Document:

Master Custodial Agreement for Custody of Single Family MBS Pool Mortgage Loans

 Exhibit 10.26 
 MASTER CUSTODIAL AGREEMENT 
 (FANNIE MAE FORM 2003) 

for 

CUSTODY OF SINGLE-FAMILY MBS POOL MORTGAGE LOANS 
 by and between 
 Federal National Mortgage Association 

(“Fannie Mae”), 
 U.S. Bank N.A. 
 (“Custodian”) 

and 

HomeStreet Bank 
 (“Lender”) 
 Effective Date 

10/09 

Fannie Mae Form 2003 November 2006 

 TABLE OF CONTENTS 

 

							
	 	  	 	  	Page	 
	 RECITALS
	  	 	3	  
			
	 SECTION 1:
	  	DEFINITIONS 	  	 	3	  
			
	 SECTION 2:
	  	CUSTODIAN ELIGIBILITY STANDARDS	  	 	5	  
			
	 SECTION 3:
	  	CUSTODIAN’S DUTIES TO FANNIE MAE AND
LENDER	  	 	6	  
			
	 SECTION 4:
	  	LENDER’S DELIVERIES TO CUSTODIAN OF DOCUMENTS AND
DATA	  	 	7	  
			
	 SECTION 5:
	  	CERTIFICATION AND ADVERSE INTERESTS IN MORTGAGE LOANS	  	 	7	  
			
	 SECTION 6:
	  	CUSTODY OF DOCUMENTS	  	 	8	  
			
	 SECTION 7:
	  	REVIEW OF CUSTODIAN BY FANNIE MAE AND LENDER	  	 	9	  
			
	 SECTION 8:
	  	CUSTODIAN’S COMPENSATION	  	 	10	  
			
	 SECTION 9:
	  	INSURANCE	  	 	10	  
			
	 SECTION 10:
	  	INDEMNIFICATION	  	 	11	  
			
	 SECTION 11:
	  	ANNUAL REPORTING 	  	 	11	  
			
	 SECTION 12:
	  	LENDER DUTY TO PROVIDE DOCUMENTATION TO CUSTODIAN	  	 	12	  
			
	 SECTION 13:
	  	TRANSFERS OF SERVICING AND TERMINATION OF SERVICING	  	 	12	  
			
	 SECTION 14:
	  	SUSPENSION OF CUSTODIAN AND TERMINATION OF AGREEMENT	  	 	13	  
			
	 SECTION 15:
	  	REPRESENTATIONS AND WARRANTIES	  	 	15	  
			
	 SECTION 16:
	  	AMENDMENTS, SUPPLEMENTS, AND WAIVERS	  	 	15	  
			
	 SECTION 17:
	  	EXECUTION AND BINDING EFFECT	  	 	16	  
			
	 SECTION 18:
	  	GOVERNING LAW AND PRIORITY OF CONTRACTUAL AUTHORITY	  	 	16	  
			
	 SECTION 19:
	  	CONFIDENTIALITY	  	 	17	  
			
	 SECTION 20:
	  	ASSIGNMENT 	  	 	17	  
			
	 SECTION 21:
	  	HEADINGS AND REFERENCES TO FANNIE MAE	  	 	17	  
			
	 SECTION 22:
	  	NOTICES	  	 	17	  
			
	 EXHIBIT A:
	  	WAIVERS AND VARIANCES	  	 	20	  

 Fannie Mae Form 2003
November 2006 

 
 3
 
  

RECITALS 

This Custodial Agreement is executed by, and delivered to, each of Fannie Mae, Custodian, and Lender, as of the effective
date, all as indicated on the cover page hereof. 
 WHEREAS, Lender
is (or will become) the Servicer of certain Mortgage Loans pursuant to a Mortgage Selling and Servicing Contract with Fannie Mae, and may or may not be the Seller with respect to those Mortgage Loans; 

WHEREAS, Custodian will maintain custody of the Documents on behalf of, and as
custodial agent for, Fannie Mae subject to and in compliance with Fannie Mae’s Guides and Requirements and the applicable MBS Trust Document; 
 WHEREAS, the parties hereto desire to set forth the terms and conditions for Custodian’s responsibilities with respect to Certification and custody of such
Documents; and 
 WHEREAS, the parties hereto intend that
Custodian’s custody of the Documents shall provide Fannie Mae with legal possession thereof, as the term “possession” is used in the Uniform Commercial Code, at all times upon and after the related Mortgage Loans are acquired by
Fannie Mae, except insofar as Fannie Mae may provide. 
 NOW
THEREFORE, in consideration of the mutual undertakings expressed in this Agreement, and other good and valuable consideration, the parties understand and agree as follows: 

SECTION 1:        DEFINITIONS

 The following terms are used herein and are defined as follows: 

 

	(a)	Annual Statement of Eligibility for Document Custodians: Fannie Mae Form 2001 (the current version of which is available at www.efenniemae.com), or such
other reporting form or format as Fannie Mae may require. 

  

	(b)	Agreement: This Custodial Agreement upon its execution by each of Fannie Mae, Lender, and Custodian and delivery of an original or copy of such executed
Custodial Agreement to each of the parties. 

  

	(c)	Certification: Notice by Custodian to Fannie Mae that, as to each Mortgage Loan listed on the Schedule of Mortgages for the referenced MBS pool, it has
examined all the related Documents it has received and has determined that the: 

  

	 	[1]	Documents conform, prima facie and without exception, to the specifications set forth in the Guides, the Requirements, and any other notice to Custodian that
describes Fannie Mae requirements for specific mortgage loans or mortgage loan types, and 

  

	 	[2]	Mortgage Loan data on the Schedule of Mortgages (which is provided to Custodian by Lender via Electronic Delivery) matches the terms of those Documents, without
exception. 

  

	(d)	Certification System: Fannie Mae’s electronic communication system by which Custodian can communicate Certification of a MBS pool to Fannie Mae.

  
 Fannie Mae Form
2003 November 2006 

 
 4
 
  
  

	(e)	Documents: For each Mortgage Loan, (the related promissory note, mortgage assignment, and other documents that Fannie Mae requires to be deposited with
Custodian: (i) for its review on behalf of Fannie Mae (as such requirements are specified in the Guides, the Requirements, both, and/or any other notice to Custodian that describes Fannie Mae requirements for specific mortgage loans or mortgage
loan types), and (ii) if acquired by Fannie Mae, for custody on behalf of Fannie Mae. 

  

	(f)	Electronic Delivery: Fannie Mae’s system by which Lender delivers Mortgage Loan data to Custodian electronically so that Custodian can determine
whether such data matches the terms of the related Documents it will review. See “Certification.” 

