Document:

EX-10.14

 Exhibit 10.14 

 
  

 
 SECURITIZATION SERVICING AGREEMENT

  
 among 

 
 CALIBER HOME LOANS, INC. 

 
 as Servicer 

 
 VOLT
[            ], LLC 
  

as Issuer 
  

LSF[            ] MASTER PARTICIPATION TRUST 

 
 as Participation Agent 

 
 WELLS FARGO BANK, N.A. 

 
 as Paying Agent 

 
 and 

 
 U.S. BANK NATIONAL ASSOCIATION 

 
 Indenture Trustee 

 
 Dated
[                    ] 
  

VOLT [            ] Asset-Backed Notes, Series
202[        ]-[        ] 
  

 
  

 TABLE OF CONTENTS 
  

							
	 	 	 	  	Page	 
	 ARTICLE I.
	 		  			
			
		 	 DEFINITIONS
	  	 	2	 
			
	 ARTICLE II.
	 		  			
			
		 	 ENGAGEMENT OF SERVICER TO PERFORM SERVICING RESPONSIBILITIES.
	  	 	15	 
			
	 ARTICLE III.
	 		  			
			
		 	 SERVICING OF THE MORTGAGE ASSETS.
	  	 	15	 
			
	 SECTION 3.01.
	 	 Servicer to Service.
	  	 	15	 
	 SECTION 3.02.
	 	 Collections on the Mortgage Assets.
	  	 	18	 
	 SECTION 3.03.
	 	 Realization Upon Defaulted Mortgage Loans.
	  	 	19	 
	 SECTION 3.04.
	 	 Establishment of Collection Account; Deposits in Collection Account.
	  	 	21	 
	 SECTION 3.05.
	 	 Permitted Withdrawals From the Collection Account.
	  	 	22	 
	 SECTION 3.06.
	 	 Deposits in Escrow Account.
	  	 	23	 
	 SECTION 3.07.
	 	 Permitted Withdrawals From Escrow Account.
	  	 	23	 
	 SECTION 3.08.
	 	 Payment of Taxes, Insurance and Other Charges Maintenance of Primary Mortgage Insurance Policies; Collections
Thereunder.
	  	 	23	 
	 SECTION 3.09.
	 	 Transfer of Accounts.
	  	 	24	 
	 SECTION 3.10.
	 	 Maintenance of Hazard Insurance.
	  	 	25	 
	 SECTION 3.11.
	 	 Maintenance of Mortgage Impairment Insurance Policy.
	  	 	26	 
	 SECTION 3.12.
	 	 Fidelity Bond, Errors and Omissions Insurance.
	  	 	26	 
	 SECTION 3.13.
	 	 Title, Management and Disposition of REO Property.
	  	 	27	 
	 SECTION 3.14.
	 	 Remittances.
	  	 	28	 
	 SECTION 3.15.
	 	 Remittance Reports.
	  	 	29	 
	 SECTION 3.16.
	 	 Statements to the Paying Agent.
	  	 	29	 
	 SECTION 3.17.
	 	 [RESERVED].
	  	 	30	 
	 SECTION 3.18.
	 	 Annual Statement as to Compliance.
	  	 	30	 
	 SECTION 3.19.
	 	 Assumption Agreements.
	  	 	30	 
	 SECTION 3.20.
	 	 Satisfaction of Mortgages and Release of Mortgage Files and REO Files.
	  	 	31	 
	 SECTION 3.21.
	 	 Servicing Compensation.
	  	 	31	 
	 SECTION 3.22.
	 	 Notification of Adjustments.
	  	 	32	 
	 SECTION 3.23.
	 	 Advancing Facility and Pledge of Servicing Rights.
	  	 	32	 
	 SECTION 3.24.
	 	 Independent Public Accountants’ Servicing Report.
	  	 	35	 
	 SECTION 3.25.
	 	 Access to Certain Documentation; No Noteholder or Note Owner Access to Mortgage Asset Documentation or
Records.
	  	 	35	 
	 SECTION 3.26.
	 	 Reports and Returns to be Filed by the Servicer.
	  	 	35	 
	 SECTION 3.27.
	 	 Sub-Servicing Agreements Between the Servicer and Subservicers.
	  	 	36	 
	 SECTION 3.28.
	 	 Successor Subservicers.
	  	 	36	 

