any Purchased Loan or any Repurchase Document. Nothing
in this Agreement, expressed or implied, shall be construed to confer upon any Person (other than the parties hereto, their respective successors and assigns permitted hereby and, to the extent expressly contemplated hereby, the Indemnitees) any
legal or equitable right, remedy or claim under or by reason of this Agreement. 
 Section 11.13 TERM. This Agreement shall
continue until the Maturity Date unless and until terminated as to future transactions (a) by sixty (60) days advance notice signed by Seller or Buyer and delivered to the other in compliance with Section 11.04
hereof, in which event termination will not affect the obligations hereunder and under the Guaranty; or (b) termination shall be immediately effective, without the necessity of a notice from Buyer, upon the occurrence of an Event of Insolvency.
Termination will not affect the obligations hereunder and under the Guaranty as to any Purchased Loans purchased prior to the effective date of such termination. 

Section 11.14 ENTIRE AGREEMENT. THIS AGREEMENT AND THE OTHER REPURCHASE DOCUMENTS EMBODY THE FINAL, ENTIRE AGREEMENT AMONG THE
PARTIES RELATING TO THE SUBJECT MATTER HEREOF AND SUPERSEDE ANY AND ALL PREVIOUS COMMITMENTS, AGREEMENTS, REPRESENTATIONS AND UNDERSTANDINGS, WHETHER ORAL OR WRITTEN, RELATING TO THE SUBJECT MATTER HEREOF AND MAY NOT BE CONTRADICTED OR VARIED BY
EVIDENCE OF PRIOR, CONTEMPORANEOUS OR SUBSEQUENT ORAL AGREEMENTS OR DISCUSSIONS OF THE PARTIES HERETO. THERE ARE NO UNWRITTEN ORAL AGREEMENTS AMONG THE PARTIES HERETO. 

Section 11.15 SEVERABILITY. Any provision of this Agreement held to be invalid, illegal or unenforceable in any jurisdiction
shall, as to such jurisdiction, be ineffective to the extent of such invalidity, illegality or unenforceability without affecting the validity, legality and enforceability of the remaining provisions hereof; and the invalidity of a particular
provision in a particular jurisdiction shall not invalidate such provision in any other jurisdiction. 
 Section 11.16 WAIVER OF
JURY TRIAL. EACH PARTY HERETO HEREBY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT, ANY OTHER
REPURCHASE DOCUMENTS OR THE TRANSACTIONS CONTEMPLATED HEREBY (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY). EACH PARTY HERETO (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF 

  
 30 

 
ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT AND
THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION. 

Section 11.17 INTENT. 

(a) The parties recognize that each Transaction is a “repurchase agreement” as that term is defined in Section 101 of
Title 11 of the United States Code, as amended and a “securities contract” as that term is defined in Section 741 of Title 11 of the United States Code, as amended and that all payments hereunder are deemed “margin
payments” or “settlement payments” as defined in Title 11 of the United States Code. 
 (b) It is understood that either
party’s right to liquidate Purchased Loans delivered to it in connection with Transactions hereunder or to exercise any other remedies pursuant to Article X hereof is a contractual right to liquidate such Transaction as described in
Sections 555 and 559 of Title 11 of the United States Code, as amended. 
 (c) The parties agree and acknowledge that if a party
hereto is an “insured depository institution,” as such term is defined in the Federal Deposit Insurance Act, as amended (“FDIA”), then each Transaction hereunder is a “qualified financial contract,” a
“repurchase agreement” and a “securities contract” as such terms are defined in FDIA and any rules, orders or policy statements thereunder. 

(d) It is understood that this Agreement constitutes a “netting contract” as defined in and subject to Title IV of the Federal
Deposit Insurance Corporation Improvement Act of 1991 (“FDICIA”) and each payment entitlement and payment obligation under any Transaction hereunder shall constitute a “covered contractual payment entitlement” or
“covered contractual payment obligation”, respectively, as defined in and subject to FDICIA (except insofar as one or both of the parties is not a “financial institution” as that term is defined in FDICIA). 

Section 11.18 NO FIDUCIARY RELATIONSHIP. The relationship between Seller and Buyer is solely that of buyer and seller, and Buyer
has no fiduciary or other special relationship with Seller, and no term or condition of any of the Repurchase Documents shall be construed so as to deem the relationship between Seller and Buyer to be other than that of buyer and seller. 

Section 11.19 EQUITABLE RELIEF. Seller recognizes that in the event it fails to pay, perform, observe, or discharge any or all of
the obligations under the Repurchase Documents, any remedy at law may prove to be inadequate relief to Buyer. Seller therefore agrees that Buyer, if it so requests, shall be entitled to temporary and permanent injunctive relief in any such case
without the necessity of proving actual damages. 
 Section 11.20 CONSTRUCTION. Seller and Buyer acknowledge that each of them
has had the benefit of legal counsel of its own choice and has been afforded an opportunity to review the Repurchase Documents with its legal counsel and that the Repurchase Documents shall be construed as if jointly drafted by the parties. 

  
 31 

 Section 11.21 SET-OFF. In addition to any
rights and remedies of Buyer provided by this Agreement and by law, Buyer shall have the right, without prior notice to Seller, any such notice being expressly waived by Seller to the extent permitted by applicable law, upon any amount becoming due
and payable by Seller hereunder to set-off and appropriate and apply against such amount, to the extent permitted by law, any and all property and deposits (general or special, time or demand, provisional or
final), in any currency, and any other credits, indebtedness or claims, in any currency, in each case whether direct or indirect, absolute or contingent, matured or unmatured, at any time held or owing by Buyer or any Affiliate thereof to or for the
credit or the account of Seller. The exercise of any such right of set-off shall be without prejudice to Buyer’s right to recover any deficiency. 

[Signature Page Follows] 

  
 32 

 IN WITNESS WHEREOF, the parties hereby have caused this Agreement to be executed by their
respective officers thereunto duly authorized as of the date and year first written above. 
  