  

	(g)	Fannie Mae: Federal National Mortgage Association. See Section 21. 

 

	(h)	Guides: Collectively, the: 

  

	 	•	 	 Fannie Mae Selling Guide, 

  

	 	•	 	 Fannie Mae Servicing Guide, 

  

	 	•	 	 Announcements by which Fannie Mae amends or supplements the foregoing from time to time, and 

 

	 	•	 	 anything that (in whole or part) supersedes, is substituted for, or supplements any of the foregoing, in whatever medium (such as paper, electronic
form, or otherwise) as Fannie Mae shall provide any of the foregoing, specifically including its Web site. References herein to the Guides (or to either of them) are references to the provisions of the most recently updated Guides that pertain to
document custodians and document custody. 

  

	(i)	MBS: Fannie Mae guaranteed mortgage-backed securities issued pursuant to an MBS Trust Document. The term “MBS” includes any “whole-loan
REMIC” (real estate mortgage investment conduits in which the underlying assets are Mortgage Loans rather than mortgage securities). 

  

	(j)	MBS Trust Document: A Fannie Mae trust indenture or agreement (including any applicable amendments thereto), or any other document pursuant to which
Fannie Mae issues MBS (including any applicable amendments thereto), pursuant to which a particular MBS pool was issued, 

  

	(k)	Mortgage Loan: A Single-Family mortgage loan with respect to which: 

 

	 	[1]	Custodian has custody of some or all of the related Documents that Fannie Mae requires to be delivered to Custodian for its review, and 

  

	 	[2]	if such loan is included in an issue of MBS, Custodian maintains custody for Fannie Mae. 

 

	(l)	Regulated Institution: A financial institution that is subject to supervision and regulation by the: 

 

	 	[1]	Federal Deposit Insurance Corporation, 

  

	 	[2]	Office of Comptroller of the Currency of the United States, 

  

	 	[3]	Board of Governors of the Federal Reserve System, 

  

	 	[4]	Office of Thrift Supervision, or 

  

	 	[5]	National Credit Union Administration. 

  

	(m)	 Requirements: Fannie Mae’s Requirements for Document Custodians (the current edition of which is available at www.efanniemae.com),
together with any updates, amendments or supplements thereto provided (or made available) by Fannie Mae from time to time, and 

  
 Fannie Mae Form
2003 November 2006 

 
 5
 
  

	 	 
anything that (in whole or part) supersedes, is substituted for, or supplements any of the foregoing, in whatever medium (such as paper, electronic form, or otherwise) as Fannie Mae shall provide
any of the foregoing, specifically including its Web site. References herein to the Requirements are references to the most recently updated Requirements. 

 

	(n)	Schedule of Mortgages: Fannie Mae Form 2005 as completed for a particular MBS pool, including revisions or corrections thereof to permit deletion and/or
addition of Mortgage Loans prior to Custodian’s Certification of the MBS pool referenced on the Form 2005, or such other means of specifying Mortgage Loans that are subject to this Agreement as Fannie Mae may permit or require.

  

	(o)	Seller: The party that is obligated to Fannie Mae to perform the functions of the “seller” in the Fannie Mae Selling Guide. Lender may be the
Seller with respect to some or all of the Mortgage Loans. If Lender is not the Seller with respect to some or all of the Mortgage Loans, then it became the Servicer with respect to those Mortgage Loans concurrent with, or after, they became assets
of an MBS trust. 

  

	(p)	Servicer: The party that is obligated to Fannie Mae to perform the functions of the “servicer” in the Fannie Mae Servicing Guide. Lender is the
Servicer. 

  

	(q)	Single-Family: Of or pertaining to a property that is comprised of a one-to-four family residential dwelling unit. 

 

	(r)	Trustee: Fannie Mae acting in its capacity as trustee under the applicable MBS Trust Document, and (if applicable) any party that is Fannie
Mae’s successor as such trustee. 

  

	(s)	Writing (or written): A communication (or pertaining to a communication) that is 

 

	 	[1]	typed, handwritten, or photocopied on paper, 

  

	 	[2]	transmitted electronically (e.g., e-mail), or 

  

	 	[3]	transmitted via facsimile machine (i.e., fax). 

 SECTION 2:        CUSTODIAN ELIGIBILITY
STANDARDS 
  

	(a)	At all times, Custodian shall comply with provisions of the Guides and Requirements that set forth Fannie Mae’s requirements for document custodians with respect
to: 

  

	 	[1]	eligibility standards, including financial strength rating standards, and 

  

	 	[2]	operating standards including, but not limited to, such standards for staffing, written procedures, disaster recovery plans, document tracking capabilities, and
physical storage facilities. 

  

	(b)	Custodian must be one of the following: 

  

	 	[1]	a Regulated Institution, 

  

	 	[2]	a subsidiary or parent of a Regulated Institution, 

  

	 	[3]	a holding company that is subject to supervision and regulation by a Regulated Institution 

regulator, or 
  

	 	[4]	a Federal Home Loan Bank. 

  
 Fannie Mae Form
2003 November 2006 

 
 6
 
  
  

	(c)	If Lender, or an affiliate that is controlled by Lender, will be Custodian with respect to Mortgage Loans that Lender sells to Fannie Mae (i.e., will maintain
custody of the Documents that are related to such Mortgage Loans on behalf of Fannie Mae and as its custodial agent), Lender must maintain such Documents in an independent custody department that: 

 

	 	[1]	is established and operated under trust powers granted to Lender by its primary regulator; 

 

	 	[2]	is physically separate from Lender’s departments that perform mortgage loan origination, selling, or servicing functions; 

 

	 	[3]	maintains its own personnel, files, and operations – all separate from the personnel, files, and operations of Lender’s other functions;

  

	 	[4]	is subject to periodic review or inspection by Lender’s primary regulator; and 

 

	 	[5]	has custodial officers who are duly authorized by corporate resolution or by-laws to act on behalf of Lender in its trust capacity and are empowered to enter into this
Agreement and perform the duties set forth in this Agreement. 

SECTION 3:        CUSTODIAN’S
DUTIES TO FANNIE MAE AND LENDER 

 

	(a)	Custodian does not, pursuant to this Agreement, acquire any ownership interest in any of the Mortgage Loans or Documents. Custodian may not transfer, pledge or
otherwise hypothecate any Mortgage Loan or any Document. 