							
	 	 	 	  	Page	 
	 SECTION 3.29.
	 	 No Contractual Relationship Between Subservicer and the Issuer, the Participation Agent or the Indenture
Trustee.
	  	 	37	 
	 SECTION 3.30.
	 	 Assumption or Termination of Sub-Servicing Agreement by
Successor Servicer.
	  	 	37	 
	 SECTION 3.31.
	 	 Servicer Side Letters.
	  	 	37	 
			
	 ARTICLE IV.
	 		  			
			
		 	REPRESENTATIONS, WARRANTIES AND COVENANTS OF THE SERVICER: REMEDIES FOR BREACH.	  	 	38	 
			
	 SECTION 4.01.
	 	 Representations and Warranties Respecting the Servicer
	  	 	38	 
	 SECTION 4.02.
	 	 Remedies for Breach of Representations and Warranties.
	  	 	39	 
	 SECTION 4.03.
	 	 Compliance with Rule 15Ga-1.
	  	 	39	 
			
	 ARTICLE V.
	 		  			
			
		 	[RESERVED]	  	 	40	 
			
	 ARTICLE VI.
	 		  			
			
		 	THE SERVICER.	  	 	40	 
			
	 SECTION 6.01.
	 	 Indemnification by the Servicer.
	  	 	40	 
	 SECTION 6.02.
	 	 Merger or Consolidation of the Servicer.
	  	 	41	 
	 SECTION 6.03.
	 	 Limitation on Liability of the Servicer and Others.
	  	 	41	 
	 SECTION 6.04.
	 	 Servicer Not to Resign.
	  	 	42	 
			
	 ARTICLE VII.
	 		  			
			
		 	TERMINATION.	  	 	42	 
			
	 SECTION 7.01.
	 	 Termination for Cause.
	  	 	42	 
	 SECTION 7.02.
	 	 Waiver of Defaults.
	  	 	44	 
	 SECTION 7.03.
	 	 Termination Without Cause.
	  	 	44	 
			
	 ARTICLE VIII.
	 		  			
			
		 	MISCELLANEOUS PROVISIONS.	  	 	44	 
			
	 SECTION 8.01.
	 	 Successor to the Servicer.
	  	 	44	 
	 SECTION 8.02.
	 	 Notices.
	  	 	46	 
	 SECTION 8.03.
	 	 Severability Clause.
	  	 	48	 
	 SECTION 8.04.
	 	 Counterparts.
	  	 	48	 
	 SECTION 8.05.
	 	 GOVERNING LAW; JURISDICTION; WAIVER OF JURY TRIAL.
	  	 	48	 
	 SECTION 8.06.
	 	 Successors and Assigns.
	  	 	49	 
	 SECTION 8.07.
	 	 Waivers.
	  	 	49	 
	 SECTION 8.08.
	 	 Exhibits.
	  	 	49	 
	 SECTION 8.09.
	 	 General Interpretive Principles.
	  	 	50	 
	 SECTION 8.10.
	 	 Reproduction of Documents.
	  	 	50	 
	 SECTION 8.11.
	 	 Further Agreements.
	  	 	50	 
	 SECTION 8.12.
	 	 Amendment.
	  	 	51	 

