Document:

Exhibit 10.9

   

  CERTAIN IDENTIFIED INFORMATION HAS BEEN EXCLUDED FROM THE EXHIBIT BECAUSE IT IS BOTH NOT MATERIAL AND WOULD LIKELY CAUSE COMPETITIVE HARM TO THE REGISTRANT
      IF PUBLICLY DISCLOSED. [***] INDICATES THAT INFORMATION HAS BEEN REDACTED.

   

  

  
  
     

  

  
   

  MASTER REPURCHASE AGREEMENT

   

  Between

   

  BARCLAYS BANK PLC, as Purchaser and Agent

   

  and

   

  HOME POINT FINANCIAL CORPORATION, as Seller

   

  Dated as of August 14, 2020

   

  

  
  
     

  

  
  

   

  
     

    
      
 

  

  
   

  TABLE OF CONTENTS

   

  

  	1.	APPLICABILITY	1
	2.	DEFINITIONS AND INTERPRETATION	1
	3.	THE TRANSACTIONS	20
	4.	CONFIRMATION	23
	5.	TAKEOUT COMMITMENTS	24
	6.	PAYMENT AND TRANSFER	24
	7.	MARGIN MAINTENANCE	24
	8.	TAXES; TAX TREATMENT	25
	9.	SECURITY INTEREST; PURCHASER’S APPOINTMENT AS ATTORNEY-IN-FACT	27
	10.	CONDITIONS PRECEDENT	29
	11.	RELEASE OF PURCHASED ASSETS	33
	12.	RELIANCE	33
	13.	REPRESENTATIONS AND WARRANTIES	33
	14.	COVENANTS OF SELLER	37
	15.	REPURCHASE OF PURCHASED ASSETS	45
	16.	SERVICING OF THE MORTGAGE LOANS; SERVICER TERMINATION	45
	17.	EVENTS OF DEFAULT	49
	18.	REMEDIES	51
	19.	DELAY NOT WAIVER; REMEDIES ARE CUMULATIVE	53
	20.	USE OF EMPLOYEE PLAN ASSETS	54
	21.	INDEMNITY	54
	22.	WAIVER OF REDEMPTION AND DEFICIENCY RIGHTS	55
	23.	REIMBURSEMENT; SET-OFF	55
	24.	FURTHER ASSURANCES	57
	25.	ENTIRE AGREEMENT; PRODUCT OF NEGOTIATION	57
	26.	TERMINATION	57
	27.	REHYPOTHECATION; ASSIGNMENT	57
	28.	AMENDMENTS, ETC	58
	29.	SEVERABILITY	58
	30.	BINDING EFFECT; GOVERNING LAW	58
	31.	WAIVER OF JURY TRIAL; CONSENT TO JURISDICTION AND VENUE; SERVICE OF PROCESS	59
	32.	SINGLE AGREEMENT	59
	33.	INTENT	60
	34.	NOTICES AND OTHER COMMUNICATIONS	61
	35.	CONFIDENTIALITY	63
	36.	DUE DILIGENCE	64
	37.	USA PATRIOT ACT; OFAC AND ANTI-TERRORISM	64
	38.	EXECUTION IN COUNTERPARTS	65
	39.	CONTRACTUAL RECOGNITION OF BAIL-IN	65
	40.	CONTRACTUAL RECOGNITION OF UK STAY IN RESOLUTION	66
	41.	NOTICE REGARDING CLIENT MONEY RULES	66

  

   

   

  
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  SCHEDULES AND EXHIBITS

   

  

  	EXHIBIT A-1	MONTHLY CERTIFICATION
	EXHIBIT A-2	QUARTERLY CERTIFICATION
	EXHIBIT B	REPRESENTATIONS AND WARRANTIES WITH RESPECT TO MORTGAGE LOANS
	EXHIBIT C	FORM OF TRANSACTION NOTICE
	EXHIBIT D	FORM OF GOODBYE LETTER
	EXHIBIT E	FORM OF WAREHOUSE LENDER’S RELEASE
	EXHIBIT F	LIST OF DISAPPROVED MEMBERS OF THE MORTGAGE BACKED SECURITIES DIVISION OF THE FIXED INCOME CLEARING CORPORATION
	EXHIBIT G	FORM OF ESCROW INSTRUCTION LETTER
	EXHIBIT H	FORM OF SELLER MORTGAGE LOAN SCHEDULE
	EXHIBIT I	FORM OF PREFUNDING REQUEST
	EXHIBIT J	FORM OF SELLER FINANCIAL STATEMENTS (ANNUAL)
	EXHIBIT K	FORM OF SELLER FINANCIAL STATEMENTS (PERIODIC)

  

   

  
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  MASTER REPURCHASE AGREEMENT

   

  Dated as of August 14, 2020

   

  BETWEEN:

   

  BARCLAYS BANK PLC, in its capacity as purchaser (together with its permitted successors and
      assigns in such capacity hereunder, “Barclays” or a “Purchaser”) and agent pursuant hereto (together with its permitted successors and assigns in such capacity hereunder, “Agent”),

   

  and

   

  HOME POINT FINANCIAL CORPORATION, in its capacity as a seller (together with its permitted
      successors and assigns in such capacity hereunder, “Seller”).

   

  		1.	APPLICABILITY

   

  Purchaser from time to time shall (with respect to the Committed Amount)
      and may (with respect to the Uncommitted Amount) upon the terms and conditions set forth herein, in which Seller sells to Purchaser Eligible Mortgage Loans, on a servicing-released basis, and, if applicable, Takeout MBS, against the transfer of funds
      by Purchaser, with a simultaneous agreement by Purchaser to transfer to Seller such Purchased Assets on a date certain not later than one year following such transfer, against the transfer of funds by Seller; provided, that the
      Aggregate MRA Purchase Price shall not exceed, as of any date of determination, the lesser of (a) the Maximum Aggregate Purchase Price and (b) the Asset Base. Each such transaction shall be referred to herein as a “Transaction,” and shall be
      governed by this Agreement. This Agreement sets forth the procedures to be used in connection with periodic requests for Purchaser to enter into Transactions with Seller. Seller hereby acknowledges that Purchaser is under no obligation to enter into,
      any Transaction pursuant to this Agreement with respect to the Uncommitted Amount. Seller acknowledges that during the term of this Agreement, Agent may undertake to join any of Sheffield Receivables Corporation, Barclays Bank Delaware, any other
      asset-backed commercial paper conduit administered by Agent or any Affiliate of the Agent as additional purchasers under this Agreement, and Seller hereby consents to the joinder of such additional purchasers.

   

  		2.	DEFINITIONS AND INTERPRETATION

   

  		(a)	Defined Terms.

   

  “30+ Day Delinquent Mortgage Loan” means any Mortgage Loan that,
      as of any determination date, using the MBA Methodology, is thirty (30) or more days delinquent (inclusive of any grace period).

   

  “Accepted Servicing Practices” means with respect to any Mortgage
      Loan, those accepted, customary and prudent mortgage servicing practices (including collection procedures) of prudent mortgage banking institutions that service mortgage loans of the same type as the Mortgage Loans in the jurisdiction where the
      related Mortgaged Property is located, and which are in accordance with the requirements of each Agency Program, applicable law, FHA regulations and VA regulations, if applicable, and the requirements of any private mortgage insurer so that the FHA

  

   

  
     

    
      
 

  

  
   

  insurance, VA guarantee or any other applicable insurance or guarantee in respect of any
      Mortgage Loan is not voided or reduced.

   

  “Accrual Period” means, with respect to each Monthly Payment Date
      for any Transaction, the immediately prior calendar month beginning with the first calendar day of such month to and including the last calendar day of such month; provided that with respect to the first Monthly Payment Date of a Transaction
      following the related Purchase Date, the Accrual Period shall commence on the related Purchase Date and provided further that the last Accrual Period shall end on the day prior to the Termination Date.

   

  “Additional Eligible Loan Criteria” has the meaning assigned thereto in the Pricing Side Letter.

   

  “Additional Purchased Mortgage Loans” has the meaning assigned thereto in Section 7(b) hereof.

   

  “Adjustable Rate Mortgage Loan” means a Mortgage Loan that
      provides for the adjustment of the Mortgage Interest Rate payable in respect thereto.

   

  “Affiliate” means, with respect to any specified Person, any
      other Person controlling or controlled by or under common control with such specified Person; provided that other than the Seller and its Subsidiaries, no other portfolio company of Stone Point Capital LLC or its affiliates shall be deemed an
      Affiliate of Seller. For the purposes of this definition, “control” means the power to direct the management and policies of such Person, directly or indirectly, whether through the ownership of voting securities, by contract or otherwise and the
      terms “controlling,” “controlled by” and “under common control with” have meanings correlative to the meaning of “control.”

   

  “Agency” means Freddie Mac, Fannie Mae or Ginnie Mae, as applicable.

   

  “Agency Guide” means the Freddie Mac Guide, the Fannie Mae Guide,
      or the Ginnie Mae Guide, as applicable.

   

  “Agency Mortgage Loans” means Fannie Mae Mortgage Loans, Freddie
      Mac Mortgage Loans, and Ginnie Mae Mortgage Loans.

   

  “Agency Program” means the Freddie Mac Program, the Fannie Mae
      Program or the Ginnie Mae Program, as applicable.

   

  “Agency Renovation Mortgage Loan” means any Agency Mortgage Loan
      that is an FHA 203k Mortgage Loan, a Fannie Mae HomeStyle Loan, or any other Agency Mortgage Loan originated in accordance with an Agency program for construction, renovation or rehabilitation of the related Mortgaged Property.

   

  “Agent” has the meaning set forth in the preamble.

   

  
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  “Aggregate MRA Purchase Price” means as of any date of determination, an amount
      equal to the aggregate Purchase Price for all Purchased Assets, then subject to Transactions under this Agreement.

   

  “Agreement” means this Master Repurchase Agreement (including all
      exhibits, schedules and other addenda thereto), as it may be amended, further supplemented or otherwise modified from time to time.

   

  “ALTA” means the American Land Title Association.

   

  “Applicable Agency” means Ginnie Mae, Fannie Mae or Freddie Mac, as applicable.

   

  “Applicable Margin” has the meaning assigned thereto in the Pricing Side Letter.

   

  “Approvals” means with respect to Seller, the approvals obtained
      from the Applicable Agency or HUD in designation of Seller as a Ginnie Mae-approved issuer, an FHA-approved mortgagee, a VA-approved lender, a Fannie Mae-approved lender or a Freddie Mac-approved Seller/Servicer, as applicable, in good standing.

   

  “Asset Base” has the meaning assigned thereto in the Pricing Side Letter.

   

  “Assignment and Acceptance” has the meaning assigned thereto in Section 27(b) hereof.

   

  “Assignment of Mortgage” means, with respect to any Mortgage, an
      assignment of the Mortgage, notice of transfer or equivalent instrument in recordable form, sufficient under the laws of the jurisdiction wherein the related Mortgaged Property is located to reflect the assignment of the Mortgage to Purchaser.

   

  “ATR Rules”: The “ability to repay” rules specified in the
      federal Truth-in-Lending Act as amended pursuant to rulemaking authority provided under the federal Dodd-Frank Act which require lenders to make a reasonable, good-faith determination that a Mortgagor has an ability to repay the loan as determined by
      the following eight (8) underwriting factors, or as otherwise required pursuant to such rules: (i) current or reasonably expected income or assets (other than the value of the property that secures the loan) that the Mortgagor will rely on to repay
      the loan, (ii) current employment status (if the originator relies on employment income when assessing the Mortgagor’s ability to repay), (iii) monthly mortgage payment for the loan, (iv) monthly payment on any simultaneous loans secured by the same
      property, (v) monthly payments for property taxes and required insurance, and certain other costs related to the property such as homeowners association fees or ground rent, (vi) debts, alimony, and child-support obligations, (vii) monthly
      debt-to-income ratio or residual income, calculated using the total of all of the mortgage and nonmortgage obligations listed above, as a ratio of gross monthly income and (viii) credit history.

   

  “Attorney Bailee Letter” has the meaning assigned thereto in the
      Custodial and Disbursement Agreement.

   

  “Bail-In Action” means the exercise by the Bank of England (or
      any successor resolution authority) of any write-down or conversion power existing from time to time (including, without limitation, any power to amend or alter the maturity of eligible liabilities of an institution under

   

   

  
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  resolution or amend the amount of interest payable under such eligible liabilities or the
      date on which interest becomes payable, including by suspending payment for a temporary period and together with any power to terminate and value transactions) under, and exercised in compliance with, any laws, regulations, rules or requirements in
      effect in the United Kingdom relating to the transposition of the European Banking Recovery and Resolution Directive as amended from time to time, including but not limited to, the Banking Act 2009 as amended from time to time, and the instruments,
      rules and standards created thereunder, pursuant to which Purchaser’s obligations (or those of Purchaser’s affiliates) can be reduced (including to zero), canceled or converted into shares, other securities, or other obligations of Purchaser or any
      other person.

   

  “Bank” means (i) Merchants Bank of Indiana and its successors and
      permitted assigns, or (ii) such other bank as may be mutually acceptable to the Seller and the Purchaser.

   

  “Bankruptcy Code” means 11 U.S.C. §§ 101 et seq., as amended from time to time.

   

  “Breakage Costs” has the meaning assigned thereto in Section 3(i) hereof.

   

  “Business Day” means any day other than (i) a Saturday or Sunday,
      (ii) a day upon which the New York Stock Exchange or the Federal Reserve Bank of New York is closed or banking and savings and loan institutions in the States of New York, Minnesota, Texas, Michigan or California or the City of New York are closed,
      (iii) a day on which trading in securities on the New York Stock Exchange or any other major securities exchange in the United States is not conducted or (iv) with respect to any day on which the parties hereto have obligations to Custodian or on
      which Custodian has obligations to any party hereto, a day upon which Custodian’s offices are closed.

   

  “Cash Equivalents” has the meaning assigned thereto in the Pricing Side Letter.

   

  “Certification” has the meaning assigned thereto in the Custodial
      and Disbursement Agreement.

   

  “Change in Control” means, with respect to Seller, Home Point
      Capital Inc. ceasing to own directly or indirectly more than 50% of the Equity Interests in and to Seller. For purposes of this definition, “Equity Interests” means, with respect to the Seller, all shares, interests, participations or other
      equivalents in the equity of the Seller, including common stock, preferred stock, warrants, membership interests, partnership interests, limited partnership interests, convertible debentures, other debt securities which include voting rights in the
      Seller referred to, and any and all agreements, instruments and documents convertible, in whole or in part, into any one or more of the foregoing.

   

  “Change in Law” means (a) the adoption of any Requirement of Law,
      rule or regulation after the date of this Agreement, (b) any change in any Requirement of Law, rule or regulation or in the interpretation or application thereof by any Governmental Authority after the date of this Agreement or (c) compliance by
      Purchaser (or any Affiliate thereof) with any request, guideline or directive (whether or not having the force of law) of any Governmental Authority made or issued after the date of this Agreement.

   

  “Closing Protection Letter” means, with respect to any Wet-Ink
      Mortgage Loan that becomes subject to a Transaction (other than any such Mortgage Loan originated in the State of 

  

   

  
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  New York), letter of indemnification from the Settlement Agent, in any jurisdiction where
      insured closing letters are permitted under applicable law and regulation, addressed to Seller, which is fully assignable to Purchaser, in which the Settlement Agent identified thereon agrees to indemnify the Seller for actual losses caused by
      certain kinds of misconduct by the Settlement Agent that is customarily acceptable to Persons engaged in the origination of mortgage loans, which may be in the form of a blanket letter.

   

  “Code” means the Internal Revenue Code of 1986, as amended from time to time.

   

  “Collection Account” means the following account established by
      the Seller in accordance with Section 16(e) for the benefit of Purchaser, Account Number: [***].

   

  “Collection Account Control Agreement” means that certain
      Collection Account Control Agreement, dated as of August 14, 2020, by and among Purchaser, Seller and Bank, in form and substance acceptable to Purchaser to be entered into with respect to the Collection Account, as the same may be amended, modified
      or supplemented from time to time.

   

  “Committed Amount” has the meaning assigned thereto in the Pricing Side Letter.

   

  “Confirmation” has the meaning assigned thereto in Section 4 hereof.

   

  “Contract” means an agreement between an Originator and any
      Obligor, pursuant to or under which such Obligor shall be obligated to pay for merchandise, insurance or services from time to time.

   

  “Correspondent Loan” means a Mortgage Loan that is (i) originated
      by a Correspondent Seller and underwritten in accordance with Seller’s underwriting guidelines and (ii) acquired by Seller from a Correspondent Seller in the ordinary course of business.

   

  “Correspondent Seller” means a mortgage loan originator that
      sells Mortgage Loans originated by it to Seller as a “correspondent” or “private label” client.

   

  “Custodial and Disbursement Agreement” means that certain
      Custodial and Disbursement Agreement, dated as of August 14, 2020, among Seller, Purchaser, Disbursement Agent and Custodian, entered into in connection with this Agreement, as the same may be amended, modified or supplemented from time to time.

   

  “Custodian” means U.S. Bank National Association, and its
      successors and permitted assigns, or such other entity as mutually agreed upon by Agent and Seller.

   

  “Default” means any event that, with the giving of notice or the
      passage of time or both, would constitute an Event of Default.

   

  “Default Rate” has the meaning assigned thereto in the Pricing Side Letter.

   

  “Disbursement Account” means that certain deposit account
      established pursuant to the Custodial and Disbursement Agreement and subject to the Disbursement Account Control Agreement. 

  

   

  
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  “Disbursement Account Control Agreement” shall mean a blocked
      account control agreement entered into among Purchaser, the Disbursement Agent and Seller with respect to the Disbursement Account.

   

  “Disbursement Agent” means U.S. Bank National Association and its
      successors and permitted assigns, or such other entity as mutually agreed upon by Agent and Seller.

   

  “Dollars” or “$” means, unless otherwise expressly stated,
      lawful money of the United States of America.

   

  “Due Date” means the day of the month on which the Monthly
      Payment is due on a Mortgage Loan, exclusive of any days of grace.

   

  “Economic and Trade Sanctions and Anti-Terrorism Laws” means any
      U.S. laws relating to terrorism, trade sanctions programs and embargoes, import/export licensing, money laundering, or bribery, all as amended, supplemented or replaced from time to time.

   

  “Effective Date” means August 14, 2020.

   

  “Electronic Tracking Agreement” means the electronic tracking
      agreement in form and substance acceptable to Purchaser and Seller, dated as of August 14, 2020, among Purchaser, Seller, MERSCORP Holdings, Inc. and MERS, entered into in connection with this Agreement, as the same may be amended, modified or
      supplemented from time to time.

   

  “Electronic Transmission” means the delivery of information in an
      electronic format reasonably acceptable to the applicable recipient thereof. An Electronic Transmission shall be considered written notice for all purposes hereof (except when a request or notice by its terms requires execution).

   

  “Eligible Mortgage Loan” means a Mortgage Loan that (i) satisfies
      each of the representations and warranties in Exhibit B to this Agreement in all material respects, (ii) if such Mortgage Loan is (a) a Fannie Mae Mortgage Loan, a Freddie Mac Mortgage Loan, or a Ginnie Mae Mortgage Loan, it is in Strict
      Compliance with the eligibility requirements of the Ginnie Mae Program, Fannie Mae Program or Freddie Mac Program, as applicable, (b) a Jumbo Mortgage Loan, it was underwritten and originated in accordance with Seller’s underwriting guidelines, (iii)
      with respect to all Mortgage Loans other than Wet-Ink Mortgage Loans, contains all required documents in the Mortgage File without exceptions unless otherwise waived by Purchaser or permitted pursuant to the terms of this Agreement or the Custodial
      and Disbursement Agreement, and (iv) satisfies the Additional Eligible Loan Criteria.

   

  “ERISA” means, with respect to any Person, the Employee
      Retirement Income Security Act of 1974, as amended from time to time and any successor thereto, and the regulations promulgated and rulings issued thereunder.

   

  “Escrow Instruction Letter” means the Escrow Instruction Letter
      from Seller to the Settlement Agent, in the form provided by Seller, which shall include the instructions to the Settlement Agent substantially in the form of Exhibit G hereto, as the same may be modified, supplemented and in effect from time
      to time.

  

   

  
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  “Escrow Payments” means, with respect to a Mortgage Loan, the
      amounts constituting ground rents, taxes, assessments, water charges, sewer rents, municipal charges, mortgage insurance premiums, fire and hazard insurance premiums, condominium charges and other payments as may be required to be escrowed by the
      Mortgagor with the Mortgagee pursuant to the terms of the Mortgage or any other document.

   

  “Event of Default” has the meaning assigned thereto in Section 17 hereof.

   

  “Event of Insolvency” means, with respect to any Person,

   

  (i)            the filing of a voluntary petition (or the
      consent by such Person to the filing of any such petition against it), commencing, or authorizing the commencement of any case or proceeding under any bankruptcy, insolvency, reorganization, liquidation, dissolution or similar law relating to the
      protection of creditors, or suffering any such petition or proceeding to be commenced by another; or such Person shall consent or seek to the appointment of or taking possession by a custodian, receiver, conservator, trustee, liquidator, sequestrator
      or similar official of such Person, or for any substantial part of its Property, or any general assignment for the benefit of creditors;

   

  (ii)           a proceeding shall have been instituted against
      such Person under any bankruptcy, reorganization, arrangement, insolvency, readjustment of debt, dissolution, moratorium, delinquency or liquidation law of any jurisdiction, whether now or subsequently in effect, or a custodian, receiver,
      conservator, liquidator, trustee, sequestrator or similar official for such Person or such Person’s Property (as a debtor or creditor protection procedure) is appointed by any Governmental Authority having the jurisdiction to do so or takes
      possession of such Property and any such proceeding is not dismissed within [***] of filing;

   

  (iii)          that such
      Person or any Affiliate shall become insolvent;

   

  (iv)          that such Person shall (a) admit in writing its
      inability to pay or discharge its debts or obligations generally as they become due or mature, (b) admit in writing its inability to, or intention not to, perform any of its material obligations, or (c) generally fail to pay any of its debts or
      obligations as they become due or mature; or

   

  (v)           any Governmental Authority shall have seized or
      appropriated, or assumed custody or control of, all or any substantial part of the Property of such Person, or shall have taken any action to displace the management of such Person.

   

  “Fannie Mae” means the Federal National Mortgage Association or any successor thereto.

   

  “Fannie Mae Guide” means the Fannie Mae MBS Selling and Servicing
      Guide, as such Guide may hereafter from time to time be amended.

   

  “Fannie Mae HomeStyle Loan” means a Mortgage Loan that fully
      conforms to Fannie Mae’s HomeStyle Renovation mortgage loan program and is referred to as a “HomeStyle® Renovation Mortgage” by Fannie Mae.

  

   

  
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  “Fannie Mae Mortgage Loan” means a mortgage loan that is in
      Strict Compliance on the related Purchase Date with the eligibility requirements specified for the applicable Fannie Mae Program described in the Fannie Mae Guide.

   

  “Fannie Mae Program” means the Fannie Mae Guaranteed
      Mortgage-Backed Securities Programs, as described in the Fannie Mae Guide.

   

  “Fannie Mae Security” means an ownership interest in a pool of
      Fannie Mae Mortgage Loans, evidenced by a book-entry account in a depository institution having book-entry accounts at the Federal Reserve Bank of New York, issued and guaranteed, with respect to timely payment of interest and ultimate payment of
      principal, by Fannie Mae and backed by a pool of Fannie Mae Mortgage Loans, in substantially the principal amount and with substantially the other terms as specified with respect to such Fannie Mae Security in the related Takeout Commitment, if any.

   

  “FATCA” means Sections 1471 through 1474 of the Code, as of the
      date of this Agreement (or any amended or successor version that is substantively comparable), any current or future regulations or official interpretations thereof and any agreements entered into pursuant to Section 1471(b)(1) of the Code.

   

  “FHA” means the Federal Housing Administration, an agency within
      HUD, or any successor thereto, and including the Federal Housing Commissioner and the Secretary of Housing and Urban Development where appropriate under the FHA regulations.

   

  “FHA 203k Mortgage Loan” means a Mortgage Loan that is eligible
      for FHA’s 203(k) loan program.

   

  “FHA Buyout Loan” means an Eligible Mortgage Loan that (a) is
      insured by FHA, (b) is a Ginnie Mae Mortgage Loan, (c) has been purchased out of a Ginnie Mae Security, and (d) is not a Modified Loan.

   

  “FICO Score” means the credit score of the Mortgagor provided by
      Fair, Isaac & Company, Inc. or such other organization providing credit scores on or immediately prior to the Origination Date of a Mortgage Loan.

   

  “Foreign Purchaser” has the meaning assigned thereto in Section 8(d).

   

  “Freddie Mac” means the Federal Home Loan Mortgage Corporation,
      and its successors in interest.

   

  “Freddie Mac Guide” means the Freddie Mac Sellers’ and Servicers’
      Guide, as such Guide may hereafter from time to time be amended.

   

  “Freddie Mac Mortgage Loan” means a mortgage loan that is in
      Strict Compliance on the related Purchase Date with the eligibility requirements specified for the applicable Freddie Mac Program described in the Freddie Mac Guide. 

  

   

  
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  “Freddie Mac Program” means the Freddie Mac Home Mortgage
      Guarantor Program or the Freddie Mac FHA/VA Home Mortgage Guarantor Program, as described in the Freddie Mac Guide.

   

  “Freddie Mac Security” means a modified pass-through
      mortgage-backed participation certificate, evidenced by a book-entry account in a depository institution having book-entry accounts at the Federal Reserve Bank of New York, issued and guaranteed, with respect to timely payment of interest and
      ultimate payment of principal, by Freddie Mac and backed by a pool of Freddie Mac Mortgage Loans in substantially the principal amount and with substantially the other terms as specified with respect to such Freddie Mac Security in the related
      Takeout Commitment, if any.

   

  “GAAP” means generally accepted accounting principles as in
      effect from time to time in the United States of America.

   

  “Ginnie Mae” means the Government National Mortgage Association
      and its successors in interest, a wholly-owned corporate instrumentality of the government of the United States of America.

   

  “Ginnie Mae Guide” means the Ginnie Mae Mortgage-Backed
      Securities Guide, as such Guide may hereafter from time to time be amended.

   

  “Ginnie Mae Mortgage Loan” means a mortgage loan that is in
      Strict Compliance on the related Purchase Date with the eligibility requirements specified for the applicable Ginnie Mae Program in the applicable Ginnie Mae Guide.

   

  “Ginnie Mae Program” means the Ginnie Mae Mortgage-Backed
      Securities Programs, as described in the Ginnie Mae Guide.

   

  “Ginnie Mae Security” means a fully-modified pass-through
      mortgage-backed certificate guaranteed by Ginnie Mae, evidenced by a book-entry account in a depository institution having book-entry accounts at the Federal Reserve Bank of New York and backed by a pool of Ginnie Mae Mortgage Loans, in substantially
      the principal amount and with substantially the other terms as specified with respect to such Ginnie Mae Security in the related Takeout Commitment.

   

  “Governmental Authority” means any nation or government, any
      state or other political subdivision, agency or instrumentality thereof, or any entity exercising executive, legislative, judicial, regulatory or administrative functions of or pertaining to government and any court or arbitrator having jurisdiction
      over Seller any of its Subsidiaries or any of their Property.

   

  “Hedge Instrument” means any interest rate cap agreement,
      interest rate floor agreement, interest rate swap agreement or other interest rate hedging agreement entered into by Seller with a counterparty reasonably acceptable to Agent, in each case with respect to the Mortgage Loans.

   

  “High Cost Mortgage Loan” means a Mortgage Loan that is (a)
      subject to, covered by or in violation of the provisions of the Homeownership and Equity Protection Act of 1994, as amended, (b) a “high cost,” “covered,” “threshold,” “abusive,” “predatory” or “high risk” mortgage loan under any federal, state or
      local law, or any similarly classified loan using different

  

   

  
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  terminology under any law imposing heightened regulation, scrutiny or additional legal
      liability for residential mortgage loans having high interest rates, points and/or fees, or any other state or other regulation providing assignee liability to holders of such mortgage loans, (c) subject to or in violation of any such or comparable
      federal, state or local statutes or regulations, or (d) a “High Cost Loan” or “Covered Loan,” as applicable, as such terms are defined in the current version of the Standard & Poor’s LEVELS® Glossary Revised, Appendix E.

   

  “High LTV Mortgage Loan” means a (a) first-lien Mortgage Loan for
      which the loan-to-value ratio is greater than (i) [***] for a government insured first-lien Mortgage Loan; or (ii) [***] for a first-lien Mortgage Loan that is not government insured; or (b) second-lien Mortgage Loan with a combined
      loan-to-value ratio of greater than [***].

   

  “HUD” means the Department of Housing and Urban Development, or
      any federal agency or official thereof which may from time to time succeed to the functions thereof with regard to FHA mortgage insurance. The term “HUD,” for purposes of this Agreement, is also deemed to include subdivisions thereof such as the FHA
      and Ginnie Mae.

   

  “Income” means, with respect to any Purchased Asset at any time,
      any principal and/or interest thereon and all dividends, sale proceeds and all other proceeds as defined in Section 9-102(a)(64) of the Uniform Commercial Code and all other collections and distributions thereon (including, without limitation, any
      proceeds received in respect of mortgage insurance) but excluding any Escrow Payments and any and all fees, reimbursements and income entitled to be retained by a Servicer pursuant to the related Servicing Agreement.

   

  “Indebtedness” has the meaning assigned thereto in the Pricing Side Letter.

   

  “Indemnified Party” has the meaning assigned thereto in Section 21(a).

   

  “Intercreditor Agreement” means that certain Amended and Restated
      Intercreditor Agreement, dated as of February 27, 2015, by and among Seller, Purchaser and the other parties thereto, as same may be amended from time to time.

   

  “Investment Company Act” means the Investment Company Act of
      1940, as amended, including all rules and regulations promulgated thereunder.

   

  “Joint Securities Account Control Agreement” means that certain
      Amended and Restated Joint Securities Account Control Agreement, dated as of February 27, 2015, by and among Seller, Purchaser and the other parties thereto, as same may be amended from time to time.

   

  “Jumbo Mortgage Loan” means a first lien Mortgage Loan which (i)
      conforms with all requirements of Seller’s underwriting guidelines, which are subject to Purchaser’s approval in its sole discretion, as the same may be amended, supplemented or otherwise modified from time to time and (ii) has the benefit of the
      safe harbor from liability under the ATR Rules or a rebuttable presumption for such liability.

   

  “LIBOR” means for each day, the rate (adjusted for statutory
      reserve requirements for eurocurrency liabilities) for eurodollar deposits for a period equal to one month appearing on Bloomberg Screen US 0001M Page or if such rate ceases to appear on Bloomberg Screen US

    

  
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  0001M Page, or any other service providing comparable rate quotations at approximately 11:00
      a.m., London time, on the applicable date of determination, or such interpolated rate as determined by the Agent.

   

  “LIBOR Floor” has the meaning assigned thereto in the Pricing Side Letter.

   

  “Lien” means any mortgage, deed of trust, lien, claim, pledge,
      charge, security interest or similar encumbrance.

   

  “Margin Call” has the meaning assigned thereto in Section 7(b) hereof.

   

  “Margin Deficit” has the meaning assigned thereto in Section 7(b) hereof.

   

  “Market Value” means, with respect to any
      Transaction and as of any date of determination, (i) the value ascribed to a Purchased Asset or a Mortgage Loan by Agent in its sole discretion, and (ii) zero, with respect to any Mortgage Loan that is a Purchased Asset but is not an Eligible
      Mortgage Loan.

   

  “Master Netting Agreement” means that certain Global Netting and
      Security Agreement, dated as of August 14, 2020, among Purchaser, Seller, and certain Affiliates and Subsidiaries of Purchaser, entered into in connection with this Agreement, as the same shall be amended, supplemented or otherwise modified from time
      to time.

   

  “Material Adverse Change” means, with respect to a Person, any
      material adverse change in the business, financial condition, operations, performance or Property of such Person including the insolvency of such Person or its Parent Company, if applicable.

   

  “Material Adverse Effect” means (a) a Material Adverse Change
      with respect to Seller or any of its Affiliates; (b) a material impairment of the ability of Seller or any of its Affiliates that is a party to any Program Document to perform under any Program Document to which it is a party; (c) a material adverse
      effect upon the legality, validity, binding effect or enforceability of any Program Document against Seller or any of their respective Affiliates that is a party to any Program Document; (d) a material adverse effect on the Market Value of the
      Purchased Assets taken as a whole; or (e) a material adverse effect on the Approvals of Seller.

   

  “Maturity Date” has the meaning assigned thereto in the Pricing Side Letter.

   

  “Maximum Age Since Origination” has the meaning assigned thereto in the Pricing Side Letter.

   

  “Maximum Aggregate Purchase Price” has the meaning assigned
      thereto in the Pricing Side Letter.

   

  “MBA Methodology” means a method of calculating delinquency of a
      Mortgage Loan based upon the Mortgage Banker Association method, under which method a Mortgage Loan is considered delinquent if the Monthly Payment related to such Mortgage Loan has not been received by the end of the day immediately preceding the
      loan’s next Due Date.

  

   

  
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  “MERS” means Mortgage Electronic Registration Systems, Inc., a
      Delaware corporation, or any successor in interest thereto.

   

  “MERS Designated Mortgage Loan” means any Mortgage Loan as to
      which the related Mortgage or Assignment of Mortgage, has been recorded in the name of MERS, as agent for the holder from time to time of the Mortgage Note.

   

  “MIN” means the mortgage identification number of Mortgage Loans
      registered with MERS on the MERS system.

   

  “Modified Loan” means an Eligible Mortgage Loan that (a) is
      insured by FHA or guaranteed by the VA, (b) (1) was purchased out of a Ginnie Mae Security or from a third-party whole loan investor solely as a result of modifications to such Eligible Mortgage Loan, or (2) was purchased out of a Ginnie Mae Security
      or from a third-party whole loan investor as a result of delinquent mortgage payments, but, without any loan modifications, subsequently became reperforming and (c) is a Ginnie Mae Mortgage Loan.

   

  “Monthly Payment” means the scheduled monthly payment of
      principal and interest on a Mortgage Loan as adjusted in accordance with changes in the Mortgage Interest Rate pursuant to the provisions of the Mortgage Note for an Adjustable Rate Mortgage Loan.

   

  “Monthly Payment Date” means the tenth (10th) day of each
      calendar month beginning with September 2020; provided that if such day is not a Business Day, the next succeeding Business Day.

   

  “Mortgage” means a mortgage, deed of trust, or other security
      instrument, securing a Mortgage Note.

   

  “Mortgage File” has the meaning assigned thereto in the Custodial
      and Disbursement Agreement.

   

  “Mortgage Interest Rate” means, with respect to each Mortgage
      Loan, the annual rate at which interest accrues on such Mortgage Loan from time to time in accordance with the provisions of the related Mortgage Note.

   

  “Mortgage Loan” means a Ginnie Mae Mortgage Loan, a Fannie Mae
      Mortgage Loan, a Freddie Mac Mortgage Loan, a Jumbo Mortgage Loan, an FHA Buyout Loan, a Modified Loan, or a Wet-Ink Mortgage Loan.

   

  “Mortgage Note” means a promissory note or other evidence of
      indebtedness of the obligor thereunder, evidencing a Mortgage Loan, and secured by the related Mortgage.

   

  “Mortgaged Property” means the real property (or leasehold
      estate, if applicable) securing repayment of the debt evidenced by a Mortgage Note.

   

  “Mortgagee” means the record holder of a Mortgage Note
      secured by a Mortgage.

   

  
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  “Mortgagor” means the obligor or obligors on a Mortgage Note,
      including any person who has assumed or guaranteed the obligations of the obligor thereunder.

   

  “Negative Amortization” means the portion of interest accrued at
      the Mortgage Interest Rate in any month which exceeds the Monthly Payment on the related Mortgage Loan for such month and which, pursuant to the terms of the Mortgage Note, is added to the principal balance of such Mortgage Loan.

   

  “Notice Date” has the meaning assigned thereto in Section 3(c) hereof.

   

  “Non-Utilization Fee” has the meaning assigned thereto in the Pricing Side Letter.

   

  “Obligations” means (a) all amounts due and payable by Seller to
      Purchaser in connection with a Transaction hereunder, together with interest thereon (including interest which would be payable as post-petition interest in connection with any bankruptcy or similar proceeding) and other obligations and liabilities
      of Seller to Purchaser arising under, or in connection with, the Program Documents or directly related to the Purchased Assets, whether now existing or hereafter arising; (b) any and all sums paid by Purchaser or on behalf of Purchaser pursuant to
      the Program Documents in order to preserve any Purchased Asset or its interest therein; (c) in the event of any proceeding for the collection or enforcement of any of Seller’s indebtedness, obligations or liabilities referred to in clause (a), the
      reasonable expenses of retaking, holding, collecting, preparing for sale, selling or otherwise disposing of or realizing on any Purchased Asset, or of any exercise by Purchaser of its rights under the Program Documents, including without limitation,
      reasonable attorneys’ fees and disbursements and court costs; and (d) all of Seller’s indemnity obligations to Purchaser pursuant to the Program Documents.

   

  “Obligor” means a Person obligated to make payments pursuant to a
      Contract; provided that in the event that any payments in respect of a Contract are made by any other Person, such other Person shall also be deemed to be an Obligor.

   

  “OFAC” means the Office of Foreign Assets Control of the United
      States Department of Treasury.

   

  “OFAC Lists” has the meaning ascribed to it in Section 37(a).

   

  “Originator” means Seller or any other third party originator as
      mutually agreed upon by Agent and Seller.

   

  “Other Agreement” means any (i) warehouse, credit, repurchase,
      line of credit, financing or hedging agreements or other similar agreement relating to any Indebtedness in an amount greater than [***] between Seller or any of its Affiliates or Subsidiaries, on the one hand, and any Person, on the other
      hand, (ii) other agreement relating to any Indebtedness in an amount greater than [***] between Seller or any of its Affiliates or Subsidiaries, on the one hand, and any Person, on the other hand, or (iii) other agreement (including, without
      limitation, the Program Documents) in any amount entered into between Seller or any of its Affiliates or any of its Subsidiaries and Purchaser or any of its Affiliates.

   

  “Other Taxes” has the meaning assigned thereto in Section 8(b).

  

   

  
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  “Parent Company” means a corporation or other entity owning at least 50% of the
      outstanding shares of voting stock of Seller.

   

  “Person” means any legal person, including any individual,
      corporation, partnership, association, joint stock company, trust, limited liability company, unincorporated organization, governmental entity or other entity of similar nature.

   

  “Prefunding Request” means a written request, which request may
      be sent via Electronic Transmission, of Seller that Purchaser prefund Transactions expected to occur on the following Business Day, which request shall be substantially in the form of Exhibit I hereto or such other form as shall be mutually
      agreed upon between Seller and Purchaser, which shall be delivered to the Purchaser in accordance with Section 3(c) herein.

   

  “Price Differential” means, with respect to any Purchased
      Mortgage Loan or Transaction as of any date of determination, an amount equal to the product of (A) the Pricing Rate (or during the occurrence and continuation of an Event of Default, by daily application of the Default Rate) and (B) the unpaid
      Purchase Price for such Purchased Mortgage Loan or Transaction. Price Differential will be calculated in accordance with Section 3(f) herein for the actual number of days elapsed during such Accrual Period on a 360-day basis.

   

  “Price Differential Determination Date” means, with respect to
      any Monthly Payment Date, the second (2nd) Business Day preceding such date.

   

  “Pricing Rate” means, as of any date of determination and with
      respect to an Accrual Period for any Purchased Mortgage Loan or Transaction, an amount equal to the sum of (i) the greater of LIBOR and the LIBOR Floor plus (ii) the Applicable Margin.

   

  “Pricing Side Letter” means that certain Pricing Side Letter,
      dated as of August 14, 2020, between Seller and Purchaser, entered into in connection with this Agreement, as the same may be amended, modified or supplemented from time to time.

   

  “Principal Balance” means the unpaid principal balance of a Mortgage Loan.

   

  “Program Documents” means this Agreement, the Pricing Side
      Letter, the Custodial and Disbursement Agreement, the Servicer Side Letter, the Collection Account Control Agreement, Disbursement Account Control Agreement, any assignment of Hedge Instrument, the Electronic Tracking Agreement, the Master Netting
      Agreement, the Intercreditor Agreement, the Joint Securities Account Control Agreement and all other agreements, documents and instruments entered into by Seller on the one hand, and Purchaser or one of its Affiliates (or Custodian on its behalf)
      and/or Agent or one of its Affiliates on the other, in connection herewith or therewith with respect to the Transactions contemplated hereunder or thereunder and all amendments, restatements, modifications or supplements thereto.

   

  “Property” means any right or interest in or to property of any
      kind whatsoever, whether real, personal or mixed and whether tangible or intangible.

   

  “Purchase Date” means, with respect to each Transaction, the date
      on which Purchased Assets, are sold by Seller to the Purchaser or its designee hereunder; provided, that a Purchase

  

   

  
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  Date for any FHA Buyout Loan or Modified Loan may occur no more than four (4) times within a
      calendar month and, without the prior written consent of Agent, shall not occur within the final four (4) Business Days of such calendar month.

   

  “Purchase Price” has the meaning assigned thereto in the Pricing Side Letter.

   

  “Purchase Price Percentage” has the meaning assigned thereto in the Pricing Side Letter.

   

  “Purchased Assets” means with respect to each Purchased Mortgage
      Loan, whether now existing or hereafter acquired: (i) the Mortgage Loans, (ii) the related Servicing Rights, (iii) Seller’s rights under any related Hedge Instruments to the extent related to the Mortgage Loans, if assignable, (iv) such other
      property, rights, titles or interest as are specified on the related Transaction Notice, (v) all mortgage guarantees and insurance relating to such individual Mortgage Loans (issued by governmental agencies or otherwise) or the related Mortgaged
      Property and any mortgage insurance certificate or other document evidencing such mortgage guarantees or insurance and all claims and payments related to such Mortgage Loans, (vi) all guarantees or other support for such Mortgage Loans, (vii) all
      rights to Income and the rights to enforce such payments arising from such Mortgage Loans and any other contract rights, payments, rights to payment (including payments of interest or finance charges) with respect thereto, (viii) all Takeout MBS,
      Takeout Commitments, and Trade Assignments (including the rights to receive the related purchase price related therefor) related to the Purchased Mortgage Loans, if assignable, (ix) the Collection Account and the Disbursement Account and all amounts
      on deposit in the Collection Account and the Disbursement Account, (x) all Additional Purchased Mortgage Loans, (xi) to the extent related to the Purchased Mortgage Loans, all “accounts,” “deposit accounts,” “securities accounts,” “chattel paper,”
      “commercial tort claims,” “deposit accounts,” “documents,” “general intangibles,” “instruments,” “investment property,” and “securities accounts,” relating to the foregoing as each of those terms is defined in the Uniform Commercial Code and all cash
      and Cash Equivalents and all products and proceeds relating to or constituting any or all of the foregoing, (xii) any other collateral pledged or otherwise relating to any or all of the foregoing, together with all files, material documents,
      instruments, surveys (if available), certificates, correspondence, appraisals, computer records, computer storage media, accounting records and other books and records relating to the foregoing, and (xiii) any and all replacements, substitutions,
      distributions on, or proceeds with respect to, any of the foregoing. The term “Purchased Assets” with respect to any Transaction at any time also shall include Additional Purchased Mortgage Loans delivered pursuant to Section 7(b) hereof.

   

  “Purchased Mortgage Loan” means a Mortgage Loan sold by Seller to
      Purchaser in a Transaction hereunder and not yet repurchased by Seller.

   

  “Purchaser” has the meaning set forth in the preamble hereof.

   

  “Purchaser’s Wire Instructions” has the meaning set forth in the Pricing Side Letter.

   

  “Qualified Insurer” means, with respect to any Mortgaged
      Property, any insurer duly qualified as such under the laws of the states in which such Mortgaged Property is located, duly authorized and licensed in such state to transact the applicable insurance business and to write the insurance provided by the
      insurance policy issued by it.

   

  
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  “Records” means all instruments, agreements and other books, records, and reports
      and data generated by other media for the storage of information maintained by Seller or any other person or entity with respect to a Purchased Asset. Records shall include, without limitation, the Mortgage Notes, any Mortgages, the Mortgage Files,
      the Servicing Files, and any other instruments necessary to document or service a Purchased Mortgage Loan, including, without limitation, the complete payment and modification history of each Purchased Mortgage Loan.

   

  “Register” has the meaning specified in Section 42 hereof.

   

  “Repurchase Date” means, with respect to any Transaction
      involving Eligible Mortgage Loans, the earliest of (a) the Termination Date, (b) the Business Day following Seller’s written notice to Purchaser requesting a repurchase of such Transaction or such shorter time as permitted by the Purchaser, (c) at
      the conclusion of the Maximum Age Since Origination for any Eligible Mortgage Loan purchased hereunder, or (d) with respect to FHA Buyout Loans, the date that is 364 days after such FHA Buyout Loans become subject to a Transaction hereunder, or if
      any such day is not a Business Day, the immediately following Business Day.

   

  “Repurchase Price” means the price at which Purchased Assets are
      to be transferred from Purchaser or its designee to Seller upon termination of a Transaction, which will be determined in each case as the sum of: (i) any portion of the Purchase Price not yet repaid to Purchaser, (ii) the Price Differential accrued
      and unpaid thereon, (iii) Breakage Costs, if any, and (iv) any accrued and unpaid fees or expenses or indemnity amounts and any other outstanding amounts owing and invoiced under the Program Documents from Seller to Purchaser.

   

  “Request for Release of Documents” means the Request for Release
      of Documents set forth in the Custodial and Disbursement Agreement, as applicable.

   

  “Requirement of Law” means as to any Person, the certificate of
      incorporation and by-laws or other organizational or governing documents of such Person, and any law, treaty, rule or regulation or determination of an arbitrator or a court or other Governmental Authority, in each case applicable to or binding upon
      such Person or any of its Property or to which such Person or any of its Property is subject.

   

  “Responsible Officer” means (i) as to any Person, the chief
      executive officer or, with respect to financial matters, the chief financial officer of such Person and (ii) as to Seller, President, Chief Administrative Officer, Treasurer, Senior Managing Counsel or any other executive managing member.

   

  “Restricted Mortgage Loan” means (i) a “Growing Equity Loan,”
      “Graduated Payment Loan,” “Buydown Loan,” “Project Loan,” “Construction Loan” or “HECM Loan,” each as defined in the applicable Agency Guide, (ii) a 30+ Day Delinquent Mortgage Loan, (iii) a Mortgage Loan for which the related Escrow Payments have
      not been made by the next succeeding Due Date, or (iv) a High Cost Mortgage Loan.

   

  “SEC” has the meaning ascribed thereto in Section 35.

   

  “Section 404 Notice” means the notice required pursuant to
      Section 404 of the Helping Families Save Their Homes Act of 2009 (P.L. 111-22), which amends 15 U.S.C. Section 1641 et

  

   

  
    - 16 - 

    
      
 

  

   

  seq., to be delivered by a creditor that is an owner or an assignee of a Mortgage
      Loan to the related Mortgagor within thirty (30) days after the date on which such Mortgage Loan is sold or assigned to such creditor.

   

  “Security” means a Ginnie Mae Security, a Fannie Mae Security or
      a Freddie Mac Security, as applicable.

   

  “Seller” has the meaning set forth in the preamble hereof.

   

  “Seller Mortgage Loan Schedule” means the list of Purchased
      Mortgage Loans proposed to be purchased by Purchaser, in the form of Exhibit H hereto, that will be delivered in an excel spreadsheet format by Seller to Purchaser and Custodian and attached by the Custodian to the related Certification.

   

  “Servicer” means any servicer or subservicer approved by Agent in
      its sole discretion, which may be Seller.

   

  “Servicer Side Letter” means, if Mortgage Loans are serviced by a
      third party servicer pursuant to a servicing agreement, the side letter agreement related to such servicing agreement among the Seller, the Servicer and the Purchaser, which is substantially in the form as mutually agreed upon by the parties hereto.

   

  “Servicing File” means with respect to each Mortgage Loan, the
      file retained by Seller or its designee consisting of all documents that a prudent originator and servicer would include (including copies of the Mortgage File), all documents necessary to document and service the Mortgage Loans and any and all
      documents required to be delivered in connection with any transfer of servicing pursuant to the Program Documents.

   

  “Servicing Records” means with respect to a Mortgage Loan, the
      related servicing records, including but not limited to any and all servicing agreements, files, documents, records, data bases, computer tapes, copies of computer tapes, proof of insurance coverage, insurance policies, appraisals, other closing
      documentation, payment history records, and any other records relating to or evidencing the servicing of such Mortgage Loan.

   

  “Servicing Rights” means contractual, possessory or other rights
      of Seller or any other Person to administer or service a Mortgage Loan or to possess the Servicing File.

   

  “Servicing Term” has the meaning assigned thereto in Section 16(b).

   

  “Settlement Agent” means, with respect to any Transaction the
      subject of which is a Wet-Ink Mortgage Loan, the entity approved by Agent, in its sole good-faith discretion, which may be a title company, escrow company or attorney in accordance with local law and practice in the jurisdiction where the related
      Wet-Ink Mortgage Loan is being originated.

   

  “Strict Compliance” means compliance of Seller and the Mortgage
      Loans with the requirements of the Agency Guide as amended by any agreements between Seller or a Takeout Investor, on the one hand, and the Applicable Agency, on the other hand, sufficient to enable Seller

   

  
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  to issue and to service and Ginnie Mae to guarantee or Fannie Mae or Freddie Mac to issue
      and guarantee a Security.

   

  “Structuring Fee” has the meaning assigned thereto in the Pricing Side Letter.

   

  “Subsidiary” means, with respect to any Person, any corporation,
      partnership or other entity of which at least a majority of the securities or other ownership interests having by the terms thereof ordinary voting power to elect a majority of the board of directors or other persons performing similar functions of
      such corporation, partnership or other entity (irrespective of whether or not at the time securities or other ownership interests of any other class or classes of such corporation, partnership or other entity shall have or might have voting power by
      reason of the happening of any contingency) is at the time directly or indirectly owned or controlled by such Person or one or more Subsidiaries of such Person or by such Person and one or more Subsidiaries of such Person.

   

  “Takeout Commitment” means (i) a fully executed trade
      confirmation from the related Takeout Investor to Seller confirming the details of a forward trade between the Takeout Investor and Seller with respect to one or more Purchased Assets, which trade confirmation shall be enforceable and in full force
      and effect, and relate to pools of Mortgage Loans that satisfy the “good delivery standards” of the Securities Industry and Financial Markets Association as set forth in the Securities Industry and Financial Markets Association Uniform Practices
      Manual, as amended from time to time or (ii) a commitment (a) to swap one or more identified Purchased Mortgage Loans with a Takeout Investor that is an Agency for a Security and (b) to sell the related Security or Takeout MBS to a Takeout Investor.

   

  “Takeout Investor” means (x) for non-Jumbo Mortgage Loans, either
      (i) Barclays Capital, Inc., or any successor thereto, (ii) any member of the Mortgage Backed Securities Division of the Fixed Income Clearing Corporation, unless such member is disapproved by Agent in its sole discretion or (iii) any other Person
      approved by Agent in its reasonable discretion and (y) for Jumbo Mortgage Loans, either (i) Barclays Bank PLC or (ii) any other Person approved by Agent in its sole discretion.

   

  “Takeout MBS” means to the extent any Purchased Mortgage Loans
      are pooled into Securities, and such Securities do not settle on the date they are issued, partial interests in such Securities backed by such Purchased Mortgage Loans and subject to the Intercreditor Agreement and to the related control agreements .

   

  “Taxes” has the meaning assigned thereto in Section 8(a).

   

  “Termination Date” means the earliest to occur of (i) the
      Maturity Date and (ii) at the option of Purchaser, the occurrence and continuation of an Event of Default under this Agreement after the expiration of any applicable grace period.

   

  “Trade Assignment” means an assignment to Purchaser of a forward
      trade between the Takeout Investor and Seller with respect to one or more Purchased Mortgage Loans, together with the related trade confirmation from the Takeout Investor to Seller that has been fully executed, is enforceable and is in full force and
      effect and confirms the details of such forward trade.

  

   

  
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  “Transaction” has the meaning assigned thereto in Section 1 hereof.

   

  “Transaction Fee” has the meaning assigned thereto in the Pricing Side Letter.

   

  “Transaction Notice” means a written request of Seller to enter
      into a Transaction in a form attached as Exhibit C hereto or such other form as shall be mutually agreed upon between Seller and Purchaser, which is deemed to be delivered to the Purchaser in accordance with Section 3(d) herein.

   

  “Uncommitted Amount” has the meaning assigned thereto in the Pricing Side Letter.

   

  “Uniform Commercial Code” means the Uniform Commercial Code as in
      effect from time to time in the State of New York; provided that if by reason of mandatory provisions of law, the perfection or the effect of perfection or non-perfection of the security interest in any Purchased Assets or the continuation, renewal
      or enforcement thereof is governed by the Uniform Commercial Code as in effect in a jurisdiction other than New York, “Uniform Commercial Code” means the Uniform Commercial Code as in effect in such other jurisdiction for purposes of the provisions
      hereof relating to such perfection or effect of perfection or non-perfection.

   

  “Warehouse Lender” means any lender providing financing to Seller
      for the purpose of warehousing, originating or purchasing a Mortgage Loan, which lender has a security interest in such Mortgage Loan to be purchased by Purchaser.

   

  “Warehouse Lender’s Release” means a letter, in the form of Exhibit

        E, from a Warehouse Lender to Purchaser, unconditionally releasing all of Warehouse Lender’s right, title and interest in certain Mortgage Loans identified therein upon payment to the Warehouse Lender.

   

  “Wet-Ink Mortgage Loan” means a Mortgage Loan that Seller is
      selling to Purchaser simultaneously with the origination thereof that is funded as part, either directly or indirectly, with the Purchase Price paid by Purchaser hereunder and for which the Custodian shall not have received a complete Mortgage File.

   

  “Wet-Ink Mortgage Loan Document Receipt Date” means for any
      Wet-Ink Mortgage Loan, the date that the Custodian executes an original trust receipt without exceptions.

   

  		(b)	Interpretation.

   

  Headings are for convenience only and do not affect interpretation. The
      following rules of this subsection (b) apply unless the context requires otherwise. The singular includes the plural and conversely. A gender includes all genders. Where a word or phrase is defined, its other grammatical forms have a corresponding
      meaning. A reference to a subsection, Section, Annex or Exhibit is, unless otherwise specified, a reference to a section of, or annex or exhibit to, this Agreement. A reference to a party to this Agreement or another agreement or document includes
      the party’s successors and permitted substitutes or assigns. A reference to an agreement or document is to the agreement or document as amended, modified, novated, supplemented or replaced, except to the extent prohibited by any Program Document. A
      reference to legislation or to a provision of legislation includes any modification or re-enactment of it, a legislative provision substituted for it and a regulation or statutory instrument issued under it. A reference to writing 

  

   

  
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  includes a facsimile transmission and any means of reproducing words in a tangible and
      permanently visible form. A reference to conduct includes, without limitation, an omission, statement or undertaking, whether or not in writing. An Event of Default exists until it has been waived in writing by Purchaser or has been timely cured. The
      words “hereof,” “herein,” “hereunder” and similar words refer to this Agreement as a whole and not to any particular provision of this Agreement. The term “including” is not limiting and means “including without limitation.” In the computation of
      periods of time from a specified date to a later specified date, the word “from” means “from and including,” the words “to” and “until” each mean “to but excluding,” and the word “through” means “to and including.” This Agreement may use several
      different limitations, tests or measurements to regulate the same or similar matters. All such limitations, tests and measurements are cumulative and shall each be performed in accordance with their terms. Unless the context otherwise clearly
      requires, all accounting terms not expressly defined herein shall be construed, and all financial computations required under this Agreement shall be made, in accordance with GAAP, consistently applied. References herein to “fiscal year” and “fiscal
      quarter” refer to such fiscal periods of Seller. An Event of Default shall be deemed to be not continuing once waived by the Purchaser or the Agent.

   

  Except where otherwise provided in this Agreement, any determination,
      consent, approval, statement or certificate made or confirmed in writing with notice to Seller by Purchaser or an authorized officer of Purchaser as required by this Agreement is conclusive in the absence of manifest error. A reference to an
      agreement includes a security interest, guarantee, agreement or legally enforceable arrangement whether or not in writing related to such agreement.

   

  A reference to a document includes an agreement in writing or a
      certificate, notice, instrument or document, or any information recorded in electronic form. Where Seller is required to provide any document to Purchaser under the terms of this Agreement, the relevant document shall be provided in writing or
      printed form unless Purchaser requests otherwise.

   

  This Agreement is the result of negotiations among, and has been reviewed
      by counsel to, Purchaser and Seller, and is the product of all parties. In the interpretation of this Agreement, no rule of construction shall apply to disadvantage one party on the ground that such party proposed or was involved in the preparation
      of any particular provision of this Agreement or this Agreement itself. Except where otherwise expressly stated, Purchaser may give or withhold, or give conditionally, approvals and consents and may form opinions and make determinations in its
      absolute sole discretion. Except as specifically required herein, any requirement of good faith, discretion or judgment by Purchaser or Agent shall not be construed to require Purchaser or Agent to request or await receipt of information or
      documentation not immediately available from or with respect to Seller, any other Person or the Purchased Assets themselves.

   

  		3.	THE TRANSACTIONS

   

  (a)           It is acknowledged and agreed that, notwithstanding any
      other provision of this Agreement to the contrary, the facility provided under this Agreement is (i) a committed facility with respect to the Committed Amount and (ii) an uncommitted facility with respect to the Uncommitted Amount, and Purchaser
      shall have no obligation to enter into any Transactions hereunder with respect to the Uncommitted Amount. All purchases of Mortgage Loans hereunder 

  

   

  
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  shall be first deemed committed up to the Committed Amount and then the remainder, if any, shall be deemed
      uncommitted up the Uncommitted Amount.

   

  (b)          Subject to the terms and conditions of the Program
      Documents, Purchaser shall, up to the Committed Amount, and may, with respect to the Uncommitted Amount at the sole discretion of Purchaser or Agent, enter into Transactions provided, that the Aggregate MRA Purchase Price shall not
      exceed, as of any date of determination, the lesser of (i) the Maximum Aggregate Purchase Price and (ii) the Asset Base.

   

  (c)           Unless otherwise agreed, if Seller wishes to request that
      Purchaser enter into a Transaction with respect to one or more Eligible Mortgage Loans, then Seller shall deliver a Prefunding Request to Purchaser and Disbursement Agent no later than [***] (New York City time) on the Business Day prior to
      the requested Purchase Date, which Prefunding Request shall specify the amount that Seller requests Purchaser to fund on the related Purchase Date (such amount, the “Prefunded Amount”), which Prefunded Amount shall not be less than [***]
      and shall represent a good faith estimate of the amount needed for the fundings on the next Business Day. By submitting the Prefunding Request, Seller shall be deemed to have represented that no Responsible Officer of Seller has knowledge of any fact
      or circumstance that would cause such Responsible Officer to reasonably believe Seller could not represent that all conditions precedent to the Transactions expected to occur the following day shall be satisfied and that all Mortgage Loans to be
      purchased will be Eligible Mortgage Loans. If all such conditions precedent are satisfied, then Purchaser shall make commercially reasonable efforts to remit the Prefunded Amount to the Disbursement Account by [***] (New York City time) on
      the Purchase Date; provided that if the Prefunded Amount would require the use of the Uncommitted Amount, Purchaser may choose to reduce the Prefunded Amount accordingly. Remitting the Prefunded Amount to the Disbursement Account shall not constitute
      a purchase or an agreement to purchase any Mortgage Loan.

   

  (d)          Once a Prefunding Request has been submitted, Seller may
      request that Purchaser actually purchase Eligible Mortgage Loans by submitting Seller Mortgage Loan Schedules to Purchaser and Custodian. Seller may submit up to [***] Seller Mortgage Loan Schedules at any time after the submission of the
      Prefunding Request until [***] (New York City time) on the Purchase Date. By submitting a Seller Mortgage Loan Schedule, Seller hereby agrees that it shall be deemed to have made all of the representations and warranties set forth in the form
      of Transaction Notice attached as Exhibit C hereto. Upon Seller’s request to enter into a Transaction pursuant to this Section 3(d), if all conditions precedent set forth in this Section 3 and in Sections 10(a) and (b) have
      been met, if all Mortgage Loans to be purchased are Eligible Mortgage Loans, and if no Default or Event of Default shall have occurred and be continuing, then, on the requested Purchase Date, Purchaser shall, in the case of a Transaction with respect
      to the Committed Amount, and may, in its sole discretion with respect to the Uncommitted Amount, purchase the Eligible Mortgage Loans included in the related Seller Mortgage Loan Schedule by instructing the Disbursement Agent to disburse the Purchase
      Price (net of any related Structuring Fee, Non-Utilization Fee, or any other unpaid fees and expense then due and payable by Seller to Purchaser pursuant to this Agreement) in accordance with the Custodial and Disbursement Agreement. No later than [***]
      (New York City time) on each Purchase Date, Seller shall submit via email to Purchaser and Disbursement Agent the amount of the Seller Funded Portion then standing to the credit of the Disbursement Account related to rescissions, other unfunded

  

   

  
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  Mortgage Loans or any other unused amounts that Seller has calculated should be returned to
      Seller (the “Proposed Seller Refund”). No later than [***] (New York City time), the Purchaser shall subsequently respond via email to Seller and Disbursement Agent to confirm or contest Seller’s calculation of the Proposed Seller
      Refund. If Purchaser confirms Seller’s calculation of the Proposed Seller Refund, then no later than [***] (New York City time), Seller shall subsequently initiate a wire for the amount of such Proposed Seller Refund from the Disbursement
      Account. Disbursement Agent shall verify that (i) Purchaser has confirmed Seller’s calculation of the Proposed Seller Refund and (ii) the amount of such wire matches the amount of the Proposed Seller Refund and, upon verification of clauses (i) and
      (ii), shall release the wire to Seller pursuant to the wire instructions Seller provides. To the extent Purchaser contests or does not otherwise confirm the Proposed Seller Refund, Seller shall not initiate any wires from the Disbursement Account.
      With respect to any amounts remaining in the Disbursement Account at [***] (New York City time) on each Business Day, Disbursement Agent shall sweep such amount Purchaser in accordance with the terms of the Custodial and Disbursement
      Agreement.

   

  (e)            Reserved.

   

  (f)            On the related Price Differential Determination Date,
      Agent shall calculate the Price Differential for each outstanding Transaction payable on the Monthly Payment Date utilizing the Pricing Rate. Not less than two (2) Business Days prior to each Monthly Payment Date, Agent shall provide Seller with an
      invoice for the amount of the Price Differential due and payable with respect to all outstanding Transactions, setting forth the calculations thereof in reasonable detail and all accrued fees and expenses then due and owing to Purchaser. On the
      earliest of (1) the Monthly Payment Date or (2) the Termination Date, Seller shall pay to Purchaser the Price Differential then due and payable for (x) all outstanding Transactions and (y) Purchased Assets for which Purchaser has received the related
      Repurchase Price (other than Price Differential) pursuant to Section 3(g) during the prior calendar month.

   

  (g)          With respect to a
      Transaction, upon the earliest of (1) the Repurchase Date and (2) the Termination Date, Seller shall pay to Purchaser the related Repurchase Price (other than the related accrued Price Differential) together with any other Obligations then due and
      payable, and shall repurchase all Purchased Assets then subject to such Transaction. The Repurchase Price shall be transferred directly to Purchaser, and Purchaser shall transfer to Seller the related Purchased Assets.

   

  (h)           If Agent determines in its sole discretion that any Change
      in Law (except a Change in Law with regard to Taxes (or taxes expressly excluded from Taxes), which is governed solely by Section 8) or any change in accounting rules regarding capital requirements has the effect of reducing the rate of
      return on Purchaser’s capital or on the capital of any Affiliate of Purchaser under this Agreement as a consequence of such Change in Law or change in accounting rules, then from time to time Seller will compensate Purchaser or Purchaser’s Affiliate,
      as applicable, for such reduced rate of return suffered as a consequence of such Change in Law or change in accounting rules on terms similar to those imposed by Purchaser. Further, if due to the introduction of, any change in, or the compliance by
      Purchaser with (i) any eurocurrency reserve requirement, or (ii) the interpretation of any law, regulation or any guideline or request from any central bank or other Governmental Authority whether or not having the force of law, there shall be an
      increase in the cost to Purchaser or any Affiliate of Purchaser in engaging in the present or any future 

  

   

  
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  Transactions (except a Change in Law with regard to Taxes (or taxes expressly excluded from
      Taxes), which is governed solely by Section 8), then Seller shall either terminate this Agreement or, from time to time and upon demand by Purchaser, compensate Purchaser or Purchaser’s Affiliate for such increased costs, and such amounts
      shall be deemed a part of the Obligations hereunder. Purchaser shall provide Seller with notice as to any such Change in Law, change in accounting rules or change in compliance promptly following Purchaser’s receipt of actual knowledge thereof.

   

  (i)            Seller shall indemnify the Purchaser and hold the
      Purchaser harmless from any losses, costs and/or expenses which the Purchaser may sustain or incur as a result of terminating any Transaction before a Repurchase Date arising from the reemployment of funds obtained by the Purchaser hereunder or from
      actual out of pocket fees and expenses payable to terminate the deposits from which such funds were obtained (“Breakage Costs”). The Agent shall deliver to Seller a statement setting forth the amount and basis of determination of any Breakage
      Costs in such detail as determined in good faith by the Purchaser to be adequate, it being agreed that such statement and the method of its calculation shall be adequate and shall be conclusive and binding upon Seller, absent manifest error. The
      provisions of this Section 3(i) shall survive termination of this Agreement.

   

  (j)            If on any Business Day Agent determines (which
      determination shall be conclusive absent manifest error) (a) that adequate and reasonable means do not exist for ascertaining LIBOR; or (b) that LIBOR will not adequately and fairly reflect the cost to Purchaser of entering into or maintaining
      outstanding Transactions; or (c) that it has become unlawful for any Purchaser to honor its obligation to enter into or maintain outstanding Transactions hereunder using LIBOR, then Agent shall give notice thereof to Seller by telephone, facsimile,
      or other electronic means as promptly as practicable thereafter and, until Agent notifies Seller that the circumstances giving rise to such notice no longer exist, the Pricing Rate included in any Confirmation with respect to new Transactions and in
      any calculation of the Price Differential with respect to outstanding Transactions will be determined, subject to the timely approval of Seller after receipt of notice of such revised rate, at a rate per annum that Purchaser determines in its
      reasonable discretion adequately reflects the cost to Purchaser of making or maintaining such Transactions.

   

  		4.	CONFIRMATION

   

  In the event that parties hereto
      desire to enter into a Transaction on terms other than as set forth in this Agreement, the parties shall execute a confirmation prior to entering into such Transaction, which confirmation shall be in a form that is mutually acceptable to Purchaser
      and Seller and shall specify such terms, including, without limitation, the Purchase Date, the Purchase Price, the Pricing Rate therefor and the approximate Repurchase Date (a “Confirmation”). Any such Confirmation, together with this
      Agreement, shall constitute conclusive evidence of the terms agreed to between Purchaser and Seller with respect to the Transaction to which the Confirmation relates. In the event of any conflict between this Agreement and a Confirmation, the terms
      of the Confirmation shall control with respect to the related Transaction.

  

   

  
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  		5.	TAKEOUT COMMITMENTS

   

  With respect to each Purchased Mortgage Loan subject to a Takeout
      Commitment, Seller shall instruct the related Takeout Investor to remit directly to Purchaser or the Bank in accordance with the terms of the Custodial and Disbursement Agreement no later than 4:00 p.m. (New York City time) on a Business Day an
      amount equal to the Repurchase Price for such Purchased Mortgage Loan in accordance with the Purchaser’s Wire Instructions. Simultaneously with or prior to such payment, Seller shall deliver to Purchaser via facsimile or electronic mail a payoff file
      in mutually agreeable form (the “Payoff File”) and shall indicate on such Payoff File the Mortgage Loan identification numbers which identified the applicable eligible Mortgage Loans when it was purchased by Purchaser hereunder. Upon receipt
      by Purchaser of payment of the Repurchase Price in respect of such Purchased Mortgage Loan, Purchaser shall release and remit to Seller any amount in excess of the Repurchase Price (other than the related Price Differential) on the next succeeding
      Business Day; provided, that both immediately before and after giving effect to such release and remittance, (i) there is no Default or Event of Default under this Agreement or any other Program Document and (ii) there is no Margin Deficit.

