Document:

pfsi_EX_1012

		
			Exhibit 10.12
		

		
			EXECUTION
		

		
			AMENDMENT NO. 12
		

		
			TO MASTER REPURCHASE AGREEMENT
		

		
			Amendment No. 12 to Master Repurchase Agreement, dated as of April 20, 2018 (this “Amendment”), by and among Bank of America, N.A. (“Buyer”), PennyMac Loan Services, LLC (“Seller”) and Private National Mortgage Acceptance Company, LLC (the “Guarantor”).
		

		
			RECITALS
		

		
			Buyer, Seller and Guarantor are parties to that certain Master Repurchase Agreement, dated as of March 17, 2011 (as amended, restated, supplemented or otherwise modified from time to time, the “Existing Master Repurchase Agreement”; and as further amended by this Amendment, the “Master Repurchase Agreement”).  The Guarantor is a party to that certain Amended and Restated Guaranty, dated as of August 13, 2014 (as amended, restated, supplemented or otherwise modified from time to time, the “Guaranty”), made by Guarantor in favor of Buyer.
		

		
			Buyer, Seller and Guarantor have agreed, subject to the terms and conditions of this Amendment, that the Existing Master Repurchase Agreement be amended to reflect certain agreed upon revisions to the terms of the Existing Master Repurchase Agreement.  As a condition precedent to amending the Existing Master Repurchase Agreement, Buyer has required Guarantor to ratify and affirm the Guaranty on the date hereof.
		

		
			Accordingly, Buyer, Seller and Guarantor hereby agree, in consideration of the mutual promises and mutual obligations set forth herein, that the Existing Master Repurchase Agreement is hereby amended as follows:
		

		
			SECTION 1.   Definitions. Section 2 of the Existing Master Repurchase Agreement is hereby amended by deleting the definition of “Expiration Date” in its entirety and replacing it with the following:
		

		
			 “Expiration Date” means July 2, 2018.
		

		
			SECTION 2.   Fees and Expenses.  Seller hereby agrees to pay to Buyer, on demand, any and all reasonable out-of-pocket fees, costs and expenses (including reasonable fees and expenses of counsel) incurred by Buyer in connection with the development, preparation and execution of this Amendment, irrespective of whether any transactions hereunder are executed.
		

		
			SECTION 3.   Conditions Precedent.  This Amendment shall become effective as of the date hereof (the “Amendment Effective Date”), subject to the satisfaction of the following conditions precedent:
		

		
			6.1 Delivered Documents.  On the Amendment Effective Date, the Buyer shall have received this Amendment, executed and delivered by a duly authorized officer of Buyer, Seller and Guarantor.
		

		
			
		

		
			

		 

 

		

		
			6.2 Facility Fee. Seller shall have paid to Buyer in immediately available funds that portion of the Facility Fee due and payable on the Amendment Effective Date.
		

		
			6.3 Commitment Fee. Seller shall have paid to Buyer in immediately available funds that portion of the Commitment Fee due and payable on the Amendment Effective Date.
		

		
			SECTION 4.   Limited Effect.  Except as expressly amended and modified by this Amendment, the Existing Master Repurchase Agreement shall continue to be, and shall remain, in full force and effect in accordance with its terms.
		

		
			SECTION 5.   Counterparts.  This Amendment may be executed by each of the parties hereto on any number of separate counterparts, each of which shall be an original and all of which taken together shall constitute one and the same instrument.
		

		
			SECTION 6.   Severability.  Each provision and agreement herein shall be treated as separate and independent from any other provision or agreement herein and shall be enforceable notwithstanding the unenforceability of any such other provision or agreement.
		

		
			SECTION 7.   GOVERNING LAW.  THIS AMENDMENT SHALL BE CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK WITHOUT GIVING EFFECT TO THE CONFLICTS OF LAW PRINCIPLES THEREOF (EXCEPT FOR SECTION 5-1401 OF THE NEW YORK GENERAL OBLIGATIONS LAW) AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, EXCEPT TO THE EXTENT PREEMPTED BY FEDERAL LAW.
		

		
			SECTION 8.   Reaffirmation of Guaranty. The Guarantor hereby (i) agrees that the liability of Guarantor or rights of Buyer under the Guaranty shall not be affected as a result of this Amendment, (ii) ratifies and affirms all of the terms, covenants, conditions and obligations of the Guaranty and (iii) acknowledges and agrees that such Guaranty is and shall continue to be in full force and effect.
		