  
 -ii- 

							
	 	 	 	  	Page	 
	 SECTION 8.13.
	 	 Entire Agreement.
	  	 	51	 
	 SECTION 8.14.
	 	 No Recourse to Owner Trustee
	  	 	51	 
	 SECTION 8.15.
	 	 No Agency
	  	 	52	 
	 SECTION 8.16.
	 	 Rights and Protections of Indenture Trustee and Paying Agent; Compensation and Indemnification; Miscellaneous.
	  	 	52	 
	 SECTION 8.17.
	 	 Patriot Act Compliance.
	  	 	52	 

 EXHIBITS 

 

			
	EXHIBIT A	  	 MORTGAGE ASSET SCHEDULE

	EXHIBIT B	  	 FORM OF REMITTANCE REPORT

	EXHIBIT C	  	 FORM OF REQUEST FOR RELEASE

	EXHIBIT D	  	 FORM OF ASSET REPURCHASE ACTIVITY REPORT

  
 -iii- 

 SECURITIZATION SERVICING AGREEMENT 

This is a SECURITIZATION SERVICING AGREEMENT (the “Agreement”), dated
[                    ], by and among VOLT [    ], LLC, as issuer (the “Issuer”), WELLS FARGO BANK, N.A., as
paying agent (the “Paying Agent”), U.S. BANK NATIONAL ASSOCIATION, as indenture trustee (the “Indenture Trustee”), LSF[    ] MASTER PARTICIPATION TRUST, as participation agent (the
“Participation Agent”), and CALIBER HOME LOANS, INC., as servicer (the “Servicer”). 
 W I
T N E S S E T H : 
 WHEREAS, the Sponsor previously entered into an amended and
restated master participation agreement, dated [                    ] (as supplemented by the participation supplements thereto, the
“Participation Agreement”), with the Participation Agent and Wells Fargo Bank, N.A., as participation registrar (the “Participation Registrar”); 

WHEREAS, pursuant to a participation supplement, dated
[                    ] (the “Participation Supplement”), among the Sponsor, the Participation Agent and the Participation Registrar,
and acknowledged by the Issuer, the Sponsor, VOLT [    ], LLC and VOLT [    ], LLC, the Participation Interests with respect to the mortgage assets set forth on Schedule I-A-1 through I-A-3 to the Participation Supplement were transferred to a new participation certificate, dated
[                    ], designated “VOLT 202[    ]-[    ]” and issued in the name of the Issuer
(the “Participation Certificate”); 
 WHEREAS, pursuant to the Participation Sale Agreement, the Issuer acquired the
Participation Certificate, which Participation Certificate represents the Participation Interests in a pool of seasoned, fixed- and adjustable-rate, fully-amortizing, negatively-amortizing, interest-only and balloon,
non-performing, re-performing and performing mortgage loans secured by first liens on one- to four-family residential properties,
condominiums, manufactured housing, planned unit developments and row houses (the “Mortgage Loans”) and certain mortgaged properties acquired through foreclosure or grant of a deed in lieu of foreclosure (the “Initial REO
Properties,” and collectively with any mortgaged properties relating to the Mortgage Loans acquired after the Cut-off Date through foreclosure or grant of a deed in lieu of foreclosure (the
“Subsequent REO Properties”) and the Mortgage Loans, the “Mortgage Assets,” which Mortgage Assets are set forth on Exhibit A hereto); 

WHEREAS, on the date hereof, the Issuer, the Paying Agent, the Indenture Trustee and Wells Fargo Bank, N.A., as note registrar, entered into
an indenture, dated [                    ] (the “Indenture”), pursuant to which the Issuer pledged the Trust Estate to secure the
Notes; 
 WHEREAS, the Issuer, the Participation Agent, the Paying Agent and the Indenture Trustee desire that the Servicer service the
Mortgage Assets pursuant to this Agreement for the benefit of the Noteholders and the Issuer, and the Servicer has agreed to do so; and 

WHEREAS, the Issuer, the Participation Agent, the Paying Agent, the Indenture Trustee and the Servicer wish to prescribe the manner of the
servicing of the Mortgage Assets. 