   

  Simultaneously upon the transfer of the Takeout MBS to the Purchaser,
      (i) the Seller shall be construed to have transferred the Repurchase Price to the Purchaser for the related pooled Purchased Mortgage Loans backing such Takeout MBS; (ii) the Seller and Purchaser shall have entered into a new Transaction with respect
      such Takeout MBS; and (iii) the Purchaser shall be construed to have transferred the Purchase Price for the related Takeout MBS to the Seller. The Takeout MBS will be delivered to the securities account of the securities intermediary, at which time
      they will be subject to this Agreement. The Seller shall arrange for the sale of the Takeout MBS to a Takeout Investor, the proceeds of such sale to be credited to the account of the paying agent to satisfy the Repurchase Price with respect to the
      Takeout MBS.

   

  		6.	PAYMENT AND TRANSFER

   

  (a)           Unless otherwise agreed by Seller and Purchaser or as
      otherwise provided herein or in any other Repurchase Document, all transfers of funds hereunder shall be in Dollars in immediately available funds. Seller shall remit (or, if applicable, shall cause to be remitted) directly to Purchaser all payments
      required to be made by it to Purchaser hereunder or under any other Program Document in accordance with wire instructions provided by Purchaser. Any payments received by Purchaser after 5:00 p.m. (New York City time) shall be applied on the next
      succeeding Business Day.

   

  (b)          Following Seller’s receipt of the Closing Protection Letter
      and Seller’s distribution of the Escrow Instruction Letter to the Settlement Agent, the Disbursement Agent will aggregate and disburse funds directly to the loan closing with respect to Wet-Ink Mortgage Loans that are subject to a Transaction
      hereunder.

   

  		7.	MARGIN MAINTENANCE

   

  (a)           Agent shall determine the Market Value of the Purchased
      Assets at any time as determined by Agent in its sole discretion. Agent shall have the right to mark to market the

  

   

  
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  Purchased Assets on a daily basis in connection with which the Market Value with respect to
      one or more of the Purchased Assets may be determined to be zero in accordance with the terms herein.

   

  (b)          If, as of any date of determination, the lesser of (i) [***]
      of the Principal Balance of the Purchased Mortgage Loans and face amount of the Takeout MBS and (ii) the aggregate Market Value of all Purchased Assets then subject to all Transactions, taking into account the cash then on deposit in the Collection
      Account, multiplied by the applicable Purchase Price Percentage is less than the Repurchase Price for all such Transactions by an amount that exceeds [***] (a “Margin Deficit”), then Agent may, by notice to the Seller (as such notice
      is more particularly set forth below, a “Margin Call”), require Seller to transfer to Purchaser or its designee cash or, at Purchaser’s option (and provided Seller has additional Eligible Mortgage Loans), additional Eligible Mortgage Loans to
      Purchaser (“Additional Purchased Mortgage Loans”) to cure the Margin Deficit. If the Agent delivers a Margin Call to the Seller on or prior to [***] (New York City time) on any Business Day, then the Seller shall transfer cash or
      Additional Purchased Mortgage Loans to Purchaser or its designee no later than [***] (New York City time) on the same Business Day. In the event the Agent delivers a Margin Call to Seller after [***] (New York City time) on any
      Business Day, Seller shall be required to transfer cash or Additional Purchased Mortgage Loans no later than [***] (New York City time) on the next succeeding Business Day.

   

  (c)          Any cash transferred to Purchaser or its designee pursuant to Section
        16(f)(ii) herein shall reduce the Repurchase Price of the related Transactions.

   

  (d)          The failure of Purchaser, on any one or more occasions, to
      exercise its rights hereunder, shall not change or alter the terms and conditions of this Agreement or limit the right of the Purchaser to do so at a later date. Seller and Purchaser each agree that a failure or delay by a Purchaser to exercise its
      rights hereunder shall not limit or waive Purchaser’s rights under this Agreement or otherwise existing by law or in any way create additional rights for Seller.

   

  (e)           For the avoidance of doubt, it is hereby understood and
      agreed that Seller shall be responsible for satisfying any Margin Deficit existing as a result of any reduction of the Principal Balance of any Purchased Mortgage Loan pursuant to any action by any bankruptcy court.

   

  		8.	TAXES; TAX TREATMENT

   

  (a)           All payments made by Seller under this Agreement shall be
      made free and clear of, and without deduction or withholding for or on account of, any present or future taxes, levies, imposts, deductions, charges or withholdings, and all liabilities (including penalties, interest and additions to tax) with
      respect thereto imposed by any Governmental Authority therewith or thereon, excluding income taxes, branch profits taxes, franchise taxes or any other tax imposed on net income by the United States, a state or a foreign jurisdiction under the laws of
      which Purchaser is organized or of its applicable lending office, or a state or foreign jurisdiction with respect to which Purchaser has a present or former connection (other than any connection arising from executing, delivering, being party to,
      engaging in any transaction pursuant to, performing its obligations under or enforcing any Program Document), or any political subdivision thereof, U.S. federal withholding taxes imposed on amounts payable to or for the account of such Purchaser with
      respect to an applicable interest in a Transaction pursuant to a law in effect on the date on 

  

   

  
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  which (i) such Purchaser acquires such interest in the Transaction or (ii) such Purchaser
      changes its lending office, Taxes attributable to such Purchaser’s failure to comply with Section 8(d) and 8(e) (except to the extent such Taxes were payable under this Section 8 by Seller to such Purchaser’s assignor immediately before such
      Purchaser became a party hereto or to such Purchaser immediately before it changed its lending office), and taxes imposed under FATCA (collectively, such non-excluded taxes are hereinafter called “Taxes”), all of which shall be paid by Seller for its
      own account not later than the date when due. If Seller is required by law or regulation to deduct or withhold any Taxes from or in respect of any amount payable hereunder, it shall: (a) make such deduction or withholding, (b) pay the amount so
      deducted or withheld to the appropriate Governmental Authority not later than the date when due, (c) deliver to the Purchaser, promptly, original tax receipts and other evidence satisfactory to the Purchaser of the payment when due of the full amount
      of such Taxes; and (d) except as otherwise expressly provided in Section 8(d) below, pay to the Purchaser such additional amounts (including all Taxes imposed by any Governmental Authority on such additional amounts) as may be necessary so that after
      such deduction or withholding on account of Taxes has been made (including such deductions and withholding applicable to additional amounts payable under this Section) the Purchaser receives, free and clear of all Taxes, a net amount equal to the
      amount it would have received under this Agreement, as if no such deduction or withholding had been made.

   

  (b)          In addition, Seller agrees to pay to the relevant
      Governmental Authority in accordance with applicable law any current or future stamp or documentary taxes or any other excise or property taxes, charges or similar levies (including, without limitation, mortgage recording taxes, transfer taxes and
      similar fees) imposed by any taxing authority that arise from any payment made hereunder or from the execution, delivery or registration of, or otherwise with respect to, this Agreement except such taxes imposed with respect to an assignment as a
      result of a present or former connection between Purchaser and the jurisdiction imposing such taxes (other than connections arising from Purchaser having executed, delivered, become a party to, performed its obligations under, received payments
      under, received or perfected a security interest under, engaged in any other transaction pursuant to or enforced any Program Document, or sold or assigned any Purchased Asset or Program Document) (“Other Taxes”).

   

  (c)           Seller agrees to indemnify Purchaser for the full amount
      of Taxes (including additional amounts with respect thereto) and Other Taxes, and the full amount of Taxes of any kind imposed by any jurisdiction on amounts payable under this Section 8, and any liability (including penalties, interest and expenses
      arising thereon or with respect thereto) arising therefrom or with respect thereto, provided, that the Purchaser shall have provided Seller with evidence, reasonably satisfactory to Seller, of payment of Taxes or Other Taxes, as the case may be.

   

  (d)          Any Purchaser that is either (i) not incorporated under the
      laws of the United States, any State thereof, or the District of Columbia or (ii) not otherwise treated as a “United States person” under the Code (a “Foreign Purchaser”) shall provide Seller and Agent with original properly completed and duly
      executed United States Internal Revenue Service (“IRS”) Forms W-8BEN-E or W-8ECI or any successor form prescribed by the IRS (or IRS Form W-8IMY, with IRS Form W-8BEN-E or W-8ECI attached), certifying that such Person is either (1) entitled to
      benefits under an income tax treaty to which the United States is a party which eliminates United States withholding tax under Sections 1441 through 1442 of the Code on payments to it or (2) 

  

   

  
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  otherwise fully exempt from United States withholding tax under Sections 1441 through 1442
      of the Code on payments to it or certifying that the income receivable pursuant to this Agreement is effectively connected with the conduct of a trade or business in the United States in either case, on or prior to the date upon which each such
      Foreign Purchaser becomes a Purchaser. Each Foreign Purchaser will resubmit the appropriate form eliminating withholding tax on payments to it on the earliest of (A) the third anniversary of the prior submission, or (B) on or before the expiration of
      thirty (30) days after there is a “change in circumstances” with respect to such Person as defined in Treas. Reg. Section 1.1441-1(e)(4)(ii)(D). Upon the execution of this Agreement, each Purchaser that is a “United States person” within the meaning
      of the Code shall deliver to Seller a duly executed original of Internal Revenue Service Form W-9 or such other documentation or information prescribed by applicable laws or reasonably requested by Seller as will enable Seller to determine whether or
      not Purchaser is subject to backup withholding or information reporting requirements. Unless Seller has received such forms or other documents or information as required by this Section 8(d) to establish Purchaser’s exception from backup withholding
      tax, Seller shall not be required to pay additional sums or indemnify Purchaser for any backup amount withheld.

   

  (e)           If a payment made to Purchaser under this Agreement would
      be subject to any withholding tax imposed by FATCA if Agent or Purchaser were to fail to comply with the applicable reporting requirements of FATCA (including those contained in Section 1471(b) or 1472(b) of the Code, as applicable), Purchaser shall
      deliver to Seller at the time or times prescribed by law and at such time or times reasonably requested by Seller such documentation prescribed by applicable law (including as prescribed by Section 1471(b)(3)(C)(i) of the Code) and such additional
      documentation reasonably requested by Seller as may be necessary for Seller to comply with its obligations under FATCA or to determine the amount to deduct and withhold from such payment. Solely for purposes of this clause (e), “FATCA” shall include
      any amendments made to FATCA after the date of this Agreement. Solely for purposes of this clause (e), “FATCA” shall include any amendments made to FATCA after the date of this Agreement.

   

  (f)           Without prejudice to the survival of any other agreement
      of Seller hereunder, the agreements and obligations of Seller contained in this Section 8 shall survive the termination of this Agreement. Nothing contained in this Section 8 shall require Purchaser to make available any of its tax returns or other
      information that it deems to be confidential or proprietary.

   

  (g)           Each party to this Agreement acknowledges that it is its
      intent solely for purposes of U.S. federal, state and local income and franchise taxes to treat each Transaction as indebtedness of the Seller that is secured by the Purchased Assets and that the Purchased Assets are owned by Seller in the absence of
      an Event of Default by the Seller. All parties to this Agreement agree to such treatment and agree to take no action inconsistent with this treatment, unless required by law.

   

  		9.	SECURITY INTEREST; PURCHASER’S APPOINTMENT AS ATTORNEY-IN-FACT

   

  (a)           Seller and Purchaser intend that (other than for tax and
      accounting purposes) the Transactions hereunder be sales to Purchaser of the Purchased Assets and not loans from Purchaser to Seller secured by the Purchased Assets. However, in order to preserve Purchaser’s rights under this Agreement in the event
      that a court or other forum recharacterizes the Transactions hereunder as other than sales, and as security for Seller’s performance of all of its Obligations, Seller hereby 

  

   

  
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  grants to Purchaser a first priority security interest in the Purchased Assets. Seller
      acknowledges and agrees that its rights with respect to the Purchased Assets are and shall continue to be at all times junior and subordinate to the rights of Purchaser hereunder.

   

  (b)          Seller hereby irrevocably constitutes and appoints
      Purchaser and any officer or agent thereof, with full power of substitution, as its true and lawful attorney-in-fact with full irrevocable power and authority in the place and stead of Seller and in the name of Seller or in its own name, from time to
      time in Purchaser’s discretion, to file such financing statement or statements relating to the Purchased Assets as Purchaser at its option may deem appropriate, and if an Event of Default shall have occurred and be continuing, for the purpose of
      carrying out the terms of this Agreement, to take any and all appropriate action and to execute any and all documents and instruments which may be reasonably necessary or desirable to accomplish the purposes of this Agreement, and, without limiting
      the generality of the foregoing, Seller hereby gives Purchaser the power and right, on behalf of Seller, without assent by, but with notice to, Seller, to do the following if an Event of Default shall have occurred and be continuing and Purchaser has
      elected to exercise its remedies pursuant to Section 18 hereof:

   

  (i)            in the name of Seller, or in its own name, or
      otherwise, to take possession of and endorse and collect any checks, drafts, notes, acceptances or other instruments for the payment of moneys due with respect to any Purchased Assets and to file any claim or to take any other action or initiate and
      maintain any appropriate proceeding in any appropriate court of law or equity or otherwise deemed appropriate by Purchaser for the purpose of collecting any and all such moneys due with respect to any Purchased Assets whenever payable;

   

  (ii)           to pay or discharge taxes and Liens levied or placed on or
      threatened against the Purchased Assets;

   

  (iii)          (A) to direct any party liable for any payment
      under any Purchased Assets to make payment of any and all moneys due or to become due thereunder directly to Purchaser or as Purchaser shall direct, (B) in the name of Seller, or in its own name, or otherwise as appropriate, to directly send or cause
      the applicable servicer to send “hello” letters, “goodbye” letters in the form of Exhibit D, and Section 404 Notices; (C) to ask or demand for, collect, receive payment of and receipt for any and all moneys, claims and other amounts due or to
      become due at any time in respect of or arising out of any Purchased Assets; (D) to sign and endorse any invoices, assignments, verifications, notices and other documents in connection with any Purchased Assets; (E) to commence and prosecute any
      suits, actions or proceedings at law or in equity in any court of competent jurisdiction to collect the Purchased Assets or any proceeds thereof and to enforce any other right in respect of any Purchased Assets; (F) to defend any suit, action or
      proceeding brought against Seller with respect to any Purchased Assets; (G) to settle, compromise or adjust any suit, action or proceeding described in clause (F) above and, in connection therewith, to give such discharges or releases as Purchaser
      may deem appropriate; and (H) generally, to sell, transfer, pledge and make any agreement with respect to or otherwise deal with any Purchased Assets as fully and completely as though Purchaser was the absolute owner thereof for all purposes, and to
      do, at Purchaser’s option and Seller’s expense, at any time, and from time to time, all acts and things which Purchaser deems

   

  
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  necessary to protect, preserve or realize upon the Purchased Assets
      and Purchaser’s Liens thereon and to effect the intent of this Agreement, all as fully and effectively as Seller might do.

   

  Seller hereby ratifies all that said attorneys shall lawfully do or cause to
      be done by virtue hereof. This power of attorney is a power coupled with an interest and shall be irrevocable.

   

  Seller also authorizes Purchaser, from time to time if an Event of Default
      shall have occurred and be continuing, to execute any endorsements, assignments or other instruments of conveyance or transfer with respect to the Purchased Assets in connection with any sale provided for in Section 18 hereof.

   

  The powers conferred on Purchaser hereunder are solely to protect
      Purchaser’s interests in the Purchased Assets and shall not impose any duty upon it to exercise any such powers. Purchaser shall be accountable only for amounts that they actually receive as a result of the exercise of such powers, and neither
      Purchaser nor any of its officers, directors, employees or agents shall be responsible to Seller for any act or failure to act hereunder.

   

  		10.	CONDITIONS PRECEDENT

   

  (a)         As conditions precedent to the effectiveness of this Agreement,
      Purchaser shall have received on or before the Effective Date the following, in form and substance satisfactory to Purchaser and duly executed by each party thereto (as applicable):

   

  (i)            Each of the Program Documents duly executed and
      delivered by the parties thereto and being in full force and effect, free of any modification, breach or waiver;

   

  (ii)           A certificate of an officer of Seller attaching
      certified copies of Seller’s consents or charter, bylaws and corporate resolutions, as applicable, approving the Program Documents and Transactions thereunder (either specifically or by general resolution), and all documents evidencing other
      necessary corporate action or governmental approvals as may be required in connection with the Program Documents;

   

  (iii)          A certified copy of a good standing certificate
      from the jurisdiction of organization of Seller, dated as of no earlier than the date which is ten (10) Business Days prior to the Effective Date;

   

  (iv)         An incumbency certificate of the secretary of Seller
      certifying the names, true signatures and titles of Seller’s representatives who are duly authorized to request Transactions hereunder and to execute the Program Documents and the other documents to be delivered thereunder;

   

  (v)          An opinion of Seller’s counsel as to such matters as
      Purchaser may reasonably request (including, without limitation, with respect to Purchaser’s perfected security interest in the Purchased Assets, a non-contravention, enforceability and corporate opinion with respect to Seller, an opinion with
      respect to the inapplicability of the Investment Company Act to Seller, an opinion that this Agreement constitutes a “repurchase agreement”, a “securities contract” and a “master netting agreement” within

   

  

  
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  the meaning of the Bankruptcy Code and an opinion that no Transaction constitutes an
      avoidable transfer under Sections 546(e), 546(f), and 546(j) of the Bankruptcy Code, each in form and substance acceptable to Purchaser;

   

  (vi)         Seller shall have paid to Purchaser and Purchaser
      shall have received all accrued and unpaid fees and expenses owed to Purchaser in accordance with the Program Documents, including without limitation, the Structuring Fee, the Non-Utilization Fee, and any Transaction Fees then due and owing pursuant
      to Section 2 of the Pricing Side Letter, in immediately available funds, and without deduction, set-off or counterclaim;

   

  (vii)         A copy of the insurance policies required by Section
      14(q) of this Agreement;

   

  (viii)       Duly completed and filed Uniform Commercial Code
      financing statements acceptable to Purchaser and covering the Purchased Assets on Form UCC1;

   

  (ix)          Purchaser or Agent shall have completed the due
      diligence review pursuant to Section 36, and such review shall be satisfactory to Purchaser and Agent in their sole discretion;

   

  (x)           Seller shall have provided evidence, satisfactory to
      Purchaser and Agent, that Servicer’s and Seller’s Approvals are in good standing; and

   

  (xi)          Any other documents reasonably requested by
      Purchaser or Agent.

   

  (b)         As conditions precedent to each Transaction pursuant to this
      Agreement (including the initial Transaction), each of the following conditions precedent must have been satisfied:

   

  (i)           Purchaser or its designee shall have received on or
      before the Purchase Date with respect to Eligible Mortgage Loans that are to be the subject of such Transaction (unless otherwise specified in this Agreement) the following, in form and substance satisfactory to Purchaser and (if applicable) duly
      executed:

   

  		(A)	Seller shall have paid to Purchaser and Purchaser shall have received all accrued and
            unpaid fees and expenses owed to Purchaser in accordance with the Program Documents, including without limitation, the Structuring Fee, the Non-Utilization Fee and any Transaction Fee then due and owing pursuant to Section 2 of the Pricing Side
            Letter, in immediately available funds, and without deduction, set-off or counterclaim;

   

  		(B)	The Seller Mortgage Loan Schedule with respect to such Purchased Assets, delivered
            pursuant to Section 3(c);

   

  		(C)	[Reserved];

   

  		(D)	Purchaser shall have received the Structuring Fee, the Non- Utilization Fee, and the
            Transaction Fees in respect of such

   

  

  
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  Transaction then due and owing pursuant to Section 2 of the Pricing Side
      Letter, in immediately available funds, and without deduction, set-off or counterclaim;

   

  		(E)	With respect to Mortgage Loans that are not Wet-Ink Mortgage Loans, an original trust
            receipt executed by the Custodian without exceptions and with respect to Wet-Ink Mortgage Loans, an original trust receipt executed by the Wet-Ink Mortgage Loan Document Receipt Date by the Custodian, without exceptions other than those
            exceptions acceptable to Purchaser in its sole discretion;

   

  		(F)	Such other certifications of Custodian as are required under Sections 2 and 4 of the
            Custodial and Disbursement Agreement;

   

  		(G)	[Reserved];

   

  		(H)	A duly executed Warehouse Lender’s Release from any Warehouse Lender (including any
            party that has a precautionary security interest in a Mortgage Loan) having a security interest in any Mortgage Loans subject to such Transaction, substantially in the form of Exhibit E,
            addressed to Purchaser, releasing any and all of its right, title and interest in, to and under such Mortgage Loan (including, without limitation, any security interest that such secured party or secured party’s agent may have by virtue of its
            possession, custody or control thereof) and, to the extent applicable, has filed Uniform Commercial Code termination statements in respect of any Uniform Commercial Code filings made in respect of such Mortgage Loan, and each such Warehouse
            Lender’s Release and Uniform Commercial Code termination statement has been delivered to Purchaser prior to such Transaction and to the Custodian as part of the Mortgage File.

   

  (ii)          No Default or Event of Default shall have occurred
      and be continuing;

   

  (iii)         Purchaser shall not have determined that the
      introduction of or a change in any Requirement of Law or in the interpretation or administration of any requirement of law applicable to Purchaser has made it unlawful, and no Governmental Authority shall have asserted that it is unlawful, for
      Purchaser to enter into Transactions with the applicable Pricing Rate, and, if applicable, Purchaser shall have made a similar determination with respect to similarly situated sellers;

   

  (iv)        Both immediately prior to the related Transaction and
      also after giving effect thereto and to the intended use thereof, all representations and warranties in the Program Documents shall be true and correct on the date of such Transaction (with the same force and effect as if made on such date) and
      Seller is in compliance with the terms and conditions of the Program Documents, other than as may be expressly waived by the Purchaser;

   

  

  
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  (v)          The then Aggregate MRA Purchase Price when added to
      the Purchase Price for the requested Transaction, shall not exceed, as of any date of determination, the lesser of (a) the Maximum Aggregate Purchase Price and (b) the Asset Base;

   

  (vi)          The Purchase Price for the requested Transaction
      shall not be less than [***];

   

  (vii)        Satisfaction of any conditions precedent to the
      initial Transaction as set forth in clause (a) of this Section 10 that were not satisfied prior to such initial Purchase Date;

   

  (viii)       Purchaser shall have determined that all actions
      necessary to establish or maintain Purchaser’s perfected security interest in the Purchased Assets have been taken;

   

  (ix)          Purchaser or its designee shall have received any
      other documents reasonably requested by Purchaser pursuant to a request specifying the reasons for such request, reasonable information, and/or written responses to such requests, regarding the financial well-being of Seller;

   

  (x)           There is no Margin Deficit at the time immediately
      prior to entering into a new Transaction (other than a Margin Deficit that will be cured contemporaneous with such Transaction in accordance with the provisions of Section 7 hereof) and no Margin Deficit will exist immediately after giving effect
      thereto; and

   

  (xi)          None of the following shall have occurred and/or be
      continuing:

   

  		(A)	an event or events shall have occurred in the good faith determination of Purchaser
            resulting in the effective absence of a “repo market” or comparable “lending market” for financing debt obligations secured by mortgage loans or securities or an event or events shall have occurred resulting in Purchaser not being able to
            finance Eligible Mortgage Loans through the “repo market” or “lending market” with traditional counterparties at rates which would have been reasonable prior to the occurrence of such event or events; or

   

  		(B)	an event or events shall have occurred resulting in the effective absence of a
            “securities market” for securities backed by mortgage loans or an event or events shall have occurred resulting in Purchaser not being able to sell securities backed by mortgage loans at prices which would have been reasonable prior to such
            event or events; or

   

  		(C)	there shall have occurred a material adverse change in the financial condition of
            Purchaser which affects (or can reasonably be expected to affect) materially and adversely the ability of Purchaser to fund its obligations under this Agreement.

   

  

  
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  (xii)         Delivery of all due diligence results to the extent
      diligence is performed by Purchaser or Agent with respect to such Transaction;

   

  (xiii)         All Mortgage Loans referenced on the related Seller
      Mortgage Loan Schedule are Eligible Mortgage Loans; and

   

  (xiv)        The Seller’s, or its Affiliate as Servicer’s, HUD
      ranking is not below “Tier 2” lender.

   

  		11.	RELEASE OF PURCHASED ASSETS

   

  Upon timely payment in full of the Repurchase Price and all other
      Obligations (if any) then owing with respect to a Purchased Asset pursuant to Section 3(f) hereof, unless a Margin Deficit or an Event of Default shall have occurred and be continuing: (a) Purchaser shall automatically and without any further action
      terminate any security interest that Purchaser may have in such Purchased Asset, (b) the Purchaser shall automatically and without further action sell and release to the Seller or the applicable Takeout Investor, as the case may be, such Purchased
      Asset, and (c) with respect to such Purchased Asset, Purchaser shall or shall direct Custodian to release such Purchased Asset to Seller or the applicable Takeout Investor, as the case may be. Except as set forth in Section 16(f)(ii) and Section 15,
      Seller shall give at least two (2) Business Days prior written notice to Purchaser if such repurchase shall occur on any date other than the Repurchase Date.

   

  If such a Margin Deficit is applicable, Purchaser shall notify Seller of the
      amount thereof and Seller may thereupon satisfy the Margin Call in the manner specified in Section 7.

   

  		12.	RELIANCE

   

  With respect to any Transaction, Purchaser may conclusively rely upon, and
      shall incur no liability to Seller in acting upon, any request or other communication that Purchaser reasonably believes to have been given or made by a person authorized to enter into a Transaction on Seller’s behalf.

   

  		13.	REPRESENTATIONS AND WARRANTIES

   

  Seller hereby represents and warrants to Purchaser and Agent, and shall on
      and as of the Purchase Date for any Transaction and on and as of each date thereafter through and including the related Repurchase Date be deemed to represent and warrant to Purchaser and Agent that:

   

  (a)           Due Organization,
          Qualification, Power, Authority and Due Authorization. Seller is duly organized, validly existing and in good standing under the laws of the jurisdiction of its organization and it has qualified to do business in each jurisdiction in
      which it is legally required to do, provided that if Seller subsequently fails to so qualify, it rectifies the failure to qualify within one (1) Business Day of notice or knowledge of such failure. Seller has the power and authority under its
      certificate of formation, operating agreement and applicable law to enter into this Agreement and the Program Documents and to perform all acts contemplated hereby and thereby or in connection herewith and therewith; this Agreement and the Program
      Documents and the transactions contemplated hereby and thereby have been duly authorized by all necessary action

   

  

  
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  and do not require any additional approvals or consents or other action by, or any notice to or
      filing with, any Person other than any that have heretofore been obtained, given or made.

   

  (b)         Noncontravention.
      The consummation of the transactions contemplated by this Agreement and Program Documents are in the ordinary course of business of Seller and will not conflict with, result in the breach of or violate any provision of the certificate of formation
      and operating agreement of Seller or result in the breach of any provision of, or conflict with or constitute a default under or result in the acceleration of any obligation under, any agreement, indenture, loan or credit agreement or other
      instrument to which Seller, the Purchased Assets or any of Seller’s Property is or may be subject to, or result in the violation of any law, rule, regulation, order, judgment or decree to which Seller, the Purchased Assets or Seller’s Property is
      subject. Without limiting the generality of the foregoing, the consummation of the Transactions will not violate any policy, regulation or guideline of the FHA or VA or result in the voiding or reduction of the FHA insurance, VA guarantee or any
      other insurance or guarantee in respect of any Purchased Mortgage Loan, and such FHA insurance or VA guarantee is in full force and effect or shall be in full force and effect as required by the applicable Agency Guide.

   

  (c)         Legal Proceeding.
      There is no action, suit, proceeding, inquiry or investigation, at law or in equity, or before or by any court, public board or body pending or, to the knowledge of a Responsible Officer of Seller, threatened (in writing) against or affecting Seller
      (or, to the knowledge of a Responsible Officer of Seller, any basis therefor) (i) that, if it involves a claim that would be considered frivolous by industry standards or where the claimed amount in controversy is clearly excessive given the
      circumstances, is likely to succeed, and (ii) with respect to which an unfavorable decision, ruling or finding could reasonably be expected to adversely affect the validity of the Purchased Assets or the validity or enforceability of this Agreement
      or the Program Documents, would adversely affect the proceedings of Seller in connection herewith, or would or could reasonably be expected to materially and adversely affect Seller’s ability to carry out its obligations hereunder.

   

  (d)         Valid and Binding
          Obligations. This Agreement, the Program Documents and every other document to be executed by Seller in connection with this Agreement is and will be the legal, valid, binding and subsisting obligations of Seller, enforceable in
      accordance with their respective terms, except that (A) the enforceability thereof may be limited by bankruptcy, insolvency, moratorium, receivership and other similar laws relating to creditors’ rights generally and (B) the remedy of specific
      performance and injunctive and other forms of equitable relief may be subject to equitable defenses and to the discretion of the court before which any proceeding therefor may be brought.

   

  (e)         Financial Statements.
      The financial statements of Seller, copies of which have been furnished to Purchaser, (i) are, as of the dates and for the periods referred to therein, complete and correct in all material respects, (ii) present fairly the financial condition and
      results of operations of Seller as of the dates and for the periods indicated and (iii) have been prepared in accordance with GAAP consistently applied, except as noted therein (subject as to interim statements to normal year-end adjustments). Since
      the date of the most recent financial statements, there has been no Material Adverse Change with respect to Seller. Except as disclosed in such financial statements or pursuant to Section 14(i)
      hereof, Seller is not subject to any contingent liabilities or

   

  

  
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  commitments that, individually or in the aggregate, have a reasonable possibility of causing a Material Adverse Change with respect to Seller.

   

  (f)           Accuracy of Information. Neither this Agreement nor any representations and warranties or information relating to Seller that
    Seller has delivered or caused to be delivered to Purchaser, including, but not limited to, all documents related to this Agreement, the Program Documents or Seller’s financial statements, contains any untrue statement of a material fact or omits to
    state a material fact necessary to make the statements made therein or herein in light of the circumstances under which they were made, not misleading. Since the furnishing of such documents or information, there has been no change, nor any development
    or event involving a prospective change that would render any of such documents or information untrue or misleading in any material respect, unless Seller delivered such other documents or information informing Purchaser or Agent of such change.

   

  (g)          No Consents. No consent, license, approval or authorization from, or registration, filing or declaration with, any regulatory
    body, administrative agency or other governmental instrumentality, nor any consent, approval, waiver or notification of any creditor, lessor or other non-governmental Person, is required in connection with the execution, delivery and performance by
    Seller or its Parent Company, if any, of this Agreement or any other Program Document to which it is a party, other than any that have heretofore been obtained, given or made.

   

  (h)          Compliance With Law, Etc. No practice, procedure or policy employed by Seller in the conduct of its businesses violates any
    law, regulation, judgment, agreement, regulatory consent, order or decree applicable to it which, if enforced, would result in a Material Adverse Effect.

   

  (i)           Solvency. Seller is solvent and will not be rendered insolvent by any Transaction and, after giving effect to each such
    Transaction, Seller will not be left with an unreasonably small amount of capital with which to engage in its business. Seller does not intend to incur, nor believes that it has incurred, debts beyond its ability to pay such debts as they mature.
    Seller is not contemplating the commencement of insolvency, bankruptcy, liquidation or consolidation proceedings or the appointment of a receiver, liquidator, conservator, trustee or similar official in respect of Seller or any of its assets. The
    audited annual financial statements of Seller or the notes thereto or other opinions or conclusions stated therein have not been qualified or limited by reference to the status of such Person as a “going concern” or a reference of similar import or
    indicate that Seller has a negative net worth or is insolvent.

   

  (j)            Fraudulent Conveyance. The amount of consideration being received by Seller in respect of each Transaction, taken as a
    whole, constitutes reasonably equivalent value and fair consideration for the related Purchased Assets. Seller is not transferring any Purchased Assets with any intent to hinder, delay or defraud any of its creditors. The Agreement and the Program
    Documents, any other document contemplated hereby or thereby and each Transaction have not been entered into fraudulently by Seller hereunder, or with the intent to hinder, delay or defraud any creditor or Purchaser.

   

  (k)           Investment Company Act Compliance. Seller is not required to be registered as an “investment company” as defined under the Investment Company Act
    nor is an entity “controlled

   

  
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  by” an entity required to be registered as an “investment company” as defined under the Investment Company Act.

   

  (l)            Taxes. Seller has timely filed all federal and state income and other material tax returns that are required to be filed by
    it and has paid all taxes, including any assessments received by it, to the extent that such taxes are reflected on such returns and have become due or otherwise are federal, state income or other material taxes (other than for taxes that are being
    contested in good faith or for which it has established adequate reserves). Any taxes, fees and other governmental charges payable by Seller in connection with a Transaction and the execution and delivery of the Program Documents have been paid.

   

  (m)         Additional Representations. With respect to each Purchased Asset to be sold hereunder by Seller to Purchaser, Seller hereby
    makes all of the applicable representations and warranties set forth in Exhibit B as of the date the related Mortgage File is delivered to Purchaser or the Custodian with respect to the Purchased Assets and continuously while such Purchased
    Asset is subject to a Transaction. Further, as of each Purchase Date, Seller shall be deemed to have represented and warranted in like manner that Seller has no knowledge that any such representation or warranty may have ceased to be true in a material
    respect as of such date, except as otherwise stated in a written notice to the Purchaser, any such exception to identify the applicable representation or warranty and specify in reasonable detail the related knowledge of Seller.

   

  (n)          No Broker. Seller has not dealt with any broker, investment banker, agent, or other person, except for Purchaser, who may be
    entitled to any commission or compensation in connection with the sale of Purchased Assets pursuant to this Agreement; provided, that if Seller has dealt with any broker, investment banker, agent, or other person, except for Purchaser, who may
    be entitled to any commission or compensation in connection with the sale of Purchased Assets pursuant to this Agreement, such commission or compensation shall have been paid in full by Seller.

   

  (o)          [Reserved].

   

  (p)          Approvals. Seller has all requisite Approvals.

   

  (q)          [Reserved].

   

  (r)           No Adverse Actions. Seller has not received from any Agency a notice of extinguishment or a notice indicating material
    breach, default or material non-compliance which the Agent reasonably determines may entitle an Agency to terminate, suspend, sanction or levy penalties against the Seller, or a notice from any Agency, HUD, FHA or VA indicating any adverse fact or
    circumstance in respect of Seller which the Agent reasonably determines may entitle such Agency, HUD, FHA or VA, as the case may be, to revoke any Approval or otherwise terminate, suspend Seller as an Agency approved issuer or servicer, or with respect
    to which such adverse fact or circumstance has caused any Agency, HUD, FHA or VA, as the case may be, to terminate Seller, without any subsequent rescission thereof in such notice.

   

  (s)           Chief Executive Office/Jurisdiction of Organization. On the Effective Date, Seller’s chief executive office and chief place
    of business is located at 2211 Old Earhart Road,

   

  
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  Suite 250, Ann Arbor, Michigan 48105. On the Effective Date, Seller is a New Jersey corporation, Seller is not organized under any jurisdiction other than New Jersey,
    and Seller’s federal tax identification number is [***].

   

  (t)            Affiliated Parties. Seller is not an Affiliate of the Custodian, Disbursement Agent, Settlement Agent or any other party to
    a Program Document hereunder.

   

  The representations and warranties set forth in this Agreement shall survive transfer of the Purchased Assets to Purchaser and shall continue for
    so long as the Purchased Assets are subject to this Agreement.

   

  14.          COVENANTS OF SELLER

   

  Seller hereby covenants and agrees with Purchaser and Agent as follows:

   

  (a)            Defense of Title. Seller warrants and will defend the right, title and interest of Purchaser in and to all Purchased Assets against all adverse
    claims and demands.

   

  (b)           No Amendment or Compromise. None of Seller or those acting on Seller’s behalf shall amend, modify, or waive any term or
    condition of, or settle or compromise any claim in respect of, any item of the Purchased Assets, any related rights or any of the Program Documents without the prior written consent of Purchaser, except if such amendment or modification does not (i)
    affect the amount or timing of any payment of principal or interest payable with respect to a Purchased Asset, extend its scheduled maturity date, modify its interest rate, or constitute a cancellation or discharge of its outstanding principal balance
    or (ii) materially and adversely affect the security afforded by the real property, furnishings, fixtures, or equipment securing the Purchased Asset. Notwithstanding the foregoing, the Seller may amend, modify or waive any term or condition of the
    individual Mortgage Loans in accordance with Accepted Servicing Practices and the Agency Guides; provided, that Seller shall promptly notify Purchaser of any amendment, modification or waiver that causes any Purchased Mortgage Loan to cease to be an
    Eligible Mortgage Loan.

   

  (c)           No Assignment; No Liens. Except as permitted herein, Seller shall not sell, assign, transfer or otherwise dispose of, or
    grant any option with respect to, or pledge, hypothecate or grant a security interest in, or Lien on or otherwise encumber (except pursuant to the Program Documents) any of the Purchased Assets or any interest therein, provided that this
    Section 14(c) shall not prevent any of the following: any contribution, sale, assignment, transfer or conveyance of Purchased Assets in accordance with the Program Documents and any forward purchase commitment or other type of take out commitment for
    the Purchased Assets (without vesting rights in the related purchasers as against Purchaser).

   

  (d)           No Economic Interest. Neither Seller nor any Affiliate thereof will acquire any economic interest in or obligation with
    respect to any Purchased Mortgage Loan except for record title to the Mortgage relating to such Purchased Mortgage Loan and the right and obligation to repurchase the Mortgage Loan hereunder and the right to receive amounts pursuant to Section 16.

   

  (e)            Preservation of Purchased Assets. Seller shall take all actions necessary or, in the reasonable opinion of Purchaser,
    desirable, to preserve the Purchased Assets so that they remain

   

  
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  subject to a first priority perfected security interest hereunder and deliver evidence that such actions have been taken, including, without limitation, duly
    completed and filed Uniform Commercial Code financing statements on Form UCC1. Without limiting the foregoing, Seller will comply with all applicable laws, rules, regulations and other laws of any Governmental Authority applicable to Seller relating to
    the Purchased Assets and cause the Purchased Assets to comply with all applicable laws, rules, regulations and other laws of any such Governmental Authority. Seller will not allow any default to occur for which Seller is responsible under any Purchased
    Assets or any Program Documents and Seller shall fully perform or cause to be performed when due all of its obligations under any Purchased Assets or the Program Documents.

   

  (f)            Maintenance of Papers, Records and Files.

   

  (i)            Seller shall maintain all Records relating to the Purchased Assets not in the possession of Custodian or released in
    accordance with the Custodial and Disbursement Agreement in good and complete condition in accordance with industry practices and preserve them against loss. Seller shall collect and maintain or cause to be collected and maintained all such Records in
    accordance with industry custom and practice, and all such Records shall be in Purchaser’s or Custodian’s possession unless Purchaser otherwise approves in writing or in accordance with the Custodial and Disbursement Agreement. Seller will not cause or
    authorize any such papers, records or files that are an original or an only copy to leave Custodian’s possession, except for individual items removed in connection with servicing a specific Mortgage Loan, in which event Seller will obtain or cause to
    be obtained a receipt from the Custodian for any such paper, record or file, or as otherwise permitted under the Custodial and Disbursement Agreement.

   

  (ii)           For so long as Purchaser has an interest in or Lien on any Purchased Asset, Seller will hold or cause to be held all
    related Records for the sole benefit of Purchaser.

   

  (iii)         Upon reasonable advance notice from Custodian or Purchaser, Seller shall (x) make any and all such Records available to
    Custodian or Agent for examination, either by its own officers or employees, or by agents or contractors, or both, and make copies of all or any portion thereof, (y) permit Agent or its authorized agents to discuss the affairs, finances and accounts of
    Seller with its chief operating officer and chief financial officer and to discuss the affairs, finances and accounts of Seller with its independent certified public accountants.

   

  (g)           Financial Statements and Other Information; Financial Covenants.

   

  (i)            Seller shall keep or cause to be kept in reasonable detail books and records setting forth an account of its assets and
    business and, as applicable, shall clearly reflect therein the transfer of Purchased Assets to Purchaser. Seller shall furnish or cause to be furnished to Purchaser the following:

   

  (A)          Financial Statements.

   

  (1)           Within ninety (90) days after the end of each fiscal year of Seller, the consolidated audited balance sheets of Seller and its
    consolidated Subsidiaries, which will be in conformity with GAAP, and the related consolidated

   

  
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  audited statements of income and changes in equity showing the financial condition of Seller and its consolidated Subsidiaries as of the close of such fiscal
    year and the results of operations during such year, and consolidated audited statements of cash flows, as of the close of such fiscal year, setting forth, in each case, in comparative form the corresponding figures for the preceding year. The
    foregoing consolidated financial statements are to be reported on by, and to carry the unqualified report (in a form substantially similar to the form of financial statements attached hereto as Exhibit J, or in a form otherwise acceptable to
    Purchaser and Agent) of, an independent public accountant of national standing acceptable to Purchaser and Agent, which shall include KPMG LLP, PricewaterhouseCoopers LLP, Deloitte LLP, BDO USA, LLP, and any other similarly situated independent public
    account;

   

  (2)       Within forty-five (45) days after the end of each of the first three fiscal quarters of each fiscal year of Seller, consolidated
    unaudited balance sheets and consolidated statements of income, (in a form substantially similar to the form of financial statements attached hereto as Exhibit K, or in a form otherwise acceptable to Purchaser and Agent), showing the financial
    condition and results of operations of Seller and its consolidated Subsidiaries, each on a consolidated basis as of the end of each such quarter and for the then elapsed portion of the fiscal year, setting forth, in each case, in comparative form the
    corresponding figures for the corresponding periods of the preceding fiscal year, certified by a financial officer of Seller who is qualified to make such certification as presenting fairly the financial position and results of operations of Seller and
    its consolidated Subsidiaries and as having been prepared in accordance with GAAP consistently applied, in each case, subject to normal year-end audit adjustments;

   

  (3)       As soon as is practicable, but in any event within thirty (30) days after the end of each of the first two months of a fiscal
    quarter, consolidated unaudited balance sheets and consolidated statements of income (in a form substantially similar to the form of financial statements attached hereto as Exhibit K, or in a form otherwise acceptable to Purchaser and Agent)
    showing the financial condition and results of operations of Seller and its consolidated Subsidiaries on a consolidated basis as of the end of each such month and for the then elapsed portion of the fiscal year, setting forth, in each case, in
    comparative form the corresponding figures for the corresponding month of the preceding fiscal year, certified by a financial officer of Seller who is qualified to make such certification as presenting fairly the financial position and results of
    operations of Seller and its consolidated Subsidiaries and as having been prepared in accordance with GAAP consistently applied, in each case, subject to normal year-end audit adjustments;

   

  (4)       Reserved;

   

  (5)       Promptly upon becoming available, copies of all financial statements, reports, notices and proxy statements sent by Seller or any
    of Seller’s consolidated Subsidiaries in a general mailing to their respective stockholders and of all reports and other material (including copies of all registration statements under the Securities Act of 1933, as amended) filed by any of them with
    any

   

  
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  securities exchange or with the SEC or any governmental authority succeeding to any or all of the functions of the SEC;

   

  (6)       Promptly upon becoming available, copies of any annual and quarterly financial reports that Seller may be required to file with
    the SEC or any federal banking agency, or any report which Seller may be required to file with the SEC or any federal banking agency containing such financial statements and other information concerning Seller’s business and affairs as is required to
    be included in such reports in accordance with the rules and regulations of the SEC or such federal banking agency, as may be promulgated from time to time;

   

  (7)       Such supplements to the aforementioned documents and such other information regarding the operations, business, affairs and
    financial condition of Seller’s Parent Company, Seller or any of Seller’s consolidated Subsidiaries as Purchaser or Agent may reasonably request.

   

  Seller’s obligation to deliver any report or other document under this Error! Reference source not found. shall be deemed
    to have been satisfied if, and as of the date, such report or other document is filed with the SEC pursuant to the SEC’s Electronic Data Gathering & Analysis Recovery system.

   

  (8)       The audited annual financial statements of Seller or the notes thereto or other opinions or conclusions stated therein shall not
    be qualified or limited by reference to the status of Seller as a “going concern” or a reference of similar import nor shall indicate that such Seller has a negative net worth or is insolvent.

   

  		(B)	Reserved.

   

  		(C)	Other Information. Upon the request of Purchaser or Agent, such other information or reports as Purchaser or Agent may from time to time reasonably request; provided, however, such request will not cause Seller any undue
          material expense.

   

  (ii)           Seller shall at all times comply with the financial covenants sets forth in Section 4 of the Pricing Side Letter.

   

  (iii)          Certifications. Seller shall execute and deliver a certification (A) substantially in the form of Exhibit Error!

        Reference source not found. attached hereto within thirty (30) days after the end of each of the first two calendar months of each fiscal quarter of Seller, and (B) substantially in the form of Exhibit A-2 attached hereto within (x)
    forty-five (45) days after the end of each of the first three fiscal quarters of each fiscal year of Seller, and (y) ninety (90) days after the end of each fiscal year of Seller. Each certification to be executed and delivered hereunder shall be sent
    via electronic mail to creditsecuritizedp1@barclayscapital.com or such other email address as the Agent may furnish to the Seller from time to time by written notice.

   

  
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  (h)           Agency Reporting. Seller shall comply with the applicable reporting requirements of each Agency Guide and HUD.

   

  (i)            Notice of Material Events. To the extent not otherwise prohibited from disclosing, Seller shall promptly inform Purchaser
    and Agent in writing of any of the following of which any Responsible Officer is aware:

   

  (i)            any Default, Event of Default by Seller of any material obligation under any Program Document or any Servicer Termination Event,;

   

  (ii)           any material adverse change in the insurance coverage of Seller as required to be maintained pursuant to Section 14(q)
    hereof, with copy of evidence of same attached;

   

  (iii)          the commencement of, or any determination in, any material dispute, litigation, investigation, proceeding, sanctions or
    suspension between Seller, on the one hand, and any Governmental Authority or any other Person, on the other (other than any investigation or proceeding conducted in the ordinary course of business by a state licensing authority) that is reasonably
    likely to have a Material Adverse Effect;

   

  (iv)          any material change in accounting policies or financial reporting practices of Seller which could reasonably be expected
    to have a Material Adverse Effect;

   

  (v)          any event, circumstance or condition that has resulted, or has a reasonable likelihood of resulting in either a Material
    Adverse Change or a Material Adverse Effect with respect to Seller;

   

  (vi)         any material modifications to Seller’s underwriting or acquisition guidelines that relate to Mortgage Loans that are not
    Agency Mortgage Loans;

   

  (vii)        any changes to Seller’s corporate leverage covenant;

   

  (viii)       any penalties, sanctions or charges levied, or threatened in writing to be levied, against Seller or any change, or change
    threatened in writing, in Approval status, or actions taken, or threatened in writing to be taken, against Seller by or disputes in writing between Seller and any Applicable Agency, or any supervisory or regulatory Governmental Authority (including,
    but not limited to HUD, FHA and VA) supervising or regulating the origination or servicing of mortgage loans by, or the issuer status of, Seller (which, in the event of a Governmental Authority, could reasonably be expected to have a Material Adverse
    Effect);

   

  (ix)          any Change in Control of Seller;

   

  (x)           upon Seller becoming aware of any termination or threatened termination by an Agency of the Custodian as an eligible
    custodian; or

   

  (xi)          change in Seller’s name, type of organization or jurisdiction of organization (or the organizational identification
    number, if any, issued by such jurisdiction to Seller), its chief place of business and chief executive office, as set forth in Section 13(s) and in

   

  
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  the Master Netting Agreement, without at least ten (10) days’ prior written notice to Purchaser.

   

  (j)            Maintenance of Approvals. Seller shall take all commercially reasonable necessary actions to maintain its Approvals at all
    times during the term of this Agreement. If, for any reason, Seller ceases to maintain any such Approval, Seller shall notify Purchaser and Agent within one (1) Business Day.

   

  (k)           Maintenance of Licenses. Seller shall (i) maintain all licenses, permits or other approvals necessary for Seller to conduct
    its business and to perform its obligations under the Program Documents, (ii) remain in good standing to the extent required under, and comply in all material respects with, all laws of each state in which it conducts business or any Mortgaged Property
    related to a Purchased Mortgage Loan is located, and (iii) conduct its business strictly in accordance with applicable law, except in each case as would not be reasonably likely to have a Material Adverse Effect.

   

  (l)            Taxes, Etc. Seller shall pay and discharge or cause to be paid and discharged, when due all federal, state income and other
    material taxes, assessments and governmental charges or levies imposed upon it or upon its income and profits or upon any of its Property, real, personal or mixed (including without limitation, the Purchased Assets) or upon any part thereof, as well as
    any other lawful claims which, if unpaid, might become a Lien upon such properties or any part thereof, except for any such taxes, assessments and governmental charges, levies or claims as are appropriately contested in good faith by appropriate
    proceedings diligently conducted and with respect to which adequate reserves are provided. Seller shall file or cause to be filed on a timely basis all federal, state income and other material tax and information returns, reports and any other
    information statements or schedules required to be filed by or in respect of it.

   

  (m)          Nature of Business. Seller shall not make any material change in the nature of its business as carried on at the date hereof,
    it being understood that Seller may engage in business lines and transactions related to the mortgage banking and/or lending business or businesses ancillary to the mortgage banking and/or lending business and/or the servicing of Mortgage Loans.

   

  (n)           Limitation on Distributions. Seller shall have the right to pay dividends so long as such dividend distribution does not
    result in any breach of the financial covenants set forth in Section 4 of the Pricing Side Letter. Notwithstanding the foregoing, if an Event of Default has occurred and is continuing, Seller shall not make any payment of any dividends or make
    distributions on account of, or set apart assets for a sinking or other analogous fund for the purchase, redemption, defeasance, retirement or other acquisition of, any capital stock, senior or subordinate debt of Seller or other equity interests,
    respectively, thereof, whether now or hereafter outstanding, or make any other distribution in respect thereof, either directly or indirectly, whether in cash or Property or in obligations of Seller.

   

  (o)           Use of Custodian. Without the prior written consent of Purchaser, Seller shall not use a third party custodian as document
    custodian other than the Custodian for the Mortgage File relating to the Purchased Mortgage Loans.

   

  
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  (p)           Change of Control. Seller shall not, at any time, directly or indirectly (i) be subject to a Change in Control; (ii) form or
    enter into any partnership, joint venture, syndicate or other combination which would have a Material Adverse Effect with respect to Seller; or (iii) make any Material Adverse Change with respect to Seller.

   

  (q)           Insurance. Seller shall obtain and maintain insurance with responsible companies in such amounts and against such risks as
    are customarily carried by business entities engaged in similar businesses similarly situated, including without limitation, the insurance required to be obtained and maintained by each Agency pursuant to the Agency Guides, and will furnish Purchaser
    upon request full information as to all such insurance, and provide within fifteen (15) days after receipt of such request the certificates or other documents evidencing renewal of each such policy. Seller shall continue to maintain coverage, for
    itself and its Subsidiaries, that encompasses employee dishonesty, forgery or alteration, theft, disappearance and destruction, robbery and safe burglary, Property (other than money and securities), and computer fraud in an aggregate amount of at least
    such amount as is required by each Agency.

   

  (r)            Affiliate Transaction. Seller shall not, at any time, directly or indirectly, sell, lease or otherwise transfer any Property
    or assets to, or otherwise acquire any Property or assets from, or otherwise engage in any transactions with, any of its Affiliates, if such transaction is material to such parties in the aggregate, unless the terms thereof are no less favorable to
    Seller, than those that could be obtained at the time of such transaction in an arm’s length transaction with a Person who is not such an Affiliate.

   

  (s)           Change of Fiscal Year. Seller shall not, at any time, directly or indirectly, except upon ninety (90) days’ prior written
    notice to Purchaser, change the date on which its fiscal year begins from its current fiscal year beginning date.

   

  (t)            Transfer of Servicing Rights, Servicing Files and Servicing. With respect to the Servicing Rights of each Purchased Mortgage
    Loan, Seller shall transfer such Servicing Rights to Purchaser or its designee on the related Purchase Date. With respect to the Servicing Files and the physical and contractual servicing of each Purchased Mortgage Loan to the extent in the possession
    of Seller, Seller shall deliver such Servicing Files and the physical and contractual servicing to Purchaser or its designee upon the expiration of the Servicing Term unless either such Servicing Term is renewed by Purchaser or the termination of the
    Seller as servicer pursuant to Section 16. Seller’s transfer of the Servicing Rights, Servicing Files and the physical and contractual servicing under this Section shall be in accordance with customary standards in the industry including the transfer
    of the gross amount of all escrows, if any, held for the related Mortgagors (without reduction for unreimbursed advances or “negative escrows”).

   

  (u)           Audit and Approval Maintenance. Seller shall (i) at all times maintain copies of relevant portions of all final written
    Agency audits, examinations, evaluations, monitoring reviews and reports of its origination and servicing operations (including those prepared on a contract basis for any such agency) in which there are material adverse findings, including without
    limitation notices of defaults, notices of termination of approved status, notices of imposition of supervisory agreements or interim servicing agreements, and notices of probation, suspension, or non-renewal, and all necessary approvals from each
    Agency, (ii) unless prohibited from disclosing, promptly upon request provide Agent with copies of such audits, examinations, evaluations, monitoring

   

  
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  reviews and reports promptly upon receipt from any Agency or agent of any Agency, and (iii) take all actions necessary to maintain its respective Approvals.

   

  (v)           MERS. The Seller is a member of MERS in good standing and current in the payment of all fees and assessments imposed by MERS,
    and has complied with all rules and procedures of MERS. In connection with the assignment of any Purchased Mortgage Loan registered on the MERS system, the Seller agrees that at the Seller’s own cost and expense, it shall (i) with respect to any
    Correspondent Loan, identify Purchaser in the field “interim funder” on the MERS system within ten (10) calendar days of the related Purchase Date and (ii) with respect to all Purchased Mortgage Loans, promptly cause the MERS System to indicate that
    such Mortgage Loan has been transferred to the Purchaser in accordance with the terms of this Agreement by including in MERS’ computer files (A) the code in the field which identifies the specific owner of the Purchased Mortgage Loans and (B) the code
    in the field “Pool Field” which identifies the series in which such Mortgage Loans were sold. The Seller further agrees that it will not alter codes referenced in this paragraph with respect to any Purchased Mortgage Loan at any time that such Mortgage
    Loan is subject to this Agreement, and the Seller shall retain its membership in MERS at all times during the term of this Agreement.

   

  (w)          Fees and Expenses. Seller shall timely pay to Purchaser all fees and actual out of pocket expenses as set forth in the Pricing
    Side Letter.

   

  (x)           Agency Status. Once the Seller or any of its subservicers has obtained any status with an Agency’s mortgage loan pool for
    which Seller is issuer or servicer, Seller shall not take or omit to take any action that (i) would result in the suspension or loss of any of such status, or (ii) after which Seller or any such relevant subservicer would no longer be in good standing
    with respect to such status, or (iii) after which Seller or any such relevant subservicer would no longer satisfy all applicable Agency net worth requirements, if both (x) all of the material effects of such act or omission shall not have been cured by
    Seller or waived by the applicable Agency before termination of such status and (y) the termination of such status could reasonably be expected to have a Material Adverse Effect.

   

  (y)           Further Documents. Seller shall, upon request of Purchaser or Agent, promptly execute and deliver to Purchaser or Agent all
    such other and further documents and instruments of transfer, conveyance and assignment, and shall take such other action as Purchaser or Agent may require in good faith to more effectively transfer, convey, assign to and vest in Purchaser and to put
    Purchaser in possession of the Property to be transferred, conveyed, assigned and delivered hereunder and otherwise to carry out more effectively the intent of the provisions under this Agreement.

   

  (z)           Due Diligence. Seller will permit Purchaser, Agent or their respective agents or designees to perform due diligence reviews
    on the Mortgage Loans subject to each Transaction hereunder within thirty (30) days following the related Purchase Date. Seller shall cooperate in all respects with such diligence and shall provide Purchaser, Agent or their respective agents or
    designees with all loan files and other information (including, without limitation, Seller’s quality control procedures and results) reasonably requested by Purchaser, Agent or their respective agents or designees and shall bear all costs and expenses
    associated with such due diligence.

   

  
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  (aa)         Event of Insolvency. Neither Seller nor any of its Affiliates or Subsidiaries, shall take any corporate action in furtherance
    of, or any action which would result in any an Event of Insolvency.

   

  (bb)        Non-Utilization Fee. Seller shall pay to Purchaser the due and owing portion of the Non-Utilization Fee if and as required
    under Section 2 of the Pricing Side Letter; provided that Purchaser may, in its sole discretion, net any Non-Utilization Fee from the proceeds of any Purchase Price paid by Purchaser to Seller to the extent such amounts were not otherwise received by
    Purchaser in accordance with this clause (bb).

   

  15.          REPURCHASE OF PURCHASED ASSETS

   

  Upon discovery by Seller of a breach of any of the representations and warranties set forth on Exhibit B to this Agreement, Seller shall
    give prompt written notice thereof to Purchaser. Upon any such discovery by Purchaser, Purchaser will notify Seller. It is understood and agreed that the representations and warranties set forth in Exhibit B to this Agreement with respect to
    the Purchased Assets shall survive delivery of the respective Mortgage Files to the Purchaser or Custodian with respect to the Purchased Assets and shall inure to the benefit of Purchaser. The fact that Purchaser has conducted or has failed to conduct
    any partial or complete due diligence investigation in connection with its purchase of any Purchased Asset shall not affect Purchaser’s right to demand repurchase or any other remedy as provided under this Agreement. Seller shall, within five (5)
    Business Days of the earlier of Seller’s discovery or receipt of notice by a Responsible Officer of Seller with respect to any Purchased Asset of (i) any breach of a representation or warranty contained in Exhibit B of this Agreement or (ii)
    any failure to deliver any of the items required to be delivered as part of the Mortgage File within the time period required for delivery pursuant to the Custodial and Disbursement Agreement, promptly cure such breach or delivery failure in all
    material respects. If within five (5) Business Days after the earlier of Seller’s discovery of such breach or delivery failure or receipt of notice thereof that such breach or delivery failure has not been remedied by Seller, Seller shall promptly upon
    receipt of written instructions from Purchaser, at Purchaser’s option, repurchase such Purchased Asset at a purchase price equal to the Repurchase Price with respect to such Purchased Asset by wire transfer to the account designated by Purchaser.

   

  16.          SERVICING OF THE MORTGAGE LOANS; SERVICER TERMINATION

   

  (a)            Subservicing.

   

  (i)            Upon payment of the Purchase Price, Purchaser shall own the servicing rights related to the Purchased Mortgage Loans
    including the Mortgage File related to such Purchased Mortgage Loans. Seller and Purchaser each agrees and acknowledges that the Mortgage Loans sold hereunder shall be sold to Purchaser on a servicing released basis, and that Purchaser is engaging and
    hereby does engage Seller to provide subservicing of each such Mortgage Loan for the benefit of Purchaser; provided that with respect to one or more Purchased Mortgage Loans, a Servicer other than the Seller may subservice the Mortgage Loans for the
    benefit of Purchaser.

   

  
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  (ii)           So long as a Purchased Mortgage Loan is outstanding, Seller shall neither assign, encumber or pledge its obligation to
    subservice such Mortgage Loans in whole or in part, nor delegate its rights or duties under this Agreement (to other than a subservicer) without the prior written consent of Purchaser, the granting of which consent shall be in the sole discretion of
    Purchaser. Seller hereby acknowledges and agrees that (i) Purchaser is entering into this Agreement in reliance upon Seller’s representations as to the adequacy of its financial standing, servicing facilities, personnel, records, procedures, reputation
    and integrity, and the continuance thereof; and (ii) Seller’s engagement hereunder to provide mortgage servicing for the benefit of Purchaser is intended by the parties to be a “personal service contract” and Seller is hereunder intended by the parties
    to be an “independent contractor”.

   

  (iii)          Servicer shall subservice and administer the Mortgage Loans it is subservicing on behalf of Purchaser in accordance with
    Accepted Servicing Practices. Servicer shall have no right to modify or alter the terms of any such Mortgage Loan or consent to the modification or alteration of the terms of any such Mortgage Loan except in Strict Compliance with the related Agency
    Program. Servicer shall at all times maintain accurate and complete records of its servicing of the Mortgage Loans it is subservicing on behalf of Purchaser, and Agent may, at any time during Servicer’s business hours on reasonable notice, examine and
    make copies of such Servicing Records. Seller agrees that Purchaser is the 100% beneficial owner of all Servicing Records relating to the Mortgage Loans. Seller covenants to hold or cause to be held such Servicing Records for the benefit of Purchaser
    and to safeguard such Servicing Records and to deliver them promptly to Agent or its designee (including the Custodian) at Agent’s request or otherwise as required by operation of this Section 16.

   

  (b)           Servicing Term. Servicer shall subservice such Mortgage Loans on behalf of Purchaser for a term commencing as of the related
    Purchase Date and ending on the last day of the calendar month following the calendar month in which such Purchase Date occurs, which term may be extended in writing on a monthly basis by the Purchaser in its sole discretion, for an additional calendar
    month period (each, a “Servicing Term”); provided, that Purchaser shall have the right to immediately terminate the Servicer at any time following the occurrence of any event described in Section 16(i) hereof (a “Servicer Termination Event”)

    that is continuing. If such Servicing Term is not extended by Purchaser or if Purchaser has terminated Servicer as a result of a Servicer Termination Event, Servicer shall transfer such servicing to Purchaser or its designee at no cost or expense to
    Purchaser as provided in Section 14(t). Servicer shall hold or cause to be held all Escrow Payments collected with respect to the Mortgage Loans it is subservicing on behalf of Purchaser in segregated accounts for the sole benefit of the Mortgagors and
    shall apply the same for the purposes for which such funds were collected. If Servicer should discover that, for any reason whatsoever, it has failed to perform fully its servicing obligations in any material respect with respect to the Mortgage Loans
    it is subservicing on behalf of Purchaser, Seller shall promptly notify Purchaser.

   

  (c)           Servicing Reports. As requested by Purchaser from time to time, Seller shall furnish to Purchaser reports in form and scope
    satisfactory to Purchaser, setting forth (i) data regarding the performance of the individual Purchased Mortgage Loans, (ii) a summary report of all Mortgage Loans serviced by the Seller and originated pursuant to an Agency Guide, HUD

   

  
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  and/or FHA guidelines (on a portfolio basis), in each case, for the immediately preceding month, including, without limitation, all collections, delinquencies,
    defaults, defects, claim rates, losses and recoveries, and (iii) any other information reasonably requested by Purchaser.

   

  (d)           Backup Servicer. The Agent, in its sole discretion, may appoint a backup servicer at any time during the term of this
    Agreement. In such event, Seller shall commence monthly delivery to such backup servicer of the servicing information required to be delivered to Purchaser pursuant to Section 16(c) hereof and any other information reasonably requested by backup
    servicer, all in a format that is reasonably acceptable to such backup servicer. All costs and expenses of such backup servicer, including, but not limited to all fees of such backup servicer in connection with the processing of such information and
    the maintenance of a servicing file with respect to the Purchased Mortgage Loans, shall be an expense of (i) the Purchaser, prior to the occurrence and continuance of an Event of Default and (ii) the Seller, upon the occurrence and during the
    continuation of an Event of Default. Seller shall cooperate fully with such backup servicer in the event of a transfer of servicing hereunder and will provide such backup servicer with all documents and information necessary for such backup servicer to
    assume the servicing of the Purchased Mortgage Loans.

   

  (e)           Collection Account. Prior to the Effective Date, Seller shall establish and maintain a separate account (the “Collection
      Account”) with the Bank in the Agent’s name for the sole and exclusive benefit of the Purchaser. Such account shall be subject to the Collection Account Control Agreement. Servicer shall deposit or credit to the Collection Account all amounts
    collected on account of the Mortgage Loans no more than sixty (60) days after the Effective Date, and thereafter, within two (2) Business Days of receipt, and remit such collections in accordance with Section 16(f) hereof. Following the occurrence and
    during the continuance of an Event of Default, such amounts shall be deposited or credited irrespective of any right of setoff or counterclaim arising in favor of Seller (or any third party claiming through it) under any other agreement or arrangement.
    Amounts on deposit in the Collection Account shall be distributed as provided in Section 16(f).

   

  (f)           Income Payments.

   

  (i)            Where a particular term of a Transaction extends over the date on which Income is paid in respect of any Purchased Asset
    subject to that Transaction, (i) Seller shall deposit or cause to be deposited such Income into the Collection Account no later than sixty (60) days after the Effective Date and thereafter, no later than two (2) Business Days after receipt thereof, and
    (ii) such Income shall be the Property of Purchaser subject to subsections 16(f)(ii) and (iii) below. The Collection Account shall be subject to the terms and conditions of the Collection Account Control Agreement.

   

  (ii)           Except as otherwise provided in Section 16(f)(iv), on the Monthly Payment Date after the occurrence and during
    the continuance of a Default or an Event of Default, Purchaser shall cause amounts deposited in the Collection Account to be released to Seller, which amounts shall be applied by Seller (A) to reduce outstanding Price Differential due and payable in
    respect of Purchased Assets for which Purchaser has received the related Repurchase Price (other than Price Differential) pursuant to Section 3(g) during the prior calendar month, (B) to reduce the Repurchase Price for all outstanding Transactions, (C)
    to

   

  
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  pay all other Obligations then due and payable to Purchaser and (D) to pay to Seller any remaining amounts.

   

  (iii)          Notwithstanding anything herein or in the Collection Account Control Agreement to the contrary, Purchaser shall in no
    event cause amounts deposited in the Collection Account to be released to Seller to the extent that such action would result in the creation of a Margin Deficit (unless prior thereto or simultaneously therewith Seller cures such Margin Deficit in
    accordance with Section 7), or if an Event of Default is then continuing. Further, if an uncured Margin Deficit exists as of such Monthly Payment Date, Purchaser shall cause the Bank to disburse the Income related to the Transaction for which the
    Margin Deficit exists to Purchaser (up to the amount of such Margin Deficit), which amounts shall be applied by Purchaser to reduce the related Repurchase Price.

   

  (iv)          If a successor servicer takes delivery of such Mortgage Loans either under the circumstances set forth in Section
      16(i) or otherwise, all amounts deposited in the Collection Account shall be paid to Purchaser promptly upon such delivery.

   

  (g)           FHA Buyout Loans. With respect to each FHA Buyout Loan, (i) Seller shall deposit FHA claims payments on such FHA Buyout Loan
    into the Collection Account within two (2) Business Days of receipt and (ii) Seller shall service such FHA Buyout Loan in Strict Compliance with all FHA requirements.

   

  (h)           Reserved.

   

  (i)           Servicer Termination. Purchaser, in its sole discretion, may terminate Servicer’s rights and obligations as subservicer of
    the affected Mortgage Loans that it is subservicing on behalf of Purchaser and require Servicer to deliver the related Servicing Records to Purchaser or its designee upon the occurrence of (i) an Event of Default has occurred and is continuing or (ii)
    upon the expiration of the Servicing Term as set forth in Section 16(b) by delivering written notice to Seller and Servicer requiring such termination. Such termination shall be effective upon a Responsible Officer of Seller’s receipt of such written
    notice; provided, that Servicer’s subservicing rights shall be terminated immediately upon the occurrence a Servicer Termination Event, regardless of whether notice of such event shall have been given to or by Purchaser or Seller. Upon
    any such termination, all authority and power of Servicer respecting its rights to subservice and duties under this Agreement relating thereto, shall pass to and be vested in the successor servicer appointed by Purchaser and Purchaser is hereby
    authorized and empowered to transfer such rights to subservice the Mortgage Loans for such price and on such terms and conditions as Purchaser shall reasonably determine. Seller shall promptly take such actions and furnish to Purchaser such documents
    that Purchaser deems necessary or appropriate to enable Purchaser to enforce such Mortgage Loans and shall perform all acts and take all actions so that the Mortgage Loans and all files and documents relating to such Mortgage Loans held by Servicer,
    together with all escrow amounts relating to such Mortgage Loans, are delivered to successor Servicer, including but not limited to preparing, executing and delivering to the successor Servicer any and all documents and other instruments, placing in
    the successor Servicer’s possession all Servicing Records pertaining to such Mortgage Loans and doing or causing to be done, all at Seller’s sole expense. To the extent that the approval of the Applicable Agency is required for any such sale or
    transfer, Seller shall fully cooperate with Purchaser to obtain such approval. All

   

  
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  amounts paid by any purchaser of such rights to service or subservice the Mortgage Loans shall be the property of Purchaser. The subservicing rights required to be
    delivered to successor Servicer in accordance with this Section 16(i) shall be delivered free of any servicing rights in favor of Seller or any third party (other than Purchaser) and free of any title, interest, lien, encumbrance or claim of any kind
    of Seller other than record title to the Mortgages relating to the Mortgage Loans and the right and obligation to repurchase the Mortgage Loans hereunder. No exercise by Purchaser of its rights under this Section 16(i) shall relieve Seller of
    responsibility or liability for any breach of this Agreement.

   

  (j)             Conflicts. For the avoidance of doubt, if a Servicer Side Letter conflicts with any provision set forth in this Section 16,
    the applicable Servicer Side Letter shall control with respect to such provision.