		
			[SIGNATURE PAGE FOLLOWS]
		

		
			 
		

		
			 
		

		
			

		 

		

			2

		

 

		

		
			IN WITNESS WHEREOF, the parties have caused their names to be signed hereto by their respective officers thereunto duly authorized as of the day and year first above written.
		

			
					
						 

					
					
						BANK OF AMERICA, N.A.,

				
	
					
						 

					
					
						as Buyer

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						/s/ Adam Robitshek

				
	
					
						 

					
					
						Name:

					
					
						       Adam Robitshek

				
	
					
						 

					
					
						Title:

					
					
						       Vice President

				

		
			 
		

		
			
		

		

		 

		

			Signature Page to Amendment No. 12 to Master Repurchase Agreement

		

 

	
					
						

					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						PENNYMAC LOAN SERVICES, LLC,

				
	
					
						 

					
					
						as Seller

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						/s/ Pamela Marsh

				
	
					
						 

					
					
						Name:

					
					
						      Pamela Marsh

				
	
					
						 

					
					
						Title:

					
					
						      Managing Director, Treasurer

				

		
			 
		

		
			
		

		

		 

		

			Signature Page to Amendment No. 12 to Master Repurchase Agreement

		

 

	
					
						

					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						PRIVATE NATIONAL MORTGAGE 

				
	
					
						 

					
					
						ACCEPTANCE COMPANY, LLC,

				
	
					
						 

					
					
						as Guarantor

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						/s/ Pamela Marsh

				
	
					
						 

					
					
						Name:

					
					
						       Pamela Marsh

				
	
					
						 

					
					
						Title:

					
					
						       Managing Director, Treasurer

				

		
			 
		

		 

		

			Signature Page to Amendment No. 12 to Master Repurchase Agreementpfsi_EX_107

		
			Exhibit 10.7
		

		
			 
		

		
			AMENDMENT NO. 1
		

		
			 
		

		
			TO THIRD AMENDED AND RESTATED
		

		
			FLOW SERVICING AGREEMENT
		

		
			 
		

		
			Amendment No. 1 to Third Amended and Restated Flow Servicing Agreement, dated as of March 1, 2018 (the "Amendment"), by and between PennyMac Loan Services, LLC, a Delaware limited liability company (the "Servicer"), and PennyMac Operating Partnership, L.P., a Delaware limited partnership (the "Owner").
		

		
			 
		

		
			RECITALS
		

		
			 
		

		
			WHEREAS, the Servicer and the Owner are parties to that certain Third Amended and Restated Flow Servicing Agreement, dated as of September 12, 2016 (the "Existing Servicing Agreement" and, as amended by this Amendment, the "Servicing Agreement"). Capitalized terms used but not otherwise defined herein shall have the meanings given to them in the Existing Servicing Agreement.
		

		
			 
		

		
			WHEREAS, the Servicer and the Owner have agreed, subject to the terms and conditions of this Amendment, that the Existing Servicing Agreement be amended to reflect certain agreed upon revisions to the terms of the Existing Servicing Agreement.
		

		
			 
		

		
			NOW, THEREFORE, in consideration of the mutual premises and mutual obligations set forth herein, the Servicer and the Owner hereby agree that the Existing Servicing Agreement is hereby amended as follows:
		

		
			 
		

		
			SECTION 1.   Exhibits.
		

		
			 
		

		
			1.1       Exhibit  9 of the Existing Servicing Agreement is hereby amended by deleting it in its entirety and replacing it with the form attached hereto as Exhibit A.
		

		
			 
		

		
			SECTION 2.   Conditions Precedent. This Amendment shall become effective as of the date first set forth above (the "Amendment Effective Date"), subject to the satisfaction of the following conditions precedent:
		

		
			 
		

		
			2.1       Delivered Documents. On or prior to the Amendment Effective Date,
		

		
			each party shall have received the following documents, each of which shall be satisfactory to such party in form and substance:
		

		
			 
		

		
			a)   this Amendment, executed and delivered by duly authorized officers of the Servicer and the Owner; and
		

		
			 
		

		
			b)   such other documents as such party or counsel to such party may reasonably request.
		

		
			 
		

		
			2.2       Representations and Warranties. On or prior to the Amendment Effective
		

		
			Date, each party shall be in compliance in all material respects with all the terms and provisions set forth in the Existing Servicing Agreement on its part to be observed or performed.
		