  

	(b)	In performing its duties and responsibilities under this Agreement (including, but not limited to, in reviewing Documents and data for possible Certification, and in
connection with Document custody at all times upon and after receipt of Documents), Custodian at all times acts for the sole benefit of Fannie Mae. 

  

	(c)	By reason of the immediately foregoing, Custodian will: 

  

	 	[1]	subscribe to the Guides and assure that it is on Fannie Mae’s distribution list for the Requirements, 

 

	 	[2]	comply with all Requirements and Guides as are applicable to its obligations under this Agreement, and 

 

	 	[3]	meet any other requirements that Fannie Mae may specify from time to time as applicable to custodians generally, a group of custodians, or Custodian specifically.

  

	(d)	In performing its functions and duties under this Agreement, Custodian undertakes to both Fannie Mae and Lender to act with reasonable care, using that degree of skill
and care that it exercises with respect to notes and other documentation for mortgage loans owned and/or serviced by it (or held for others if it has neither an investment portfolio or a servicing portfolio), and with at least such skill and
diligence as is customary in the industry. 

  

	(e)	Custodian is not liable to Lender for damages by reason of its diligent performance of the services and duties that it is obligated to perform for Fannie Mae by reason
of this Agreement, and this Section 3 in particular. 

  

	(f)	All Documents that are related to Mortgage Loans that have been transferred to an MBS trust are held by Custodian for Trustee of such trust, However:

  

	 	[1]	 If title to a Mortgage Loan is transferred from its MBS trust to Fannie Mae in its corporate capacity (i.e., for Fannie Mae’s investment
portfolio), then this Agreement 

  
 Fannie Mae Form
2003 November 2006 

 
 7
 
  

	 	 
shall continue and Custodian will hold all Documents that are related to the removed Mortgage Loan for Fannie Mae as owner of such Mortgage Loan, and will have the same duties and obligations
under this Agreement to Fannie Mae as it had to Trustee prior to such removal. 

  

	 	[2]	If title to a Mortgage Loan is transferred from its MBS trust and the transferee is Lender or any other transferee that is not Fannie Mae, then this Agreement shall no
longer apply to the Documents that are related to the removed Mortgage Loan. 

 SECTION
4:        LENDER’S DELIVERIES TO CUSTODIAN OF DOCUMENTS AND
DATA 
  

	(a)	Each Mortgage Loan will be listed on the Schedule of Mortgages that is provided to Custodian. 

 

	(b)	Prior to Certification, Custodian must receive: 

  

	 	[1]	the Documents related to all Mortgage Loans listed on the Schedule of Mortgages, and 

 

	 	[2]	by Electronic Delivery, all required data describing all Mortgage Loans listed on the Schedule of Mortgages. 

 

	(c)	Lender will deposit with Custodian all Documents and provide all data in a manner that is timely to permit completion of Certification in coordination with its plans
for issuance of the MBS. 

  

	(d)	Lender and Custodian may agree that Lender shall deliver, and Custodian shall retain, any documentation pertaining to a Mortgage Loan that Fannie Mae does not require
to be held by Custodian. However, the standard referred to in Section 3 hereof (“Custodian’s Duties to Fannie Mae and Lender”) applies to such other documentation, if the Guides provide that it is owned or held by Fannie Mae.

  

	(e)	If Lender is not the Seller, the Seller need not execute this Agreement, However: 

 

	 	[1]	With respect to Mortgage Loans for which Lender will become Servicer concurrently with Fannie Mae’s acquisition of such Mortgage Loans, Lender represents and
warrants to Fannie Mae that, insofar as the cooperation of the Seller, or performance by the Seller of duties and/or obligations that are provided for by the Fannie Mae Selling Guide, are necessary under this Agreement, Lender will obtain such
cooperation, or will perform, or will cause the Seller to perform, all such duties and obligations. 

  

	 	[2]	With respect to Mortgage Loans for which Lender becomes Servicer either concurrently with, or subsequent to, Fannie Mae’s acquisition of such Mortgage Loans and
delivery of MBS, Lender is accountable to Fannie Mae for any Seller failure to so cooperate or perform. 

SECTION 5:        CERTIFICATION AND ADVERSE
INTERESTS IN MORTGAGE LOANS 
  

	(a)	For each Mortgage Loan listed on the Schedule of Mortgages, upon receipt of related Documents, Custodian shall determine whether: 

 

	 	[1]	it has received all Documents, 

  
 Fannie Mae Form
2003 November 2006 

 
 8
 
  
  

	 	[2]	the Documents it has received conform, prima facie and without exception, to the specifications set forth in the Guides, Requirements, and any other notice to
Custodian that describes Fannie Mae requirements for specific mortgage loans or mortgage loan types. 

  

	(b)	For each Mortgage Loan listed on the Schedule of Mortgages, upon receipt of Documents, and receipt of loan data by Electronic Delivery, Custodian will determine whether
such data matches the terms of the Documents it has received, without exception. 

  

	(c)	If and when, for each Mortgage Loan listed on the Schedule of Mortgages, Custodian determines that the Documents conform to Fannie Mae’s document specifications,
and the loan data matches the terms of the Documents, then Custodian shall complete the custodian certification screen in the Certification System and electronically transmit its Certification of such, MBS pool via the Certification System.

  

	(d)	If any Documents reviewed by Custodian are not in compliance with the documentation standards, or the terms thereof do not match the data Custodian received, Custodian
will not deliver its Certification and, instead, will notify Lender of all such deficiencies. Custodian shall not certify the MBS pool referenced on the Schedule of Mortgages until: 

 

	 	[1]	all such discrepancies or deficiencies are: 

  

	 	•	 	 cured by Lender, if that is legally possible to do, 

  

	 	•	 	 corrected by the borrower, if action by the borrower is legally required, or, 

 

	 	•	 	 waived by Fannie Mae in writing, and/or 

  

	 	[2]	all Mortgage Loans with deficiencies are removed from the Schedule of Mortgages, and the revised Schedule of Mortgages is provided to Custodian.

  

	(e)	By providing its Certification, Custodian represents and warrants to Fannie Mae that, with respect to the MBS pool and each Mortgage Loan included therein, Custodian
has: 

  

	 	[1]	complied with Fannie Mae’s bailee letter requirements (as described in Selling Guide, Part VI, Chapter 3, Section 303), and 

 

	 	[2]	advised Fannie Mae if it is aware that Lender, or any other person with an interest in the Mortgage Loan, has pledged the Mortgage Loan to a warehouse lender or other
creditor, and will advise Fannie Mae if it subsequently becomes aware of such information. 

  

	(f)	Custodian waives and releases any adverse interest which it may have, by way of a security interest or otherwise, in each Mortgage Loan as of the issue date of the
related MBS. 

