Document:

Exhibit

Exhibit 10.27 

Certain confidential information (indicated by [***]) has been omitted from this exhibit because it is both (i) not material and (ii) would likely cause competitive harm if publicly disclosed. 
CONFIDENTIAL 
MASTER AGREEMENT ML02783 First Term 
This Master Agreement between Fannie Mae and HomeStreet Bank (the “Lender”) governs the sale by Lender, and the purchase by Fannie Mae, of eligible residential mortgage loans (the “Mortgages”). This Master Agreement includes all of the terms and conditions described in all of the exhibits, attachments, commitments and MBS Pool Purchase Contracts (“MBS Contracts”) attached or entered into as a part of this Master Agreement. Additionally, the “Master Agreement Terms and Conditions” section of Fannie Mae’s Selling Guide (the “Selling Guide”), which is incorporated into this Agreement by this reference, outlines in more detail the general terms and conditions of the Master Agreement and MBS Contracts and related terms and instructions. The execution of this Master Agreement requires compliance with all provisions and sections of this Master Agreement, including all MBS Contracts, whole loan commitments, exhibits and attachments to this Master Agreement. 
As a condition to Lender’s sale of Mortgages under this Master Agreement, Lender and Fannie Mae must enter into the appropriate whole loan commitments or MBS Contracts, depending on whether Lender will be delivering Mortgages under one of Fannie Mae’s whole loan purchase programs (Negotiated or Standard) or under Fannie Mae’s MBS program. Lender agrees to sell to Fannie Mae, beginning on the Effective Date of Delivery Term and ending on the Expiration Date of Delivery Term (as those terms are defined in Exhibit 1), Mortgages with an aggregate outstanding principal balance equal to the Agreed Amount (as defined in Exhibit 1). 
For whole loan deliveries, any loan-level price adjustments (“LLPAs”) that are referenced in this Master Agreement, will be available no later than 30 days after Fannie Mae receives the executed Master Agreement from Lender. 
Fannie Mae must receive the fully executed Master Agreement within ten business days of Lender’s receipt of this Master Agreement, or Fannie Mae may, at its option, declare this Master Agreement null and void. This Master Agreement may be executed in one or more counterparts and all such counterparts shall be deemed to be one and the same document. This Master Agreement must be executed by Lender, Fannie Mae, and any person, firm, or entity whose joinder is required under the terms of this Master Agreement sign (including a facsimile signature) The effective date of this Master Agreement is the later of (i) the date Fannie Mae receives the fully executed Master Agreement from Lender or (ii) the effective date specified on Exhibit 1 hereto. 
 
Master Agreement ML02783 
MA - 1 
March 15, 2010 

Lender hereby confirms, by checking the appropriate section below, that: 
 
	
			
	 
	 
	 

	 
	 
	It is not a federally-insured institution or an affiliate or subsidiary of a federally-insured institution.

	 
	 

	X
	 
	It is a federally-insured institution or an affiliate or subsidiary of a federally-insured institution. If Lender has checked this section, then Lender agrees to the representations and warranties described in the “Master Agreement Terms and Conditions” section of the Selling Guide.

Sincerely, 
FANNIE MAE 
 
	
			
	 
	 
	 

	By:
	 
	/s/ David Battany

	 
	 
	David Battany

	 
	 
	Director/Assistant Vice President

 
	
			
	 
	 
	 

	Agreed, acknowledged and accepted.

	 

	HOMESTREET BANK

	 
	 

	By:
	 
	/s/ Curt Byers

	Name:
	 
	Curt Byers

	Title:
	 
	V.P. HOMESTREET BANK

	Date:
	 
	3/19/2010

 
Master Agreement ML02783 
MA - 2 
March 15, 2010 

EXHIBIT 1 
TO MASTER AGREEMENT ML02783 Second Term 
 
	
			
	 
	 
	 

	Lender Name
	 
	HomeStreet Bank

	 
	 

	Lender Number
	 
	20722-000-0

	 
	 

	Delivery Term:
	 
	Second

	 
	 

	Effective Date of Delivery Term:
	 
	April 1, 2010

	 
	 

	Expiration Date of Delivery Term:
	 
	March 31, 2012

	 
	 

	Agreed Amount for Delivery Term:
	 
	$2,550,000,000.00 (Optional)

 
Master Agreement ML02783 
MA - Exhibit 1 - 1 
Amendment 9 
March 15, 2011 

MASTER AGREEMENT - GENERAL TERMS 
The following Uniform provisions and defined terms/acronyms apply to all sections of the Master Agreement. 
PART 1. UNIFORM PROVISIONS. 
 
	
		
	1.
	Lender represents and warrants that Mortgages delivered pursuant to a Variance, Special Requirement or nonstandard MBS Contract term contained in this Master Agreement comply with all provisions of the applicable Variance, Special Requirement or nonstandard MBS Contract term. 

 
	
		
	2.
	Lender must enter all SFC(s) required by the Selling Guide, in addition to any additional SFC(s) specified in this Master Agreement. 

 
	
		
	3.
	In addition to any additional LLPA(s) specified in this Master Agreement, Lender must pay all LLPA(s) required by the Selling Guide, unless otherwise specified. 

 
	
		
	4.
	Mortgages may be sold to Fannie Mae as cash deliveries or as MBS pool deliveries, unless otherwise specified. 

 
	
		
	5.
	For a Mortgage to be included in an MBS pool, the origination date LTV may not exceed 100%, unless otherwise specified. 

 
	
		
	6.
	Mortgages originated pursuant to a Variance must be first lien, conventional Mortgages, unless otherwise specified. 

 
	
		
	7.
	Lender agrees not to use Fannie Mae’s name in any advertising distribution, publication or communication to any third party of any Variance or other provision of this Master Agreement. 

 
	
		
	8.
	If a provision of this Master Agreement permits a type of loan that has additional requirements per the Selling Guide (e.g., lender approval for cooperative share loans), then those Selling Guide requirements still apply unless otherwise stated. 

 
	
		
	9.
	Variance Mortgages may not be originated in combination with any other Variances contained in this Master Agreement without Fannie Mae’s prior written approval, unless specifically permitted in a particular Variance. 

 
	
		
	10.
	Unless otherwise specified, any Variance, Special Requirement or nonstandard MBS Contract may be amended or terminated with reasonable notice to Lender, which in many cases will be at least 90 days, in accordance with the provisions of the Selling Guide. Additionally, Fannie Mae reserves the right to rescind or modify any of the terms of any Variance, Special Requirement or nonstandard MBS Contract in connection with the renewal or extension of this Master Agreement or upon reasonable notice to Lender, unless otherwise specified. 

 
Master Agreement ML02783 
MA - General Terms - 1 
Amendment 9 
March 15, 2011 

	
		
	11.
	If Mortgages with IO features are eligible for origination under the terms of a Variance, then such IO Mortgages are subject to the IO eligibility requirements per the Selling Guide, if more restrictive than the Variance, unless the Variance specifically provides that the Variance eligibility requirements supersede the Selling Guide requirements for IO Mortgages. 

 
	
		
	12.
	Trademarks are the property of their respective owners. Fannie Mae trademarks are identified at: www.fanniemae.com/legal/trademarks.jhtml?p=Legal&t=Trademarks 

PART II. DEFINED TERMS AND ACRONYMS 
The defined terms and acronyms below apply to provisions of this Master Agreement (including Variances and Special Requirements), unless a term is otherwise defined in a specific provision. This list supplements the list in “Exhibit 1: Master Agreement Terms and Conditions” section of the Master Agreement, and to the extent there is any inconsistency, the list below shall control. 
 

	
					
	 
	 
	 
	 
	 

	ARM:
	  
	adjustable-rate mortgage loan

	 
	  
	Additional ARM Definitions:

	 
	  
	ARM Type
	  
	 

	 
	  
	6/6 ARM
	  
	Standard Fannie Mae ARM plans with a six-month IFRP, followed by interest rate adjustments every 6 months

	 
	  
	1/1 ARM
	  
	Standard Fannie Mae ARM plans with a one-year IFRP, followed by interest rate adjustments every 12 months.

	 
	  
	3/1 ARM
	  
	Standard Fannie Mae ARM plans with a three-year IFRP, followed by interest rate adjustments every 12 months.

	 
	  
	3/3 ARM
	  
	Standard Fannie Mae ARM plans with a three-year IFRP, followed by interest rate adjustments every 36 months.

	 
	  
	5/1 ARM
	  
	Standard Fannie Mae ARM plans with a five-year IFRP, followed by interest rate adjustments every 12 months.