									
	Addresses for Notice:	 		 	SELLER
			
	5050 Quorum Drive #700	 		 	Redfin Mortgage, LLC, a Delaware limited liability company
	Dallas, TX 75254	 		 		 	
					
	Attn:	 	Jason Bateman	 		 	By:	 	 /s/ Jason Bateman

	Fax:	 		 		 	Name:	 	Jason Bateman
	Email:	 	Jason.bateman@redfinmortgage.com	 		 	Title:	 	Manager
				
	 With a copy to:
 Redfin
Corporation
	 		 	By:	 	 /s/ Adam Weiner

	 1099 Stewart St Suite 600
 Seattle,
WA 98101
 Attn: General Counsel
	 		 	 Name:
 Title:
	 	 Adam Weiner
 Manager

			
	Western Alliance Bank
3033 West Ray Road
Chandler, AZ 85226	 		 	BUYER
		 		 	Western Alliance Bank, an Arizona corporation
					
	Attn:	 	Albert Thuma	 		 	By:	 	 /s/ Albert Thuma

	Fax:	 	480-894-4769	 		 	Name:	 	Albert Thuma
	Email:	 	athuma@westernalliancebank.com	 		 	Title:	 	Senior Vice President

 Signature Page to Master Repurchase Agreement 

 

 SCHEDULE 1 

SCHEDULE OF REQUIRED MORTGAGE DOCUMENTS 

FOR EACH MORTGAGE LOAN 
 BUYER RESERVES THE RIGHT
TO REQUIRE COPIES OF ANY OF THE FOLLOWING FOR REVIEW PRIOR TO MAKING ANY PURCHASE OF A SPECIFIC MORTGAGE LOAN.: 
  

	 	(a)	Except as permitted in Section 3.01, the original Mortgage Note, which shall be, at Buyer’s election, either (i) accompanied by an Allonge endorsed in blank by Seller and/or any other
necessary party, or (ii) without any endorsement thereon, if Buyer has a valid power of attorney for and on behalf of Seller authorizing Buyer to endorse such Mortgage Note for and on behalf of Seller; 

 

	 	(b)	If the original Mortgage Note has not been executed at the time of purchase, then a copy of the Mortgage Note at the time of purchase with the original Mortgage Note to be delivered to Buyer within 5 Business Days of
Purchase Date; 

  

	 	(c)	The original or a copy of the Mortgage, including all available Mortgage riders relating to the Mortgage Loan, noting the presence of the MIN of the Mortgage Loan and language indicating that the Mortgage Loan is a MOM
Loan if the Mortgage Loan is a MOM Loan, with the recording information indicated thereon. 

  

	 	(d)	Unless the Mortgage is registered on the MERS System, an original assignment of the Mortgage executed by Seller in blank in recordable form. 

 

	 	(e)	If the Mortgage is registered on the MERS System and notes on its face a MIN, copy of evidence that Seller has recorded Buyer as either “Interim Funder” at time of funding. 

 

	 	(f)	Copy of the complete Fannie Mae Form 1003. 

  

	 	(g)	Copy of the first two (2) pages (including appraised value) of an Appraisal for the Mortgaged Property; 

  

	 	(h)	Copy of Third Party Underwriter’s Certificate evidenced by one of the following: (i) HUD Direct Endorsement Underwriting Certificate, (ii) Fannie Mae Desktop Underwriter approval form, (iii) Freddie Mac
Loan Prospector form, or (iv) third-party underwriting approval; 

  

	 	(i)	A copy of the Takeout Commitment. 

  

	 	(j)	copies of verifications of deposit and employment; 

  
 1-1 

	 	(k)	The name, address, phone and facsimile number of the Escrow Agent, and the name of a contact person with Escrow Agent, and wiring instructions for delivery of a Purchase to the Escrow Agent; 

 

	 	(l)	An originally executed power of attorney appointing Buyer as Seller’s agent for purposes of the endorsement or execution of any documents for the transfer or assignment of the Mortgage Loans; 

 

	 	(m)	If the escrow agent is not the title insurance company, copy of Insured Closing Protection Letter from the title insurance company which will issue the title policy, covering the acts or omissions of the Escrow agent in
the settlement process for the subject Mortgage Loan; 

  

	 	(n)	Copy of the title insurance company title commitment to insure the Mortgage Loan; 

  

	 	(o)	Copy of the Closing Disclosure Statement for each Mortgage Loan fully executed by Escrow Agent and the applicable borrower, certified as true and correct by the Escrow Agent; 

 

	 	(p)	Copy of a fully signed “Buydown Agreement” for each Mortgage Loan, if applicable, certified as true and correct by the Escrow Agent; and 

 

	 	(q)	Any other items reasonably requested by Buyer in its sole discretion. 

  
 1-2 

 SCHEDULE 2 

APPROVED TAKEOUT INVESTORS 

 

 AFR – American Financial Resources, Inc 

AIG / Connective Mortgage 
 AmeriHome 

AmeriSave 
 Astoria Federal 

Bank of Manhattan 
 Black Rock, Inc. 

BB&T (used by Utah Mortgage) 
 Caliber Funding 

Cherry Creek Mortgage 
 Citi Mortgage 

CMG Mortgage 
 Credit Suisse 

Ditech (GreenTree/Walter Investments) 
 Envoy 

Ever Bank 
 Fannie Mae (FNMA) 

First Key 

5th/3rd Bank 

Flagstar 
 Franklin American Mortgage 

Freddie Mac (FHLMC) 
 Freedom Mortgage 

Generation Mortgage 
 Ginnie Mae (GNMA) 

Homebridge (Real Estate Mtg. Network) 
 Homeward Residential
(AHMS) 
 IMPAC

 JP Morgan Chase 

Liberty Home Equity 
 Live Well Financial 

M&T Bank 
 Nationstar Mortgage 

NYCB Mortgage 
 Pacific Union Financial 

Penny Mac 
 PHH 

Plaza Home Mortgage 
 Prospect Mortgage 

Provident Funding 
 Redwood Trust 

Shore Mortgage (United Wholesale) 
 Silvergate 

Stearns Lending 
 Sun Trust 

Sun West Mortgage 
 Texas Capital Bank 

The Money Source 
 Two Harbors 

United Security Financial 
 United Shore 

Urban Financial 
 US Bank 

Wells Fargo 
 WinWater

 

  
 BUYER RESERVES THE RIGHT, AT ITS SOLE
DISCRETION, TO ADD OR DELETE APPROVED INVESTORS FROM THIS SCHEDULE AT ANY TIME. 