 NOW, THEREFORE, in consideration of the premises and mutual agreements set forth herein, and
for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows: 

ARTICLE I. 
 
DEFINITIONS 
 For purposes of this Agreement the following capitalized terms shall have the respective meanings set forth below. 

Accepted Servicing Practices: With respect to any Mortgage Asset, those mortgage servicing practices (including collection procedures)
of prudent mortgage banking institutions which service mortgage loans and REO properties of the same type as such Mortgage Asset in the jurisdiction where the related Mortgaged Property or Transferred REO Property, as the case may be, is located.

 Adjustable Rate Mortgage Loan: A Mortgage Loan which provides for the adjustment of the Mortgage Interest Rate payable in respect
thereof. 
 Adjustment Date: With respect to each Adjustable Rate Mortgage Loan, the date on which the Mortgage Interest Rate on such
Adjustable Rate Mortgage Loan is adjusted in accordance with the terms of the related Mortgage Note. 
 Advance Facility: As defined
in Section 3.23(a) hereof. 
 Advance Facility Notice: As defined in
Section 3.23(a) hereof. 
 Advance Facility Trustee: As defined in
Section 3.23(a) hereof. 
 Advancing Person: As defined in Section 3.23(a)
hereof. 
 Affiliate: With respect to any Person, any other Person controlling, controlled by or under common control with such
Person. For purposes of this definition, “control” means the power to direct the management and policies of a Person, directly or indirectly, whether through ownership of voting securities, by contract or otherwise and
“controlling” and “controlled” shall have meanings correlative to the foregoing. 
 Agreement: This
Securitization Servicing Agreement, including all exhibits, schedules, amendments and supplements hereto. 
 Asset Repurchase
Activity: Any written request, demand, or claim, or any response or rebuttal to such request, demand, or claim, or other activity relating to the repurchase of a Mortgage Asset contained in the Transaction. 

Assignment of 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 transfer of the Mortgage to the party indicated therein. 

  
 -2- 

 Auction Date: As defined in Section 8.01 hereof. 

Balloon Mortgage Loan: A Mortgage Loan that provided on the date of origination for an amortization schedule extending beyond its
maturity date. 
 Balloon Payment: With respect to any Balloon Mortgage Loan as of any date of determination, the Monthly Payment
payable on the maturity of such Mortgage Loan. 
 Bankruptcy Code: Title 11 of the United States Code, as amended. 

Bid: With respect to any Successor Servicer Auction, the proposed servicing fee rate (not to exceed the Servicing Fee Rate hereunder)
submitted by a prospective servicer for which such prospective servicer would agree to become servicer under this Agreement. 
 Business
Day: Any day other than (i) a Saturday or a Sunday, (ii) a day on which the New York Stock Exchange or Federal Reserve is closed or (iii) a day on which banking institutions in the Commonwealth of Massachusetts, the State of New
York, the State of Oklahoma, the State of Texas, the State of California, the State of Delaware, the State of Maryland, the State of Minnesota or the states in which the Corporate Trust Offices of the Indenture Trustee and the Paying Agent are
located are authorized or obligated by law or executive order to be closed. 
 Capitalized Advance Amount: In connection with a
modification of a Mortgage Loan, any amount capitalized and added to the Unpaid Principal Balance of such Mortgage Loan. 
 Closing
Date: [                    ]. 

Code: The Internal Revenue Code of 1986, as it may be amended from time to time or any successor statute thereto, and applicable U.S.
Department of the Treasury regulations issued pursuant thereto. 
 Collection Account: The separate account, which shall be an
Eligible Account, operated and maintained pursuant to Section 3.04. 
 Collection Period: With respect to
any Payment Date, the immediately preceding calendar month; provided, however, with respect to proceeds received from the sale of Mortgage Loans, (a) for the initial Payment Date, the Collection Period shall be the period from, but excluding,
the Cut-off Date through and including [    ] and (b) for any Payment Date other than the initial Payment Date, the Collection Period shall be the period from and including the 13th day of the month preceding the month in which the related Payment Date occurs through the 12th day of the month in which the related Payment Date
occurs. 
 Condemnation Proceeds: All awards, compensation and settlements in respect of a taking of all or part of a Mortgaged
Property or REO Property by exercise of the power of condemnation or the right of eminent domain. 