	 
	  
	7/1 ARM
	  
	Standard Fannie Mae ARM plans with a seven-year IFRP, followed by interest rate adjustments every 12 months.

	 
	  
	10/1 ARM
	  
	Standard Fannie Mae ARM plans with a 10-year IFRP, followed by interest rate adjustments every 12 months.

	 
	  
	COFI ARM
	  
	Standard Fannie Mae ARM plans with interest rate adjustments tied to a “cost of funds” index, as defined in the Glossary to the Selling Guide.

	 
	  
	LIBOR ARM
	  
	Standard Fannie Mae ARM plans with interest rate adjustments tied to the London Interbank Offered Rate index, as defined in the Glossary to the Selling Guide.

	 
	  
	TREASURY ARM
	  
	Standard Fannie Mae ARM plans with interest rate adjustments tied to the Treasury Index, as defined in the Glossary to the Selling Guide.

	All Standard Fannie Mae ARM Plans:
	  
	All standard Fannie Mae MBS ARM Plans, plus all standard plans available for whole loan sale only, per the Selling Guide

	AUS
	  
	automated underwriting system

	bp:
	  
	basis point

	CLTV:
	  
	combined loan-to-value ratio

	Condo:
	  
	Unit in a condominium project

	Coop:
	  
	Unit in a cooperative project

	Coop Loan:
	  
	Loan secured by a coop; cooperative share loan

 
Master Agreement ML02783 
MA - General Terms - 2 
Amendment 9 
March 15, 2011 

	
					
	 
	 
	 
	 
	 

	COR:
	  
	cash-out refinance transaction

	DO®:
	  
	Desktop Originator®

	DTI ratio:
	  
	Total “debt-to-income” ratio

	DU®:
	  
	Desktop Underwriter®

	EA:
	  
	Fannie Mae’s “Expanded Approval®” mortgage product

	FA-ARM:
	  
	Fully amortizing ARM

	FA-FRM:
	  
	Fully amortizing FRM

	FICO:
	  
	credit score; the classic FICO score developed by Fair, Isaac, and Company, Inc.

	Form 1003:
	  
	Uniform Residential Loan Application

	Form 1004:
	  
	Uniform Residential Appraisal Report

	Form 1073:
	  
	Individual Condominium Unit Appraisal Report

	FRM:
	  
	fixed-rate mortgage loan

	Guides:
	  
	The Selling Guide and the Servicing Guide

	HCLTV:
	  
	home equity combined loan-to-value ratio

	HUD-1:
	  
	HUD-1 uniform settlement statement

	IFRP:
	  
	initial fixed-interest rate period of an ARM

	IO:
	  
	interest-only feature

	IO-FRM:
	  
	FRM with IO

	IO-ARM:
	  
	ARM with IO

	LCOR:
	  
	limited cash-out refinance transaction

	LLPA:
	  
	loan-level price adjustment

	LPMI:
	  
	lender-purchased mortgage insurance

	LTV:
	  
	loan-to-value ratio

	MCM:
	  
	Fannie Mae’s MyCommunityMortgageTM products

	MI:
	  
	private primary mortgage insurance

	MSSC:
	  
	The “Mortgage Selling and Servicing Contract” executed by and between Fannie Mae and Lender, unless otherwise specified

	OPB:
	  
	original principal balance

	P&I:
	  
	principal and interest

	PITI:
	  
	principal, interest, taxes, and insurance

	PIW:
	  
	Property Inspection Waiver, which is a fieldwork recommendation offered by Fannie Mae through DU and the Automated Property Service (APS) that results in an offer to waive the property inspection and appraisal for certain lower risk transactions

	Selling Guide:
	  
	Fannie Mae’s Selling Guide, as modified, amended or supplemented from time to time

	Servicing Guide:
	  
	Fannie Mae’s Servicing Guide, as modified, amended or supplemented from time to time

	SFC:
	  
	Special Feature Code

	SFR:
	  
	Single-family residence

	Standard MI:
	  
	MI at the level required by the Selling Guide at the time of delivery of the Mortgage

	TPO:
	  
	Third party originations: includes both Broker and Correspondent loans

	UPB:
	  
	unpaid principal balance

	Variance Mortgage
	  
	As used in any Variance, mortgages delivered pursuant to such Variance

 
Master Agreement ML02783 
MA - General Terms - 3 
Amendment 9 
March 15, 2011 

VARIANCES 
TABLE OF CONTENTS 
 

	
			
	 
	 
	 

	VAR #
	  
	Title

	 
	 

	VAR 1
	  
	HomeStyle Renovation Mortgages - DISCONTINUED

	 
	 

	VAR 2
	  
	Qualification of Loans with Non-Occupant Co-Borrowers

	 
	 

	VAR 3
	  
	Energy Efficient Mortgages (EXPIRING) - DISCONTINUED

	 
	 

	VAR 4
	  
	HomePath Mortgages - DISCONTINUED

	 
	 

	VAR 5
	  
	HomePath Renovation Mortgages - DISCONTINUED

	 
	 

	VAR 6
	  
	Deferred Student Loan Obligations (03/10 modified) - DISCONTINUED

	 
	 

	VAR 7
	  
	HomeStyle Renovation Escrow (03/10) - DISCONTINUED

	 
	 

	VAR 8
	  
	Brigham Young University Residential Leasehold Estates in Hawaii (03/10) - DISCONTINUED

	 
	 

	VAR 9
	  
	Investor Channel Bulk Transaction Delivery Variance Deal Factory No. 20917; Cash Commitment Nos: 817025, 817026, 817027, 817028, 817029, 817030, 817031, 817032, 817033, and 817034. - DISCONTINUED

	 
	 

	VAR 10
	  
	HomePath and HomePath Renovation Mortgages (EXPIRING) - DISCONTINUED

	 
	 

	VAR 11
	  
	HomePath and HomePath Renovation Mortgages (EXPIRING) - DISCONTINUED

	 
	 

	VAR 12
	  
	HomePath and HomePath Renovation Mortgages

	 
	 

	VAR 13
	  
	HomeStyle Renovation Mortgages (04/2010)

 
Master Agreement ML02783 
VAR/TOC - 1 
Amendment 9 
March 15, 2011 

VAR 2 Qualification of Loans with Non-Occupant Co-Borrowers 
 
	
			
	 
	 
	 

	 
Title (Version):
	  
	 
Qualification of Loans with Non-Occupant Co-Borrowers (05/2010)

	 
Description:
	  
	 
Lender may sell Mortgages in which a non-occupying co-borrower’s income was considered as acceptable qualifying income without requiring that the occupant-borrower also qualify based solely on the occupant borrower’s income, subject to the following:

 

	
									
	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
ELIGIBILITY REQUIREMENTS
 

	 
Eligibility: General
	 
	 
	 
	 
Mortgages must meet the following eligibility requirements:

	  
	  
	  
	 
	  
	 
Standard per Selling Guide except as provided below.

	 
Maximum
LTV/CLTV/HCLT (%)
	  
	 
80/80/80

	 
Minimum Representative FICO Credit Score
	  
	 
720

	 
Loan Purpose
	 
	 
	 
	 
Purchase

	 
	  
	 
	  
	 
LCOR

	 
Occupancy/Number of Units
	 
	 
	 
	 
Primary Residence

	 
	  
	 
	  
	 
1-unit

	 
Mortgage Products/Features (including Amortization Type and Term)
	 
	 
	 
	 
Fully-amortizing (FA) Mortgages:

	 
	 
	 
	 
	 
	 
FA-FRMs: Standard per Selling Guide, with terms up to 30 years.

	 
	 
	 
	 
	 
	 
FA-ARMs: Standard per Selling Guide, with terms up to 30 years.

	 
	  
	  
	  
	  
	  
	 
	  
	 
See eligible FA-ARM plans in the “ARM Plan Numbers” section below.

	 
ARM Plan Numbers
	 
	 
	 
	 
30-Year FA-ARMs (fully amortizing):

	 
	 
	 
	 
	 
	 
	 
7/1 ARMs: Plans 750, 751

	 
	  
	  
	  
	 
	  
	 
10/1 ARMs: Plans 1423,1437

	 
UNDERWRITING/DOCUMENTATION
 

	 
Required Underwriting Method
	  
	 
Manual underwriting (see Conditions below)

	 
Manual Underwriting: Conditions
	  
	 
Per Selling Guide, except as modified by this Variance.

	 
Total Debt-to-Income (“DTI”) Ratio(s)
	  
	 
Maximum: 43% combined, for all borrowers.

	 
Non-Occupant Co-Borrower
	 
	 
	 
	 
Income allowed for qualification

	 
	  
	 
	  
	 
Must be a member of borrower’s immediate family.