  
 2-1 

 SCHEDULE 3 To 

MASTER REPURCHASE AGREEMENT 

BETWEEN 
 REDFIN MORTGAGE, LLC, A
DELAWARE LIMITED LIABILITY COMPANY 
 AND 

WESTERN ALLIANCE BANK, AN ARIZONA COMPANY 

PRICING SCHEDULE - EFFECTIVE DATE 6/15/2017 
  

																							
	 With Respect to any Purchased Loan, the following
Pricing Rates, Purchase Fees, Sublimits, Purchase Price Percentage, and Repurchase Dates for
 Eligible Mortgage Loans shall
apply:

	 	 	 Repurchase Period (Days from Applicable Purchase
Date)

	Sublimits	 	Purchase
Fee	 	 	Sublimit	 	 	Purchase
Price
Percentage	 	 	 Pricing Rate
	 	 0-60 Days
	 	 61-90 Days
	 	 91 Days (1)
	 	 
	 Conforming Mortgage Loans
	 	$	50.00	 	 	 	100	% 	 	 	98	% 	 	Rate	 	Index Rate + 3.00%	 	Index Rate + 4.00%	 	Index Rate + 6.00%	 
	 	 	 	 	Minimum Rate	 	3.75%	 	4.75%	 	6.75%	 
	 Conforming Non-Owner Occupied Loans
	 	$	50.00	 	 	 	30	% 	 	 	98	% 	 	Rate	 	Index Rate + 3.00%	 	Index Rate + 4.00%	 	Index Rate + 6.00%	 
	 	 	 	 	Minimum Rate	 	3.75%	 	4.75%	 	6.75%	 
	 Eligible Jumbo & Super Jumbo Loans
	 	$	50.00	 	 	 	40	% 	 	 	98	% 	 	Rate	 	Index Rate + 3.00%	 	Index Rate + 4.00%	 	Index Rate + 6.00%	 
	 	 	 	 	Minimum Rate	 	3.75%	 	4.75%	 	6.75%	 
									
	 	 	 	 	 	 	 	 	 	 	 	 Pricing Rate
	 	 0-30 Days
	 	 31-59 Days
	 	 60-90 Days
	 	 91 Days (1)

	 Non-Qualified Mortgage Loans
	 	$	50.00	 	 	 	20	% 	 	 	95	% 	 	Rate	 	Index Rate + 3.25%	 	Index Rate + 3.25%	 	Index Rate + 4.25%	 	Index Rate + 6.25%
	 	 	 	 	Minimum Rate	 	3.75%	 	3.75%	 	4.75%	 	6.75%
	 FNMA/FHLMC HARP 2.0 Loans
	 	$	50.00	 	 	 	20	% 	 	 	95	% 	 	Rate	 	Index Rate + 3.00%	 	Index Rate + 3.00%	 	Index Rate + 4.00%	 	Index Rate + 6.00%
	 	 	 	 	Minimum Rate	 	3.75%	 	3.75%	 	4.75%	 	6.75%
								
	 	 	 	 	 	 	 	 	 	 	 	 Pricing Rate
	 	 0-90 Days
	 	 91 Days (1)
	 	 
	 Eligible State Bond Loans
	 	$	50.00	 	 	 	10	% 	 	 	90	% 	 	Rate	 	Index Rate + 3.00%	 	Index Rate + 6.00%	 
	 	 	 	 	Minimum Rate	 	3.75%	 	6.75%	 
	 Escrow Holdback Loans
	 	$	50.00	 	 	 	15	% 	 	 	90	% 	 	Rate	 	Index Rate + 3.00%	 	Index Rate + 6.00%	 
	 	 	 	 	Minimum Rate	 	3.75%	 	6.75%	 

 (1) - After Repurchase Period, Default Interest Rates may apply. 

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

	 	a)	Repurchase Facility Origination Fee: $0.00 

	 	b)	Loan Wire Fee: $0.00 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. 

	 	d)	Non-Utilization Fee as stated in Section 3.07 is waived for the first 180 days from the effective date 

  

					
		 	Borrower’s Initial:	  	            JB            
			
		 	WAB Initial:	  	            AT            

  
 4-1 

 As used in this Schedule 3, the following terms shall have the following meanings (such meanings to be
equally applicable to the singular and plural forms of such terms, and in each case, as reasonably determined by Buyer from time to time): 

“Agency” means any of GNMA, Fannie Mae, Freddie Mac, HUD, FHA or VA, or any other governmental agency which now or hereafter
purchases mortgage loans. 
 “Conforming Mortgage Loans” means a conventional 1-to-4 family residential, 1st lien mortgages that fully conform to all underwriting and documentation requirements of FNMA, FHLMC, or FHA/VA. 

“Conforming Non-Owner Occupied Loan” means a Conforming Mortgage Loan secured by a
property other than the mortgagor’s primary residence that conforms to all underwriting and documentation requirements of FNMA and FHLMC. 

“Conventional Mortgage Loan” means a Mortgage Loan, other than an FHA Loan or VA Loan, which complies with all applicable
requirements for purchase under the Fannie Mae or Freddie Mac standard form of conventional mortgage purchase contract. 
 “Eligible
Jumbo & Super Jumbo Mortgage Loan” means a Mortgage Loan secured by a 1-to-4 family residential, 1st lien mortgage with a principal loan
balance >417,000; > $625,500 in California. Approved investor commitment required before funding. Maximum loan balance of $2MM and must have a minimum FICO of 700. 