   

  17.          EVENTS OF DEFAULT

   

  With respect to any Transactions covered by or related to this Agreement, the occurrence of any of the following events shall constitute an “Event of Default”:

   

  (a)           Seller fails to transfer the Purchased Assets to the Purchaser on the applicable Purchase Date (provided the Purchaser has tendered
    the related Purchase Price and Seller has not repaid such Purchase Price on the same day as such tender);

   

  (b)           Seller either fails to repurchase the Purchased Assets on the applicable Repurchase Date or fails to perform its obligations under
    Section 7 (including, without limitation, the failure to timely cure a Margin Deficit) or the last sentence of Section 15;

   

  (c)           Seller shall fail to (i) remit to Purchaser when due any payment required to be made under the terms of this Agreement,
      any of the other Program Documents or any other contracts or agreements delivered in connection herewith or therewith, or (ii) perform, observe or comply with any material term, condition, covenant or agreement contained in this Agreement or any of
      the other Program Documents (other than the other “Events of Default” set forth in this Section 17) or any other contracts or agreements delivered in connection herewith or therewith, and such failure is not cured within the time period expressly
      provided for therein, or, if no such cure period is provided, within [***] of the earlier of (x) a Responsible Officer of Seller’s receipt of written notice from Purchaser or Custodian of such breach or (y) the date on which Seller obtains
      notice or knowledge of the facts giving rise to such breach;

   

  (d)           Any representation or warranty made by Seller (or any of Seller’s officers) in the Program Documents or in any other
      document delivered in connection therewith, or in any other contract or agreement, shall have been incorrect or untrue in any material respect when made or repeated or deemed by of the terms thereof to have been incorrect or untrue in any material
      respect when made or repeated and, if curable, is not cured within [***] (other than the representations or warranties in Section 13(m) or Exhibit B which shall be considered solely for the purpose of determining whether the
      related Purchased Asset is an Eligible Mortgage Loan, unless (i) Seller shall have made any such representation or warranty with the knowledge that it was materially false or misleading at the time made or repeated or deemed to have been made or

   

  
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  repeated, or (ii) any such representation or warranty shall have been determined by Purchaser in its sole discretion to be materially false or misleading on a regular
    basis);

   

  (e)            Seller or any of its Affiliates or Subsidiaries, as applicable, shall be in default under any Other Agreement beyond any applicable
    cure period;

   

  (f)            Any Event of Insolvency of Seller or any of its Affiliates;

   

  (g)           Any final judgment or order for the payment of money in excess of [***] in the aggregate (to
      the extent that it is, in the reasonable determination of Purchaser, uninsured and provided that any insurance or other credit posted in connection with an appeal shall not be deemed insurance for these purposes) shall be rendered against Seller or
      any of its Affiliates by one or more courts, administrative tribunals or other bodies having jurisdiction over them and the same shall not be discharged (or provisions shall not be made for such discharge) satisfied, or bonded, or a stay of execution
      thereof shall not be procured, within [***] from the date of entry thereof and Seller or any of its Affiliates, as applicable, shall not, within said period of [***] or such longer period during which execution of the same shall have
      been stayed or bonded, appeal therefrom and cause the execution thereof to be stayed during such appeal;

   

  (h)           Any Governmental Authority or any person, agency or entity acting or purporting to act under governmental authority (i) shall have
    taken any action to condemn, seize or appropriate, or to assume custody or control of, all or any substantial part of the Property of Seller, or shall have taken any action to displace the management of Seller or to curtail its authority in the conduct
    of the business of Seller, or (ii) takes any action in the nature of enforcement to remove, limit or restrict the approval of Seller as an issuer, purchaser or a seller/servicer of Purchased Mortgage Loans or securities backed thereby;

   

  (i)            Seller, shall fail to comply with any of the financial covenants set forth in Section 4 of the Pricing Side Letter;

   

  (j)            Any Material Adverse Effect shall have occurred and not have been waived;

   

  (k)           Neither of the following is true: This Agreement shall for any reason cease to create a valid first priority security interest or
    ownership interest upon transfer in any material portion of the Purchased Assets purported to be covered hereby;

   

  

  (l)            A Change in Control of Seller shall have occurred that has not been approved by Agent;

   

  (m)          Purchaser or Agent shall reasonably request, specifying the reasons for such request, reasonable
      information, and/or written responses to such requests, regarding the financial well-being of Seller, and such reasonable information and/or responses shall not have been provided within [***] of such request; provided that, for the avoidance
      of doubt, any requests by Purchase of documents included in or required to be included in the Mortgage File shall not be subject to this subsection (m);

   

  (n)           A material event of default shall have occurred and be continuing beyond the expiration of any applicable cure periods under any of
    the Program Documents;

   

  
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  (o)           Seller ceases to be a member of MERS in good standing (unless MERS is no longer acting in such capacity) for any reason at any time
    Seller is servicing MERS Designated Mortgage Loans;

   

  (p)           Change of Servicer without consent of the Agent;

   

  (q)           [Reserved];

   

  (r)            Failure of Seller to meet the qualifications to maintain all requisite Approvals, such Approvals are revoked or such Approvals are
    materially and adversely modified;

   

  (s)           [Reserved]; or

   

  (t)            Seller and its Affiliates fail to operate or conduct their business operations or any material portion thereof in the ordinary
    course.

   

  18.          REMEDIES

   

  Upon the occurrence of (i) an Event of Default that is continuing (other than that referred to in Section 17(f)), the Purchaser, at its option,
    shall have the right to exercise any or all of the following rights and remedies and (ii) an Event of Default referred to in Section 17(f), the following rights and remedies shall immediately and automatically take effect without any further action by
    any Person.

   

  (a)            (i)           The Repurchase Date for each Transaction hereunder shall, if it has not already occurred, be deemed immediately to
    occur (except that, in the event that the Purchase Date for any Transaction has not yet occurred as of the date of such exercise or deemed exercise, such Transaction shall be deemed immediately canceled). Seller’s Obligations hereunder, to repurchase
    all Purchased Assets at the Repurchase Price therefor on the Repurchase Date in such Transactions shall thereupon become immediately due and payable; all Income paid after such exercise or deemed exercise shall be remitted to and retained by Purchaser
    and applied to the aggregate Repurchase Prices and any other amounts owing by Seller hereunder; Seller shall immediately deliver to Purchaser or its designee any and all original papers, records and files relating to the Purchased Assets subject to
    such Transaction then in its possession and/or control; and all right, title and interest in and entitlement to such Purchased Assets and Servicing Rights thereon shall become property of Purchaser.

   

  (ii)           Purchaser may (A) sell, on or following the Business Day following the date on which the Repurchase Price becomes due and
    payable pursuant to Section 18(a)(i) without notice or demand of any kind, at a public or private sale and at such price or prices as Purchaser may reasonably deem satisfactory, any or all or portions of the Purchased Assets on a servicing-released or
    servicing-retained basis, as Purchaser may determine in its sole discretion and/or (B) in its sole discretion elect, in lieu of selling all or a portion of such Purchased Assets, to give Seller credit for such Purchased Assets (including credit for the
    Servicing Rights in respect of sales on a servicing-retained basis) in an amount equal to the Market Value of the Purchased Assets against the aggregate unpaid Repurchase Price and any other amounts owing by Seller hereunder. Seller shall remain liable
    to Purchaser for any amounts that remain owing to Purchaser following a sale and/or credit under the

   

  
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  preceding sentence. The proceeds of any disposition of Purchased Assets shall be applied first to the reasonable costs and expenses including but
    not limited to legal fees incurred by Purchaser in connection with or as a result of an Event of Default; second to costs of cover and/or related hedging transactions; third to the aggregate Repurchase Prices; fourth to all
    other Obligations; and fifth to Seller.

   

  (iii)          The parties recognize that it may not be possible to purchase or sell all of the Purchased Assets on a particular
    Business Day, or in a transaction with the same purchaser, or in the same manner because the market for such Purchased Assets may not be liquid. In view of these characteristics of the Purchased Assets, the parties agree that liquidation of a
    Transaction or the underlying Purchased Assets does not require a public purchase or sale and that a good faith private purchase or sale shall be deemed to have been made in a commercially reasonable manner. Accordingly, Purchaser may elect the time
    and manner of liquidating any Purchased Asset and nothing contained herein shall obligate Purchaser to liquidate any Purchased Asset upon the occurrence of an Event of Default or to liquidate all Purchased Assets in the same manner or on the same
    Business Day or shall constitute a waiver of any right or remedy of Purchaser. Notwithstanding the foregoing, the parties to this Agreement agree that the Transactions have been entered into in consideration of and in reliance upon the fact that all
    Transactions hereunder constitute a single business and contractual obligation and that each Transaction has been entered into in consideration of the other Transactions.

   

  (iv)          The Purchaser may terminate the Agreement.

   

  (b)           Seller hereby acknowledges, admits and agrees that Seller’s obligations under this Agreement are recourse obligations of Seller. In
    addition to its rights hereunder, upon the occurrence and continuation of an Event of Default, Purchaser shall have the right to proceed against any of Seller’s assets or the assets of any of Seller’s Affiliates or Subsidiaries, which may be in the
    possession of Purchaser, any of Purchaser’s Affiliates or their designee (including the Custodian), including the right to liquidate such assets and to set-off the proceeds against monies owed by Seller to Purchaser pursuant to this Agreement.
    Purchaser may set off cash, the proceeds of the liquidation of the Purchased Assets and Additional Purchased Mortgage Loans and all other sums or obligations owed by Purchaser to Seller or against all of Seller’s Obligations to Purchaser, or Seller’s
    obligations or the obligations of any of Seller’s Affiliates or Subsidiaries to Purchaser under any other agreement between the parties, or otherwise, whether or not such obligations are then due, without prejudice to Purchaser’s right to recover any
    deficiency.

   

  (c)           Purchaser shall have the right to obtain physical possession of the Records and all other files of Seller relating to the Purchased
    Assets and all documents relating to the Purchased Assets which are then or may thereafter come into the possession of Seller or any third party acting for Seller and Seller shall deliver to Purchaser such assignments as Purchaser shall request.

   

  (d)           Purchaser shall have the right to direct all Persons servicing the Purchased Assets to take such action with respect to the
    Purchased Assets as Purchaser determines appropriate, including, without limitation, using its rights under a power of attorney granted pursuant to Section 9(b) hereof.

   

  
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  (e)           Purchaser shall, without regard to the adequacy of the security for the Obligations, be entitled to the appointment of a receiver by
    any court having jurisdiction, without notice, to take possession of and protect, collect, manage, liquidate, and sell the Purchased Assets or any portion thereof, collect the payments due with respect to the Purchased Assets or any portion thereof,
    and do anything that Purchaser is authorized hereunder to do. Seller shall pay all costs and expenses incurred by Purchaser in connection with the appointment and activities of such receiver, and such shall be deemed part of the Obligations hereunder.

   

  (f)            Purchaser may, at its option, enter into one or more hedging transactions covering all or a portion of the Purchased Assets, and
    Seller shall be responsible for all damages, judgments, costs and expenses of any kind which may be imposed on, incurred by or asserted against Purchaser relating to or arising out of such hedging transactions; including without limitation any losses
    resulting from such hedging transactions, and such shall be deemed part of the Obligations hereunder.

   

  (g)           In addition to all the rights and remedies specifically provided herein, Purchaser shall have all other rights and remedies provided
    by applicable federal, state, foreign and local laws, whether existing at law, in equity or by statute, including, without limitation, all rights and remedies available to a purchaser/secured party under the Uniform Commercial Code.

   

  Except as otherwise expressly provided in this Agreement, Purchaser shall have the right to exercise any of its rights and/or remedies without
    presentment, demand, protest or further notice of any kind, other than as expressly set forth herein, all of which are hereby expressly waived by Seller.

   

  Purchaser may enforce its rights and remedies hereunder without prior judicial process or hearing, and Seller hereby expressly waives, to the
    extent permitted by law, any right Seller might otherwise have to require Purchaser to enforce its rights by judicial process. Seller also waives, to the extent permitted by law, any defense Seller might otherwise have to the Obligations, or any
    guaranty thereof, arising from use of nonjudicial process, enforcement and sale of all or any portion of the Purchased Assets or from any other election of remedies. Seller recognizes that nonjudicial remedies are consistent with the usages of the
    trade, are responsive to commercial necessity and are the result of a bargain at arm’s length.

   

  (h)           Seller shall cause all sums received by it with respect to the Purchased Assets to be deposited in the Collection Account promptly
    upon receipt thereof but in no event later than two (2) Business Days thereafter. Seller shall be liable to Purchaser for the amount of all losses, costs and/or expenses (plus interest thereon at a rate equal to the Default Rate) that Purchaser may
    sustain or incur in connection with hedging transactions relating to the Purchased Assets, conduit advances and payments for mortgage insurance.

   

  19.          DELAY NOT WAIVER; REMEDIES ARE CUMULATIVE

   

  No failure on the part of Purchaser to exercise, and no delay by Purchaser in exercising, any right, power or remedy hereunder shall operate as a
    waiver thereof, nor shall any single or partial exercise by Purchaser of any right, power or remedy hereunder preclude any other or further exercise thereof or the exercise of any other right, power or remedy. All rights and remedies of

   

  
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  Purchaser provided for herein are cumulative and in addition to any and all other rights and remedies provided by law, the Program Documents and the other instruments
    and agreements contemplated hereby and thereby, and are not conditional or contingent on any attempt by Purchaser to exercise any of its rights under any other related document. Purchaser may exercise at any time after the occurrence and during the
    continuation of an Event of Default one or more remedies permitted hereunder, as it so desires, and may thereafter at any time and from time to time exercise any other remedy or remedies permitted hereunder.

   

  20.          USE OF EMPLOYEE PLAN ASSETS

   

  No assets of an employee benefit plan subject to any provision of ERISA shall be used by either party hereto in a Transaction.

   

  21.          INDEMNITY

   

  (a)           Except as otherwise set forth herein to the contrary, Seller agrees to indemnify and hold harmless Purchaser, Agent and their
    Affiliates and their respective officers, directors, employees, agents and advisors (each, an “Indemnified Party”) from and against (and will reimburse each Indemnified Party as the same is incurred within thirty (30) days following receipt of
    an invoice therefor) any and all claims, damages, losses, liabilities, taxes, increased costs and all other expenses including out-of-pocket expenses (including, without limitation, reasonable fees and expenses of outside counsel and audit and due
    diligence fees) that may be incurred by or asserted or awarded against any Indemnified Party, in each case arising out of or in connection with or by reason of (including without limitation, in connection with) (i) any investigation, litigation or
    other proceeding (whether or not such Indemnified Party is a party thereto) relating to, resulting from or arising out of any of the Program Documents and all other documents related thereto, any breach by Seller of any representation or warranty or
    covenant in this Agreement or any other Program Document, and all actions taken pursuant thereto, (ii) the Transactions, the actual or proposed use of the proceeds of the Transactions, this Agreement or any of the transactions contemplated hereby,
    including, without limitation, any acquisition or proposed acquisition, or any indemnity payable under the servicing agreement or other servicing arrangement, (iii) the actual or alleged presence of hazardous materials on any Property or any
    environmental action relating in any way to any Property, (iv) the actual or alleged violation of any federal, state, municipal or local predatory lending laws, or (v) the reduction of the Principal Balance due to a cram down or similar action
    authorized by any bankruptcy proceeding or other case arising out of or relating to any petition under the Bankruptcy Code, in each case, except to the extent such claim, damage, loss, liability or expense is found in a final, non-appealable judgment
    by a court of competent jurisdiction to have resulted directly from such Indemnified Party’s gross negligence or willful misconduct or is the result of a claim made by Seller against the Indemnified Party, and Seller is ultimately the successful party
    in any resulting litigation or arbitration. Notwithstanding the foregoing, it is understood and agreed that any indemnification relating to Taxes (and taxes expressly excluded from Taxes) shall be governed solely by Section Error! Reference
        source not found.; provided, however, that any breach by Seller of Section Error! Reference source not found. or Section Error! Reference source not found. of this Agreement shall be governed by this
    clause (a).

   

  
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  (b)           Seller hereby agrees not to assert any claim against Purchaser or any of its Affiliates, or any of their respective officers,
    directors, employees, attorneys and agents, on any theory of liability, for special, indirect, consequential or punitive damages arising out of or otherwise relating to the Program Documents, the actual or proposed use of the proceeds of the
    Transactions, this Agreement or any of the transactions contemplated thereby. THE FOREGOING INDEMNITY AND AGREEMENT NOT TO ASSERT CLAIMS EXPRESSLY APPLIES, WITHOUT LIMITATION, TO THE NEGLIGENCE (BUT NOT GROSS NEGLIGENCE OR WILLFUL MISCONDUCT) OF THE
    INDEMNIFIED PARTIES.

   

  (c)            If Seller fails to pay when due any costs, expenses or other amounts payable by it under this Agreement, including, without
    limitation, reasonable fees and expenses of counsel and indemnities, such amount may be paid on behalf of Seller by Purchaser, in its sole discretion and Seller shall remain liable for any such payments by Purchaser and such amounts shall be deemed
    part of the Obligations hereunder. No such payment by Purchaser shall be deemed a waiver of any of Purchaser’s rights under the Program Documents.

   

  (d)           Without prejudice to the survival of any other agreement of Seller hereunder, the covenants and obligations of Seller contained in
    this Section 21 shall survive the payment in full of the Repurchase Price and all other amounts payable hereunder and delivery of the Purchased Assets by Purchaser against full payment therefor.

   

  22.          WAIVER OF REDEMPTION AND DEFICIENCY RIGHTS

   

  Seller hereby expressly waives, to the fullest extent permitted by law, every statute of limitation on a deficiency judgment, any reduction in the
    proceeds of any Purchased Assets as a result of restrictions upon Purchaser or Custodian contained in the Program Documents or any other instrument delivered in connection therewith, and any right that they may have to direct the order in which any of
    the Purchased Assets shall be disposed of in the event of any disposition pursuant hereto.

   

  23.          REIMBURSEMENT; SET-OFF

   

  (a)           Seller agrees to pay on demand all reasonable out-of-pocket costs and expenses of Purchaser in connection with the initial and
    subsequent negotiation, modification, renewal and amendment of the Program Documents (including, without limitation, (A) all collateral review and UCC search and filing fees and expenses and (B) the reasonable fees and expenses of outside counsel for
    Purchaser with respect to advising Purchaser as to its rights and responsibilities, or the perfection, protection or preservation of rights or interests, under this Agreement and any other Program Document, with respect to negotiations with Seller or
    with other creditors of Seller arising out of any Default or any events or circumstances that may give rise to a Default and with respect to presenting claims in or otherwise participating in or monitoring any bankruptcy, insolvency or other similar
    proceeding involving creditors’ rights generally and any proceeding ancillary thereto). Subject to the caveat set forth in Section 3 of the Pricing Side Letter, Seller agrees to pay on demand, with interest at the Default Rate to the extent that an
    Event of Default has occurred and is continuing, all costs and expenses, including without limitation, reasonable attorneys’ fees and disbursements (and fees and disbursements of Purchaser’s outside counsel) expended or incurred by Purchaser and/or
    Custodian in connection with the modification, renewal, amendment

   

  
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  and enforcement (including any waivers) of the Program Documents (regardless of whether a Transaction is entered into hereunder), the taking of any action, including
    legal action, required or permitted to be taken by Purchaser (without duplication to Purchaser) and/or Custodian pursuant thereto or by refinancing or restructuring in the nature of a “workout.” Further, Seller agrees to pay, with interest at the
    Default Rate to the extent that an Event of Default has occurred and is continuing, all costs and expenses, including without limitation, reasonable attorneys’ fees and disbursements (and fees and disbursements of Purchaser’s outside counsel) expended
    or incurred by Purchaser in connection with (a) the rendering of legal advice as to Purchaser’s rights, remedies and obligations under any of the Program Documents, (b) the collection of any sum which becomes due to Purchaser under any Program
    Document, (c) any proceeding for declaratory relief, any counterclaim to any proceeding, or any appeal, or (d) the protection, preservation or enforcement of any rights of Purchaser. For the purposes of this Section 23(a), attorneys’ fees shall
    include, without limitation, fees incurred in connection with the following: (1) discovery; (2) any motion, proceeding or other activity of any kind in connection with a bankruptcy proceeding or case arising out of or relating to any petition under the
    Bankruptcy Code, as the same shall be in effect from time to time, or any similar law; (3) garnishment, levy, and debtor and third party examinations; and (4) post-judgment motions and proceedings of any kind, including without limitation any activity
    taken to collect or enforce any judgment. Any and all of the foregoing amounts referred to in this Section 23(a) shall be deemed a part of the Obligations hereunder. Without prejudice to the survival of any other agreement of Seller hereunder, the
    covenants and obligations of Seller contained in this Section 23(a) shall survive the payment in full of the Repurchase Price and all other amounts payable hereunder and delivery of the Purchased Assets by Purchaser against full payment therefor.

   

  (b)           In addition to any rights and remedies of Purchaser hereunder and at law, upon the occurrence and continuation of an Event of
    Default, Purchaser and its Affiliates shall have the right, without prior notice to Seller, any such notice being expressly waived by Seller to the extent permitted by applicable law, upon any amount becoming due and payable (whether at the stated
    maturity, by acceleration or otherwise) by Seller hereunder or under any other agreement entered into between Seller or any of its Affiliates on the one hand, and Purchaser or any of its Affiliates on the other hand, to set-off and appropriate and
    apply against such amount any and all Property and deposits (general or special, time or demand, provisional or final), in any currency, or any other credits, indebtedness or claims, in any currency, or any other collateral (in the case of collateral
    not in the form of cash or such other marketable or negotiable form, by selling such collateral in a recognized market therefor or as otherwise permitted by law or as may be in accordance with custom, usage or trade practice), in each case, whether
    direct or indirect, absolute or contingent, matured or unmatured, at any time held or owing by Purchaser or any Affiliate thereof to or for the credit or the account of Seller of any of its Affiliates except and to the extent that any of the same are
    held by Seller or such Affiliate for the account of another Person. Upon the occurrence and continuation of an Event of Default, Purchaser may also set-off cash and all other sums or obligations owed by Purchaser or its Affiliates to Seller or its
    Affiliates (whether under this Agreement or under any other agreement between the parties or between Seller or any of its Affiliates, on the one hand, and Purchaser or any of its Affiliates, on the other) against all of Seller’s obligations to
    Purchaser or its Affiliates (whether under this Agreement or under any other agreement between the parties or between Seller or any of its Affiliates, on the one hand, and Purchaser or any of its Affiliates, on the other), whether or not such
    obligations are then due. The exercise of any such right of set-off shall be without prejudice to Purchaser’s or its Affiliate’s right

   

  
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  to recover any deficiency. Purchaser agrees to promptly notify Seller after any such set-off and application made by Purchaser; provided that the
    failure to give such notice shall not affect the validity of such set-off and application.

   

  24.          FURTHER ASSURANCES

   

  Seller agrees to do such further acts and things and to execute and deliver to Purchaser such additional assignments, acknowledgments, agreements,
    powers and instruments as are reasonably required by Purchaser to carry into effect the intent and purposes of this Agreement, to perfect the interests of Purchaser in the Purchased Assets or to better assure and confirm unto Purchaser its rights,
    powers and remedies hereunder.

   

  25.          ENTIRE AGREEMENT; PRODUCT OF NEGOTIATION

   

  This Agreement supersedes and integrates all previous negotiations, contracts, agreements and understandings between the parties relating to a
    sale and repurchase of Purchased Assets and Additional Purchased Mortgage Loans, and it, together with the other Program Documents, and the other documents delivered pursuant hereto or thereto, contains the entire final agreement of the parties. No
    prior negotiation, agreement, understanding or prior contract shall have any validity hereafter.

   

  26.          TERMINATION

   

  This Agreement shall remain in effect until the Termination Date. However, no such termination shall affect Seller’s outstanding obligations to
    Purchaser at the time of such termination. Seller’s obligations to indemnify Purchaser pursuant to this Agreement and the other Program Documents shall survive the termination hereof.

   

  27.          REHYPOTHECATION; ASSIGNMENT

   

  (a)           Purchaser may, in its sole election, and without the consent of the Seller engage in repurchase transactions with the Purchased
    Assets or otherwise pledge, hypothecate, assign, transfer or otherwise convey the Purchased Assets with a counterparty of Purchaser’s choice, in all cases subject to Purchaser’s obligation to reconvey the Purchased Assets (and not substitutes therefor)
    on the Repurchase Date, all at no cost to the Seller. In the event Purchaser engages in a repurchase transaction with any of the Purchased Assets or otherwise pledges or hypothecates any of the Purchased Assets, Purchaser shall have the right to assign
    to Purchaser’s counterparty any of the applicable representations or warranties in Exhibit B to this Agreement and the remedies for breach thereof, as they relate to the Purchased Assets that are subject to such repurchase transaction.

   

  (b)           The Program Documents and the Seller’s rights and obligations thereunder are not assignable by Seller without the prior written
    consent of Purchaser. Any Person into which Seller may be merged or consolidated, or any corporation resulting from any merger, conversion or consolidation to which Seller shall be a party, or any Person succeeding to the business of Seller, shall be
    the successor of Seller hereunder, without the execution or filing of any paper or any further act on the part of any of the parties hereto, anything herein to the contrary notwithstanding. Without any requirement for further consent of the Seller and
    at no cost or expense to the Seller,

   

  
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  each of Purchaser and Agent may, in its sole election, assign or participate all or a portion of its rights and obligations under this Agreement and the Program
    Documents with a counterparty of Purchaser’s or Agent’s choice. Purchaser or Agent shall notify Seller of any such assignment and participation and shall maintain, for review by Seller upon written request, a register of assignees and participants and
    a copy of any executed assignment and acceptance by Purchaser or Agent and assignee (“Assignment and Acceptance”), specifying the percentage or portion of such rights and obligations assigned. The Seller agrees that, for any such permitted
    assignment, Seller will cooperate with the prompt execution and delivery of documents reasonably necessary for such assignment process to the extent that Seller incurs no cost or expense that is not paid by the Purchaser or Agent, as applicable. Upon
    such assignment, (a) such assignee shall be a party hereto and to each Program Document to the extent of the percentage or portion set forth in the Assignment and Acceptance, and shall succeed to the applicable rights and obligations of Purchaser or
    Agent hereunder, and (b) Purchaser or Agent shall, to the extent that such rights and obligations have been so assigned by it to either (i) an Affiliate of Purchaser or Agent which assumes the obligations of Purchaser or Agent hereunder or (ii) to
    another Person which assumes the obligations of Purchaser or Agent hereunder, be released from their obligations hereunder accruing thereafter and under the Program Documents.

   

  (c)           Purchaser and Agent may distribute to any prospective assignee, participant or pledgee any document or other information delivered
    to Purchaser by Seller subject to the confidentiality restrictions contained in Section 35 hereof; accordingly, such prospective assignee, participant or pledgee shall be required to agree to confidentiality provisions similar to those set forth in
    Section 35.

   

  28.          AMENDMENTS, ETC.

   

  No amendment or waiver of any provision of this Agreement nor any consent to any failure to comply herewith or therewith shall in any event be
    effective unless the same shall be in writing and signed by Seller, Purchaser and Agent, and then such amendment, waiver or consent shall be effective only in the specific instance and for the specific purpose for which given.

   

  29.         SEVERABILITY

   

  If any provision of any Program Document is declared invalid by any court of competent jurisdiction, such invalidity shall not affect any other
    provision of the Program Documents, and each Program Document shall be enforced to the fullest extent permitted by law.

   

  30.          BINDING EFFECT; GOVERNING LAW

   

  This Agreement shall be binding and inure to the benefit of the parties hereto and their respective successors and assigns. THIS AGREEMENT SHALL
    BE CONSTRUED IN ACCORDANCE WITH, AND GOVERNED BY, THE LAWS OF THE STATE OF NEW YORK, WITHOUT GIVING EFFECT TO THE CONFLICT OF LAWS PRINCIPLES THEREOF (EXCEPT FOR SECTION 5-1401 AND SECTION 5-1402 OF THE NEW YORK GENERAL OBLIGATIONS LAW).

   

  
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  		31.	WAIVER OF JURY TRIAL; CONSENT TO JURISDICTION AND VENUE; SERVICE OF PROCESS

   

  EACH OF SELLER, PURCHASER AND
      AGENT HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHTS TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT, THE PROGRAM DOCUMENTS OR ANY OF THE TRANSACTIONS
      CONTEMPLATED HEREBY OR THEREBY. EACH OF SELLER, PURCHASER AND AGENT HEREBY IRREVOCABLY AND UNCONDITIONALLY CONSENTS, ON BEHALF OF ITSELF AND ITS PROPERTY, TO THE NON-EXCLUSIVE JURISDICTION OF ANY COURT OF THE STATE OF NEW YORK, OR IN THE UNITED
      STATES DISTRICT COURT FOR THE SOUTHERN DISTRICT OF NEW YORK, IN ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THE PROGRAM DOCUMENTS IN ANY ACTION OR PROCEEDING. EACH OF SELLER, PURCHASER AND AGENT HEREBY SUBMITS TO, AND WAIVES ANY OBJECTION
      IT MAY HAVE TO, NON-EXCLUSIVE PERSONAL JURISDICTION AND VENUE IN THE COURTS OF THE STATE OF NEW YORK AND THE UNITED STATES DISTRICT COURT FOR THE SOUTHERN DISTRICT OF NEW YORK, WITH RESPECT TO ANY DISPUTES ARISING OUT OF OR RELATING TO THE PROGRAM
      DOCUMENTS. EACH OF SELLER, PURCHASER AND AGENT HEREBY IRREVOCABLY CONSENTS TO THE SERVICE OF A SUMMONS AND COMPLAINT AND OTHER PROCESS IN ANY ACTION, CLAIM OR PROCEEDING BROUGHT BY ANOTHER PARTY IN CONNECTION WITH THIS AGREEMENT OR THE OTHER PROGRAM
      DOCUMENTS, ANY RIGHTS OR OBLIGATIONS HEREUNDER OR THEREUNDER, OR THE PERFORMANCE OF SUCH RIGHTS AND OBLIGATIONS, ON BEHALF OF ITSELF OR ITS PROPERTY, IN THE MANNER SPECIFIED IN THIS SECTION 31 AND TO SUCH PARTY’S ADDRESS SPECIFIED IN SECTION 34 OR
      SUCH OTHER ADDRESS AS SUCH PARTY SHALL HAVE PROVIDED IN WRITING TO THE OTHER PARTIES HERETO. NOTHING IN THIS SECTION 31 SHALL AFFECT THE RIGHT OF ANY PARTY HERETO TO (I) SERVE LEGAL PROCESS IN ANY OTHER MANNER PERMITTED BY APPLICABLE LAW, OR (II)
      BRING ANY ACTION OR PROCEEDING AGAINST ANY OTHER PARTY OR ITS PROPERTIES IN THE COURTS OF ANY OTHER JURISDICTIONS.

  

   

  		32.	SINGLE AGREEMENT

   

  Seller, Purchaser and Agent
      acknowledge that, and have entered hereinto and will enter into each Transaction hereunder in consideration of and in reliance upon the fact that, all Transactions hereunder constitute a single business and contractual relationship and have been made
      in consideration of each other. Accordingly, Seller, Purchaser and Agent each agree (i) to perform all of its obligations in respect of each Transaction hereunder, and that a default in the performance of any such obligations shall constitute a
      default by it in respect of all Transactions hereunder, and (ii) that payments, deliveries and other transfers made by any of them in respect of any Transaction shall be deemed to have been made in consideration of payments, deliveries and other
      transfers in respect of any other Transaction hereunder, and the obligations to make any such payments, deliveries and other transfers may be applied against each other and netted.

   

  
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  		33.	INTENT

   

  (a)          Seller, Purchaser and
      Agent intend and acknowledge that (i) this Agreement and each Transaction hereunder is a “repurchase agreement” as that term is defined in Section 101 of the Bankruptcy Code (except insofar as the type of assets subject to such Transaction or the
      term of such Transaction would render such definition inapplicable), a “securities contract” as that term is defined in Section 741 of the Bankruptcy Code (except insofar as the type of assets subject to such Transaction or the term of such
      Transaction would render such definition inapplicable), a “master netting agreement” as that term is defined in Section 101(38A)(A) of the Bankruptcy Code and a “qualified financial contract” as that term is defined in the Federal Deposit Insurance
      Act, as applicable (except insofar as the type of assets subject to such Transaction or the term of such Transaction would render such definition inapplicable); (ii) any payments or transfers of property made with respect to this Agreement or any
      Transaction (e.g., to satisfy a for example Margin Deficit) shall be considered a “margin payment” or “settlement payment” as such terms are defined in Bankruptcy Code Sections 741(5) and 741(8); (iii) each Purchased Asset constitutes either a
      “security,” “mortgage loan” or “an interest in a mortgage” as such terms are used in the Bankruptcy Code; and (iv) each grant of a security interest/pledge of the Purchased Assets in Section 8 constitutes “a security agreement or other arrangement or
      other credit enhancement” that is “related to” this Agreement and Transactions hereunder within the meaning of Sections 101(38A)(A), 101(47)(A)(v) and 741(7)(A)(xi) of the Bankruptcy Code. Without limiting the generality of the foregoing, the parties
      recognize and intend that each Transaction is a “repurchase transaction” or “reverse repurchase transaction” of “mortgage loans” or “interests” in “mortgage loans” (as such terms are used in section 741(7) of the Bankruptcy Code). Each party hereto
      further agrees that it shall not challenge, and hereby waives to the fullest extent available under applicable law its right to challenge, the characterization of this Agreement or any Transaction hereunder as a “master netting agreement,”
      “repurchase agreement” and/or “securities contract” within the meaning of the Bankruptcy Code.

   

  (b)          Seller, Purchaser
      and Agent further intend and acknowledge that (i)(1) for so long as Purchaser is a “financial institution,” “financial participant” or another entity listed in Sections 555, 559, 561, 362(b)(6), 362(b)(7) or 362(b)(27) of the Bankruptcy Code,
      Purchaser shall be entitled to, without limitation, the liquidation, termination, acceleration, netting, set-off, and non-avoidability rights afforded to parties such as Purchaser to “repurchase agreements” pursuant to Sections 559, 362(b)(7) and
      546(f) of the Bankruptcy Code, “securities contracts” pursuant to Sections 555, 362(b)(6) and 546(e) of the Bankruptcy Code, “master netting agreements” pursuant to Sections 561, 362(b)(27) and 546(j) of the Bankruptcy Code and “qualified financial
      contracts” pursuant to Section 1821(e)(8)(A)(i) of the Federal Deposit Insurance Act, as applicable, and (2) Purchaser’s right to liquidate the Purchased Assets delivered to it in connection with the Transactions hereunder or to accelerate or
      terminate this Agreement or otherwise exercise any other remedies pursuant to Section 18 hereof is a contractual right to liquidate, accelerate or terminate such Transaction as described in Bankruptcy Code Sections 555, 559 and 561 and
      Section 1821(e)(8)(A)(i) of the Federal Deposit Insurance Act, as amended (“FDIA”), as applicable, and (ii) Purchaser’s right to set-off claims and appropriate and apply any and all deposits of money or property or any other indebtedness at any time
      held or owing by Purchaser to or for the credit of the account of any Affiliate against and on account of the obligations and liabilities of Seller pursuant to Section 23 hereof is a contractual right as described in Bankruptcy Code Section
      561. The parties hereby intend that any provisions hereof or in any other document,

   

  
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  agreement or instrument that is related in any way to
      the servicing of the individual Mortgage Loans shall be deemed “related to” this Agreement within the meaning of Sections 101(38A)(A) and 101(47)(A)(v) of the Bankruptcy Code and part of the “contract” as such term is used in Section 741 of the
      Bankruptcy Code.

  

   

  (c)          The parties further
      agree that if a party hereto is an “insured depository institution” as such term is defined in the FDIA, then each Transaction hereunder is a “qualified financial contract” as that term is defined in the FDIA, and any rules, orders or policy
      statement thereunder.

   

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

   

  (e)          Seller, Purchaser and
      Agent agree that this Agreement is intended to create mutuality of obligations among the parties, and as such, the Agreement constitutes a contract which (i) is between all of the parties and (ii) places each party in the same right and capacity.

   

  		34.	NOTICES AND OTHER COMMUNICATIONS

   

  Except as provided herein, all
      notices required or permitted by this Agreement shall be in writing (including without limitation by Electronic Transmission, email or facsimile) and shall be effective and deemed delivered only when received by the party to which it is sent;
      provided that notices of Events of Default and exercise of remedies or under Sections 6 or 18 shall be sent via overnight mail and by Electronic Transmission. Any such notice shall be sent to a party at the address, electronic mail or facsimile
      transmission number set forth below:

   

  	if to Seller:	Home Point Financial Corporation

  2211 Old Earhart Road, Suite 250

  Ann Arbor, MI 48105

  Attention: [***]

  Telephone: [***]

  E-mail: [***]

   

  With copies to:

   

  Home Point Financial Corporation 

    

  2211 Old Earhart Road, Suite 250

  Ann Arbor, MI 48105

  Attention: Legal

  E-mail: [***]

   

  
    - 61 - 

    
      
 

  

   

  	if to Purchaser:	Barclays Bank PLC – Mortgage Finance

  745 Seventh Avenue, 4th Floor

  New York, New York 10019

  Attention: [***]

  

  Telephone: [***]

  Facsimile: [***]

  E-mail: [***]

   

  With copies to:

   

  Barclays Bank PLC – Legal Department 

    

  745 Seventh Avenue, 20th Floor

  New York, New York 10019

  Telephone: [***]

  Facsimile: [***]

   

  Barclays Capital – Operations 

  US-400 Jefferson Park

  Whippany, New Jersey 07981

  Attention: [***]

  Telephone: [***]

  E-mail: [***]

   

  	if to Agent:	Barclays Bank PLC – Mortgage Finance

  745 Seventh Avenue, 4th Floor

  New York, New York 10019

  Attention: [***]

  Telephone: [***]

  Facsimile: [***]

  E-mail: [***]

   

  With copies to:

   

  Barclays Bank PLC – Legal Department 

  745 Seventh Avenue, 20th Floor

  New York, New York 10019

  Telephone: [***]

  Facsimile: [***]

   

  
    - 62 - 

    
      
 

  

   

  Barclays Capital – Operations 

  US-400 Jefferson Park

  Whippany, New Jersey 07981

  Attention: [***]

  

  Telephone: [***]

  E-mail: [***]

   

  or to such other address, e-mail address or facsimile number as either
      party may notify to the others in writing from time to time.

   

  		35.	CONFIDENTIALITY

   

  Seller, Purchaser and Agent each
      hereby acknowledge and agree that all written or computer-readable information provided by one party to the other in connection with the Program Documents or the Transactions contemplated thereby, including without limitation, Seller’s Mortgagor
      information in the possession of Purchaser (the “Confidential Terms”) shall be kept confidential and shall not be divulged to any party without the prior written consent of such other party except for (i) disclosure to Seller’s direct and
      indirect parent companies, directors, attorneys, auditors, taxing authorities, agents or accountants, provided that such parties likewise agree to be bound by this covenant of confidentiality, or are otherwise subject to confidentiality restrictions
      or (ii) with prior (if feasible) written notice to Purchaser, disclosure required by law, rule, regulation or order of a court or other regulatory body or (iii) with prior (if feasible) written notice to Purchaser, disclosure to any approved hedge
      counterparty to the extent necessary to obtain any Hedge Instrument hereunder or (iv) with prior (if feasible) written notice to Purchaser, any disclosures or filing required under Securities and Exchange Commission (“SEC”) or state
      securities’ laws; provided that in the case of clause (iv), Seller shall not file the Pricing Side Letter. Notwithstanding anything herein to the contrary, except as reasonably necessary to comply with applicable securities laws, each party (and each
      employee, representative, or other agent of each party) may disclose to any and all persons, without limitation of any kind, the tax treatment and tax structure of the transaction and all materials of any kind (including opinions or other tax
      analyses) that are provided to it relating to such tax treatment and tax structure. For this purpose, tax treatment and tax structure shall not include (i) the identity of any existing or future party (or any Affiliate of such party) to this
      Agreement or (ii) any specific pricing information or other commercial terms, including the amount of any fees, expenses, rates or payments arising in connection with the transactions contemplated by this Agreement.

   

  Notwithstanding anything in this
      Agreement to the contrary, Seller, Purchaser and Agent shall comply with all applicable local, state and federal laws, including, without limitation, all privacy and data protection law, rules and regulations that are applicable to the Purchased
      Assets and any applicable terms of this Agreement, including information relating to any Mortgage Loan that is not purchased hereunder and information relating to any other Mortgage Loans of Seller that is delivered to Purchaser or Agent by another
      lender under an intercreditor agreement or other agreement (the “Confidential Information”). Seller, Purchaser and Agent understand that the Confidential Information may contain “nonpublic personal information”, as that term is defined in
      Section 509(4) of the Gramm-Leach-Bliley Act (the “GLB Act”), and each agrees to maintain such nonpublic personal information that it receives hereunder in accordance with the GLB Act and other applicable federal and state privacy laws.
      Seller, Purchaser and Agent shall each

   

  
    - 63 - 

    
      
 

  

   

  implement such physical and other security measures as
      shall be necessary to (a) ensure the security and confidentiality of the “nonpublic personal information” of the “customers” and “consumers” (as those terms are defined in the GLB Act) of the Mortgagors, (b) protect against any threats or hazards to
      the security and integrity of such nonpublic personal information, and (c) protect against any unauthorized access to or use of such nonpublic personal information. Seller, Purchaser and Agent shall notify the other party immediately following
      discovery of any breach or compromise of the security, confidentiality, or integrity of the nonpublic personal information of any Mortgagor by providing notice directly to the other party.

  

   

  		36.	DUE DILIGENCE

   

  Purchaser, Agent or any of their
      respective agents, representatives or permitted assigns shall have the right, upon reasonable prior notice and during normal business hours, to conduct inspection and perform continuing due diligence reviews of (x) Seller and its Affiliates,
      directors, officers, employees and significant shareholders, including, without limitation, their respective financial condition and performance of its obligations under the Program Documents, and (y) the Servicing File and the Purchased Assets.
      Seller agrees promptly to provide Purchaser, Agent and their respective agents with access to, copies of and extracts from any and all documents, records, agreements, instruments or information (including, without limitation, any of the foregoing in
      computer data banks and computer software systems) relating to Seller’s respective business, operations, servicing, financial condition, performance of their obligations under the Program Documents, the documents contained in the Servicing Files or
      the Purchased Assets or assets proposed to be sold hereunder in the possession, or under the control, of Seller. In addition, Seller shall also make available to Purchaser and/or Agent, upon reasonable prior notice and during normal business hours, a
      knowledgeable financial or accounting officer of Seller for the purpose of answering questions respecting the Purchased Assets. Without limiting the generality of the foregoing, Seller acknowledges that Purchaser shall enter into Transactions with
      Seller based solely upon the information provided by Seller to Purchaser and/or Agent and the representations, warranties and covenants contained herein, and that Purchaser and/or Agent, at its option, shall have the right at any time to conduct
      itself or through its agents, or require Seller to conduct quality reviews and underwriting compliance reviews of the individual Mortgage Loans at the expense of Seller. Any such diligence conducted by Purchaser and/or Agent shall not reduce or limit
      the Seller’s representations, warranties and covenants set forth herein. Seller agrees to reimburse Purchaser and/or Agent for all reasonable out-of-pocket due diligence costs and expenses incurred pursuant to this Section 36.

   

  		37.	USA PATRIOT ACT; OFAC AND ANTI-TERRORISM

   

  Each of Purchaser and Agent hereby
      notifies the Seller that pursuant to the requirements of the USA PATRIOT Improvement and Reauthorization Act, Title III of Pub. L. 109-177 (signed into law March 9, 2009) (the “Act”), it is required to obtain, verify, and record information
      that identifies the Seller, which information includes the name and address of the Seller and other information that will allow each of Purchaser and Agent, as applicable, to identify the Seller in accordance with the Act. Seller hereby represents
      and warrants to each of Purchaser and Agent, and shall on and as of the Purchase Date for any Transaction and on and as of each date thereafter through and including the related Repurchase Date be deemed to represent and warrant to each of Purchaser
      and Agent that:

   

  
    - 64 - 

    
      
 

  

   

  (a)          (i) Neither the
      Seller, nor the Parent Company nor, to the Seller’s actual knowledge, any director, officer, or employee of the Seller or any of its subsidiaries is named on the list of Specifically Designated Nationals maintained by OFAC or any similar list issued
      by OFAC (collectively, the “OFAC Lists”) or is located, organized, or resident in a country or territory that is, or whose government is, the target of sanctions imposed by OFAC; (ii) no Person on the OFAC Lists owns an equity interest in,
      directly or indirectly, or otherwise controls, the Seller, the Parent Company; and (iii) to the knowledge of the Seller, neither the Purchaser nor Agent is precluded, under the laws and regulations administered by OFAC, from entering into this
      Agreement or any transactions pursuant to this Agreement with the Seller due to the ownership or control by any person or entity of stocks, shares, bonds, debentures, notes, drafts or other securities or obligations of the Seller.

   

  (b)          (i) Seller will
      not knowingly conduct business with or engage in any transaction with any Obligor that the Seller of a Purchased Asset knows, after reasonable due diligence, (x) is named on any of the OFAC Lists or is located, organized, or resident in a country or
      territory that is, or whose government currently is, the target of countrywide sanctions imposed by OFAC; (y) is owned, directly or indirectly, or otherwise controlled, by a Person named on any OFAC List; (ii) if the Seller obtains actual knowledge,
      after reasonable due diligence, that any Obligor is named on any of the OFAC Lists or that any Person named on an OFAC List owns an equity interest in, directly or indirectly, or otherwise controls, the Obligor, or the Seller, as applicable, Seller
      will give prompt written notice to the Purchaser and Agent of such fact or facts; and (iii) the Seller will (x) comply at all times with the requirements of the Economic and Trade Sanctions and Anti-Terrorism Laws applicable to any transactions,
      dealings or other actions relating to this Agreement, except to the extent such non-compliance does not result in a violation of applicable law by any of the Purchaser or Agent and (y) will, upon the Purchaser’s or Agent’s reasonable request from
      time to time during the term of this Agreement, deliver a certification confirming its compliance with the covenants set forth in this Section 37.

   

  		38.	EXECUTION IN COUNTERPARTS

  

   

  This Agreement may be executed in
      any number of counterparts, each of which shall be deemed an original, but all of which shall constitute one and the same instrument. The parties agree that this Agreement, any documents to be delivered pursuant to this Agreement and any notices
      hereunder may be transmitted between them by email and/or by facsimile. The parties intend that faxed signatures and electronically imaged signatures such as .pdf files shall constitute original signatures and are binding on all parties. The original
      documents shall be promptly delivered, if requested.

   

  		39.	CONTRACTUAL RECOGNITION OF BAIL-IN

   

  Seller acknowledges and agrees that
      notwithstanding any other term of this Agreement or any other agreement, arrangement or understanding with Purchaser, any of Purchaser’s liabilities, as the Bank of England (or any successor resolution authority) may determine, arising under or in
      connection with this Agreement may be subject to Bail-In Action and Seller accepts to be bound by the effect of:

   

  
    - 65 - 

    
      
 

  

   

  (a)         any Bail-In Action in relation to such
      liability, including (without limitation):

   

  (i)          a reduction, in full or in part, of any
      amount due in respect of any such liability;

   

  (ii)         a conversion of all, or part of, any such
      liability into shares or other instruments of ownership that may be issued to, or conferred on, Seller; and

   

  (iii)        a cancellation of any such liability; and

  

   

  (b)         a variation of any term of this Agreement
      to the extent necessary to give effect to Bail-In Action in relation to any such liability.

   

  		40.	CONTRACTUAL RECOGNITION OF UK STAY IN RESOLUTION

   

  (a)          Where a resolution
      measure is taken in relation to any BRRD undertaking or any member of the same group as that BRRD undertaking and that BRRD undertaking or any member of the same group as that BRRD undertaking is a party to this Agreement (any such party to this
      Agreement being an “Affected Party”), each other party to this Agreement agrees that it shall only be entitled to exercise any termination right under this Agreement against the Affected Party to the extent that it would be entitled to do so
      under the Special Resolution Regime if this Agreement were governed by the laws of any part of the United Kingdom.

   

  (b)          For the purpose of
      this Section 40, “resolution measure” means a ‘crisis prevention measure’, ‘crisis management measure’ or ‘recognised third-country resolution action’, each with the meaning given in the “PRA Rulebook: CRR Firms and Non-Authorised Persons: Stay in
      Resolution Instrument 2015”, as may be amended from time to time (the “PRA Contractual Stay Rules”), provided, however, that ‘crisis prevention measure’ shall be interpreted in the manner outlined in Rule 2.3 of the PRA Contractual Stay Rules;
      “BRRD undertaking”, “group”, “Special Resolution Regime” and “termination right” have the respective meanings given in the PRA Contractual Stay Rules.

   

  		41.	NOTICE REGARDING CLIENT MONEY RULES.

   

  Purchaser, as a CRD credit
      institution (as such term is defined in the rules of the FCA), holds all money received and held by it hereunder as banker and not as trustee. Accordingly, money that is received and held by Purchaser from you will not be held in accordance with the
      provisions of the FCA’s Client Asset Sourcebook relating to client money (the “Client Money Rules”) and will not be subject to the statutory trust provided for under the Client Money Rules.

   

  In particular, Purchaser shall not
      segregate money received by it from you from Purchaser money and Purchaser shall not be liable to account to you for any profits made by Purchaser use as banker of such cash and upon failure of Purchaser, the client money distribution rules within
      the Client Asset Sourcebook (the “Client Money Distribution Rules”) will not apply to these sums and so you will not be entitled to share in any distribution under the Client Money Distribution Rules.

   

  
    - 66 - 

    
      
 

  

   

  		42.	REGISTER.

   

  The Seller shall maintain at one
      of its U.S. offices a register for the recordation of the names and address of Purchaser and each assignee from time-to-time in respect of each Transaction and the Purchase Price, Pricing Rate, and Repurchase Price in respect of such Transaction (the
      “Register”). The entries in the Register shall be conclusive absent manifest error, and the Seller and the Purchaser shall treat each Person whose name is recorded in the Register pursuant to the terms hereof as a Purchaser hereunder for all
      purposes of this Agreement. The Register shall be available for inspection by the Seller and any Purchaser, at any reasonable time and from time to time upon reasonable prior notice.

   

  [SIGNATURE PAGE FOLLOWS]

   

  
    - 67 - 

    
      
 

  

   

  IN WITNESS WHEREOF, Seller, Agent
      and Purchaser have caused their names to be signed to this Master Repurchase Agreement by their respective officers thereunto duly authorized as of the date first above written.

   

  	 	HOME POINT FINANCIAL CORPORATION,
	 	as Seller
	 	 	 
	 	By:	/s/ Maria Fregosi
	 	Name: Maria Fregosi
	 	Title: Chief Financial Officer
	 	 	 
	 	BARCLAYS BANK PLC, as Purchaser and Agent
	 	 	 
	 	By:	/s/ Jhoana Ocampo
	 	Name:  Jhoana Ocampo
	 	Title:    Director

   

  Signature Page to Master Repurchase Agreement

   

  
     

    
      
 

  

   

   

  IN WITNESS WHEREOF, Seller, Agent and Purchaser have
      caused their names to be signed to this Master Repurchase Agreement by their respective officers thereunto duly authorized as of the date first above written.

   

  	 	HOME POINT FINANCIAL CORPORATION,
	 	as Seller
	 	 	 
	 	By:	
	 	Name:
	 	Title:
	 	 	 
	 	BARCLAYS BANK PLC, as Purchaser and Agent
	 	 	 
	 	By:	/s/ Jhoana Ocampo
	 	Name:  Jhoana Ocampo
	 	Title:    Director

   

  Signature Page to Master Repurchase Agreement

   

  
     

    
      
 

  

  
   

  EXHIBIT A-1

   

  MONTHLY CERTIFICATION 

   

  I, _______________________, _______________________ of Home Point
      Financial Corporation (the “Seller”), in accordance with that certain Master Repurchase Agreement (“Agreement”), dated as of August 14, 2020, by and between Barclays Bank PLC and Seller do hereby certify that:

   

  		(i)	To the best of my knowledge, no Default or Event of Default has occurred and is continuing.

   

  [Signature Page Follows]

   

  
    A-1 - 1 

    
      
 

  

   

  Capitalized terms used but not defined herein have the meanings assigned
      thereto in the Agreement.

   

  IN WITNESS WHEREOF, I have signed this certificate.

  

   

  	Date:	 	, 20[    ]

   

  	 	HOME POINT FINANCIAL CORPORATION
	 	 	 
	 	By:	 	 
	 	Name:
	 	Title:

   

  
    A-1 - 2 

    
      
 

  

  
   

  EXHIBIT A-2

   

  QUARTERLY CERTIFICATION 

   

  I, _______________________, _______________________ of Home Point
      Financial Corporation (the “Seller”), in accordance with that certain Master Repurchase Agreement (“Agreement”), dated as of August 14, 2020, by and between Barclays Bank PLC and Seller do hereby certify that:

   

  		(i)	To the best of my knowledge, no Default or Event of Default has occurred and is continuing; and

   

  		(ii)	Seller has complied with each of the covenants set forth in Section 4 of the Pricing Side Letter, as evidenced by the worksheet attached
            hereto as Schedule Error! Reference source not found..

   

  [Signature Page Follows]

   

  
    A-2 - 1 

    
      
 

  

   

  Capitalized terms used but not defined herein shall have the meanings
      assigned thereto in the Agreement.

   

  IN WITNESS WHEREOF, I have signed this certificate.

  

   

  	Date:	 	, 20[    ]

   

  	 	HOME POINT FINANCIAL CORPORATION
	 	 	 	 
	 	By:	 	 
	 	Name:
	 	Title:

   

  
    A-2 - 2 

    
      
 

  

   

  SCHEDULE ONE TO EXHIBIT A

   

  OTHER FINANCIAL COVENANTS

   

  
    A-2 - 3 

    
      
 

  

  
   

  EXHIBIT B

   

  REPRESENTATIONS AND WARRANTIES

  WITH RESPECT TO MORTGAGE LOANS

  

   

  Capitalized terms used but not
      defined in this Exhibit B have the meanings assigned to such terms in the Master Repurchase Agreement dated as of August 14, 2020 (the “Agreement”), by and between Barclays Bank PLC (“Purchaser” or “Agent”) and Home Point
      Financial Corporation (“Seller”). Seller hereby represents and warrants to the Purchaser and Agent that, for each Mortgage Loan as of the related Purchase Date and the related Repurchase Date and on each date that such Mortgage Loan is subject
      to a Transaction:

   

  (a)          All information
      provided to Purchaser by Seller, including without limitation the information set forth in the Seller Mortgage Loan Schedule, with respect to the Mortgage Loan is true and correct in all material respects;

   

  (b)          Such Mortgage Loan is an Eligible
      Mortgage Loan;

   

  (c)          Such Mortgage Loan
      was owned solely by Seller on the related Purchase Date, is not subject to any lien, claim or encumbrance, including, without limitation, any such interest pursuant to a loan or credit agreement for warehousing mortgage loans, and was originated,
      underwritten and serviced in either (A) Strict Compliance (with respect to Fannie Mae Mortgage Loans and Freddie Mac Mortgage Loans) or (B) compliance with Seller’s underwriting guidelines (with respect to Jumbo Mortgage Loans) with all applicable
      law and regulations, including without limitation the Federal Truth-in-Lending Act, the Real Estate Settlement Procedures Act, regulations issued pursuant to any of the aforesaid, and any and all rules, requirements, guidelines and announcements of
      each Agency, and, as applicable, the FHA, HUD and VA, as the same may be amended from time to time;

   

  (d)          The improvements on
      the land securing such Mortgage Loan are and will be kept insured at all times by responsible insurance companies reasonably acceptable to Purchaser and the Applicable Agency against fire and extended coverage hazards under policies, binders or
      certificates of insurance with a standard mortgagee clause in favor of Seller and its assigns, providing that such policy may not be canceled without prior notice to Seller. Any proceeds of such insurance shall be held in trust for the benefit of
      Purchaser. The scope and amount of such insurance shall satisfy the rules, requirements, guidelines and announcements of the Applicable Agency, and shall in all cases be at least equal to the lesser of (A) the principal amount of such Mortgage Loan
      or (B) the maximum amount permitted by applicable law, and shall not be subject to reduction below such amount through the operation of a coinsurance, reduced rate contribution or similar clause;

   

  (e)          Each Mortgage is a
      valid first lien on the Mortgaged Property and is covered by an attorney’s opinion of title acceptable to the Applicable Agency or by a policy of title insurance on a standard ALTA or similar lender’s form (or a binding commitment therefor) in favor
      of Seller and its assigns, subject only to exceptions permitted by the applicable Agency Program. Seller shall hold for the benefit of Purchaser such policy of title insurance (or the binding commitment

   

  
    B - 1 

    
      
 

  

   

  therefor), and, upon request of Purchaser, shall immediately deliver such
      policy (or such commitment) to Purchaser or to the Custodian on behalf of Purchaser;

   

  (f)           Such Mortgage Loan
      is either (i) insured (or is otherwise eligible to be insured) by the FHA under the National Housing Act, guaranteed by the VA under the Servicemen’s Readjustment Act of 1944 or (ii) with respect to Fannie Mae Mortgage Loans and Freddie Mac Mortgage
      Loans, is otherwise eligible to be insured or guaranteed in accordance with the requirements of the applicable Agency Program and, in either case, such Mortgage Loan is not subject to any defect that would prevent recovery in full or in part against
      the FHA, VA or other insurer or guarantor, as the case may be;

   

  (g)          A mortgage
      identification number (“MIN”) has been assigned by MERS and such MIN is accurately provided on the Seller Mortgage Loan Schedule. Either the Mortgage is in favor of MERS or an Assignment of Mortgage to MERS has been duly and properly recorded;

   

  (h)          Seller has not received any notice of
      liens or legal actions with respect to such Mortgage Loan and no such notices have been electronically posted by MERS;

   

  (i)           Each Mortgage Loan
      (other than a Jumbo Mortgage Loan) is eligible for sale to the Applicable Agency and fully complies with all of the terms and conditions, including any covenants, representations and warranties, in the applicable Agency Guide and eligible for
      securitization by and/or sale to Fannie Mae or Freddie Mac or eligible for inclusion in a Ginnie Mae MBS pool;

   

  (j)           There are no restrictions, contractual or
      governmental, which would impair the ability of Seller from servicing the Mortgage Loans in any material respect;

   

  (k)          Such Mortgage Loan will not result in
      Negative Amortization;

   

  (l)           The Mortgagor is one
      or more natural persons and/or trustees for an Illinois land trust or a trustee under a “living trust” and such “living trust” is in compliance with Applicable Agency guidelines for such trusts;

   

  (m)         Facsimile endorsement, if any, of the
      related Mortgage Note is permitted by the Applicable Agency and permissible in any applicable jurisdictions;

   

  (n)          No predatory, abusive
      or deceptive lending practices, including but not limited to, the extension of credit to a Mortgagor without regard for the Mortgagor’s ability to repay the Mortgage Loan and the extension of credit to a Mortgagor which has no tangible net benefit to
      the Mortgagor, were employed in connection with the origination of the Mortgage Loan. Such Mortgage Loan is in compliance with the anti-predatory lending eligibility for purchase requirements of the Fannie Mae Guide;

   

  (o)          At origination the
      related Mortgagor’s FICO Score was equal to or greater than [***] (for this purpose, it being acknowledged that the related Mortgagor shall be deemed to have a FICO Score of zero where no FICO Score is available) unless it is a part of an FHA
      Streamline or

   

  
    B - 2 

    
      
 

  

   

  VA IRRRLs (Interest Rate Reduction Loan) program for which a current FICO
      Score is not required for credit purposes;

   

  (p)          If such Mortgage Loan
      was pledged to another warehouse, credit, repurchase or other financing facility immediately prior to the related Purchase Date, then (i) such pledge has been released immediately prior to, or concurrently with, the related Purchase Date hereunder
      and (ii) Purchaser has received a Warehouse Lender’s Release in respect of such Mortgage Loan;

   

  (q)            [RESERVED];

   

  (r)             [RESERVED];

   

  (s)            [RESERVED];

   

  (t)           Such Mortgage Loan is a MERS
      Designated Mortgage Loan;

   

  (u)            [RESERVED];

   

  (v)          With respect to each
      Mortgage Loan that is a Wet-Ink Mortgage Loan, the Settlement Agent has been instructed in writing by Seller to hold the related Mortgage File as agent and bailee for Purchaser or Agent and to promptly forward such Mortgage File in accordance with
      the provisions of the Custodial and Disbursement Agreement and the Escrow Instruction Letter (if applicable);

   

  (w)           [RESERVED];

   

  (x)           Each Mortgage Loan
      (other than Agency Renovation Mortgage Loans) has been fully disbursed and is secured by a first lien on an underlying property as a “closed-end” Mortgage Loan with no further disbursements required by any party;

   

  (y)            [RESERVED];

   

  (z)           The Mortgage Loan is not secured by
      property located in a state where the Seller is not licensed as a lender/mortgage banker;

  

   

  (aa)        The Mortgage Loan has not been converted to
      an ownership interest in real property through foreclosure or deed-in-lieu of foreclosure;

   

  (bb)        The Mortgage Loan
      relates to Mortgaged Property that consists of (i) a detached single family dwelling, (ii) a two-to-four family dwelling, (iii) a one-family dwelling unit in a Freddie Mac eligible condominium project, (iv) a townhouse, or (v) a detached single
      family dwelling in a planned unit development none of which is a cooperative or commercial property; and is not related to Mortgaged Property that consists of (a) mixed use properties, (b) log homes, (c) earthen homes, (d) underground homes, (e)
      mobile homes (whether or not secured by real property), (f) any dwelling situated on more than ten acres of property or (h) any dwelling situated on a leasehold estate;

   

  (cc)         Such Mortgage Loan is not a Restricted
      Mortgage Loan;

   

  
    B - 3 

    
      
 

  

   

  (dd)        Other than with
      respect to any MERS Designated Mortgage Loan, Seller has submitted the original Mortgage in respect of each Mortgage Loan for recordation in the appropriate public recording office in the applicable jurisdictions wherein such recordation is necessary
      to perfect the lien thereof as against creditors of the Seller;

   

  (ee)         Seller has not sold,
      assigned, transferred, pledged or hypothecated any interest in any individual Mortgage Loan subject to a Transaction to any person other than any sale, assignment, transfer, pledge or hypothecation that is released in conjunction with the sale to
      Purchaser hereunder, and upon delivery of such Mortgage Loan to Purchaser, Purchaser will be the sole owner thereof (other than for tax and accounting purposes), free and clear of any lien, claim or encumbrance other than those arising under this
      Agreement; and

   

  (ff)          In connection with
      the assignment of any Mortgage Loan registered on the MERS system, the Seller agrees that it will, at the Seller’s own cost and expense, promptly cause the MERS system to indicate that such Mortgage Loan has been transferred to the Purchaser in
      accordance with the terms of this Agreement by including in MERS’ computer files (a) the code in the field which identifies the specific owner of the Mortgage Loans and (b) the code in the field “Pool Field” which identifies the series in which such
      Mortgage Loans were sold. The Seller further agrees that it will not alter codes referenced in this paragraph with respect to any Mortgage Loan at any time that such Mortgage Loan is subject to this Agreement, and the Seller shall retain its
      membership in MERS at all times during the term of this Agreement.

   

  (gg)         Construction or Rehabilitation of Mortgaged Property. Except for FHA 203k Mortgage Loans, no Mortgage Loan was made in connection with the construction or rehabilitation
      of a Mortgaged Property or facilitating the trade-in or exchange of a Mortgaged Property.

   

  
    B - 4 

    
      
 

  

  
   

  EXHIBIT C

   

  FORM OF TRANSACTION NOTICE

   

  [insert date]

   

  Barclays Bank PLC 

  745 Seventh Avenue, 4th Floor

  New York, New York 10019

  Attention: Joseph O’Doherty

   

  		Re:	Master Repurchase Agreement, dated as of August 14, 2020, by and between Barclays Bank PLC (“Purchaser” and “Agent”) and Home Point Financial Corporation (“Seller”)

   

  Ladies/Gentlemen:

   

  Reference is made to the
      above-referenced Master Repurchase Agreement (the “Repurchase Agreement”; capitalized terms used but not otherwise defined herein have the meaning given them in the Repurchase Agreement).

   

  In accordance with Section 3(d) of the Repurchase Agreement, the undersigned Seller hereby requests, and the Purchaser agrees, to enter into a Transaction with us, in connection with our delivery of
      Eligible Mortgage Loans and all related Servicing Rights, on ____________________ [insert requested Purchase Date, which must be at least one (1) Business Day following the date of the request] (the “Purchase Date”), in connection with which
      we shall sell to you such Eligible Mortgage Loans on the Seller Mortgage Loan Schedule attached hereto. The unpaid principal balance of the Eligible Mortgage Loans is $________ and the Purchase Price shall be ______ [insert applicable Purchase
      Price]. The Purchaser shall transfer to the Seller an amount equal to $ _______ [insert amount which represents the Purchase Price net of any related Structuring Fee, Non-Utilization Fee, or any other fees then due and payable by Seller to Purchaser
      pursuant to the Agreement]. Seller agrees to repurchase such Purchased Asset on the Repurchase Date(s) at the Repurchase Price(s) set forth in the spreadsheet attached hereto as Schedule 1.

   

  The Eligible Mortgage Loans have the
      characteristics on the electronic file or computer tape or disc delivered by Seller to the Purchaser with respect thereto in connection with this Transaction Notice.

   

  The Seller hereby certifies, as of such Purchase Date, that:

   

  (1)          no Default or
      Event of Default has occurred and is continuing on the date hereof (or to the extent existing, shall be cured after giving effect to such Transaction) nor will occur after giving effect to such Transaction as a result of such Transaction;

   

  
    C - 1 

    
      
 

  

   

  (2)          each of the
      representations and warranties made by the Seller in or pursuant to the Program Documents is true and correct in all material respects on and as of such date as if made on and as of the date hereof (or, if any such representation or warranty is
      expressly stated to have been made as of a specific date, as of such specific date);

   

  (3)          the Seller is in
      compliance with all governmental licenses and authorizations and is qualified to do business and is in good standing in all required jurisdictions, except as would not be reasonably likely to have a Material Adverse Effect;

   

  (4)          Seller has all requisite Approvals;
      and

   

  (5)          the Seller has
      satisfied all applicable conditions precedent in Sections 10(a) and (b) of the Repurchase Agreement and all other requirements of the Program Documents to the extent such conditions and requirements are within its control.

  

   

  The undersigned duly authorized
      officer of Seller further represents and warrants that (1) (a) with respect to the Eligible Mortgage Loans subject to the Transaction requested herein that are not Wet-Ink Mortgage Loans, the documents constituting the Mortgage Files (as defined in
      the Custodial and Disbursement Agreement) and (b) with respect to Eligible Mortgage Loans that are Wet-Ink Mortgage Loans, the Transaction Notice and the Seller Mortgage Loan Schedule, in each case as more specifically identified on the Seller
      Mortgage Loan Schedule delivered to the Purchaser and the Custodian in connection herewith (the “Receipted Assets”), have been or are hereby submitted to Custodian and such required documents are to be held by the Custodian for the Purchaser,
      (2) all other documents related to such Receipted Assets (including, but not limited to, mortgages, insurance policies, loan applications and appraisals) have been or will be created and held by Seller for Purchaser, (3) all documents related to such
      Receipted Assets withdrawn from Custodian shall be held by Seller for Purchaser, and (4) upon Purchaser’s wiring of the Purchase Price pursuant to Section 3(b) of the Repurchase Agreement, Purchaser will have agreed to the terms of the Transaction as
      set forth herein and purchased the Receipted Assets from the Seller.

   

  Seller hereby represents and
      warrants that (x) the Receipted Assets have a Principal Balance as of the date hereof of $__________ and (y) the number of Receipted Assets is ______.

   

  	 	Very truly yours,
	 	 
	 	HOME POINT FINANCIAL CORPORATION
	 	 	 	 
	 	By:	 	 
	 	Name:
	 	Title:

   

  
    C - 2 

    
      
 

  

   

  SCHEDULE 1 TO TRANSACTION NOTICE

   

  LIST OF REPURCHASE PRICES AND REPURCHASE DATES

   

  [SEE ATTACHMENT]

   

  
    C - 3 

    
      
 

  

  
   

  EXHIBIT D

   

      

  FORM OF GOODBYE LETTER

   

    

  	«Primary_Borrower»	[_______] [__], 20[   ]
	«Mailing_address_line_1»	 
	«Mail_city», «Mail_state» «Mail_zip»	 

   

  		RE:	Transfer of Mortgage Loan Servicing

  Mortgage Loan «Account_number»

   

  Dear Customer:

   

  Home Point Financial Corporation (“Servicer”)
      is the present servicer of your mortgage loan. Effective [Date] the servicing of your mortgage will be transferred to _______. This transfer does not affect the terms and conditions of your mortgage, other than those directly related to servicing.
      Because of the change in servicer, we are required to provide you with this disclosure.