	 
DELIVERY REQUIREMENTS
 

	 
Combining with Other Variances
	  
	 
Lender may combine Variance Mortgages with other variances as long as the most conservative underwriting and eligibility

 
Master Agreement ML02783 
VAR 2 - 1 
Amendment 3 
July 20, 2010 

	
									
	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	  
	requirements apply.

 

Master Agreement ML02783 
VAR 2 - 2 
Amendment 3 
July 20, 2010 

	
		
	VAR 12
	HomePath and HomePath Renovation Mortgages 

 
	
			
	 
	 
	 

	 
Title (Version):
	  
	 
HomePath and HomePath Renovation Mortgages (02/2011)

	 
Description:
	  
	 
Lender may sell Mortgages originated under Fannie Mae’s HomePath (“HomePath Mortgages”) and HomePath Initiative secured by properties that require moderate renovation (“HomePath Renovation Mortgages”). HomePath Renovation Mortgages are not HomeStyle® Renovation mortgages. The only HomeStyle Renovation requirements that apply to HomePath Renovation Mortgages are those relating to the actual renovation process, as described in the “HomeStyle Renovation Requirements: Limitation of Applicability” section below. All eligibility, underwriting, mortgage origination, delivery and pricing requirements applicable to HomePath and HomePath Renovation Mortgages are per this Variance.
 
HomePath and HomePath Renovation Mortgages are subject to the following terms and conditions:

 
	
		
	PART A.
	HomePath Mortgages 

 
	
							
	 
	 
	 
	 
	 
	 
	 

	 
ELIGIBILITY REQUIREMENTS
 

	 
Eligibility: General
	  
	 
	 
	 
Mortgages must meet the following eligibility requirements:

	  
	  
	  
	 
	  
	 
Standard per Desktop Underwriter (“DU”) except as provided below.

	 
Maximum
LTV/CLTV/HCLTV (%)
	  
	 
	 
	 
Maximum LTV/CLTV/HCLTV for Mortgages with interest-only features (“IO”) is per Selling Guide.

	  
	 
	 
	 
Maximum LTV/CLTV/HCLTV for fully amortizing Mortgages (“non-IO”) is per Selling Guide, except as follows:

	  
	 
	 
	 
	 
	 
90/90/90 for 1-unit investment properties.

	  
	 
	 
	 
	 
	 
80/80/80 for 2-unit investment properties.

	  
	 
	 
	 
	 
	 
75/75/75 for 2-4 unit investment properties where the borrower owns 5-10 financed properties as described in the “Eligibility Matrix” on the efanniemae.com website.

	  
	 
* Max CLTV is 105% if the mortgage is part of a Community Seconds transaction.

	  
	 
	 
	 
All high balance Mortgages (including 1-4 unit investment properties) are subject to minimum credit score and maximum LTV/CLTV/HCLTV requirements per Selling Guide.

	  
	 
	  
	 
MCM mortgages are not eligible.

	 
Loan Purpose
	  
	 
Purchase only.

	 
Mortgage
Products/Features
(including Amortization
	  
	 
	  
	 
All standard FRM and ARM products per Selling Guide are eligible.

 
Master Agreement ML02783 
VAR 12 - 1 
Amendment 9 
March 15, 2011 

	
							
	 
	 
	 
	 
	 
	 
	 

	 
Type and Term)
	  
	 
	  
	 
Unless otherwise provided in this Variance, products must meet the standard eligibility requirements for the specific mortgage type, property type or feature per Selling Guide, for example: 

	 
	 
	 
	 
	 
	 
	 
IO features

	 
	 
	 
	 
	 
	 
	 
Cooperative share loans

	 
	 
	 
	 
	 
	 
	 
Manufactured housing

	 
	 
	 
	 
	 
	 
	 
High-balance Mortgages

	 
Eligible ARM Plan Numbers
	  
	 
Per Selling Guide, as applicable to the standard eligibility requirements for the specific mortgage type.

	 
Minimum FICO
	 
	 
	 
	 
Per Selling Guide, except as follows:

	 
	 
	 
	 
	 
	 
	 
660 for non-IO Mortgages with LTVs over 80% (except for high-balance Mortgages); and 

	 
	 
	 
	 
	 
	 
	 
720 for all IO Mortgages.

	 
	  
	 
	  
	 
Per Selling Guide for high-balance Mortgages

	 
Mortgaged Property
	 
	 
	 
	 
Mortgages must be secured by properties that are acquired from Fannie Mae and designated by Fannie Mae on the www.homepath.com website as eligible for HomePath financing.

	 
	  
	 
	  
	 
Lender must document the file with appropriate pages printed from www.homepath.com showing that the property was eligible for HomePath financing.

	 
Subordinate Financing
	  
	 
Permitted per Selling Guide.

	 
UNDERWRITING/DOCUMENTATION
 

	 
Required Underwriting Method
	  
	 
DU. See additional provisions in the “Desktop Underwriter” section below.

	 
Interested Party Contributions (“IPC”)
	 
	 
	 
	 
Maximum IPC:

	 
	 
	 
	 
	 
	 
Notwithstanding the Selling Guide requirements, for principal residences with LTVs (or CLTVs if applicable) greater than 90%: 6.00% of the Contract Sales Price (see “Determination of Property Value” section below). 

	  
	  
	  
	 
	  
	 
Investment properties and second homes: standard per Selling Guide.

	 
PROPERTY VALUATION/APPRAISAL REQUIREMENTS
 

	 
Required Appraisal Type
	 
	 
	 
	 
No appraisal is required. If an appraisal is obtained by Lender or any party other than the borrower, as expressly provided below, then the mortgage is ineligible for HomePath financing.

	 
	  
	 
	  
	 
Notwithstanding the Selling Guide, Lender is not required to represent and warrant the value or the condition of the property.

 
Master Agreement ML02783 
VAR 12 - 2 
Amendment 9 
March 15, 2011 

	
							
	 
	 
	 
	 
	 
	 
	 

	 
	  
	 
	  
	 
If the borrower, at its option, chooses to obtain an appraisal, then: 

	 
	 
	 
	 
	 
	 
	 
The borrower must order the appraisal from an appraiser selected by the borrower (and not one recommended by Lender), and the appraisal must be paid for by the borrower outside of the loan transaction.

	 
	 
	 
	 
	 
	 
	 
Lender must not request a copy of the appraisal, but if one is provided by the borrower then it must be included in the loan file with a note that the appraisal was ordered by the borrower outside of the loan transaction and was not reviewed or approved by Lender.

	 
	 
	 
	 
	 
	 
	 
The property value shown on the appraisal will not impact the LTV calculation for purposes of this Variance.

	 
	  
	  
	  
	 
	  
	 
Lender must inform the borrower that the purpose of the borrower-ordered appraisal and its contents are for the use and information of the borrower only, and will not be considered for purposes of the loan transaction.

	 
Determination of Property Value
	  
	 
Property value for purposes of loan delivery and for determining LTV/CLTV/HCLTV is the sales price of the property as evidenced by the sales contract between Fannie Mae and the buyer/borrower (“Contract Sales Price”).

	 
MORTGAGE INSURANCE/CREDIT ENHANCEMENT
 

	 
Mortgage Insurance Coverage (“MI”)
	  
	 
MI is not required, provided that at delivery Mortgages with LTVs over 80% will be subject to the applicable LLPAs per Attachment 1.

	 
DESKTOP UNDERWRITER
 

	 
Required Recommendation Levels
	 
	 
	 
	 
Any of the following:

	 
	 
	 
	 
	 
	 
Approve

	 
	 
	 
	 
	 
	 
EA-I

	 
	 
	 
	 
Requires an “Eligible” recommendation. “Ineligible” recommendations are permitted if only reason for ineligibility is:

	 
	 
	 
	 
	 
	 
LTV greater than 85% for non-IO Mortgages secured by 1- unit investment properties; or

	  
	  
	  
	 
	  
	 
LTV greater than 75% for non-IO Mortgages secured by 2- unit investment properties.

	 
Documentation Levels
	  
	 
Must use documentation levels issued by DU, except for the level of fieldwork recommendation.