  
 -3- 

 Corporate Trust Office: With respect to the Indenture Trustee, the principal
corporate trust office of the Indenture Trustee at which at any particular time its corporate trust business with respect to the Indenture is conducted, which office at the date of the execution of this instrument is located at One Federal Street,
3rd Floor, EX-MA-FED, Boston, Massachusetts 02110, Attention: Structured Finance - VOLT [    ], Series
202[    ]-[    ] or at such other address as the Indenture Trustee may designate from time to time by notice to the Paying Agent, the Participation Agent, the Note Registrar, the Servicer and the Issuer. With
respect to the Paying Agent, the principal corporate trust office of the Paying Agent at which at any particular time its corporate trust business with respect to the Indenture is conducted, which office at the date of the execution of this
instrument is located at 9062 Old Annapolis Road, Columbia, Maryland 21045-1951, Attention: Client Manager VOLT [    ], Series 202[    ]-[    ], and for Note transfer purposes is located at
600 South Fourth Street, 7th Floor, MAC N9300-070, Minneapolis, MN 55479, Attention: Corporate Trust Operations VOLT 202[    ]-[    ] or at such other address as the
Paying Agent may designate from time to time by notice to the Indenture Trustee, the Participation Agent, the Note Registrar, the Servicer and the Issuer. 

Custodial Agreement: The custodial agreement, dated
[                    ], among the Custodian, the Depositor, the Indenture Trustee, the Issuer, the Participation Agent and the Servicer, relating to
the VOLT [    ] Asset-Backed Notes, Series 202[    ]-[    ], as may be amended from time to time. 

Custodian: Wells Fargo Bank, N.A., or its successor in interest or assigns. 

Cut-off Date: The close of business on
[                    ]. 
 Debt
Service Reduction: With respect to any Mortgage Loan, a reduction in the scheduled Monthly Payment for such Mortgage Loan by a court of competent jurisdiction in a proceeding under the Bankruptcy Code, except such a reduction resulting from a
Deficient Valuation. 
 Deferred Servicing Advance Amount: In connection with a Modification of a Mortgage Loan prior to the Cut-off Date, the amount of servicing advances deferred without interest and payable by the related Mortgagor upon the earliest of (i) the maturity thereof, (ii) the sale of the related Mortgaged Property
or (iii) payoff of such Mortgage Loan. 
 Deficient Valuation: With respect to any Mortgage Loan, the valuation that is
established when a bankruptcy court establishes the value of a Mortgaged Property at an amount less than the then-outstanding Unpaid Principal Balance of the Mortgage Loan secured by such Mortgaged Property or reduces the then-outstanding Unpaid
Principal Balance of a Mortgage Loan. 
 Delinquent: Any Mortgage Loan with respect to which the Monthly Payment due on a Due Date is
not made prior to the close of business on the day immediately prior to the next succeeding Due Date. With respect to any date of determination, determinations of delinquency shall be made as of the close of business on the last day of the prior
calendar month. Mortgage Loans with Due Dates which are not the first of the month are treated for determination of delinquency status as if the Due Date was the first of the following month. 

Demand: As defined in Section 4.03(a) hereof. 

  
 -4- 

 Depositor: VOLT Master Depositor, LLC or any successor thereto. 