		
			 
		

		
			 
		

		
			

		 

 

		

		
			SECTION 3.   Limited Effect. Except as expressly amended and modified by this Amendment, the Existing Servicing Agreement shall continue to be, and shall remain, in full force and effect in accordance with its terms.
		

		
			 
		

		
			SECTION 4. GOVERNING LAW. THIS AMENDMENT SHALL BE CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS.
		

		
			 
		

		
			SECTION 5.   Counterparts. This Amendment may be executed in one or more counterparts and by different parties hereto on separate counterparts, each of which, when so executed, shall constitute one and the same agreement.
		

		
			 
		

		
			SECTION 6.   Conflicts. The parties hereto agree that in the event there is any conflict between the terms of this Amendment, and the terms of the Existing Servicing Agreement, the provisions of this Amendment shall control.
		

		
			 
		

		
			[SIGNATURE PAGE FOLLOWS]
		

		
			 
		

		
			 
		

		
			

		 

		

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			IN WITNESS WHEREOF, the parties have caused their names to be signed hereto by their respective officers thereunto duly authorized as of the day and year first above written.
		

		
			 
		

			
					
						The Servicer:

					
					
						 

					
					
						PENNYMAC LOAN SERVICES, LLC

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						By:

					
					
						/s/ Andrew S. Chang

				
	
					
						 

					
					
						 

					
					
						Name:  Andrew S. Chang

				
	
					
						 

					
					
						 

					
					
						Title:     Senior Managing Director and Chief Financial Officer

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						The Owner:

					
					
						 

					
					
						PENNYMAC OPERATING PARTNERSHIP, L.P.

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						By: PennyMac GP OP, Inc.,

				
	
					
						 

					
					
						 

					
					
						its General Partner

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						By:

					
					
						/s/ Andrew S. Chang

				
	
					
						 

					
					
						 

					
					
						Name:   Andrew S. Chang

				
	
					
						 

					
					
						 

					
					
						Title:    Senior Managing Director and Chief Financial Officer

				

		
			 
		

		
			
		

		
			

		 

		

			 

		

 

		

		
			Exhibit A
		

		
			
		

		
			

		 

		

			 

		

 

		

		
			EXHIBIT 9
		

		
			 
		

		
			TERM SHEET
		

		
			 
		

		
			THIRD PARTY LOANS
		

		
			 
		

		
			BASE SERVICING FEES
		

		
			(per loan)
		

		
			 
		

		
			With respect to each Mortgage Loan that is a Third Party Loan and not a Distressed Whole Loan, the Base Servicing Fee shall be:
		

		
			 
		

		
			(i)         if such Mortgage Loan is a Fixed-Rate Mortgage Loan, $7.50; or
		

		
			 
		

		
			(ii)       if such Mortgage Loan is an Adjustable-Rate Mortgage Loan, $8.50.
		

		
			 
		

		
			 
		

		
			ADDITIONAL SERVICING FEES
		

		
			(per loan)
		

		
			 
		

		
			With respect to each Mortgage Loan that is a Third Party Loan, the Additional Servicing Fee shall be one of the following:
		

		
			 
		

		
			(i)         if, as of the first day of the relevant month, such Mortgage Loan is not delinquent, or is delinquent by less than 30 days, and no bankruptcy proceeding is pending by or against the Mortgagor, 0;
		

		
			 
		

		
			(ii)       if, as of the first day of the relevant month, such Mortgage Loan is delinquent by 30 days or more and less than 60 days, and no bankruptcy proceeding is pending by or against the Mortgagor and no foreclosure proceeding has been initiated, $10.00;
		

		
			 
		

		
			(iii)      if, as of the first day of the relevant month, such Mortgage Loan is delinquent by 60 days or more and less than 90 days, and no bankruptcy proceeding is pending by or against the Mortgagor and no foreclosure proceeding has been initiated, $20.00;
		

		
			 
		

		
			(iv)       if, as of the first day of the relevant month, such Mortgage Loan is delinquent by 90 days or more, and no bankruptcy proceeding is pending by or against the Mortgagor and no foreclosure proceeding has been initiated, $50.00;
		

		
			 
		

		
			(v)        if, as of the first day of the relevant month, a bankruptcy proceeding is pending by or against the Mortgagor, $45.00;
		

		
			 
		

		
			(vi)       if, as of the first day of the relevant month, foreclosure proceedings have been commenced and the Mortgaged Property has not become an REO Property, $55.00; or
		

		
			
		

		
			

		 

		

			 

		

 

		

		
			(vii)     if, as of the first day of the relevant month, the Mortgaged Property has become an REO Property, $75.00.
		