	 
DU Messaging
	 
	 
	 
	 
Lender may disregard the following DU messages, provided that the Mortgage complies with all requirements of this Variance:

	 
	  
	  
	  
	 
	  
	 
Any message relating to the 1-unit investment property

 
Master Agreement ML02783 
VAR 12 - 3 
Amendment 9 
March 15, 2011 

	
							
	 
	 
	 
	 
	 
	 
	 

	 
	  
	  
	  
	  
	  
	receiving an “Ineligible” recommendation due to an LTV/CLTV/HCLTV greater than 85%, per “Required Recommendation Levels” section above;

	 
	  
	 
	 
	 
	 
	 
Any message relating to the 2-unit investment property receiving an “Ineligible” recommendation due to an LTV/CLTV/HCLTV greater than 75%, per “Required Recommendation Levels” section above;

	 
	  
	 
	 
	 
	 
	 
Any message relating to amount of MI required;

	 
	  
	 
	 
	 
	 
	 
Any message that says the maximum allowable IPC has been exceeded on a principal residence with LTV or CLTV over 90%;

	 
	  
	 
	 
	 
	 
	 
Any message related to the level of fieldwork recommendation; and

	 
	  
	 
	 
	 
	 
	 
Any message that says the property value estimate appears to have an excessive rate of appreciation based on analysis on a recent sale.

	 
Limited Waiver of Representations and Warranties
	  
	 
Mortgages receiving an “Approve” or “EA” recommendation are eligible for the limited waiver of underwriting representations and warranties provided the Mortgage complies with all applicable terms of the limited waiver per the Selling Guide and this Variance.

	 
DU Submission Instructions
	  
	 
HomePath Mortgages must not be submitted to DU as MyCommunityMortgages.

	 
PROJECT APPROVAL AND REQUIREMENTS
 

	 
Project Eligibility
	  
	 
Lender is not required to warrant that the condominium, cooperative or PUD project meets Fannie Mae’s project eligibility criteria.

	 
Project Type Code
	  
	 
	  
	 
Lender must utilize the following Project Type Codes at the time of delivery for all HomePath Mortgages secured by a property in a condominium project, cooperative project, or planned unit development where no project review is performed:

	 
	  
	 
	 
	 
	 
	 
V - for properties in a condominium project,

	 
	  
	 
	 
	 
	 
	 
2 - for properties in a cooperative project, and

	 
	  
	 
	 
	 
	 
	 
E - for properties in a planned unit development.

	 
	  
	 
	 
	 
As a reminder, a Project Type Code of G would be used at the time of delivery for all Mortgages secured by a property that is not located in a condominium project, cooperative project, or planned unit development.

	 
Insurance
	  
	 
Lender must confirm that the project has adequate hazard, flood, and liability coverage in place and verify the existence of fidelity insurance coverage.

	 
ADDITIONAL REQUIREMENTS
 

	 
Refinance of HomePath
	  
	 
HomePath Mortgages originated in accordance with these

 
Master Agreement ML02783 
VAR 12 - 4 
Amendment 9 
March 15, 2011 

	
							
	 
	 
	 
	 
	 
	 
	 

	Mortgages
	  
	requirements are not eligible for refinance under Fannie Mae’s Refi PlusTM.

	 
ORIGINATION CHANNEL REQUIREMENTS
 

	 
Eligible Channel(s)
	  
	 
All

	 
PRICING
 
	  
	 

	 
MBS
	  
	 
	 
	 
Base guaranty fee is per MBS Contract for applicable mortgage product (“Base Pricing”).

	  
	 
	  
	 
See applicable LLPAs in “Loan-Level Price Adjustment(s)” section below.

	 
Whole Loans
	  
	 
	 
	 
Current pricing will be provided at time Mortgages are committed for sale (“Base Pricing”).

	  
	 
	  
	 
See applicable LLPAs in “Loan-Level Price Adjustment(s)” section below.

	 
Loan-Level Price Adjustment(s) (“LLPA”)
	  
	 
	 
	 
In addition to applicable Base Pricing, HomePath Mortgages are subject to the following LLPAs:

	  
	  
	  
	 

 
	  
	 
LLPAs per Attachment 1: and
 
All LLPAs per the Selling Guide per the “Loan-Level Price Adjustment (LLPA) Matrix and Adverse Market Delivery Charge (AMDC) Information” on efanniemae.com with the exception of investment property (see Attachment 1 for LLPAs assessed on investment properties).

	 
Pricing Changes
	  
	 
Fannie Mae reserves the right to change any pricing related to HomePath Mortgages with 60 days prior notice to Lender.

	 
DELIVERY REQUIREMENTS
 
	  
	 

	 
Special Feature Code(s) (“SFC”): Specific to Variance Mortgages
	  
	 
057- for all HomePath Mortgages

	 
Special Feature Code(s) (“SFC”): Other Instructions
	  
	 
	 
	 
All standard per Selling Guide, including:

	  
	 
	 
	 
	 
	 
118 (for first Mortgages originated in conjunction with Community Seconds transactions); and

	  
	  
	  
	 
	  
	 
062 (Expanded Approval Mortgages) - for all HomePath Mortgages that receive an EA-I recommendation from DU.

	 
Mortgage Insurance (MI) Code
	  
	 
MI Code 98 for Mortgages over 80% LTV.

	 
Execution Options
	  
	 
Both whole loan and MBS executions are available.

	 
Whole Loan Deliveries
	  
	 
Lender must use eCommittingTM.

	 
Combining with Other Variances
	  
	 
Lender may NOT combine HomePath Mortgages with other variances.

 
Master Agreement ML02783 
VAR 12 - 5 
Amendment 9 
March 15, 2011 

	
					
	 
	 
	 
	 
	 

	 
Housing Goals Data
	  
	 
	  
	 
Lender is required to report all applicable Housing Goals data. If no appraisal is obtained, then Lender should use the information from the property description on www.homepath.com.

	 
	 
	 
	 
For investment properties occupied by renters, Lender must report the current rental income at delivery, even if the rental income was not used to qualify the borrower.

	 
	 
	 
	 
If the property is vacant and rental data is unavailable, Lender must deliver the loans as “missing” for the relevant housing goals fields, and subsequently contact their Account Team to submit a Housing Goals Data Waiver Request for the missing fields.

	 
Selling Representations and Warranties
	  
	 
Lender makes all selling representations and warranties per the Selling Guide, as modified by this Variance.

	 
Effective Date for Sale of Variance Mortgages
	  
	 
This Variance will be effective for whole loans purchased on or after February 1, 2011 and for loans delivered into MBS pools with issue dates on or after February 1, 2011.

PART B. HomePath Renovation Mortgages 
HomePath Renovation Mortgages are subject to the terms and conditions in Part A for HomePath Mortgages above, except as follows: 
 
	
							
	 
	 
	 
	 
	 
	 
	 

	 
ELIGIBILITY REQUIREMENTS
 

	 
Maximum LTV/CLTV/HCLTV (%)
	 
	 
	 
	 
Maximum LTV/CLTV/HCLTV are the same as applicable to HomeStyle Renovation mortgages, except: 

	 
	 
	 
	 
	 
	 
97/97/97 for 1 -unit principal residence.*

	 
	 
	 
	 
	 
	 
85/85/85 for 1-unit investment properties

	 
	 
	 
	 
	 
	 
75/75/75 for 2-4 unit investment properties

	 
	 
*Max CLTV is 105% if the mortgage is part of a Community Seconds transaction.

	 
Property Types
	  
	 
	  
	 
When the security property is a unit in a condominium (or cooperative) project, the project must be one for which the proposed renovation work is permissible under the bylaws of the owners’ association (or cooperative corporation) or one for which the owners’ association (or cooperative corporation) has given written approval for the renovation work. The renovation work for a condominium or cooperative unit must be limited to the interior of the unit (including the installation of fire walls in the attic).

	  
	 
	  
	 
Manufactured homes are ineligible.

	 
Mortgage Products/Features
	 
	 
	 
	 
Eligible:

	  
	  
	  
	 
	  
	 
All standard fully amortizing FRMs and 30-year ARM

 
Master Agreement ML02783 
VAR 12 - 6 
Amendment 9 
March 15, 2011 

March 15, 2011 

	
							
	 
	 
	 
	 
	 
	 
	 

	(including Amortization Type and Term)
	  
	  
	  
	  
	  
	products with initial fixed rate periods of at least 3 years per Selling Guide, including high-balance mortgages.

	 
	 
	 
	 
	 
Ineligible:

	 
	 
	 
	 
	 
	 
	 
Mortgages with interest-only features 

	 
	 
	 
	 
	 
	 
	 
Mortgages with original terms over 30 years

	 
	  
	  
	  
	 
	  
	 
ARMs with initial fixed rate periods less than 3 years

	 
Eligible ARM Plan Numbers
	  
	 
Per Selling Guide (fully amortizing 30-year ARMs with initial fixed rate periods of at least 3 years), as applicable to the standard eligibility requirements for the specific mortgage type.