Due Date: With respect to each Mortgage Loan, the day of the calendar month on which each Monthly Payment is due on such Mortgage Loan
(including the Balloon Payment with respect to a Balloon Mortgage Loan), exclusive of any days of grace. 
 Eligible Account: Any of:

 (i)    an account or accounts maintained with a federal or state chartered depository institution or
trust company the short-term unsecured debt obligations of which are rated at the time any amounts are held on deposit therein in the highest or second highest short-term rating (without regard to any “+” designation) of any Rating Agency
(or at least “A” or the equivalent (without regard to any “+” designation) if such institution has no short-term rating from any Rating Agency) (any such rating, a “Qualifying Rating”); provided, that
following a downgrade, withdrawal or suspension of any such institution’s rating below the applicable Qualifying Rating, such account shall promptly (and in any case within not more than thirty (30) calendar days) be moved to another
institution which has a Qualifying Rating, or to one or more segregated trust accounts as provided in clause (ii) or clause (iii); 

(ii)    an account or accounts the deposits in which are fully insured by the FDIC; or 

(iii)    a trust account or accounts maintained with the trust department of a federal or state chartered
depository institution, national banking association or trust company subject to the regulations regarding fiduciary funds on deposit similar to Title 12 of the U.S. Code of Federal Regulations Section 9.10(b) which has corporate trust powers
acting in its fiduciary capacity. 
 Eligible Accounts may bear interest. 

Eligible Loan: All Mortgage Loans other than those (i) secured by a condemned property or (ii) with an origination date on or
after January 1, 2009. 
 Escrow Account: The separate account or accounts, each of which shall be an Eligible Account, operated
and maintained pursuant to Section 3.06 hereof. 
 Escrow Payments: The amounts constituting ground rents,
taxes, assessments, water charges, sewer rents, Primary Mortgage Insurance Policy premiums, fire and hazard insurance premiums and other payments required to be escrowed by the Mortgagor with the Mortgagee pursuant to the terms of any Mortgage Note
or Mortgage. 
 Fannie Mae: Federal National Mortgage Association (authorized to do business as Fannie Mae) or any successor thereto.

 FDIC: The Federal Deposit Insurance Corporation, or any successor thereto. 

  
 -5- 

 FIFO: As defined in Section 3.23(d) hereof. 

Final Appointment Date: As defined in Section 8.01 hereof. 

Final Recovery Determination: With respect to any defaulted Mortgage Loan or Transferred REO Property, a determination made by the
Servicer that all Liquidation Proceeds and other payments or recoveries which the Servicer, in its reasonable good faith judgment, expects to be finally recoverable in respect thereof have been so recovered. 

Fixed Rate Mortgage Loan: A Mortgage Loan with respect to which the Mortgage Interest Rate set forth in the Mortgage Note is fixed for
the term of such Mortgage Loan. 
 Freddie Mac: The Federal Home Loan Mortgage Corporation (conducting business as Freddie Mac) or
any successor thereto. 
 HAFA: The U.S. Treasury’s Home Affordable Foreclosure Alternatives Program. 

HAMP: The U.S. Treasury’s Home Affordable Modification Program. 

Indemnitee: As defined in Section 6.01 hereof. 

Indenture: The indenture, dated
[                    ], by and among the Issuer, the Paying Agent, Wells Fargo Bank, N.A., as note registrar, and the Indenture Trustee, relating to
the VOLT [    ]Asset-Backed Notes, Series 202[    ]-[    ], as may be amended from time to time. 

Index: With respect to any Adjustable Rate Mortgage Loan, the index set forth in the related Mortgage Note for the purpose of
calculating the interest rate thereon. 
 Initial REO Property: Any one- to four-family
residential property previously acquired through foreclosure or grant of a deed in lieu of foreclosure or other comparable conversion of the ownership of a mortgage loan, held by or transferred to the Participation Agent as of the Cut-off Date and represented by the Participation Certificate. 
 Insurance Proceeds: Proceeds of
any title policy, hazard policy, Primary Mortgage Insurance Policy or other insurance policy covering a Mortgage Asset, to the extent such proceeds are not to be applied to the restoration of the related Mortgaged Property or REO Property, required
to be deposited in an Escrow Account or released to the Mortgagor in accordance with Accepted Servicing Practices. 
 Liquidated
Asset: Any Mortgage Loan sold by the Issuer or any REO Property or Delinquent or defaulted Mortgage Loan that was liquidated and as to which the Servicer or REO Manager has determined that all amounts which it expects to recover from or on
account of such Mortgage Asset have been recovered. 
 Liquidation Proceeds: Insurance Proceeds, Condemnation Proceeds, REO Proceeds
and all other cash amounts received and retained in connection with a Liquidated Asset, including any amounts received from the REO Manager. 