“Eligible State Bond Loan” means High LTV Eligible State Bond Program will be allowed up to a Maximum CLTV of 105%. 

“Escrow Holdback Loan (203K)” means an otherwise Conforming Mortgage Loan, however including a holdback provision for
construction completion not to exceed $50M (typically 203K type loans). 
 “FHA Loan” means a Mortgage Loan, payment of
which is partially or completely insured by the FHA under the National Housing Act or Title V of the Housing Act of 1949 or with respect to which there is a current, binding and enforceable commitment for such insurance issued by the FHA. 

“FNMA/FHLMC HARP 2.0 Loan” means LTV £ 125% if Seller Servicer approved,
otherwise LTV allowed £ 110%. Loans must be underwritten by automated DU system or have approved investor commitment. DTI £45%, FICO 3 680. Primary occupied and second homes only. 
 “Minimum Rate” means, with respect
to any Purchased Loan, the minimum rate per annum applicable to such Purchased Loan as set forth in this Schedule 3. 
 “Non-Qualified Mortgage Loan” means a Mortgage Loan outside regulatory interest rate or ability to pay parameters (43% DTI) and are not Safe Harbor Loans. Approved investor
non-delegated commitment required before funding. Non-Qualified Mortgage Loans have also following limits: FICO 3 680 and
LTV £ 80%, LTV > 80% with full MI coverage. DTI £ 50%. 

  
 4-2 

 “VA Loan” means a Mortgage Loan, payment of which is partially or completely
guaranteed by the VA under the Servicemen’s Readjustment Act of 1944 or Chapter 37 of Title 38 of the United States Code or with respect to which there is a current binding and enforceable commitment for such a guaranty issued by the
VA. 
 SCHEDULE 4 

FINANCIAL COVENANTS AND ADDITIONAL DEFINITIONS 
  

	1.	Adjusted Tangible Net Worth (Seller). At all times during the term of this Agreement, Seller shall maintain an Adjusted Tangible Net Worth of at least $4,000,000.00 to be tested by Buyer on a quarterly
basis, as of the last day of each Fiscal Quarter, commencing on June 30, 2017, based upon the most recent financial statements delivered by Seller to Buyer in accordance with Section 6 below. 

 

	2.	Leverage Ratio (Seller). At all times during the term of this Agreement, Seller shall maintain a Leverage Ratio that is less than or equal to 15:1. The Leverage Ratio shall be tested by Buyer on a
quarterly basis, as of the last day of each Fiscal Quarter, commencing on June 30, 2017, based upon the most recent financial statements delivered by Seller to Buyer in accordance with Section 6 below.

  

	3.	Minimum Liquid Assets (Seller). At all times during the term of this Agreement, Seller shall maintain a minimum of $1,000,000.00 of Liquid Assets, tested by Buyer on a quarterly basis, as of the last day
of each Fiscal Quarter, commencing on June 30, 2017. Seller will furnish Buyer with copies of Seller’s current bank and/or brokerage statements in order to permit Buyer to determine Seller’s Liquid Assets. 

 

	4.	Minimum Profitability (Guarantor). Guarantor shall not permit its Pre-Tax Net Profit, for any two consecutive Fiscal Quarters, to be less than $1.00, as calculated
by Buyer on a quarterly basis, as of the last day of each Fiscal Quarter, commencing on June 30, 2017. 

  

	5.	Adjusted Tangible Net Worth (Guarantor). At all times during the term of this Agreement, Guarantor shall maintain an Adjusted Tangible Net Worth of at least $50,000,000.00 to be tested by Buyer on a
quarterly basis, as of the last day of each Fiscal Quarter, commencing on June 30, 2017, based upon the most recent financial statements delivered by Guarantor to Buyer in accordance with Section 6 below.

  

	6.	Minimum Liquid Assets (Guarantor). At all times during the term of this Agreement, Guarantor shall maintain a minimum of $20,000,000.00 of Liquid Assets, tested by Buyer on a quarterly basis, as of the
last day of each Fiscal Quarter, commencing on June 30, 2017. Guarantor will furnish Buyer with copies of Guarantor’s current bank and/or brokerage statements in order to permit Buyer to determine Guarantor’s Liquid Assets.

  
 4-3 

	7.	Financial Statements and Reports. Seller shall furnish to Buyer, in form and detail reasonably satisfactory to Buyer, the following: 

 

	 	a.	Promptly after becoming available, and in any event within one hundred twenty (120) days after the close of each Fiscal Year, Seller’s audited Consolidated balance sheet as of the end of such Fiscal Year, and
the related audited Consolidated statements of income and retained earnings and of cash flows of Seller for such Fiscal Year, setting forth in each case in comparative form the corresponding figures for the preceding Fiscal Year. Such financial
statements shall be accompanied by the unqualified audit report of independent certified public accountants reasonably acceptable to Buyer which report shall be to the effect that such statements have been prepared in accordance with GAAP applied on
a basis consistent with prior periods except for such changes in such principles with which the independent public accountants shall have concurred, and such financial statements shall also be accompanied by management letters with respect thereto,
if any; 

  

	 	b.	Promptly after becoming available, and in any event within thirty (30) days after the end of each Fiscal Quarter, Seller’s unaudited Consolidated balance sheet of Seller and the related unaudited Consolidated
statements of income and retained earnings and of cash flows of Seller for such Fiscal Quarter and the period from the first day of the then current Fiscal Year through the end of such Fiscal Quarter, certified by the chief financial officer or
other executive officer of Seller as being fairly stated in all material respects (subject to normal Fiscal Year-end adjustments); 