  

	(g)	Certification requirements of this Agreement do not apply if Certification of the MBS pool was completed before Lender became the servicer for the Mortgage Loans in
such MBS pool. 

 SECTION 6:        CUSTODY
OF DOCUMENTS 
  

	(a)	All Documents are held solely and exclusively for Fannie Mae. Subject only to that limitation. Custodian shall make disposition of Documents solely in accordance with
instructions furnished by Fannie Mae in the Guides, the Requirements, or otherwise by notice from Fannie Mae. Further: 

  
 Fannie Mae Form
2003 November 2006 

 
 9
 
  
  

	 	[1]	Custodian specifically acknowledges that Fannie Mae has the right to require Custodian to release all Documents, or any portion thereof, pursuant to Fannie Mae’s
instructions, without payment to Custodian of any fee or charge, or other thing of value. 

  

	 	[2]	Unless otherwise instructed by Fannie Mae, Custodian may release Documents that are related to Mortgage Loans that have been removed from the Schedule of Mortgages
before Custodian delivers its Certification. Release in such cases shall be to the party that Custodian determines to be entitled to the Documents. 

  

	 	[3]	If a Mortgage Loan became an MBS trust asset and title to such Mortgage Loan thereafter is transferred to Lender, then Custodian may release the Documents that are
related to that Mortgage Loan, provided that Fannie Mae as Trustee (or Fannie Mae’s successor as Trustee, if any) notifies Custodian that such Mortgage Loan is no longer an MBS trust asset. 

 

	(b)	Custodian shall: 

  

	 	[1]	maintain continuous custody of all Documents, and in a manner that identifies such Documents as being held on behalf of Fannie Mae and distinguishes them from documents
held for itself or other parties. 

  

	 	[2]	hold all such Documents in secure and fire resistant facilities in accordance with Fannie Mae’s requirements for such custody, and 

 

	 	[3]	at any reasonable time, make all such Documents, or any portion thereof, available to representatives of Fannie Mac for examination, without payment to Custodian of any
fee or charge, or other thing of value. 

  

	(c)	If Documents exist in electronic form, Custodian shall hold such Documents in secure facilities and with appropriate back-up to guard against loss due to physical
damage, power failure, or physical or electronic contamination, and shall maintain equipment or systems with capability to read, store, copy, reproduce or otherwise access such Documents. In addition, Custodian hereby grants Fannie Mae (in any of
its capacities) or any other party authorized under the applicable MBS Trust Document (in the capacity provided for by such MBS Trust Document), a license to use Custodian’s technology to access any such Documents on Custodian’s systems as
such licensee, in its sole discretion, determines is necessary or convenient in connection with its capacity. 

  

	(d)	Section 6(a) notwithstanding, Custodian shall release any of the Documents to Lender from time to time, as required to service the related Mortgage Loans, and as
permitted by the Guides and/or Requirements, unless instructed to the contrary by Fannie Mae. Any such release to Lender requires a request on a form accepted or designated by Fannie Mae, from a person duly authorized to make such request. Custodian
shall retain such records as Fannie Mae may require concerning such releases. 

 SECTION
7:        REVIEW OF CUSTODIAN BY FANNIE MAE AND LENDER

  

	(a)	Fannie Mae may perform, with or without prior notice but during regular business hours, on-site reviews to: 

 

	 	[1]	examine any or all Documents and/or other records held by Custodian that relate to Mortgage Loans, 

 

	 	[2]	evaluate Custodian’s custodial facility, 

  

	 	[3]	assess Custodian’s operations or controls, and/or 

  
 Fannie Mae Form
2003 November 2006 

 
 10
 
  
  

	 	[4]	review Custodian’s compliance with this Agreement, the Requirements, and/or the Guides. 

 

	(b)	If, in Fannie Mae’s judgment, such review indicates any deficiency, then Fannie Mae will notify Custodian (and may notify Lender), specifying the nature of the
deficiency, required remedial action, and date for remediation. Failure to remediate may result in exercise by Fannie Mae of any of the remedies specified in Section 14 (“Suspension of Custodian and Termination of Agreement”).
Custodian may not charge Fannie Mae any fees in connection with any review or remediation. 

  

	(c)	Lender shall ensure that Custodian complies with the Requirements and the Guides. For this purpose, Lender is permitted by Custodian, and obligated to Fannie Mae, to
monitor Custodian’s compliance with the Requirements and the Guides. Immediately upon learning of any failure (or apparent failure) by Custodian to comply with any of the foregoing at any time, Lender must notify Fannie Mae and Custodian,
specifying the nature of the non-compliance (or apparent non-compliance), required remedial action, and date for remediation, 

SECTION 8:        CUSTODIAN’S
COMPENSATION 
  

	(a)	Compensation for Custodian’s services, including any action taken by Custodian at the request or demand of Fannie Mae. is the sole responsibility of Lender.
Custodian may not refuse to take any action or otherwise fail to perform in accordance with this Agreement on the grounds that Custodian has not been (or will not be) compensated by Lender. Custodian agrees to look solely to Lender for payment of
its compensation, and agrees that it has no statutory or other lien on, or other rights in, the Documents for payment of its compensation. 

  

	(b)	Lender may not structure compensation in a manner that would reward Custodian for compromising its standard of diligence owed to Fannie Mae pursuant to Section 3
hereof (“Custodian’s Duties to Fannie Mae and Lender”). For example, but without limiting the generality of the foregoing, compensation may not be inversely proportional to the per-loan time used to complete Certification review, or
directly proportional to the percentage of reviews that result in immediate Certification. 

 SECTION
9:        INSURANCE 
  

	(a)	During the term of this Agreement, Custodian shall maintain, at a minimum, the following insurance coverages at its expense, and provide, if requested, certificates of
insurance to Fannie Mae evidencing such coverages: 

  

	 	[1]	 Financial Institution Bond (or equivalent insurance) protecting against, at a minimum, losses resulting from dishonest or fraudulent acts
of directors, officers, employees, and/or contractors; and physical damage or destruction to, or loss of, any mortgage notes and/or assignments while such Documents are located on Custodian’s premises or in-transit while under its control. The
insurance coverage must be in an amount that is commercially reasonable and is commonly found in the mortgage industry, based on the number of notes 

  
 Fannie Mae Form
2003 November 2006 

 
 11
 
  

	 	 
and assignments held in custody. The policy’s deductible clause may be for any amount up to a maximum of five percent of the face amount of the bond, and 

 

	 	[2]	Errors and Omissions Insurance covering liability due to errors or omissions in the performance of services, and claims resulting from Custodian’s
breach of duty, neglect, misstatement, misleading statement or other wrongful acts committed in the conduct of document custodial services. Coverage limits must be not less than $1 million per claim and $10 million in the aggregate, on a claims-made
basis. The policy’s deductible clause may be for any amount up to a maximum of five percent of the face amount of the bond. 