   

  Servicer cannot accept any payments received after
      [Date]. Effective [Date], all payments are to be made to __________. Any payments received by Servicer after [Date] will be forwarded to _________________. ___________________ will be contacting you shortly with payment instructions. Please make
      future payments to:

   

  	 	________________________
	 	Attn: ___________
	 	[Address]

   

  If you currently make payments by an automatic
      checking or savings account deduction, that service will discontinue effective with the transfer date. After the servicing transfer, you may request this service from _____________.

   

  In [Date], you will receive a statement from Servicer
      reflecting the amount, if any, of the interest and taxes paid on your behalf in 20[  ]. A similar statement will be sent __________________ for the period beginning [Date] through year-end. Both statements must be added together for income tax
      purposes.

   

  If you have any questions concerning your account
      through [Date], you should continue to contact Servicer, at <Servicer’s Phone Number>, <HOURS OF OPERATION>. Questions after the transfer date should be directed to ___________________Customer Service Department at 1-800-_____________,
      Monday – Friday, 7 a.m. – 7 p.m. EST.

   

  Sincerely,

   

  Loan Servicing Department

  Home Point Financial Corporation

   

  
    D - 1 

    
      
 

  

   

  NOTICE OF ASSIGNMENT, SALE OR TRANSFER

   

  OF SERVICING RIGHTS

   

  You are hereby notified that the servicing of your
      mortgage loan, that is the right to collect payments from you, is being assigned, sold or transferred.

  

   

  The assignment, sale or transfer of the servicing of
      the mortgage loan does not affect any term or condition of the mortgage instruments, other than the terms directly related to the servicing of your loan.

   

  Except in limited circumstances, the law requires that
      your present servicer send you a notice at least 15 days before the effective date, or at closing. Your new servicer must also send you this notice no later than 15 days after this effective date.

   

  This notification is a requirement of Section 6 of the
      Real Estate Settlement Procedures Act (RESPA) (12 U.S.C. 2605). You should also be aware of the following information, which is set out in more detail in Section 6 of RESPA (12 U.S.C. 2605).

   

  During the 60 day period following the effective date
      of the transfer of the loan servicing, a loan payment received by your old servicer before its due date may not be treated by the new loan servicer as late, and a late fee may not be imposed upon you.

   

  Section 6 of RESPA (12 U.S.C. 2605) gives you certain
      consumer rights. If you send a “qualified written request” to your loan servicer concerning the servicing of your loan, your servicer must provide you with a written acknowledgement within 20 Business Days of receipt of your request. A “qualified

        written request” is written correspondence, other than notice on a payment coupon or other payment medium supplied by the servicer, which includes your name and account number and your reasons for the request. If you want to send a “qualified

        written request” regarding the servicing of your loan, it must be sent to this address:

   

  	___________________
	[Address]

   

  No later than 60 Business Days after receiving your
      request, your servicer must make any appropriate corrections to your account, and must provide you with a written clarification regarding any dispute. During this 60 Business Day period, your servicer may not provide information to a consumer
      reporting agency concerning any overdue payment related to such period or qualified written request. However, this does not prevent the servicer from initiating foreclosure if proper grounds exist under the mortgage documents.

   

  A Business Day is any day excluding legal public holidays (State or
      federal), Saturday and Sunday.

   

  Section 6 of RESPA also provides for damages and costs
      for individuals or classes of individuals, in circumstances where servicers are shown to have violated the requirements of that Section. You should seek legal advice if you believe your rights have been violated.

   

  
    D - 2 

    
      
 

  

   

  MIRANDA DISCLOSURE – For your protection, please be
      advised that we are attempting to collect a debt and any information obtained will be used for that purpose. Calls will be monitored and recorded for quality assurance purposes. If you do not wish for your call to be recorded please notify the
      customer service associate when calling.

  

   

  BANKRUPTCY INSTRUCTION – Attention to any customer in
      Bankruptcy or who has received a bankruptcy discharge of this debt. Please be advised that this letter constitutes neither a demand for payment of the captioned debt nor a notice of personal liability to any recipient hereof who might have received a
      discharge of such debt in accordance with applicable bankruptcy laws or who might be subject to the automatic stay of Section 362 of the United States Bankruptcy Code. However, it may be a notice of possible enforcement of our lien against the
      collateral property, which has not been discharged in your bankruptcy.

   

  
    D - 3 

    
      
 

  

  
   

  EXHIBIT E

   

  FORM OF WAREHOUSE LENDER’S RELEASE

   

  

  	 	(Date)

  

  

   

  Barclays Bank PLC – Mortgage Finance 

  745 Seventh Avenue, 4th Floor

  New York, New York 10019

  Attention: [***]

   

  Barclays Bank PLC – Legal Department 

  745 Seventh Avenue, 20th Floor

  New York, New York 10019

  Attention: General Counsel

   

  Barclays Capital – Operations 

  1301 Sixth Ave, 8th Floor

  New York, New York 10019

  Attention: [***]

  Telephone: [***]

  Email: [***]

   

  Home Point Financial Corporation 

  2211 Old Earhart Road, Suite 250

  Ann Arbor, MI 48105

   

  Re:     Certain Mortgage Loans identified on Schedule
      A hereto and owned by Home Point Financial Corporation

   

  Capitalized terms used herein but
      not defined herein have the meanings ascribed to such terms in the Master Repurchase Agreement, dated as of August 14, 2020 (the “Repurchase Agreement”), between Barclays Bank PLC and Home Point Financial Corporation.

   

  The undersigned hereby releases
      all right, interest, lien or claim of any kind with respect to the Mortgage Loans described in the attached Schedule A, such release to be effective automatically without any further action by any party upon receipt in the account identified
      below in immediately available funds of $__________________, representing a loan count of _________, in accordance with the following wire instructions:

   

  [                                   ]

   

  	 	Very truly yours,
	 	 	 
	 	[WAREHOUSE LENDER]

   

  
    E - 1 

    
      
 

  

   

  	 	By:	 	 
	 	Name:
	 	Title:

  

   

  [SCHEDULE A TO EXHIBIT E – LIST OF MORTGAGE LOANS TO BE RELEASED]

   

  
    E - 2 

    
      
 

  

  
   

  EXHIBIT F

   

  LIST OF DISAPPROVED MEMBERS OF THE MORTGAGE BACKED SECURITIES 

    DIVISION OF THE FIXED INCOME CLEARING CORPORATION

   

  [NONE]

   

  
    F - 1 

    
      
 

  

  
   

  EXHIBIT G

   

  FORM OF ESCROW INSTRUCTION LETTER

  TO BE PROVIDED BY SELLER BEFORE CLOSING 

   

  The escrow instruction letter (the “Escrow
        Instruction Letter”) shall also include the following instruction to the Settlement Agent (the “Escrow Agent”):

   

  Barclays Bank PLC (the “Purchaser”),

      has agreed to provide funds (“Escrow Funds”) to Home Point Financial Corporation (the “Seller”) to finance certain mortgage loans (the “Mortgage Loans”) for which you are acting as Escrow Agent. Wells Fargo Bank, N.A., in its
      capacity as funds disbursement agent (the “Disbursement Agent”), will disburse such funds on behalf of Purchaser.

   

  You hereby agree that (a) you
      shall receive such Escrow Funds from Purchaser to be disbursed by the Disbursement Agent in connection with this Escrow Instruction Letter, (b) you will hold such Escrow Funds in trust, without deduction, set-off or counterclaim for the sole and
      exclusive benefit of Purchaser until such Escrow Funds are fully disbursed on behalf of Purchaser in accordance with the instructions set forth herein, and (c) you will disburse such Escrow Funds on the date specified for closing (the “Closing
        Date”) only after you have followed this Escrow Instruction Letter’s requirements with respect to the Mortgage Loans. In the event that the Escrow Funds cannot be disbursed on the Closing Date in accordance with the Escrow Instruction Letter,
      you agree to promptly remit the Escrow Funds to the Disbursement Agent by re-routing via wire transfer the Escrow Funds in immediately available funds, without deduction, set-off or counterclaim, back to the account specified in Disbursement Agent’s
      incoming wire transfer.

   

  You further agree that, upon
      disbursement of the Escrow Funds, you will hold the Mortgage File as specified in the Escrow Instruction Letter in escrow as agent and bailee for Purchaser, and will forward the Mortgage File and original Escrow Instruction Letter in connection with
      such Mortgage Loans by overnight courier (y) to the Disbursement Agent within three (3) Business Days following the date of origination.

   

  You agree that all fees, charges and
      expenses regarding your services to be performed pursuant to this Escrow Instruction Letter are to be paid by Seller or its borrowers, and Purchaser shall have no liability with respect thereto.

   

  The provisions of this Escrow
      Instruction Letter may not be modified, amended or altered, except by written instrument, executed by the parties hereto and Purchaser. You understand that Purchaser shall act in reliance upon the provisions set forth in this Escrow Instruction
      Letter, and that Purchaser is an intended third party beneficiary hereof.

   

  Whether or not an Escrow Instruction
      Letter executed by you is received by the Disbursement Agent, your acceptance of the Escrow Funds shall be deemed to constitute your acceptance of this Escrow Instruction Letter.

   

  
    G - 2 

    
      
 

  

   

  [SELLER SIGNATURE BLOCK]

   

  [ESCROW AGENT/SETTLEMENT AGENT SIGNATURE BLOCK]

   

  
    G - 3 

    
      
 

  

  
   

  EXHIBIT H

   

  FORM OF SELLER MORTGAGE LOAN SCHEDULE

   

  [TO BE PROVIDED BY BARCLAYS]

   

  
    H - 1 

    
      
 

  

  
   

  EXHIBIT I

   

  FORM OF PREFUNDING REQUEST

   

  [insert date]

   

  [VIA ELECTRONIC TRANSMISSION]

   

  Barclays Bank PLC 

  745 Seventh Avenue, 4th Floor

  New York, New York 10019

  Attention: [***]

   

  U.S. Bank National Association 

  14255 49th Street North, Building 1

  Clearwater, FL 33762

  Attention: Site Manager

  [***]

  Telephone No: [***]

  Email: [***]

   

  With a copy to:

   

  U.S. Bank National Association 

  1133 Rankin Street Ste 100

  Saint Paul, MN 55116

  Attention: [***]

  [***]

  Telephone No: [***]

  Email: [***]

   

  		Re:	Master Repurchase Agreement, dated as of August 14, 2020, by and between Barclays Bank PLC (“Purchaser” and “Agent”) and Home Point Financial Corporation (“Seller”)

   

  Ladies/Gentlemen:

   

  Reference is made to the
      above-referenced Master Repurchase Agreement (the “Repurchase Agreement”; capitalized terms used but not otherwise defined herein have the meaning given them in the Repurchase Agreement).

   

  In accordance with Section 3(c) of
      the Repurchase Agreement, the undersigned Seller hereby requests Purchaser to remit to the Disbursement Account an amount equal to $________ [which amount shall not be less than [***]] in connection with our subsequent delivery of
      one or more Seller Mortgage Loan Schedules requesting Purchaser to purchase certain Eligible Mortgage Loans and all related Servicing Rights, on ____________________ [insert

   

  
    I - 1 

    
      
 

  

   

  requested Purchase Date, which must be at least one
      (1) Business Day following the date of the request] (the “Purchase Date”).

   

  By submitting this Prefunding
      Request, Seller is deemed to have represented that no Responsible Officer of Seller has knowledge of any fact or circumstance that would cause such Responsible Officer to reasonably believe Seller could not represent that all conditions precedent to
      the Transactions expected to occur the following day shall be satisfied and that all Mortgage Loans to be purchased will be Eligible Mortgage Loans.

  

   

  	 	Very truly yours,
	 	 
	 	HOME POINT FINANCIAL CORPORATION

   

  
    I - 2 

    
      
 

  

  
   

  EXHIBIT J

   

  FORM OF SELLER FINANCIAL STATEMENTS (ANNUAL)

   

  
    J - 1 

    
      
 

  

  
   

  EXHIBIT K

   

  FORM OF SELLER FINANCIAL STATEMENTS (PERIODIC)

   

   

  K-1Exhibit 10.10

  	 

   

  CERTAIN IDENTIFIED INFORMATION HAS BEEN EXCLUDED FROM THE EXHIBIT BECAUSE IT IS BOTH NOT MATERIAL AND WOULD LIKELY CAUSE COMPETITIVE HARM TO THE
      REGISTRANT IF PUBLICLY DISCLOSED. [***] INDICATES THAT INFORMATION HAS BEEN REDACTED. 

    

  AMENDED AND RESTATED CREDIT AGREEMENT

   

  among

   

  HOME POINT FINANCIAL CORPORATION 

  as Borrower,

   

  HOME POINT CAPITAL INC. 

  as Guarantor,

   

  GOLDMAN SACHS BANK USA,

  as Administrative Agent for the financial institutions

  that may from time to time become parties hereto as Lenders,

   

  and

   

  LENDERS 

  from time to time party hereto

   

  dated as of July 11, 2019

  	 

  

   

  
     

    
      
 

  

  
   

  TABLE OF CONTENTS

   

  

  	 	 	Page
	 	 	 
	ARTICLE I
	 	 	 
	CERTAIN DEFINITIONS
	 
	Section 1.1	Certain Defined Terms	2
	Section 1.2	Computation of Time Periods	40
	Section 1.3	Construction	40
	Section 1.4	Accounting Terms	40
	 	 	 
	ARTICLE II
	 	 	 
	AMOUNTS AND TERMS OF THE ADVANCES
	 	 	 
	Section 2.1	Establishment of the Credit Facility	41
	Section 2.2	The Advances	41
	Section 2.3	Use of Proceeds	41
	Section 2.4	Making the Advances	41
	Section 2.5	Fees	42
	Section 2.6	Borrowing Base	42
	Section 2.7	Repayment of the Advances	43
	Section 2.9	Mandatory Prepayments of Advances	44
	Section 2.10	Optional Prepayments; Removal of Collateral	45
	Section 2.11	Breakage Costs; Increased Costs; Capital Adequacy; Additional Indemnifications; LIBOR Unavailability; Illegality	46
	Section 2.12	Payments and Computations	49
	Section 2.13	Payment on Non-Business Days	49
	Section 2.14	Extension of Availability Period	50
	Section 2.15	Taxes	50
	Section 2.16	Defaulting Lenders	54
	Section 2.17	Security Interest	54
	Section 2.18	Limited Pledge of Fannie Mae Servicing	56
	Section 2.19	Limited Pledge of Freddie Mac Servicing	57
	Section 2.20	Limited Pledge of Ginnie Mae Servicing	58
	Section 2.21	Commitment Increase	59
	Section 2.22	Base Servicing Fee Increases	59
	 	 	 
	ARTICLE III
	 	 	 
	CONDITIONS OF LENDING AND CLOSING
	 
	Section 3.1	Conditions Precedent to Closing	60

   

   

  
    -i- 

    
      
 

  

   

  	Section 3.2	Conditions Precedent to All Advances	61
	 	 	 
	ARTICLE IV
	 	 	 
	REPRESENTATIONS AND WARRANTIES
	 
	Section 4.1	Representations and Warranties of the Borrower and the Guarantor	62
	 	 	 
	ARTICLE V
	 	 	 
	COVENANTS
	 
	Section 5.1	Affirmative Covenants	70
	Section 5.2	Negative Covenants	77
	 	 	 
	ARTICLE VI
	 	 	 
	EVENTS OF DEFAULT
	 
	Section 6.1	Events of Default	79
	Section 6.2	Remedies	82
	 	 	 
	ARTICLE VII
	 	 	 
	THE ADMINISTRATIVE AGENT
	 
	Section 7.1	Appointment; Nature of Relationship	84
	Section 7.2	Powers	85
	Section 7.3	General Immunity	85
	Section 7.4	No Responsibility for Advances, Creditworthiness, Collateral, Recitals, Etc.	85
	Section 7.5	Action on Instruction of Lenders	86
	Section 7.6	Employment of Agents and Counsel	86
	Section 7.7	Reliance on Documents; Counsel	86
	Section 7.8	The Administrative Agent’s Reimbursement and Indemnification	86
	Section 7.9	Rights as a Lender	87
	Section 7.10	Lender Credit Decision	87
	Section 7.11	Successor Agent	87
	Section 7.12	Transaction Documents	88
	 	 	 
	ARTICLE VIII
	 	 	 
	COLLECTION ACCOUNT
	 
	Section 8.1	Collection Account	88

   

  
    -ii- 

    
      
 

  

   

  	ARTICLE IX
	 	 	 
	GUARANTY
	 	 	 
	Section 9.1	Guaranty	89
	Section 9.2	Subrogation	89
	Section 9.3	Amendments, etc. with Respect to the Guaranteed Obligations	90
	Section 9.4	Guaranty Absolute and Unconditional	90
	Section 9.5	Reinstatement	92
	Section 9.6	Payments	92
	Section 9.7	Events of Default	92
	 	 	 
	ARTICLE X
	 	 	 
	MISCELLANEOUS
	 	 	 
	Section 10.1	Survival	92
	Section 10.2	Amendments, Etc.	92
	Section 10.3	Notices, Etc.	93
	Section 10.4	No Waiver; Remedies	94
	Section 10.5	Indemnification	94
	Section 10.6	Costs, Expenses and Taxes	94
	Section 10.7	Right of Set-off; Ratable Payments; Relations Among Lenders	95
	Section 10.8	Binding Effect; Assignment	96
	Section 10.9	Governing Law	98
	Section 10.10	Jurisdiction	98
	Section 10.11	Waiver of Jury Trial	98
	Section 10.12	Section Headings	98
	Section 10.13	Tax Characterization	98
	Section 10.14	Execution	98
	Section 10.15	Limitations on Liability	98
	Section 10.17	Merger	100
	Section 10.18	Lien Release	100
	Section 10.19	Customer Identification - USA Patriot Act Notice	100
	Section 10.20	Administrative Agent Compliance with Applicable Anti-Terrorism and Anti-Money Laundering Regulations	100

   

  
    -iii- 

    
      
 

  

   

  SCHEDULES

   

  	Schedule I	Borrower’s Account, Collection Account and Administrative Agent’s Account
	Schedule II	[Reserved]
	Schedule III	Valuation Agents
	Schedule IV	Dealers
	Schedule V	Minimum Haircut Trigger Event
	Schedule 4.1(c)	Ownership Structure of the Borrower and its Subsidiaries
	Schedule 4.1(q)	Indebtedness of the Borrower and the Guarantor
	Schedule 5.2(a)	Liens
	Schedule 10.3	Notice Addresses

   

  EXHIBITS

   

  	EXHIBIT A	--	Form of Compliance Certificate
	EXHIBIT B	--	Form of Notice of Borrowing
	EXHIBIT C	--	Form of Loan Note
	EXHIBIT D	--	Form Assignment and Assumption
	EXHIBIT E	--	Commitments
	EXHIBIT F	--	Form of Monthly Report
	EXHIBIT G	--	Reserved
	EXHIBIT H	--	Form of Notice of Prepayment

   

  
     

    
      
 

  

   

  AMENDED AND RESTATED CREDIT AGREEMENT

   

  THIS AMENDED AND RESTATED CREDIT
      AGREEMENT (this “Agreement”) is entered into as of July 11, 2019, by and among Home Point Financial Corporation a New Jersey corporation, as borrower (the “Borrower”), Home Point Capital Inc., a Delaware corporation (the “Guarantor”),

      the financial institutions that may from time to time become parties hereto (each such financial institution, a “Lender” and collectively, the “Lenders”) and GOLDMAN SACHS BANK USA (“GS Bank”), as administrative agent (the “Administrative

        Agent”).

   

  RECITALS

   

  WHEREAS, the Borrower, each of the
      Lenders under the Original Credit Agreement (as defined below) (together, the “Original Lenders”) and GS Bank, as Administrative Agent, are parties to that certain Credit Agreement, dated as of January 31, 2019 (the “Original Credit
        Agreement”);

   

  WHEREAS, the Original Lenders are
      the Majority Lenders under the Original Credit Agreement;

   

  WHEREAS, pursuant to Section
      10.2(a)(i) and (iii) of the Original Credit Agreement, the Borrower, the Original Lenders and the Administrative Agent desire to amend and restate the Original Credit Agreement as set forth in this Agreement;

   

  WHEREAS, the Borrower owns and in
      the future will hold, certain MSRs (as defined herein) for the Agencies;

   

  WHEREAS, the Borrower has requested
      that the Lenders provide financing for the MSRs held by the Borrower;

   

  WHEREAS, the Guarantor has agreed to guarantee the obligations of the
      Borrower hereunder; and

   

  WHEREAS, the Lenders are willing to
      provide financing upon the terms and subject to the conditions set forth herein, including the Guaranty of the Guaranteed Obligations by the Guarantor.

   

  NOW, THEREFORE, in consideration of
      the premises and the mutual agreements contained herein, the parties hereto agree as follows:

   

   

  
     

    
      
 

  

  
   

  ARTICLE I

   

  CERTAIN DEFINITIONS

   

  Section 1.1 Certain Defined
        Terms. Capitalized terms used but not otherwise defined herein have the meanings set forth below:

   

  “1940 Act” shall mean the Investment Company Act of 1940, as
      amended.

   

  “5 Year Swap Rate” shall
      mean, as of any date of determination, the average of the mid- market par swap rates for interest rate swaps with a maturity of five years offered by the Dealers.

   

  “Accepted Servicing Practices”
      shall mean (i) with respect to any Mortgage Loan, the customary and usual standards of mortgage servicing practices of prudent mortgage lending institutions servicing mortgage loans for itself or for other third-party portfolios of mortgage loans of
      the same type as such Mortgage Loan in the jurisdiction where the related Mortgaged Property is located; and (ii) with respect to all MSRs related to the Servicing Contract of any Agency, those practices required by such Agency (including the Fannie
      Mae Agency Guide, the Freddie Mac Agency Guide, and the Ginnie Mae Agency Guide as applicable); provided, however, that in all cases the accepted servicing practices must (i) comply with the terms of Applicable Laws and the related
      loan documents and (ii) meet a standard of care not less than customary, reasonable and usual standards of practice for institutions that service loans that are similar to the Mortgage Loans.

   

  “Account Bank” shall mean a
      financial institution identified in writing to the Administrative Agent where the Collection Account is housed.

   

  “Account Control Agreement”
      shall mean a Deposit Account Agreement, dated as of the Closing Date, by and among the Borrower, the Account Bank and the Administrative Agent, pursuant to which the Administrative Agent shall be granted “control” (as defined in Section 9-104 of the
      UCC) of the Collection Account.

   

  “Acknowledgment Agreement”
      shall mean each of the Fannie Mae Acknowledgment Agreement, the Freddie Mac Acknowledgment Agreement, and the Ginnie Mae Acknowledgment Agreement, as applicable.

   

  “Acknowledgment Agreement Holiday
        Period” shall mean, with respect to any Agency, the period of time beginning on the Closing Date and ending on the earlier of (i) the related Acknowledgment Agreement Trigger Date, and (ii) such time that the applicable Acknowledgment Agreement
      is finalized by the parties thereto.

   

  “Acknowledgment Agreement Trigger
        Date” shall mean, as applicable, the Freddie AA Trigger Date and the Ginnie AA Trigger Date.

   

  “Acknowledgment Agreement Trigger
        Period” shall mean, as applicable, the Freddie AA Trigger Period, and the Ginnie Mae Trigger Period.

   

  
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  “Activation Notice” shall have the meaning set forth in the
      Account Control Agreement.

   

  “Additional Collateral” shall
      mean all right, title and interest in, to and under all personal property of the Borrower, including but not limited to the following, in each case whether now owned or existing or hereafter acquired or arising and wherever located: (a) Accounts, (b)
      Contracts; (c) Chattel Paper, (d) Documents, (e) General Intangibles, (f) Goods (including all of its Equipment, Fixtures and Inventory), together with all accessions, additions, attachments, improvements, substitutions and replacements thereto and
      therefor, (g) Instruments, (h) Insurance, (i)    Intellectual Property, (j) Investment Related Property (including, without limitation, Deposit Accounts), (k) Letter of Credit Rights, (l) Money, (m) Receivables and Receivables Records, (n) Commercial
      Tort Claims, (o) any other investments and investment property, (p) to the extent not otherwise included in the foregoing, all other personal property of any kind and all Collateral Records, Collateral support and Supporting Obligations relating to
      any of the foregoing; and (q) to the extent not otherwise included in the foregoing, all Proceeds, products, accessions, rents and profits of or in respect of any of (a) through (p); provided, however, that Additional Collateral shall
      not include Excluded Collateral or (for so long as such remains applicable) any of the foregoing to the extent that a security interest therein is prohibited by or in violation of any law, rule, or regulation, or the contractual terms or provisions
      related thereto.

   

  Capitalized terms used in this
      definition shall have the meaning given thereto in Article 9 of the UCC.

   

  “Additional Guarantor Collateral”
      shall mean all right, title and interest in, to and under all personal property of the Guarantor, including but not limited to the following, in each case whether now owned or existing or hereafter acquired or arising and wherever located:
      (a) Accounts, (b) Contracts, (c) Chattel Paper, (d) Documents, (e) General Intangibles, (f) Goods (including all of its Equipment, Fixtures and Inventory), together with all accessions, additions, attachments, improvements, substitutions and
      replacements thereto and therefor, (g) Instruments, (h) Insurance, (i) Intellectual Property, (j) Investment Related Property (including, without limitation, Deposit Accounts), (k) Letter of Credit Rights, (l) Money, (m) Receivables and Receivables
      Records, (n) Commercial Tort Claims, (o) any other investments and investment property (including its interests in Longbridge Financial, LLC and the Borrower), (p) to the extent not otherwise included in the foregoing, all other personal property of
      any kind and all Collateral Records, Collateral support and Supporting Obligations relating to any of the foregoing, (q) to the extent not otherwise included in the foregoing, all other personal property of any kind and all Collateral Records,
      Collateral support and Supporting Obligations relating to any of the foregoing, and (r) to the extent not otherwise included in the foregoing, all Proceeds, products, accessions, rents and profits of or in respect of any of (a) through (q); provided,
      however, that Additional Guarantor Collateral shall not include Excluded Collateral or (for so long as such remains applicable) any of the foregoing to the extent that a security interest therein is prohibited by or in violation of any law,
      rule, or regulation, or the contractual terms or provisions related thereto.

   

  Capitalized terms used in this definition shall have the
      meaning given thereto in Article 9 of the UCC.

   

  
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  “Additional Principal
        Amortization Amount” shall mean an amount due and payable on each Additional Principal Amortization Date equal to the quotient of (i) the Advances outstanding on the Availability Period End Date divided by (ii) 12.

   

  “Additional Principal
        Amortization Date” shall mean the Monthly Payment Date occurring in the calendar month in which the Availability Period End Date occurs, and each Monthly Payment Date thereafter through the Maturity Date, as applicable.

   

  “Adjusted LIBOR Rate” shall
      mean a rate per annum equal to the rate (rounded upwards, if necessary, to the next higher 1/100 of 1%) obtained by dividing (a) LIBOR by (b) a percentage equal to [***] minus the reserve percentage (rounded upward to the next 1/100th
      of 1%) in effect on such day and applicable to any Lender for which this rate is calculated under regulations issued from time to time by the Board of Governors of the Federal Reserve System for determining the maximum reserve requirement (including
      any emergency, supplemental or other marginal reserve requirement) with respect to Eurocurrency funding (currently referred to as “eurocurrency liabilities”). The Adjusted LIBOR Rate shall be adjusted automatically as of the effective date of
      any change in such reserve percentage.

   

  “Adjusted Tangible Net Worth”
      shall mean, with respect to the Borrower, the Guarantor and their respective Subsidiaries, an amount equal to, on a consolidated basis, the stockholder or members’ equity, including capital stock or member interests, additional paid-in capital,
      retained earnings, deferred income, capitalized mortgage loan servicing rights and capitalized excess mortgage loan servicing fees, but excluding treasury stock, if any, and any intangible assets of the Borrower, the Guarantor and their respective
      Subsidiaries (determined on a consolidated basis in accordance with GAAP).

   

  “Administrative Agent” shall
      have the meaning set forth in the introductory paragraph hereof.

   

  “Administrative Agent Asset Value”
      shall mean, as of any date of determination, the sum of (i) the Administrative Agent Fannie Mae Asset Value, (ii) the Administrative Agent Freddie Mac Asset Value, and (iii) the Administrative Agent Ginnie Mae Asset Value; provided, however,
      that during the Ginnie AA Trigger Period the Administrative Agent Asset Value shall not exceed the product of (a) the sum of (1) the Administrative Agent Fannie Mae Market Value Percentage multiplied by the aggregate unpaid principal balance of the
      Mortgage Loans related to the Fannie Mae MSRs, and (2) the Administrative Agent Freddie Mac Market Value Percentage multiplied by the aggregate unpaid principal balance of the Mortgage Loans related to the Freddie Mac MSRs, and (b) [***] and
      provided further, that the Administrative Agent Ginnie Mae Asset Value of Ginnie Mae MSRs shall be reduced to the extent necessary such that the Ginnie Mae Borrowing Base remains at or below the Ginnie Mae Concentration Limit.

   

  “Administrative Agent Fannie Mae
        Asset Value” shall mean, as of any date of determination, the product of (i) the Fannie Mae Advance Rate, (ii) the Administrative Agent Fannie Mae Market Value Percentage, and (iii) the aggregate unpaid principal balance of the Mortgage Loans
      related to the Fannie Mae MSRs.

   

  
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  “Administrative Agent Fannie Mae
        Market Value Percentage” shall mean, with respect to any Fannie Mae MSR as of any date of determination, the percentage to be applied to the unpaid principal balance of the applicable Mortgage Loans to arrive at the fair market value of such
      Fannie Mae MSR, as most recently determined by the Administrative Agent pursuant to Section 2.6 and in accordance with the Administrative Agent Methodology; provided that, in no event shall the Administrative Agent Fannie Mae Market
      Value Percentage be greater than the market value thereof implying a zero option-adjusted spread.

   

  “Administrative Agent Fee Letter”
      shall mean that certain side letter, dated as of the Closing Date, by and between the Borrower, Guarantor, and the Administrative Agent, with respect to certain pricing terms of the facility established hereby.

   

  “Administrative Agent Freddie Mac
        Asset Value” shall mean, as of any date of determination, the product of (i) the Freddie Mac Advance Rate, (ii) the Administrative Agent Freddie Mac Market Value Percentage, and (iii) the aggregate unpaid principal balance of the Mortgage Loans
      related to the Freddie Mac MSRs.

   

  “Administrative Agent Freddie Mac
        Market Value Percentage” shall mean, with respect to any Freddie Mac MSR as of any date of determination, the percentage to be applied to the unpaid principal balance of the applicable Mortgage Loans to arrive at the fair market value of such
      Freddie Mac MSR, as most recently determined by the Administrative Agent pursuant to Section 2.6 and in accordance with the Administrative Agent Methodology; provided that, in no event shall the Administrative Agent Freddie Mac Market
      Value Percentage be greater than the market value thereof implying a zero option-adjusted spread.

   

  “Administrative Agent Ginnie Mae
        Asset Value” shall mean, as of any date of determination, the product of (i) the Ginnie Mae Advance Rate, (ii) the Administrative Agent Ginnie Mae Market Value Percentage, and (iii) the aggregate unpaid principal balance of the Mortgage Loans
      related to the Ginnie Mae MSRs.

   

  “Administrative Agent Ginnie Mae
        Market Value Percentage” shall mean, with respect to any Ginnie Mae MSR as of any date of determination, the percentage to be applied to the unpaid principal balance of the applicable Mortgage Loans to arrive at the fair market value of such
      Ginnie Mae MSR, as most recently determined by the Administrative Agent pursuant to Section 2.6 and in accordance with the Administrative Agent Methodology; provided that, in no event shall the Administrative Agent Ginnie Mae Market
      Value Percentage be greater than the market value thereof implying a zero option-adjusted spread.

   

  “Administrative Agent Methodology”
      shall mean, with respect to any Administrative Agent Fannie Mae Market Value Percentage, Administrative Agent Freddie Mac Market Value Percentage, or Administrative Agent Ginnie Mae Market Value Percentage calculated by the Administrative Agent, the
      assumptions, factors, parameters, methodology and calculations employed by the Administrative Agent in determining such Administrative Agent Fannie Mae Market Value Percentage, Administrative Agent Freddie Mac Market Value Percentage, or
      Administrative Agent Ginnie Mae Market Value Percentage for purposes of determining the Borrowing Base, which assumptions, factors, parameters, methodology and calculations shall be determined by the Administrative Agent in its sole discretion.
      Without

   

  
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  limiting the foregoing, if as a result of a change by
      the Administrative Agent of its Administrative Agent Methodology, the aggregate of the Administrative Agent Fannie Mae Market Value Percentage, Administrative Agent Freddie Mac Market Value Percentage, and Administrative Agent Ginnie Mae Market Value
      Percentage changes by more than five percent (5%) over the course of one (1) Business Day, then upon request by the Borrower the Administrative Agent shall provide the Borrower with an explanation of the basis for such change; provided,
      however, that, except pursuant to a Borrowing Base Dispute under Section 2.6(b), neither such change in market value nor the Administrative Agent’s failure to provide information related thereto shall affect the validity of the Administrative
      Agent Methodology or Administrative Agent Asset Value.

   

  “Administrative Agent’s Account”
      shall mean the Administrative Agent’s bank account, described on Schedule I attached hereto, designated by the Administrative Agent from time to time by written notice to the Borrower.

   

  “Advance” shall mean any
      advance of funds by any Lender to the Borrower, made pursuant to Article II of this Agreement.

   

  “Advance Rate Cap” shall mean
      each of the Fannie Mae Advance Rate Cap, Freddie Mac Advance Rate Cap, and Ginnie Mae Advance Rate Cap.

   

  “Advance Reimbursement Amount”
      shall mean all amounts reimbursable to the Borrower pursuant to the terms of a Servicing Contract in respect of Servicer Advances required to be made in accordance with and pursuant to the terms of such Servicing Contract.

   

  “Affected Party” shall have the meaning set forth in Section
        2.11(b).

   

  “Affiliate” shall mean, with
      respect to a Person, any other Person that (i) directly or indirectly through one or more intermediaries, controls, is controlled by, or is under direct or indirect common control with such Person or (ii) is an officer or director of such Person;
      provided that each Agency shall be specifically excluded as an Affiliate of any Lender. Solely for purposes of this definition, “control” of a Person means the power, directly or indirectly, either to (a) vote 25% or more of the securities (on a
      fully diluted basis) having ordinary voting power for the election of directors (or persons performing similar functions) of such Person or (b) direct or cause the direction of the management and policies of such Person, whether by contract or
      otherwise; provided that other than the Borrower, Guarantor, and their respective Subsidiaries (as applicable), no other portfolio company of Stone Point Capital LLC or its Affiliates shall be deemed to be an “Affiliate” of the Borrower or
      Guarantor.

   

  “Agency” shall mean Fannie Mae, Freddie Mac, and/or Ginnie Mae, as
      applicable.

   

  “Agency Approvals” shall have the meaning set forth in Section
        5.1(l).

   

  “Agency Fee Letter” shall
      mean that certain side letter, dated as of the Closing Date, by and between the Borrower, Guarantor, and the Administrative Agent, with respect to certain pricing terms of the facility created hereby, the Fannie Mae MSRs, the Freddie Mac MSRs, and
      the Ginnie Mae MSRs.

   

  
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  “Agency Guide” shall mean the
      Fannie Mae Agency Guide, the Freddie Mac Agency Guide, and/or the Ginnie Mae Agency Guide, as applicable.

   

  “Agency Requirements” shall
      mean, collectively, the Fannie Mae Requirements, the Freddie Mac Requirements, and the Ginnie Mae Requirements.

   

  “Agency Servicing Rights”
      shall mean, with respect to each Mortgage Loan, all of the Borrower’s right, title and interest in, to and under the related Servicing Contracts, whether now or hereafter existing, acquired or created, whether or not yet accrued, earned, due or
      payable, as well as all other present and future right and interest under such Servicing Contracts.

   

  “Aggregate Commitment” shall
      mean at any time, the sum of the Commitments then in effect. The initial Aggregate Commitment as of the Closing Date shall be equal to [***].

   

  “Agreement” shall have the meaning set forth in the introductory
      paragraph hereof.

   

  “Alternative Rate” shall have the meaning set forth in Section
        2.11(f).

   

  “Ancillary Income” shall mean
      all income derived from a Mortgage Loan, other than payments or collections in respect of principal, interest, escrow payments and prepayment penalties.

   

  “Applicable Law” shall mean
      all applicable laws of any Governmental Authority, including laws relating to consumer leasing and protection and any ordinances, judgments, decrees, injunctions, writs and orders or like actions of any Governmental Authority and rules and
      regulations of any federal, regional, state, county, municipal or other Governmental Authority.

   

  “Applicable Percentage” shall
      mean with respect to the Commitment of any Lender at any time, a percentage equal to a fraction, the numerator of which is such Lender’s Commitment at such time and the denominator of which is the Aggregate Commitment at such time (provided
      that if the Commitments have terminated or expired, the Applicable Percentages shall be determined based upon such Lender’s share of the aggregate Advances at such time). In the case of Section 2.16, when a Defaulting Lender shall exist, the
      Applicable Percentage shall be calculated without inclusion of such Defaulting Lender’s Commitment.

   

  “Asset” shall mean all Fannie
      Mae MSRs, Freddie Mac MSRs, and Ginnie Mae MSRs of the Borrower, all of which are pledged to the Administrative Agent (on behalf of and for the ratable benefit of each Secured Party) pursuant to the terms hereof. For the avoidance of doubt, the
      Assets shall be identified on the Schedule of Assets and updated no less frequently than monthly and delivered to the Administrative Agent as a schedule to the Compliance Certificate in accordance with Section 5.1(bb).

   

  “Asset Management Strategy”
      shall mean the off-balance sheet asset management strategy disclosed by the Borrower to the Administrative Agent prior to the Closing Date, which strategy may be updated, from time to time, upon Borrower disclosing such updated strategy to the
      Administrative Agent; provided, however, that if such proposed strategy is

   

  
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  substantially inconsistent with the strategy disclosed
      prior to the Closing Date, then such proposed strategy shall not constitute the “Asset Management Strategy” for purposes of this Agreement without prior consent of the Administrative Agent (such consent not to be unreasonably withheld).

   

  “Assignment and Assumption”
      shall mean an assignment and assumption entered into by a Lender and an assignee (with the consent of any party whose consent is required by Section 10.8), and accepted by the Administrative Agent, in substantially the form of Exhibit D
      hereto or any other form approved by the Administrative Agent.

   

  “Availability Period” shall
      mean, unless otherwise extended pursuant to and in accordance with Section 2.2, the period from the Closing Date until the earlier to occur of (i) an Event of Default, and (ii) the Availability Period End Date.

   

  “Availability Period End Date”
      shall mean the Monthly Payment Date occurring in the 36th month following the Closing Date, or January 31, 2022, as such date may be extended pursuant to Section
        2.14.

   

  “Base Servicing Fee” shall
      mean, with respect to the Portfolio of Mortgage Loans for each Agency and each Collection Period, an amount equal to the product of (A) the aggregate outstanding principal balance of the Mortgage Loans for such Agency included in such Portfolio as of
      the first day of such Collection Period multiplied by (B) one-twelfth of the Base Servicing Fee Rate; provided, however, that (1) with respect to all Mortgage Loans in the Portfolio for such Agency, if the initial Collection Period is
      less than a full month, such fee for each such Mortgage Loan shall be an amount equal to the product of the fee otherwise described above multiplied by a fraction, the numerator of which is the number of days in such initial Collection Period and the
      denominator of which is 30; (2) if any Fannie Mae Mortgage Loan, Freddie Mac Mortgage Loan, or Ginnie Mae Mortgage Loan, as applicable, ceases to be part of such Portfolio during such Collection Period as a result of a termination of the Borrower’s
      duties as servicer under the applicable Servicing Contract, the portion of such amount that is attributable to such Fannie Mae Mortgage Loan, Freddie Mac Mortgage Loan, or Ginnie Mae Mortgage Loan, as applicable, shall be adjusted to an amount equal
      to the product of the fee otherwise described above multiplied by a fraction, the numerator of which is the number of days in such Collection Period during which such Mortgage Loan was included in such Portfolio and denominator of which is 30.

   

  “Base Servicing Fee Rate”
      means (i) with respect to any Mortgage Loan serviced for Fannie Mae pursuant to the applicable Servicing Contract, unless otherwise adjusted pursuant to and in accordance with Section 2.22, [***] per annum, (ii) with respect to any
      Mortgage Loan serviced for Freddie Mac pursuant to the applicable Servicing Contract, unless otherwise adjusted pursuant to and in accordance with Section 2.22, [***] per annum, and (iii) with respect to any Mortgage Loan serviced for
      Ginnie Mae pursuant to the applicable Servicing Contract, unless otherwise adjusted pursuant to and in accordance with Section 2.22, [***] per annum.

   

  “Bankruptcy Code” shall mean
      the U.S. Bankruptcy Code, 11 U.S.C. § 101, et seq., as amended.

   

  
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  “Basel III” shall mean Basel
      III: A global regulatory framework for more resilient banks and banking systems prepared by the Basel Committee on Banking Supervision, and all national implementations thereof.

   

  “Borrower” shall have the meaning set forth in the introductory
      paragraph hereof.

   

  “Borrower’s Account” shall
      mean (i) the Borrower’s bank account, described on Schedule I attached hereto, for the account of the Borrower or (ii) such other account as may be designated by the Borrower from time to time by at least ten (10) Business Days’ prior written
      notice to the Administrative Agent and the Lenders, so long as such other account is acceptable to the Administrative Agent in its sole and absolute discretion.

   

  “Borrower Collateral” shall have the meaning set forth in Section

        2.17.

   

  “Borrowing Base” shall mean,
      as of any date of determination, with respect to MSRs that are Eligible Assets, the sum of:

   

  		(a)	if a Borrowing Base Dispute has not been initiated with respect to such date, or a Borrowing Base Dispute has been initiated but the Valuation
            Agent Asset Value has not yet been determined pursuant to Section 2.6(b), the Administrative Agent Asset Value thereof; and

   

  		(b)	if a Borrowing Base Dispute has been initiated and the Valuation Agent Asset Value has been determined pursuant to Section 2.6(b), the lesser of (1) the Valuation
            Agent Asset Value (provided that the value attributed to that portion of the Valuation Agent Asset Value pertaining to Ginnie Mae MSRs shall be reduced such that the Ginnie Mae Borrowing Base remains at or below the Ginnie Mae Concentration
            Limit), and (2) the Borrowing Base Cap, in each case, in respect of such MSRs.

   

  “Borrowing Base Cap” shall
      mean the sum of (1) the product of (A) the most recently determined Administrative Agent Fannie Mae Market Value Percentage, (B) the aggregate unpaid principal balance of the Mortgage Loans related to the Fannie Mae MSRs, and (C) the Fannie Mae
      Advance Rate Cap, (2) the product of (A) the most recently determined Administrative Agent Freddie Mac Market Value Percentage, (B) the aggregate unpaid principal balance of the Mortgage Loans related to the Freddie Mac MSRs, and (C) the Freddie Mac
      Advance Rate Cap, and (3) the product of (A) the most recently determined Administrative Agent Ginnie Mae Market Value Percentage, (B) the aggregate unpaid principal balance of the Mortgage Loans related to the Ginnie Mae MSRs, and (C) the Ginnie Mae
      Advance Rate Cap; provided however, that the Administrative Agent Ginnie Mae Asset Value of Ginnie Mae MSRs shall be reduced such that the Ginnie Mae Borrowing Base remains at or below the Ginnie Mae Concentration Limit.

   

  “Borrowing Base Certificate”
      shall mean the certificate in the form of Exhibit A attached to each Notice of Borrowing.

   

  
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  “Borrowing Base Deficiency”
      shall exist with respect to the Borrowing Base on any date on which (i) the aggregate amount of Advances exceeds the Aggregate Commitments related thereto, (ii) if no Borrowing Base Dispute has been initiated and is outstanding, the Effective Advance
      Rate with respect to the MSRs of any Agency exceeds the Fannie Mae Advance Rate, Freddie Mac Advance Rate, or Ginnie Mae Advance Rate, as applicable, by [***] or more, (iii)     if a Borrowing Base Dispute has been initiated but the Valuation
      Agent Asset Value has not yet been determined pursuant to Section 2.6(b), the Effective Advance Rate with respect to the MSRs of any Agency exceeds that portion of the Borrowing Base Cap attributed to the MSRs of such Agency, (iv) if a
      Borrowing Base Dispute has been initiated, the Valuation Agent Asset Value has been determined pursuant to Section 2.6(b), and the Borrowing Base is being calculated pursuant to (b)(1) of the definition thereof, the Effective Advance Rate
      with respect to the MSRs of any Agency exceeds (a) the Fannie Mae Advance Rate, Freddie Mac Advance Rate, or Ginnie Mae Advance Rate, as applicable, by [***] or more, or (b) that portion of the Borrowing Base Cap attributed to the MSRs of
      such Agency, (v) if a Borrowing Base Dispute has been initiated, the Valuation Agent Asset Value has been determined pursuant to Section 2.6(b), and the Borrowing Base is being calculated pursuant to (b)(2) of the definition thereof, the
      Effective Advance Rate with respect to the MSRs of any Agency exceeds that portion of the Borrowing Base Cap attributed to the MSRs of such Agency, or (vi) there exists a Minimum Haircut Trigger Event.

   

  “Borrowing Base Deficiency Notice” shall have the meaning set
      forth in Section 2.6.

   

  “Borrowing Base Dispute” shall have the meaning set forth in Section

        2.6(b).

   

  “Borrowing Base Required Payment”
      shall mean the greater of an amount necessary to (i) cause the aggregate amount of Advances outstanding to equal the lesser of the Aggregate Commitment and the Borrowing Base, or (ii) eliminate any existing Minimum Haircut Trigger Event.

   

  “Borrowing Date” shall mean,
      with respect to any Advance, the date of the making of such Advance, which date shall in any case be a Business Day.

   

  “Breakage Costs” shall mean,
      with respect to a failure by the Borrower, for any reason, to borrow any proposed Advance on the date specified in the applicable Notice of Borrowing (including as a result of the Borrower’s failure to satisfy any conditions precedent to such
      borrowing) after providing such Notice of Borrowing, the resulting loss, cost, expense or liability (excluding loss of anticipated profits) incurred by reason of the liquidation or reemployment of deposits, actually sustained by any Lender or the
      Administrative Agent, and with respect to any Optional Prepayment, any loss, cost, expense, or liability sustained by any Lender or the Administrative Agent as a result of such Optional Prepayment, in each case as certified in any written demand for
      payment by a Lender or the Administrative Agent setting forth in reasonable detail the basis for calculating such compensation.

   

  “Business Day” shall mean (i)
      any day excluding Saturday, Sunday, any day which is a legal holiday under the laws of the State of New York, the State of Michigan or the State of Texas, any day on which banking institutions located in either such state are authorized or required
      by law or other governmental action to close, and any day on which the New York Stock Exchange

   

  
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  or the Federal Reserve Bank of New York is authorized
      or obligated by law or executive order to be closed, and (ii) with respect to all notices, determinations, fundings and payments in connection with Advances bearing interest at the Adjusted LIBOR Rate so long as LIBOR is in effect, the term “Business
      Day” shall mean any day which is a Business Day described in clause (i) and which is also a day for trading by and between banks in Dollar deposits in the London interbank market.

   

  “Capital Stock” shall mean,
      with respect to any Person, any and all shares, interests, participations or other equivalents, including membership interests (however designated, whether voting or non-voting) of equity of such Person, including, if such Person is a partnership,
      partnership interests (whether general or limited) or any other interest or participation that confers on a Person the right to receive a share of the profits and losses of, or distributions of assets of, such partnership, but in no event will
      Capital Stock include any debt securities convertible or exchangeable into equity unless and until actually converted or exchanged.

   

  “Capitalized Lease Obligation”
      shall mean, for any Person, the amount of Indebtedness under a lease of property by such Person that would be shown as a liability on a balance sheet of such Person prepared for financial reporting purposes in accordance with GAAP.

   

  “Cash” shall mean money,
      currency or a credit balance on hand or in any demand or deposit account.

   

  “Cash Equivalents” shall
      mean, as at any date of determination, any of the following: (i) marketable securities (a) issued or directly and unconditionally guaranteed as to interest and principal by the United States Government or (b) issued by any agency of the United States
      the obligations of which are backed by the full faith and credit of the United States, in each case maturing within one year after such date and having, at the time of the acquisition thereof, a rating of at least “A -1” from S&P or at least
      “P-1” from Moody’s; (ii) marketable direct obligations issued by any state of the United States of America or any political subdivision of any such state or any public instrumentality thereof, in each case maturing within [***] after such
      date and having, at the time of the acquisition thereof, a rating of at least “A-1” from S&P or at least “P-1” from Moody’s; (iii) certificates of deposit or bankers’ acceptances maturing within [***] after such date and issued or
      accepted by any Lender or by any commercial bank organized under the laws of the United States of America or any state thereof or the District of Columbia that (a) is at least “adequately capitalized” (as defined in the regulations of its primary
      Federal banking regulator), (b) has Tier 1 capital (as defined in such regulations) of not less than [***] and (c) has a rating of at least “AA-” from S&P and “Aa3” from Moody’s; and (iv) shares of any money market mutual fund that (a)
      has substantially all of its assets invested continuously in the types of investments referred to in clauses (i) and (ii) above, (b) has net assets of not less than [***] and (c) has the highest rating obtainable from either
      S&P or Moody’s.

   

  “Change in Law” shall mean
      (i) the adoption or taking effect of any Law after the date of this Agreement, (ii) any change in Law or in the administration, interpretation, application or implementation thereof by any Governmental Authority after the date of this Agreement,
      (iii)     the making or issuance of any request, rule, guideline or directive (whether or not having the force of law) by any Governmental Authority after the date of this Agreement or (iv) compliance by any Affected Party, by any lending office of
      such Affected Party or by such Affected Party’s holding company, if any, with any request, guideline or directive (whether or not having the force

   

  
    -11- 

    
      
 

  

   

  of law) of any Governmental Authority made or issued after the date of this
      Agreement; provided that notwithstanding anything herein to the contrary, (a) the Dodd-Frank Act, (b) Basel III and (c)   all requests, rules, guidelines and directives under either of the Dodd-Frank Act or Basel III or issued in connection
      therewith shall be deemed to be a “Change in Law”, regardless of the date implemented, enacted, adopted or issued.

   

  “Change of Control” shall
      occur at any time the Permitted Holders fail to collectively own, directly or indirectly, at least (i) 50.01% of the Equity Interests of the Borrower and of the Guarantor, and (ii) a majority of the aggregate ordinary voting power for the election of
      directors (or persons performing similar functions) of the Borrower and of the Guarantor.

   

  “Closing Date” shall mean January 31, 2019.

   

  “Collateral” shall have the meaning set forth in Section 2.17.

   

  “Collection Account” shall
      mean a deposit account established by the Borrower with the Account Bank, or such other replacement collection account as may be established at a financial institution reasonably acceptable to the Administrative Agent.

   

  “Collection Period” shall
      mean, with respect to a Monthly Payment Date occurring during an Acknowledgment Agreement Trigger Period or following the occurrence and during the continuance of an Event of Default, the calendar month preceding the month in which such Monthly
      Payment Date occurs.

   

  “Collections” shall mean,
      with respect to any Asset with respect to a Collection Period, any servicing fees or subservicing fees (other than retained yield, Ancillary Income and, after the occurrence of an Event of Default, the applicable Base Servicing Fee) that the Borrower
      as servicer is entitled to receive free and clear of all Ginnie Mae rights and other restrictions on transfer under applicable Ginnie Mae guidelines, pursuant to the Servicing Contracts during such Collection Period.

   

  “Commitment” shall mean the
      obligation of a Lender to fund Advances hereunder, as set forth on Exhibit E attached hereto, as increased pursuant to Section 2.21, and as amended in connection with assignments made by Lenders pursuant to Section 10.8. If,
      from time to time, any Lender other than Goldman Sachs Bank USA becomes a party to this Agreement as a Lender, then the Administrative Agent shall deliver to the Borrower an amended Exhibit E setting forth the revised Commitments of the
      Lenders.

   

  “Compliance Certificate”
      shall mean a Compliance Certificate substantially in the form of Exhibit A attached hereto, which provides detailed calculations of, among other things compliance by the Borrower and the Guarantor with the Financial Covenants.

   

  “Confidential Information” shall have the meaning set forth in Section

        10.16.

   

  “Connection Income Taxes”
      shall mean Other Connection Taxes that are imposed on or measured by net income (however denominated) or that are franchise Taxes or branch profits Taxes.

   

  
    -12- 

    
      
 

  

   

  “Control” shall mean the
      possession, directly or indirectly, of the power to direct or cause the direction of the management or policies of a Person, whether through the ability to exercise voting power, by contract or otherwise. Controlling and Controlled have meanings
      correlative thereto.

   

  “Corporate Debt” shall mean,
      as of any date of determination, the aggregate stated balance sheet amount of all Indebtedness of the Guarantor, the Borrower and its Subsidiaries (or, if higher, the par value of stated face amount of all such Indebtedness) determined on a
      consolidated basis in accordance with GAAP; provided that Indebtedness in connection with Permitted Warehouse Financings and Permitted Servicing Advance Facility Indebtedness shall not be included in “Corporate Debt”.

   

  “Corporate Debt to Tangible Net
        Worth Ratio” shall mean the ratio as of the last day of each calendar month (commencing with the first full month ending after the Closing Date) of (a) Corporate Debt as of such date to (b) Adjusted Tangible Net Worth as of such date; provided,
      however, that for purposes of this calculation the proportion of any assets constituting the asset base for any Permitted Warehouse Financings or Permitted Servicing Advance Facility Indebtedness that is not financed by the applicable lender
      under such Permitted Warehouse Financing or Permitted Servicing Advance Facility shall not be included in “Adjusted Tangible Net Worth”.

   

  “Cost of Funds” shall mean,
      with respect to any Interest Accrual Period, the amount of interest accrued with respect to the portion of the aggregate outstanding principal balance of all Advances funded by any Lender at the Cost of Funds Rate.

   

  “Cost of Funds Rate” shall
      mean the sum of (i) either the Adjusted LIBOR Rate or, if a LIBOR Unavailability Notice has been delivered and has not otherwise been rescinded in accordance with Section 2.11(f)(iii), the Alternative Rate, and (ii)(A) with respect to
      Advances in respect of Fannie Mae MSRs, the Fannie Mae Margin Rate, (B) with respect to Advances in respect of Freddie Mac MSRs, the Freddie Mac Margin Rate, and (C) with respect to Advances in respect of Ginnie Mae MSRs, the Ginnie Mae Margin Rate.

   

  “Credit Enhancement Agreement”
      shall mean, collectively, any documents, instruments, guarantees or agreements entered into by the Borrower, any of its Subsidiaries, or any Securitization Entity for the purpose of providing credit support (that is reasonably customary as determined
      by the Borrower’s senior management) with respect to any Indebtedness or Securitization.

   

  “Credit Manager” shall mean
      Weston Portfolio Group, LLC and any successor thereto in such capacity.

   

  “Credit Manager Agreement”
      shall mean the Credit Manager Agreement, dated as of the Closing Date among Credit Manager, the Borrower and Administrative Agent.

   

  “Credit Manager Fees” shall
      mean the fees due and owing to the Credit Manager as set forth in the Credit Manager Agreement or in any successor agreement thereto, which shall not in any event exceed [***] per annum.

   

  
    -13- 

    
      
 

  

   

  “Dealer” shall mean any
      mid-market dealer in hedging, swap or similar derivatives contracts identified on Schedule IV hereto, as may be amended from time to time by the Administrative Agent, the Borrower and the Majority Lenders.

   

  “Defaulting Lender” shall
      mean any Lender, as determined by the Administrative Agent, that has (a) failed to fund any portion of its Advances within three (3) Business Days of the date required to be funded by it hereunder, (b) notified the Borrower, the Administrative Agent,
      or any Lender in writing that it does not intend to comply with any of its funding obligations under this Agreement or has made a public statement to the effect that it does not intend to comply with its funding obligations under this Agreement or
      under other agreements in which it commits to extend credit, (c) failed, within three (3) Business Days after request by the Administrative Agent, to confirm that it will comply with the terms of this Agreement relating to its obligations to fund
      prospective Advances (provided that such Lender shall cease to be a Defaulting Lender pursuant to this clause (c) upon receipt of such confirmation in writing by the Administrative Agent and the Borrower), (d) otherwise failed to pay
      over to the Administrative Agent or any other Lender any other amount required to be paid by it hereunder within three (3) Business Days of the date when due, unless the subject of a good faith dispute or (e)(i) become or is insolvent or has a parent
      company that has become or is insolvent or (ii) become the subject of a bankruptcy or insolvency proceeding, or has had a receiver, conservator, trustee, administrator, custodian, assignee for the benefit of creditors or similar Person charged with
      reorganization or liquidation of its business appointed for it, or has taken any action in furtherance of, or indicating its consent to, approval of or acquiescence in any such proceeding or appointment or has a parent company that has become the
      subject of a bankruptcy or insolvency proceeding, or has had a receiver, conservator, trustee, administrator, custodian, assignee for the benefit of creditors or similar Person charged with reorganization or liquidation of its business appointed for
      it, or has taken any action in furtherance of, or indicating its consent to, approval of or acquiescence in any such proceeding or appointment; provided that a Lender shall not be a Defaulting Lender solely by virtue of any ownership
      interest, or the acquisition of any ownership interest, in such Person by a Governmental Authority of the United States of America or instrumentality thereof so long as such ownership interest does not result in or provide such Person with immunity
      from the jurisdiction of courts within the United States or from the enforcement of judgments or writs of attachment on its assets or permit such Person (or such Governmental Authority or instrumentality) to reject, repudiate, disavow or disaffirm
      any contracts or agreements made by such Person.

   

  “Derivatives Contract” shall
      mean any rate swap transaction, basis swap, credit derivative transaction, forward rate transaction, commodity swap, commodity option, futures contract, forward commodity contract, mortgage-related forward pools contracts, including derivatives or
      “TBA’s”, equity or equity index swap or option, bond or bond price or bond index swap or option or forward bond or forward bond price or forward bond index transaction, interest rate option, forward foreign exchange transaction, cap transaction,
      floor transaction, collar transaction, currency swap transaction, cross-currency rate swap transaction, currency option, spot contract, or any other similar transaction or any combination of any of the foregoing (including any options to enter into
      any of the foregoing), whether or not any such transaction is governed by or subject to any master agreement, including any obligations or liabilities thereunder. Notwithstanding anything herein to the contrary, neither Administrative Agent nor the
      Lenders

   

  
    -14- 

    
      
 

  

   

  shall have any rights in any Derivative Contract
      entered into between the Borrower and any Agency.

   

  “Disposition” and “Disposed”
      mean, with respect to any Person, any sale or other whole or partial conveyance of all or any portion of such Person’s Property, or any direct or indirect interest therein to a third party, including the granting of any purchase options, rights of
      first refusal, rights of first offer or similar rights in respect of any portion of such assets or the subjecting of any portion of such assets to restrictions on transfer.

   

  “Distributable Amounts”
      shall mean, with respect to each Monthly Payment Date, (i) all costs, expenses, reimbursements and indemnification amounts required to be paid to the Administrative Agent and the Lenders pursuant to the terms of the Transaction Documents; (ii) the
      Credit Manager Fees with respect to such Monthly Payment Date and all costs, expenses, reimbursements and indemnification amounts of the Credit Manager; (iii) the Interest Distribution Amount with respect to such Monthly Payment Date and the
      Non-Usage Fee, if any, with respect to such Monthly Payment Date; (iv) to the extent a Borrowing Base Deficiency exists as of such Monthly Payment Date, the Borrowing Base Required Payment; (v) with respect to each Monthly Payment Date occurring
      after the Availability Period End Date, any Additional Principal Amortization Amounts due and payable on such Monthly Payment Date; and (vi) all Breakage Cost and other amounts that are then due and payable pursuant to Section 2.11.

   

  “Dodd-Frank Act” shall mean the Dodd-Frank Wall
      Street Reform and Consumer Protection Act.

   

  “Dollar”, “Dollars”, “U.S. Dollars”
      and the symbol “$” shall mean the lawful currency of the United States.

   

  “Effective Advance Rate”
      shall mean, with respect to the MSRs of any Agency, the quotient of (i) the outstanding Advances with respect to the MSRs of such Agency, divided by (ii)    that portion of the Borrowing Base attributed to the value of Fannie Mae MSRs, Freddie Mac
      MSRs, or Ginnie Mae MSRs, as applicable.

   

  “Eligible Asset” shall mean any Asset that
      satisfies each of the following criteria, in each case, as of the related Borrowing Date:

   

  (a)           for which the
      Borrower is acting in the capacity of servicer under a Servicing Contract, which Servicing Contract (i) is in full force and effect, and (ii) with respect to which the Borrower is not in default in any material respect thereunder;

   

  (b)           which complies
      with all Applicable Laws in all material respects;

   

  (c)           which is genuine
      and constitutes a legal, valid, binding and irrevocable payment obligation, enforceable in accordance with the terms of the related Servicing Contract, under which it has arisen, subject to no offsets, counterclaims or defenses;

   

  (d)           which provides
      for payment in Dollars;

   

  
    -15- 

    
      
 

  

   

  (e)           which was not
      originated in or subject to the Laws of a jurisdiction whose Laws would make such Asset, the related Servicing Contract or the financing thereof contemplated hereby unlawful, invalid or unenforceable; and is not subject to any legal limitation on
      transfer;

   

  (f)            which is owned
      solely by the Borrower, subject to a Servicing Contract, and is free and clear of all Liens other than Permitted MSR Collateral Liens and has not been sold, conveyed, pledged or assigned to any other lender, purchaser or Person;

   

  (g)           which is not an
      obligation of the United States of America, any State or any agency or instrumentality or political subdivision thereof (other than an Agency);

   

  (h)           in respect of
      which the information set forth in the Schedule of Assets and the related Servicing Contract is true and correct in all material respects;

   

  (i)            in respect of
      which, each of the representations and warranties set forth on Section 4.1(aa) are true and correct in all material respects;

   

  (j)            such Asset
      constitutes a “general intangible” as defined in the UCC and is not evidenced by an “instrument” or “security” as defined in the UCC as so in effect;

   

  (k)           the Borrower has
      all required licenses and registrations necessary to own the Asset and to service the Mortgage Loan (including to collect amounts owing with respect thereto) in the jurisdiction where the Mortgaged Property is located;

   

  (l)            other than
      pursuant to this Agreement, there exist no Liens, pledges, assignments, or financings of any kind secured by the MSRs (or any portion thereof) of the applicable Agency to which the respective Asset relates; provided, however, that nothing in this
      clause (l) shall cause any MSR to cease to be an Eligible Asset solely because Advance Reimbursement Amounts related to such MSR have been pledged in connection with Permitted Servicing Advance Facility Indebtedness;

   

  (m)          with respect to
      Fannie Mae MSRs, the Fannie Mae Acknowledgment Agreement has been executed by the parties, and the pledge of such Asset is consented to thereunder;

   

  (n)           with respect to
      Freddie Mac MSRs, (i) either (x) the Initial Freddie Mac Acknowledgment Agreement has been executed by the parties and has not expired pursuant to its terms, or (y) the Freddie Mac Acknowledgment Agreement has been executed by the parties, and (ii)
      the pledge of such Asset is permitted pursuant to the terms of the Initial Freddie Mac Acknowledgment Agreement or Freddie Mac Acknowledgment Agreement (as applicable); and

   

  (o)           with respect to
      Ginnie Mae MSRs, either the Ginnie Mae Acknowledgment Agreement has been executed by the parties, or the Ginnie AA Deadline has not yet occurred.

   

  
    -16- 

    
      
 

  

   

  “Environmental Claim” shall
      mean any investigation, notice, notice of violation, claim, action, suit, proceeding, demand, abatement order or other order or directive (conditional or otherwise), by any Governmental Authority or any other Person, arising (i) pursuant to or in
      connection with any actual or alleged violation of any Environmental Law; or (ii) in connection with any actual or alleged damage, injury, threat or harm to health, safety, natural resources or the environment.

   

  “Environmental Laws” shall
      mean any and all current or future federal or state (or any subdivision of either of them), statutes, ordinances, orders, rules, regulations, judgments, Governmental Authorizations, or any other requirements of Governmental Authorities relating to
      (i) environmental matters; (ii) the generation, use, storage, transportation or disposal of Hazardous Materials; or (iii) occupational safety and health, industrial hygiene, land use or the protection of human, plant or animal health or welfare, in
      any manner applicable to the Guarantor, the Borrower or any of their Subsidiaries or any Mortgaged Property.

   

  “ERISA” shall mean the
      Employee Retirement Income Security Act of 1974, as amended from time to time, and the regulations promulgated and rulings issued thereunder. Section references to ERISA are to ERISA, as in effect at the Closing Date and any subsequent provisions of
      ERISA, amendatory thereof, supplemental thereto or substituted therefor.

   

  “ERISA Affiliate” shall mean
      each Person (as defined in Section 3(9) of ERISA), which together with the Borrower is a “single employer” within the meaning of Sections 414(b), (c), (m) or (o) of the Internal Revenue Code or Sections 4001(a)(14) or 4001(b)(1) of ERISA.

   

  “ERISA Event” shall mean (i)
      that a Reportable Event has occurred with respect to any Single-Employer Plan; (ii) the institution of any steps by the Borrower, the Guarantor, or any ERISA Affiliate, the Pension Benefit Guaranty Corporation or any other Person to terminate any
      Single -Employer Plan or the occurrence of any event or condition described in Section 4042 of ERISA that constitutes grounds for the termination of, or the appointment of a trustee to administer, a Single-Employer Plan; (iii) the institution of any
      steps by the Borrower, the Guarantor, or any ERISA Affiliate to withdraw from any Multi-Employer Plan or written notification of the Borrower or any ERISA Affiliate concerning the imposition of withdrawal liability; (iv) a non-exempt “prohibited
      transaction” within the meaning of Section 406 of ERISA or Section 4975 of the Internal Revenue Code in connection with any Single-Employer Plan or Multi-Employer Plan; (v) the cessation of operations at a facility of the Borrower or any ERISA
      Affiliate in the circumstances described in Section 4062(e) of ERISA; (vi) with respect to a Single-Employer Plan, a failure to satisfy the minimum funding standard under Section 412 of the Internal Revenue Code or Section 302 of ERISA, whether or
      not waived; (vii) the conditions for imposition of a lien under Section 303(k) of ERISA shall have been met with respect to a Single-Employer Plan; (viii) a determination that a Single-Employer Plan is or is expected to be in “at -risk” status
      (within the meaning of Section 430(i)(4) of the Internal Revenue Code or Section 303(i)(4) of ERISA); (ix) the insolvency of a Multi-Employer Plan, written notification that a Multi-Employer Plan is in “endangered” or “critical” status (within the
      meaning of Section 432 of the Internal Revenue Code or Section 305 of ERISA), or any failure by the Borrower or any ERISA Affiliate to make any required payment or contribution to a Multi-Employer Plan; or (x) the taking of any action by, or the
      threatening of the taking of any action by, the IRS, the Department of Labor or the Pension Benefit Guaranty Corporation with respect to any of the foregoing.

   

  
    -17- 

    
      
 

  

   

  “Equity Interests” shall mean
      any and all shares, interests, participations or other equivalents (however designated) of capital stock of a corporation, any and all equivalent ownership interests in a Person (other than a corporation), including partnership interests and
      membership interests, and any and all warrants, rights or options to purchase or other arrangements or rights to acquire any of the foregoing.

   

  “Escrow Account” shall mean
      any account established by the Borrower into which it deposits and retains therein all collections from mortgagors of the related mortgage loans for the payment of taxes, assessments, insurance premiums or comparable items for the account of such
      mortgagors.

   

  “Event of Default” shall mean any of the Events of Default
      described in Section 6.1.

   

  “Excluded Accounts” shall
      mean (i) all Related Principal and Interest Custodial Accounts (ii) Escrow Accounts and (iii) any segregated deposit accounts or securities account containing solely deposits that constitute pledges or deposits in connection with workers’
      compensation, unemployment insurance and other social security legislation, in each case, to the extent and for so long as the contract or other agreement in which such Lien is granted validly prohibits the creation of any other Lien on such
      property.