 

	 	c.	Promptly after becoming available, and in any event within one hundred twenty (120) days after the close of each Fiscal Year, Guarantor’s audited Consolidated balance sheet as of the end of such Fiscal Year,
and the related audited Consolidated statements of income and retained earnings and of cash flows of Guarantor for such Fiscal Year, setting forth in each case in comparative form the corresponding figures for the preceding Fiscal Year. Such
financial statements shall be accompanied by the unqualified audit report of independent certified public accountants reasonably acceptable to Buyer which report shall be to the effect that such statements have been prepared in accordance with GAAP
applied on a basis consistent with prior periods except for such changes in such principles with which the independent public accountants shall have concurred, and such financial statements shall also be accompanied by management letters with
respect thereto, if any; 

  

	 	d.	Promptly after becoming available, and in any event within thirty (30) days after the end of each Fiscal Quarter, Guarantor’s unaudited Consolidated balance sheet of Guarantor and the related unaudited
Consolidated statements of income and retained earnings and of cash flows of Guarantor for such Fiscal Quarter and the period from the first day of the then current Fiscal Year through the end of such Fiscal Quarter, certified by the chief financial
officer or other executive officer of Guarantor as being fairly stated in all material respects (subject to normal Fiscal Year-end adjustments); 

 

	 	e.	Simultaneously with the furnishing of each of the financial statements to be delivered pursuant to subsections (a) through (d) above, or monthly upon Buyer’s request, a certificate in the form of
Exhibit E hereto and certified by an executive officer of Seller; 

  
 4-4 

	 	f.	Within ten (10) Business Days following Buyer’s written request, Seller will also deliver to Buyer such additional financial statements and information (financial or otherwise) regarding Seller and each
Guarantor as Buyer may reasonably request from time to time. Such information must be dated no earlier than ninety (90) days prior to date provided. 

As used in this Agreement, the following terms shall have the following meanings (such meanings to be equally applicable to the singular and plural forms of
such terms, and in each case, as reasonably determined by Buyer from time to time): 
 “Adjusted Tangible Net Worth” means, as of any date
of determination, for any Person, the Net Worth of such Person (including the book value of owned servicing rights) minus: (a) all Consolidated assets of such Person which would be classified as intangible assets under GAAP, including but not
limited to goodwill (whether representing the excess cost over book value of assets acquired or otherwise), patents, trademarks, trade names, copyrights, franchises, and deferred charges; and (b) all amounts due from related companies. 

“Cash” shall mean lawful money of the United States of America. 

“Cash Equivalents” shall mean (i) securities issued or directly and fully guaranteed or insured by the United States Government or any
agency or instrumentality thereof which mature within ninety (90) days from the date of acquisition, and (ii) time deposits and certificates of deposit, which mature within ninety (90) days from the date of acquisition, of Buyer or
any other domestic commercial bank insured by the Federal Deposit Insurance Corporation. 
 “Guarantor” means, whether one or more,
individually and collectively, jointly and severally, Redfin Corporation, a Delaware corporation. 
 “Index Rate” shall mean the LIBOR
Rate. 
 “Leverage Ratio” means, for a Person as of a particular date, the ratio of such Person’s Liabilities to Adjusted Tangible Net
Worth. 
 “Liabilities” means, with respect to any Person, at any date (a) all indebtedness or other obligations of such Person (and,
if applicable, that Person’s Subsidiaries, on a consolidated basis) which, in accordance with GAAP, would be included in determining total liabilities as shown on the liabilities side of a balance sheet of such Person at such date; and
(b) all indebtedness or other obligations of such Person (and, if applicable, that Person’s Subsidiaries, on a consolidated basis) for borrowed money or for the deferred purchase price of property or services; provided,
however, that, for purposes of this Agreement, loan loss reserves, deferred taxes arising from capitalized excess service fees, operating leases and Subordinated Debt shall be excluded from Liabilities. 

“LIBOR Rate” shall mean with respect to each Transaction, the rate quoted by Buyer as Buyer’s one (1) month LIBOR Rate based upon
quotes from the London Interbank Offered Rate from the ICE Benchmark Administration Interest Settlement Rates, as quoted for U.S. Dollars by Bloomberg (rounded upwards to the nearest 1/100th of
one percent), at approximately 11:00 a.m., London time, on the 1st Business Day of the month in which the Purchase Date or Repurchase Date occurs, or if such rate ceases to be available, on any
other service selected by Buyer providing comparable rate quotations.

  
 4-5 

 “Liquid Assets” means all of a Person’s (1) unencumbered and unrestricted Cash, and
(2) unencumbered and unrestricted Cash Equivalents reflected on current bank and/or brokerage statements furnished to Buyer by Seller and deemed by Buyer in its sole and absolute discretion to be liquid. Liquid Assets will only be measured
based on bank or brokerage accounts directly held by Seller. 
 “Maturity Date” means June 15, 2018 unless terminated on an earlier
date in accordance with this Agreement. 
 “Minimum Utilization Amount” means twenty five percent (25%) of Seller’s Concentration
Limit. 
 “Net Income” means, for any particular period, Seller’s net income (after provision for taxes, as determined in accordance
with GAAP. 
 “Net Worth” of any Person shall mean, as of any date, an amount equal to all Consolidated assets of such Person minus such
Person’s Consolidated Liabilities, each as determined in accordance with GAAP. 
 “Non-Utilization
Fee” means, for any period, an amount equal to the product of (a) one quarter of one percent (.25%) per annum times (b) the difference between (i) the Minimum Utilization Amount minus (ii) the Actual Utilization Amount.
Seller shall not be obligated to pay such Non-Utilization Fee (i) for the first 180 days of the Agreement and (ii) as otherwise set forth, if any, in Schedule
3. 
 “Pre-Tax Net Profit” means Net Income of a Person before taxes and excludes
mark to market adjustments for owned mortgage servicing rights and non-cash compensation in the form of stock or membership interest. 

“Seller’s Concentration Limit” means TEN MILLION DOLLARS ($10,000,000.00) at any one time. 

“State of Organization” means the state of Delaware. 