  

	(b)	The insurance obligations provided for in this Section 9 do not diminish, restrict, or limit Custodian’s responsibilities and obligations as stated herein.

  

	(c)	A Custodian that is a subsidiary or affiliate of a Regulated Institution may use its parent’s or affiliate’s fidelity bond, and errors and omissions insurance
policies, provided that Custodian is named as a joint insured under the fidelity bond and the errors and omissions insurance. 

  

	(d)	Lender shall comply with the transit insurance requirements set forth in the Guides, the Requirements, or both. 

SECTION 10:        INDEMNIFICATION 

 

	(a)	Custodian agrees to indemnify Fannie Mae and hold Fannie Mae harmless for any and all liabilities, obligations, losses, damages, payments, costs, or expenses of any
kind whatsoever (including reasonable attorneys’ fees), which may be imposed on, incurred by, or asserted against Fannie Mae as the result of any negligence, malfeasance, act or omission by Custodian, in its performance (or nonperformance) of
the functions and duties of Custodian required by this Agreement, the Guides, or the Requirements. Unless otherwise agreed to in writing by Fannie Mae, the foregoing includes, but is not limited to, Certification of any Mortgage if the:

  

	 	[1]	Documents were incomplete, 

  

	 	[2]	Documents did not conform, prima facie and without exception, to the specifications set forth in the Guides, the Requirements, and any other notice to Custodian
that describes Fannie Mae requirements for specific mortgage loans or mortgage loan types, or 

  

	 	[3]	Mortgage Loan data submitted on the Schedule of Mortgages did not match the terms of those Documents, without exception. 

 

	(b)	Lender agrees to indemnify Fannie Mae and hold Fannie Mae harmless for any and all liabilities, obligations, losses, damages, payments, costs, or expenses of any kind
whatsoever (including reasonable attorneys’ fees) which may be imposed on, incurred by, or asserted against Fannie Mae as the result of Lender’s selection of Custodian, or by reason of Custodian’s custody of the Documents.

 SECTION 11:        ANNUAL
REPORTING 
  

	(a)	 Using a manner of delivery permitted by Section 22 (“Notices”), Custodian must complete and submit an Annual Statement of Eligibility
for Document Custodians (Fannie Mae Form 

  
 Fannie Mae Form
2003 November 2006 

 
 12
 
  
 
2001) to Fannie Mae for each calendar year (or portion thereof that ends on December 31) by March 31st of the following calendar year. 
  

	(b)	Custodian’s submission of the Annual Statement of Eligibility for Document Custodians shall be subject to Section 19 of this Agreement
(“Confidentiality”). 

 SECTION
12:        LENDER DUTY TO PROVIDE DOCUMENTATION TO CUSTODIAN 

Lender shall provide Custodian with copies of such confirmations, agreements, assignments, documents, opinions, instructions, and information relating to
this Agreement or to the transactions and responsibilities contemplated hereby, as Custodian may from time to time reasonably request. 

SECTION 13:        TRANSFERS OF SERVICING
AND TERMINATION OF SERVICING 
  

	(a)	 If Lender transfers servicing of some or all of the Mortgages, Lender is responsible for compliance with the Servicing Guide’s requirements pertaining to document custody in
connection with transfers of servicing. 

  

	(b)	The transferee servicer may use Custodian or Fannie Mae’s Document Custodian Facility; or (if all applicable custodian eligibility and operational standards are
met) it may arrange to move the related Documents to itself as custodian or to another custodian of its selection. However, unless the servicer uses Fannie Mae’s Document Custodian Facility, it must have (or must execute) a Custodial Agreement
with the party that will be the successor custodian for the Documents. 

  

	(c)	If Documents will be moved in connection with such transfer of servicing, then: 

 

	 	[1]	Lender (as servicing transferor) must execute and deliver to the servicing transferee such documents as Fannie Mae may require, 

 

	 	[2]	Custodian must cooperate with Lender, the transferee servicer, and the transferee custodian (or Fannie Mae’s Document Custodian Facility, if applicable) in the
transfer of custody, and 

  

	 	[3]	no later than 30 days after the effective date of the servicing transfer, the related Documents must be moved to the transferee custodian (or to Fannie Mae’s
Document Custodian Facility). 

  

	(d)	If Lender’s rights and obligations of servicing terminate with respect to some or all of the Mortgages without a transferee servicer that assumes Lender’s
servicing rights and obligations, Fannie Mae may elect to continue this custodial relationship. In that event, Custodian will continue to perform its obligations hereunder for a reasonable time, determined on a case-by-case basis, on the same terms
and conditions as set forth herein, provided that Fannie Mae shall not be obligated to pay any compensation or fee for Custodian’s holding or release of any Documents during such period. 

  
 Fannie Mae Form
2003 November 2006 

 
 13
 
  

SECTION 14:        SUSPENSION OF CUSTODIAN
AND TERMINATION OF AGREEMENT 
  

	(a)	Suspension of Custodian by Fannie Mae. 

  

	 	[1]	If, in Fannie Mae’s judgment, Custodian is in noncompliance with this Agreement, by reason of any failure to correct a deficiency of which it has been notified,
then Fannie Mae may, upon notice lo Lender and Custodian, suspend the authority of Custodian to certify additional Mortgages and/or to accept additional Documents on behalf of Fannie Mae. 

 

	 	[2]	During the period of suspension, with respect to Documents it has previously received, Custodian must continue to perform its custody obligations in accordance with
this Agreement, the Guides, the Requirements, and/or any and all other terms agreed to in writing by Custodian and Fannie Mae. 

  

	 	[3]	Such suspension shall continue until Custodian becomes compliant with this Agreement, or Fannie Mae terminates this Agreement. Fannie Mae will consider evidence
presented by Custodian that it has become compliant. 

  

	(b)	Termination of Agreement by Fannie Mae. 

  

	 	[1]	At its sole discretion, Fannie Mae may terminate this Agreement, following a notice delivered to Lender and Custodian at least 30 days prior to the termination
effective date named in the notice, and may require Lender to cause all Documents to be moved to another custodian or multiple custodians that meet all requirements of this Agreement (or to Fannie Mae’s Document Custodian Facility) prior to the
termination effective date. 