	 
Mortgaged Property
	 
	 
	 
	 
Mortgages must be secured by properties that are acquired from Fannie Mae and designated by Fannie Mae on www.homepath.com website as eligible for HomePath Renovation financing.

	 
	  
	 
	  
	 
Lender must document the file with appropriate pages printed from www.homepath.com showing that the property was eligible for HomePath Renovation financing.

	 
UNDERWRITING/DOCUMENTATION
 

	 
Interested Party Contributions(“IPC”)
	 
	 
	 
	 
Maximum IPC:

	  
	  
	  
	 
	  
	 
Notwithstanding the Selling Guide requirements, for principal residences with LTV (or CLTV if applicable) greater than 90%: 6.00% of the Contract Sales Price (see “Determination of Property Value” section below).

	 
ADDITIONAL BORROWER ELIGIBILITY
 

	 
Eligible Borrower: Renovation
	  
	 
Borrower must be an individual (for-profit or non-profit investors and local government agencies are not eligible borrowers).

	 
PROPERTY VALUATION/APPRAISAL REQUIREMENTS
 

	 
Required Appraisal Type
	  
	 
Lender must obtain an “as-completed” full appraisal.

	 
Determination of Property Value
	 
	 
	 
	 
Property value for purposes of loan delivery and for determining LTV/CLTV/HCLTV shall be the lesser of:

	 
	 
	 
	 
	 
	 
	 
the “as completed” appraised value; or

	 
	  
	  
	  
	 
	  
	 
the sum of the sales price of the property as evidenced by the sales contract between Fannie Mae and the buyer/borrower (“Contract Sales Price”) and the total renovation costs (which include the renovation costs and all allowable fees and charges).

	 
RENOVATION REQUIREMENTS
 

	 
HomeStyle Renovation Requirements: Limitation
	  
	 
	  
	 
Lender is responsible for managing and monitoring the completion of the renovation work. All requirements

 
Master Agreement ML02783 
VAR 12 - 7 
Amendment 9 
March 15, 2011 

	
									
	 
	 
	 
	 
	 
	 
	 
	 
	 

	of Applicability
	  
	  
	  
	applicable to Fannie Mae’s HomeStyle Renovation mortgages relating to the actual renovation process apply, including holdbacks, renovation escrow, disbursement, contingency reserve, change orders, sweat equity and insurance, except as otherwise specified in this Variance, the HomePath Documents or as described below:

	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 
	 
Total Cost. The total renovation costs may not exceed the lesser of 35% of the “as completed” appraised value or $35,000.00.

	 
	 
	 
	 
	 
	 
	 
No Recourse. If the HomePath Renovation Mortgage becomes delinquent during the renovation period, there is no automatic recourse to Lender as there is for HomeStyle Renovation mortgages, and Lender is not required to code the HomePath Renovation Mortgage with SFC “001.” However all of Lender’s standard selling representations and warranties apply to HomePath Renovation Mortgages.

	 
	 
	 
	 
	 
	 
	 
Mortgage Payments During Renovation Period. Lender may not escrow for any mortgage payments that may come due during the renovation period.

	 
	 
	 

	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 
	 
all Mortgages with LTVs of 95% or more, and

	 
	 
	 
all Mortgages secured by 2-4 unit properties, regardless of LTV.

	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 
Verification of Completion. Lender must provide Fannie Mae with verification of completion of the renovation upon request of Fannie Mae.

	 

	 
	  
	  

	 
DESKTOP UNDERWRITER
 

	 
Required
Recommendation Levels
	 
	 
	 
	 
Any of the following:

	 
	 
	 
	 

	 
	  
	  
	  
	 
	  
	 
EA-I

 
Master Agreement ML02783 
VAR 12 - 8 
Amendment 9 
March 15, 2011 

	
										
	 	 
	 
	 
	 
	 
	 
	 
	 
	 

	 	 
	  
	 
	  
	 
Requires “Eligible” recommendation. “Ineligible” recommendations are permitted if the only reason for ineligibility is one of the following:

	 	 
	 
	 
	 
	 

	 	 
	  
	  
	  
	 
	  
	 
LTV greater than 75% for a 1-unit investment property, provided the LTV complies with the maximum LTV stated above. (CLTV and HCLTV for 1-unit investment properties currently at 85% for HomeStyle Renovation in DU.)

	 	 
Documentation Levels
	  
	 
Must use documentation levels issued by DU.

	 	 
DU Data Entry Requirements
	 
	 
	 
	 
For all transactions other than 2-4 unit investment properties, the renovation costs must be entered in Line b of Section VII (Details of Transaction) on the loan application.

	 	 
	  
	 
	  
	 
For 2-4 unit investment properties, Lender should not enter the renovation costs on Line b or DU will issue an Out of Scope recommendation. For these transactions, the sum of the sales price and the renovation costs must be entered in Line a.

	 	 
DU Messaging
	 
	 
	 
	 
Lender may disregard the following DU messages, provided that the Mortgage complies with all requirements of this Variance:

	 	 
	 
	 
	 
	 

	 	 

	 	 

	 
	 	 
Legal Documents: Renovation
	 
	 
	 
	 
Lender must use the following (“HomePath Documents”):

	 	 
	 
	 

	 	 

	 	 
	 
	 

	 	 
	 
	 
	 
	 

	 	 
	  
	 
	  
	 
In addition to the mandatory HomePath Documents listed above, Lender at its option may use other model HomeStyle documents (e.g., Lien Waiver, Contractor Profile Report, Change Order Request) provided that the types of transactions and the types of lenders making the HomePath Renovation Mortgage may be subject to a variety of laws and regulations, so it may be necessary to modify this document for use by

 
Master Agreement ML02783 
VAR 12 - 9 
Amendment 9 
March 15, 2011 

	
									
	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	  
	  
	  
	Lender or in particular transactions.

	 
ADDITIONAL LENDER REQUIREMENTS
 

	 
HomeStyle Approval
	  
	 
Lender must be approved to sell HomeStyle Mortgages to Fannie Mae.

	 
ADDITIONAL REQUIREMENTS
 

	 
Servicing Transfers: Renovation
	  
	 
Lender cannot transfer servicing of HomePath Renovation Mortgages until the renovation is complete.

	 
DELIVERY REQUIREMENTS
 

	 
Special Feature Code(s) (“SFC”): Specific to Variance Mortgages
	  
	 
058 - for all HomePath Renovation Mortgages

	 
Special Feature Code(s) (“SFC”): Other Instructions
	 
	 
	 
	 
All standard per Selling Guide, including:

	 
	 
	 
	 
	 
	 
118 (for first Mortgages originated in conjunction with Community Seconds transactions); or

	 
	  
	  
	  
	 

 
Master Agreement ML02783 
VAR 12 - 10 
Amendment 9 
March 15, 2011 

Attachment 1 
Pricing 
 
	
		
	(1)
	LLPAs applicable to HomePath Mortgages and HomePath Renovation Mortgages with no MI, in addition to all applicable LLPAs per Selling Guide and this Attachment 1: 

 
	
			
	 
	 
	 

	LTV
	 
	LLPA
(No MI)

	80.01-85%
	 
	[***]%

	85.01-90%
	 
	[***]%

	90.01-95%
	 
	[***]%

	95.01-97%
	 
	[***]%

 
	
		
	(2)
	LLPAs applicable to HomePath Mortgages and HomePath Renovation Mortgages secured by investment properties. This is in lieu of the LLPA applicable to mortgages secured by investment properties per the Selling Guide, but is in addition to all other applicable LLPAs per Selling Guide and this Attachment 1: 

 

	
											
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	Representative
Credit Scores
	 
	<=70.00
	 
	70:01 - 75.00%
	 
	75.01 - 80.00%
	 
	80.01 - 90.00%
	 
	SFC

	> = 740
	 
	[***]%
	 
	[***]%
	 
	[***]%
	 
	057 and 058

	<740
	 
	[***]%
	 
	[***]%
	 
	[***]%
	 
	[***]%
	 
	057 and 058

 
Master Agreement ML02783 
VAR 12 - 11 
Amendment 9 
March 15, 2011 
 

VAR 13 HomeStyle Renovation Mortgages (04/2010) 
 
	
			
	 
	 
	 

	Title (Version): 
	  
	HomeStyle ® Renovation Mortgages (04/2010)

	Description:
	  
	Lender is approved to sell HomeStyle Renovation Mortgages per the Selling Guide.

 
	
			
	 
	 
	 

	 
DELIVERY REQUIREMENTS
 

	Special Feature Code(s) (“SFC”): Specific to Variance Mortgages
	  
	 “215”
 
 “001”
 
Note: Once renovation has been completed, Lender must contact its Fannie Mae Customer Account Team to remove SFC “001.”