“Subordinated Debt” means, with respect to any Person, all Liabilities of such Person, for borrowed money, which is, by its terms (which
terms shall have been approved by Buyer) or by the terms of a subordination agreement, in form and substance satisfactory to Buyer, effectively subordinated in right of payment to all other present and future obligations and all indebtedness of such
Person, of every kind and character, owed to Buyer. 
 “Wet Sublimit” means Four Million Dollars ($4,000,000.00) 

  
 4-6 

 EXHIBIT A 

REQUEST FOR LOAN PURCHASE 

BUYER:    Western Alliance Bank
                    DATE:            ,
20         

SELLER:                        
                                 

This request is delivered pursuant to Section 3.01 of the Master Repurchase Agreement (as renewed, extended,
amended, or restated, the “Repurchase Agreement”) dated as of June 15, 2017 between Seller and Buyer. Terms defined in the Repurchase Agreement have the same meanings when used, unless otherwise defined, in this request. 

Seller requests that Buyer purchase from Seller on the terms set forth in the Repurchase Agreement, the Mortgage Loan below (the “Subject
Loan”). In that connection, Seller hereby represents and warrants to Buyer that no Default exists and all representation and warranties applicable to Seller and the Subject Loan contained in the Repurchase Agreement are, as of the date
hereof and as of the Purchase Date applicable to the Subject Loan, true and correct. Upon Buyer’s funding of the Purchase Price in accordance with the Repurchase Agreement, Seller confirms its assignment of the Subject Loan (and hereby assigns
the Subject Loan) in accordance with the terms of the Repurchase Agreement, including Section 3.04. This assignment is made pursuant to and upon the representations; warranties and agreements on the part of the undersigned
contained in the Repurchase Agreement and is governed by the Repurchase Agreement. 
  

	1.	Seller: 

  

	2.	Seller’s Loan No.: 

  

	3.	Property Description: Property Address: 

  

	4.	Amount of Loan: 

  

	5.	Interest Rate: 

  

	6.	Dollar Amount of Buyer’s Anticipated Wire: 

  

	7.	Percentage of Buyer’s Purchase in Mortgage Loan: 

  

	8.	Borrower’s Name: 

  

	9.	Investor: 

  

	10.	Funding Request Date: 

  

	11.	Fax Attachments to                              -
Attn:                     ; Fax No. (        )
                 

  

	 	☐	Signed Request for Loan Purchase 

  

	 	☐	First 2 pages of Appraisal 

  

	 	☐	Investor Approval with Conditions 

  

	 	☐	Investor Rate Lock Confirmation 

  

	 	☐	Specific Closing Instructions (page 1 only) 

  

	 	☐	Final typed 1003 Loan Application 

  

	 	☐	Risk score page of credit report 

  

	 	☐	Insured Closing Letter 

  

	 	☐	Wire Instructions or Copy of Certified Check 

  

	12.	Comments:
                                        
                                         
                                         
                                         
            

                          
                                         
 , as Seller 

  
 A-1 

 
			
		
	By:	 	  

	Name:	 	  

	Title:	 	  

  
 A-2 

 EXHIBIT B 

SELLER’S REPURCHASE REQUEST 

BUYER:                     Western Alliance Bank
                            DATE:
                , 20         

SELLER                         
                                         
                        

This request is delivered under the Master Repurchase Agreement (as renewed, extended, amended, or restated, the “Repurchase
Agreement”) dated as of June 15, 2017, between Seller and Buyer. Terms defined in the Repurchase Agreement have the same meanings when used, unless otherwise defined, in this request. 

Seller requests a repurchase of the Purchased Loans described in Annex I hereto, under Section 4.01 of the
Repurchase Agreement to occur on                     . 

Seller certifies that as of the Requested Repurchase Date, after giving effect to the Requested Repurchase that (a) the representations
and warranties of Seller in the Repurchase Agreement are true and correct in all material respects and (b) no Default exists. 

                       
                                         
        , as Seller 
  

			
		
	By:	 	  

	Name:	 	  

	Title:	 	  

  
 B-1 

 EXHIBIT C 

BUYER’S REPURCHASE REQUEST 

BUYER:                     Western Alliance Bank
                    DATE:                 ,
20         

SELLER                         
                                         
               
 This request is delivered under the Master
Repurchase Agreement (as renewed, extended, amended, or restated, the “Repurchase Agreement”) dated as of June 15, 2017 between Seller and Buyer. Terms defined in the Repurchase Agreement have the same meanings when used,
unless otherwise defined, in this request. 
 Buyer demands a repurchase of the Purchased Loans described in
Annex I hereto (the “Subject Loan”), under Section 4.02 of the Repurchase Agreement, to occur on
                    . 
 Buyer certifies
that Seller is obligated to repurchase the Purchased Loans under Section 4.02 of the Repurchase Agreement. Upon Seller’s funding of the Repurchase Price in accordance with the Repurchase Agreement, Buyer confirms its
assignment of the Subject Loan (and hereby assigns the Subject Loan) in accordance with the terms of the Repurchase Agreement, including Section 4.03. This assignment is made pursuant to and upon the representations,
warranties and agreements on the part of the undersigned contained in the Repurchase Agreement and is governed by the Repurchase Agreement. 
  