  

	 	[2]	In addition, Fannie Mae may terminate this Agreement immediately, and may require all Documents to be transferred immediately to another custodian or multiple
custodians (or to Fannie Mae’s Document Custodian Facility) upon occurrence of any of the following: 

  

	 	•	 	 Disqualification or suspension of Lender pursuant to the Guides or termination pursuant to its Mortgage Selling and Servicing Contract, or other
determination by Fannie Mae that the performance of Lender has been unsatisfactory, or that Lender has failed to meet its eligibility standards; 

  

	 	•	 	 Disqualification or suspension of Custodian pursuant to the Guides and/or the Requirements, or other determination by Fannie Mae that the performance
of Custodian has been unsatisfactory, or that Custodian has failed to meet its eligibility standards pursuant to the Guides and/or the Requirements; and 

 

	 	•	 	 Any other circumstance with respect to Custodian, Lender, or the Documents that, in the determination of Fannie Mae, adversely affects the Documents or
the interests of Fannie Mae, in any of its capacities. 

  

	 	    	In any of these events, Custodian shall comply with such requirements as Fannie Mae shall impose including, but not limited to, immediately delivering to Fannie Mae (or
its designee) all Documents in its custody. 

  

	(c)	 Termination of Agreement by Lender. Lender may terminate this Agreement, following a notice delivered to Custodian and to Fannie Mae at
least 30 days prior to the termination 

  
 Fannie Mae Form
2003 November 2006 

 
 14
 
  
 
effective date named in the notice, provided that (in addition to meeting the requirements in Section 14(e) and (f) below), the following requirements are met: 

 

	 	[1]	Lender must cause the Documents to be moved, prior to the termination effective date and in compliance with the Guides and the Requirements, to another custodian or
multiple custodians that meet all requirements of this Agreement (or to Fannie Mae’s Document Custodian Facility). 

  

	 	[2]	Lender will have the Documents transferred earlier than the termination effective date given in the notice, or immediately, if Fannie Mae deems an earlier or immediate
transfer to be necessary. 

  

	(d)	Termination of Agreement by Custodian. Custodian may terminate this Agreement, following a notice delivered to Lender and to Fannie Mae at least 30 days
prior to the termination effective date named in the notice, provided that (in addition to the requirements in Section 14(e) and (f) below), the following requirements are met: 

 

	 	[1]	Lender has caused the Documents to be moved, or Custodian has moved the Documents, prior to the termination effective date and in compliance with the Guides and the
Requirements, to another custodian or multiple custodians that meet all requirements of this Agreement (or to Fannie Mae’s Document Custodian Facility), and 

 

	 	[2]	Lender or Custodian will have the Documents transferred earlier than the termination effective date given in the notice, or immediately, if Fannie Mae deems an earlier
or immediate transfer to be necessary. 

  

	(e)	Responsibilities for Payment of Fees and Costs for Transfer of Files and Documents, Lender, and not Fannie Mae, is responsible for paying any fees and costs associated
with any transfer of files and Documents to another custodian or multiple custodians (or to Fannie Mae’s Document Custodian Facility), regardless of the reason for the transfer, and even if Fannie Mae (rather than Lender) initiated the
transfer, Custodian agrees to look solely to Lender for payment of such fees and costs. 

  

	(f)	Responsibilities and Obligations of Custodian upon Notice of Termination of Agreement. 

 

	 	[1]	This Agreement shall remain in effect for so long as Custodian holds any Documents, notwithstanding termination by any party to this Agreement. In no event may
Custodian refuse or fail to fulfill its custodial obligations so long as any Documents remain in its custody, regardless of whether Custodian has received compensation for the transfer of Documents. 

 

	 	[2]	Upon a termination of this Agreement by any party (including Custodian), Custodian must cooperate with Fannie Mae, Lender, the transferee(s) and/or Fannie Mae’s
Document Custodian Facility (as applicable), to ensure, among other things, an orderly transfer of the Documents, pursuant to the Guides and the Requirements. Custodian grants Fannie Mae (and Lender, when acting on Fannie Mac’s behalf) a
license to use Custodian’s technology to access any such Documents on Custodian’s systems, as such licensee (in its sole discretion) determines is necessary or convenient in connection with the foregoing. 

  
 Fannie Mae Form
2003 November 2006 

 
 15
 
  

SECTION 15:        REPRESENTATIONS AND
WARRANTIES 
  

	(a)	Custodian and Lender each represents, warrants, and covenants to the other parties hereto that: 

 

	 	[1]	This Agreement has been authorized and approved by all requisite corporate action required of it and, when executed and delivered by the other parties hereto, this
Agreement will constitute its legal, valid, and binding obligation, enforceable against it in accordance with its terms. 

  

	 	[2]	It has not executed and will not execute any agreement or obligation inconsistent herewith or with any of the transactions, or its obligations, contemplated hereby.

  

	 	[3]	It has complied, and at all times will comply, with all applicable laws and regulations in connection with consummation of the transactions, or its obligations,
contemplated hereby. 

  

	(b)	Custodian represents, warrants, and covenants to Fannie Mae and Lender that, upon its execution hereof, it complies with all standards and requirements that are made
applicable to it by reason of this Agreement, including (without limitation) Custodian eligibility standards set forth in Section 2 (Custodian Eligibility Standards) of this Agreement. 

 

	(c)	Custodian represents and warrants to Fannie Mae and Lender that: 

  

	 	[1]	this Agreement has been either: 

  

	 	•	 	 specifically approved by its board of directors, or 

  

	 	•	 	 approved by an officer of Custodian who was duly authorized by its board of directors to enter into this type of contract, and

  

	 	•	 	 such approval or authorization is reflected in the minutes of the meetings of such board of directors; 

 

	 	[2]	this Agreement constitutes the “written agreement” governing Custodian’s relationship to the Documents and its obligations to Fannie Mae and Lender with
respect thereto; and 

  

	 	[3]	Custodian (and any successor thereto) shall continuously maintain this “written agreement” as an official record of Custodian. 

SECTION 16:        AMENDMENTS, SUPPLEMENTS,
AND WAIVERS 
  

	(a)	In its sole discretion, at any time Fannie Mae may, by notice to Custodian and Lender, amend or supplement any provision or requirement set forth in this Agreement
including, but not limited to, the document custodian eligibility standards, Custodian or Lender obligations and duties, Document and data delivery requirements, or any other terms of this Agreement. 