	Special Feature Code(s) (“SFC”): Other Instructions 
	  
	To have the recourse obligation (identified by SFC “001”) removed from any Mortgage, Lender must provide its Fannie Mae Senior Account Manager or Customer Account Risk Manager with documentation showing that renovation related to such Mortgage has been completed.

	 
UNDERWRITING/DOCUMENTATION
 

	Contingency Reserve
	  
	Borrower shall be permitted to maintain a 10% contingency reserve held in a depository account with the Lender, in lieu of having a renovation escrow account. However, if the reserve is held in borrower’s personal account, the Lender must place a hold on said funds until such time as the renovation is completed pursuant to the Selling Guide.

	 
VOLUME LIMITS
 
	  
	 

	Maximum Dollar Amount 
	  
	$5,000,000 aggregate UPB of Variance Mortgages outstanding at any time for which a certificate of completion has not been submitted by Lender to Fannie Mae in accordance with the Selling Guide.

420948v3 
 
Master Agreement ML02783 
VAR 13 - 1 
Amendment 9 
March 15, 2011 

SPECIAL REQUIREMENTS 
This Special Requirements Attachment is attached to and made a part of the Master Agreement. Under this Master Agreement, Lender may sell Mortgages originated in accordance with the following special requirements. Unless otherwise specified, the following special 

requirements apply only to conventional, first lien Mortgages. 
 
Master Agreement ML02783 
SREQ - 1 
Amendment 1 
May 15, 2010 

SPECIAL REQUIREMENTS 
TABLE OF CONTENTS 
 
	
	
	 

	Title

	 

	SR 1 Lender Scheduled/Scheduled Remittances (04/10)

 
Master Agreement ML02783 
SREQ/TOC - 1 
Amendment 1 
May 15, 2010 

SR 1 Lender Scheduled/Scheduled Remittances (04/10) 
 
	
			
	 
	 
	 

	Title (Version):
	  
	Lender Scheduled/Scheduled Remittances (04/10)

	Description:
	  
	Lender may remit by wire transfer “scheduled/scheduled” remittances of principal and interest up to two days prior to the date on which Fannie Mae’s Automated Drafting System will draft all unremitted amounts, subject to the following:

	 
	 

	 
	 
	 

	 
REMITTANCE OBLIGATIONS
 

	General
	  
	 The Servicing Guide provides that Fannie Mae will draft scheduled/scheduled principal and interest payments on the 18th of each calendar month (or the preceding business day if the 18th is not a business day).
 
 Lender may elect to remit scheduled/scheduled remittances by wire transfer up to two business days prior to the business on which Fannie Mae will draft funds from the applicable account through the Automated Drafting System.
 
 Lender shall notify Fannie Mae in advance of the amount of each such wire transfer remittance.
 
 If Fannie Mae receives such notice, and the wire transfer to Fannie Mae is completed by 10:00 a.m. ET on the business day prior to the 18th, Fannie Mae will reduce the automated draft amount to reflect the remittances received via such wire transfer.
 
 As examples:
 
 if the 18th of the month falls on a Sunday (and the Thursday and Friday prior are both business days), the last business day on which the Lender may wire funds pursuant to this Special Requirement is Thursday the 16th.
 
 If the 18th falls on a Monday (and that date and the Thursday and Friday prior are all business days), the last business day on which the Lender may wire funds pursuant to this Special Requirement is Friday the 15th.

	Termination
	  
	Fannie Mae may modify or terminate this Special Requirement in its sole discretion.

261142v2 
 
Master Agreement ML02783 
SR 1 Lender Scheduled/Scheduled Remittances (04/10) - 1 
Amendment 1 

May 5, 2010 

FIXED-RATE PRODUCT ATTACHMENT 
This Fixed-Rate Product Attachment for FHA/VA or conventional fixed-rate, residential mortgage loans (“Fixed-Rate Mortgages”) is attached to and made a part of the Master Agreement. 
Variances, Special Products, and Special Requirements Applicable to Fixed-Rate Mortgages 
Please refer to the attachments under the “Variances” tab and the “Special Requirements” tab, as applicable, for eligibility for variances, special products, and special requirements. 
MBS Guaranty Fee and Buyup/Buydown Information 
The guaranty fee due to Fannie Mae for any Mortgage sold under any MBS Contract shall be at the annual rate specified in the applicable MBS Contract, payable monthly, after giving effect to any reduction of the guaranty fee through use of the MBS Express remittance cycle, if applicable. In addition, the guaranty fee will be set before giving effect to (i) any reduction of the guaranty fee through use of the rapid payment method of remittances, if applicable, and (ii) any increases or decreases of the guaranty fee relating to any buyups or buydowns of such fee, if applicable. 
Lender must choose the applicable Buyup/Buydown Grid posting, “Early” or “Late,” by contacting its customer account team in its lead regional office, prior to the “Early” grid posting. If Lender fails to notify its lead regional office of its grid selection before the “Early” grid is posted, Fannie Mae will assume that Lender has selected the “Early” posting grid. Lender’s grid selection will apply to all MBS pools that it sells under the same MBS Contract. Ratios for products or note rates that are not included in the regular posting may be negotiated through Lender’s lead regional office. 
 
Master Agreement ML02783 
FRM - 1 
Amendment 9 
March 15, 2011 

Contract No. L01030 
FIXED-RATE MORTGAGE POOL PURCHASE CONTRACT 
MASTER AGREEMENT ML02783 Second Term 
 
 
	
			
	 
	 
	 

	Lender: HomeStreet Bank
	 
	Lender Number: 20722-000-0

 
 

	
			
	 
	 
	 

	Eligible Products:
	 
	10, 15, 20, 25, 30, 40 year fixed-rate mortgages

	 
	 

	Guaranty Fee:
	 
	[***] Basis Points (10yr, 15yr FRM)

	 
	 

	 
	 
	[***] Basis Points (20yr, 25yr, 30yr, 40yr FRM)

	 
	 

	 
	 
	[***] Basis Points (30yr, 40yr IO FRM)

	 
	 

	Maximum Amount of Pool Purchase Transactions for Delivery during Second Delivery Term:
	 
	$1,250,000,000.00

	Original First and Last Issue Date for Pools formed under this Contract:
	 

	 
	April 1, 2010 - June 1, 2011

	 
	 

	First Issue Date for Pools formed under this amended Contract:
	 
	April 1, 2011

	 
	 

	Servicing Option:
	 
	Special

	 
	 

	Buyup/Buydown Grid:
	 
	Early (See additional terms in the MBS Guaranty Fee and Buyup/Buydown Information on the Fixed- Rate Product Attachment.)

	 
	 

	Mortgage Type:
	 
	Conventional

	 
	 

	Remittance Cycle:
	 
	Standard

	 
	 

	Seasoning Requirements:
	 
	Current

	 
	 

	Special Feature Codes:
	 
	Per the Selling Guide and applicable attachments under the “Variances” and “Special Requirements” tabs of the Master Agreement.

Additional Terms: 
 
	
			
	 
	 
	The Guaranty Fee adjustment for the MBS Express or RPM remittance cycle, if applicable, may be changed by Fannie Mae from time to time and will be effective 60 days after notice to Lender. 

 
	
			
	 
	 
	Only FRMS and IO FRMS must be delivered under this MBS Contract. All other Mortgage products are ineligible. 

 
Pool Purchase Contract No. L01030 
FRM - 1 
Amendment 9 
March 15, 2011 
 

ARM PRODUCT ATTACHMENT 
This ARM Product Attachment for conventional adjustable-rate residential mortgage loans is attached to and made a part of the Master Agreement. 
Standard Fannie Mae ARM Plans Eligible for Delivery Under MBS Contracts 
For a complete description of Fannie Mae’s standard ARM plans, see the Standard ARM Plan Matrix on efanniemae.com. Each ARM MBS Contract will reference ARM plans eligible for delivery under such MBS Contract. 
Variances, Special Products, and Special Requirements Applicable to Adjustable-Rate Mortgages 
Please refer to the attachments under the “Variances” tab and the “Special Requirements” tab, as applicable, for eligibility for variances, special products, and special requirements. 
MBS Guaranty Fee and Buyup/Buydown Information 
The guaranty fee due to Fannie Mae for any Mortgage sold under any MBS Contract shall be at the annual rate specified in the applicable MBS Contract, payable monthly, after giving effect to any reduction of the guaranty fee through use of the MBS Express remittance cycle, if 

applicable. In addition, the guaranty fee will be set before giving effect to (i) any reduction of the guaranty fee through use of the rapid payment method of remittances, if applicable, and (ii) any increases or decreases of the guaranty fee relating to any buyups or buydowns of such fee, if applicable. 
Lender must choose the applicable Buyup/Buydown Grid posting, “Early” or “Late,” by contacting its customer account team in its lead regional office, prior to the “Early” grid posting. If Lender fails to notify its lead regional office of its grid selection before the “Early” grid is posted, Fannie Mae will assume that Lender has selected the “Early” posting grid. Lender’s grid selection will apply to all MBS pools that it sells under the same MBS Contract. Ratios for products or note rates that are not included in the regular posting may be negotiated through Lender’s lead regional office. 
 