  
 -6- 

 Loan Sale/REO Advisor: Hudson Americas L.P., a Delaware limited partnership. 

Losses: As defined in Section 6.01 hereof. 

Management Advances: All customary, reasonable and necessary
“out-of-pocket” fees, costs and expenses incurred after the Cut-off Date by the REO Manager or the REO Management
Vendor in the performance of its management obligations, including, but not limited to, (a) the fees and costs of preservation, inspection, restoration, construction, protection, rehabilitation and repair of the REO Property, including without
limitation advances in respect of prior liens, insurance, real estate taxes and assessments, (b) the fees and costs of any collection, enforcement or judicial proceedings, including without limitation collections and liquidations, (c) the
fees and costs of the conservation, management, rental, sale and liquidation of any REO Property and (d) the cost of obtaining any legal documentation required to be included in the REO File and/or correcting any outstanding title issues (i.e.,
any lien or encumbrance on the REO Property that prevents the timely liquidation thereof) reasonably necessary for the REO Manager to perform its obligations. 

Membership Certificate: The certificate evidencing a 100% membership interest in the Issuer. 

MERS: Mortgage Electronic Registration Systems, Inc., a corporation organized and existing under the laws of the State of Delaware, or
any successor thereto. 
 MERS Designated Mortgage Loan: A Mortgage Loan where MERS acts as the mortgagee of such Mortgage Loan,
solely as nominee for the originator of such Mortgage Loan and its successors and assigns, at the origination thereof, or as nominee for any subsequent assignee of the originator pursuant to an assignment of mortgage to MERS. 

MERS System: The system of recording transfers of Mortgages electronically maintained by MERS. 

Modification: A modification to the terms of a Mortgage Loan, made in accordance with the terms hereof. 

Monthly Payment: With respect to any Mortgage Loan, the scheduled combined payment of principal and interest (including any Balloon
Payment) payable by a Mortgagor under the related Mortgage Note on each Due Date determined after giving effect to (i) any Deficient Valuation and/or Debt Service Reduction with respect to such Mortgage Loan, (ii) any reduction in the
amount of interest collectible from the related Mortgagor pursuant to the Servicemembers Civil Relief Act or similar state laws and (iii) any Modification or forbearance agreement. 

Mortgage: The mortgage, deed of trust or other instrument creating a first lien on the Mortgaged Property securing the Mortgage Loan.

 Mortgage Assets: Collectively, the Mortgage Loans and the REO Properties. 

Mortgage Asset Schedule: The schedule of the Mortgage Assets attached hereto as Exhibit A, setting forth information with
respect to such Mortgage Assets. 

  
 -7- 

 Mortgage Interest Rate: (a) With respect to each Fixed Rate Mortgage Loan, the
fixed annual rate of interest provided for in the related Mortgage Note and (b) with respect to each Adjustable Rate Mortgage Loan, the annual rate that interest accrues on such Adjustable Rate Mortgage Loan from time to time in accordance with
the provisions of the related Mortgage Note, in each case net of any reduction due to the Servicemembers Civil Relief Act or similar state laws and as such may be modified in accordance with a Modification. 

Mortgage Loan: A mortgage loan held by the Participation Agent, as identified in the Mortgage Asset Schedule, and any other mortgage
loan transferred by the Sponsor or an Affiliate thereof in connection with an optional redemption and reissuance of new Notes under the Indenture. 