   

  “Excluded Collateral” shall
      mean (i) all Warehoused Mortgage Loans, all ancillary rights, including Agency Servicing Rights relating to such Warehoused Mortgage Loans, all collection accounts and rights to proceeds relating to such Warehoused Mortgage Loans, all hedge
      agreements relating to such Warehoused Mortgage Loans, and all purchase agreements relating to such Warehoused Mortgage Loans, in each case, that are subject to such Warehousing Facility with a warehousing party, during such time, but only for such
      time, as such Warehoused Mortgage Loans are subject to the Warehousing Facility; (ii) all Advance Reimbursement Amounts, servicer advance receivables securing or backing Permitted Servicing Advance Facility Indebtedness, all collection accounts and
      rights to proceeds relating solely to the securing or backing of Permitted Servicing Advance Facility Indebtedness, and all hedge agreements relating to Permitted Servicing Advance Facility Indebtedness entered into in the ordinary course of
      business; (iii) any of the Borrower’s or such Subsidiary’s right, title or interest in any lease, permit, license, license agreement, contract or agreement to which the Borrower or such Subsidiary is a party as of the Closing Date or any of its
      right, title or interest thereunder to the extent, but only to the extent, that such a grant would, under the express terms of such lease, permit, license, license agreement, contract or agreement on the Closing Date result in a breach of the terms
      of, or constitute a default under, such lease, permit, license, license agreement, contract or agreement (other than to the extent that (A) any such term has been waived, (B) the consent of the other party to such lease, permit, license, license
      agreement, contract or agreement has been obtained, or (C) any such term would be rendered ineffective pursuant to Sections 9-406, 9-408, 9-409 of the UCC or other applicable provisions of the UCC of any relevant jurisdiction or any other Applicable
      Law (including the Bankruptcy Code) or principles of equity); provided, that (x) immediately upon the ineffectiveness, lapse, termination or waiver of any such provision, the Collateral shall include, and the Borrower or the Guarantor shall
      be deemed to have granted a security interest in, all such right, title and interest as if such provision had never been in effect and (y) the foregoing exclusion shall in no way be construed so as to limit, impair or otherwise affect the
      Administrative Agent’s

   

  
    -18- 

    
      
 

  

   

  unconditional continuing security interest in and
      liens upon any rights or interests of the Borrower or the Guarantor in or to (1) the proceeds of, or any monies due or to become due under, any such lease, permit, license, license agreement, contract or agreement (including any Accounts, proceeds of
      Inventory or Equity Interests), and (2) the proceeds from the sale, license, lease, or other dispositions of any such lease, permit, license, license agreement, contract or agreement; (iv) any intent-to-use United States trademark applications for
      which an amendment to allege use or statement of use has not been filed under 15 U.S.C. § 1051(c) or 15 U.S.C. § 1051(d), respectively, or if filed, has not been deemed in conformance with 15 U.S.C. § 1051(a) or examined and accepted, respectively,
      by the United States Patent and Trademark Office, provided, that, upon such filing and acceptance, such intent- to-use applications shall be included in the definition of Collateral; (v) any Excluded Accounts; and (vi) any fee owned real
      property and all leasehold property interests (including REO Assets).

   

  “Excluded Taxes” shall mean
      any of the following Taxes imposed on or with respect to a Recipient or required to be withheld or deducted from a payment to a Recipient, (i)   Taxes imposed on or measured by net income (however denominated), franchise Taxes, and branch profits
      Taxes, in each case, (a) imposed as a result of such Recipient being organized under the Laws of, or having its principal office or, in the case of any Lender, its applicable lending office located in, the jurisdiction imposing such Tax (or any
      political subdivision thereof) or (b)   that are Other Connection Taxes, (ii) in the case of a Lender, U.S. federal withholding Taxes imposed on amounts payable to or for the account of such Lender with respect to an applicable interest in an Advance
      or Commitment pursuant to a Law in effect on the date on which (a) such Lender acquires such interest in the Advance or Commitment or (b) such Lender changes its lending office, except in each case to the extent that, pursuant to Section 2.15,
      amounts with respect to such Taxes were payable either to such Lender’s assignor immediately before such Lender became a party hereto or to such Lender immediately before it changed its lending office, (iii)     Taxes attributable to such Recipient’s
      failure to comply with Section 2.15(g) and (iv) any withholding Taxes imposed under FATCA.

   

  “Exit Fee” shall have the meaning set forth in the Administrative
      Agent Fee Letter.

   

  “Fannie Mae” shall mean the
      Federal National Mortgage Association, its successors and permitted assigns.

   

  “Fannie Mae Acknowledgment
        Agreement” shall mean the Acknowledgment Agreement to be entered into by and among Fannie Mae, the Borrower and the Administrative Agent on or about the Closing Date, pursuant to which Fannie Mae acknowledges the pledge of the Fannie MSRs under
      this Agreement.

   

  “Fannie Mae Advance Rate” shall have the meaning set forth in the
      Agency Fee Letter.

   

  “Fannie Mae Advance Rate Cap” shall have the meaning set forth in
      the Agency Fee Letter.

   

  “Fannie Mae Agency Guide”
      shall mean with respect to any Fannie Mae Mortgage Loan, the Fannie Mae Selling Guide and the Fannie Mae Servicing Guide, as amended

   

  
    -19- 

    
      
 

  

   

  from time to time, and any related announcements,
      directives and correspondence issued by Fannie Mae.

   

  “Fannie Mae Contract” shall have the meaning set forth in Section

        2.18.

   

  “Fannie Mae Lender Contract”
      shall mean the Mortgage Selling and Servicing Contract (as mentioned in the Fannie Mae Acknowledgment Agreement), the Fannie Mae Selling Guide (as defined as Selling Guide in the Fannie Mae Acknowledgment Agreement), the Fannie Mae Servicing Guide
      and all supplemental servicing instructions or directives provided by Fannie Mae, all applicable master agreements, recourse agreements, repurchase agreements, indemnification agreements, loss-sharing agreements, and any other agreements between
      Fannie Mae and the Borrower, and all as amended, restated or supplemented from time to time (collectively, the “Fannie Mae Lender Contract”), which rights include the right of Fannie Mae to terminate the Fannie Mae Lender Contract with or without
      cause and the right to sell, or have transferred, the Servicing Rights (as defined in the Fannie Mae Acknowledgment Agreement).

   

  “Fannie Mae Margin Rate” shall have the meaning set forth in the
      Agency Fee Letter.

   

  “Fannie Mae Mortgage Loan”
      shall mean the mortgage loans underlying Fannie Mae MSRs, which shall be identified as “Fannie Mae Mortgage Loans” on the Schedule of Assets.

   

  “Fannie Mae MSRs” shall mean
      MSRs held by the Borrower with respect to Mortgage Loans owned, or that have been securitized in mortgage-backed Securitization transactions guaranteed by, Fannie Mae and pledged to the Administrative Agent, for the benefit of the Lenders, pursuant
      to this Agreement.

   

  “Fannie Mae Requirements”
      shall mean the rights and interests of Fannie Mae in and to the Assets arising under the Servicing Contract, Fannie Mae Acknowledgment Agreement, the Fannie Mae Agency Guide, or any other agreement between the Borrower and Fannie Mae.

   

  “Fannie Mae Servicing Guide”
      shall have the meaning of Servicing Guide as set forth in the Fannie Mae Acknowledgment Agreement.

   

  “FATCA” shall mean Sections
      1471 through 1474 of the Internal Revenue Code, as of the date of this Agreement (or any amended or successor version that is substantively comparable and not materially more onerous to comply with), any current or future regulations or official
      interpretations thereof, any agreements entered into pursuant to Section 1471(b)(1) of the Internal Revenue Code, and any intergovernmental agreements entered into in connection with the implementation of such sections of the Internal Revenue Code,
      and any fiscal or regulatory legislation, rules or practices adopted pursuant to such intergovernmental agreements, treaty or convention among Governmental Authorities and implementing such sections of the Internal Revenue Code.

   

  “Fee Letter” shall mean the Agency Fee Letter and the
      Administrative Agent Fee Letter.

   

  
    -20- 

    
      
 

  

   

  “FHA” shall mean The Federal Housing Administration.

   

  “Financial Covenants” shall mean those financial covenants set
      forth in Section 5.1(a).

   

  “Freddie AA Trigger Date” shall mean April 30, 2019.

   

  “Freddie AA Trigger Event”
      shall mean the failure of the parties to execute the Freddie Mac Acknowledgment Agreement by the Freddie AA Trigger Date.

   

  “Freddie AA Trigger Period”
      shall mean, in the event that a Freddie AA Trigger Event has occurred, the period of time beginning on the Freddie AA Trigger Date and ending on such date that the Freddie Mac Acknowledgment Agreement has been executed by the parties.

   

  “Freddie Mac” shall mean the
      Federal Home Loan Mortgage Corporation, its successors and permitted assigns.

   

  “Freddie Mac Acknowledgment
        Agreement” shall mean the Amended and Restated Acknowledgment Agreement to be entered into by and among Freddie Mac, the Borrower and the Administrative Agent, which amends and restates the Initial Freddie Mac Acknowledgment Agreement in its
      entirety.

   

  “Freddie Mac Advance Rate” shall have the meaning set forth in the
      Agency Fee Letter.

   

  “Freddie Mac Advance Rate Cap” shall have the meaning set forth in
      the Agency Fee Letter.

   

  “Freddie Mac Agency Guide”
      shall mean with respect to any Freddie Mac Mortgage Loan, the Freddie Mac Single-Family Seller/Servicer Guide, as it may be amended from time to time.

   

  “Freddie Mac MSRs” shall mean
      MSRs held by the Borrower with respect to Mortgage Loans owned, or that have been securitized in mortgage-backed Securitization transactions guaranteed by, Freddie Mac and pledged to the Administrative Agent, for the benefit of the Lenders, pursuant
      to this Agreement and the Initial Freddie Mac Acknowledgment Agreement or Freddie Mac Acknowledgment Agreement (as applicable).

   

  “Freddie Mac Margin Rate” shall have the meaning set forth in the
      Agency Fee Letter.

   

  “Freddie Mac Mortgage Loan”
      shall mean the mortgage loans underlying Freddie Mac MSRs, which shall be identified as “Freddie Mac Mortgage Loans” on the Schedule of Assets.

   

  “Freddie Mac Purchase Documents”
      has the meaning given to the term “Purchase Documents” in the Freddie Mac Agency Guide.

   

  
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  “Freddie Mac Requirements”
      shall mean the rights and interests of Freddie Mac in and to the Assets arising under the Servicing Contract, the Initial Freddie Mac Acknowledgment Agreement or Freddie Mac Acknowledgment Agreement (as applicable), the Freddie Mac Agency Guide, or
      any other agreement between the Borrower and Freddie Mac.

   

  “Freddie Mac Servicing Contract”
      shall mean collectively, with respect to each Freddie Mac Mortgage Loan, the servicing agreement, the Freddie Mac Agency Guide and the Freddie Mac Purchase Documents.

   

  “Funding Base Deficiency”
      shall exist with respect to the Borrowing Base on any date on which the aggregate amount of Advances outstanding exceeds the lesser of the Aggregate Commitment and the Borrowing Base.

   

  “Futures Account” shall mean
      an account, if any, opened in the name of Borrower under an agreement governing futures and options on futures transactions between Borrower and a financial institution to be determined by the Borrower and for which an account control agreement shall
      be entered into by and among the Borrower, such financial institution and the Administrative Agent, pursuant to which the Administrative Agent shall be granted control (as defined in Section 9- 106(b) of the UCC) and the ability to direct such
      financial institution with respect to permitted withdrawals from the Futures Account following an Event of Default hereunder.

   

  “GAAP” shall mean generally
      accepted accounting principles as are in effect from time to time and applied on a consistent basis (except for changes in application in which the Borrower’s or Guarantor’s, as applicable, independent certified public accountants and the
      Administrative Agent reasonably agree) both as to classification of items and amounts.

   

  “Ginnie AA Deadline” shall mean September 30, 2019.

   

  “Ginnie AA Trigger Date” shall mean July 30, 2019.

   

  “Ginnie AA Trigger Event”
      shall mean the failure of the parties to execute the Ginnie Mae Acknowledgment Agreement by the Ginnie AA Trigger Date.

   

  “Ginnie AA Trigger Period”
      shall mean, in the event that a Ginnie AA Trigger Event has occurred, the period of time beginning on the Ginnie AA Trigger Date and ending on the earlier of (i) such date that the Ginnie Mae Acknowledgment Agreement has been executed by the parties,
      and (ii) the Ginnie AA Deadline.

   

  “Ginnie Mae” shall mean the
      Government National Mortgage Association, its successors and permitted assigns.

   

  “Ginnie Mae Agency Guide”
      shall mean the Ginnie Mae Mortgage-Backed Securities Guide, Handbook 5500.3, Rev. 1, as amended from time to time, and any related announcements, directives and correspondence issued by Ginnie Mae.

   

  “Ginnie Mae Acknowledgment
        Agreement” shall mean the Acknowledgment Agreement to be entered into by and among Ginnie Mae, the Borrower and the Administrative

   

  
    -22- 

    
      
 

  

   

  Agent, pursuant to which Ginnie Mae acknowledges the
      terms of this Agreement, and the security interest in Ginnie Mae MSRs being pledged hereunder.

   

  “Ginnie Mae Advance Rate” shall have the meaning set forth in the
      Agency Fee Letter.

   

  “Ginnie Mae Advance Rate Cap” shall have the meaning set forth in
      the Agency Fee Letter.

   

  “Ginnie Mae Borrowing Base” shall have the meaning set forth in
      the Agency Fee Letter.

   

  “Ginnie Mae Concentration Limit”
      shall have the meaning set forth in the Agency Fee Letter.

   

  “Ginnie Mae Contract” shall have the meaning set forth in Section
      2.20.

   

  “Ginnie Mae Margin Rate” shall have the meaning set forth in the
      Agency Fee Letter.

   

  “Ginnie Mae Mortgage Loans”
      shall mean the mortgage loans underlying Ginnie Mae MSRs, which shall be identified as “Ginnie Mae Mortgage Loans” on the Schedule of Assets.

   

  “Ginnie Mae MSRs” shall mean
      MSRs held by the Borrower with respect to Mortgage Loans that have been securitized in mortgage-backed Securitization transactions guaranteed by Ginnie Mae and pledged to the Administrative Agent, for the benefit of the Lenders, pursuant to this
      Agreement and the Ginnie Mae Acknowledgment Agreement.

   

  “Ginnie Mae Requirements”
      shall mean the rights and interests of Ginnie Mae under the Ginnie Mae Servicing Contract, the Acknowledgment Agreement, or any other agreement between the Borrower and Ginnie Mae.

   

  “Ginnie Mae Servicing Contract”
      shall mean the Ginnie Mae Contract as defined in the Ginnie Mae Acknowledgment Agreement.

   

  “GLB Act” has the meaning set forth in Section 10.16(b).

   

  “Governmental Authority”
      shall mean any national, federal, state, local or other government or political subdivision or any agency, authority, bureau, central bank, commission, department or instrumentality of either, or any court, tribunal, grand jury or arbitrator, in each
      case whether foreign or domestic.

   

  “Governmental Authorization”
      shall mean any permit, license, authorization, plan, directive, consent order or consent decree of or from any Governmental Authority.

   

  “GS Bank” shall have the meaning set forth in the introductory
      paragraph hereof.

   

  
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  “Guarantee” shall mean, as to
      any Person, any obligation of such Person directly or indirectly guaranteeing any Indebtedness of any other Person or in any manner providing for the payment of any Indebtedness of any other Person or otherwise protecting the holder of such
      Indebtedness against loss (whether by virtue of partnership arrangements, by agreement to keep well, to purchase assets, goods, securities or services, or to take-or-pay or otherwise); provided that the term “Guarantee” shall not
      include (i) endorsements for collection or deposit in the ordinary course of business, or (ii) obligations to make servicing advances for delinquent taxes and insurance or other obligations in respect of a mortgaged property. The amount of any
      Guarantee of a Person shall be deemed to be an amount equal to the stated or determinable amount of the primary obligation in respect of which such Guarantee is made or, if not stated or determinable, the maximum reasonably anticipated liability in
      respect thereof as determined by such Person in good faith. The terms “Guarantee” and “Guaranteed” used as verbs shall have correlative meanings.

   

  “Guaranteed Obligations”
      shall mean, (i) the Borrower’s obligation to repay the Advances, all accrued interest thereon, all required principal payments, and all other amounts payable by the Borrower to the Lenders pursuant to this Agreement, the Loan Note or any other
      Transaction Document; (ii) in the event of any proceeding for the collection or enforcement of the Borrower’s indebtedness, obligations or liabilities referred to in clause (i), the expenses of retaking, holding, collecting, preparing for sale,
      selling or otherwise disposing of or realizing on the Collateral, or of any exercise by the Administrative Agent of its rights under the Transaction Documents, including without limitation, attorneys’ fees and disbursements and court costs; (iii) all
      of the Borrower’s indemnity obligations to the Indemnitees pursuant to the Transaction Documents; and (iv) to the extent not otherwise included in (i)-(iii) above, any other Obligations under the Transaction Documents.

   

  “Guarantor” shall have the meaning set forth in the introductory
      paragraph hereof.

   

  “Guaranty” shall mean the
      Guarantee of the Guaranteed Obligations pursuant to the terms set forth in Article IX hereof.

   

  “Hazardous Materials” shall
      mean any substances or materials (a) which are or become defined as hazardous wastes, hazardous substances, pollutants, contaminants, chemical substances or mixtures or toxic substances under any Environmental Law, (b) which are toxic, explosive,
      corrosive, flammable, infectious, radioactive, carcinogenic, mutagenic or otherwise harmful to human health or the environment and are or become regulated by any Governmental Authority, (c) the presence of which require investigation or remediation
      under any Environmental Law or common law, (d) the discharge or emission or release of which requires a permit or license under any Environmental Law or other Governmental Authorization, (e) which are deemed to constitute a nuisance or a trespass
      which pose a health or safety hazard to Persons or neighboring properties, (f) which consist of underground or aboveground storage tanks, whether empty, filled or partially filled with any substance or (g) which contain, without limitation, asbestos,
      polychlorinated biphenyls, urea formaldehyde foam insulation, petroleum hydrocarbons, petroleum derived substances or waste, crude oil, nuclear fuel, natural gas or synthetic gas.

   

  “Hedge Agreement” shall mean
      any and all master securities forward transaction agreement(s) between Borrower and a financial institution to be determined by the Borrower, as

   

  
    -24- 

    
      
 

  

   

  such agreement(s) may be amended, restated or
      otherwise modified from time to time, or any ISDA agreement entered into by the Borrower and any other financial institution on or after the date of this Agreement that the Borrower and the Administrative Agent agree in writing constitutes a
      replacement thereto.

   

  “HUD” shall mean the United
      States Department of Housing and Urban Development or any successor thereto.

   

  “Indebtedness” shall mean, as
      to any Person at any time, as to any Person, (i) obligations created, issued or incurred by such Person for borrowed money (whether by loan, the issuance and sale of debt securities or the sale of property to another Person subject to an
      understanding or agreement, contingent or otherwise, to repurchase such property from such Person); (ii) obligations of such Person to pay the deferred purchase or acquisition price of property or services, other than trade accounts payable (other
      than for borrowed money) arising, and accrued expenses incurred, in the ordinary course of business; (iii) indebtedness of others secured by a Lien on the property of such Person, whether or not the respective indebtedness so secured has been assumed
      by such Person; (iv) obligations (contingent or otherwise) of such Person in respect of letters of credit or similar instruments issued or accepted by banks and other financial institutions for account of such Person; (v) Capitalized Lease
      Obligations of such Person; (vi) obligations of such Person under repurchase agreements or like arrangements; (vii) indebtedness of others guaranteed by such Person; (viii) all obligations of such Person incurred in connection with the acquisition or
      carrying of fixed assets by such Person; (ix) indebtedness of general partnerships of which such Person is a general partner; and (x) any other indebtedness of such Person by a note, bond, debenture or similar instrument.

   

  “Indemnified Taxes” shall
      mean (i) Taxes, other than Excluded Taxes, imposed on or with respect to any payment made by or on account of any obligation of the Borrower under any Transaction Document and (ii) to the extent not otherwise described in clause (i), Other
      Taxes.

   

  “Indemnitees” shall have the meaning set forth in Section 10.5.

   

  “Initial Acknowledgment Agreement”
      shall mean the Initial Freddie Mac Acknowledgment Agreement.

   

  “Initial Freddie Mac
        Acknowledgment Agreement” shall mean that certain Acknowledgment Agreement entered into by and among Freddie Mac, the Borrower and the Administrative Agent, on or about the Closing Date, pursuant to which Freddie Mac acknowledges the terms of
      this Agreement, and the Freddie Mac MSRs being pledged hereunder.

   

  “Insolvency Event” shall mean, with respect to any Person:

   

  (i)             the commencement
      of: (a) a voluntary case by such Person under the Bankruptcy Code or (b) the seeking of relief by such Person under other debtor relief Laws in any jurisdiction outside of the United States;

   

  
    -25- 

    
      
 

  

   

  (ii)           the commencement
      of an involuntary case against such Person under the Bankruptcy Code (or other debtor relief Laws) and the petition is not controverted or dismissed within [***] after commencement of the case;

   

  (iii)          a custodian (as
      defined in the Bankruptcy Code) (or equal term under any other debtor relief Law) is appointed for, or takes charge of, all or substantially all of the property of such Person;

   

  (iv)          such Person
      commences (including by way of applying for or consenting to the appointment of, or the taking of possession by, a rehabilitator, receiver, custodian, trustee, conservator or liquidator (or any equal term under any other debtor relief Laws)
      (collectively, a “conservator”) of such Person or all or any substantial portion of its property) any other proceeding under any reorganization, arrangement, adjustment of debt, relief of debtors, dissolution, insolvency, liquidation,
      rehabilitation, conservatorship or similar law of any jurisdiction whether now or hereafter in effect relating to such Person;

   

  (v)           such Person is adjudicated by a court of
      competent jurisdiction to be insolvent or bankrupt;

   

  (vi)          any order of relief or other order
      approving any such case or proceeding referred to in clauses (i) or (ii) above is entered;

   

  (vii)         such Person
      suffers any appointment of any conservator or the like for it or any substantial part of its property that continues undischarged or unstayed for a period of [***]; or

   

  (viii)        such Person makes
      a compromise, arrangement or assignment for the benefit of creditors or generally does not pay its debts as such debts become due.

   

  “Interest Accrual Period”
      shall mean for each Monthly Payment Date, the calendar month preceding the month in which such Monthly Payment Date occurs; provided, however, that with respect to the first Monthly Payment Date, the Interest Accrual Period shall be
      the period from and including the Closing Date to the end of the calendar month preceding such Monthly Payment Date.

   

  “Interest Distribution Amount”
      shall mean for each Loan Note on any Monthly Payment Date, an amount equal to (A) the Cost of Funds for the related Interest Accrual Period with respect to each Lender, as such amount is reported to the Borrower by the Administrative Agent, and (B)
      any unpaid Interest Distribution Amounts from prior Monthly Payment Dates plus, to the extent permitted by law, interest thereon at the Cost of Funds Rate for the related Interest Accrual Period.

   

  “Internal Revenue Code” shall
      mean the Internal Revenue Code of 1986, as the same may be amended or supplemented from time to time, or any successor statute, and the rules and regulations thereunder, as the same are from time to time in effect.

   

  
    -26- 

    
      
 

  

   

  “Investment” shall mean (i)
      any direct or indirect purchase or other acquisition by the Borrower, the Guarantor, or any of their Subsidiaries of, or of a beneficial interest in, any of the Securities of any other Person (other than the Borrower or any Subsidiary); (ii) any
      direct or indirect loan, advance (other than mortgage loans in the ordinary course of business, warehouse loans secured by mortgage loans and related assets, advances to employees for moving, entertainment and travel expenses, drawing accounts and
      similar expenditures in the ordinary course of business) or capital contributions by the Borrower, the Guarantor, or any of their Subsidiaries to any other Person (other than the Borrower or any Subsidiary), including all indebtedness and accounts
      receivable from that other Person that are not current assets or did not arise from sales to that other Person in the ordinary course of business, (iii) all investments consisting of any exchange traded or over the counter derivative transaction,
      including any Derivatives Contract, whether entered into for hedging or speculative purposes, and (iv) the purchase or other acquisition (in one transaction or a series of transactions) of all or substantially all of the property and assets or
      business of another Person or assets constituting a business unit, line of business or division of any Person. The amount of any Investment of the type described in clauses (i), (ii) and (iv) shall be the original cost of such
      Investment plus the cost of all additions thereto, without any adjustments for increases or decreases in value, or write-ups, write-downs or write-offs with respect to such Investment.

   

  “IRS” shall mean the Internal Revenue Service of the United States
      of America.

   

  “Law” shall mean any law
      (including common law), constitution, statute, treaty, regulation, rule, ordinance, order, guideline, judgment, injunction, writ, decree or award of any Governmental Authority.

   

  “Lenders” shall have the meaning set forth in the introductory
      paragraph hereof.

   

  “LIBOR” shall mean, for any
      Interest Accrual Period, an interest rate per annum equal to the rate appearing on the applicable Bloomberg screen page (the “Service”) (or on any successor or substitute page of the Service providing rate quotations comparable to
      those currently provided on such page of the Service, as reasonably determined by the Administrative Agent from time to time for purposes of providing quotations of interest rates applicable to U.S. Dollar deposits in the London interbank market) at
      approximately 11:00 A.M., London time, on the date two (2) Business Days preceding the commencement of such Interest Accrual Period, as the rate for U.S. Dollar deposits with a maturity of three (3) months; provided that LIBOR for the initial
      Monthly Payment Date shall be two (2) Business Days prior to the Closing Date; provided, further, that if at any time LIBOR shall be less than [***], then LIBOR shall be deemed to be [***] at such time.

   

  “LIBOR Unavailability Notice”
      shall have the meaning set forth in Section 2.11(f)(i).

   

  “Lien” shall mean any
      mortgage, deed of trust, pledge, lien, security interest, charge or other encumbrance or security arrangement of any nature whatsoever, whether voluntarily or involuntarily given, including any conditional sale or title retention arrangement, and any
      assignment, deposit arrangement or lease intended as, or having the effect of, security and

   

  
    -27- 

    
      
 

  

   

  any filed financing statement or other notice of any
      of the foregoing (whether or not a lien or other encumbrance is created or exists at the time of the filing).

   

  “Loan Note” shall mean each
      Loan Note of the Borrower in the form of Exhibit C attached hereto, payable to the order of a Lender, in the aggregate face amount of up to such Lender’s Commitment.

   

  “Majority Lenders” shall
      mean, as of any date of determination, the Lenders (other than Defaulting Lenders) that have made Advances with an outstanding principal balance in excess of fifty percent (50%) of the aggregate principal balance of all the Advances outstanding
      hereunder.

   

  “Margin Rate” shall mean the
      Fannie Mae Margin Rate, the Freddie Mac Margin Rate, or the Ginnie Mae Margin Rate, as applicable.

   

  “Margin Stock” shall have the meaning set forth in Regulation U.

   

  “Material Adverse Change”
      shall mean the occurrence of an event or a change in circumstances that had or is reasonably likely to have a Material Adverse Effect.

   

  “Material Adverse Effect”
      shall mean, any event or circumstance having a material adverse effect on any of the following: (i) the business, property, assets, operations or financial condition of the Borrower or the Guarantor, taken as a whole, (ii) the ability of the Borrower
      or the Guarantor to perform its respective obligations under the Transaction Documents, (iii)     the validity or enforceability of this Agreement or any other Transaction Document to which the Borrower or the Guarantor is a party, or (iv) the
      existence, perfection, priority or enforceability of the Administrative Agent’s security interest in a material portion of the Collateral.

   

  “Material Debt Facility” shall have the meaning set forth in Section

        6.1(j).

   

  “Maturity Date” shall mean
      the Monthly Payment Date that occurs on the twelfth (12th) month following the Availability Period End Date.

   

  “Maximum Fannie/Freddie DQ Rate” shall mean [***].

   

  “Maximum Ginnie DQ Rate” shall mean [***].

   

  “Minimum Haircut Trigger Event”
      shall exist at any time that (i) the sum of (1) the product of the most recently determined Administrative Agent Fannie Mae Market Value Percentage and the aggregate unpaid principal balance of the Mortgage Loans related to the Fannie Mae MSRs, (2)
      the product of the most recently determined Administrative Agent Freddie Mac Market Value Percentage and the aggregate unpaid principal balance of the Mortgage Loans related to the Freddie Mac MSRs, and (3) the product of the most recently determined
      Administrative Agent Ginnie Mae Market Value Percentage and the aggregate unpaid principal balance of the Mortgage Loans related to the Ginnie Mae MSRs; less (ii) the outstanding Advances hereunder, does not exceed (iii) [***] of the
      aggregate unpaid principal balance of the Mortgage Loans related to the Fannie Mae MSRs, Freddie Mac MSRs, and Ginnie Mae MSRs (as reflected in the most recently delivered Monthly Report), calculated as set forth on Schedule V hereto.

   

  
    -28- 

    
      
 

  

   

  “Minimum Liquidity Amount”
      shall have the meaning set forth in Section 5.1(a)(i).

   

  “Monthly Payment Date” shall
      mean the 20th day of each calendar month or, if such 20th day is not a Business Day, the next succeeding Business Day, commencing March 20, 2019.

   

  “Monthly Report” shall have the meaning set forth in Section
        5.1(bb).

   

  [***]

   

  “Mortgage Loan” shall mean
      the mortgage loans underlying each Asset, which shall be listed on the Schedule of Assets.

   

  “Mortgaged Property” shall
      mean the real property (including all improvements, buildings, fixtures and building equipment thereon and all additions, alterations and replacements made at any time with respect to the foregoing) and all other collateral securing repayment of the
      related Mortgage Loan.

   

  “MSR Collateral” shall have the meaning set forth in Section
        2.17.

   

  “MSRs” shall mean mortgage
      servicing rights, excluding any rights to Advance Reimbursement Amounts, of the Borrower with respect to Mortgage Loans owned, or that have been securitized in mortgage-backed Securitization transactions guaranteed by, any Agency, provided that with
      respect to Freddie Mac MSRs, “MSRs” means the indivisible, conditional, non-delegable right and obligation of Servicer to service the Mortgage Loans for and on behalf of Freddie Mac.

   

  “Multi-Employer Plan” shall
      mean a “multiemployer plan” as defined in Section 4001(a)(3) of ERISA to which the Borrower or any of its ERISA Affiliates has contributed, or has been obligated to contribute.

   

  “Nationally Recognized Accounting
        Firm” shall mean (A) any of PricewaterhouseCoopers LLP, Ernst & Young LLP, KPMG LLC, Deloitte LLP, BDO USA LLC and any successors to any such firm and (B) any other public accounting firm designated by the Borrower and approved by the
      Administrative Agent, such approval not to be unreasonably withheld or delayed.

   

  “NHA” shall mean the National Housing Act.

   

  “Non-Usage Fee” shall have the meaning set forth in Section
        2.5(a).

   

  “Non-Usage Fee Percentage” shall have the meaning set forth in the
      Agency Fee Letter.

   

  “Notice of Borrowing” shall have the meaning set forth in Section

        2.4(a).

   

  
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  “Obligations” shall mean and
      include, with respect to the Borrower, all loans, advances, debts, liabilities, obligations, covenants and duties owing to the Administrative Agent, any Lender or any other Person by the Borrower of any kind or nature, present or future, arising
      under this Agreement, the Loan Notes or any of the other Transaction Documents, whether direct or indirect (including those acquired by assignment), absolute or contingent, due or to become due, now existing or hereafter arising. The term includes
      the principal amount of all Advances, together with interest, charges, expenses, fees and expenses chargeable to the Borrower pursuant to this Agreement or any other Transaction Document.

   

  “OFAC” shall have the meaning set forth in Section 4.1(w).

   

  “Optional Prepayment” shall have the meaning set forth in Section

        2.10.

   

  “Optional Prepayment Amount” shall have the meaning set forth in Section

        2.10.

   

  “Original Credit Agreement” shall have the meaning set forth in
      the Recitals.

   

  “Original Lenders” shall have the meaning set forth in the
      Recitals.

   

  “Other Connection Taxes”
      shall mean, with respect to any Recipient, Taxes imposed as a result of a present or former connection between such Recipient and the jurisdiction imposing such Tax (other than connections arising from such Recipient having executed, delivered,
      become a party to, performed its obligations under, received payments under, received or perfected a security interest under, engaged in any other transaction pursuant to or enforced any Transaction Document, or sold or assigned an interest in any
      Asset or Transaction Document).

   

  “Other Taxes” shall mean all
      present or future stamp, court or documentary, intangible, recording, filing or similar Taxes that arise from any payment made under, from the execution, delivery, performance, enforcement or registration of, from the receipt or perfection of a
      security interest under, or otherwise with respect to, any Transaction Document, except any such Taxes that are Other Connection Taxes imposed with respect to an assignment.

   

  “Participant” shall have the meaning set forth in Section 10.8.

   

  “Participant Register” shall have the meaning set forth in Section

        10.8.

   

  “Patriot Act” shall have the meaning set forth in Section
        10.19.

   

  “Permitted Collateral Liens”
      shall mean: (i) the security interest granted hereunder in favor of the Administrative Agent; (ii) interests of any Agency in the Collateral which are pursuant and/or subject to the Agency Guides, Servicing Contracts and/or the Initial Acknowledgment
      Agreement or Acknowledgment Agreements (as applicable); (iii) banker’s Liens in the nature of rights of setoff arising in the ordinary course of business of the Borrower or the Guarantor, as applicable; (iv) Liens for Taxes (x) not yet due and
      payable or (y) that are being contested in good faith by appropriate actions diligently conducted and for which adequate reserves have been provided in accordance with GAAP; (v) Liens securing judgments not constituting an Event of Default under Section

        6.1(f); (vi) Liens on Excluded Collateral of the type described in clause (i) of such definition securing any Permitted Warehouse Financing; (vii) Liens

   

  
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  on Excluded Collateral of the type described in clause
      (ii) of such definition relating to any Permitted Servicing Advance Facility Indebtedness; (viii) Liens described on Schedule 5.2(a); provided that any such Liens shall only secure the Indebtedness that it secured on the Closing Date
      and an permitted refinancing thereof; (ix) purchase money Liens on equipment acquired or held by the Borrower or a Subsidiary in the ordinary course of its business to secure Permitted Purchase Money Indebtedness so long as such Lien only (a)
      attaches to such property and (b) secures the Indebtedness that was incurred to acquire such property or any permitted refinancing in respect thereof; (x) deposits and pledges of cash securing (a) obligations incurred in respect of workers’
      compensation, unemployment insurance or other forms of governmental insurance or benefits, (b)   the performance of bids, tenders, leases, contracts (other than for the payment of money) and statutory obligations or (c) obligations on surety or
      appeal bonds, but only to the extent such deposits or pledges are made or otherwise arise in the ordinary course of business and secure obligations not past due; (xi) Liens of landlords and mortgagees of landlords (a) arising by statute or under any
      lease or related contractual obligation entered into in the ordinary course of business, (b)  on fixtures and movable tangible property located on the real property leased or subleased from such landlord, (c) for amounts not yet due or that are being
      contested in good faith by appropriate proceedings diligently conducted and (d) for which adequate reserves or other appropriate provisions are maintained on the books of such Person in accordance with GAAP; (xii) the title and interest of a lessor
      or sublessor in and to property leased or subleased (other than through a Capitalized Lease Obligation in the ordinary course of business), in each case extending only to such property; (xiii) Liens that are customary contractual rights of setoff
      relating to pooled deposit or sweep accounts of any of the Borrower, the Guarantor, or any of their respective Subsidiaries to permit satisfaction of overdraft or similar obligations incurred in the ordinary course of business; (xiv) following
      execution of Acknowledgment Agreements with all Agencies, other Liens securing Indebtedness or other obligations in an aggregate principal amount not to exceed [***], which (a) are not on assets included in the Borrowing Base, and (b) are
      subordinated to the Liens securing the Obligations created pursuant to the terms of this Agreement on terms reasonably acceptable to the Administrative Agent; (xv) easements, rights-of-way, restrictions (including zoning restrictions), encroachments,
      protrusions, matters which would be disclosed by an accurate survey or inspection of any real property and other, similar encumbrances and minor title defects affecting real property that do not in the aggregate materially interfere with the ordinary
      conduct of the business of the Borrower, the Guarantor, or any of their respective Subsidiaries; (xvi) statutory or common law Liens of warehousemen, mechanics, materialmen, repairmen, construction contractors or other like Liens arising in the
      ordinary course of business securing obligations that are not overdue by more than 90 days or that are being contested in good faith by appropriate proceedings, and in respect of which, if applicable, the Borrower, the Guarantor, or any of their
      respective Subsidiaries shall have set aside on its books reserves in accordance with GAAP; and (xvii) leases, licenses, subleases or sublicenses granted to others in the ordinary course of business in an aggregate amount at any time not to exceed [***];
      provided that any such leases, licenses, subleases or sublicenses do not (x) interfere in any material respect with the business of the Borrower, the Guarantor, or any of their respective Subsidiaries or (y) secure any Indebtedness.

   

  “Permitted Disposition” shall
      mean (i) subject to Section 2.10, sales of Agency Servicing Rights (including sales of delinquent Agency Servicing Rights); (ii) Dispositions of Mortgage Loans and other assets in the ordinary course of business on market terms; provided
      that

   

  
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  no less than [***] the consideration received
      for such assets shall be paid in cash; (iii) Subject to Section 2.10 (to the extent relating to any Assets), Dispositions of Collateral to the extent required by any Agency if the failure to comply with such requirement could result in the
      loss of eligibility to service Mortgage Loans for the related Agency; (iv) any involuntary loss, damage or destruction of property; (v) any involuntary condemnation, seizure or taking, by exercise of the power of eminent domain or otherwise, or
      confiscation or requisition of use of property; (vi) Dispositions of obsolete or worn-out equipment in the ordinary course of business; (vii) Dispositions in connection with a Warehousing Facility or Permitted Servicing Advance Facility Indebtedness;
      (viii)  Dispositions pursuant to the Asset Management Strategy and (ix) other Dispositions of assets as long as the value of the assets Disposed does not exceed [***] in any fiscal year.

   

  “Permitted Holders” shall mean Stone Point Capital LLC and/or its
      Affiliates.

   

  “Permitted Indebtedness”
      shall mean (i) any Indebtedness owing to the Administrative Agent or any Lender under this Agreement and the other Loan Documents, (ii) existing Indebtedness and any permitted refinancing of such Indebtedness; provided that such Indebtedness
      shall be listed on Schedule 4.1(q) if such Indebtedness is borrowed money, or the aggregate principal amount of such Indebtedness exceeds [***], (iii) Permitted Purchase Money Indebtedness and any permitted refinancing in respect of
      such Indebtedness, (iv) Indebtedness in connection with any Permitted Warehouse Financing, (v) Permitted Servicing Advance Facility Indebtedness, (vi) Indebtedness under Hedge Agreements that are incurred for the bona fide purpose of hedging the
      interest rate, commodity, or foreign currency risks associated with the Borrower’s or a Subsidiary’s operations and not for speculative purposes, (vii) Indebtedness in the form of Capitalized Lease Obligations and Equipment and/or loans to finance
      Capital Expenditures, (viii) cash management obligations and Indebtedness incurred by the Borrower or any Subsidiary in respect of netting services, overdraft protections, commercial credit cards and treasury management services, automated
      clearing-house arrangements, employee credit card programs, controlled disbursement, ACH transactions, return items, interstate deposit network services, dealer incentive, in each case entered into in the ordinary course of business in connection
      with cash management, (ix) Indebtedness between or among Loan Parties, (x) intercompany Indebtedness among Persons not a party to this Agreement, (xi) following execution of Acknowledgment Agreements with all Agencies, intercompany Indebtedness
      between the Borrower, the Guarantor, or their respective Subsidiaries and any Person not a party to this Agreement in an aggregate outstanding amount not to exceed [***] as long as such Indebtedness cannot be repaid prior to payments due
      under this Agreement upon the occurrence and continuation of an Event of Default (and such Indebtedness is subordinated to the Liens securing the Obligations created pursuant to the terms of this Agreement on terms reasonably acceptable to the
      Administrative Agent) and (xii) following execution of Acknowledgment Agreements with all Agencies, unsecured Indebtedness in an aggregate principal amount not to exceed [***], as long as such unsecured Indebtedness cannot be repaid prior to
      payments due under this Agreement upon the occurrence and continuation of an Event of Default.

   

  “Permitted MSR Collateral Liens”
      shall mean: (i) the security interest granted hereunder in favor of the Administrative Agent; (ii) interests of any Agency in the Collateral which are pursuant and/or subject to the Servicing Contract and/or the Initial Acknowledgment Agreement or
      Acknowledgment Agreement (as applicable); (iii) banker’s Liens in the nature of

   

  
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  rights of setoff arising in the ordinary course of
      business of the Borrower or the Guarantor, as applicable; (iv) Liens for Taxes not yet due and payable; (v) Liens securing judgments not constituting an Event of Default under Section 6.1(f) that are, expressly or by operation of law,
      subordinate to the Administrative Agent’s Lien; and (vi) Liens securing Permitted Servicing Advance Facility Indebtedness.

   

  “Permitted Purchase Money
        Indebtedness” shall mean, as of any date of determination, Indebtedness (other than the Obligations, but including Capitalized Lease Obligations) incurred to finance the acquisition of any fixed assets secured by a Lien permitted under clause

        (ix) of the definition of “Permitted Collateral Liens”; provided, that (a) such Indebtedness is incurred within 20 days after such acquisition, (b) such Indebtedness when incurred shall not exceed the purchase price of the asset
      financed and (c) the aggregate principal amount of all such Indebtedness shall not exceed [***] at any time outstanding.

   

  “Permitted Servicing Advance
        Facility Indebtedness” shall mean any Indebtedness of the Borrower incurred under a Servicing Advance Facility.

   

  “Permitted Warehouse Financing”
      shall mean any warehouse, purchase, repurchase, participation or other similar financing transaction (including any new or existing early buyout line) whereby the warehousing party extends a facility to the Borrower or any Subsidiary to finance the
      funding or acquisition of mortgage loans, on an interim basis, pending the repurchase of such mortgage loans by the Borrower or such Subsidiary or the subsequent sale and delivery of such mortgage loans, or interests therein, to a third party
      investor or through a mortgage backed security, which facility is secured by such mortgage loans, or interest therein, or through purchase of such mortgage loans, or interests therein, from the Borrower or such Subsidiary by such warehousing party,
      but only for such time as such mortgage loan remains financed under such Permitted Warehouse Financing, and which financing is made on prevailing market terms, including with respect to advance rates, financial covenants, and interest rates.

   

  “Person” shall mean any
      individual, corporation (including a business trust), partnership, limited liability company, joint-stock company, trust, unincorporated organization or association, joint venture, government or political subdivision or agency thereof, or any other
      entity.

   

  “Pool” means a group of
      Mortgage Loans, which are the security for a mortgage-backed security issued or guaranteed by an Agency.

   

  “Portfolio” shall mean, with
      respect to any Agency, all of the Mortgage Loans owned by such Agency and serviced by the Borrower pursuant to the terms of the related Servicing Contract.

   

  “Portfolio Delinquency Rate”
      means, as of any date of determination, the ratio of (i) the unpaid principal balance of all residential mortgage loans which are serviced by the Borrower for any Agency that have monthly payments that are 60 days or more past due (calculated in
      accordance with the relevant Agency delinquency calculation methodology) to (ii) the unpaid principal balance of all residential mortgage loans which are serviced by the Borrower for any Agency, in each case, as of the last calendar day of the
      immediately preceding month.

   

  
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  “Portfolio Hedges” shall mean (i) transactions entered into
      pursuant to a Hedge Agreement, if any; (ii) transactions entered into in the Futures Account, if any; and (iii) such other transactions as Administrative Agent and Borrower may agree constitute Portfolio Hedges; provided, however, that the term
      “Portfolio Hedges” shall not include any of the foregoing to the extent such is subject to netting or set-off provisions pursuant to transactions referenced as Excluded Collateral.

   

  “Potential Event of Default” shall mean any occurrence or event
      that, with the giving of notice, the passage of time or both, would constitute an Event of Default.

   

  “Prepayment Premium” shall have the meaning set forth in the Agency Fee Letter.

   

  “Proceeding” shall mean any claim, litigation, investigation or proceeding.

   

  “Proceeds” shall mean “proceeds” as defined in Section 9-102(a)(64) of the UCC.

   

  “Recipient” shall mean the Administrative Agent, the Lenders or any
      other recipient of any payment to be made by or on account of any obligation of the Borrower or the Guarantor under this Agreement or any other Transaction Document.

   

  “Records” shall mean all instruments, agreements and other books,
      records, and reports and data generated by other media for the storage of information maintained by the Borrower, or any other person or entity with respect to the Assets.

   

  “Redemption Date” shall have the meaning set forth in Section 10.8.

   

  “Register” shall have the meaning set forth in Section 10.8.

   

  “Related Parties” shall mean, with respect to any Person, such
      Person’s Affiliates and the directors, officers, employees, agents and advisors of such Person and of such Person’s Affiliates.

   

  “Related Principal and Interest Custodial Accounts” means all
      principal and interest custodial accounts (other than the Collection Account) maintained in the ordinary course of business by the Borrower that relate solely to any Mortgage Loan or Pool that (I)(a) is subject to a Permitted Warehouse Financing, (b)
      maintained in accordance with an applicable Servicing Contract, or (iii) maintained in connection with the servicing of third party mortgage loans, and (II)   do not have deposited therein, with respect to any Assets, any servicing fees or
      subservicing fees (other than retained yield, Ancillary Income and, after the occurrence of an Event of Default, the applicable Base Servicing Fee) that the Borrower as servicer is entitled to receive free and clear of all Ginnie Mae rights and other
      restrictions on transfer under applicable Ginnie Mae guidelines, pursuant to the Servicing Contracts.

   

  “Related Security” shall mean with respect to any Asset, (a) all
      security interests or Liens and property subject thereto from time to time, if any, purporting to secure payment of such Asset, whether pursuant to the Servicing Contract related to such Asset or otherwise, together with all financing statements
      covering any collateral securing such Asset; (b) all guarantees,

   

  
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  indemnities, letters of credit, insurance or other agreements or arrangements of any kind
      from time to time supporting or securing payment of such Asset whether pursuant to the Servicing Contract related to such Asset or otherwise; and (c) any and all Proceeds of the foregoing.

   

  “REO Assets” shall mean any real property owned by any Person and
      acquired as a result of the foreclosure or other enforcement of a lien on such asset securing a Mortgage Loan.

   

  “Reportable Event” shall mean a reportable event as defined in
      Section 4043 of ERISA and the regulations issued under such Section, with respect to a Single Employer Plan, excluding, however, such events as to which the Pension Benefit Guaranty Corporation by regulation or by public notice waived the requirement
      of Section 4043(a) of ERISA that it be notified within thirty (30) days of the occurrence of such event.

   

  “Responsible Officer” shall mean, with respect to any corporation,
      limited liability company or partnership, the chief executive officer, chief financial officer, any executive vice president or any senior vice president (the duties of which vice president include the administration of this Agreement, the
      Transaction Documents or the transactions contemplated hereby or thereby), and the treasurer.

   

  “Schedule of Assets” shall mean the schedule of Assets attached to
      each Notice of Borrowing that meet the criteria of an Eligible Asset and which includes identifying information relating to such Assets as agreed to between the Borrower and the Administrative Agent, which schedule may be updated from time to time in
      accordance with the terms of this Agreement.

   

  “Schedule of Ineligible Assets” shall mean the schedule of Assets
      attached to each Notice of Borrowing that do not meet the criteria of an Eligible Asset, which schedule may be updated from time to time in accordance with the terms of this Agreement.

   

  “Secured Parties” shall mean the Administrative Agent and each Lender.

   

  “Securities” shall mean any stock, shares, partnership interests,
      voting trust certificates, certificates of interest or participation in any profit-sharing agreement or arrangement, options, warrants, bonds, debentures, notes, or other evidences of indebtedness, secured or unsecured, convertible, subordinated or
      otherwise, or in general any instruments commonly known as “securities” or any certificates of interest, shares or participations in temporary or interim certificates for the purchase or acquisition of, or any right to subscribe to, purchase or
      acquire, any of the foregoing.

   

  “Securitization” shall mean a public or private transfer, sale or
      financing of (i) Servicer Advances or MSRs, (ii) mortgage loans, (iii) installment contracts, (iv) deferred servicing fees; (v) other loans and related assets, and/or (vi) any other assets capable of being securitized, (clauses (i) – (vi)
      above, collectively, the “Securitization Assets”) by which the Borrower, the Guarantor, or any of their Subsidiaries directly or indirectly securitizes a pool of specified Securitization Assets including, without limitation, any such transaction
      involving the sale of specified Servicer Advances or mortgage loans to a Securitization Entity.

   

  
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  “Securitization Assets” shall have meaning specified in the
      definition of “Securitization.”

   

  “Securitization Entity” shall mean (i) any Person other than the
      Borrower or the Guarantor (whether or not a Subsidiary of the Borrower or the Guarantor) established for the purpose of issuing asset-backed or mortgaged-backed or mortgage pass-through securities of any kind (including collateralized mortgage
      obligations and net interest margin securities), (ii) any special purpose Subsidiary established for the purpose of selling, depositing or contributing Securitization Assets into a Person described in clause (i) or holding securities in any
      related Securitization Entity, regardless of whether such person is an issuer of securities; provided that such Person is not an obligor with respect to any Indebtedness of the Borrower, the Guarantor, or any Subsidiary and (iii) any special purpose
      Subsidiary of the Borrower or the Guarantor formed exclusively for the purpose of satisfying the requirements of Credit Enhancement Agreements and regardless of whether such Subsidiary is an issuer of securities; provided that such Person is not an
      obligor with respect to any Indebtedness of the Borrower, the Guarantor, or any of their Subsidiaries other than under Credit Enhancement Agreements.

   

  “Servicer Advance” shall mean advances made or required to be made
      by the Borrower or any of its Subsidiaries in its capacity as servicer under a Servicing Contract to fund principal, interest, escrow, foreclosure, insurance, tax or other payments or advances when the obligor on the underlying Mortgage Loan is
      delinquent in making payments on such receivable; to enforce remedies, manage and liquidate REO Assets; or that the Borrower or any of its Subsidiaries otherwise advances in its capacity as servicer under such Servicing Contract.

   

  “Servicer Termination Event” shall mean any default, event of
      default or similar occurrence under the terms of a Servicing Contract, pursuant to which the Borrower may be terminated in its capacity as servicer in accordance with and pursuant to the terms of such Servicing Contract.

   

  “Servicing Advance Facility” shall mean any funding arrangement
      with a lender, lenders or an indenture trustee, acting on behalf of noteholders, secured by the right to be reimbursed for Servicer Advances made by the Borrower or a special purpose subsidiary of the Borrower as servicer under one or more Servicing
      Contracts under which financing advances are made to the Borrower based on such advance reimbursement rights (whether or not covered by an Acknowledgment Agreement).

   

  “Servicing Contract” shall mean each of the Fannie Mae Lender
      Contract, the Freddie Mac Servicing Contract, and the Ginnie Mae Servicing Contract, as applicable.

   

  “Servicing Fee” shall mean, with respect to any Mortgage Loan, the
      aggregate monthly fee payable to the Borrower in servicing such Mortgage Loan pursuant to the related Servicing Contract, not including any Ancillary Income.

   

  “Single-Employer Plan” shall mean any “employee pension benefit
      plan” (as such term is defined in Section 3(2) of ERISA), other than a Multi-Employer Plan, that is subject to Title IV of ERISA or Section 412 of the Internal Revenue Code and is sponsored or maintained by the Borrower or any ERISA Affiliate or for
      which the Borrower or any ERISA Affiliate may

   

  
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  have or have had liability within five (5) plan years preceding the date of this Agreement
      by reason of being deemed to be a contributing sponsor under Section 4069 of ERISA.

   

  “Specified Contribution” shall have the meaning assigned to such
      term in Section 6.3.

   

  “Stone Point” shall mean Trident VI, L.P., Trident VI Parallel Fund
      L.P., Trident VI DE Parallel Fund, L.P. or Trident VI Professionals Fund, L.P.

   

  “Subsidiary” shall mean, with respect to any Person at any time,
      (i) any corporation or trust of which 50% or more (by number of shares or number of votes) of the outstanding Capital Stock or shares of beneficial interest normally entitled to vote for the election of one or more directors, managers or trustees
      (regardless of any contingency which does or may suspend or dilute the voting rights) is at such time owned directly or indirectly by such Person or one or more of such Person’s subsidiaries, or any partnership of which such Person or any of such
      Peron’s Subsidiaries is a general partner or of which 50% or more of the partnership interests is at the time directly or indirectly owned by such Person or one or more of such Person’s subsidiaries and (ii) any corporation, trust, partnership or
      other entity which is Controlled or capable of being Controlled by such Person or one or more of such Person’s subsidiaries.

   

  “Supermajority Lenders” shall mean, as of any date of
      determination, the Lenders (other than Defaulting Lenders) that have made Advances with an outstanding principal balance in excess of sixty-six and two thirds percent (66 2/3%) of the aggregate principal balance of all the Advances outstanding
      hereunder.

   

  “Taxes” shall mean all present or future taxes, levies, imposts,
      duties, deductions, withholdings (including backup withholding), assessments, fees or other charges imposed by any Governmental Authority, and including any interest, additions to tax or penalties applicable thereto.

   

  “Transactions” shall mean, collectively, the transactions to occur
      on or prior to the Closing Date and thereafter on each Borrowing Date pursuant to the Transaction Documents, including (a) the execution, delivery and performance of the Transaction Documents and the Advances hereunder and (b) the payment of all fees
      and expenses due and owing in connection with the foregoing.

   

  “Transaction Documents” shall mean this Agreement, the Loan Notes,
      the Fee Letters, the Account Control Agreement, the Initial Acknowledgment Agreement, the Acknowledgment Agreements, and any other agreements, instruments, certificates or documents delivered or contemplated to be delivered hereunder or thereunder or
      in connection herewith or therewith, as the same may be supplemented or amended from time to time hereafter in accordance herewith or therewith, and “Transaction Document” shall mean any of the Transaction Documents.

   

  “Trigger Event” shall mean the occurrence and continuation of any of the following:

   

  
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  (i)               The average of the three (3) most recent
      monthly Portfolio Delinquency Rates with respect to the Borrower’s servicing portfolio relating to Fannie Mae and Freddie Mac is greater than the Maximum Fannie/Freddie DQ Rate;

   

  (ii)              The average of the three (3) most recent
      monthly Portfolio Delinquency Rates with respect to the Borrower’s servicing portfolio relating to Ginnie Mae is greater than the Maximum Ginnie DQ Rate; or

   

  (iii)             Two year “compare ratio” assigned to the
      Borrower by FHA under its “Neighborhood Watch” program exceeds [***];

   

  provided that the Trigger Event shall be deemed to be cured if (a) in the case of (i)
      and (ii) above, the foregoing delinquency rates returning and remaining below the specified Maximum Rate for a period of [***] and (b) in the case of (iii) above during any period when clause (iii) is applicable, immediately upon the
      foregoing “compare ratio” decreasing below [***]; provided further that in no event will such Trigger Event be deemed to have been satisfied at any time when an Event of Default shall have occurred and be continuing.

   

  “UCC” shall mean the Uniform Commercial Code as from time to time
      in effect in any applicable jurisdiction.

   

  “United States” shall mean the United States of America.

   

  “Unused Portion” shall mean, with respect to a Lender’s Commitment
      as of any day, the excess of (x) the Commitment of such Lender as of 5:00 P.M. (New York City time) on such day, over (y) the sum of the aggregate outstanding principal balance of the Advances of such Lender as of 5:00 P.M. (New York City time) on
      such day.

   

  “Upfront Fee” shall have the meaning set forth in the Administrative Agent Fee Letter.

   

  “U.S. Person” shall mean any Person who is a U.S. person within the
      meaning of Section 7701(a)(30) of the Internal Revenue Code.

   

  “U.S. Tax Compliance Certificate” shall have the meaning set forth
      in Section 2.15(G)(ii)(B)(3).

   

  “VA” shall mean the U.S. Department of Veterans Affairs.

   

  “Valuation Agent” shall mean the valuation service providers
      identified on Schedule III hereto, as may be amended from time to time by the Administrative Agent, the Borrower and the Majority Lenders.

   

  
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  “Valuation Agent Asset Value” shall mean, as of any date of
      determination, the sum of (i) the Valuation Agent Fannie Mae Asset Value, (ii) the Valuation Agent Freddie Mac Asset Value, and (iii) the Valuation Agent Ginnie Mae Asset Value.

   

  “Valuation Agent Fannie Mae Asset Value” shall mean, as of any date
      of determination, the product of (i) the Fannie Mae Advance Rate, (ii) the Valuation Agent Fannie Mae Market Value Percentage, and (iii) the aggregate unpaid principal balance of the Mortgage Loans related to the Fannie Mae MSRs.

   

  “Valuation Agent Fannie Mae Market Value Percentage” shall mean,
      with respect to any Fannie Mae MSR as of any date of determination, the percentage to be applied to the unpaid principal balance of the applicable Mortgage Loans, to arrive at the fair market value of such Fannie Mae MSR, as most recently determined
      by a Valuation Agent in accordance with Section 2.6, provided that, in no event shall the Valuation Agent Fannie Mae Market Value Percentage be greater than (i) an amount equal to the market value thereof implying a discount rate which is the
      sum of the 5 Year Swap Rate and [***] (if using a static model), or (ii) the market value thereof implying a zero option-adjusted spread.

   

  “Valuation Agent Freddie Mac Asset Value” shall mean, as of any
      date of determination, the product of (i) the Freddie Mac Advance Rate, (ii) the Valuation Agent Freddie Mac Market Value Percentage, and (iii) the aggregate unpaid principal balance of the Mortgage Loans related to the Freddie Mac MSRs.

   

  “Valuation Agent Freddie Mac Market Value Percentage” shall mean,
      with respect to any Freddie Mac MSR as of any date of determination, the percentage to be applied to the unpaid principal balance of the applicable Mortgage Loans, to arrive at the fair market value of such Freddie Mac MSR, as most recently
      determined by a Valuation Agent in accordance with Section 2.6, provided that, in no event shall the Valuation Agent Freddie Mac Market Value Percentage be greater than (i) an amount equal to the market value thereof implying a discount rate
      which is the sum of the 5 Year Swap Rate and [***] (if using a static model), or (ii) the market value thereof implying a zero option-adjusted spread.

   

  “Valuation Agent Ginnie Mae Asset Value” shall mean, as of any date
      of determination, the product of (i) the Ginnie Mae Advance Rate, (ii) the Valuation Agent Ginnie Mae Market Value Percentage, and (iii) the aggregate unpaid principal balance of the Mortgage Loans related to the Ginnie Mae MSRs.

   

  “Valuation Agent Ginnie Mae Market Value Percentage” shall mean,
      with respect to any Ginnie Mae MSR as of any date of determination, the percentage to be applied to the unpaid principal balance of the applicable Mortgage Loans, to arrive at the fair market value of such Ginnie Mae MSR, as most recently determined
      by a Valuation Agent in accordance with Section 2.6, provided that, in no event shall the Valuation Agent Ginnie Mae Market Value Percentage be greater than (i) an amount equal to the market value thereof implying a discount rate which is the
      sum of the 5 Year Swap Rate and [***] (if using a static model), or (ii) the market value thereof implying a zero option-adjusted spread.

   

  
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  “Valuation Agent Market Value Percentage” means the Valuation Agent
      Fannie Mae Market Value Percentage, the Valuation Agent Freddie Mac Market Value Percentage, or the Valuation Agent Ginnie Mae Market Value Percentage, as applicable.

   

  “Warehoused Mortgage Loans” shall mean Mortgage Loans which have
      been pledged to or purchased by a warehousing party or in which the warehousing party has acquired a participation interest pursuant to a Permitted Warehouse Financing.

   

  Section 1.2      Computation of Time Periods. In this Agreement,
      in the computation of periods of time from a specified date to a later specified date, the word “from” means “from and including,” the words “to” and “until” each means “to but excluding” and the word “through” means “through and including.”

   

  Section 1.3      Construction. The definitions of terms herein
      shall apply equally to the singular and plural forms of the terms defined. Whenever the context may require, any pronoun shall include the corresponding masculine, feminine and neuter forms. The words “include,” “includes” and “including” shall be
      deemed to be followed by the phrase “without limitation.” The word “will” shall be construed to have the same meaning and effect as the word “shall.” Unless the context requires otherwise, (A) any definition of or reference to any agreement,
      instrument or other document herein shall be construed as referring to such agreement, instrument or other document as from time to time amended, restated, supplemented or otherwise modified (subject to any restrictions on such amendments,
      supplements or modifications set forth therein), (B)   any reference herein to any Person shall be construed to include such Person’s successors and permitted assigns, (C) the words “herein,” “hereof” and “hereunder,” and words of similar import,
      shall be construed to refer to this Agreement in its entirety and not to any particular provision hereof, (D) all references herein to Sections, Schedules and Exhibits shall be construed to refer to Sections of, and Schedules and Exhibits to, this
      Agreement, (E) the words “asset” and “property” shall be construed to have the same meaning and effect and to refer to any and all real property, tangible and intangible assets and properties, including cash, securities, accounts and contract rights,
      and interests in any of the foregoing, (F) any reference to a statute, rule or regulation is to that statute, rule or regulation as now enacted or as the same may from time to time be amended, re-enacted or expressly replaced, (G) “or” is not
      exclusive, and (H) capitalized terms used herein and not defined, but which are defined in the Agency Fee Letter or the Administrative Agent Fee Letter shall have the meaning specified in such Fee Letter.

   

  Section 1.4      Accounting Terms. All accounting terms not
      specifically or completely defined herein shall be construed in conformity with, and all financial data (including financial ratios and other financial calculations) required to be submitted pursuant to this Agreement shall be prepared in conformity
      with GAAP applied on a consistent basis, as in effect from time to time, applied in a manner consistent with that used in preparing the audited financial statements, except as otherwise specifically prescribed herein; provided that if the
      Borrower notifies the Administrative Agent that the Borrower or the Guarantor wishes to amend any Financial Covenant to eliminate the effect of any change in GAAP on the operation of such covenant, then the Borrower’s or Guarantor’s compliance with
      such covenant shall be determined on the basis of GAAP in effect immediately before the relevant change in GAAP became effective, until either such notice is withdrawn or such covenant is amended in a manner satisfactory to the Borrower or Guarantor,
      as applicable, and the Administrative Agent.

   

  
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  ARTICLE II

   

  AMOUNTS AND TERMS OF THE ADVANCES

   

  Section 2.1      Establishment of the Credit Facility. On the
      Closing Date, and subject to and upon the terms and conditions set forth in this Agreement and the other Transaction Documents, the Administrative Agent and the Lenders agree to establish the credit facility set forth in this Agreement for the
      benefit of the Borrower.

   

  Section 2.2      The Advances . Upon the terms and subject to the
      conditions hereinafter set forth, the Lenders, severally but not jointly, shall from time to time during the Availability Period, make loans to the Borrower on a revolving basis that are secured by the Collateral. Each such Advance shall be
      made by a Lender in respect of its revolving Commitment; provided, however, that no such Advance shall cause (i) a Borrowing Base Deficiency or a Funding Base Deficiency; (ii) with respect to any Lender, to exceed such Lender’s
      Commitment; or (iii) following the Closing Date and the initial Advance, [***] or more of the Aggregate Commitment to be drawn in any rolling thirty (30) day period, unless otherwise agreed by the Administrative Agent. Within the limits of
      each Lender’s Commitment, any Advances prepaid may be reborrowed under this Section 2.2.

   

  Section 2.3      Use of Proceeds. Except as otherwise provided in
      Section 2.18, Section 2.19, and Section 2.20 herein, proceeds of Advances shall only be used by the Borrower to (A) purchase, in the ordinary course of business, Agency eligible MSRs and related assets, (B) pay certain fees and
      expenses incurred in connection with the establishment of the credit facility set forth in this Agreement, (C) subject to Section 2.19, make cash distributions from time to time pursuant to Section 5.2(d) in an amount not exceeding
      the excess of the Borrowing Base over the outstanding principal amount of the Advances and (D) for general corporate purposes.

   

  Section 2.4      Making the Advances. (a) Except as otherwise
      provided herein, the Borrower may request the Lenders to make Advances to the Borrower no more frequently than [***] per week by the delivery to the Administrative Agent, not later than [***] (New York City time) on any Business Day of a
      written notice of such request substantially in the form of Exhibit B attached hereto (each such notice, a “Notice of Borrowing”), together with a duly completed Borrowing Base Certificate, signed by a Responsible Officer and including
      a Schedule of Assets and Schedule of Ineligible Assets. Any Notice of Borrowing or Borrowing Base Certificate received by the Administrative Agent after the time specified in the immediately preceding sentence shall be deemed to have been received by
      the Administrative Agent on the next Business Day, and to the extent that results in the proposed Borrowing Date being earlier than three (3) Business Days after the date of delivery of such Notice of Borrowing, then the date specified in such Notice
      of Borrowing as the proposed Borrowing Date of an Advance shall be deemed to be the Business Day immediately succeeding the proposed Borrowing Date of such Advance originally specified in such Notice of Borrowing. The proposed Borrowing Date
      specified in a Notice of Borrowing shall be no earlier than three (3) Business Days after the date of delivery of such Notice of Borrowing and may be up to a maximum of thirty (30) days after the date of delivery of such Notice of Borrowing. Unless
      otherwise provided herein, each Notice of Borrowing shall be irrevocable and shall specify (i) the aggregate principal amount of the Advance requested, and (ii) the Borrowing Date (which shall be a Business Day).

   

  
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  (b)            The aggregate principal amount of each Advance shall not be
      less than [***].

   

  (c)             Upon receipt by the Administrative Agent of a Notice of
      Borrowing and a Borrowing Base Certificate from the Borrower, the Administrative Agent shall promptly (on the date of its deemed receipt of the related Borrowing Base Certificate) deliver to each Lender a copy of such Notice of Borrowing and a
      written notice specifying each Lender’s Applicable Percentage of the amount requested by the Borrower pursuant to the applicable Notice of Borrowing. Thereafter, each Lender shall make Advances in an aggregate amount equal to its Applicable
      Percentage of the amount requested by the Borrower pursuant to the applicable Notice of Borrowing to the Administrative Agent’s Account by no later than [***] (New York City time) on the Borrowing Date specified or deemed specified in such Notice of
      Borrowing, and the Administrative Agent shall promptly make such Advance available to the Borrower in U.S. Dollars to the Borrower’s Account.

   

  Section 2.5      Fees.

   

  (a)             Non-Usage Fee. On each Monthly Payment Date during
      the Availability Period, the Borrower agrees to pay to the Administrative Agent, for the ratable benefit of the Lenders and as consideration for each Lender’s Commitment hereunder, a non-usage fee in Dollars (the “Non-Usage Fee”) in an amount
      equal to the (1) the applicable Non-Usage Fee Percentage as described in the Agency Fee Letter, if any, multiplied by (2) the daily average Unused Portion of the Aggregate Commitment in the immediately preceding calendar month. Accrued
      Non-Usage Fees shall be due and payable in arrears on each Monthly Payment Date, and on the last day of the Availability Period. Computations of the Non-Usage Fee shall be made by the Administrative Agent on the basis of a year of 360 days and for
      the actual number of days elapsed, and, with respect to each Lender, pro rata based on such Lender’s Commitment.

   

  Section 2.6      Borrowing Base. (a) The Administrative Agent may,
      in its sole and absolute discretion, and shall, at the request of the Majority Lenders, on any date, calculate the Borrowing Base and shall provide written notice thereof to the Borrower. To the extent any such calculation results in a Borrowing Base
      Deficiency, the Administrative Agent shall deliver a notice to the Borrower and each Lender (a “Borrowing Base Deficiency Notice”), setting forth the calculation thereof (which shall be conclusive absent manifest error), and the Borrowing Base
      Required Payment to be made by the Borrower as a result of such calculation (which amount shall be paid in accordance with Section 2.9). At the Administrative Agent’s discretion, the Administrative Agent may obtain valuation reports with
      respect to the Administrative Agent Asset Value from a Valuation Agent, at any time and from time to time on a non-binding basis; provided that the Borrower shall not be responsible for payment of any costs, expenses, fees or other amounts in
      connection with such valuation report except in connection with a Borrowing Base Dispute pursuant to Section 2.6(b).

   

  (b)            Notwithstanding the foregoing or anything to the contrary
      contained herein, except during an Acknowledgment Agreement Trigger Period, the Borrower shall have the right to dispute the Administrative Agent’s calculation of the Administrative Agent Asset Value by notifying the Administrative Agent and the
      Lenders within three (3) Business Days after the Borrower receives a Borrowing Base Deficiency Notice (a “Borrowing Base Dispute”). If the

   

  
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  Borrower initiates a Borrowing Base Dispute, then the Administrative Agent, on one hand, and
      the Borrower, on the other hand, shall each promptly direct separate Valuation Agents, to prepare a valuation report with respect to such Administrative Agent Asset Value. The average of the midpoint values indicated in the two valuation reports
      submitted by the Valuation Agents shall become the conclusive Valuation Agent Market Value Percentage of the related MSRs that constitute Eligible Assets, binding upon all Parties, absent manifest error.