 

	(b)	If anything referenced in Section 16(a) is amended or supplemented by the Guides, Requirements, or both, then this Agreement is deemed to be simultaneously amended or
supplemented to the extent necessary to conform this Agreement to such amended or supplemented Guide requirements. The foregoing is equally true if the Requirements are amended or supplemented. 

  
 Fannie Mae Form
2003 November 2006 

 
 16
 
  
  

	(c)	No amendment, supplement, or waiver of any provision of this Agreement, nor consent to any departure by Custodian herefrom, shall in any event be effective unless the
same shall be in a writing signed by an authorized Fannie Mae representative, and then such waiver or consent shall be effective only in the specific instance(s) and/or for the specified reason(s) for which it is given. 

 

	(d)	Any waiver or variance given by Fannie Mae to Lender or Custodian with respect to Lender’s or Custodian’s duties or obligations under the Guide, the
Requirements, and/or this Agreement will become an amendment to this Agreement. 

  

	(e)	Exhibit A (“Waivers and Variances”) will: 

  

	 	[1]	be attached to the original of this Agreement prior to execution hereof (or insofar as deemed necessary by Fannie Mae, as soon after execution hereof as practicable),

  

	 	[2]	list each outstanding waiver or variance that has been given to Custodian (concerning custodian eligibility or operations standards) or to Lender (concerning Mortgage
Loan documentation standards), 

  

	 	[3]	describe the material features of each listed waiver or variance, and 

  

	 	[4]	be updated promptly, acknowledged by each party hereto, and re-attached to the original of this Agreement (with an original or copy of the acknowledged update provided
to each of the parties hereto) if, subsequent to execution hereof, any: 

  

	 	•	 	 outstanding waivers or variances are added to Exhibit A, 

 

	 	•	 	 additional waivers or variances are given (except that single loan or single transaction waivers and variances need not be attached at Fannie
Mae’s discretion); or 

  

	 	•	 	 waivers or variances are terminated or revised. 

 SECTION 17:        EXECUTION AND BINDING EFFECT

  

	(a)	This Agreement may be executed in any number of counterparts, each of which is an original and all of which, taken together, shall constitute a single Agreement.

  

	(b)	This Agreement shall: 

  

	 	[1]	become effective upon execution by Fannie Mae, Lender, and Custodian, and with the effective date provided on the cover page hereof, 

 

	 	[2]	replace and supersede any prior custodial agreement governing all of the parties hereto with respect to Single-Family mortgage loans, beginning on the effective date of
this Agreement, 

  

	 	[3]	thereafter, bind and benefit the parties and their respective successors and assigns, subject to Section 3 (“Custodian’s Duties to Fannie Mae and
Lender”) hereof, and 

  

	 	[4]	continue in full force and effect so long as Custodian shall have custody of any of the Documents, or until terminated. 

SECTION 18:        GOVERNING LAW AND
PRIORITY OF CONTRACTUAL AUTHORITY 
  

	(a)	This Agreement shall be governed by and construed in accordance with the laws of the United States. Insofar as there may be no applicable precedent and insofar as to do
so would not frustrate the purposes of any provision of this Agreement or the transactions governed thereby, the local laws of the District of Columbia shall be deemed reflective of the laws of the United States. 

  
 Fannie Mae Form
2003 November 2006 

 
 17
 
  

	(b)	In interpretation of this Agreement, if there is any inconsistency between: 

 

	 	[1]	the applicable MBS Trust Document and this Agreement, the Guides, or the Requirements, then the MBS Trust Document shall prevail, 

 

	 	[2]	this Agreement and the Guides or Requirements, then this Agreement shall prevail, and 

 

	 	[3]	the Guides and the Requirements, then the Guides shall prevail. 

  

	(c)	In Section 18(b), which appears immediately above, references to the MBS Trust Document, this Agreement, the Guides, and/or the Requirements include anything that
amends or supplements the MBS Trust Document, this Agreement, the Guides, or the Requirements, respectively. 

SECTION 19:        CONFIDENTIALITY 

 

	(a)	Fannie Mae will treat Custodian’s Annual Statement of Eligibility for Document Custodians (Form 2001) as confidential information, and may disclose the same
only to other parties to this Agreement, and not to any third party, except as may be required by applicable law or by a regulatory agency. 

  

	(b)	Lender and Custodian will treat any waivers granted by Fannie Mae of any of Lender’s or Custodian’s duties and obligations under the Guides, the Requirements,
or this Agreement as confidential information, and may disclose the existence and terms of the same only to other parties to this Agreement, and not to any third party, except as may be required by applicable law or by a regulatory agency.

 SECTION 20:        ASSIGNMENT

 Neither Lender or Custodian shall be entitled to assign any of its rights or obligations hereunder without the prior written consent
of Fannie Mae. 
 SECTION 21:        HEADINGS AND
REFERENCES TO FANNIE MAE 
  

	(a)	The section, headings herein are for convenience only and shall not affect the construction of this Agreement. 

 

	(b)	References to Fannie Mae are references to Fannie Mae as Trustee (or to the successor Trustee, if applicable) whenever the context involves Fannie Mae’s
relationship to a Mortgage Loan that is an MBS trust asset at the time in question, or to the Documents associated with such a Mortgage Loan. 

 SECTION 22:        NOTICES 

 

	(a)	All demands, notices or notifications, instructions, and other communications given pursuant to this Agreement shall be: 

 

	 	[1]	in writing, 

  
 Fannie Mae Form
2003 November 2006 

 
 18
 
  
  

	 	[2]	personally delivered (with written record of delivery), certified mail return receipt requested, or transmitted via facsimile machine (if the sender receives a notice
of successful transmission), and 

  

	 	[3]	addressed as set forth below (or to such other contact person and address as Fannie Mae, Custodian, or Lender may hereafter designate in a writing that is delivered in
accordance with the terms of this Section 22): 

  

	(b)	If to Fannie Mae: 

  

			
	 Contact person (name):
	 	  

			
	 Contact person’s title:
	 	Director, Custodian Oversight and Monitoring
	 Contact person’s mailing address:
	 	13150 Worldgate Drive, Herndon, VA 20170
	 Contact person’s electronic mail address:
	 	thirdparty_custody@fanniemae.com

			
	Contact person’s telephone number:	 	  

	Contact person’s facsimile number:	 	  

 

	(c)	If to Custodian: 

  

	 	*	Please note if vault location is different from contact’s mailing address. * 

 

			
	 Contact person (name):
	 	 Cheryl Whitehead

			
	 Contact person’s title:
	 	 Vice President

			
	 Contact person’s mailing address:
	 	 269 Technology Way

	 	 	 Bldg, B, Unit 3

	 	 	 Rocklin, CA 95765

			
		