			
	
	Western Alliance Bank, an Arizona corporation, as Buyer

  

			
	By:	 	  

	Name:	 	  

	Title:	 	  

  
 C-1 

 EXHIBIT D 

SPECIAL POWER OF ATTORNEY 

Redfin Mortgage, LLC, a Delaware limited liability company (“Seller”) has entered into that certain Master Repurchase
Agreement dated as of June 15, 2017 as the same may be amended or supplemented from time to time (the “Repurchase Agreement”), by and between Seller and Western Alliance Bank, an Arizona corporation. All capitalized terms not
defined herein shall have the meanings given them in the Repurchase Agreement. 
 Seller hereby irrevocably constitutes and appoints Western
Alliance Bank and any officer or agent thereof, with full power of substitution, as its true and lawful attorney-in-fact (“Attorney in Fact”) with full
irrevocable power and authority in the place and stead of Seller and in the name of Seller or in its own name, exercisable by the Attorney in Fact in each case, for the purpose of carrying out the terms of the Repurchase Agreement, including without
limitation, to take any and all appropriate action and execute any and all documents and instruments which may be reasonably necessary or desirable to accomplish the purposes of the Repurchase Agreement, to file such financing statement or
statements relating to the Mortgage Loans as Attorney in Fact at its option may deem appropriate, and, without limiting the generality of the foregoing, Seller hereby gives Attorney in Fact the power and right, on behalf of Seller, without assent
by, but with notice to, Seller, to do the following: 
 (i) in the name of Seller, or in its own name, or otherwise, to take
possession of and endorse and collect any checks, drafts, notes, acceptances or other instruments for the payment of moneys due with respect to any other Mortgage Loans and to file any claim or to take any other action or proceeding in any court of
law or equity or otherwise deemed appropriate by Attorney in Fact for the purpose of collecting any and all such moneys due with respect to any other Mortgage Loans whenever payable; 

(ii) to pay or discharge taxes and Liens levied or placed on or against the Mortgage Loans; 

(iii) to execute, in connection with any sale of Mortgage Loans, any endorsements, assignments or other instruments of
conveyance or transfer; 
 (iv) (A) to direct any party liable for any payment under any Mortgage Loans to make payment
of any and all moneys due or to become due thereunder directly to Attorney in Fact or as Attorney in Fact shall direct; (B) to ask or demand for, collect, receive payment of and receipt for, any and all moneys, claims and other amounts due or
to become due at any time in respect of or arising out of any Mortgage Loans; (C) to sign and endorse any invoices, assignments, verifications, notices and other documents in connection with any Mortgage Loans; (D) to commence and
prosecute any suits, actions or proceedings at law or in equity in any court of competent jurisdiction to collect 

  
 D-1 

 
the Mortgage Loans or any proceeds thereof and to enforce any other right in respect of any Mortgage Loans; (E) to defend any suit, action or proceeding brought against Seller with respect
to any Mortgage Loans; (F) to settle, compromise or adjust any suit, action or proceeding described in clause (E) above and, in connection therewith, to give such discharges or releases as Attorney in Fact may deem appropriate; (G) to
send “goodbye” and “hello” letters on Seller’s or subservicer’s behalf, and (H) generally, to sell, transfer, pledge and make any agreement with respect to or otherwise deal with any Mortgage Loans as fully and
completely as though Attorney in Fact were the absolute owner thereof for all purposes, and to do, at Attorney in Fact’s option and Seller’s expense, at any time, and from time to time, all acts and things which Attorney in Fact deems
necessary to protect, preserve or realize upon the Mortgage Loans and Attorney in Fact’s interests therein and to effect the intent of the Repurchase Agreement, all as fully and effectively as Seller might do. 

For value received, receipt of which is hereby acknowledged, Seller has sold and transferred, and will sell and transfer, to Western Alliance
Bank certain Mortgage Loans pursuant to the Repurchase Agreement and by such transactions that this Special Power of Attorney be coupled with an interest, and Seller does hereby make and declare this Special Power of Attorney to be irrevocable by
Seller or otherwise, renouncing all right to revoke this Special Power of Attorney or to appoint any other person to perform any of the acts enumerated herein. 

Seller does hereby ratify and confirm that the
Attorney-in-Fact may exercise any power or authority granted hereunder, irrespective of whether or not a Default has occurred under the Repurchase Agreement. The rights
and powers of Attorney-in-Fact hereunder are cumulative of all other rights, remedies, and recourse of Western Alliance Bank under the Repurchase Agreement. 

The powers conferred on Attorney in Fact hereunder are solely to protect Attorney in Fact’s interests in the Mortgage Loans and shall not
impose any duty upon it to exercise any such powers. Attorney in Fact shall be accountable only for amounts that it actually receives as a result of the exercise of such powers, and neither it nor any of its officers, directors, employees or agents
shall be responsible to Seller for any act or failure to act hereunder, except for its or their own gross negligence or willful misconduct. Seller hereby covenants and agrees that it will indemnify, defend, and hold harmless the Attorney-in-Fact and its officers acting hereunder for, from and against any and all claims, demands, or causes of action, in any way associated with or related to the acts
performed under this Limited Power of Attorney, including, but not limited to, any and all liabilities, obligations, losses, damages, penalties, actions, judgments, suits, claims, costs, expenses, and disbursements of any kind or
nature (“Liabilities”), but excluding any Liabilties resulting from the negligence, gross negligence, or intentional misconduct of Attorney-in-Fact or its officers. For purposes of A.R.S.
§ 14-5501.E, Seller acknowledges that the power of attorney forms a part of a contract (being this Agreement) and is security for money or for the performance of a valuable act. Buyer hereby
discloses that it may exercise the power of attorney for Buyer’s benefit, and such authority need not be exercised for Seller’s best interest. 

  
 D-2 

 IN WITNESS WHEREOF, this instrument is executed by Seller on this
             day of June, 2017. 
  

			
	SELLER:
	
	Redfin Mortgage, LLC, a Delaware limited liability company
		
	By:	 	     /s/ Jason Bateman

		 	    Jason Bateman, Manager

  

	
	STATE OF     Washington                            
                  
	
	COUNTY OF     King                             
                          

 This instrument was acknowledged before me on this 15 day of June, 2017 by, Jason Bateman, Manager of Redfin
Mortgage, LLC a Delaware limited liability company, on behalf of said company. 
  