   

  (c)             Any costs, expenses, fees and other amounts due and owing
      to any Valuation Agent or Dealer in connection with the engagement of such Valuation Agent or Dealer in connection with a Borrowing Base Dispute pursuant to Section 2.6(b) shall be an Obligation of the Borrower and shall become due and
      payable on the immediately succeeding Monthly Payment Date in accordance with Section 2.7.

   

  Section 2.7    Repayment of the Advances. (a) The outstanding
      principal balance of the Advances and the other Obligations owing under this Agreement, together with all accrued but unpaid interest thereon, shall be due and payable on the Maturity Date.

   

  (b)             On each Monthly Payment Date, except during any
      Acknowledgment Agreement Trigger Period or following the occurrence and during the continuation of an Event of Default, the Borrower shall cause the payment in full of all Distributable Amounts to the Administrative Agent for payment to the
      applicable Parties; provided that the Borrower shall pay the Credit Manager Fees directly to the Credit Manager on or prior to each Monthly Payment Date as provided in the Credit Manager Agreement.

   

  (c)             On each Monthly Payment Date during any Acknowledgment
      Agreement Trigger Period or following the occurrence and during the continuation of an Event of Default, amounts on deposit in the Collection Account, including Collections deposited therein during the related Collection Period shall, at the
      direction of the Administrative Agent, be disbursed by the Account Bank from the Collection Account and applied on such Monthly Payment Date in the following order of priority:

   

  (i)              first, to the Borrower, the Base Servicing Fee with respect
      to the related Collection Period;

   

  (ii)           

  second, ratably (a) to the Administrative Agent, all costs, expenses, reimbursements and indemnification amounts owed to the Administrative Agent
      pursuant to the terms hereof, and (b) to the Credit Manager, the Credit Manager Fees with respect to such Monthly Payment Date and all costs, expenses, reimbursements and indemnification amounts owed to the Credit Manager pursuant to the terms of the
      Credit Manager Agreement;

   

  (iii)            third, to the Administrative Agent, on
      behalf of the Lenders, the Interest Distribution Amount with respect to such Monthly Payment Date;

   

  (iv)            fourth, to the Administrative Agent, on
      behalf of the Lenders, the payment of the Non-Usage Fee with respect to such Monthly Payment Date;

   

  
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  (v)             fifth, to the Administrative Agent, on
      behalf of the Lenders, pro rata, based on the Advances held by such Lender, all remaining amounts to be applied to the reduction of such Advances to zero on such date;

   

  (vi)            sixth, to the Administrative Agent, on
      behalf of the applicable party, all Breakage Cost and other amounts that are then due and payable pursuant to Section 2.11;

   

  (vii)           seventh, to the Administrative Agent,
      on behalf of the applicable party, all fees, expenses, indemnitees and other amounts that are due and payable by the Borrower and incurred in connection with this Agreement and required to be paid or reimbursed hereunder, the financing, management,
      operation or maintenance of the Assets or the Transaction Documents, including to consultants and experts retained by the Borrower (including attorneys and accountants) and verification agents and Dealers retained pursuant to the terms hereof;

   

  (viii)          eighth, to the Administrative Agent, on
      behalf of any applicable party, the ratable payment of all other Obligations that are past due or payable on such date; and

   

   (ix)            ninth, all
      remaining amounts to the Borrower’s Account on such date.

   

  Notwithstanding anything to the contrary in this Agreement or any of the
      other Transaction Documents, all terms and provisions of this Agreement and the other Transaction Documents are and shall be subject to the terms and provisions of each Acknowledgment Agreement. To the extent that any conflict necessarily exists or
      shall be adjudged to exist between the terms and provisions of this Agreement and those of the applicable Acknowledgment Agreement, solely with respect to the relationship and agreements between Borrower and/or Administrative Agent, on the one hand,
      and the applicable Agency, on the other hand, the terms and provisions of the applicable Acknowledgment Agreement shall govern and control.

   

  (d)             Notwithstanding the foregoing, (1) during an
      Acknowledgment Agreement Trigger Period, in the event that amounts available for distribution from the Collection Account pursuant to Section 2.7(c) are insufficient to pay in full all Distributable Amounts due and owing on any Monthly
      Payment Date, then the Borrower shall cause the payment in full of the applicable deficiency to the Administrative Agent for payment to the applicable Parties, and (2) following the occurrence and during the continuation of an Event of Default, in
      the event that amounts available for distribution from the Collection Account pursuant to Section 2.7(c) are insufficient to pay in full all Obligations then due and owing on any day, then the Borrower shall cause the payment in full of the
      applicable deficiency to the Administrative Agent for payment to the applicable Parties.

   

  Section 2.8      [Reserved].

   

  Section 2.9      Mandatory Prepayments of Advances.

   

   (a)             Borrowing
      Base Deficiency.

   

  
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  (i)              If a Borrowing Base Deficiency exists on
        any date, the Borrower shall pay to the Administrative Agent, for the account of the Lenders, the Borrowing Base Required Payment, together with accrued but unpaid interest on the amount required to be so prepaid to the date of such prepayment.
      All such amounts shall become due and payable (i) no later than 5:00 p.m. (New York City time) on the [***] following the Borrower’s receipt of a Borrowing Base Deficiency Notice, or (ii) if Stone Point provides Lender a guarantee of payment
      for the amounts due hereunder, in such form as is acceptable to Lender in its sole discretion, then such amounts shall be due and payable no later than 5:00 p.m. (New York City time) on such date that is [***] following the Borrower’s receipt
      of a Borrowing Base Deficiency Notice. For the avoidance of doubt, the [***] period during which the Borrower may dispute the Administrative Agent’s determination of the Administrative Agent Asset Value set forth in Section 2.6 shall
      not operate to extend the cure periods referenced in the preceding sentence.

   

  (ii)             In lieu of making any prepayment in
      accordance with clause (i) above to eliminate a Borrowing Base Deficiency, if such Borrowing Base Deficiency occurs during the Availability Period the Borrower may identify as Collateral additional Fannie Mae MSRs, Freddie Mac MSRs, or Ginnie
      Mae MSRs, as applicable, in an amount equal to the Borrowing Base Required Payment. Upon such identification, such MSRs shall be Collateral hereunder without any further action by the Administrative Agent or the Lenders; provided that,
      immediately prior to and immediately after giving effect to such contribution, (i) no Event of Default exists, and (ii) each of the representations, warranties, covenants and agreements made or deemed to be made by the Borrower under or in connection
      with this Agreement and the Transaction Documents is true and correct in all material respects as of such date.

   

  Section 2.10     Optional Prepayments; Removal of Collateral.

   

  (a)             Optional Prepayments. At any time, the Borrower
      may, at its option, prepay all or any portion of the Advances outstanding (an “Optional Prepayment”) on any date (the “Redemption Date”) upon prior written notice delivered to the Administrative Agent not later than 12:00 p.m. (New York
      City time) three (3) Business Days prior to the date of such payment; provided that the Borrower shall be permitted to deliver such notice no more frequently than [***] times during any week. Each such notice shall be in the form attached
      hereto as Exhibit H and shall specify (i) the aggregate amount of the prepayment to be made on the Advances outstanding (such amount, if applicable, the “Optional Prepayment Amount”), (ii) the Redemption Date, and (iii) if applicable,
      the Collateral to be released on such Redemption Date, and shall include a duly completed Borrowing Base Certificate containing information accurate as of such date. Each Optional Prepayment shall be in a minimum principal amount equal to [***]
      and in integral multiples of [***] in excess thereof. Any prepayment of the Advances outstanding shall be accompanied by a payment of all accrued and unpaid interest on the amount prepaid, all Breakage Costs, Exit Fees, any applicable
      Prepayment Premiums and all outstanding indemnity Obligations of the Borrower, then due and owing under this Agreement through such Redemption Date; provided that the Prepayment Premium shall only be payable on the dates as set forth in the
      definition thereof.

   

  
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  (b)             Removal of Collateral. Notwithstanding language
      herein to the contrary, after giving effect to any release of Collateral (whether in connection with an Optional Prepayment pursuant to Section 2.10(a) above or pursuant to any other provision of this Agreement), the following conditions must
      be satisfied:

   

  (i)              no selection procedures are used with respect to identification of
      Assets to be released or retained that are materially adverse to the Secured Parties;

   

  (ii)             no Borrowing Base Deficiency, Potential Event
      of Default or Event of Default shall exist either prior to, or after giving effect to the prepayment of the applicable portion of the Advances outstanding and/or the release of the related Collateral (unless, in the case of a Borrowing Base
      Deficiency or Funding Base Deficiency, (x) the amount of such deficiency is eliminated as a result of such prepayment and release or (y) the release is in connection with a sale to an unaffiliated third-party purchaser and the following conditions
      are satisfied (i) the purchaser has agreed to pay the purchase price for the released Collateral to the Administrative Agent as a prepayment of the Advances, and (ii) after giving effect to such prepayment, the weighted average of the Effective
      Advance Rates for the Agencies is the same or lower as it had been prior to the release of the related Collateral); and

   

  (iii)            the representations and warranties set forth
      in Article IV are true and correct as of such Redemption Date (except to the extent such representations and warranties relate solely to an earlier date, in which case such representations and warranties shall have been true and correct as of
      such earlier date) after giving effect to the prepayment of the applicable portion of the Advances outstanding and release of the related Collateral.

   

  Section 2.11    Breakage Costs; Increased Costs; Capital Adequacy; Additional
        Indemnifications; LIBOR Unavailability; Illegality.

   

  (a)             Breakage Costs. (i) If an Advance is not made on
      the date specified by the Borrower for any reason other than default by the Lenders, the Borrower hereby agrees to pay any Breakage Costs resulting therefrom on the next Monthly Payment Date promptly following the date on which such Breakage Costs
      are incurred in accordance with Section 2.7 and written demand is received from any such Lender (setting forth in reasonable detail the basis for calculating such compensation).

   

   (ii)             Reserved.

   

  (b)            Increased Costs. If (i) the introduction of or any
      change (including any change by way of imposition or increase of reserve requirements) in or in the interpretation of any law or regulation by a Governmental Authority, (ii) the compliance by any Lender or the Administrative Agent (each of which, an
      “Affected Party”) with any guideline or request from any Governmental Authority (whether or not having the force of law) or (iii) any Change in Law, (a)   shall subject any Affected Party to any Taxes (other than (x) Indemnified Taxes, (y)
      Taxes described in clauses (ii) through (iv) of the definition of Excluded Taxes and (z) Connection Income Taxes) on its loans, loan principal, commitments, or other obligations, or its deposits, reserves, other liabilities or capital
      attributable thereto or (b) shall impose, modify or deem

   

  
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  applicable any reserve requirement (including any reserve requirement imposed by the Board
      of Governors of the Federal Reserve System), special deposit or similar requirement against assets of, deposits with or for the account of, or credit extended by, any Affected Party or (b) shall impose any other condition affecting the rights of any
      Lender and the Administrative Agent hereunder, the result of which is to increase the cost to any Affected Party under this Agreement or to reduce the amount of any sum received or receivable by an Affected Party under this Agreement below that which
      such Affected Party would have received but for such occurrence, then within 30 days following the receipt of written demand by such Affected Party (provided that such Affected Party shall provide the Borrower with notice within a reasonable
      period of time following such Affected Party’s discovery of such increased costs or reductions and shall include calculations of such compensation in reasonable detail), the Borrower shall pay directly to such Affected Party such additional amount or
      amounts as will compensate such Affected Party for such additional or increased cost incurred or such reduction suffered to the extent such additional or increased costs or reduction are incurred or suffered in connection with any obligation to make
      Advances hereunder, any of the rights of such Lender or the Administrative Agent hereunder, or any payment made hereunder.

   

  (c)             Capital Adequacy. If (i) the introduction of or any
      change after the Closing Date in or in the interpretation of any law, guideline, rule, regulation, directive or request, (ii) compliance by any Affected Party after the Closing Date with any law, guideline, rule, regulation, directive or request from
      any central bank or other Governmental Authority or agency (whether or not having the force of law), including compliance by an Affected Party with any request or directive regarding capital adequacy or (iii) any other Change in Law has or would have
      the effect of reducing the rate of return on the capital of any Affected Party as a consequence of its obligations hereunder or arising in connection herewith to a level below that which any such Affected Party could have achieved but for such
      introduction, change, compliance or Change in Law (taking into consideration the policies of such Affected Party with respect to capital adequacy) by an amount deemed by such Affected Party to be material, then within 30 days following the receipt of
      written demand by such Affected Party (which written demand shall be accompanied by a statement setting forth the basis for such demand in reasonable detail), the Borrower shall pay directly to such Affected Party such additional amount or amounts as
      will compensate such Affected Party for such reduction.

   

  (d)             If as a result of any event or circumstance similar to
      those described in Sections 2.11(a), 2.11(b) or 2.11(c), any Affected Party is required to compensate a bank or other financial institution providing liquidity support, credit enhancement or other similar support to such
      Affected Party in connection with this Agreement or the funding or maintenance of Advances hereunder, then within 30 days following the receipt of written demand by such Affected Party (which written demand shall be accompanied by a statement setting
      forth the basis for such demand in reasonable detail), the Borrower shall pay to such Affected Party such additional amount or amounts as may be necessary to reimburse such Affected Party for any amounts actually paid by it.

   

  (e)             In determining any amount provided for in this Section
        2.11, the Affected Party may use any reasonable averaging and attribution methods. Any Affected Party making a

   

  
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  claim under this Section 2.11 shall submit to the Borrower a certificate as to such additional or
      increased cost or reduction, which certificate shall be conclusive absent manifest error.

   

   (f)              LIBOR
        Unavailability. Notwithstanding anything to the contrary,

   

  (i)              in the event that the Administrative Agent
      shall have reasonably determined in good faith that U.S. Dollar deposits in the principal amounts of the Advances are not generally available in the London interbank market, or that the Administrative Agent has been notified in writing by the
      Majority Lenders that the rates at which such U.S. Dollar deposits are being offered will not adequately and fairly in good faith reflect the cost to the Majority Lenders of making or maintaining loans at LIBOR, or that reasonable means do not exist
      for ascertaining LIBOR, the Administrative Agent shall, as soon as practicable thereafter, notify the Borrower and the Lenders of such determination (a “LIBOR Unavailability Notice”). The Administrative Agent may rescind any such LIBOR
      Unavailability Notice in the event that the circumstances giving rise to such notice no longer exist (such notice to be provided by the Administrative Agent promptly upon written notice of the Majority Lenders that the circumstances giving rise to
      such LIBOR Unavailability Notice have ceased to exist).

   

  (ii)             In the event that LIBOR is phased out, and a
      new benchmark is established or administered by the Financial Conduct Authority or ICE Benchmark Administration or other comparable authority, and such new benchmark with a three-month maturity is readily available through Bloomberg or a comparable
      medium, then the Administrative Agent shall utilize such new benchmark with a three-month maturity for all purposes hereof in place of LIBOR.

   

  (iii)            If a LIBOR Unavailability Notice has been
      delivered but not rescinded, LIBOR cannot be determined or has been phased out and no new benchmark under clause (ii) has been established, the Administrative Agent and the Borrower shall endeavor to designate a comparable alternative
      benchmark (the “Alternative Rate”), which may include reference to the arithmetic average of the rates of interest per annum (rounded upward, if necessary, to the nearest 1/100 of 1%) at which deposits in U.S. Dollars in immediately
      available funds are offered to the Administrative Agent at 11:00 a.m. (London, England time) two (2) London business days before the beginning of such three-month period by three (3) or more major banks in the interbank Eurodollar market selected by
      the Administrative Agent for delivery on the first day of and for a period equal to such three-month period and in an amount equal or comparable to the principal amount of the portion of the Advance on which “LIBOR” is being calculated, and shall
      give notice thereof to the Borrower by telephone, facsimile, or other electronic means as promptly as practicable thereafter and, until the Administrative Agent notifies the Borrower that the circumstances giving rise to the determination of the
      Alternative Rate no longer exist or that LIBOR can be determined or a new benchmark under clause (ii) has been established, all calculations of interest by reference to LIBOR hereunder shall instead be made by reference to the Alternative
      Rate.

   

  (g)             Illegality. Notwithstanding any other provision of
      this Agreement, in the event that any Lender shall have reasonably determined in good faith that any Change in Law shall

   

  
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  make it unlawful for such Lender to fund or maintain any Advance by compliance by such
      Lender in good faith with any Law, then such Lender shall promptly notify the Administrative Agent and the Borrower, following which (a) such Lender’s obligation to fund any Advance shall be suspended until such time as such Lender may again fund and
      maintain its Advances hereunder, (b)   if a Notice of Borrowing has been submitted pursuant to Section 2.4(a) but the affected Advance has not been funded, the Borrower may revoke such Notice of Borrowing by giving written notice to the
      Administrative Agent thereof on the same day that the Borrower was notified by the Lender pursuant to this Section 2.11(g) and (c) if such Law shall so mandate, such Lender’s outstanding Advances shall be prepaid by the Borrower, together
      with accrued and unpaid interest thereon and all other amounts payable by the Borrower to such Lender under this Agreement, on the last day of the Interest Accrual Period with respect to such Advances (or before such date as shall be mandated by such
      Law), it being acknowledged that any amounts prepaid pursuant to clause (c) above may be paid with an Advance or Advances made with an interest rate calculated pursuant to the Alternative Rate.

   

  Section 2.12    Payments and Computations. (a) The Borrower
      (through the Administrative Agent pursuant to Section 2.7) shall make each payment and prepayment hereunder and under the Loan Notes in respect of principal, interest, expenses, indemnities, fees or other Obligations due from the Borrower to
      the Administrative Agent or any Lender not later than 3:00 P.M. (New York City time) on the day when due in U.S. Dollars to the Administrative Agent at its address referred to in Section 10.3 or to the Administrative Agent’s Account in
      immediately available, same-day funds. The Administrative Agent will promptly thereafter cause like funds to be distributed (i) if such payment by the Borrower is in respect of principal, interest, commitment fees or any other Obligation then payable
      hereunder and under the other Transaction Documents to more than one Lender, then to such Lenders ratably in accordance with the amounts of such respective Obligations then payable to such Lenders and (ii) if such payment by the Borrower is in
      respect of any Obligation then payable hereunder to one Lender, then to such Lender, in each case to be applied in accordance with Section 2.7. All computations of interest shall be made by the Administrative Agent on the basis of a year of
      360 days in each case for the actual number of days (including the first day but excluding the last day) occurring in the period for which such interest is payable. Each determination by the Administrative Agent of an interest rate hereunder shall be
      conclusive and binding for all purposes, absent manifest error.

   

  (b)             All payments to be made in respect of fees due hereunder
      to the Administrative Agent or any Lender from the Borrower shall be made pursuant to Section 2.7, without presentment, demand, protest or notice of any kind, all of which are hereby expressly waived by the Borrower, and without setoff,
      counterclaim or other deduction of any nature (other than with respect to Taxes pursuant to Section 2.15), and an action therefor shall immediately accrue.

   

  Section 2.13    Payment on Non-Business Days. Whenever any payment
      hereunder or under the Loan Notes shall be stated to be due on a day other than a Business Day, such payment shall be made on the next succeeding Business Day, and such extension of time shall in such case be included in the computation of payment of
      interest.

   

  
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  Section 2.14    Extension of Availability Period. (a) The Borrower
      may, by notice to the Administrative Agent following the two year anniversary of the Closing Date, request the Administrative Agent to extend the Availability Period End Date.

   

  (b)             The Administrative Agent, with the written consent of each
      Lender (other than any Defaulting Lender), shall advise the Borrower whether the Lenders agree to any requested extension of the Availability Period End Date within thirty (30) days after the Borrower has given notice to the Administrative Agent that
      it requests an extension of the Availability Period End Date; provided, that if the Lenders do not agree to any requested extension, the Borrower may renew its request for an extension at any time or from time to time prior to the end of the
      Availability Period End Date then in effect; provided further, that the Administrative Agent’s failure to respond within such period shall constitute the Administrative Agent’s denial of the requested extension.

   

  (c)             Any such request to extend the Availability Period End
      Date shall be effective only upon the written agreement of the Administrative Agent, the Lenders, the Borrower, and the Guarantor. Upon entering into such written agreement, the date referenced in the definition of “Availability Period End Date”
      shall be automatically extended for the amount of time agreed to by the Administrative Agent, the Lenders, the Borrower, and the Guarantor. This Section shall supersede any provisions in Section 10.2 to the contrary.

   

  Section 2.15     Taxes.

   

  (a)             Defined Terms. For purposes of this Section 2.15 the term
      “applicable Law” includes FATCA.

   

  (b)             Payments Free of Taxes. Any and all payments by or
      on account of any obligation of the Borrower under any Transaction Document shall be made without deduction or withholding for any Taxes, except as required by applicable Law. If any applicable Law (as determined in the good faith discretion of an
      applicable withholding agent) requires the deduction or withholding of any Tax from any such payment by a withholding agent, then the applicable withholding agent shall be entitled to make such deduction or withholding and shall timely pay the full
      amount deducted or withheld to the relevant Governmental Authority in accordance with applicable Law and, if such Tax is an Indemnified Tax, then the sum payable by the Borrower shall be increased as necessary so that after such deduction or
      withholding has been made (including such deductions and withholdings applicable to additional sums payable under this Section) the applicable Recipient receives an amount equal to the sum it would have received had no such deduction or withholding
      been made.

   

  (c)             Payment of Other Taxes by the Borrower. The
      Borrower shall timely pay to the relevant Governmental Authority in accordance with applicable Law, or at the option of the Administrative Agent timely reimburse it for the payment of, any Other Taxes.

   

  (d)             Indemnification by the Borrower. The Borrower shall
      indemnify each Recipient, within ten (10) days after demand therefor, for the full amount of any Indemnified Taxes (including Indemnified Taxes imposed or asserted on or attributable to amounts payable under this Section) payable or paid by such
      Recipient or required to be withheld or deducted from a payment

   

  
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  to such Recipient and any reasonable expenses arising therefrom or with respect thereto,
      whether or not such Indemnified Taxes were correctly or legally imposed or asserted by the relevant Governmental Authority. A certificate as to the amount of such payment or liability delivered to the Borrower by a Recipient (with a copy to the
      Administrative Agent), or by the Administrative Agent on its own behalf or on behalf of a Recipient, shall be conclusive absent manifest error.

   

  (e)             Indemnification by the Lenders. Each Lender shall
      severally indemnify the Administrative Agent, within ten (10) days after demand therefor, for (i) any Indemnified Taxes attributable to such Lender (but only to the extent that the Borrower has not already indemnified the Administrative Agent for
      such Indemnified Taxes and without limiting the obligation of the Borrower to do so), (ii) any Taxes attributable to such Lender’s failure to comply with the provisions of Section 10.8 relating to the maintenance of the Participant Register,
      and (iii) any Excluded Taxes attributable to such Lender, in each case, that are payable or paid by the Administrative Agent in connection with any Transaction Document, and any reasonable expenses arising therefrom or with respect thereto, whether
      or not such Taxes were correctly or legally imposed or asserted by the relevant Governmental Authority. A certificate as to the amount of such payment or liability delivered to any Lender by the Administrative Agent shall be conclusive absent
      manifest error. Each Lender hereby authorizes the Administrative Agent to set off and apply any and all amounts at any time owing to such Lender under any Transaction Document or otherwise payable by the Administrative Agent to the Lender from any
      other source against any amount due to the Administrative Agent under this Section 2.15(e).

   

  (f)              Evidence of Payments. As soon as practicable after
      any payment of Taxes by the Borrower to a Governmental Authority pursuant to this Section 2.15, the Borrower shall deliver to the Administrative Agent the original or a certified copy of a receipt issued by such Governmental Authority
      evidencing such payment, a copy of the return reporting such payment or other evidence of such payment reasonably satisfactory to the Administrative Agent.

   

   (g)             Status of
        Recipients.

   

  (i)              Any Recipient that is entitled to an
      exemption from or reduction of withholding Tax with respect to payments made under any Transaction Document shall deliver to the Borrower and the Administrative Agent, at the time or times reasonably requested by the Borrower or the Administrative
      Agent, such properly completed and executed documentation reasonably requested by the Borrower or the Administrative Agent as will permit such payments to be made without withholding or at a reduced rate of withholding. In addition, any Recipient, if
      reasonably requested by the Borrower or the Administrative Agent, shall deliver such other documentation prescribed by applicable Law or reasonably requested by the Borrower or the Administrative Agent as will enable the Borrower or the
      Administrative Agent to determine whether or not such Recipient is subject to backup withholding or information reporting requirements. Notwithstanding anything to the contrary in the preceding two sentences, the completion, execution and submission
      of such documentation (other than such documentation set forth in Sections 2.15(g)(ii)(A), (ii)(B) and (ii)(D) below) shall not be required if in the Recipient’s reasonable judgment such completion, execution or submission
      would subject such Recipient to any material unreimbursed cost or expense or would materially prejudice the legal or commercial position of such Recipient.

   

  
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  (ii)           Without limiting the generality of the
      foregoing,

   

  (A)             any Recipient that is a U.S. Person shall
      deliver to the Borrower and the Administrative Agent on or prior to the date on which such Recipient becomes a Recipient under this Agreement (and from time to time thereafter upon the reasonable request of the Borrower or the Administrative Agent),
      executed originals of IRS Form W-9 certifying that such Recipient is exempt from U.S. federal backup withholding tax;

   

  (B)             any Recipient that is not a U.S. Person shall,
      to the extent it is legally entitled to do so, deliver to the Borrower and the Administrative Agent (in such number of copies as shall be requested by the Borrower or Administrative Agent) on or prior to the date on which such Recipient becomes a
      Recipient under this Agreement (and from time to time thereafter upon the reasonable request of the Borrower or the Administrative Agent), whichever of the following is applicable:

   

  (1)               in the case of a Recipient claiming the
      benefits of an income tax treaty to which the United States is a party (x) with respect to payments of interest under any Transaction Document, executed originals of IRS Form W-8BEN or W-8BEN-E, as applicable, establishing an exemption from, or
      reduction of, U.S. federal withholding Tax pursuant to the “interest” article of such tax treaty and (y) with respect to any other applicable payments under any Transaction Document, IRS Form W-8BEN or W-8BEN-E, as applicable, establishing an
      exemption from, or reduction of, U.S. federal withholding Tax pursuant to the “business profits” or “other income” article of such tax treaty;

   

   (2)               executed

      originals of IRS Form W-8ECI;

   

  (3)               in the case of a Recipient claiming the
      benefits of the exemption for portfolio interest under Section 881(c) of the Internal Revenue Code, (x) a certificate (in a form reasonably acceptable to the Borrower) to the effect that such Recipient is not a “bank” within the meaning of Section
      881(c)(3)(A) of the Internal Revenue Code, a “10 percent shareholder” of the Borrower within the meaning of Section 881(c)(3)(B) of the Internal Revenue Code, or a “controlled foreign corporation” described in Section 881(c)(3)(C) of the Internal
      Revenue Code (a “U.S. Tax Compliance Certificate”) and (y) executed originals of IRS Form W-8BEN or W-8BEN-E, as applicable; or

   

  (4)               to the extent a Recipient is not the
      beneficial owner, executed originals of IRS Form W-8IMY, accompanied by IRS Form W-8ECI, IRS Form W-8BEN or W-8BEN-E, a U.S. Tax Compliance Certificate, IRS Form W-9 or other certification documents from each beneficial owner, as applicable; provided
      that if the Recipient is a partnership and one or more direct or indirect partners of such Recipient are claiming the portfolio interest exemption, such Recipient may provide a

   

  
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  U.S. Tax Compliance Certificate on behalf of each such direct and indirect partner;

   

  (C)             any Recipient which is not a U.S. Person shall,
      to the extent it is legally entitled to do so, deliver to the Borrower and the Administrative Agent (in such number of copies as shall be requested by the recipient) on or prior to the date on which such Recipient becomes a Recipient under this
      Agreement (and from time to time thereafter upon the reasonable request of the Borrower or the Administrative Agent), executed originals of any other form prescribed by applicable Law as a basis for claiming exemption from or a reduction in U.S.
      federal withholding Tax, duly completed, together with such supplementary documentation as may be prescribed by applicable Law to permit the Borrower or the Administrative Agent to determine the withholding or deduction required to be made; and

   

  (D)             if a payment made to a Recipient under any
      Transaction Document would be subject to U.S. federal withholding Tax imposed by FATCA if such Recipient were to fail to comply with the applicable reporting requirements of FATCA (including those contained in Section 1471(b) or 1472(b) of the
      Internal Revenue Code, as applicable), such Recipient shall deliver to the Borrower and the Administrative Agent at the time or times prescribed by Law and at such time or times reasonably requested by the Borrower or the Administrative Agent such
      documentation prescribed by applicable Law (including as prescribed by Section 1471(b)(3)(C)(i) of the Internal Revenue Code) and such additional documentation reasonably requested by the Borrower or the Administrative Agent as may be necessary for
      the Borrower and the Administrative Agent to comply with their obligations under FATCA and to determine that such Recipient has complied with such Recipient’s obligations under FATCA or to determine the amount to deduct and withhold from such
      payment. Solely for purposes of this clause (d), “FATCA” shall include any amendments made to FATCA after the date of this Agreement.

   

  Each Recipient agrees that if any form or certification it previously
      delivered expires or becomes obsolete or inaccurate in any respect, it shall update such form or certification or promptly notify the Borrower and the Administrative Agent in writing of its legal inability to do so.

   

   (h)             [Reserved].

   

  (i)              Treatment of Certain Refunds. If any party
      determines, in its sole discretion exercised in good faith, that it has received a refund of any Taxes as to which it has been indemnified pursuant to this Section 2.15 (including by the payment of additional amounts pursuant to this Section

        2.15), it shall pay to the indemnifying party an amount equal to such refund (but only to the extent of indemnity payments made under this Section with respect to the Taxes giving rise to such refund), net of all out-of-pocket expenses
      (including Taxes) of such indemnified party and without interest (other than any interest paid by the relevant Governmental Authority with respect to such refund). Such indemnifying party, upon the request of such indemnified party, shall repay to
      such indemnified party the amount paid over pursuant to this Section 2.15(i) (plus

   

  
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  any penalties, interest or other charges imposed by the relevant Governmental Authority) in
      the event that such indemnified party is required to repay such refund to such Governmental Authority. Notwithstanding anything to the contrary in this Section 2.15(i), in no event will the indemnified party be required to pay any amount to
      an indemnifying party pursuant to this Section 2.15(i) the payment of which would place the indemnified party in a less favorable net after -Tax position than the indemnified party would have been in if the Tax subject to indemnification and
      giving rise to such refund had not been deducted, withheld or otherwise imposed and the indemnification payments or additional amounts with respect to such Tax had never been paid. This Section 2.15(i) shall not be construed to require any
      indemnified party to make available its Tax returns (or any other information relating to its Taxes that it deems confidential) to the indemnifying party or any other Person.

   

  (j)              Survival. Each party’s obligations under this Section

        2.15 shall survive the resignation or replacement of the Administrative Agent or any assignment of rights by, or the replacement of, a Lender, the termination of the Commitments and the repayment, satisfaction or discharge of all obligations
      under any Transaction Document.

   

  Section 2.16    Defaulting Lenders. (a) Notwithstanding any
      provision of this Agreement to the contrary, if any Lender becomes a Defaulting Lender, then the following provisions shall apply for so long as such Lender is a Defaulting Lender:

   

  (i)              The Non-Usage Fee shall cease to accrue on the Commitment of such
      Defaulting Lender pursuant to Section 2.5; and

   

  (ii)             the Commitment of such Defaulting Lender
      shall not be included in determining whether all Lenders or the Majority Lenders, as applicable, have taken or may take any action hereunder (including any consent to any amendment or waiver pursuant to Section 10.2); provided that
      any waiver, amendment or modification requiring the consent of all Lenders or each affected Lender which affects such Defaulting Lender differently than other affected Lenders shall require the consent of such Defaulting Lender.

   

  (b)             If the Borrower and the Administrative Agent agree in
      writing that a Lender is no longer a Defaulting Lender, the Administrative Agent shall so notify the parties hereto, whereupon as of the effective date specified in such notice and subject to any conditions set forth therein, that Lender shall
      purchase at par such of the Advances of the other Lenders as the Administrative Agent shall determine may be necessary in order for such Lender to hold such Advances in accordance with its Applicable Percentage, whereupon such Lender will cease to be
      a Defaulting Lender; provided that no adjustments will be made retroactively with respect to fees accrued or payments made by or on behalf of the Borrower while that Lender was a Defaulting Lender; provided, further, that
      except to the extent otherwise expressly agreed by the affected parties, no change hereunder from Defaulting Lender to Lender will constitute a waiver or release of any claim of any party hereunder arising from that Lender having been a Defaulting
      Lender.

   

  Section 2.17        Security Interest. (a) Subject to the terms
      of the Initial Acknowledgment Agreement and the Acknowledgment Agreements (as applicable), the Borrower hereby grants, pledges and assigns to the Administrative Agent (on behalf of and for the ratable benefit of each Secured Party) as security for
      the payment and performance by the Borrower of

   

  
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  the Obligations, a security interest in all of the Borrower’s right, title and interest in,
      to and under, in any case, whether now held or hereafter acquired (i) all Fannie Mae MSRs; (ii) all Freddie Mac MSRs; (iii) all Ginnie Mae MSRs; (iv) the Borrower’s rights (but not its obligations) under the Transaction Documents including without
      limitation, any rights to receive payments thereunder or any rights to collateral thereunder whether now held or hereafter acquired, now existing or hereafter created; (v) all collateral however defined or described under the Transaction Documents to
      the extent not otherwise included above; (vi) all Related Security; (vii) [reserved]; (viii) all Records relating to and all proceeds of the foregoing (collectively, (i)-(viii), the “MSR Collateral”), and (ix) all Additional Collateral
      (collectively, the “Borrower Collateral”). Notwithstanding anything herein to the contrary, the term “Borrower Collateral” shall not include, and the grant, pledge and assignment of a security interest contained in this Section 2.17 shall not
      include a security interest in any Excluded Collateral.

   

  (b)             Additionally, the Guarantor hereby grants, pledges and
      assigns to the Administrative Agent (on behalf of and for the ratable benefit of each Secured Party) as security for the payment and performance by the Borrower of the Obligations and the Guarantor of the Guaranteed Obligations, a security interest
      in all of the Guarantor’s right, title and interest in, to and under, in any case, whether now owned or hereafter acquired, all Additional Guarantor Collateral (together with the Borrower Collateral, the “Collateral”). For the avoidance of
      doubt, each grant, pledge, or assignment of the Collateral hereunder shall, subject to the rights of Freddie Mac under the Initial Freddie Mac Acknowledgment Agreement and the Freddie Mac Acknowledgment Agreement (as applicable), include all of the
      Borrower’s and Guarantor’s rights, but not its obligations, with respect to such Collateral.

   

  (c)             The parties acknowledge that the Agencies have certain
      rights under the Initial Acknowledgment Agreement and Acknowledgment Agreements (as applicable), including the right to cause the Borrower to transfer servicing to a transferee servicer under certain circumstances as more particularly set forth
      therein. The transferee servicer shall have all the rights and remedies against the Borrower and the Collateral as set forth herein and under the UCC.

   

   (d)            [Reserved.]

   

  (e)             Each of the Borrower and the Guarantor will promptly, at
      its respective expense, execute and deliver such instruments, financing and continuation statements and documents and take such other actions as the Administrative Agent may reasonably request from time to time in order to perfect, protect, evidence,
      exercise and enforce the Administrative Agent’s and each Lender’s interests, rights and remedies under and with respect to the Transaction Documents, the Advances and the Assets. To the extent the Borrower or the Guarantor has filed or caused the
      filing of any document as provided above, the Borrower or the Guarantor, as applicable, shall deliver to the Administrative Agent file-stamped copies of, or filing receipts for, any document recorded, registered or filed as provided above, as soon as
      available following such recording, registration or filing.

   

  (f)              If the Borrower fails to perform any of its Obligations,
      then the Administrative Agent may (but shall not be required to) perform or cause to be performed such Obligation, and the costs and expenses incurred by the Administrative Agent in connection therewith shall be payable by the Borrower. Without
      limiting the generality of the foregoing, if

   

  
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  the Borrower fails to perform any of its Obligations, the Borrower authorizes the
      Administrative Agent, at the option of the Administrative Agent and the expense of the Borrower, at any time and from time to time, to take all actions and pay all amounts that the Administrative Agent reasonably deems necessary or appropriate to
      protect, enforce, preserve, insure, service, administer, manage, perform, maintain, safeguard, collect or realize on the Assets, including the right to liquidate the Assets, and the Administrative Agent’s Liens and interests therein or thereon and to
      give effect to the intent of the Transaction Documents. No Potential Event of Default or Event of Default shall be cured by the payment or performance of any Obligation by the Administrative Agent on behalf of the Borrower. The Administrative Agent
      may make any such payment in accordance with any bill, statement or estimate procured from the appropriate public office or holder of the claim to be discharged without inquiry into the accuracy of such bill, statement or estimate or into the
      validity of any tax assessment, sale, forfeiture, Tax Lien, title or claim except to the extent such payment is being contested in good faith by the Borrower in appropriate proceedings and against which adequate reserves are being maintained in
      accordance with GAAP.

   

  (g)             Upon termination of this Agreement, Administrative Agent
      shall release its security interests in the Collateral and promptly file termination statements with respect to each financing statement filed pursuant to this Section 2.17 and take such other action as may reasonably be requested by the
      Borrower or Guarantor to evidence such release. If evidence of filing such termination statements has not been delivered to the Borrower or Guarantor, as applicable, within ten (10) days of termination of this Agreement, the Administrative Agent
      hereby authorizes the Borrower or the Guarantor, as applicable, to file such termination statements.

   

  Section 2.18        Limited Pledge of Fannie Mae Servicing.
      Notwithstanding anything to the contrary contained herein or in any of the other Transaction Documents, the pledge of the Borrower’s right, title and interest in the Fannie Mae MSRs under the Fannie Mae Lender Contract identified on the Schedule of
      Assets shall only secure the Borrower’s indebtedness and obligations to the Administrative Agent and each Lender incurred for (i) the purposes of securing (a) a warehouse line of credit and used for one of the purposes set forth in clauses (b) or
      (c), (b) a loan whose proceeds have been or will be used to acquire or retain through its origination activities rights in the Fannie Mae Lender Contract in accordance with the provisions of the Fannie Mae Selling Guide and the Fannie Mae Servicing
      Guide by the Borrower, (c) a loan whose proceeds have been or will be used to purchase from another mortgage banking company the contract right to service Mortgage Loans, or to purchase assets of, or stock issued by, such company, or (ii) any other
      purpose which Fannie Mae, in its sole and absolute discretion, considers to be consistent with the purposes of the Fannie Mae Acknowledgment Agreement to be executed among the Borrower, the Administrative Agent and Fannie Mae; provided, that the
      foregoing provisions of this paragraph shall be deemed automatically supplemented or amended if and to the extent Fannie Mae supplements or amends the corresponding requirement, whether in its rules, regulations, guides, Fannie Mae Lender Contract,
      Fannie Mae Acknowledgment Agreement or published announcements or otherwise waives or grants exceptions from such requirement, and in each instance, with the same substantive force and effect; and provided further that the security interest created
      hereby is and shall be subject to the following condition and such provision below shall be included in each financing statement filed in respect hereof (defined terms used below shall have the meaning set forth in the Fannie Mae Acknowledgment
      Agreement):

   

  
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  “The Security Interest described in this financing statement is subordinate to all rights
      of Fannie Mae under (i) the terms of an Acknowledgment Agreement, with respect to the Security Interest among Fannie Mae, Home Point Financial Corporation (the “Debtor”) and Goldman Sachs Bank USA, as Administrative Agent for Lenders and (ii)
      the Mortgage Selling and Servicing Contract, the Fannie Mae Selling Guide, the Fannie Mae Servicing Guide and all supplemental servicing instructions or directives provided by Fannie Mae, all applicable master agreements, recourse agreements,
      repurchase agreements, indemnification agreements, loss-sharing agreements, and any other agreements between Fannie Mae and the Debtor, and all as amended, restated or supplemented from time to time (collectively, the “Fannie Mae Lender Contract”),

      which rights include the right of Fannie Mae to terminate the Fannie Mae Lender Contract with or without cause and the right to sell, or have transferred, the Servicing Rights.”

   

  Section 2.19    Limited Pledge of Freddie Mac Servicing.
      Notwithstanding anything to the contrary contained herein or in any of the other Transaction Documents, the pledge of the Borrower’s right, title and interest in the Freddie Mac MSRs under the Freddie Mac Servicing Contract identified on the Schedule
      of Assets shall only secure the Borrower’s indebtedness and obligations to the Administrative Agent and each Lender incurred for the following limited purposes: (i) to fund the Borrower’s purchase of additional servicing portfolios; (ii) to effect
      the Borrower’s purchase of a mortgage banking company; (iii) to fund the Borrower’s working capital consistent with its residential mortgage business operations or (iv) any other purpose which Freddie Mac, in its sole and absolute discretion,
      considers to be consistent with the purposes of the Initial Freddie Mac Acknowledgment Agreement or the Freddie Mac Acknowledgment Agreement, as applicable; provided, that the foregoing provisions of this paragraph shall be deemed
      automatically supplemented or amended if and to the extent Freddie Mac supplements or amends the corresponding requirement, whether in its rules, regulations, guides, Freddie Mac Servicing Contract, Initial Freddie Mac Acknowledgment Agreement,
      Freddie Mac Acknowledgment Agreement or published announcements or otherwise waives or grants exceptions from such requirement, and in each instance, with the same substantive force and effect; and provided further that the security
      interest created hereby shall, following execution of the Initial Freddie Mac Acknowledgment Agreement, and the Freddie Mac Acknowledgment Agreement, as applicable be subject to the following condition and such provision below shall be included in
      each financing statement filed in respect hereof after execution of the Initial Freddie Mac Acknowledgment Agreement and the Freddie Mac Acknowledgment Agreement, as applicable (defined terms used below shall have the meaning set forth in the Initial
      Freddie Mac Acknowledgment Agreement and the Freddie Mac Acknowledgment Agreement, once executed):

   

  “Notwithstanding anything to the contrary herein, the security interest publicized or
      perfected by this financing statement is subject and subordinate in each and every respect (a) to all rights, powers and prerogatives of the Federal Home Loan Mortgage Corporation (“Freddie Mac”) under and in connection with the Purchase

   

  
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  Documents, as that term is defined in the Freddie Mac Single-Family Seller/Servicer Guide,
      which rights include, without limitation, the right of Freddie Mac to disqualify (in whole or in part) the debtor named herein as an approved Freddie Mac Seller/Servicer, with or without cause, and the right to terminate (in whole or in part) the
      unitary, indivisible master servicing contract and to transfer and sell all or any portion of said servicing contract rights, as provided in the Purchase Documents; and (b) to all claims of Freddie Mac arising out of or relating to any and all
      breaches, defaults and outstanding obligations of the debtor to Freddie Mac.”

   

  Section 2.20    Limited Pledge of Ginnie Mae Servicing. The
      Administrative Agent and each additional Lender acknowledge and agree that (x) the Borrower is entitled to servicing income with respect to a given mortgage pool only so long as Borrower is a Ginnie Mae approved issuer; (y) upon the Borrower’s loss
      of such approved issuer status, the Administrative Agent and each additional Lender’s rights to any servicing income related to a given mortgage pool also terminate; and (z) the pledge of the Borrower’s rights to servicing income conveys no rights
      (such as a right to become a substitute servicer or issuer) that are not otherwise specifically provided for in the Ginnie Mae Contract, provided that this sentence shall automatically be deemed amended or modified if and to the extent Ginnie Mae
      amends the Ginnie Mae Contract, the applicable Acknowledgment Agreement, if any, or published announcements and provided further that the security interest created hereby is subject to the following provision to be included in each financing
      statement filed in respect hereof:

   

  Notwithstanding anything to the contrary set forth herein:

   

  (a)             The property subject to the security interest
      reflected in this instrument includes all of the right, title and interest of Home Point Financial Corporation (“Debtor”) in certain mortgages and/or participation interests related to such mortgages (“Pooled Mortgages”), and pooled under the
      mortgage-backed securities program of the Government National Mortgage Association (“Ginnie Mae”), pursuant to section 306(g) of the National Housing Act, 12 U.S.C. § 1721(g);

   

  (b)             To the extent that the security interest reflected
      in this instrument relates in any way to the Pooled Mortgages, such security interest is subject and subordinate to all rights, powers and prerogatives of Ginnie Mae, whether now existing or hereafter arising, under and in connection with: (i) 12
      U.S.C. § 1721(g) and any implementing regulations; (ii) the terms and conditions of that certain Acknowledgment Agreement, dated as of July 11, 2019, with respect to the Security Interest, by and among Ginnie Mae, Debtor and Goldman Sachs Bank USA,
      as administrative agent; (iii) applicable Guaranty Agreements and contractual agreements between Ginnie Mae and the Debtor; and (iv) the Ginnie Mae Mortgage-Backed Securities Guide, Handbook 5500.3 Rev. 1, and other applicable guides (items (i),
      (iii) and (iv), collectively, the “Ginnie Mae Contract”);

   

  (c)             Such rights, powers and prerogatives of Ginnie Mae
      include, but are not limited to, Ginnie Mae’s right, by issuing a letter of extinguishment to Debtor, to

   

  
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  effect and complete the extinguishment of all redemption, equitable, legal or other
      right, title or interest of the Debtor in the Pooled Mortgages, in which event the security interest as it relates in any way to the Pooled Mortgages shall instantly and automatically be extinguished as well; and

   

  (d)             For purposes of clarification, “subject and
      subordinate” in clause (2) above means, among other things, that any cash held by Goldman Sachs Bank USA as collateral and any cash proceeds received by Goldman Sachs Bank USA in respect of any sale or other disposition of, collection from,
      or other realization upon, all or any part of the collateral may only be applied by Goldman Sachs Bank USA to the extent that such proceeds have been received by, or for the account of, the Debtor free and clear of all Ginnie Mae rights and other
      restrictions on transfer under applicable Ginnie Mae guidelines; provided that this clause (4) shall not be interpreted as establishing rights in favor of Ginnie Mae except to the extent that such rights are reflected in, or arise under, the
      Ginnie Mae Contract.

   

  Section 2.21        Commitment Increase. Following execution of
      Acknowledgment Agreements with all Agencies, the Borrower may request an increase to the Aggregate Commitment, provided that any such request shall be subject to the following conditions: (a) any such increase of the Aggregate Commitment will be
      effective only upon the written agreement of the Administrative Agent, the applicable Lenders that will commit to the increase, the Borrower, and the Guarantor, and (b) the Administrative Agent shall have the right to elect to take all or any portion
      of the amount of such requested increase notwithstanding its percentage of the Aggregate Commitment at the time of such request. The Administrative Agent will respond to any such request, on behalf of the applicable Lenders, within fifteen (15)
      Business Days; provided, that the Administrative Agent’s failure to respond within such period shall be deemed to be a rejection of the requested increase. In the event that an increase requested in accordance with the terms of this Section

        2.21 shall be rejected, or deemed rejected, then an additional Lender identified by the Borrower may be made party to this Agreement; provided, however, that (i) GS Bank shall retain majority voting rights hereunder, and (ii)
      the addition of such Lender must be consented to in writing by the Administrative Agent (such consent not to be unreasonably withheld, conditioned or delayed).

   

  Section 2.22    Base Servicing Fee Increases. Upon written notice
      to the Borrower by any Agency of the need to improve or maintain adequate performance of servicing activities or to comply with the applicable Agency Requirements, the Borrower shall deliver such notice to the Administrative Agent within five (5)
      Business Days of receipt. Such notice from the Borrower shall include a request to increase the Base Servicing Fee Rate. The Base Servicing Fee Rate shall be adjusted to address the necessary additional costs required to comply with such notice from
      the applicable Agency. The Base Servicing Fee Rate shall become effective on the next Monthly Payment Date, but no less than thirty (30) days after delivery of such notice from Borrower to the Administrative Agent and no more than sixty (60) days
      from the date of delivery of such notice from such Agency. Upon request therefor by the Administrative Agent, the Borrower shall deliver to the Administrative Agent a written notice setting forth in reasonable detail the basis for any such proposed
      increase.

   

  
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  ARTICLE III

   

  CONDITIONS OF LENDING AND CLOSING

   

  Section 3.1    Conditions
        Precedent to Closing . The effectiveness of this Agreement and the obligations of the parties hereto are subject to the condition precedent that the Lenders shall have received or waived receipt of the following on or prior to the Closing Date
      (unless otherwise noted):

   

  (a)        Transaction Documents
        and other Closing Documents. Each of the Transaction Documents (other than the Freddie Mac Acknowledgment Agreement and the Ginnie Mae Acknowledgment Agreement) shall be executed on or before the Closing Date, shall be in full force and effect
      and all consents, waivers and approvals necessary for the consummation of the transactions contemplated thereby shall have been obtained and shall be in full force and effect, and the Administrative Agent shall have received a duly executed
      counterpart thereof; provided that, to the extent the Borrower has used commercially reasonable efforts to obtain the Account Control Agreement prior to the Closing Date and is unable to do so without undue burden or expense, the Account
      Control Agreement may be delivered no later than thirty (30) days (or such later date as may be reasonably agreed by the Administrative Agent) after the Closing Date.

   

  (b)         Receipt of Loan
        Notes. The Administrative Agent shall have received a duly executed Loan Note for each Lender that has requested the same.

   

  (c)         Reserved.

   

  (d)         Know Your Customer
        Information. The Administrative Agent shall have received all documentation and other information required by regulatory authorities under applicable “Know Your Customer” and anti-money laundering rules and regulations, including the Patriot
      Act.

   

  (e)         Payment of Fees.
      On or prior to the Closing Date, the Borrower shall have paid all fees, including the Upfront Fee, previously agreed in writing to be paid on or prior to the Closing Date.

   

  (f)         Enforceability of
        Loan Note. Each Loan Note shall be entitled to the benefit of the security provided herein and shall constitute the legal, valid and binding agreement of the Borrower, enforceable against the Borrower in accordance with its terms (except as
      such enforceability may be limited by bankruptcy, insolvency, reorganization, moratorium or other similar laws now or hereafter in effect relating to creditors’ rights generally or general principals of equity (regardless of whether such enforcement
      is considered in a proceeding in equity or at law)).

   

  (g)        Evidence of Insurance.
      The Administrative Agent shall have received certification evidencing coverage under the insurance policies referred to in Section 5.1(w) and evidence that the Borrower and the Guarantor have added Administrative Agent as an additional loss
      payee under the insurance policies referred to in Section 5.1(w).

   

  

    

  
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  (h)         Security Interest.
      Evidence that all other actions necessary or, in the opinion of Administrative Agent, desirable to perfect and protect Administrative Agent’s interest in the Assets have been taken, including, without limitation, duly authorized and filed Uniform
      Commercial Code financing statements on Form UCC-1.

   

  (i)          Organizational
        Documents. A certificate of the corporate secretary of the Borrower and of the Guarantor in form and substance acceptable to Administrative Agent, attaching certified copies of the Borrower’s and the Guarantor’s charter, bylaws and corporate
      resolutions approving the Transaction Documents and Transactions thereunder (either specifically or by general resolution), and all documents evidencing other necessary corporate action or governmental approvals as may be required in connection with
      the Transaction Documents.

   

  (j)          Good Standing
        Certificate. A certified copy of a good standing certificate or equivalent from the jurisdiction of organization of the Borrower and the Guarantor, dated no earlier than the date ten (10) Business Days prior to the Closing Date.

   

  (k)         Incumbency
        Certificate. An incumbency certificate of the corporate secretary of the Borrower and of the Guarantor, certifying the names, true signatures and titles of the representatives duly authorized to request transactions hereunder and to execute the
      Transaction Documents.

   

  (l)         Due Diligence Review.
      The Administrative Agent shall have completed, to its satisfaction, its due diligence review of the Borrower, the Guarantor, the Assets, the Agencies and such other matters as the Administrative Agent and the Lenders shall have determined in the
      exercise of their reasonable discretion are necessary and proper for the execution, deliver and performance under this Agreement and the Transaction Documents.

   

  (m)        Legal Opinions.
      The Administrative Agent shall have received usual and customary legal opinions in form and substance satisfactory to Administrative Agent and its counsel (including, but not limited to, those regarding corporate matters, enforceability and security
      interest perfection).

   

  Section 3.2     Conditions
        Precedent to All Advances. The obligation of each Lender to make or participate in each Advance (including the initial Advances hereunder) shall be subject, at the time thereof, to the satisfaction of the following conditions:

   

  (a)         Representations and
        Warranties. All of the representations and warranties of the Borrower and of the Guarantor contained in this Agreement and the other Transaction Documents shall be true and correct in all material respects (except for those representations and
      warranties that are qualified by materiality, in which case such representations and warranties shall be true and correct in all respects) with the same effect as though such representations and warranties had been made on and as of the date of such
      Advance, except to the extent that such representations and warranties expressly relate to an earlier specified date or period, in which case such representations and warranties shall have been true and correct in all material respects (except for
      those representations and warranties that are qualified by materiality, in which case such representations and warranties shall be true and correct in all respects) as of the date when made or for the respective period, as the case may be.

   

  

    

  
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  (b)        No Event of Default;
        No Potential Event of Default. No Potential Event of Default or Event of Default has occurred and is continuing or would occur or be continuing immediately after giving effect to such Advance.

   

  (c)         [Reserved].

   

  (d)        No Borrowing Base
        Deficiency or Funding Base Deficiency. No Borrowing Base Deficiency or Funding Base Deficiency shall exist immediately prior and after giving effect to such Transaction.

   

  (e)         Availability Period. The Availability
      Period shall not have terminated, nor shall it have terminated immediately after giving effect to such Advance.

   

  (f)         Notice of Borrowing.
      In accordance with Section 2.4, the Administrative Agent shall have received a properly completed Notice of Borrowing and a Borrowing Base Certificate, including a Schedule of Assets and a Schedule of Ineligible Assets from the Borrower.

   

  (g)        Requirements of Law.
      None of the Administrative Agent or any Lender shall have determined that the introduction of any Applicable Law or a Change in Law or in the interpretation or administration of any Applicable Law applicable to the Administrative Agent or such Lender
      has made it unlawful, and no Governmental Authority shall have asserted that it is unlawful, for the Administrative Agent or such Lender to make any Advance.

   

  (h)        No Material Adverse Change. Since the
      Closing Date, there has been no Material Adverse Change.

   

  (i)          Fees. Each Lender shall have
      received payment in full of all fees and expenses which are due and payable hereunder to such Lender on or before such date.

   

  (j)          Maximum Draw.
      After the Closing Date and the initial Advance, no more than [***] of the Aggregate Commitment may be drawn in any rolling thirty (30) day period, unless otherwise agreed by the Administrative Agent.

   

  ARTICLE IV

   

  REPRESENTATIONS AND WARRANTIES

   

  Section 4.1     Representations
        and Warranties of the Borrower and the Guarantor. Each of the Borrower and the Guarantor represents and warrants to the Administrative Agent and each Lender as of the Closing Date, as of each Borrowing Date and as of each Monthly Payment Date,
      as follows:

   

  (a)        Organization; Corporate
        Powers. Each of the Borrower and the Guarantor (i)   is a duly organized and validly existing corporation, in good standing under the laws of the State of New Jersey and the State of Delaware, as applicable, (ii) has the corporate power and
      authority to own its property and assets and to transact the business in which it is engaged and presently proposes to engage, and (iii) is duly qualified, in good standing and is authorized to do

   

  

    

  
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  business in every jurisdiction where its assets are
      located and wherever necessary to carry out its business and operations, except in jurisdictions where the failure to be so qualified or in good standing has not had, and would not be reasonably expected to have, a Material Adverse Effect.

   

  (b)         Authority and
        Enforceability. Each of the Borrower and the Guarantor has the corporate or other organizational power and authority to execute, deliver and carry out the terms and provisions of the Transaction Documents to which it is party and has taken all
      necessary company or other organizational action to authorize the execution, delivery and performance of the Transaction Documents to which it is party. Each of the Borrower and the Guarantor has duly executed and delivered each Transaction Document
      to which it is party and each Transaction Document to which it is party constitutes the legal, valid and binding agreement and obligation of it enforceable in accordance with its terms, except to the extent that the enforceability thereof may be
      limited by applicable bankruptcy, insolvency, reorganization, moratorium or similar laws generally affecting creditors’ rights and by equitable principles (regardless of whether enforcement is sought in equity or at law).

   

  (c)         Equity Interests and
        Ownership. Schedule 4.1(c) correctly sets forth the ownership interest of the Borrower, the Guarantor, and each of their Subsidiaries in their respective Subsidiaries as of the Closing Date. Except as set forth on Schedule 4.1(c),
      as of the Closing Date, there is no existing option, warrant, call, right, commitment or other agreement to which the Borrower or the Guarantor is a party requiring, and there is no membership interest or other Equity Interests of the Borrower or the
      Guarantor outstanding which upon conversion, exchange or exercise would require, the issuance by the Borrower or the Guarantor of any additional membership interests or other Equity Interests of the Borrower or the Guarantor or other Securities
      convertible into or exchangeable or exercisable for or evidencing the right to subscribe for or purchase, a membership interest or other Equity Interests of the Borrower or the Guarantor, and no Securities or obligations evidencing any such rights
      are authorized, issued or outstanding.

   

  (d)         No Conflict. The
      execution, delivery and performance by each of the Borrower and the Guarantor of the Transaction Documents to which it is a party and the consummation of the transactions contemplated by the Transaction Documents do not and shall not (a) violate (i)
      any Applicable Law which violation would reasonably be expected to have a Material Adverse Effect, (ii) any of the organizational documents of the Borrower or the Guarantor, (iii) any order, judgment, injunction or decree of any court or other agency
      of government binding on the Borrower or the Guarantor, or (iv) any indenture, loan agreement, warehouse line of credit, repurchase agreement, mortgage, deed of trust, servicing contract or any other material contractual obligation of the Borrower or
      the Guarantor except to the extent such violation would not reasonably be expected to have a Material Adverse Effect; (b) result in or require the creation or imposition of any Lien upon any of the properties or assets of the Borrower or the
      Guarantor (other than any Liens created under any of the Transaction Documents in favor of the Administrative Agent on behalf of the Secured Parties); or (c) require any approval of stockholders, members or partners or any approval or consent of any
      Person under any material contractual obligation of the Borrower or the Guarantor, except for such approvals or consents which have been obtained on or before the Closing Date.

   

  (e)         Government Approvals.
      Except any which have been obtained, no order, consent, authorization, approval, license, or validation of, or filing recording, registration with, or

   

  

    

  
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  exemption by, any Governmental Authority is required
      to authorize or is required as a condition to: (i) the execution, delivery and performance by the Borrower or the Guarantor of any Transaction Document to which it is a party or any of its obligations thereunder or (ii) the legality, validity,
      binding effect or enforceability of any Transaction Document to which the Borrower or the Guarantor is a party.

   

  (f)          Solvency. Each
      of the Borrower and the Guarantor is solvent and will not be rendered insolvent as a result of entering into any Transaction and, after giving effect to each Transaction, will not be left with an unreasonably small amount of capital with which to
      engage in its business. Borrower and Guarantor neither intend to incur, nor believe that it has incurred, debts beyond its ability to pay such debts as they mature and is not contemplating, and is not aware of any Person threatening, the commencement
      of insolvency, bankruptcy, liquidation or consolidation proceedings or the appointment of a receiver, liquidator, conservator, trustee or similar official in respect of such entity or any of its assets. Neither Borrower nor Guarantor is selling
      and/or pledging any Assets with any intent to hinder, delay or defraud any of its creditors.

   

  (g)         True and Complete
        Disclosure. All information, reports, exhibits, schedules, financial statements or certificates of the Borrower, the Guarantor, or any Affiliate thereof furnished or to be furnished to the Administrative Agent in connection with the initial or
      any ongoing due diligence of the Borrower, the Guarantor, or any Affiliate thereof, or the negotiation, preparation, or delivery of the Transaction Documents, are true and complete in all material respects. The written information (other than
      financial projections, forward looking statements, and information of a general economic or industry specific nature) that has been made available to the Administrative Agent or any Lender by or on behalf of the Borrower, the Guarantor, or any
      Affiliate thereof in connection with the Transactions hereunder, when taken as a whole, does not, when furnished, contain any untrue statement of a material fact or omit to state a material fact necessary in order to make the statements contained
      therein not materially misleading in the light of the circumstances under which such statements are made; provided that with respect to projected financial information, the Borrower represents on behalf of itself and each Subsidiary, only
      that such information was prepared in good faith based upon assumptions believed to be reasonable at the time, it being understood that such projections as to future events are not to be viewed as facts and that actual financials during the period or
      periods covered by any such projections may differ from the projected results.

   

  (h)        Financial Statements.
      The financial statements of the Borrower and of the Guarantor delivered to the Administrative Agent on or prior to the Closing Date fairly present in all material respects on a consolidated basis the assets, liabilities and financial position of the
      Borrower and the Guarantor as at the dates of such financial statements, and the results of the operations and changes of financial position for the periods then ended (other than customary year-end adjustments for unaudited financial statements).
      For the avoidance of doubt, the financial statements described in the preceding sentence (the receipt of which is hereby acknowledged by the Administrative Agent) consist of copies of (a) each of the Borrower’s and Guarantor’s balance sheets for the
      fiscal years of Borrower and Guarantor ended December 31, 2016 and December 31, 2017 and the related statements of income, cash flows, and shareholders’ equity for Borrower and Guarantor for such fiscal years, with the opinion thereon of Borrower’s
      and Guarantor’s independent accountants and (b) the Borrower’s balance sheet for the quarterly fiscal period of

   

  

    

  
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  Borrower ended September 30, 2018 and the related
      statement of income for the Borrower for such quarterly fiscal period. All such financial statements are complete and correct and fairly present, in all material respects, the financial condition of the Borrower and the Guarantor and the results of
      their respective operations as at such dates and for such fiscal periods, all in accordance with GAAP applied on a consistent basis. Since the date of the most recent financial statements referenced above for each of the Borrower and the Guarantor,
      there has been no Material Adverse Change in the consolidated business, operations or financial condition of the Borrower or the Guarantor from that set forth in such financial statements nor is the Borrower or the Guarantor aware of any state of
      facts which (with notice or the lapse of time) would or could result in any such Material Adverse Change. The Borrower and the Guarantor each have, on the date of the statements delivered pursuant to this clause (h) no material liabilities,
      direct or indirect, fixed or contingent, matured or unmatured, known or unknown, or material liabilities for taxes, long- term leases or unusual forward or long-term commitments not disclosed by, or reserved against in, said balance sheet and related
      statements, and at the present time there are no material unrealized or anticipated losses from any loans, advances or other commitments of the Borrower or the Guarantor except as heretofore disclosed to the Administrative Agent in writing.

   

  (i)         Litigation.
      There is no action, proceeding or investigation pending involving the Borrower or the Guarantor or, to the best of its knowledge, threatened against the Borrower or the Guarantor before any Governmental Authority or Agency (A) asserting the
      invalidity of this Agreement, any Transaction Document or any transaction contemplated hereunder, (B) seeking to prevent the consummation of any of the transactions contemplated by this Agreement, any Transaction Document or any transaction
      contemplated hereunder, (C)  making a claim individually or in the aggregate that would reasonably be expected to result in a Material Adverse Effect if adversely determined, (D) which requires filing with the SEC in accordance with the Exchange Act
      or any rules thereunder or (E) which might materially and adversely affect the validity of the Assets, the Servicing Contracts or the performance by it of its obligations under, or the validity or enforceability of, this Agreement, any Transaction
      Document or any Transaction contemplated hereunder.

   

  (j)          Use of Proceeds.
      Each Transaction will be used to (A) purchase, in the ordinary course of business, Agency eligible MSRs and related assets, (B) pay certain fees and expenses incurred in connection with the establishment of the credit facility set forth in this
      Agreement, (C) subject to the provisions of Section 2.19, make cash distributions from time to time pursuant to Section 5.2(d) in an amount not exceeding the excess of the Borrowing Base over the outstanding principal amount of the Advances
      and (D) for general corporate purposes. The Borrower will only use the proceeds of any Advance as permitted under Section 2.3. No part of the proceeds of any Advance will be used directly or indirectly to purchase or carry Margin Stock, or to
      extend credit to others for the purpose of purchasing or carrying any Margin Stock, in violation of any of the provisions of Regulations T, U or X of the Board of Governors of the Federal Reserve System. Neither the Borrower nor the Guarantor is
      engaged in the business of extending credit for the purpose of purchasing or carrying any Margin Stock. At no time would more than 25% of the value of the assets of the Borrower or the Guarantor that are subject to any “arrangement” (as such term is
      used in Section 221.2(g) of such Regulation U) hereunder be represented by Margin Stock. The Borrower shall not, to its actual knowledge, use the proceeds

   

  

    

  
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  of any Transaction to purchase any asset or securities
      from, or otherwise transfer the proceeds of the Transaction to, an “affiliate” of any Lender, as such term is defined in 12 C.F.R. Part 223.

   

  (k)        Accounts. The
      account number of the Borrower’s Account is specified on Schedule I attached hereto, as updated pursuant to Section 8.1. Borrower will keep the Collection Account and the Borrower’s Account segregated and such accounts will not be
      commingled.

   

  (l)         ERISA. Except as
      would not reasonably be expected to result in a Material Adverse Effect, no ERISA Event has occurred or is reasonably expected to occur. Neither the Borrower nor the Guarantor is (i) an employee benefit plan as defined in Section 3 of Title I of
      ERISA, or a plan described in Section 4975(e)(1) of the Code or a “governmental plan” within the meaning of Section 3(32) of ERISA, (ii) subject to state statutes regulating investments and fiduciary obligations with respect to governmental plans or
      (iii) holding assets that constitute “plan assets” within the meaning of 29 C.F.R. Section 2510.3-101, as modified in application by Section 3(42) of ERISA.

   

  (m)        The Servicing
        Contracts. The Borrower has delivered to the Administrative Agent a copy of (x) each of the Servicing Contracts, the Initial Acknowledgment Agreement or Acknowledgment Agreements (as applicable) and (y) all amendments, restatements, supplements
      or other modifications thereto that could reasonably be expected to adversely affect the Collateral or the Administrative Agent’s interest therein or result in a Material Adverse Effect, and the Borrower hereby certifies that the copies delivered to
      the Administrative Agent by the Borrower are true, correct and complete. Each such document to which the Borrower is a party has been duly executed and delivered by the Borrower and is in full force and effect, and no default or event of default
      (howsoever defined) has occurred and is continuing thereunder, except where the occurrence and continuance of such default or event of default would not reasonably be expected to result in a Material Adverse Effect.

   

  (n)        Forms of Servicing
        Contracts. Each of the Servicing Contracts have been executed on the respective Agency’s standard forms, which incorporates the related Agency Guide with no amendment to such Servicing Contract that would grant the related Agency additional or
      more favorable rights to terminate the servicer from those rights specified in the related Agency Guide.

   

  (o)        Taxes. Each of the
      Borrower, the Guarantor, and their respective Subsidiaries have duly and timely filed or caused to be duly and timely filed all material federal, state, provincial, territorial, foreign and other tax returns and reports required to be filed under
      applicable law, and has timely paid all material federal, state, provincial, territorial, foreign and other Taxes levied or imposed upon it or its properties, income or assets otherwise due and payable, except those which are being contested in good
      faith by appropriate actions diligently conducted and for which adequate reserves have been provided in accordance with GAAP. No material tax lien or similar adverse claim has been filed, and no claim is being asserted, with respect to any material
      amount of such Tax.

   

  (p)         Agreements. None
      of the Borrower, the Guarantor, nor any Subsidiary of the Borrower is a party to any agreement, instrument, or indenture or subject to any restriction materially and adversely affecting its business, operations, assets or financial condition, except
      as

   

  

    

  
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  disclosed in the financial statements described in Section

        4.1(h). None of the Borrower, the Guarantor, nor any Subsidiary of the Borrower is in breach or default in the performance, observance or fulfillment of any of the obligations, covenants or conditions contained in any agreement, instrument, or
      indenture which default could have a Material Adverse Effect on the Borrower or the Guarantor. There are no breaches or defaults under the Transaction Documents to which it is a party or the Servicing Contracts. No holder of any indebtedness of the
      Borrower, the Guarantor, or any of their Subsidiaries has given notice of any asserted default thereunder.

   

  (q)         Other Indebtedness.
      All Indebtedness (other than Indebtedness evidenced by this Agreement) of Borrower and of the Guarantor existing on the Closing Date is as described in Schedule 4.1(q).