Master Agreement ML02783 
ARM - 1 
Amendment 9 
March 15, 2011 

Contract No. L01028 
ADJUSTABLE-RATE MORTGAGE POOL PURCHASE CONTRACT 
MASTER AGREEMENT ML02783 Second Term 
 
	
			
	 
	 
	 

	Lender: HomeStreet Bank
	  
	Lender Number: 20722-000-0

	 
	 

	Eligible Products:
	 
	Adjustable-Rate Conventional Mortgages

	 
	 

	Plan Number(s):
	 
	03505, 00659, 00660, 00661, 02238, 02699, 02724, 02725, 02737, 03128, 03252 (only those listed above are eligible under this contract - for more details, see the Standard ARM Plan Matrix on efanniemae.com or, if applicable, the instructions in the Additional Terms section)

	 
	 

	Guaranty Fee:
	 
	[***] Basis Point (30yr, 40yr ARM)
[***] Basis Points (30yr “IO” ARM)

	 
	 

	Maximum Amount of Pool Purchase Transactions for Delivery during Second Delivery Term:
	 
	$60,000,000.00

	 
	 

	Original First and Last Issue Date for Pools formed under this Contract:
	 
	April 1, 2010 - June 1, 2011

	 
	 

	First Issue Date for Pools formed under this amended Contract:
	 
	April 1, 2011

	 
	 

	Servicing Option:
	 
	Special

	 
	 

	Buyup/Buydown Grid:
	 
	Early (See additional terms in the MBS Guaranty Fee and Buyup/Buydown Information in the Preamble section.)

	 
	 

	Mortgage Type:
	 
	Conventional

	 
	 

	Pooling Structure:
	 
	ARM Flex

	 
	 

	Remittance Cycle:
	 
	Standard

	 
	 

	Seasoning Requirements:
	 
	Current

	 
	 

	Conversion Option:
	 
	N/A

	 
	 

	Special Feature Codes:
	 
	Per the Selling Guide and applicable attachments under the “Variances” and “Special Requirements” tabs of the Master Agreement.

 
Pool Purchase Contract No. L01028 
ARM - 1 
Amendment 9 
March 15, 2011 

 

Additional Terms: 
 
	
			
	 
	 
	The Guaranty Fee adjustment for the MBS Express or RPM remittance cycle, if applicable, may be changed by Fannie Mae from time to time and will be effective 60 days after notice to Lender. 

 
	
			
	 
	 
	Only ARMS and IO ARMS must be delivered under this MBS Contract. All other Mortgage products are ineligible. 

 
Pool Purchase Contract No. L01028 
ARM - 2 
Amendment 9 
March 15, 2011 

 
CONFIDENTIAL 
March 15, 2011 
Mr. Curt Byers 
Vice President of Secondary Marketing 
HomeStreet Bank 
601 Union Street 
2000 Two Union Square 
Seattle, WA 981012326 
 
	
							
	 
	 
	 
	 
	 
	 
	 

	Subject
	 
	Master Agreement No:
	 
	ML02783
	 
	 

	 
	 
	Delivery Term:
	 
	Second
	 
	 

	 
	 
	Master Agreement Amendment No.:
	 
	Amendment 9
	 
	 

	 
	 
	Lender No.:
	 
	20722-000-0
	 
	 

Dear Mr. Byers: 
By execution of this Letter Agreement, Fannie Mae and HomeStreet Bank (the “Lender”) agree to amend the above-referenced Master Agreement and Contract (if applicable). The amended terms and conditions are set forth in the amended pages to the Master Agreement and (if applicable) the Contract attached to this Letter Agreement. The attachments should be inserted into the Lender’s Master Agreement as described below. Capitalized terms used but not defined in this Letter Agreement, shall have the meanings set forth in the Master Agreement. 
The amended terms and conditions are set forth below. If applicable, the Lender and Fannie Mae shall rely also on any attached pages for a complete description of the amended terms and conditions. 
The amended terms and conditions: 
 
	
					
	 
	 
	 
	 
	 

	1.
	 
	Amended term:
 
Instructions:
	 
	Amend the agreement amount and expiration date for the Master Agreement.
 
In your Master Agreement, replace the following titled sections:
 
 EXHIBIT 1 TO MASTER AGREEMENT ML02783.

 
Master Agreement ML02783 
LE - 1 
Amendment 9 
March 15, 2011 

	
					
	 
	 
	 
	 
	 

	2.
	 
	Amended term:
	 
	Amend certain provisions of certain VAR[s] in the “Variances” section of your Master Agreement.

	 
	 
	 
Instructions:
	 
	 
 Replace the VAR/TOC (Table of Contents) with the enclosed VAR/TOC (Table of Contents).
 
 Replace the following VAR[s] with the enclosed VAR[s] in the “Variances” section of your Master Agreement:
 
 VAR 12 - HomePath and HomePath Renovation Mortgages.

	 
	 
	 

	3.
	 
	Amended term:
	 
	Add the ability to originate and sell certain mortgages as described in the “Variances” section of your Master Agreement.

	 
	 
	 
Instructions:
	 
	 
 Insert the following VAR[s] into the “Variances” section of your Master Agreement:
 
 VAR 13 - HomeStyle Renovation Mortgages (04/2010).

	 
	 
	 

	4.
	 
	Amended term:
	 
	Discontinue the ability to originate and sell certain mortgages as described in the “Variances” section of your Master Agreement.

	 
	 
	 
Instructions:
	 
	 
 Remove the following VAR[s] from the “Variances” section of your Master Agreement:
 
 VAR 1 - HomeStyle Renovation Mortgages;
 
 VAR 3 - Energy Efficient Mortgages (EXPIRING);
 
 VAR 7 - HomeStyle Renovation Escrow (03/10);
 
 VAR 8 - Brigham Young University Residential Leasehold Estates in Hawaii (03/10); and
 
 VAR 11 - HomePath and HomePath Renovation Mortgages (EXPIRING).

	 
	 
	 

	5.
	 
	Amended term:
	 
	Amend Pool Purchase Contract[s]: L01028 and L01030.

	 
	 
	 

	 
	 
	Instructions:
	 
	Replace Pool Purchase Contract[s] in your Master Agreement as follows:
 
 Fixed-Rate - L01030 in the Fixed-Rate section of your Master Agreement.
 
 Adjustable-Rate - L01028 in the Adjustable-Rate section of your Master Agreement.

If you have received the “MASTER AGREEMENT GENERAL TERMS”, “SPECIAL REQUIREMENT” Terms and/or Pool Contract “PRODUCT ATTACHMENT[S]”, please insert/replace them in their respective sections. All replaced sections, along with this letter, should be inserted under the “Amendment History” tab. 
For whole loan deliveries, any loan-level price adjustments (“LLPAs”) that are referenced in the Master Agreement, will be available no later than 30 days after Fannie Mae receives the executed Letter Agreement from Lender. 
 
Master Agreement ML02783 
LE - 2 
Amendment 9 
March 15, 2011 

By execution of this Letter Agreement, Fannie Mae and the Lender agree to and accept the amended terms and conditions as set forth in the attachments to this Letter Agreement. The effective date of the amendments is the date of Fannie Mae’s receipt of this Letter Agreement executed by the Lender (or the later of the date Fannie Mae receives the executed Letter Agreement or the date shown on Exhibit 1, if Exhibit 1 has been revised in this Letter Agreement). The Lender shall return a duly-executed duplicate original of this Letter Agreement to Fannie Mae within ten business days of the date this Letter Agreement is executed by Fannie Mae. If Fannie Mae does not receive an executed duplicate original (or electronic version, as provided below) of this Letter Agreement from the Lender within ten business days, Fannie Mae may, at its option, declare this Letter Agreement null and void. You may return this Letter Agreement to Fannie Mae via facsimile or other means of electronic transmission. Please be aware that if you return only the executed signature page by electronic means (and not the balance of the Letter Agreement) then you are warranting that you have accepted the Letter Agreement in its entirety in the form sent to you by Fannie Mae, with no strike-outs, additions or other changes. NOTE: if you see anything that needs to be changed in this Letter Agreement, please give your Customer Account representative a call before you sign the original. 
Sincerely, 

FANNIE MAE 
 
	
			
	 
	 
	 

	By:
	 
	/s/ Colette Porter

	 
	 
	Colette Porter
Director/Assistant Vice President

	 

	Agreed, acknowledged and accepted.