		
			
		

		
			

		 

		

			 

		

 

		

		
			DISTRESSED WHOLE LOANS
		

		
			 
		

		
			BASE SERVICING FEES
		

		
			(per loan)
		

		
			 
		

		
			With respect to each Mortgage Loan that is a Distressed Whole Loan, the Base Servicing Fee shall be one of the following:
		

		
			 
		

		
			(i)         if, as of the first day of the relevant month, such Mortgage Loan is not delinquent, or is delinquent by less than 30 days, and no bankruptcy proceeding is pending by or against the Mortgagor, $30.00;
		

		
			 
		

		
			(ii)       if, as of the first day of the relevant month, such Mortgage Loan is delinquent by 30 days or more and less than 90 days, and no bankruptcy proceeding is pending by or against the Mortgagor and no foreclosure proceeding has been initiated, $60.00;
		

		
			 
		

		
			(iii)      if, as of the first day of the relevant month, such Mortgage Loan is delinquent by 90 days or more, and no bankruptcy proceeding is pending by or against the Mortgagor and no foreclosure proceeding has been initiated, $90.00;
		

		
			 
		

		
			(iv)       if, as of the first day of the relevant month, such Mortgage Loan is not delinquent, or is delinquent by less than 30 days, and a bankruptcy proceeding is pending by or against the Mortgagor, $85.00;
		

		
			 
		

		
			(v)        if, as of the first day of the relevant month, such Mortgage Loan is delinquent by 30 days or more, and a bankruptcy proceeding is pending by or against the Mortgagor, $85.00;
		

		
			 
		

		
			(vi)       if, as of the first day of the relevant month, foreclosure proceedings have been commenced and the Mortgaged Property has not become an REO Property, $95.00; or
		

		
			 
		

		
			(vii)     if, as of the first day of the relevant month, the Mortgaged Property has become an REO Property, $75.00.
		

		
			 
		

		
			 
		

		
			SUPPLEMENTAL SERVICING FEES
		

		
			 
		

		
			With respect to each Mortgage Loan that is a Distressed Whole Loan, the Supplemental Servicing Fee shall be $25.00.
		

		
			 
		

		
			
		

		
			

		 

		

			 

		

 

		

		
			THIRD PARTY LOANS AND DISTRESSED WHOLE LOANS
		

		
			 
		

		
			OTHER KEY PARAMETERS
		

		
			 
		

			
					
						Remittance Types

					
					
						Actual/Actual Basis during Interim Servicing Period 

				
	
					
						Remittance Date

					
					
						See definition of Remittance Date

				
	
					
						Servicing Advances

					
					
						Servicer to be reimbursed monthly for all unpaid Servicing Advances incurred by Servicer in the prior month including Cost of Funds.

				
	
					
						Cost of Funds on Servicing Advances

					
					
						Refer to Section 5.04

				
	
					
						Prepayment Penalties

					
					
						Owner will retain 100% of the prepayment penalties.

				
	
					
						Late Charges Collected

					
					
						Servicer will retain 75% of late charges collected by Servicer

				
	
					
						Ancillary Income

					
					
						Servicer will retain 100% of all Ancillary Income

				
	
					
						Delegated Authority

					
					
						Refer to Exhibit 10

				
	
					
						Contract Term

					
					
						Refer to Section 8.01

				
	
					
						Eligible Mortgage Loan

					
					
						See definition of Eligible Mortgage Loan

				

		
			 
		

		
			 
		

		
			ANCILLARY INCOME AND OTHER FEES
		

		
			 
		

		
			The Servicer shall be entitled to all Ancillary Income and the following Other Fees in addition to the Servicing Fee:
		

		
			 
		

		
			Setup Fee:  With respect to each Mortgage Loan, other than a Distressed Whole Loan, $10.00 if information is provided to Servicer in a format that enables electronic boarding or $25.00 if information is provided to Servicer in format that necessitates manual boarding.  With respect to each Distressed Whole Loan, $15.00 if information is provided to Servicer in format that enables electronic boarding or $25.00 if information is provided to Servicer in format that necessitates manual boarding.
		