   

  (r)          No Material Adverse
        Effect. Since September 30, 2018, there has been no event or circumstance, either individually or in the aggregate, that has had or would reasonably be expected to have a Material Adverse Effect.

   

  (s)         Investment Company
        Act. Neither the Borrower nor the Guarantor is required to register as an “investment company” within the meaning of the 1940 Act. Borrower and Guarantor are relying on Section 3(c)(5)(c) or Section 3(c)(6) as the exemption from
      the definition of “investment company” of the 1940 Act.

   

  (t)          Covered Fund.
      Neither the Borrower nor the Guarantor is a “covered fund” under Section 13 of the Bank Holding Company Act of 1956, as amended.

   

  (u)         Properties; Security
        Interest. Each of the Borrower and Guarantor has good title to, valid leasehold interests in, or valid licenses to use, all of its properties and assets necessary in the ordinary conduct of its business, including all of the Collateral, and (i)
      the MSR Collateral is free and clear of Liens other than Permitted MSR Collateral Liens, and (ii) all other Collateral is free and clear of Liens other than Permitted Collateral Liens. Once executed and delivered, this Agreement creates, as security
      for the Obligations, a valid and enforceable and (coupled with the Account Control Agreement and the taking of all actions required hereunder and thereunder) perfected security interest in and Lien on all of the Collateral, in favor of the
      Administrative Agent, for the benefit of the Secured Parties, superior to and prior to the rights of all third persons and subject to no other Liens, except that the Collateral may be subject to the Agency Requirements.

   

  (v)         Environmental
        Matters. None of the Borrower, the Guarantor, nor any of their respective Facilities or operations are subject to any outstanding written order, consent decree or settlement agreement with any Person relating to any Environmental Law, any
      Environmental Claim, or any Hazardous Materials activity that, individually or in the aggregate, would reasonably be expected to have a Material Adverse Effect. Neither the Borrower nor the Guarantor has received any letter or request for information
      under Section 104 of the Comprehensive Environmental Response, Compensation, and Liability Act (42 U.S.C. § 9604) or any comparable state law. To each of the Borrower’s and the Guarantor’s knowledge, there are and have been no conditions,
      occurrences, or Hazardous Materials activities which would reasonably be expected to form the basis of an Environmental Claim against the Borrower or the Guarantor that, individually or in the aggregate, could reasonably be expected to have a
      Material Adverse Effect. None of the Borrower, the Guarantor, or to their knowledge, any of their respective predecessors, have filed

   

  

    

  
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  any notice under any Environmental Law indicating past
      or present treatment of Hazardous Materials at any Mortgaged Property, and none of the Borrower’s or Guarantor’s operations involves the generation, transportation, treatment, storage or disposal of hazardous waste, as defined under 40 C.F.R. Parts
      260-270 or any state equivalent. Compliance with all current or reasonably foreseeable future requirements pursuant to or under Environmental Laws could not be reasonably expected to have, individually or in the aggregate, a Material Adverse Effect.
      To each of the Borrower’s and Guarantor’s knowledge, no event or condition has occurred or is occurring with respect to the Borrower or the Guarantor relating to any Environmental Law, any release of Hazardous Materials or any Hazardous Materials
      activity which individually or in the aggregate has had, or would reasonably be expected to have, a Material Adverse Effect. No Lien imposed pursuant to any Environmental Law has attached to any Collateral or MSRs and, to the knowledge of the
      Borrower and the Guarantor, no conditions exist that would reasonably be expected to result in the imposition of such a Lien on any Collateral or MSRs.

   

  (w)        OFAC and PATRIOT Act.
      None of the Borrower, the Guarantor, nor any of their officers, directors or employees appears on the Specially Designated Nationals and Blocked Persons List published by the Office of Foreign Assets Control (“OFAC”) or is otherwise a person
      with which any U.S. person is prohibited from dealing under the laws of the United States, unless authorized by OFAC. Neither the Borrower nor the Guarantor conducts business or complete transactions with the governments of, or persons within, any
      country under economic sanctions administered and enforced by OFAC. Neither the Borrower nor the Guarantor will directly or indirectly use the proceeds from this Agreement, or lend, contribute or otherwise make available such proceeds to any
      subsidiary, joint venture partner or other person to fund any activities of or business with any person that, at the time of such funding, is the subject of economic sanctions administered or enforced by OFAC, or is in any country or territory that,
      at the time of such funding or facilitation, is the subject of economic sanctions administered or enforced by OFAC. Neither the Borrower nor the Guarantor is in violation of Executive Order No. 13224 or the PATRIOT Act.

   

  (x)         Foreign Corrupt
        Practices Act. None of the Borrower, the Guarantor, or any director, officer, agent or employee of the Borrower or Guarantor, has used any of the proceeds of any Advance (i) for any unlawful contribution, gift, entertainment or other unlawful
      expense relating to political activity, (ii) to make any direct or indirect unlawful payment to any government official or employee from corporate funds, (iii) to violate any provision of the U.S. Foreign Corrupt Practices Act of 1977 or similar law
      of a jurisdiction in which the Borrower or Guarantor conducts its business and to which they are lawfully subject or (iv) to make any unlawful bribe, rebate, payoff, influence payment, kickback or other unlawful payment.

   

  (y)         Servicing Contracts. Each Servicing
      Contract is in full force and effect, and Borrower has not been terminated as the servicer under any Servicing Contract.

   

  (z)         Risk Management
        Policy. The Borrower has duly adopted, in accordance with its internal risk policies, a risk management policy, which is in full force and effect. A copy of such risk management policy has been previously delivered to Administrative Agent (for
      distribution to Lenders), and certified by a Responsible Officer of the Borrower as being a true and correct copy in full force and effect.

   

  

    

  
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  (aa)       Agency Approvals;
        Servicing Facilities. The Borrower has adequate financial standing, servicing facilities, procedures and experienced personnel necessary for the sound servicing of mortgage loans of the same types as may from time to time constitute Mortgage
      Loans and in accordance with Accepted Servicing Practices. The Borrower is approved by each of Fannie Mae and Freddie Mac as an approved seller/servicer, approved by Ginnie Mae as an approved issuer, and, to the extent necessary, approved by the
      Secretary of HUD pursuant to Sections 203 and 211 of the National Housing Act, as amended. In each such case, the Borrower is in good standing, with no event having occurred, including a change in insurance coverage which would either make the
      Borrower unable to comply with the eligibility requirements for maintaining all such applicable approvals or require notification to any Agency or to HUD, FHA or VA. Should the Borrower for any reason cease to possess all such applicable approvals,
      or should notification to any Agency or to HUD, FHA or VA be required, the Borrower shall immediately notify Administrative Agent immediately in writing.

   

  (bb)      Representations
        Concerning the Collateral. (1) Neither the Borrower nor the Guarantor has assigned, pledged, conveyed, or encumbered any Collateral hereunder to any other Person (except to the extent any such pledge has been released prior to the grant of any
      security interest thereon hereunder), and immediately prior to the pledge of any such Collateral, the Borrower or the Guarantor, as applicable, was the sole owner of such Collateral and had good and marketable title thereto, free and clear of all
      Liens other than a first priority Lien in favor of the Administrative Agent.

   

  (i)         All information
      concerning all Collateral set forth on the Schedule of Assets were, are or will be (as applicable) pledged to the Administrative Agent, for the benefit of the Lenders will be complete and correct in all material respects as of the date of such
      Schedule of Assets.

   

  (ii)         Upon the filing
      of financing statements on Form UCC-1 naming the Administrative Agent as “Secured Party” and the Borrower or the Guarantor (as applicable) as “Debtor”, and describing the Collateral, in the appropriate jurisdictions, the Administrative Agent, for the
      benefit of the Lenders, will have a duly perfected first priority security interest under the UCC in all right, title, and interest of the Borrower and the Guarantor in, to and under, subject, in all cases, to the Agency Requirements, the Collateral
      to the extent a security interest therein can be perfected by a UCC filing.

   

  (iii)         All filings
      and other actions necessary to perfect the security interest in the Collateral created under this Agreement under the UCC have been duly made or taken and are in full force and effect. Subject to the Agency Requirements, the Borrower and the
      Guarantor are the legal and beneficial owners of the Collateral hereunder free and clear of any Lien, other than as permitted by and any rights retained by the Agencies pursuant to the Agency Requirements.

   

  (iv)         Subject only to
      the Agency Requirements, the Borrower and the Guarantor have the full right, power and authority to pledge the Collateral.

   

  

    

  
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  ARTICLE V

   

  COVENANTS

   

  Section 5.1 Affirmative
        Covenants. Each of the Borrower and the Guarantor covenants and agrees that, until each Loan Note and all other Obligations (other than contingent obligations not then due) hereunder have been paid in full and the Commitments have been
      terminated:

   

  (a)         Financial Covenants.

   

  (i)         Minimum
        Liquidity. Each of the Borrower and its Subsidiaries and the Guarantor shall ensure that, as of the last day of each calendar month ending after the Closing Date, it has Cash and Cash Equivalents at such time in an amount not less than the
      greater of (i) [***], or (ii) such amount as is set forth in any repurchase agreement or credit facility that the Borrower, the Guarantor, or any of their respective Subsidiaries has in place with any Person other than the Administrative
      Agent or an Affiliate of Administrative Agent (such amount, the “Minimum Liquidity Amount”).

   

  (ii)         Minimum
        Adjusted Tangible Net Worth. Each of the Borrower and its Subsidiaries and the Guarantor shall maintain, as of the last day of each calendar month ending after the Closing Date, Adjusted Tangible Net Worth not less than the greater of (i) [***],
      or (ii) such amount as is set forth in any repurchase agreement or credit facility that the Borrower, the Guarantor, or any of their respective Subsidiaries has in place with any Person other than the Administrative Agent or an Affiliate of
      Administrative Agent.

   

  (iii)          Corporate
        Debt to Tangible Net Worth. Each of the Borrower and its Subsidaries and the Guarantor shall maintain, as of the last day of each calendar month ending after the Closing Date, a Corporate Debt to Tangible Net Worth Ratio not to exceed the
      lesser of (i) [***], or (ii) such amount as is set forth in any repurchase agreement or credit facility that the Borrower, the Guarantor, or any of their respective Subsidiaries has in place with any Person other than the Administrative Agent
      or an Affiliate of Administrative Agent.

   

  (b)           Reporting
        Requirements. The Borrower and the Guarantor will furnish to the Administrative Agent for delivery to each Lender:

   

  (i)           within (a) 120
      days after the close of each fiscal year of the Borrower and the Guarantor, the unqualified audited consolidated balance sheet of the Borrower and of the Guarantor and their consolidated Subsidiaries as of the end of such fiscal year and the related
      consolidated statements of income, of stockholders’ equity (which shall be on a consolidated basis and there shall be no consolidating statements of stockholders’ equity required hereunder) and of cash flows for such fiscal year (which shall be on a
      consolidated basis and there shall be no consolidating statements of cash flows required hereunder), in each case, setting forth comparative figures for the preceding fiscal year, prepared in accordance with GAAP prepared by a Nationally Recognized
      Accounting Firm and

   

  

    

  
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  (b)   forty-five (45) days after
      the end of each of its fiscal quarters other than the fiscal quarter ending December 31 of each fiscal year, the unaudited consolidated balance sheets and income statements for such fiscal quarter on a year-to-date basis for the Borrower and the
      Guarantor and their consolidated subsidiaries;

   

  (ii)           promptly,
      copies of any annual financial projections prepared by or on behalf of the Borrower or Guarantor and approved by the board of directors of the Borrower or Guarantor, as applicable;

   

  (iii)          [reserved];
      and

   

  (iv)         at the time of
      delivery of the financial statements described pursuant to clause (i), the Borrower and Guarantor shall deliver to the Administrative Agent and each Lender a Compliance Certificate that (a) attaches an updated Schedule of Assets as of the
      preceding fiscal quarter or date of such Advance and (b) certifies that the representations and warranties set forth in Section 4.1 are true and correct on and as of the date of such certification; provided that, with the consent of
      the Administrative Agent not to be unreasonably withheld the Borrower may, but shall not be obligated to, deliver to the Administrative Agent updated versions of the Schedule of Assets on a more frequent basis if it chooses to do so.

   

  (c)        Acknowledgment
        Agreements. The Borrowers shall make commercially reasonable efforts to enter into the Acknowledgment Agreements with each Agency as soon as possible. Such Acknowledgment Agreements shall be in form and substance reasonably satisfactory to the
      Lender.

   

  (d)        Servicing Contract
        and Acknowledgment Agreement Amendments. Within five (5) Business Days after a Responsible Officer of the Borrower or the Guarantor becomes aware of an amendment to the Servicing Contracts or the Initial Acknowledgment Agreement or
      Acknowledgment Agreements (as applicable) that could reasonably be expected to materially and adversely affect the Collateral or the Administrative Agent’s interest therein or result in a Material Adverse Effect, to the extent permitted by the
      applicable Agency, the Borrower shall deliver to the Administrative Agent for delivery to each Lender copies of any such amendments; provided that the Borrower shall cooperate with any requests by the Administrative Agent to deliver copies of each
      amendment, restatement, supplement or other modification to the Servicing Contracts or the Initial Acknowledgment Agreement or Acknowledgment Agreements (as applicable) that the Administrative Agent shall reasonably request, to the extent permitted
      by the applicable Agency.

   

  (e)        Change in Responsible
        Officer. Promptly, but in any event within ten (10) days after there is any change in any of the chief executive officer, chief financial officer, or the head of servicing operations of the Borrower or the Guarantor, the Borrower or the
      Guarantor, as applicable, shall notify the Administrative Agent thereof.

   

  (f)         Notice of Default.
      Promptly (but in any event within [***]) upon a Responsible Officer of the Borrower or of the Guarantor obtaining knowledge (i) of any condition or event that constitutes an Event of Default or that notice has been given to the Borrower or
      the Guarantor with respect thereto; (ii) of any condition or event that constitutes an “event of

   

  

    

  
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  default” under any Indebtedness or that notice has
      been given to any party thereunder with respect thereto; (iii) of the occurrence of any ERISA Event that, either individually or together with any other ERISA Events, could reasonably be expected have a Material Adverse Effect or (iv) of the
      occurrence of any event or change that has results in or could reasonably be expected to result in a Material Adverse Effect, a certificate of a Responsible Officer specifying the nature and period of existence of such condition, event or change, or
      specifying the notice given and action taken by any such Person and the nature of such claimed Event of Default, Potential Event of Default, default, event or condition, and what action the Borrower and/or the Guarantor has taken, is taking and
      proposes to take with respect thereto.

   

  (g)        Maintenance of List
        Assets. Borrower shall at all times maintain a current list (which may be stored in electronic form) of all Assets.

   

  (h)        Records. (1)
      Borrower shall collect and maintain or cause to be collected and maintained all Records relating to the Assets in accordance with industry custom and practice for assets similar to the Assets, including those maintained pursuant to Section 5.1(i),
      and all such Records shall be in the Borrower’s possession unless otherwise consented to in writing by the Administrative Agent. The Borrower will not allow any such papers, records or files that are an original or an only copy to leave the
      Borrower’s possession, except for individual items removed in connection with servicing a specific Mortgage Loan, in which event Borrower will obtain or cause to be obtained a bailee letter from a financially responsible person for any such paper,
      record or file. The Borrower will maintain all such Records in good and complete condition in accordance with industry practices for assets similar to the Assets and preserve them against loss.

   

  (i)         For so long as
      the Administrative Agent has an interest in or lien on any Asset, Borrower will hold or cause to be held all related Records in trust for the Administrative Agent. The Borrower shall notify, or cause to be notified, every other party holding any such
      Records of the interests and liens in favor of Administrative Agent granted hereby.

   

  (ii)         Upon reasonable
      advance notice from the Administrative Agent, Borrower shall (x) make any and all such Records available to the Administrative Agent to examine any such Records, either by its own officers or employees, or by agents or contractors, or both, and make
      copies of all or any portion thereof, and (y) permit the Administrative Agent or its authorized agents to discuss the affairs, finances and accounts of the Borrower with its chief operating officer, chief financial officer and the independent
      certified public accountants of the Borrower.

   

  (i)         Books. Borrower
      and Guarantor shall keep or cause to be kept in reasonable detail books and records of account of its assets and business.

   

  (j)         UCC Matters;
        Protection and Perfection of Security Interests. Each of the Borrower and the Guarantor agree promptly to notify the Administrative Agent in writing of any change (i) in its legal name, (ii) in its identity or type of organization or corporate
      structure or (iii) in the jurisdiction of its organization, in each case, within ten (10) days of such change. The Borrower and the Guarantor agree that from time to time, at the Borrower’s cost and expense, to promptly execute and deliver all
      further instruments and documents, and take all further action

   

  

    

  
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  reasonably required by the Agent (a) to perfect,
      protect or more fully evidence the Administrative Agent’s security interest in the Assets acquired by the Borrower or (b) to enable the Administrative Agent to exercise or enforce any of its rights hereunder, under any other Transaction Document.
      Without limiting the Borrower’s obligation to do so, the Borrower and the Guarantor hereby irrevocably authorize the filing of such financing or continuation statements, or amendments thereto or assignments thereof, and such other instruments or
      notices, as the Administrative Agent may reasonably require. Each of the Borrower and the Guarantor hereby authorizes the Administrative Agent to file one or more financing or continuation statements, and amendments thereto and assignments thereof,
      naming the Borrower or the Guarantor as debtor, relative to all or any of the Collateral now existing or hereafter arising without the signature of the Borrower or the Guarantor where permitted by law. A carbon, photographic or other reproduction of
      this Agreement, or any financing statement covering the Collateral or any part thereof shall be sufficient as a financing statement.

   

  (k)        Access to Certain
        Documentation and Information Regarding the Assets. The Borrower and Guarantor shall permit the Administrative Agent or its duly authorized representatives or independent contractors, upon reasonable advance notice to the Borrower or Guarantor,
      as applicable, and subject to all applicable Agency procedures and restrictions, (i)   access to documentation that the Borrower or Guarantor may possess regarding the Eligible Assets, (ii) to visit the Borrower or Guarantor, and to discuss its
      affairs, finances and accounts (as they relate to their respective obligations under this Agreement and the other Transaction Documents) with the Borrower, the Guarantor, their respective officers, and independent accountants (subject to such
      accountants’ customary policies and procedures) and (iii) to examine the books of account and records of the Borrower and the Guarantor, as they relate to the Assets, to make copies thereof or extracts therefrom, all at such reasonable times and
      during regular business hours of the Borrower or the Guarantor (as applicable). The Administrative Agent may perform the functions set forth above no more than once per year for each of the Borrower and Guarantor, or at any time following a Potential
      Event of Default or an Event or Default, at the Administrative Agent’s determination, and under any circumstance, at the cost and expense of the Borrower. Such representatives or independent contractors shall use commercially reasonable efforts to
      avoid interruption of the normal business operations of the Borrower and Guarantor. Notwithstanding anything to the contrary in this Section 5.1(k), (i) the Borrower and Guarantor, will not be required to disclose, permit the inspection,
      examination or making copies or abstracts of, or discussion of, any document, information or other matter that (x) constitutes non-financial trade secrets or nonfinancial proprietary information, (y) in respect of which disclosure to the
      Administrative Agent or any Lender (or their respective representatives or contractors) is prohibited by law or any binding confidentiality agreement or (z) is subject to attorney-client or similar privilege or constitutes attorney work product and
      (ii) so long as an Event of Default has not occurred, the Borrower and the Guarantor shall have the opportunity to participate in any discussions with the Borrower’s and the Guarantor’s independent accountants.

   

  (l)         Existence and
        Rights; Compliance with Laws; Agency Approvals. Each of the Borrower and the Guarantor shall (i) preserve and keep in full force and effect its corporate existence, and any material rights, permits, patents, franchises, licenses, approvals and
      qualifications required for it to conduct its business activities, and (ii) maintain adequate financial standing, servicing facilities, procedures, and experienced personnel necessary for the sound

   

  

    

  
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  servicing of mortgage loans of the same types as may
      from time to time constitute Mortgage Loans and in accordance, in all material respects, with Accepted Servicing Practice sand the terms of the Servicing Contracts. Each of the Borrower and the Guarantor shall comply with all Applicable Laws except
      to the extent that the failure to comply therewith could not reasonably be expected to have a Material Adverse Effect. The Borrower shall maintain its status with each Agency as an approved seller/servicer, and shall be in good standing with each
      Agency in accordance with Applicable Law and all rules, policies, procedures and standards of such Agency (collectively, “Agency Approvals”). The Borrower shall service all Assets in accordance with the Agency Guides in all material respects.
      Should the Borrower, (i) receive written notice of any default or notice of termination of servicing for cause under a Servicing Contract, or (ii) for any reason, cease to possess all such applicable Agency Approvals, or should notification to the
      relevant Agency or to HUD, FHA or VA as described in Section 4.1(aa) be required, the Borrower shall so notify Administrative Agent in writing within three (3) Business Days. Notwithstanding the preceding sentence, the Borrower shall take all
      necessary action to maintain all of its applicable Agency Approvals at all times during the term of this Agreement.

   

  (m)        Taxes. Each of the
      Guarantor, the Borrower and its Subsidiaries shall duly and timely file or cause to be duly and timely filed, all material federal, state, provincial, territorial, foreign and other income Tax returns and all other material tax returns required to be
      filed under Applicable Law, and shall pay when due all Taxes imposed upon it or any of its respective properties or which it is required to withhold and pay over, and provide evidence of such payment to the Administrative Agent if requested; provided

      that neither the Borrower nor the Guarantor shall be required to pay any such Tax that is being contested in good faith by proper actions diligently conducted if (i) it has maintained adequate reserves with respect thereto in accordance with GAAP
      and (ii) in the case of a Tax that has or may become a Lien that is not a Lien permitted hereunder against any of the Collateral, such proceedings conclusively operate to stay the sale of any portion of the Collateral to satisfy such Tax.

   

  (n)        Maintenance of
        Properties. Each of the Borrower and the Guarantor shall ensure that its material properties and equipment used or useful in its business in whosoever’s possession they may be, are kept in reasonably good repair, working order and condition,
      normal wear and tear and casualty excepted, except where the failure to do so could not reasonably be expected to have a Material Adverse Effect.

   

  (o)        Servicing Portfolio.
      Borrower shall not permit the Portfolio Delinquency Rate with respect to any three-month period for its Fannie Mae or Freddie Mac servicing portfolios to exceed [***]. Borrower shall not permit the Portfolio Delinquency Rate with respect to
      any three-month period for its Ginnie Mae servicing portfolios to exceed [***].

   

  (p)        Trigger Event Asset
        Sale. The Borrower shall, within one (1) Business Day notify the Administrative Agent in the event that it has voluntarily relinquished or delivered notice of its intent to sell or transfer Servicing Contract rights constituting more than [***]
      of the aggregate Servicing Contract rights of the Borrower with respect to any Agency, in any event without the Administrative Agent’s prior express written consent.

   

  (q)        [Reserved].

   

  

    

  
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  (r)         Modification of the
        Servicing Contracts. Unless required by an Agency or to the extent necessary to maintain Agency Approvals pursuant to Section 5.1(l), the Borrower shall not consent with respect to the Servicing Contract related to any Asset to amend,
      modify, waive any provision of or otherwise change any Servicing Contract or enter into any new Servicing Contract related to any Asset, except any such amendments, modifications, waivers or changes or any such new agreements or arrangements that
      could not reasonably be expected, individually or in the aggregate, to materially and adversely affect the Collateral or the Administrative Agent’s interest therein or result in a Material Adverse Effect.

   

  (s)         No Subservicing.
      Borrower shall not permit any of the Assets to be subject to any servicing contract or subservicing arrangement, other than as permitted by a Servicing Contract and subject to the prior written consent of Administrative Agent.

   

  (t)         Quality Control.
      Borrower shall maintain an internal quality control program that verifies, on a regular basis, the existence and accuracy of all legal documents, credit documents, property appraisals, and underwriting decisions related to MSRs and Advanced
      Reimbursement Amounts. Such program shall be capable of evaluating and monitoring the overall quality of the Borrower’s servicing activities. Such program shall guard against (i) dishonest, fraudulent, or negligent acts; and (ii) errors and omissions
      by officers, employees, or other authorized persons.

   

  (u)        [Reserved].

   

  (v)        [Reserved].

   

  (w)        Insurance. The
      Borrower and the Guarantor shall maintain or cause to be maintained, at its own expense, insurance coverage as is customary, reasonable and prudent in light of the size and nature of the Borrower’s and Guarantor’s business as of any date after the
      Closing Date. Each of the Borrower and the Guarantor shall be deemed to have complied with this provision if one of its Affiliates has such policy coverage and, by the terms of any such policies, the coverage afforded thereunder extends to the
      Borrower or the Guarantor, as applicable. Upon the request of the Administrative Agent at any time subsequent to the Closing Date, the Borrower and the Guarantor shall cause to be delivered to the Administrative Agent, a certification evidencing the
      Borrower’s and the Guarantor’s coverage under any such policies.

   

  (x)         [***]

    

  

    

  
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  (y)        [Reserved.]

   

  (z)        [Reserved.]

   

  (aa)      [Reserved.]

   

  (bb)      Monthly Report. No
      later than the fifteenth (15th) day of each calendar month or, if such fifteenth (15th) day is not a Business Day, the next succeeding Business Day, Borrower shall deliver to the Administrative Agent a report substantially in the form set forth on Exhibit

        F attached hereto (the “Monthly Report”) which shall contain:

   

  (i)         a detailed
      accounting of Collections for the immediately preceding Collection Period, as applicable;

   

   (ii)        the number of
      Mortgage Loans contained in each Portfolio subject to this Agreement as of the last date of the calendar month preceding the delivery of such Monthly Report;

   

  (iii)       the unpaid principal balance of all
      Portfolios serviced by the Borrower;

   

    (iv)       the payments
      made with respect to each Portfolio and Mortgage Loans contained therein, shown as a change in their unpaid principal balance;

   

  (v)         the payoff with
      respect to the existing Portfolios serviced by the Borrower and Mortgage Loans contained therein, shown as a change in their unpaid principal balance;

   

    (vi)       the number of
      Mortgage Loans contained in each Portfolio that have been added or paid off, including their paid off principal balance;

   

     (vii)       a detailed
      calculation of the Financial Covenants, and accompanying Compliance Certificate;

   

       (viii)     copies of
      all internal and external valuations of the Borrower’s Fannie Mae MSRs, Freddie Mac MSRs, and Ginnie Mae MSRs since delivery of the prior Monthly Report; for the avoidance of doubt, this includes the results of all third-party valuation reports
      prepared by or on behalf of the Borrower upon which any internal valuations of the Borrower’s Fannie Mae MSRs, Freddie Mac MSRs, and Ginnie Mae MSRs were made;

   

  

    

  
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    (ix)        compliance with the Events of
      Default hereunder as of the last day of the immediately preceding month; and

   

  (x)         a copy of the most recently received
      monthly account statement relating to the Collection Account described in the Account Control Agreement.

   

  ●             With respect to Section

        5.1(bb)(vii), Section 5.1(bb)(viii) such financial calculation shall be based on the Borrower’s most recently available unaudited monthly financial statements, which shall be as of the end of the last day of the second immediately
      preceding month. Notwithstanding the foregoing, the Monthly Report provided to an Agency shall be based upon, and shall include information only with respect to Mortgage Loans included in the applicable Portfolio subject to the Servicing Contract
      with such Agency, except that the portions of such report referred to in clauses (ii) and (iv) above shall apply to all Mortgage Loans included in any portfolio.

   

  Section 5.2 Negative Covenants.
      Each of the Borrower and the Guarantor covenants and agrees that, until each Loan Note and all other Obligations (other than contingent obligations not then due) hereunder have been paid in full and the Commitments have been terminated, the Borrower
      and the Guarantor will not:

   

  (a)         Sales, Liens, Etc.
      Except as permitted hereunder, sell, assign (by operation of law or otherwise) or otherwise Dispose of, or create or suffer to exist any Lien upon or with respect to, the Collateral; provided that notwithstanding anything to the contrary
      herein, this Section 5.2(a) shall not prohibit (i) (x) any Lien on MSR Collateral that constitutes a Permitted MSR Collateral Lien, or (y) any Lien on any other Collateral that constitutes a Permitted Collateral Lien, (ii) any sale,
      assignment or disposition that is not expressly restricted pursuant to the terms hereof, or (iii) any Permitted Disposition.

   

  (b)        Additional
        Indebtedness. Neither the Borrower nor the Guarantor shall enter into any Indebtedness other than Permitted Indebtedness.

   

  (c)         [Reserved].

   

  (d)        Dividends, Etc.
      Make, directly or indirectly, declare or pay any dividends or make any other payment or distribution (in cash, property, or obligations) on account of the Borrower’s or the Guarantor’s Equity Interests, or redeem, purchase, retire, or otherwise
      acquire any of its Equity Interests, or set apart any money for a sinking or other analogous fund for any dividend or other distribution on its Equity Interests or for any redemption, purchase, retirement, or other acquisition of any of its Equity
      Interests, or undertake any new obligation (contingent or otherwise) to do any of the foregoing if any Potential Event of Default or Event of Default exists or will exist after giving effect thereto, or during an Acknowledgment Agreement Holiday
      Period or an Acknowledgment Agreement Trigger Period.

   

  (e)        Prohibition of
        Fundamental Changes. (i) Merge or consolidate or amalgamate, or liquidate, wind up or dissolve itself (or suffer any liquidation, winding up or dissolution) unless (x) such merger, consolidation or amalgamation does not result in a
      Change of Control or (y) the Borrower or the Guarantor (as applicable) is the sole surviving entity of such merger, consolidation or amalgamation, or (ii) sell all or substantially all of its assets; provided

   

  

    

  
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  that notwithstanding anything to the contrary herein, this Section 5.2(e)
      shall not prohibit the dissolution of NM Holdings LLC after the Closing Date.

   

  (f)          Material Change in
        Business. The Borrower and the Guarantor shall not make any material change in the nature of its business as carried on at the Closing Date and business activities that are reasonably related, ancillary or complementary thereto or reasonable
      developments or extensions thereof or in connection with the Asset Management Strategy.

   

  (g)         Change in
        Organizational Documents. Amend, modify or otherwise change any of its organizational documents in any material respect, except any such amendments, modifications or changes or any such new agreements or arrangements that could not reasonably
      be expected, individually or in the aggregate, to have a Material Adverse Effect; provided that, the Borrower and the Guarantor shall deliver written notice to the Administrative Agent within thirty (30) days of any material amendment to its
      organizational documents.

   

  (h)         Transactions with
        Affiliates. Enter into, or be a party to, any transaction with any of its Affiliates, except (i) the transactions contemplated by the Transaction Documents, (ii) any other transactions (including the lease of office space or computer equipment
      or software by the Borrower or the Guarantor from an Affiliate and the sharing of employees and employee resources and benefits) (a) in the ordinary course of business or as otherwise permitted hereunder, (b) pursuant to the reasonable requirements
      and purposes of the Borrower’s business or the Guarantor’s business, as applicable, (c) upon fair and reasonable terms (and, to the extent material, pursuant to written agreements) that are consistent with market terms for any such transaction
      and (d) permitted by Sections 5.2(a), (d), (e) or (f), (iii) employment and severance arrangements and health, disability and similar insurance or benefit plans between the Borrower or the Guarantor and their
      respective directors, officers, employees in the ordinary course of business, (iv) transactions pursuant to the Asset Management Strategy and (v) the payment of customary fees and reasonable out of pocket costs to, and indemnities provided on behalf
      of, directors, managers, consultants, officers and employees of the Borrower or the Guarantor to the extent attributable to the ownership or operation of the Borrower or the Guarantor.

   

  (i)         Sale and Lease-Backs.
      Enter into any arrangement, directly or indirectly, with any Person whereby the Borrower or the Guarantor shall sell or transfer any property used or useful in its business, whether now owned or hereafter acquired, and thereafter rent or lease such
      property or other property that it intends to use for substantially the same purpose or purposes as the property being sold or transferred if any Potential Event of Default or Event of Default exists or will exist after giving effect thereto
      (including that no Borrowing Base Deficiency or Funding Base Deficiency shall have occurred and be continuing at such time).

   

  (j)          Amendments to
        Transaction Documents. Amend, modify, supplement or otherwise change, waive or grant any consent in respect of any of the terms or provisions of any Transaction Document other than amendments, modifications, supplements or other changes made in
      accordance with the terms of the applicable Transaction Document.

   

  (k)         Fiscal Year. Change its fiscal
      year-end from December 31 or change its method of determining fiscal quarters.

   

  

    

  
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  (l)          Collection Account.
      (i) Close the Collection Account, (ii) permit (A) any property that is not Collateral to be deposited in the Collection Account or (B) any Collateral (other than the Base Servicing Fee) to be deposited into an account other than the Collection
      Account free and clear of all Ginnie Mae rights and other restrictions on transfer under applicable Ginnie Mae guidelines, or (iii) during an Acknowledgment Agreement Trigger Period or following (A) delivery of an Activation Notice by the
      Administrative Agent, (B) the Availability Period, or (C) the occurrence and during the continuation of an Event of Default, withdraw funds from the Collection Account for any purpose without the Administrative Agent’s consent.

   

  (m)        Assignment. Except
      as expressly permitted herein and in the Transaction Documents, sell, assign, transfer or otherwise dispose of, or grant any option with respect to, or pledge, hypothecate or grant a security interest in or lien on or otherwise encumber (except as
      otherwise permitted by this Agreement and the other Transaction Documents), any of the Assets or any interest therein, provided, that the Borrower may encumber, sell, transfer or otherwise dispose of any MSRs or other Assets which have been
      released from the Collateral. Notwithstanding the foregoing, but subject to Section 2.10, (A) (i) the Borrower shall have the right to sell, assign or otherwise transfer to any Person any and all Mortgage Loans on a “servicing-released”
      basis, (ii) the servicing rights related thereto shall not be MSRs, and (iii) the servicing and other rights related thereto shall in no event be included as Collateral or in a Portfolio or be subject to the Liens of the Administrative Agent, and (B)
      the Borrower shall have the right to sell, assign or otherwise transfer to any Person the servicing rights related to any and all Mortgage Loans (and the servicing rights thereto shall not be MSRs and shall in no event be included as Collateral or be
      subject to the Liens of the Administrative Agent), to the extent such transaction is a voluntary partial cancellation of the applicable Servicing Contract pertaining to delinquent Mortgage Loans.

   

  (n)         Investments.
      None of the Borrower, the Guarantor, or their respective Subsidiaries shall enter into any new Investments in the event that a Borrowing Base Deficiency has occurred and is continuing or would occur after giving effect to any new Investment.

   

  ARTICLE VI

   

  EVENTS OF DEFAULT

   

  Section 6.1     Events of
        Default. The occurrence of any of the following specified events shall constitute an event of default under this Agreement (each, an “Event of Default”):

   

  (a)         Non-Payment. The
      Borrower or the Guarantor shall fail to (i) make any payment required pursuant to Section 2.9(a) beyond the applicable dates on which such payment is due (after giving effect to any grace or cure period set forth in Section 2.9), (ii)
      make any required payment of principal when due hereunder and such failure remains unremedied for a period of [***] after the earlier of (a) written notice of such failure shall have been given to the Borrower or the Guarantor by the
      Administrative Agent or any Lender or (b) the date upon which a Responsible Officer of the Borrower or the Guarantor obtained knowledge of such failure, (iii) make any required payment of any interest or Non-Usage Fee when due and such failure
      remains unremedied for a period of [***] after the earlier of (a) written notice of such

   

  

    

  
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  failure shall have been given to the Borrower or the
      Guarantor by the Administrative Agent or any Lender or (b) the date upon which a Responsible Officer of the Borrower or the Guarantor obtained knowledge of such failure, or (iv) make any required payment of any other fee or other amount payable
      hereunder or under any other Transaction Document when due and such failure remains unremedied for a period of [***] after the earlier of (a) written notice of such failure shall have been given to the Borrower or the Guarantor by the
      Administrative Agent or any Lender or (b) the date upon which a Responsible Officer of the Borrower or the Guarantor obtained knowledge of such failure.

   

  (b)        Representations.
      Any representation or warranty made or deemed made by any of the Borrower or Guarantor herein or in any other Transaction Document (after giving effect to any qualification as to materiality set forth therein, if any) shall prove to have been false
      and misleading when made or any Monthly Report or Compliance Certificate delivered hereunder shall prove to have been false and misleading in any material respect when made (other than the representations and warranties set forth in Section
        4.1(bb) which shall be considered solely for the purpose of determining the Administrative Agent Asset Value of the Eligible Assets, unless the Borrower or the Guarantor shall have made any such representations and warranties with knowledge
      that they were materially false or misleading at the time made).

   

  (c)        Covenants. (i)
      The Borrower or the Guarantor shall fail to perform or observe the Financial Covenants (subject to Section 6.3) or any negative covenant under Section 5.2, (ii) the Borrower or the Guarantor shall fail to perform or observe the
      covenants set forth in Sections 5.1(b), (d)-(f), (j), (l) (solely with respect to any notice requirements therein), (p), or (bb), and such failure shall continue unremedied for [***] after the
      earlier of (A) a written notice of such failure shall have been given to the Borrower or the Guarantor by the Administrative Agent or any Lender or (B) the date upon which a Responsible Officer of the Borrower or Guarantor obtained knowledge of such
      failure (and giving effect to any grace or other cure periods set forth therein), or (iii) except as set forth in clauses (i) and (ii) hereof, the Borrower or the Guarantor shall fail to perform or observe any other term, covenant or agreement
      contained in this Agreement or in any other Transaction Document, and, such failure shall continue unremedied for [***] after the earlier of (A) a written notice of such failure shall have been given to the Borrower or the Guarantor by the
      Administrative Agent or any Lender or (B) the date upon which a Responsible Officer of the Borrower or Guarantor obtained knowledge of such failure.

   

  (d)        Insolvency Event. An Insolvency Event
      shall have occurred with respect to the Borrower or the Guarantor.

   

  (e)         Security Interest.
      The Administrative Agent, for the benefit of the Lenders, ceases to have a first priority perfected security interest in any portion of the Collateral.

   

  (f)         Judgments. There
      shall remain in force, undischarged (or provisions shall not be made for such discharge), unsatisfied, unbonded and unstayed for more than [***], or, if a stay of execution is procured, [***] from the date such stay is lifted, any
      final non-appealable monetary judgment against the Borrower or the Guarantor in excess of [***] over and above the amount of insurance coverage available from a financially sound insurer that has not denied coverage.

   

  

    

  
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  (g)         1940 Act. The Borrower or the
      Guarantor becomes, or becomes Controlled by, an entity required to register as an “investment company” under the 1940 Act.

   

  (h)         Tax Event. The Borrower or the
      Guarantor shall become taxable as an entity other than as it is presently taxable.

   

  (i)          Change of Control.
      The occurrence of a Change of Control.

   

  (j)          Cross Default.
      The Borrower, the Guarantor, or any of their direct or indirect Subsidiaries shall default under, or fail to perform as required under, or shall otherwise breach (after expiration of all applicable grace periods) the terms of any instrument,
      agreement or contract involving outstanding unpaid obligations of [***] or more owing by any such Person to the Lender or any of the Lender’s Affiliates (including, for the avoidance of doubt, with respect to the Portfolio Hedges and any
      other derivatives contracts to which such Person is a party); (ii)    the failure of the Borrower or the Guarantor to make any payment when due (after expiration of all applicable grace periods) on any Indebtedness of the Borrower or the Guarantor
      having an aggregate principal amount outstanding of [***] or more (each, a “Material Debt Facility”) or (iii) the occurrence of any other “event of default” under any Material Debt Facility which is continuing and has not been waived
      by the holders of such Indebtedness.

   

  (k)         [Reserved].

   

  (l)          Transaction
        Documents. At any time after the execution and delivery thereof, (i) this Agreement or any Transaction Document ceases to be in full force and effect (other than by reason of a release of Collateral in accordance with the terms hereof or
      thereof or the satisfaction in full of the Obligations in accordance with the terms hereof) or shall be declared null and void, in each case for any reason other than the failure of the Administrative Agent or any Secured Party to take any action
      within its control or (ii) the Borrower or Guarantor shall contest the validity or enforceability of any Transaction Document in writing or deny in writing that it has any further liability under any Transaction Document to which it is a party or
      shall contest the validity or perfection of any Lien in any Collateral purported to be covered by this Agreement or any other Transaction Document;

   

  (m)        Government Action.
      Any Governmental Authority or any person, agency or entity acting or purporting to act under governmental authority shall have taken any action to condemn, seize or appropriate, or to assume custody or control of, all or any substantial part of the
      Property of the Borrower, the Guarantor, or any Affiliate thereof, or shall have taken any action to displace the management of the Borrower, the Guarantor, or any Affiliate thereof or to curtail its authority in the conduct of the business of the
      Borrower, the Guarantor, or any Affiliate thereof, or takes any action in the nature of enforcement to remove, limit or restrict the approval of Borrower, the Guarantor, or Affiliate thereof as an issuer, buyer or a seller/servicer of Mortgage Loans
      or securities backed thereby.

   

  (n)         Material Adverse
        Effect; Material Impairment. Any Material Adverse Effect shall occur, in each case as determined by Administrative Agent in its sole discretion, or any other condition shall exist which, in Administrative Agent’s sole discretion, constitutes a

   

  

    

  
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  material impairment of Borrower’s or the Guarantor’s ability to perform its
      obligations under this Agreement or any other Transaction Document.

   

  (o)        [Reserved.]

   

  (p)        Approved Mortgagee;
        Approved Servicer.

   

  (i)         Borrower ceases to be:

   

   (A)          a HUD approved
      mortgagee pursuant to Section 203 of the NHA or

   

   (B)          a Freddie Mac
      approved servicer, a Fannie Mae approved servicer, a Ginnie Mae approved issuer, an FHA approved mortgagee, or a VA approved lender;

   

   (ii)        HUD, FHA, VA,
      Fannie Mae, Freddie Mac, or Ginnie Mae, as applicable, suspends, rescinds, halts, eliminates, withdraws, annuls, repeals, voids or terminates the status of Borrower as either (1) a HUD approved mortgagee pursuant to Section 203 of the NHA or an FHA
      approved mortgagee pursuant to the NHA, (2) a VA approved lender, (3)   a Freddie Mac approved servicer, (4) a Fannie Mae approved servicer, or (5) a Ginnie Mae approved issuer.

   

    (iii)        Borrower
      receives a written notice that HUD, FHA or VA intends to take such action set forth in clauses (i) or (ii) above and such notice has not been revoked or withdrawn within fourteen (14) days.

   

    (iv)       As distinct from
      and in addition to any loss of approval or actions taken by HUD, FHA, VA, Fannie Mae, Freddie Mac, or Ginnie Mae, as applicable, described in (i)-(iii), the occurrence of a Servicer Termination Event that has not been cured by the thirtieth (30th)
      day following the occurrence of such Servicer Termination Event.

   

  (q)         Fraud; Violation of
        Requirements. (i) Borrower or Guarantor engages or has engaged in fraud or other reckless or intentional wrongdoing in connection herewith or any other Transaction Document, or any document submitted pursuant thereto or otherwise in connection
      with any mortgage-backed securitization, or in connection with any federal mortgage insurance or loan guaranty program, or other federal program related to any of the Mortgage Loans; or (ii) Borrower has used any payments, collections, recoveries or
      other funds pertaining in any way to the Mortgage Loans in violation of the requirements of a Servicing Contract.

   

  (r)         Change to the
        Servicing Contracts. Any change to or default under a Servicing Contract that would result in a Material Adverse Effect on Borrower or the Guarantor.

   

  (s)         Reserved.

   

  Section 6.2     Remedies.
      (a) If any Event of Default shall then be continuing, the Administrative Agent may, in its discretion or shall, upon the written request of the Majority Lenders, by written notice to the Borrower, the Guarantor, and the Lenders, take any or all of
      the

   

  

    

  
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  following actions, without prejudice to the rights of
      the Agent or any Lender to enforce its claims against the Borrower or the Guarantor in any manner permitted under applicable law:

   

  (i)         declare the
      Commitments terminated, whereupon the Commitment of each Lender shall forthwith terminate immediately without any other notice of any kind; or

   

    (ii)       declare the
      principal of and any accrued interest in respect of all Advances and all other Obligations owing hereunder and thereunder to be, whereupon the same shall become, immediately due and payable without presentment, demand, protest or other notice of any
      kind, all of which are hereby waived by the Borrower and Guarantor;

   

   ●

  provided  further, that (1) upon the occurrence of any Event of Default described in Section 6.1(d), automatically, and (2) upon the occurrence of any other Event of Default, at the request of (or
      with the consent of) the Majority Lenders, upon notice to the Borrower by the Administrative Agent, (A) each of the following shall immediately become due and payable, in each case without presentment, demand, protest or other requirements of any
      kind, all of which are hereby expressly waived by the Borrower: (I) the unpaid principal amount of and accrued interest on the Advances, and (II) all other Obligations; and (B) the Administrative Agent may enforce any and all Liens and security
      interests created pursuant to this Agreement and any other Transaction Document, subject to the Fannie Mae Requirements and the Freddie Mac Requirements.

   

  (b)         Without limiting the
      foregoing, upon any acceleration of the Obligations pursuant to this Section 6.2, the Administrative Agent, in addition to all other rights and remedies under this Agreement or otherwise, shall have all other rights and remedies provided
      under the UCC of each applicable jurisdiction and other Applicable Laws, which rights shall be cumulative. The Borrower and the Guarantor agree, upon the occurrence of an Event of Default and notice from the Administrative Agent, to assemble, at
      their expense, all of the Collateral that is in their possession (whether by return, repossession, or otherwise) at a place designated by the Administrative Agent. All out-of-pocket costs incurred by the Administrative Agent in the collection of all
      Obligations, and the enforcement of its rights hereunder, including attorneys’ fees and legal expenses, shall be paid by the Borrower and guaranteed by the Guarantor. Without limiting the foregoing, upon the occurrence of an Event of Default and the
      acceleration of the Loans pursuant to this Section 6.2, the Administrative Agent may, to the fullest extent permitted by Applicable Law, without notice, advertisement, hearing or process of law of any kind, (i) enter upon any premises where
      any of the Collateral which is in the possession of the Borrower or the Guarantor (whether by return, repossession, or otherwise) may be located and take possession of and remove such Collateral, (ii) sell any or all of such Collateral, free of all
      rights and claims of the Borrower or the Guarantor therein and thereto, at any public or private sale, and (iii) bid for and purchase any or all of such Collateral at any such sale. Any such sale shall be conducted in a commercially reasonable manner
      and in accordance with Applicable Law. The Borrower and Guarantor hereby expressly waive, to the fullest extent permitted by Applicable Law, any and all notices, advertisements, hearings or process of law in connection with the exercise by the
      Administrative Agent of any of its rights and remedies upon the occurrence of an Event of Default. The Administrative Agent and each Lender shall have the right (but not the obligation) to bid for and purchase any or all Collateral at any public or
      private sale. The Borrower and the Guarantor hereby agree that in any sale of any of the Collateral, the Administrative Agent is hereby authorized

   

  

    

  
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  to comply with any limitation or restriction in
      connection with such sale as it may be advised by counsel is necessary in order to avoid any violation of Applicable Law (including, without limitation, compliance with such procedures as may restrict the number of prospective bidders and purchasers,
      require that such prospective bidders and purchasers have certain qualifications, and restrict such prospective bidders and purchasers to Persons who will represent and agree that they are purchasing for their own account for investment and not with
      a view to the distribution or resale of such Collateral), or in order to obtain any required approval of the sale or of the purchaser by any Governmental Authority, and the Borrower and Guarantor further agree that such compliance shall not result in
      such sale being considered or deemed not to have been made in a commercially reasonable manner. The Administrative Agent shall not be liable for any sale, private or public, conducted in accordance with this Section 6.2(b).

   

  (c)         The exercise of remedies
      under this Section 6.2 shall be subject to the terms and conditions of the Acknowledgment Agreements. 

   

  Section 6.3     Equity Cure. Notwithstanding
      anything to the contrary contained in Section 6.1, for purposes of determining whether an Event of Default has occurred under Section 5.1(a)(iii) , any cash contribution (in the form of common equity or subordinated debt) made to the
      Borrower after the last day of any calendar month and on or prior to the day that is fifteen (15) Business Days after written notice from the Administrative Agent that the Borrower is not in compliance with Section 5.1(a)(iii) as of the end
      of the most recently ended calendar month will, at the request of the Borrower and to the extent so requested, be included in the calculation of such covenants by increasing the Adjusted Tangible Net Worth of the Borrower (or reducing the amount of
      Corporate Debt to the extent such amounts are utilized to pay down Corporate Debt) solely for the purpose of determining compliance with the Corporate Debt to Tangible Net Worth Ratio covenant set forth at Section 5.1(a)(iii) at the end of
      such period and any subsequent period that includes such period (any such cash contribution to the extent so requested by the Borrower to be included, a “Specified Contribution”); provided that (i) no more than eight Specified
      Contributions will be made in the aggregate, and (ii) all Specified Contributions will be disregarded for all other purposes under the Transaction Documents (including for purposes of determining other items governed by reference to any of the
      Financial Covenants or the components thereof); and provided further that with respect to any Specified Contribution in the form of subordinated debt, (i) it does not mature prior to the Maturity Date, (ii) it is subordinated to the Liens
      securing the Obligations created pursuant to the terms of this Agreement on terms reasonably acceptable to the Administrative Agent, (iii) the interest thereon is payable-in-kind (allowing for deferment of interest payments and/or payment in the form
      of additional debt rather in cash), and (iv) it is otherwise on terms reasonably acceptable to the Administrative Agent.

   

  ARTICLE VII

   

  THE ADMINISTRATIVE AGENT

   

  Section 7.1    Appointment;
        Nature of Relationship. The Administrative Agent is appointed by the Lenders as the Administrative Agent hereunder and under each other Transaction Document, and each of the Lenders irrevocably authorizes the Administrative Agent to act as the
      contractual representative of such Lender with the rights and duties expressly set forth herein and

   

  

    

  
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  in the other Transaction Documents. The Administrative
      Agent agrees to act as such contractual representative upon the express conditions contained in this Article VII. Notwithstanding the use of the defined term “Administrative Agent,” it is expressly understood and agreed that the
      Administrative Agent shall not have any fiduciary responsibilities to any Lender by reason of this Agreement and that the Administrative Agent is merely acting as the representative of the Lenders with only those duties as are expressly set forth in
      this Agreement and the other Transaction Documents. In its capacity as the Lenders’ contractual representative, the Administrative Agent (A)   does not assume any fiduciary duties to any of the Lenders, (B) is a “representative” of the Lenders within
      the meaning of Section 9-102 of the UCC as in effect in the State of New York and (C)  is acting as an independent contractor, the rights and duties of which are limited to those expressly set forth in this Agreement and the other Transaction
      Documents. Each of the Lenders agrees to assert no claim against the Administrative Agent on any agency theory or any other theory of liability for breach of fiduciary duty, all of which claims each Lender waives. The Administrative Agent shall
      deliver to any Lender any written information delivered by or on behalf of the Borrower or the Guarantor to the Administrative Agent in connection with the transactions contemplated by this Agreement and the other Transaction Documents promptly after
      any Lender’s reasonable request therefor.

   

  Section 7.2    Powers. The
      Administrative Agent shall have and may exercise such powers under the Transaction Documents as are specifically delegated to the Administrative Agent by the terms thereof, together with such powers as are reasonably incidental thereto. The
      Administrative Agent shall have no implied duties or fiduciary duties to the Lenders, or any obligation to the Lenders to take any action hereunder or under any of the other Transaction Documents except any action specifically provided by the
      Transaction Documents required to be taken by the Administrative Agent.

   

  Section 7.3    General Immunity.
      Neither the Administrative Agent nor any of its directors, officers, agents or employees shall be liable to the Borrower, Guarantor, or any Lender for any action taken or omitted to be taken by it or them hereunder or under any other Transaction
      Document or in connection herewith or therewith except to the extent such action or inaction is found in a final non-appealable judgment by a court of competent jurisdiction to have arisen solely from (A) the gross negligence or willful misconduct of
      such Person or (B) breach of contract by such Person with respect to the Transaction Documents.

   

  Section 7.4    No Responsibility
        for Advances, Creditworthiness, Collateral, Recitals, Etc. Neither the Administrative Agent nor any of its directors, officers, agents or employees shall be responsible for or have any duty to ascertain, inquire into, or verify (A) any
      statement, warranty or representation made in connection with any Transaction Document or any borrowing hereunder, (B) the performance or observance of any of the covenants or agreements of any obligor under any Transaction Document, (C) the
      satisfaction of any condition specified in Article III, except receipt of items required to be delivered solely to the Administrative Agent, (D)   the existence or possible existence of any Event of Default or (E) the validity, effectiveness
      or genuineness of any Transaction Document or any other instrument or writing furnished in connection therewith. The Administrative Agent shall not be responsible to any Lender for any recitals, statements, representations or warranties herein or in
      any of the other Transaction Documents, for the perfection or priority of any of the Liens on any of the Collateral, or for the

   

  

    

  
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  execution, effectiveness, genuineness, validity,
      legality, enforceability, collectability, or sufficiency of this Agreement or any of the other Transaction Documents or the transactions contemplated thereby, or for the financial condition of any guarantor of any or all of the Obligations (including
      the Guarantor), the Borrower or any of their respective Affiliates.

   

  Section 7.5    Action on
        Instruction of Lenders. The Administrative Agent shall in all cases be fully protected in acting, or in refraining from acting, hereunder and under any other Transaction Document in accordance with written instructions signed by the Majority
      Lenders, and such instructions and any action taken or failure to act pursuant thereto shall be binding on all of the Lenders and on all holders of Loan Notes. The Administrative Agent shall be fully justified in failing or refusing to take any
      action hereunder and under any other Transaction Document unless it shall first be indemnified to its satisfaction by the Lenders pro rata against any and all liability, cost and expense that it may incur by reason of taking or continuing to take any
      such action.

   

  Section 7.6    Employment of
        Agents and Counsel. The Administrative Agent may execute any of its duties as the Administrative Agent hereunder and under any other Transaction Document by or through employees, agents, and attorneys-in-fact and shall not be answerable to the
      Lenders, except as to money or securities received by it or its authorized agents, for the default or misconduct of any such agents or attorneys-in-fact selected by it with reasonable care. The Administrative Agent shall be entitled to advice of
      counsel concerning the contractual arrangement between the Administrative Agent and the Lenders and all matters pertaining to the Administrative Agent’s duties hereunder and under any other Transaction Document.

   

  Section 7.7    Reliance on
        Documents; Counsel. The Administrative Agent shall be entitled to rely upon any Loan Note, notice, consent, certificate, affidavit, letter, telegram, statement, paper or document believed by it to be genuine and correct and to have been signed
      or sent by the proper Person or Persons, and, in respect to legal matters, upon the opinion of counsel selected by the Administrative Agent, which counsel may be employees of the Administrative Agent.

   

  Section 7.8    The
        Administrative Agent’s Reimbursement and Indemnification. The Lenders agree to reimburse and indemnify (on a pro rata basis based upon their Applicable Percentage) the Administrative Agent (A) for any amounts not reimbursed by the Borrower for
      which the Administrative Agent is entitled to reimbursement by the Borrower under the Transaction Documents, (B) for any other expenses incurred by the Administrative Agent on behalf of the Lenders, in connection with the preparation, execution,
      delivery, administration and enforcement of the Transaction Documents and (C) for any liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements of any kind and nature whatsoever which may be
      imposed on, incurred by or asserted against the Administrative Agent in any way relating to or arising out of the Transaction Documents or any other document delivered in connection therewith or the transactions contemplated thereby, or the
      enforcement of any of the terms thereof or of any such other documents; provided, each Lender agrees to reimburse and indemnify the Administrative Agent for any liabilities, obligations, losses, damages, penalties, actions, judgments, suits,
      costs, expenses or disbursements of any kind and nature whatsoever which may be imposed on, incurred by or asserted against the Administrative Agent in any way relating to or arising out of the Transaction Documents or any other document delivered in

   

  

    

  
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  connection therewith or the transactions contemplated
      thereby, or the enforcement of any of the terms thereof or of any such other documents related to such Lender failing to maintain the confidentiality of any materials provided by the Credit Manager and/or for taking any actions that cause the
      Administrative Agent to be liable to Freddie Mac under the Initial Freddie Mac Acknowledgment Agreement or Freddie Mac Acknowledgment Agreement (as applicable); and provided further that in each case no Lender shall be liable for any
      of the foregoing to the extent any of the foregoing is found in a final non-appealable judgment by a court of competent jurisdiction to have arisen solely from the gross negligence or willful misconduct of the Administrative Agent.

   

  Section 7.9      Rights as a
        Lender. With respect to its Commitment and Advances made by it and the Loan Notes issued to it, in its capacity as a Lender, the Administrative Agent shall have the same rights and powers hereunder and under any other Transaction Document as
      any Lender and may exercise the same as though it were not the Administrative Agent, and the term “Lender” or “Lenders”, as applicable, shall, unless the context otherwise indicates, include the Administrative Agent in its individual capacity. The
      Administrative Agent may accept deposits from, lend money to, and generally engage in any kind of trust, debt, equity or other transaction, in addition to those contemplated by this Agreement or any other Transaction Document, with the Borrower, the
      Guarantor, or any of their Affiliates in which such Person is not prohibited hereby from engaging with any other Person.

   

  Section 7.10    Lender Credit
        Decision. Each Lender acknowledges that it has, independently and without reliance upon the Administrative Agent or any other Lender and based on the financial statements prepared by the Borrower and the Guarantor, and such other documents and
      information as it has deemed appropriate, made its own credit analysis and decision to enter into this Agreement and the other Transaction Documents. Each Lender also acknowledges that it will, independently and without reliance upon the
      Administrative Agent or any other Lender and based on such documents and information as it shall deem appropriate at the time, continue to make its own credit decisions in taking or not taking action under this Agreement and the other Transaction
      Documents.

   

  Section 7.11    Successor Agent.
      The Administrative Agent may resign at any time by giving written notice thereof to the Lenders, Fannie Mae, Freddie Mac, the Borrower, and the Guarantor. Notwithstanding anything herein to the contrary, following Freddie Mac’s execution of the
      Initial Freddie Mac Acknowledgment Agreement and Freddie Mac’s Acknowledgment Agreement, as applicable, no resignation of the Administrative Agent shall be effective until the following conditions have been satisfied: (x) receipt of Freddie Mac’s
      express written consent to such resignation and satisfaction of the other terms and conditions of this Section 7.11 and of the Initial Freddie Mac Acknowledgment Agreement and Freddie Mac Acknowledgment Agreement, as applicable and (y)
      execution by the successor Administrative Agent, Borrower and Fannie Mae of an acknowledgment agreement (or an amendment or modification to the Fannie Mae Acknowledgment Agreement) satisfactory to Fannie Mae. The Administrative Agent may be removed
      at any time for cause by written notice received by the Administrative Agent from all of the other Lenders. Upon any such resignation or removal, the Lenders shall have the right to appoint, on behalf of the Borrower and the Lenders, a successor
      Administrative Agent. If no successor Administrative Agent shall have been so appointed by the Lenders and shall have

   

  

    

  
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  accepted such appointment within thirty (30) days
      after the exiting Administrative Agent’s giving notice of resignation or receipt of notice of removal, then the exiting Administrative Agent may appoint, on behalf of the Borrower and the Lenders, a successor Administrative Agent (but only if such
      successor is reasonably acceptable to each Lender) or petition a court of competent jurisdiction to appoint a successor Agent. Upon the acceptance of any appointment as the Administrative Agent hereunder by a successor Administrative Agent and the
      execution by such successor Administrative Agent, Borrower and Fannie Mae of an acknowledgment agreement (or an amendment or modification to the Fannie Mae Acknowledgment Agreement) satisfactory to Fannie Mae, such successor Agent shall thereupon
      succeed to and become vested with all the rights, powers, privileges and duties of the exiting Administrative Agent, and the exiting Agent shall be discharged from its duties and obligations hereunder and under the other Transaction Documents. After
      any exiting Administrative Agent’s resignation hereunder as Administrative Agent, the provisions of this Article VII shall continue in effect for its benefit in respect of any actions taken or omitted to be taken by it while it was acting as
      the Administrative Agent hereunder and under the other Transaction Documents.

   

  Section 7.12    Transaction
        Documents. Each Lender authorizes the Administrative Agent to enter into each of the Transaction Documents to which it is a party and each Lender authorizes the Administrative Agent to take all action contemplated by such documents in its
      capacity as Administrative Agent; provided that, with respect to the Credit Manager Agreement, each Lender hereunder shall execute and deliver a joinder or related agreement acknowledging acceptance of the terms thereof, on or prior to
      becoming a Lender hereunder. Each Lender agrees that no Lender shall have the right individually to seek to realize upon the security granted by any Transaction Document or seek to enforce or have standing to exercise any remedy against any Agency
      directly, it being understood and agreed that such rights and remedies may be exercised solely by the Administrative Agent for the benefit of the Lenders upon the terms of the Transaction Documents.

   

  ARTICLE VIII

   

  COLLECTION ACCOUNT

   

  Section 8.1    Collection Account.

   

  (a)         The Borrower shall
      establish and maintain or cause to be maintained at the Account Bank, a segregated non-interest bearing account titled “Home Point Financial Corporation in trust for Goldman Sachs Bank USA, as Administrative Agent – FNMA/FMAC/GNMA Collection
      Account”, which account has been established by the Borrower for the purpose of holding cash proceeds of the Assets (including any income from the Assets related thereto other than the Base Servicing Fee from and after an Event of Default, and as to
      proceeds from any Transfer of Servicing limited only to Surplus Proceeds or Net Proceeds, as applicable and as defined in the Initial Acknowledgment Agreement or Acknowledgment Agreements, as applicable) for the benefit of the Lenders (such account,
      the “Collection Account”), such account bearing a designation clearly indicating that the funds deposited therein are held for the benefit of the Secured Parties. The Collection Account shall be subject at all times to the Account Control
      Agreement and may not be a “zero balance” account.

   

  

    

  
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  (b)         On each Monthly Payment
      Date during any Acknowledgment Agreement Trigger Period, or following (A) delivery of an Activation Notice by the Administrative Agent or (B)   the occurrence and continuation of an Event of Default, the Borrower shall cause all Servicing Fees (other
      than the Base Servicing Fee) and other proceeds of MSR Collateral (limited to Surplus Proceeds or Net Proceeds, as applicable, in the event of a Transfer of Servicing) to be remitted, free and clear of all Ginnie Mae rights and other restrictions on
      transfer under applicable Ginnie Mae guidelines, to the Collection Account no later than two (2) Business Days following receipt thereof. The Borrower may withdraw funds from the Collection Account in its discretion in the ordinary course of
      business, subject to the covenants set forth in Section 5.2(l). On each Monthly Payment Date during any Acknowledgment Agreement Trigger Period, or following (A) delivery of an Activation Notice by the Administrative Agent or (B) the
      occurrence and during the continuation of an Event of Default, all amounts on deposit in the Collection Account shall be applied pursuant to Section 2.7(c).

   

  ARTICLE IX

   

  GUARANTY

   

  Section 9.1    Guaranty. (a)
      Guarantor hereby unconditionally and irrevocably guarantees the prompt and complete payment and performance of the Guaranteed Obligations when due (whether at the stated maturity, by acceleration or otherwise). This Guaranty is a guarantee of payment
      and performance and not merely a guaranty of collection.

   

  (b)         Guarantor further agrees
      to pay any and all expenses (including, without limitation, all reasonable and documented out-of-pocket fees and disbursements of counsel) which may be paid or incurred by the Administrative Agent in enforcing, or obtaining advice of counsel in
      respect of, any rights with respect to, or collecting, any or all of the Guaranteed Obligations and/or enforcing any rights with respect to, or collecting against, the Guarantor under this Guaranty. This Guaranty shall remain in full force and effect
      until any remaining Guaranteed Obligations are paid in full, notwithstanding that from time to time prior thereto the Borrower may be free from any due and payable Obligations.

   

  Section 9.2    Subrogation.
      Notwithstanding any payment or payments made by the Guarantor hereunder or any set-off or application of funds of the Guarantor by the Administrative Agent or the Lenders, the Guarantor shall not be entitled to be subrogated to any of the rights of
      the Administrative Agent or the Lenders against the Borrower or any other guarantor or any collateral security or guarantee or right of offset held by the Administrative Agent or the Lenders for the payment of the Guaranteed Obligations, nor shall
      the Guarantor seek or be entitled to seek any contribution or reimbursement from the Borrower or any other guarantor or Person in respect of payments made by the Guarantor hereunder, until all amounts owing to the Administrative Agent and the Lenders
      on account of the Guaranteed Obligations are paid in full. If any amount shall be paid to the Guarantor on account of such subrogation rights at any time when all of the Guaranteed Obligations shall not have been paid in full or performed, such
      amount shall be held in trust for the benefit of the Administrative Agent, on behalf of the Lenders, and shall forthwith be paid to the Administrative Agent, to be credited and applied against the Guaranteed Obligations.

   

  

    

  
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  Section 9.3    Amendments, etc.
        with Respect to the Guaranteed Obligations. Guarantor shall remain obligated hereunder notwithstanding that, without any reservation of rights against the Guarantor, and without notice to or further assent by the Guarantor, any demand for
      payment of any of the Guaranteed Obligations made by the Administrative Agent or the Lenders may be rescinded by the Administrative Agent or the Lenders, and any of the Guaranteed Obligations continued, and the Guaranteed Obligations, or the
      liability of any other party upon or for any part thereof, or any collateral security or guarantee therefor or right of offset with respect thereto, may, from time to time, in whole or in part, be renewed, extended, amended, modified, accelerated,
      compromised, waived, surrendered or released by the Administrative Agent or the Lenders, and this Agreement, the other Transaction Documents and any other document in connection therewith may be amended, modified, supplemented or terminated, in whole
      or in part, in accordance with its terms and as the Administrative Agent and Lenders, may deem advisable from time to time, and any collateral security, guarantee or right of offset at any time held by the Administrative Agent or the Lenders, for the
      payment of the Guaranteed Obligations may be sold, exchanged, waived, surrendered or released. Neither the Administrative Agent nor the Lenders shall have any obligation to protect, secure, perfect or insure any Lien at any time held by it as
      security for the Guaranteed Obligations or for this Guaranty or any property subject thereto. When making any demand hereunder against the Guarantor, the Administrative Agent may, but shall be under no obligation to, make a similar demand on the
      Borrower, and any failure by the Administrative Agent to make any such demand or to collect any payments from the Borrower or any release of the Borrower or such other guarantor shall not relieve the Guarantor of its Guaranteed Obligations or
      liabilities hereunder, and shall not impair or affect the rights and remedies, express or implied, or as a matter of law or equity, of the Administrative Agent, on behalf of the Lenders, against the Guarantor. For the purposes hereof “demand” shall
      include, but shall not be limited to, the commencement and continuance of any legal proceedings.

   

  Section 9.4    Guaranty Absolute
        and Unconditional. (a) Guarantor waives any and all notice of the creation, renewal, extension or accrual of any of the Guaranteed Obligations and notice of or proof of reliance by the Administrative Agent or the Lenders, upon this Guaranty or
      acceptance of this Guaranty; the Guaranteed Obligations, and any of them, shall conclusively be deemed to have been created, contracted or incurred in reliance upon this Guaranty; and all dealings between the Borrower or the Guarantor, on the one
      hand, and the Administrative Agent and the Lenders, on the other, shall likewise be conclusively presumed to have been had or consummated in reliance upon this Guaranty. Guarantor waives diligence, presentment, protest, demand for payment and notice
      of default or nonpayment to or upon the Borrower or itself with respect to the Guaranteed Obligations. This Guaranty shall be construed as a continuing, absolute and unconditional guarantee of payment and performance without regard to (i) the
      validity or enforceability of this Agreement, the other Transaction Documents, any of the Guaranteed Obligations or any collateral security therefor or guarantee or right of offset with respect thereto at any time or from time to time held by the
      Administrative Agent or the Lenders, (ii) any defense, set-off or counterclaim (other than a defense of payment or performance) which may at any time be available to or be asserted by it or the Borrower against the Administrative Agent or the
      Lenders, (iii) any other circumstance whatsoever (with or without notice to or knowledge of the Borrower or the Guarantor) which constitutes, or might be construed to constitute, an equitable or legal discharge of the Borrower for the Guaranteed
      Obligations, or of the Guarantor under this Guaranty, in bankruptcy or in any other instance or (iv) any other defense, set-off or counterclaim of a

   

  

    

  
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  guarantor or a surety. When pursuing its rights and
      remedies hereunder against the Guarantor, the Administrative Agent may, but shall be under no obligation, to pursue such rights and remedies that it may have against the Borrower or any other Person or against any collateral security or guarantee for
      the Guaranteed Obligations or any right of offset with respect thereto, and any failure by the Administrative Agent to pursue such other rights or remedies or to collect any payments from the Borrower or any such other Person or to realize upon any
      such collateral security or guarantee or to exercise any such right of offset, or any release of the Borrower or any such other Person or any such collateral security, guarantee or right of offset, shall not relieve the Guarantor of any liability
      hereunder, and shall not impair or affect the rights and remedies, whether express, implied or available as a matter of law or equity, of the Administrative Agent against the Guarantor. This Guaranty shall remain in full force and effect and be
      binding in accordance with and to the extent of its terms upon the Guarantor and its successors and assigns thereof, and shall inure to the benefit of the Administrative Agent, the Lenders, and their successors, permitted endorsees, permitted
      transferees and permitted assigns, until all the Obligations and the Guaranteed Obligations of the Guarantor under this Guaranty shall have been satisfied by payment in full, notwithstanding that from time to time during the term of the Credit
      Agreement, the Borrower may be free from any due and payable Obligations.