	 Contact person’s electronic mail address:
	 	 cheryl.whitehead@usbank.com

			
	Contact person’s telephone number:	 	 916-626-5406

	Contact person’s facsimile number:	 	 916-626-3150

	 Vault location(s), if different from Custodian contact person’s mailing
address:

	 same

	  

 

	(d)	If to Lender: 

  

			
	 Contact person (name):
	 	 Sharon Todhunter

			
	 Contact person’s title:
	 	 Vice President, Products and Pricing
Manager

			
	 Contact person’s mailing address:
	 	 2000 Two Union Square

	 	 	601 Union Street
	 	 	Seattle, WA 98101

			
		
	 Contact person’s electronic mail address:
	 	 sharon.todhunter@homestreet.com

			
	Contact person’s telephone number:	 	 (206) 389-6295

			
	Contact person’s facsimile number:	 	 (206) 389-6301

*    *    *    *    *    *  
  *    *    *    * 

  
 Fannie Mae Form
2003 November 2006 

 
 19
 
  

IN WITNESS WHEREOF, Custodian, Lender and Fannie Mae have caused this Agreement to be executed and
delivered as of the effective date provided on the cover page hereof. 
  

			
	CUSTODIAN:	 	
		
	Custodian’s Name:	 	 U.S. Bank N.A.

			
		
	Signatory’s Name and Title:	  	 Delma M. Carlson

		  	 Assistant Vice President

			
		
	Signature:	 	 /s/ Delma M. Carlson, AVP
9-23-09

			
		
	Attest (Name, Title, and Signature):	  	 Saah T.
Kemayah                        /s/ Saah T. Kemayah

		  	 Vice President

Custodian’s Main Office Address (if different from address entered in Section 22): 

 

			
	 Same

		
	Custodian’s Telephone Number:	  	 Same

			
		
	Financial Institution Number:	  	 20000504713

LENDER, as Seller and Servicer, or as Servicer, as applicable now or hereafter: 

 

			
	Lender’s Name:	 	 HomeStreet Bank

			
		
	Signatory’s Name and Title:	  	 Sharon Todhunter, Vice President, Products and Pricing
Manager

			
		
	Signature:	 	 /s/ Sharon Todhunter

			
		
	Attest (Name, Title, and Signature):	  	 /s/ Glenda L. Cooper

		  	 Vice President

Lender’s Main Office Address (if different from address entered in Section 22): 

 

			
	  

		
	Fannie Mae Seller/Servicer Number(s):	 	 20722-000-0

FANNIE MAE, as Trustee of MBS trusts that it has formed and may form hereafter, and in its
corporate capacity: 
  

			
	
		
	Signatory’s Name and Title:	  	 Debra Thompson

			
		
	Signature:	 	 /s/ Debra Thompson

			
		
	Attest (Name, Title, and Signature):	  	 Michael Woods, SBA, /s/ Michael Woods

Fannie Mae Address – see Section 22 

  
 Fannie Mae Form
2003 November 2006 

 
 20
 
  

EXHIBIT A:    WAIVERS AND VARIANCES 

 

  
 Fannie Mae Form
2003 November 2006Master Agreement ML 02783 between HomeStreet Bank and Fannie Mae

 Exhibit 10.27 
 [***] Indicates confidential material that has been omitted pursuant to a Confidential Treatment Request filed with the Securities and Exchange Commission. A complete copy of this agreement has been
separately filed with the Securities and Exchange Commission. 
 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:	    	[***]

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

[***] Certain information has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested
with respect to the omitted portions. 

 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 

							
	(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:
	 	 		 	  
 •
	 	  

Completion Date. The renovations must be completed within 6 months of the closing date.

	 	 		 	  
 •
	 	  

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.

	 	 		 	  
 •
	 	  

Multiple Contractors. Borrower may use more than one contractor, provided that all HomeStyle Renovation requirements related to the
contractor apply to each contractor.

	 	 		 	  
 •
	 	  

Contingency Reserve. Contingency reserve per HomeStyle Renovation requirements is mandatory for

	 	 		 		 	  
 •
	 	  
 all
Mortgages with LTVs of 95% or more, and

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

	 	 		 	  
 •
	 	  

Do-it-yourself Projects. “Do-it-yourself” borrower projects are allowed per standard HomeStyle Renovation guidelines, except the
maximum LTV/CLTV is 75%.

	 	 		 	  
 •
	 	  

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

	 	 		 	  
 •
	 	  

No Modification of Loan Amount. The Mortgage may not be modified to change the balance based on change orders or increases to the construction
contract.

	 	 	 	 	  
 •
	 	  
 SFCs. Lender should NOT use HomeStyle Renovation SFC “215” (see applicable SFCs in “Special Feature Code(s) (“SFC”): Specific to Variance Mortgages” section
below).

	  

DESKTOP UNDERWRITER
  

	  
 Required
 Recommendation Levels
	 	  
 •
	 	  

Any of the following:

	 		 	  
 •
	 	  

Approve

	 	 	 	 	  
 •
	 	  
 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/CLTV/HCLTV greater than 95% for a 1-unit principal residence.

	 	 	 	 	  
 •
	 	  
 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:

	 	 		 	  
 •
	 	  

Message requiring Lender to verify the cost of improvements does not exceed 50% of the as-completed appraised value (see the “HomeStyle Renovation Requirements: Limitation of
Applicability” section above);

	 	 		 	  
 •
	 	  

Any message relating to amount of MI required; and

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

	  

LOAN AND LEGAL DOCUMENTATION
  

	  
 Legal Documents: Renovation
	 	  
 •
	 	  

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

	 	 		 	  
 •
	 	  

HomePath Maximum Mortgage Worksheet

	 	 		 	  
 •
	 	  

HomePath Renovation Loan Agreement 

	 	 		 	  
 •
	 	  

HomeStyle Completion Certificate (Form 1036) - Lender must add “HomePath Renovation” in the “Other” category in the Loan products box
of Form 1036

	 	 		 	  
 •
	 	  

Appraisal Update and/or Completion Report (Form I004D)

	 	 	  
 •
	 	  
 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

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

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

 Attachment 1 

Pricing 

[***] 

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

[***] Certain information has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested
with respect to the omitted portions. 

 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    
	  	[***] 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 

[***] Certain information has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested
with respect to the omitted portions. 

 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:	  	[***]
		
	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 

[***] Certain information has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested
with respect to the omitted portions. 

 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:	  	[***]
		
	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 

[***] Certain information has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested
with respect to the omitted portions. 

 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, 2011

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