		
			 
		

		
			Service Release Fee:  With respect to each Mortgage Loan, other than a Distressed Whole Loan, $25.00 if released on or prior to the first anniversary of boarding, $23.00 if released after the first anniversary of boarding and on or prior to the second anniversary of boarding, and $18.00 if released thereafter. With respect to each Distressed Whole Loan, $40.00.
		

		
			
		

		
			

		 

		

			 

		

 

		

		
			Deed in Lieu Fee:  $500, unless the deed in lieu is completed under the U.S. Treasury’s Home Affordable Foreclosure Alternatives initiative, in which case no Deed in Lieu Fee shall apply.
		

		
			 
		

		
			Liquidation Fee:  $1,750.00 in connection with the disposition of a Mortgage Loan (including the sale of the related Mortgage Note), $1,750.00 in connection with either the disposition of an REO Property or a Mortgaged Property through a foreclosure sale, or $1,000.00 in connection with a full payoff or $1,750.00 in connection with a discounted payoff accepted by the Servicer with respect to a Mortgage Loan, including a full or discounted payoff, as applicable, accepted in connection with the sale of the Mortgaged Property to a third party.
		

		
			 
		

		
			REO Property Lease Renewal Fee: $100 per lease renewed.
		

		
			 
		

		
			REO Property Rental Fee: $30 per month per REO Property.
		

		
			 
		

		
			REO Property Management Fee: Servicer's cost if property management services and/or any related software costs are outsourced to a third party property management firm or 9% of gross rental income if Servicer provides directly those property management services identified on Exhibit 12 to the Agreement.
		

		
			 
		

		
			REO Property Tenant Paid Fees: Servicer may retain any tenant paid application fee or late rent fee.
		

		
			 
		

		
			REO Property Third-Party Vendor Fees: In the event Servicer provides property management services directly, Servicer may charge Owner the Servicer's cost for support services provided by any third-party vendor that arise out of Servicer’s property management services.  Such fees may include, but are not limited to, related software, real estate broker marketing, eviction and inspection services, as well as leasing fees to the real estate broker.
		

		
			 
		

		
			Tax Service Contract:  $75.00 per Mortgage Loan.
		

		
			 
		

		
			Flood Zone Service Contract:  Servicer’s cost.
		

		
			 
		

		
			MERS Fee:  Servicer’s cost.
		

		
			 
		

		
			Reperformance Fee:  $1,750.00 if the Mortgage Loan is brought current (after having been delinquent for a period of 90 days or more) without any modification and remains current for a consecutive period of 12 months or is sold prior to the expiration of such 12 months.
		

		
			 
		

		
			Modification Fee:  (a) $1,750.00 if the modification includes an interest rate reduction or is classified by the Servicer (acting in accordance with Accepted Servicing Practices) as a full modification, or (b) $750.00 if the modification is classified by the Servicer (acting in accordance with Accepted Servicing Practices) as a streamlined modification; or, if the Servicer participates in the U.S. Treasury’s Home Affordable Modification program (or other similar mortgage loan modification programs) and enters into a transaction involving the Mortgage Loan that results in the payment or retention of any incentive payment to the Servicer or Owner and the Servicer is not otherwise entitled to a Modification Fee as set forth above, $1,750.00.
		

		
			 
		

		
			If the Servicer enters into a transaction involving the Mortgage Loan under the U.S. Treasury Department’s Home Affordable Modification program (or other similar mortgage loan modification programs) that results in any incentive payment to the Servicer or Owner and the
		

		
			
		

		
			

		 

		

			 

		

 

		

		
			Servicer has already collected a Modification Fee, the Servicer shall reimburse the Owner the amount of such incentive payments.
		

		
			 
		

		
			In the event the Servicer effects a refinancing of a Distressed Whole Loan on behalf of the Owner and not through a third party lender and the resulting Mortgage Loan is readily saleable, or the Servicer originates a Mortgage Loan to facilitate the disposition of REO Property, the Servicer shall be entitled to fees and other compensation in connection with such originations based on market-based pricing and terms that are consistent with the pricing and terms offered by the Servicer to unaffiliated third parties on a retail basis.  The amount of the compensation and the pricing and terms offered by the Servicer shall be subject to review by the Owner and the Servicer from time to time to reflect market rates.  The Owner shall reimburse the Servicer for any out of pocket expenses that the Servicer incurs in connection with any such origination, including title fees, legal fees and closing costs.

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