	 

	HOMESTREET BANK

	 
	 

	By:
	 
	/s/ Curt Byers

	Name:
	 
	Curt Byers

	Title:
	 
	Vice President

	Date:
	 
	3/28/2011

Email addresses for contact related communications are listed below. Please make additions or corrections as necessary. 
curt.byers@homestreet.com 
sharon.todhunter@homestreetbank.com 
 
Master Agreement ML02783 
LE - 3 
Amendment 9 
March 15, 2011cto_Ex4_6

		

			Exhibit 4.6

		

		
			DESCRIPTION OF THE REGISTRANT’S SECURITIES
		

		
			REGISTERED PURSUANT TO SECTION 12 OF
		

		
			THE SECURITIES EXCHANGE ACT OF 1934
		

		
			 The following description sets forth certain material terms and provisions of our securities that are registered under Section 12 of the Securities Exchange Act of 1934. This description also contains summaries of the material terms of our amended and restated articles of incorporation (“Articles of Incorporation”), second amended and restated bylaws (“Bylaws”) and the Florida Business Corporation Act, as amended (“FBCA”).  The following summary of the material terms, rights and preferences of our securities does not purport to be complete and is subject to and qualified in its entirety by reference to our Articles of Incorporation and Bylaws, copies of which are incorporated by reference as exhibits to the Annual Report on Form 10-K of which this exhibit is a part, as well as the FBCA. We encourage you to read the FBCA, our Articles of Incorporation and our Bylaws for additional information. 
		

		
			In this exhibit, references to references to the “Company” “we,” “our” or “us” refer only to Consolidated-Tomoka Land Co. and not any of its current or future subsidiaries.
		

		
			General
		

		
			Our authorized capital stock consists of 25,000,000 shares of common stock, par value $1.00 per share, and 50,000 shares of preferred stock, par value $100.00 per share. As of February 28, 2020, we had 4,794,923 shares of common stock outstanding and no shares of preferred stock outstanding. All issued and outstanding shares of common stock are duly authorized, validly issued, fully paid and nonassessable.  
		

		
			Common Stock
		

		
			Voting Rights
		

		
			Each outstanding share of our common stock entitles the holder to one vote on all matters submitted to a vote of shareholders, including the election of directors. There is no cumulative voting in the election of directors. Our Articles of Incorporation provide certain anti-takeover provisions that require super-majority votes, which may limit shareholders’ rights to effect a change in control as described under the section below entitled “Anti-Takeover Effects of Certain Articles of Incorporation and Bylaw Provisions.”
		

		
			Dividends, Liquidation and Other Rights
		

		
			Subject to the rights of our outstanding preferred stock, if any, which may be hereafter classified and issued, holders of shares of our common stock are entitled to receive dividends only when, as and if approved by our board of directors from funds legally available for the payment of dividends. Our shareholders are entitled to share ratably in the Company’s assets legally available for distribution to our shareholders in the event of our liquidation, dissolution or winding up, voluntarily or involuntarily, after payment of, or adequate provision for, all of our known debts and liabilities and of any preferences of any series of our preferred stock that may be outstanding in the future. 
		

		
			Holders of shares of our common stock have no preference, conversion, exchange, sinking fund or redemption rights and have no preemptive rights to subscribe for any of our securities. Our board of directors, under our Articles of Incorporation, may issue additional shares of our common stock or rights to purchase shares of our common stock without shareholder approval.
		

		
			

		 

		

		
			Transfer Agent and Registrar
		

		
			The transfer agent and registrar for our common stock is Computershare Trust Company, N.A.
		

		
			Anti-Takeover Effects of Certain Articles of Incorporation and Bylaw Provisions
		

		
			Our Articles of Incorporation and Bylaws contain certain provisions that make it more difficult to acquire control of the Company by means of a tender offer, open market purchase, a proxy fight or otherwise. These provisions are designed to encourage persons seeking to acquire control of the Company to negotiate with our directors. We believe that, as a general rule, the interests of our shareholders would be best served if any change in control results from negotiations with our directors.
		

		
			Business Combinations
		

		
			Our Articles of Incorporation generally prohibit the Company from engaging in a broad range of business combinations or other extraordinary corporate transactions with a “Related Person” without the approval of the holders (i) 85% of the outstanding shares of “Voting Stock” of the Company and (ii) not less than 67% of the outstanding shares of Voting Stock held by shareholders other than a Related Person, unless:
		

			
	
			
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			the transaction was approved by a two-thirds vote of the board of directors; 

			
	
			
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			the transaction is between the Company and a wholly-owned subsidiary of the Company; or

			
	
			
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			the consideration paid to the holders of the Company’s Voting Stock is at least equal to certain fair price criteria.

		
			For purposes of our Articles of Incorporation, the term (a) “Voting Stock” means all outstanding shares of capital stock of the Company entitled to vote generally in the election of directors and (b) “Related Person” means any person, or affiliate of such person, which is the beneficial owner on the date on which a binding agreement (except for the fulfillment of conditions precedent, including, without limitation, votes of shareholders to approve such transaction) is entered into by the Company, as authorized by the board of directors, or immediately prior to the consummation of a transaction, or both, of 10% or more of the Voting Stock or any person, or affiliate of such person, who is an affiliate of the Company and at any time within five years preceding the date of the aforesaid agreement was the beneficial owner of 10% or more of the then outstanding Voting Stock.
		

		
			Action by Written Consent; Special Meetings of Stockholders
		

		
			Our Bylaws provide that stockholder action can be taken only at an annual or special meeting of stockholders and cannot be taken by written consent in lieu of a meeting, except with the written consent of two-thirds of the full board of directors. Our Bylaws also provide that, except as otherwise required by law, special meetings of the stockholders can be called by holders of not less than 50% of all votes entitled to be cast on any issue proposed to be considered at the proposed special meeting.
		

		
			Advance Notice Procedures 
		

		
			Our Bylaws establish an advance notice procedure for stockholder proposals to be brought before an annual meeting of our stockholders, including proposed nominations of persons for election to the board of directors. Stockholders at an annual meeting are only able to consider proposals or nominations specified in the notice of meeting or brought before the meeting by or at the direction of the board of directors or by 

		 

		

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a stockholder who was a stockholder of record on the record date for the meeting, who is entitled to vote at the meeting and who has given our Secretary timely written notice, in accordance with our Bylaws, of the stockholder’s intention to bring that business before the meeting. Although the Bylaws do not give the board of directors the power to approve or disapprove stockholder nominations of candidates or proposals regarding other business to be conducted at a special or annual meeting, the Bylaws may have the effect of precluding the conduct of certain business at a meeting if the proper procedures are not followed or may discourage or deter a potential acquiror from conducting a solicitation of proxies to elect our own slate of directors or otherwise attempting to obtain control of the Company.
		

		
			Exclusive Forum Provision of our Bylaws
		

		
			Our Bylaws provide that, unless we consent to the selection of an alternative forum, the sole and exclusive forum for certain actions shall be any Florida court sitting in Volusia County, Florida (or, if no Florida court sitting in Volusia County, Florida has jurisdiction, the federal district court for the Middle District of Florida). Those actions include: (i) any derivative action or proceeding brought on behalf of us, (ii) any action asserting a claim of breach of fiduciary duty owed by any of our directors or our officers or other employees to us or our shareholders, (iii) any action asserting a claim arising pursuant to any provision of the FBCA or the Articles of Incorporation or Bylaws (as either may be amended from time to time), or (iv) any action asserting a claim governed by the internal affairs doctrine. 
		

		
			Amendments to our Bylaws
		

		
			Our Bylaws may be amended, altered or repealed by the affirmative vote of two-thirds of the board of directors then in office at a duly constituted meeting called expressly for that purpose or by the affirmative vote of 85% of the votes eligible to be cast by the shareholders at a duly constituted meeting of shareholders called expressly for that purpose.
		

		
			Indemnification. 
		

		
			The Articles of Incorporation provide that the Company shall indemnify, and may advance expenses to, our officers and directors to the fullest extent permitted by law.
		

		
			 
		

		
			 
		

		 

		

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