   

  (b)        Without limiting the
      generality of the foregoing, Guarantor hereby agrees, acknowledges, and represents and warrants to the Administrative Agent and the Lenders as follows:

   

  (i)         To the extent
      permitted by law, Guarantor hereby waives any defense arising by reason of, and any and all right to assert against the Administrative Agent or the Lenders, any claim or defense based upon, an election of remedies by the Administrative Agent which in
      any manner impairs, affects, reduces, releases, destroys and/or extinguishes Guarantor’s subrogation rights, rights to proceed against the Borrower for reimbursement or contribution, and/or any other rights of the Guarantor to proceed against the
      Borrower, or against any other person or security.

   

  (ii)         Guarantor is
      presently informed of the financial condition of the Borrower and of all other circumstances which diligent inquiry would reveal and which bear upon the risk of nonpayment of the Guaranteed Obligations. The Guarantor hereby covenants that it will
      make its own investigation and will continue to keep itself informed of the financial condition of the Borrower, of all other circumstances which bear upon the risk of nonpayment and that it will continue to rely upon sources other than the
      Administrative Agent and the Lenders for such information and will not rely upon the Administrative Agent or the Lenders for any such information. Guarantor hereby waives its right, if any, to require the Administrative Agent or the Lenders to
      disclose to Guarantor any information which they may now or hereafter acquire concerning such condition or circumstances including, but not limited to, the release of or revocation by any other guarantor.

   

  (iii)         Guarantor has
      independently reviewed this Agreement and related Transaction Documents and has made an independent determination as to the validity and enforceability thereof, and in executing and delivering this Agreement, Guarantor is not in any manner relying
      upon the validity, and/or enforceability, and/or attachment, and/or perfection of any Liens or security interests of any kind or nature granted by the Borrower

   

  

    

  
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  or any other guarantor or Person to the Administrative Agent, now or at
      any time and from time to time in the future.

   

  Section 9.5    Reinstatement.
      In the event that any payment on account of any of the Guaranteed Obligations is ever required to be returned by the Administrative Agent or the Lenders, for any reason (including, without limitation, bankruptcy or reorganization of the Borrower or
      any other obligor) or is set aside, recovered or rescinded, the Guaranteed Obligations to which such payment was applied shall for the purposes of this Guaranty be deemed to have continued in existence, notwithstanding such application, and this
      Guaranty shall be enforceable as to such Guaranteed Obligations fully as if such application had never been made. The bankruptcy or insolvency of Guarantor shall not terminate this Guaranty.

   

  Section 9.6    Payments.
      Guarantor hereby agrees that any payments hereunder will be promptly paid to the Administrative Agent, on behalf of the Lenders, without deduction (for taxes or otherwise), abatement, recoupment, reduction, set-off or counterclaim (other than a
      defense of payment or performance) in U.S. Dollars and in accordance with the wiring instructions of the Administrative Agent, on behalf of the Lenders.

   

  Section 9.7    Events of Default.
      If an Event of Default shall have occurred and be continuing, Guarantor agrees that, as between Guarantor, on the one hand, and the Administrative Agent and the Lenders, on the other hand, the Obligations and Guaranteed Obligations may be declared to
      be due for purposes of this Guaranty notwithstanding any stay, injunction or other prohibition which may prevent, delay or vitiate any such declaration as against a Borrower and that, in the event of any such declaration (or attempted declaration),
      such Obligations and Guaranteed Obligations shall forthwith become due by Guarantor for purposes of this Guaranty.

   

  ARTICLE X

   

  MISCELLANEOUS

   

  Section 10.1   Survival .
      All representations and warranties made by the parties herein, all indemnification obligations of the Borrower and Guarantor hereunder, and all terms of the Guaranty made by the Guarantor, shall survive, and shall continue in full force and effect,
      after the making and the repayment of the Advances hereunder and the termination of this Agreement.

   

  Section 10.2   Amendments, Etc.
      (a) Neither this Agreement nor any other Transaction Document nor any provision hereof or thereof may be waived, amended or modified except (i) in the case of this Agreement, pursuant to an agreement or agreements in writing entered into by the
      Borrower, the Administrative Agent and the Majority Lenders, except in the case of any agreement, amendment or modification required to effectuate an increase in the Commitments then in effect, which agreement, amendment or modification shall require
      the consent of the Borrower, the Guarantor, the Administrative Agent and each Lender consenting to such increase in the Commitments, (ii) in the case of any other Transaction Document, pursuant to an agreement or agreements in writing entered into by
      the Administrative Agent and the Borrower, with the consent of the Majority Lenders, or (iii) with respect to certain matters relating to the Collection

   

  

    

  
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  Account, as provided in Section 5.2(m); provided
      that no such agreement shall (A) increase the Commitment of any Lender without the written consent of such Lender (including any such Lender that is a Defaulting Lender), (B) reduce or forgive the principal amount of any Advance or reduce the rate of
      interest thereon, or reduce or forgive any interest or fees payable hereunder, without the written consent of each Lender (including any such Lender that is a Defaulting Lender) affected thereby, (C) postpone any scheduled date of payment of the
      principal amount of any Advance, or any date for the payment of any interest, fees or other Obligations payable hereunder, or reduce the amount of, waive or excuse any such payment, without the written consent of each Lender (including any such
      Lender that is a Defaulting Lender) affected thereby, (D) change any of the provisions of this Section or the definition of “Majority Lenders” or any other provision of any Transaction Document specifying the number or percentage of Lenders required
      to waive, amend or modify any rights thereunder or make any determination or grant any consent thereunder, without the written consent of each Lender (other than any Defaulting Lender) directly affected thereby, (E) change Section 10.7(b),
      (F) change the provisions of Section 2.14 relating to the extension of the Availability Period End Date, or the consent requirements with respect thereto, except with the consent of each Lender (other than any Defaulting Lender), or (G)
      release all or substantially all of the Collateral without the written consent of each Lender (other than any Defaulting Lender); provided, further, that no such agreement shall amend or modify the definition of “Borrowing Base” or
      any constituent term thereof in a manner that is adverse to the Lenders without the written consent of each Lender (other than any Defaulting Lender); provided, further that no such agreement shall amend, modify or otherwise affect
      the rights or duties of the Administrative Agent hereunder without the prior written consent of the Administrative Agent (it being understood that any amendment to Section 10.7 shall require the consent of the Administrative Agent). The
      Administrative Agent may also amend Exhibit E attached hereto to reflect assignments entered into pursuant to Section 10.8. Notwithstanding anything herein to the contrary, no Loan Note nor Exhibit C attached hereto may be
      amended without the prior express written consent of Freddie Mac.

   

  (b)         The Lenders hereby
      irrevocably authorize the Administrative Agent, at its option and in its sole discretion, to release any Liens granted to the Administrative Agent by the Borrower or the Guarantor on any Collateral (i) upon the termination of all of the Commitments,
      payment and satisfaction in full in cash of all Obligations (other than contingent obligations), (ii)    constituting property being sold or disposed of if the sale or disposition is made in compliance with the terms of this Agreement, or (iii) as
      required to effect any sale or other disposition of such Collateral in connection with any exercise of remedies of the Administrative Agent and the Lenders pursuant to Article VI. Except as provided in the preceding sentence, the
      Administrative Agent will not release any Liens on Collateral without the prior written authorization of the Majority Lenders. Any such release shall not in any manner discharge, affect, or impair the Obligations or any Liens (other than those
      expressly being released) upon (or obligations of the Borrower or the Guarantor in respect of) all interests retained by the Borrower or Guarantor, including the proceeds of any sale, all of which shall continue to constitute part of the Collateral.
      Any execution and delivery by the Administrative Agent of documents in connection with any such release shall be without recourse to or warranty by the Administrative Agent.

   

  Section 10.3   Notices, Etc.
      All notices and other communications provided to any Party hereunder shall be in writing and mailed or delivered by courier or facsimile at the address

   

  

    

  
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  for such party set forth in Schedule 10.3
      hereto or in the case of any party, at such address or other address as shall be designated by such party in a written notice to each of the other parties hereto. Notwithstanding the foregoing, (i) the Schedule of Assets may be delivered by posting
      to a FTP site and (ii) each Monthly Report described in Section 5.1(b), any notice obligations required by Section 5.1(f), each Borrowing Base Certificate described in Section 2.4(a) and any funding request and other reporting
      may be delivered by electronic mail; provided that such electronic mail is sent by a Responsible Officer and each such Monthly Report or Borrowing Base Certificate is accompanied by an electronic reproduction of the signature of a Responsible
      Officer. All such notices and communications shall be effective, upon receipt; provided that notice by facsimile or email shall be effective upon electronic or telephonic confirmation of receipt from the recipient.

   

  Section 10.4    No Waiver;
        Remedies. No failure on the part of the Administrative Agent or any Lender to exercise, and no delay in exercising, any right hereunder or under the Loan Notes shall operate as a waiver thereof; nor shall any single or partial exercise of any
      such right preclude any other or further exercise thereof or the exercise of any other right. The remedies herein provided are cumulative and not exclusive of any remedies provided by law.

   

  Section 10.5    Indemnification.
      The Borrower agrees to indemnify the Administrative Agent, each Lender, and their respective Related Parties (collectively, the “Indemnitees”) from and hold each of them harmless against any and all losses, liabilities, claims, damages or
      expenses to which such Indemnitee may become subject arising out of, resulting from or in connection with any of the Transaction Documents or any other agreement, document, instrument or transaction related thereto, the use of proceeds thereof and
      the transactions contemplated hereby, and to reimburse each Indemnitee upon written demand therefor (together with reasonable back-up documentation supporting such reimbursement request) for any reasonable and documented legal or other out-of-pocket
      expenses incurred in connection with investigating or defending any of the foregoing of one counsel to such Indemnitees, taken as a whole, and, in the case of a conflict of interest, of one additional counsel to the affected Indemnitee taken as a
      whole (and, if reasonably necessary, of one local counsel or one regulatory counsel in any material relevant jurisdiction); provided that the foregoing indemnity and reimbursement obligation will not, as to any Indemnitee, apply to (A)
      losses, claims, damages, liabilities or related expenses to the extent they are found in a final non-appealable judgment of a court of competent jurisdiction to arise from the willful misconduct, bad faith or gross negligence of such Indemnitee or
      any of its affiliates or Controlling persons or any of the officers, directors, employees, advisors or agents of any of the foregoing or (B) any settlement entered into by such Indemnitee without the Borrower’s written consent (such consent not to be
      unreasonably withheld or delayed). This Section 10.5 shall not apply with respect to Taxes other than any Taxes that represent losses, liabilities, claims and damages arising from any non-Tax Proceeding. Each party hereto, waives, to the
      maximum extent not prohibited by law, any right it may have to claim or recover in any legal action or proceeding against any other party hereto arising out of or relating to this Agreement or any other Transaction Document any special, exemplary,
      indirect, punitive or consequential damages (as opposed to direct or actual damages) (whether or not the claim therefor is based on contract, tort or duty imposed by any applicable legal requirement).

   

  Section 10.6    Costs, Expenses
        and Taxes. The Borrower agrees to pay all reasonable and documented costs and expenses in connection with the preparation, execution,

   

  

    

  
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  delivery, filing, recording, administration,
      modification, amendment or waiver of this Agreement, the Loan Notes and the other documents to be delivered hereunder, including the reasonable and documented fees and out-of-pocket expenses of counsel for the Administrative Agent (limited to one
      primary counsel) with respect thereto and with respect to advising the Administrative Agent as to its rights and responsibilities under this Agreement and the other Transaction Documents; provided that the Borrower’s obligations in respect of
      amounts incurred prior to the Closing Date through the date on which the Acknowledgment Agreements are obtained shall not exceed [***]. The Borrower further agrees to pay on demand all reasonable and documented costs and expenses, if any
      (including reasonable and documented counsel fees and expenses) (A) in connection with the enforcement (whether through negotiations, legal proceedings or otherwise) of this Agreement, the Loan Notes and the other documents to be delivered hereunder
      and (B)   incurred by the Administrative Agent (subject to the limitation in the immediately preceding sentence) in connection with the transactions described herein and in the other Transaction Documents (including in connection with diligence
      performed with respect to the Collateral), including in any case reasonable and documented counsel fees and expenses in connection with the enforcement of rights under this Section 10.6. In addition, the Borrower shall pay any and all Other
      Taxes and agrees to save the Administrative Agent and each Lender harmless from and against any and all liabilities with respect to or resulting from any delay in paying or omission to pay such Other Taxes.

   

  Section 10.7    Right of
        Set-off; Ratable Payments; Relations Among Lenders. (a)     Upon the occurrence and during the continuance of any Event of Default, each of the Administrative Agent and the Lenders are hereby authorized at any time and from time to time, to the
      fullest extent permitted by law, to set off and apply any and all deposits (general or special, time or demand, provisional or final) at any time held and other indebtedness at any time owing by the Administrative Agent or such Lender to or for the
      credit or the account of the Borrower against any and all of the obligations of the Borrower now or hereafter existing under this Agreement and the Loan Notes, whether or not the Administrative Agent or such Lenders shall have made any demand under
      this Agreement or the Loan Notes and although such obligations may be unmatured. The Administrative Agent and each Lender agrees promptly to notify the Borrower after any such set-off and application; provided that the failure to give such
      notice shall not affect the validity of such set-off and application. The rights of the Administrative Agent and the Lenders under this Section 10.7(a) are in addition to other rights and remedies (including other rights of set-off) which the
      Administrative Agent and the Lenders may have.

   

  (b)         If any Lender, whether
      by setoff or otherwise, has payment made to it upon its Advances in a greater proportion than that received by any other Lender, such other Lender agrees, promptly upon demand, to purchase a portion of the Advances held by the Lenders so that after
      such purchase each Lender will hold its ratable share of Advances. If any Lender, whether in connection with setoff or amounts which might be subject to setoff or otherwise, receives collateral or other protection for its Obligations or such amounts
      which may be subject to setoff, such Lender agrees, promptly upon written demand, to take such action necessary such that all Lenders share in the benefits of such collateral ratably in proportion to the obligations owing to them. In case any such
      payment is disturbed by legal process, or otherwise, appropriate further adjustments shall be made.

   

  

    

  
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  (c)        Except with respect to
      the exercise of set-off rights of any Lender in accordance with Section 10.7(a), the proceeds of which are applied in accordance with this Agreement, each Lender agrees that it will not take any action, nor institute any actions or
      proceedings, against the Borrower or any other obligor hereunder or with respect to any Collateral or Transaction Document, without the prior written consent of the other Lenders or, as may be provided in this Agreement or the other Transaction
      Documents, at the direction of the Administrative Agent.

   

  (d)        The Lenders are not
      partners or co-venturers, and no Lender shall be liable for the acts or omissions of, or (except as otherwise set forth herein in case of the Administrative Agent) authorized to act for, any other Lender.

   

  Section 10.8    Binding Effect;
        Assignment. This Agreement shall be binding upon and inure to the benefit of the Borrower, the Guarantor, the Administrative Agent and each Lender, and their respective successors and permitted assigns, except that the Borrower and the
      Guarantor shall not have the right to assign its rights hereunder or any interest herein without the prior written consent of the Administrative Agent and the Lenders, and any assignment by the Borrower or Guarantor in violation of this Section
        10.8 shall be null and void. Notwithstanding anything to the contrary in the first sentence of this Section 10.8, any Lender may at any time, without the consent of the Administrative Agent, assign all or any portion of its rights under
      this Agreement and any Loan Note to a Federal Reserve Bank; provided that no such assignment or pledge shall release the transferor Lender from its obligations hereunder. Subject to the terms of the Initial Acknowledgment Agreement and
      Acknowledgment Agreements, as applicable, each Lender may assign to one or more banks or other entities all or any part or portion of, or may grant participations to one or more banks or other entities in all or any part or portion of its rights and
      obligations hereunder (including its Commitment, its Loan Notes or its Advances); provided that (A) each party to such assignment shall execute and deliver an Assignment and Assumption to the Administrative Agent, (B) shall be to (x) a bank,
      other financial institution or lender which is reasonably acceptable to the Administrative Agent, or (y) a “qualified institutional buyer”, as defined in Rule 144A under the Securities Act of 1933, as amended, reasonably acceptable to the
      Administrative Agent, and (C) unless an Event of Default has occurred and is continuing, the Borrower shall have the right to consent to any assignment of the Lender’s rights and obligations under this Agreement, such consent not to be unreasonably
      withheld, conditioned or delayed; provided that no such consent of the Administrative Agent or the Borrower shall be required for an assignment to any Lender or an Affiliate of a Lender.

   

  Upon, and to the extent of, any
      assignment (unless otherwise stated therein) made by any Lender hereunder, the assignee or purchaser of such assignment shall be a Lender hereunder for all purposes of this Agreement and shall have all the rights, benefits and obligations (including
      the obligation to provide documentation pursuant to Section 2.15(g)) of a Lender hereunder. The Administrative Agent, acting solely for this purpose as an agent of the Borrower, shall maintain at one of its offices a register (the “Register”)

      for the recordation of the names and addresses of the Lenders, the Commitment of and outstanding principal amounts (and accrued interest) of the Advances owing to each Lender pursuant to the terms hereof from time to time and any assignment of such
      Commitment or outstanding Advances. The entries in the Register shall be conclusive absent manifest error, and the Borrower, the Administrative Agent and the Lenders shall treat each

   

  

    

  
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  Person whose name is recorded in the Register pursuant
      to the terms hereof as a Lender hereunder for all purposes of this Agreement. The Register shall be available for inspection by the Borrower and any Lender, at any reasonable time and from time to time upon reasonable prior notice.

   

  Any Lender may sell participation
      interests in its Advances and obligations hereunder (each such recipient of a participation a “Participant”); provided that after giving effect to the sale of such participation, such Lender’s obligations hereunder and rights to
      consent to any waiver hereunder or amendment hereof shall remain unchanged, such Lender shall remain solely responsible to the other parties hereto for the performance of such obligations, all amounts payable to such Lender hereunder and all rights
      to consent to any waiver hereunder or amendment hereof shall be determined as if such Lender had not sold such participation interest, and the Borrower and the Administrative Agent shall continue to deal solely and directly with such Lender and not
      be obligated to deal with such participant. Each Lender that sells a participation shall, acting solely for this purpose as a non-fiduciary agent of the Borrower, maintain a register on which it enters the name and address of each Participant and the
      outstanding principal amounts (and accrued interest) of each Participant’s interest in the Advances or other obligations under the Transaction Documents (the “Participant Register”); provided that no Lender shall have any obligation to
      disclose all or any portion of the Participant Register (including the identity of any Participant or any information relating to a Participant’s interest in any commitments, loans, letters of credit or its other obligations under any Transaction
      Document) to any Person except to the extent that such disclosure is necessary to establish that such commitment, loan, or other obligation is in registered form under Section 5f.103-1(c) of the United States Treasury Regulations and Proposed
      Treasury Regulations Section 1.163-5(b) (or any amended or successor version). The entries in the Participant Register shall be conclusive absent manifest error, and such Lender shall treat each Person whose name is recorded in the Participant
      Register as the owner of such participation for all purposes of this Agreement notwithstanding any notice to the contrary. For the avoidance of doubt, the Administrative Agent shall have no responsibility for maintaining a Participant Register. Each
      recipient of a participation shall, to the fullest extent permitted by law, have the same rights, benefits and obligations (including the obligation to provide documentation pursuant to Section 2.15(g) (it being understood that the
      documentation required under Section 2.15(g) shall be delivered to the participating Lender)), hereunder with respect to the rights and benefits so participated as it would have if it were a Lender hereunder, except that no Participant shall
      be entitled to receive any greater payment under Sections 2.11 or 2.15 than its participating Lender would have been entitled to receive, except to the extent such entitlement to receive a greater payment results from a Change in Law
      that occurs after the Participant acquired the applicable participation.

   

  Notwithstanding any other provision
      of this Agreement to the contrary, a Lender may pledge as collateral, or grant a security interest in, all or any portion of its rights in, to and under this Agreement to (i) a security trustee in connection with the funding by such Lender of
      Advances or (ii) a Federal Reserve Bank to secure obligations to such Federal Reserve Bank, in each case without the consent of the Borrower; provided that no such pledge or grant shall release such Lender from its obligations under this
      Agreement.

   

  

    

  
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  Section 10.9    Governing Law.
      THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK.

   

  Section 10.10  Jurisdiction.
      ANY LEGAL ACTION OR PROCEEDING WITH RESPECT TO THIS AGREEMENT MAY BE BROUGHT IN THE COURTS OF THE STATE OF NEW YORK (NEW YORK COUNTY) OR OF THE UNITED STATES FOR THE SOUTHERN DISTRICT OF NEW YORK, AND BY EXECUTION AND DELIVERY OF THIS AGREEMENT, EACH
      OF THE PARTIES HERETO CONSENTS, FOR ITSELF AND IN RESPECT OF ITS PROPERTY, TO THE EXCLUSIVE JURISDICTION OF THOSE COURTS. EACH OF THE PARTIES HERETO IRREVOCABLY WAIVES ANY OBJECTION, INCLUDING ANY OBJECTION TO THE LAYING OF VENUE OR BASED ON THE
      GROUNDS OF FORUM NON CONVENIENS, OR ANY LEGAL PROCESS WITH RESPECT TO ITSELF OR ANY OF ITS PROPERTY, WHICH IT MAY NOW OR HEREAFTER HAVE TO THE BRINGING OF ANY ACTION OR PROCEEDING IN SUCH JURISDICTION IN RESPECT OF THIS AGREEMENT OR ANY
      DOCUMENT RELATED HERETO. EACH OF THE PARTIES HERETO WAIVES PERSONAL SERVICE OF ANY SUMMONS, COMPLAINT OR OTHER PROCESS, WHICH MAY BE MADE BY ANY OTHER MEANS PERMITTED BY NEW YORK LAW.

   

  Section 10.11  Waiver of Jury
        Trial. ALL PARTIES HEREUNDER HEREBY KNOWINGLY, VOLUNTARILY AND INTENTIONALLY WAIVE ANY RIGHTS THEY MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION BASED HEREON, OR ARISING OUT OF, UNDER, OR IN CONNECTION WITH, THIS AGREEMENT, OR ANY
      COURSE OF CONDUCT, COURSE OF DEALING, STATEMENTS (WHETHER ORAL OR WRITTEN) OR ACTIONS OF THE PARTIES IN CONNECTION HEREWITH OR THEREWITH. ALL PARTIES ACKNOWLEDGE AND AGREE THAT THEY HAVE RECEIVED FULL AND SIGNIFICANT CONSIDERATION FOR THIS PROVISION
      AND THAT THIS PROVISION IS A MATERIAL INDUCEMENT FOR ALL PARTIES TO ENTER INTO THIS AGREEMENT.

   

  Section 10.12   Section Headings.
      All section headings are inserted for convenience of reference only and shall not affect any construction or interpretation of this Agreement.

   

  Section 10.13   Tax
        Characterization. The parties hereto intend for the transactions effected hereunder to constitute indebtedness of the Borrower to the Lenders, secured by the Collateral, for U.S. federal income tax purposes.

   

  Section 10.14   Execution.
      This Agreement may be executed in any number of counterparts and by different parties hereto in separate counterparts, each of which when so executed shall be deemed to be an original and all of which taken together shall constitute one and the same
      agreement. Delivery of an executed counterpart of a signature page to this Agreement by facsimile or by e-mail in portable document format (.pdf) shall be effective as delivery of a manually executed counterpart of this Agreement.

   

  Section 10.15   Limitations on
        Liability. None of the members, managers, general or limited partners, officers, employees, agents, shareholders, directors, Affiliates or holders of

   

  

    

  
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  corporate interests of or in the Borrower or the
      Guarantor shall be under any liability to the Administrative Agent or the Lenders, respectively, any of their successors or assigns, or any other Person for any action taken or for refraining from the taking of any action in such capacities or
      otherwise pursuant to this Agreement or for any obligation or covenant under this Agreement, it being understood that this Agreement and the obligations created hereunder shall be, to the fullest extent permitted under applicable law, with respect to
      the Borrower or the Guarantor, solely the corporate obligations of the Borrower or the Guarantor, as applicable. The Borrower, the Guarantor, and any member, manager, partner, officer, employee, agent, shareholder, director, Affiliate or holder of a
      corporate interest of or in the Borrower or Guarantor, as applicable, may rely in good faith on any document of any kind prima facie properly executed and submitted by any Person (other than the Borrower or the Guarantor) respecting any matters
      arising hereunder.

   

  Section 10.16   Confidentiality.
      (a) This Agreement and its terms, provisions, supplements and amendments, and notices and reports delivered hereunder or under any other Transaction Document, are proprietary to the Administrative Agent, the Lenders, the Borrower, and the Guarantor,
      and shall be held by each party hereto, as applicable, in strict confidence, and shall not be disclosed to any third party without the written consent of Administrative Agent (at the written direction of the applicable Lender), the Borrower, or the
      Guarantor, as applicable, except for (i) disclosure to Administrative Agent, any Lender’s assignees, participants, prospective assignees or prospective participants, any Lender’s, Guarantor’s, or Borrower’s direct and indirect Affiliates and
      Subsidiaries, agents, consultants, attorneys or accountants, but only to the extent such disclosure is necessary and such parties agree to hold all information in strict confidence, provided that, any such prospective assignee or prospective
      participant is advised of, and agrees in writing to be bound by, the provisions of this Section 10.16, or (ii) disclosure required by law, rule, regulation or order of a court or other regulatory body. Notwithstanding the foregoing or
      anything to the contrary contained herein or in any other Transaction Documents, the parties hereto may disclose to any and all Persons, without limitation of any kind, the federal, state and local tax treatment of the Transactions, any fact relevant
      to understanding the federal, state and local tax treatment of the Transactions, and all materials of any kind (including opinions or other tax analyses) relating to such federal, state and local tax treatment and that may be relevant to
      understanding such tax treatment; provided that neither the Borrower nor the Guarantor may disclose the name of or identifying information with respect the Administrative Agent or the Lenders or any pricing terms or other nonpublic business
      or financial information (including any sublimits and financial covenants) that is unrelated to the federal, state and local tax treatment of the Transactions and is not relevant to understanding the federal, state and local tax treatment of the
      Transactions, without the prior written consent of the Administrative Agent (at the written direction of the applicable Lender).

   

  (b)         Notwithstanding anything
      in this Agreement to the contrary, the Administrative Agent and each Lender shall comply with all applicable local, state and federal laws, including, without limitation, all privacy and data protection law, rules and regulations that are applicable
      to the Assets and/or any applicable terms of this Agreement (the “Confidential Information”). The Administrative Agent and each Lender understand that the Confidential Information may contain “nonpublic personal information”, as that term is
      defined in Section 509(4) of the Gramm-Leach-Bliley Act (the “GLB Act”), and the Administrative Agent and each Lender agree to maintain such nonpublic personal information that it receives hereunder

   

  

    

  
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  in accordance with the GLB Act and other applicable
      federal and state privacy laws. Notwithstanding the foregoing, the Administrative Agent and the Lenders may disclose Confidential Information expressly for marketing purposes, as and to the extent permitted by the GLB Act. The Administrative Agent
      and each Lender shall implement such physical and other security measures as shall be necessary to (a) ensure the security and confidentiality of the “nonpublic personal information” of the “customers” and “consumers” (as those terms are defined in
      the GLB Act) of any Lender, the Administrative Agent or any Affiliate of the Administrative Agent which the Administrative Agent or any Lender holds, (b) protect against any anticipated threats or hazards to the security and integrity of such
      nonpublic personal information, and (c)   protect against any unauthorized access to or use of such nonpublic personal information. The Administrative Agent and each Lender each represents and warrants that it has implemented appropriate measures to
      meet the objectives of Section 501(b) of the GLB Act and of the applicable standards adopted pursuant thereto, as now or hereafter in effect. The Administrative Agent shall notify the Borrower promptly following discovery of any breach or compromise
      of the security, confidentiality, or integrity of nonpublic personal information of the customers and consumers of the Borrower or any Affiliate of the Borrower.

   

  Section 10.17    Merger.
      This Agreement, the exhibits and schedules hereto, the other Transaction Documents and the agreements, documents and instruments to be executed and delivered in connection herewith and therewith contain the final, complete and exclusive statement of
      the agreement between the parties with respect to the transactions contemplated herein and all other prior or contemporaneous oral communications (including, for avoidance of doubt, communications in connection with the preparation of this Agreement
      and the other Transaction Documents) and agreements, and all prior written communications (including, for avoidance of doubt, written drafts of this Agreement and the other Transaction Documents) and agreements, with respect to the subject matter
      hereof are merged herein and superseded.

   

  Section 10.18    Lien Release.
      When any portion of the Collateral is transferred as permitted by the terms hereof, the security interest in and the Lien on such Collateral shall automatically be released, and the Secured Parties will no longer have any security interest in, lien
      on, or claim against such Collateral. The Administrative Agent agrees to file termination statements and take all other action reasonably requested by the Borrower (at the Borrower’s expense) to evidence such release.

   

  Section 10.19    Customer
        Identification - USA Patriot Act Notice. The Administrative Agent and each Lender hereby notifies the Borrower that pursuant to the requirements of the USA Patriot Act (Title III of Pub. L. 107-56, signed into law October 26, 2001) (the “Patriot

        Act”), and the Administrative Agent’s and each Lender’s policies and practices, the Administrative Agent and the Lenders are required to obtain, verify and record certain information and documentation that identifies the Borrower, which
      information includes the name and address of the Borrower and such other information that will allow the Administrative Agent or such Lender to identify the Borrower in accordance with the Patriot Act.

   

  Section 10.20   Administrative
        Agent Compliance with Applicable Anti-Terrorism and Anti-Money Laundering Regulations. In order to comply with laws, rules, regulations and executive orders in effect from time to time applicable to banking institutions, including those
      relating to funding of terrorist activities and money laundering, the Administrative Agent is

   

  

    

  
    -100-

    
        

  

  required to obtain, verify and record certain
      information relating to individuals and entities which maintain a business relationship with the Administrative Agent. Accordingly, each of the parties agrees to provide to the Administrative Agent upon its request from time to time such identifying
      information and documentation as may be available for such party in order to enable the Administrative Agent to comply with such laws, rules, regulations and executive orders in effect from time to time applicable to banking institutions, including
      the USA Patriot Act and any other laws relating to funding of terrorist activities and money laundering.

   

  Section 10.21  No Novation. This
      Agreement is not intended to, and does not, novate the Original Credit Agreement, and the Borrower reaffirms that the existing security interest created by the Original Credit Agreement and each other Transaction Document is and remains in full force
      and effect.

   

  [Signature Pages Follow]

   

  

   

  

  

    

  
    -101-

    
        

  

   

   

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

   

  

  	 	HOME POINT FINANCIAL CORPORATION,
	 	 	as Borrower
	 	 	 
	 	By:	/s/ Maria Fregosi
	 	 	Name: Maria Fregosi
	 	 	Title: Chief Financial Officer

   

  GS - HOME POINT: AMENDED AND RESTATED CREDIT AGREEMENT

  

    

  
    
        

  

  	 	HOME POINT CAPITAL INC., as Guarantor
	 	 	 
	 	By:	/s/ Maria Fregosi
	 	 	Name: Maria Fregosi
	 	 	Title: Chief Financial Officer

   

  GS - HOME POINT: AMENDED AND RESTATED CREDIT AGREEMENT

  

    

  
    
        

  

  	 	GOLDMAN SACHS BANK USA, as
	 	 	Administrative Agent
	 	 	 
	 	By:	/s/ BRYAN HOLT
	 	 	Name: Bryan Holt
	 	 	Title: AUTHORIZED PERSON

  

   

  GS - HOME POINT: AMENDED AND RESTATED CREDIT AGREEMENT

  

    

  
    
        

  

  	 	GOLDMAN SACHS BANK USA, as Lender
	 	 	 
	 	By:	/s/ BRYAN HOLT
	 	 	Name: Bryan Holt
	 	 	Title: AUTHORIZED PERSON

   

  GS - HOME POINT: AMENDED AND RESTATED CREDIT AGREEMENT

  

    

  
    
        

  

  EXHIBIT A

   

  Form of Compliance Certificate

   

  Compliance

  

  Certificate for the

  

  [Quarter] [Month]

  

  Ended

   

  To:        Goldman Sachs Bank USA 

  200 West Street

  

  New York, NY 10282 

  Attention: Resi Structured Finance /

  

  Structured Finance Investing & Lending 

  Telephone No.:[***]

  

  Email: [***]

   

  Goldman Sachs Warehouse Covenants 

  2001 Ross Ave, Suite 2800

  

  Dallas, TX 75201

  Attention: [***]

  

  Telephone No.: [***]

  Email: [***]

   

  Structured Finance Asset Management

  

  2001 Ross Ave, Suite 2800 

    

  Dallas, TX 75201

  

  Attention: [***] 

    

  Telephone No.: [***]

  

  Email: [***]

   

  		Re:	Compliance Certificate

   

  Ladies and Gentlemen:

   

  Reference is made to that
      certain Amended and Restated Credit Agreement, dated as of July 11, 2019, by and between Home Point Financial Corporation, as borrower (“Borrower”), Home Point Capital Inc., as guarantor (“Guarantor”), Goldman Sachs Bank USA, as
      administrative agent (“Agent”) and the lenders from time to time party thereto (as amended, supplemented or restated from time to time, the “Agreement”); capitalized terms used herein without definition shall have the meanings assigned
      those terms in the Agreement.

   

  This Certificate is furnished
      to the Agent pursuant to Section 5.1(a), Section 5.1(b)(iii) and Section 5.1(bb)(vii) of the Agreement.

  

    

  
    
        

  

  1.         Authority.
      I am the duly elected, qualified and acting [__] of [  Borrower][Guarantor] and hereby certify that the information provided in this Certificate is true, correct and complete.

   

  2.         Fiscal Period.
      This Certificate is for the fiscal period ended [__] (the “Certification Date”).

   

  3.        Financial Statements.
      The accompanying financial statements fairly present, in all material respects, the financial condition and results of operations of [  Borrower][Guarantor] in accordance with GAAP, consistently applied, as at the end of, and for the fiscal
      [quarter][year] ended on, the Certification Date (subject to normal year-end audit adjustments).

   

  4.         No Default.
      To my knowledge, no Event of Default or Potential Event of Default under the Agreement has occurred or is continuing as of the date of this Certificate.

   

  5.         Minimum
        Liquidity. [ Borrower][Guarantor] has, as of the last day of each calendar month ending after the Closing Date, complied with the liquidity covenant pursuant to Section 5.1(a)(i) of the Agreement during the fiscal [quarter][month] ending on the
      Certification Date. The information provided below is true, complete and correct as of the Certification Date:

   

  	(A) Cash:	$[__].[__]
	 	 
	(B) Cash Equivalents:	$[__].[__]
	 	 
	(C) Availability under Agreement:	$[__].[__]

  	---	(A), (B) and (C) is equal to or greater than [________________].

   

  6.     Minimum Adjusted
        Tangible Net Worth. [ Borrower][Guarantor] has at the end of each calendar month complied with the minimum Adjusted Tangible Net Worth covenant pursuant to Section 5.1(a)(ii) of the Agreement during the fiscal [quarter][month] ending on the
      Certification Date. The information provided below is true, complete and accurate as of the Certification Date:

   

  	(A) Total Assets:	$[__].[__]
	 	 
	(B) Adjusted Tangible Net Worth:	$[__].[__]
	 	 

  	--- (B) is at least equal
              to or greater than [$____________].

   

  7.     Corporate Debt to
        Tangible Net Worth. [ Borrower][Guarantor] has at the end of each calendar month complied with the Corporate Debt to Tangible Net Worth Ratio covenant pursuant to Section 5.1(a)(iii) of the Agreement during the fiscal [quarter] [month] ending
      on the Certification Date. The information provided below is true, complete and accurate as of the Certification Date:

  

    

  
    
        

  

  	(A) Corporate Debt: $[   ].[   ]	
	 	 
	(B) Adjusted Tangible Net Worth: 	$[__].[__]

   

  		(A)	over (B) is at least equal to or greater than [***].

   

  In Witness Whereof, the undersigned has executed this Certificate on the date set forth below.

   

  

  	 	Name:	 
	 	 	Title:
	 	 	Date:

  

    

  
    
        

  

  
   

  

  SCHEDULE 1

    

  [ATTACH UPDATED SCHEDULE OF ASSETS AS OF CERTIFICATION DATE]

   

  
    A-1

    
      
 

  

  
   

  EXHIBIT B

   

  Form of Notice of Borrowing

   

  _______________, 20 __

   

  To: Goldman Sachs Bank USA as Administrative Agent

   

  Ladies and Gentlemen:

   

  Reference is made to the Amended and Restated Credit Agreement, dated as of July 11, 2019 (the “Credit Agreement”), by and among Home Point
    Financial Corporation, as Borrower (the “Borrower”), Home Point Capital Inc., as guarantor (“Guarantor”), Goldman Sachs Bank USA, as Administrative Agent for the financial institutions that may from time to time become parties thereto as
    Lenders (in such capacity, the “Administrative Agent”), and the Lenders. Capitalized terms used herein but not defined herein shall have the meanings assigned to such terms in the Credit Agreement.

   

  In accordance with Section 2.4 of the Credit Agreement, the Borrower hereby requests that the Lenders provide an Advance based on the following
    criteria:

   

  Aggregate principal amount of Advance requested: $ ___________________

   

  Requested Borrowing Date: ___________, 20 __ 1

   

  ●          Account(s) to which Agent should wire the balance of
      the requested funds:

   

  Bank Name:

  ABA No.:

  Account Name:

  Account No.:

  Reference:

   

  Attached to this notice as Exhibit A is the Borrowing Base Certificate in connection with this Advance.

   

  The Borrower hereby represents and warrants that the conditions set forth in Section 3.2 of the Credit Agreement have been satisfied on and as of the date hereof.

   

  

  
  
     

  

  
  

  1 No earlier than three Business Days after the date of delivery of
    this Notice of Borrowing.

   

  
    B-1

    
      
 

  

   

  	 	Very truly yours,
	 	 	 
	 	HOME POINT FINANCIAL CORPORATION
	 	 
	 	By:	     
	 	 	Name:
	 	 	Title:

   

  
    B-2

    
      
 

  

  
   

  EXHIBIT A TO NOTICE OF BORROWING

   

  Form of Borrowing Base Certificate

   

  BORROWING BASE CERTIFICATE

    

  HOME POINT FINANCIAL CORPORATION

   

  [___________], 20[_]

   

  In connection with that certain Amended and Restated Credit Agreement, dated as of July 11, 2019 (the “Credit Agreement”), among Home Point
    Financial Corporation, as Borrower (the “Borrower”), Home Point Capital Inc., as guarantor (“Guarantor”), Goldman Sachs Bank USA, as administrative agent for the financial institutions that may become parties thereto as Lenders, and the
    Lenders, the Borrower hereby certifies that:

   

  The sum of all outstanding Advances will not exceed the related Aggregate Commitment plus any Advances approved in excess of such Aggregate
    Commitment pursuant to Section 2.6 of the Credit Agreement, after giving effect to the Advance requested in the attached Borrowing Notice.

   

  The attached Schedule I sets forth the borrowing base calculations (the “Borrowing Base Calculations”) reflecting a Borrowing Base
    that equals or exceeds the sum of the outstanding Advances relating to the Commitments after giving effect to the Advance requested and provides all data used, in Excel format, to calculate the foregoing as of the Borrowing Date and the computations
    reflected in the Borrowing Base Calculations are true, correct and complete.

   

  The attached Schedule of Assets and Schedule of Ineligible Assets includes all Assets pledged to the Administrative Agent pursuant to the terms of
    the Credit Agreement, and that all information contained therein is true, accurate and complete.

   

  Capitalized terms used but not defined herein shall have the meanings specified in the Credit Agreement.

   

  IN WITNESS WHEREOF, the undersigned has executed this certificate as of the date first written above.

   

  
    B-A-1

    
      
 

  

   

  	 	HOME POINT FINANCIAL CORPORATION, as Borrower
	 	 	 
	 	By:	     
	 	 	Name:
	 	 	Title:

   

  
    B-A-2

    
      
 

  

  
   

  EXHIBIT C

   

  Form of Loan Note

   

  LOAN NOTE

   

  

  	●	 C
	ommitment up to $[●]	 [●], 201[_]
	New York, New York	 

   

  ● THE HOLDER OF THIS NOTE SHALL BE (I)
      SUBJECT TO, AND BY ACCEPTANCE OF SUCH LOAN NOTE RATIFIES AND REAFFIRMS, THE PROVISIONS CONTAINED IN THE CREDIT AGREEMENT (AS DEFINED BELOW), AND (II) SUBORDINATE TO (A) ALL RIGHTS, POWERS AND PREROGATIVES OF THE AGENCIES; AND (B) CLAIMS OF THE
      AGENCIES ARISING OUT OF ANY AND ALL DEFAULTS UNDER A SERVICING CONTRACT WITH THE AGENCIES, AND OUTSTANDING PREROGATIVES OF THE AGENCIES, ALL AS MORE PARTICULARLY SET FORTH IN THE INITIAL ACKNOWLEDGMENT AGREEMENT OR ACKNOWLEDGMENT AGREEMENTS (AS
      APPLICABLE) AND THE CREDIT AGREEMENT.

   

  ● THE RIGHTS, POWERS AND PREROGATIVES OF THE
      AGENCIES INCLUDE THE RIGHT OF THE AGENCIES TO DISQUALIFY (IN WHOLE OR IN PART) THE BORROWER FROM PARTICIPATING IN A MORTGAGE SELLING OR SERVICING PROGRAM OR A SECURITIES GUARANTY PROGRAM WITH THE AGENCIES; THE RIGHT TO TERMINATE (IN WHOLE OR IN PART)
      SERVICING CONTRACT RIGHTS OF THE BORROWER RELATING TO SUCH MORTGAGE SELLING OR SERVICING PROGRAM OR SECURITIES GUARANTY PROGRAM; AND THE RIGHT TO TRANSFER AND SELL ALL OR ANY PORTION OF THE SERVICING CONTRACT RIGHTS FOLLOWING THE TERMINATION OF THOSE
      RIGHTS.

   

  NO LOAN NOTE MAY BE TRANSFERRED EXCEPT IN STRICT COMPLIANCE WITH THE RESTRICTIONS ON ASSIGNMENTS, AND SUBJECT TO THE LIMITATIONS, SET FORTH IN SECTION 10.8 OF THE
    CREDIT AGREEMENT. PARTICIPATIONS IN ANY LOAN NOTE MAY ONLY BE CONVEYED IN STRICT COMPLIANCE WITH, AND SUBJECT TO THE LIMITATIONS SET FORTH IN, SECTION 10.8 OF THE CREDIT AGREEMENT. ANY PURPORTED TRANSFER OF ANY LOAN NOTE OR ANY BENEFICIAL INTERESTS
    THEREIN THAT IS IN BREACH, AT THE TIME MADE, OF ANY TRANSFER RESTRICTIONS SET FORTH IN THE CREDIT AGREEMENT IS VOID AB INITIO.

   

  Reference is made to that certain Amended and Restated Credit Agreement, dated as of July 11, 2019 (as may be amended from time to time, the “Credit Agreement”),
    by and

   

  
    C-1

    
      
 

  

   

  among Home Point Financial Corporation (the “Borrower”), Home Point Capital Inc. (the “Guarantor”), Goldman Sachs Bank USA, as administrative agent for
    the Lenders that may become parties thereto (the “Administrative Agent”), and the Lenders. Capitalized terms used and not otherwise defined herein shall have the meanings ascribed to them in the Credit Agreement.

   

  FOR VALUE RECEIVED, the Borrower hereby promises to pay [●], as a Lender (the “Loan Note Holder”) on the Maturity Date or such earlier date
    as provided in the Credit Agreement (whether or not shown on Schedule I attached hereto (or such electronic counterpart)), in immediately available funds in lawful money of the United States the principal amount of up to $[●] or, if less, the
    aggregate unpaid principal amount of all Advances made by the Lenders to the Borrower pursuant to the Credit Agreement, together with all accrued but unpaid interest thereon.

   

  The Borrower also agrees to pay interest in like money to the Loan Note Holder, on the unpaid principal amount of each such Advance from time to
    time from the date of each such Advance until payment in full thereof at the rate or rates and on the dates set forth in the Credit Agreement.

   

  This Loan Note is one of the Loan Notes referred to in, and is entitled to the benefits of, the Credit Agreement, which, among other things,
    contains provisions for acceleration of the maturity hereof upon the happening of certain stated events and also for prepayments on account of the principal hereof prior to the maturity hereof upon the terms and conditions specified therein and is
    secured by the Collateral including the Assets.

   

  In the event of any inconsistency between the provisions of this Loan Note and the provisions of the Credit Agreement, the Credit Agreement will
    prevail.

   

  THIS LOAN NOTE SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK.

   

  ANY LEGAL ACTION OR PROCEEDING WITH RESPECT TO THIS LOAN NOTE MAY BE BROUGHT IN THE COURTS OF THE STATE OF NEW YORK OR OF THE UNITED STATES FOR THE
    SOUTHERN DISTRICT OF NEW YORK, AND BY EXECUTION AND DELIVERY OF THIS LOAN NOTE, EACH OF THE PARTIES HERETO CONSENTS, FOR ITSELF AND IN RESPECT OF ITS PROPERTY, TO THE EXCLUSIVE JURISDICTION OF THOSE COURTS. EACH OF THE PARTIES HERETO IRREVOCABLY WAIVES
    ANY OBJECTION, INCLUDING ANY OBJECTION TO THE LAYING OF VENUE OR BASED ON THE GROUNDS OF FORUM NON CONVENIENS, OR ANY LEGAL PROCESS WITH RESPECT TO ITSELF OR ANY OF ITS PROPERTY, WHICH IT MAY NOW OR HEREAFTER HAVE TO THE BRINGING OF ANY ACTION
    OR PROCEEDING IN SUCH JURISDICTION IN RESPECT OF THIS LOAN NOTE OR ANY DOCUMENT RELATED HERETO. EACH OF THE PARTIES HERETO WAIVES PERSONAL SERVICE OF ANY SUMMONS, COMPLAINT OR OTHER PROCESS, WHICH MAY BE MADE BY ANY OTHER MEANS PERMITTED BY NEW YORK
    LAW.

   

  ALL PARTIES HEREUNDER HEREBY KNOWINGLY, VOLUNTARILY AND INTENTIONALLY WAIVE ANY RIGHTS THEY MAY HAVE TO A TRIAL BY JURY IN

   

  
    C-2

    
      
 

  

   

  RESPECT OF ANY LITIGATION BASED HEREON, OR ARISING OUT OF, UNDER, OR IN CONNECTION WITH, THIS LOAN NOTE, OR ANY COURSE OF CONDUCT, COURSE OF DEALING, STATEMENTS
    (WHETHER ORAL OR WRITTEN) OR ACTIONS OF THE PARTIES IN CONNECTION HEREWITH OR THEREWITH. ALL PARTIES ACKNOWLEDGE AND AGREE THAT THEY HAVE RECEIVED FULL AND SIGNIFICANT CONSIDERATION FOR THIS PROVISION AND THAT THIS PROVISION IS A MATERIAL INDUCEMENT
    FOR ALL PARTIES TO ENTER INTO THIS LOAN NOTE.

   

  Subject to the terms of Section 10.8 of the Credit Agreement, this Loan Note may be transferred or assigned by the holder hereof at any time,
    subject to compliance with any applicable law. This Loan Note shall be binding upon the Borrower and shall inure to the benefit of the holder hereof and its successors and assigns. The obligations and liabilities of the Borrower hereunder may not be
    assigned to any Person without the prior written consent of the holder hereof. Any such assignment in violation of this paragraph shall be void and of no force or effect.

   

  No Lender shall have any right individually to realize upon any of the Collateral, it being understood and agreed that (i) all powers, rights and
    remedies under the Credit Agreement may be exercised solely by the Administrative Agent, on behalf of Lenders in accordance with the terms of the Credit Agreement and all powers, rights and remedies under the Transaction Documents may be exercised
    solely by the Administrative Agent, (ii) in the event any notice is due from an Agency pursuant to its Initial Acknowledgment Agreement or Acknowledgment Agreement (as applicable) or otherwise, the Agency shall be deemed to have complied to the extent
    the notice is provided to the Administrative Agent under such Agency’s Initial Acknowledgment Agreement or Acknowledgment Agreement (as applicable); and the Lender, by its acceptance of this Loan Note, acknowledges and agrees that only the
    Administrative Agent will receive such notice and that no Lender has a right to require an Agency to send it a copy of such notice or otherwise communicate with it, and (iii) any disputes, claims or suits against an Agency arising out of or relating to
    the Credit Agreement or such Agency’s Initial Acknowledgment Agreement or Acknowledgment Agreement (as applicable) may be submitted and pursued only by the Administrative Agent and not by any Lender directly.

   

  In the event of any dispute, claim or suit between the Lenders, the Borrower, the Guarantor, and/or the Administrative Agent, on the one hand, and
    an Agency, on the other, including without limitation, any claim made or position taken by a Lender in a Borrower bankruptcy proceeding, the Lender, by acceptance of this Note, acknowledges and agrees that for all purposes of the Credit Agreement the
    Borrower and the Administrative Agent are the sole Persons with any right to deal with an Agency with respect to the Credit Agreement or the applicable Initial Acknowledgment Agreement or Acknowledgment Agreement.

   

  Demand, presentment, protest and notice of nonpayment and protest are hereby waived by the Borrower.

   

  [Signature page follows.]

   

  
    C-3

    
      
 

  

   

  IN WITNESS WHEREOF, this Loan Note has been duly executed and delivered on behalf of the Borrower by its duly authorized officer on the date and year first written
    above.

   

  	 	HOME POINT FINANCIAL CORPORATION
	 	 	 
	 	By:	     
	 	 	Name:
	 	 	Title:

   

  
    C-4

    
      
 

  

   

  Schedule I

   

  INCREASES AND DECREASES

   

  

  	
          

          Date

        	
           Agency

        	
           

          Unpaid Principal Amount

        	
           Increase

        	
           Decrease

        	
          

          Total

        	
          Cost of

          Funds

        	
          

          Interest Accrual Period

        	
          Notation made by:

        
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 

   

  
    C-5

    
      
 

  

  
   

  EXHIBIT D

   

  Assignment and Assumption

   

  ANY HOLDER OF A LOAN NOTE (AS SUCH TERM IS DEFINED IN THE CREDIT AGREEMENT, WHICH IS DEFINED BELOW) SHALL BE (I) SUBJECT TO, AND BY ACCEPTANCE OF SUCH LOAN NOTE
    RATIFIES AND REAFFIRMS, THE PROVISIONS CONTAINED IN THE CREDIT AGREEMENT (AS DEFINED BELOW), AND (II) SUBORDINATE TO (A) ALL RIGHTS, POWERS AND PREROGATIVES OF THE AGENCIES; AND (B) CLAIMS OF THE AGENCIES ARISING OUT OF ANY AND ALL DEFAULTS UNDER A
    SERVICING CONTRACT WITH THE AGENCIES, AND OUTSTANDING PREROGATIVES OF THE AGENCIES, ALL AS MORE PARTICULARLY SET FORTH IN THE INITIAL ACKNOWLEDGMENT AGREEMENT OR ACKNOWLEDGMENT AGREEMENTS (AS APPLICABLE) AND THE CREDIT AGREEMENT.

   

  ● THE RIGHTS, POWERS AND PREROGATIVES OF THE
      AGENCIES INCLUDE THE RIGHT OF THE AGENCIES TO DISQUALIFY (IN WHOLE OR IN PART) THE BORROWER FROM PARTICIPATING IN A MORTGAGE SELLING OR SERVICING PROGRAM OR A SECURITIES GUARANTY PROGRAM WITH THE AGENCIES; THE RIGHT TO TERMINATE (IN WHOLE OR IN PART)
      SERVICING CONTRACT RIGHTS OF THE BORROWER RELATING TO SUCH MORTGAGE SELLING OR SERVICING PROGRAM OR SECURITIES GUARANTY PROGRAM; AND THE RIGHT TO TRANSFER AND SELL ALL OR ANY PORTION OF THE SERVICING CONTRACT RIGHTS FOLLOWING THE TERMINATION OF THOSE
      RIGHTS.

   

  ● NO LOAN NOTE MAY BE TRANSFERRED EXCEPT IN
      STRICT COMPLIANCE WITH THE RESTRICTIONS ON ASSIGNMENTS, AND SUBJECT TO THE LIMITATIONS, SET FORTH IN SECTION 10.8 OF THE CREDIT AGREEMENT. PARTICIPATIONS IN ANY LOAN NOTE MAY ONLY BE CONVEYED IN STRICT COMPLIANCE WITH, AND SUBJECT TO THE LIMITATIONS
      SET FORTH IN, SECTION 10.8 OF THE CREDIT AGREEMENT. ANY PURPORTED TRANSFER OF ANY LOAN NOTE OR ANY BENEFICIAL INTERESTS THEREIN THAT IS IN BREACH, AT THE TIME MADE, OF ANY TRANSFER RESTRICTIONS SET FORTH IN THE CREDIT AGREEMENT IS VOID AB INITIO.

   

  ASSIGNMENT AND ASSUMPTION dated [______________], between
      [______________________] (the “Assignor”) and [______________________]   (the “Assignee”).

   

  PRELIMINARY STATEMENTS

   

  Reference is made to the Amended and Restated Credit Agreement, dated as of July 11, 2019 (as amended, restated, supplemented or otherwise modified from time to time,
    the “Credit Agreement”), among Home Point Financial Corporation, as the borrower (the “Borrower”), Home

   

  
    D-1

    
      
 

  

   

  Point Capital Inc. (the “Guarantor”), the Lenders a party thereto from time to time and Goldman Sachs Bank USA, as the administrative agent (in such capacity,
    the “Administrative Agent”). Terms defined in the Credit Agreement and not otherwise defined herein are used herein with the meanings ascribed thereto in the Credit Agreement.

   

  WHEREAS, the Assignor is a Lender under the Credit Agreement and desires to sell and assign to the Assignee, and the Assignee desires to purchase
    and assume from the Assignor, on the terms and conditions set forth below, a [____] percent [(_____ %)] interest in such Lender’s aggregate portion of the Aggregate Commitment
      (including any Advances thereunder) and rights and obligations under the Credit Agreement and the other Transaction Documents (the “Assigned Percentage”).

   

  NOW, THEREFORE, the Assignor and the Assignee hereby agree as follows:

   

  In consideration of the Assignee’s payment to the Assignor of [$
      ______________], the Assignor hereby irrevocably sells and assigns to the Assignee, and the Assignee hereby irrevocably purchases and assumes from the Assignor, as of the “Effective Date” (as defined below), the Assigned Percentage, together
    (a) with all of the Assignor’s rights and obligations under the Credit Agreement and the other Transaction Documents with respect to such Assigned Percentage and (b) to the extent permitted to be assigned under applicable law, all claims, suits, causes
    of action and any other right of the Assignor (in its capacity as the Lender) against any Person, whether known or unknown arising under or in connection with the Credit Agreement, any other documents or instruments delivered pursuant thereto or the
    loan transactions governed thereby or in any way based on or related to any of the foregoing, including, but not limited to, contract claims, tort claims, malpractice claims, statutory claims and all other claims at law or in equity related to the
    rights and obligations sold and assigned pursuant to clause (a) above (the rights and obligations sold and assigned pursuant to clauses (a) and (b) above being referred to herein collectively as, the “Assigned Interest”). Such sale and
    assignment is without recourse to the Assignor and, except as expressly provided in this Assignment and Assumption, without representation or warranty by the Assignor.

   

  The Assignor (a) represents and warrants that (i) it is the legal and beneficial owner of the Assigned Interest, (ii) the Assigned Interest is
    free and clear of any lien, encumbrance or other adverse claim and (iii) it has full power and authority, and has taken all action necessary, to execute and deliver this Assignment and Assumption and to consummate the transactions contemplated hereby;
    and (b) assumes no responsibility with respect to (i) any statements, warranties or representations made in or in connection with the Credit Agreement or any other Transaction Document (other than those made in clause (a) above), (ii) the execution,
    legality, validity, enforceability, genuineness, sufficiency or value of the Transaction Documents or any collateral thereunder, (iii) the financial condition of the Borrower, the Guarantor, any of their Affiliates or any other Person obligated in
    respect of any Transaction Document or (iv) the performance or observance by the Borrower, the Guarantor, or any of their Affiliates or any other Person of any of their respective obligations under any Transaction Document.

   

  The Assignee (a) represents and warrants that (i) it has full power and authority, and has taken all action necessary, to execute and deliver this
    Assignment and Assumption and to

   

  
    D-2

    
      
 

  

   

  consummate the transactions contemplated hereby and to become a Lender under the Credit Agreement, (ii) from and after the Effective Date (as defined below), it shall
    be bound by the provisions of the Credit Agreement as a Lender thereunder and, to the extent of the Assigned Interest, shall have the obligations of a Lender thereunder, (iii) it has received a copy of the Credit Agreement, together with copies of the
    most recent financial statements delivered pursuant to Section 5.1(b) thereof, as applicable, and such other documents and information as it has deemed appropriate to make its own credit analysis and decision to enter into this Assignment and
    Assumption and to purchase the Assigned Interest on the basis of which it has made such analysis and decision independently and without reliance on the Assignor, (iv) if it is an entity that is not created or organized under the laws of the United
    States or a political subdivision thereof, attached to the Assignment and Assumption is any documentation required to be delivered by it pursuant to the terms of the Credit Agreement, duly contemplated and executed by the Assignee and (v) it is an
    “Eligible Assignee” (as defined in the Initial Freddie Mac Acknowledgment Agreement or Freddie Mac Acknowledgment Agreement, as applicable); and (b) agrees that (i) it will, independently and without reliance on the Assignor, and based on such
    documents and information as it shall deem appropriate at the time, continue to make its own credit decisions in taking or not taking action under the Transaction Documents, and (ii) it will perform in accordance with their terms all of the obligations
    which by the terms of the Transaction Documents are required to be performed by it as a Lender.

   

  This Assignment and Assumption shall become effective as of [______________] (the“Effective Date”), following the execution of this Assignment and Assumption.

   

  From and after the Effective Date, the Administrative Agent or the Assignee, as applicable, shall make all payments under the Credit Agreement in
    respect of the Assigned Interest (including, without limitation, all payments of principal, interest and fees with respect thereto) to the Assignee. The Assignor and Assignee shall make all appropriate adjustments in payments under the Credit Agreement
    for periods prior to the Effective Date directly between themselves.

   

  This Assignment and Assumption shall be binding upon, and inure to the benefit of, the parties hereto and their respective successors and assigns.
    This Assignment and Assumption may be executed in any number of counterparts, which together shall constitute one instrument. Delivery of an executed counterpart of a signature page of this Assignment and Assumption by telecopy shall be effective as
    delivery of a manually executed counterpart of this Assignment and Assumption.

   

  THIS ASSIGNMENT AND ASSUMPTION SHALL BE INTERPRETED, AND THE RIGHTS AND LIABILITIES OF THE PARTIES HERETO DETERMINED IN ACCORDANCE WITH, THE
      LAWS OF THE STATE OF NEW YORK.

   

  [REMAINDER OF PAGE LEFT INTENTIONALLY BLANK]

   

  
    D-3

    
      
 

  

   

  IN WITNESS WHEREOF, intending to be legally bound, each of the undersigned has caused this Assignment and Assumption to be executed on its behalf by
    its officer thereunto duly authorized, as of [________________].

   

  

  	 	[NAME OF ASSIGNOR], as Assignor
	 	 	 
	 	By:	     
	 	Name:	      
	 	Title:	           

   

  

  	 	[NAME OF ASSIGNEE], as Assignee
	 	By:	     
	 	Name:	      
	 	Title:	           

   

  Notice Address for Assignee:

   

  

  
  
     

  

  
   

  

  
  
     

  

  
   

  

  
  
     

  

  
   

  

  
  
     

  

  
   

  
    D-4

    
      
 

  

  
   

  EXHIBIT E

   

  Commitments

   

  

  	Lenders	Commitment	 
	Goldman Sachs Bank USA	
          [***]

        	 

   

  
    E-1

    
      
 

  

  
   

  EXHIBIT F

   

  Form of Monthly Report

   

  
    F-1

    
      
 

  

  
   

  EXHIBIT G

   

  Reserved

   

  
    G-1

    
      
 

  

  
   

  EXHIBIT H

   

  FORM OF NOTICE OF PREPAYMENT

   

  [Date]

  Goldman Sachs Bank USA, as Administrative Agent

  200 West Street

  New York, New York 10282

  Attention: [___]

   

  Ladies and Gentlemen:

   

  Reference is made to that certain Amended and Restated Credit Agreement, dated as of July 11, 2019, (the “Credit Agreement”), among Home
    Point Financial Corporation, as borrower (the “Borrower”), Home Point Capital Inc., as guarantor (“Guarantor”), Goldman Sachs Bank USA, as administrative agent (the “Administrative Agent”) and the Lender from time to time party
    thereto. Capitalized terms used but not otherwise defined herein shall have the meanings set forth in the Credit Agreement. The Borrower hereby gives you irrevocable notice, pursuant to Section 2.10 the Credit Agreement, that it proposes to prepay the
    Advances outstanding thereunder. The Borrower sets forth below the information related to such prepayment:

   

  (i)           The aggregate amount of the prepayment requested is $ ______________, relating to the Aggregate Commitments.

   

  (ii)          The Redemption Date of the prepayment requested is ______________, 20 ___. 

  

  

   

  (iii)         Attached is a Schedule of Assets identifying the Assets that the Borrower proposes to release under the Credit Agreement in connection
    with such prepayment.

   

  In accordance with Section 2.10 of the Credit Agreement, the undersigned, a duly appointed officer of the Borrower, hereby certifies that, after
    giving effect to the prepayment requested hereunder:

   

  no selection procedures are used with respect to identification of Assets to be released or retained that are materially adverse to the Lenders;

   

  no Borrowing Base Deficiency, Funding Base Deficiency, Potential Event of Default or Event of Default shall exist either prior to, or
    after giving effect to the prepayment of the applicable portion of the Advances outstanding and the release of the related Collateral (unless, in the case of a Borrowing Base Deficiency or Funding Base Deficiency, the amount of such deficiency is
    eliminated as a result of such prepayment and release); and

   

  the representations and warranties set forth in Article IV are true and correct as of such Redemption Date (except to the extent such
    representations and warranties relate

   

  
    H-1

    
      
 

  

   

  solely to an earlier date, in which case such representations and warranties shall have been true and correct in all material respects as of such earlier
    date) after giving effect to such prepayment and release.

   

  

  	 	Very truly yours,
	 	 
	 	HOME POINT FINANCIAL CORPORATION
	 	 	 
	 	By:	     
	 	 	Name:
	 	 	Title:

   

   

  
    H-2

    
      
 

  

  
   

  Schedule I

   

  

  	1.	Borrower’s Account
	 	 
	 	[***]
	 	[***]
	 	[***]
	 	[***]
	 	[***]
	 	[***]
	 	[***]

    

  

  	2.	Administrative Agent’s Account
	 	 
	 	[***]
	 	[***]
	 	[***]
	 	[***]
	 	[***]
	 	[***]
	 	[***]

    

  
    I-1

    
      
 

  

  
   

  Schedule II

   

  [Reserved]

   

   

  
    II-1

    
      
 

  

  
   

  Schedule III

   

  Valuation Agents

   

  

  	 	 	[***]
	 	 	[***]
	 	 	[***]
	 	 	[***]

   

  
    III-1

    
      
 

  

  
   

  Schedule IV

   

  Dealers

   

  

  	 	 	[***]

   

  
    IV-1

    
      
 

  

  
   

  Schedule V

   

  Minimum Haircut Trigger Event Schedule

   

  [***]

  

  	[***]	[***]
	[***]	[***]
	[***]	[***]
	[***]	[***]
	[***]	[***]
	[***]	[***]
	[***]	[***]
	[***]	[***]
	[***]	[***]
	[***]	[***]

   

  

  
  
     

  

  
  

  

  

  2 The figures included in this Schedule V (other than [***] ) are illustrative,
      and do not necessarily reflect actual values.

   

  
    V-1

    
      
 

  

  
   

  Schedule 4.1(c)

   

   Ownership Structure of the Borrower, the Guarantor, and their Subsidiaries

   

  	
          

          Issuer

        	
          

          Record Owner

        	
          

          Certificate No.

        	No. Shares Issued and
            Outstanding	
          

          Percent Owned

        
	Home
            Point Financial Corporation	
          

          Home Point

          Capital Inc.

        	
          

          [***]

        	
          [***]

        	
          

          100%

        
	
          HPC Insurance

          Agency LLC

        	
          Home Point

          Capital Inc.

        	
           

          [***]

        	
          [***]

        	
          

          100%

        
	 	 	
	
           

          HPC Title LLC

        	
          Home Point

          Capital Inc.

        	[***]	[***]	
          

          100%

        
	NM
            Holdings LLC (f/k/a NattyMac, LLC)	Home Point Financial Corporation	[***]	
          [***]

        	
          

          100%

        
	 	 	 	 	 	 	 

   

  
    4.1-1

    
      
 

  

  
   

  Schedule 4.1(q)

   

  Indebtedness of the Borrower and the Guarantor

   

  

  	[***]	[***]
	[***]	 [***]
	[***]	 [***]
	[***]	 [***]
	[***]	 [***]
	[***]	 [***]
	[***]	 [***]
	[***]	 [***]
	[***]	 [***]
	[***]	 [***]

   

  
    4.1-1

    
      
 

  

  
   

  Schedule 5.2(a)

   

  Liens

   

  		1.	Uniform Commercial Code financing statements 50898732, 51023843, 52434802, 51022693, 52924242, 50875214, 51024680, 50887444 and 50743582 in each case filed against Home Point Financial Corporation, as debtor, in favor of U.S. Bank Equipment Finance as secured party.

   

  		2.	Uniform Commercial Code financing statements 52893681 and 52893643 in each case filed against Home Point Financial Corporation, as debtor, in favor of Cisco Systems Capital as
            secured party.

   

  		3.	Uniform Commercial Code financing statements 52277740, 52277733, 52621512 and 52277740 in each case filed against Home Point Financial Corporation, as debtor, in favor of
            Merchants Bank of Indiana as secured party.

   

  		4.	Uniform Commercial Code financing statement 52815124 filed against Home Point Financial Corporation, as debtor, in favor of Deutsche Bank AG Cayman Islands Branch as secured
            party.

   

  		5.	Uniform Commercial Code financing statement 51387334 filed against Home Point Financial Corporation, as debtor, in favor of UBS Bank USA as secured party.

   

  		6.	Uniform Commercial Code financing statement 51862701 filed against Home Point Financial Corporation, as debtor, in favor of UBS AG as secured party.

   

  		7.	Uniform Commercial Code financing statement 52434134 filed against Home Point Financial Corporation, as debtor, in favor of TIAA, FSB as secured party.

   

  		8.	Uniform Commercial Code financing statement 52449970 filed against Home Point Financial Corporation, as debtor, in favor of Texas Capital Bank, National Association as secured
            party.

   

  		9.	Uniform Commercial Code financing statement 51488901 filed against Home Point Financial Corporation, as debtor, in favor of Wells Fargo Bank, N.A. C/O Wells Fargo Securities, LLC
            Mortgage Banker Finance Group as secured party.

   

  
    5.2-1

    
      
 

  

  
   

  Schedule 10.3

   

  Notice Addresses

   

  (a)   If to the Borrower or Guarantor:

   

  Home Point Financial Corporation

  2211 Old Earhart Road, Suite 250

  Ann Arbor, MI 48105

  Attention: Chief Legal Officer

  Email: [***]

   

  (b)  If to the Administrative Agent and/or the Initial Lender:

   

  Goldman Sachs Bank USA 

  200 West Street

  New York, New York 10282

  E-mail: [***]

  with a copy to: [***]

  and for calculations of interest, principal and delivery of Monthly Reports, with a copy to: [***]

   

  

  10.3-1

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