					
		  		  	/s/ Shawn M. Taylor
	[SEAL]	  		  	  

Notary Public in and for the State of WA

  

			
	By:	 	     /s/ Adam Wiener

		 	    Adam Wiener, Manager

  

	
	STATE OF     Washington                            
                  
	
	COUNTY OF     King                             
                          

 This instrument was acknowledged before me on this 15 day of June, 2017 by, Adam Weiner, Manager of Redfin
Mortgage, LLC a Delaware limited liability company, on behalf of said company. 
  

					
		  		  	/s/ Shawn M. Taylor
	[SEAL]	  		  	  

Notary Public in and for the State of WA

  

 ACKNOWLEDGED BY 
 ATTORNEY-IN-FACT: 
 Western Alliance Bank, an Arizona corporation 

 

			
	By:	 	 /s/ Elizabeth L. Mix

	Name:	 	Elizabeth L. Mix
	Title:	 	Vice President

  

			
	By:	 	 /s/ Cyndy Joseph

	Name:	 	Cyndy Joseph
	Title:	 	Vice President

  

			
	By:	 	 /s/ Angelli Angara

	Name:	 	Angelli Angara
	Title:	 	Officer

  

			
	By:	 	 /s/ Doug Jones

	Name:	 	Doug Jones
	Title:	 	Assistance Vice President

  

			
	By:	 	 /s/ Albert Thuma

	Name:	 	Albert Thuma
	Title:	 	Senior Vice President

  

			
	By:	 	 /s/ Richie Walia

	Name:	 	Richie Walia
	Title:	 	Senior Vice President

  
 D-4 

 EXHIBIT E 

COMPLIANCE CERTIFICATE 
  

			
	SELLER:	  	Redfin Mortgage, LLC, a Delaware limited liability company
	BUYER:	  	Western Alliance Bank, an Arizona corporation
	GUARANTOR:	  	Redfin Corporation, a Delaware corporation
	TODAY’S DATE:	  	         /        /20    
	REPORTING PERIOD ENDED:	  	         month(s) ended          /         /20    

 This certificate is delivered to Buyer under the Master Repurchase Agreement dated effective as of June 15 , 2017 between
Seller and Western Alliance Bank, an Arizona corporation (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 and Guarantor from the period shown above (the “Reporting Period”) and which accompany this certificate were prepared in accordance with GAAP and present
fairly the financial condition of Seller and Guarantor, respectively, as of the end of the Reporting Period and the results of their respective operations for the Reporting Period; (c) all of the representations and warranties made by Seller in
Article VI 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 Seller and Guarantor are in compliance with the requirements of the Agreement at the end of the
Reporting Period (or if Seller or Guarantor is not in compliance, showing the extent of non-compliance and specifying the period of non-compliance and what actions
Seller or Guarantor, as applicable, proposes to take with respect thereto). 
  

	
	Redfin Mortgage, LLC, a Delaware limited liability company
	
	By:
                                         
                       
	Name:
	Title:

  

			
	SELLER:	  	Redfin Mortgage, LLC, a Delaware limited liability company
	REPORTING PERIOD ENDED:	  	         /         /20    

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

 

	I.	ADJUSTED TANGIBLE NET WORTH—SELLER 

  

					
	 The Adjusted Tangible Net Worth of Seller is:
	  

	 Net Worth (including book value of owned servicing rights):
	  	$		 
	 Minus: Intangible Assets
	  	$		 
	 Minus: Amounts Due from Affiliates
	  	$		 
	 ADJUSTED TANGIBLE NET WORTH:
	  	$		 
	 REQUIRED MINIMUM
	  	$	4,000,000	 
	In compliance?	  	 	☐  Yes    ☐  No	 

  

	II.	LEVERAGE RATIO—SELLER 

  

					
	 Liabilities:
	  	$		 
	 Divided by: Adjusted Tangible Net Worth
	  	($	)	 
	 TOTAL LIABILITIES / ADJUSTED TANGIBLE NET WORTH :
	  	 	__:1	 
	 MAXIMUM PERMITTED
	  	 	15:1	 
	In compliance?	  	 	☐  Yes    ☐  No	 

  

	III.	MINIMUM LIQUID ASSETS—SELLER 

  

					
	 Cash and Cash Equivalents
	  	$		 
	 MINIMUM REQUIRED
	  	$	1,000,000.00	 
		  	  
	  
	 
	In compliance?	  	 	☐  Yes    ☐  No	 

	IV.	ADJUSTED TANGIBLE NET WORTH—GUARANTOR 

  

					
	 The Adjusted Tangible Net Worth of Guarantor is:
	  

	 Net Worth (including book value of owned servicing rights):
	  	$		 
	 Minus: Intangible Assets
	  	$		 
	 Minus: Amounts Due from Affiliates
	  	$		 
	 ADJUSTED TANGIBLE NET WORTH:
	  	$		 
	 REQUIRED MINIMUM
	  	$	50,000,000	 
	In compliance?	  	 	☐  Yes    ☐  No	 

  

	V.	MINIMUM LIQUID ASSETS—GUARANTOR 

  

					
	 Cash and Cash Equivalents
	  	 	$	 
		  	  
	  
	 
	 MINIMUM REQUIRED
	  	$	20,000,000.00	 
		  	  
	  
	 
	In compliance?	  	 	☐  Yes    ☐  No	 
		  	  
	  
	 

  

	VI.	MINIMUM PROFITABILITY—GUARANTOR 

  

					
	 Quarter End Pre-Tax Net Profit
	  	$		 
	 Year-to-Date Pre-Tax Net Profit
	  	$		 
	 MINIMUM REQUIRED
	  	$	1 per quarter	 
		  	  
	  
	 
	In compliance?	  	 	☐  Yes    ☐  No	 

  

	IV.	OTHER REQUESTED INFORMATION 

  

					
	 Total Liabilities under all warehouse and repurchase facilities:
	  	$		 
	 Early Purchase Facilities:
	  	$		 
	 Total dollar value of funded loan volume (Quarter)
	  	$		 
	 Total number of loan units volume (Quarter)
	  	$		 

  

	V.	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-00272-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00272-of-00352.parquet"}]]