Mortgage Note: The originally executed note or other evidence of indebtedness of a Mortgagor under the related Mortgage Loan. 

Mortgaged Property: The underlying property securing a Mortgage Loan. 

Mortgagee: The mortgagee or beneficiary named in the Mortgage and the successors and assigns of such mortgagee or beneficiary. 

Mortgagor: The obligor on a Mortgage Note, the owner of the Mortgaged Property and the grantor or mortgagor named in the related
Mortgage and such grantor’s or mortgagor’s successor’s in title to the Mortgaged Property. 
 Note Redemption Right:
As defined in Appendix A to the Indenture. 
 Notes: As defined in Appendix A to the Indenture. 

Noteholder: As defined in Appendix A to the Indenture. 

Notice of Facility Termination: As defined in Section 3.23(g) hereof. 

Officer’s Certificate: A certificate signed by the Chief Executive Officer, President, Chief Operating Officer or the Chief
Financial Officer or a Vice President or the Treasurer or the Secretary or one of the Assistant Treasurers or Assistant Secretaries of the Person on behalf of whom such certificate is being delivered. 

Opinion of Counsel: A written opinion of counsel, who may be an employee of the Servicer, that is reasonably acceptable to the
Indenture Trustee or Paying Agent, as applicable. 
 Owner Trustee: The owner trustee appointed pursuant to the terms of the Trust
Agreement, not in its individual capacity but solely in its capacity as owner trustee thereunder. 
 Participation Agreement: The
amended and restated master participation agreement, dated [                    ], among the Participation Agent, the Sponsor and Wells Fargo Bank,
N.A., as participation registrar, as supplemented by the participation supplements thereto and as may be amended or supplemented from time to time. 

  
 -8- 

 Participation Certificate: The certificate issued pursuant to the Participation
Agreement and designated as the Participation Certificate evidencing, subject to the terms of the Participation Agreement, a 100% beneficial ownership interest in the Mortgage Assets owned by the Participation Agent and the proceeds thereof. The
Participation Certificate is designated in the participation register as “VOLT 202[    ]-[    ].” 

Patriot Act: As defined in Section 8.17 hereof. 

Payment Date: The 25th day of each month, or if such day is not a Business Day, on
the first Business Day thereafter, commencing in [    ]. 
 Permitted Investments: Any one or more of the
obligations and securities listed below which investment provides for a date of maturity not later than one day prior to the Remittance Date in each month: 

(i)    direct obligations of, and obligations fully guaranteed as to timely payment of principal and
interest by, the United States of America or any agency or instrumentality of the United States of America the obligations of which are backed by the full faith and credit of the United States of America (“Direct Obligations”); 

(ii)    federal funds, demand and time deposits in, certificates of deposits of, or bankers’
acceptances issued by, any depository institution or trust company (including U.S. subsidiaries of foreign depositories, the Paying Agent or any agent of the Paying Agent, acting in its commercial capacity) incorporated or organized under the laws
of the United States of America or any state thereof and subject to supervision and examination by federal or state banking authorities, so long as at the time of such investment or the contractual commitment providing for such investment the
commercial paper or other short-term debt obligations of such depository institution or trust company (or, in the case of a depository institution or trust company which is the principal subsidiary of a holding company, the commercial paper or other
short-term debt or deposit obligations of such holding company or deposit institution, as the case may be) have been rated by any Rating Agency in its highest short-term rating category or one of its two highest long-term rating categories; 

(iii)    repurchase agreements collateralized by Direct Obligations or securities guaranteed by Fannie Mae
or Freddie Mac with any registered broker/dealer subject to Securities Investors’ Protection Corporation jurisdiction or any commercial bank insured by the FDIC, if such broker/dealer or bank has an uninsured, unsecured and unguaranteed
obligation rated by any Rating Agency in its highest short-term rating category; 
 (iv)    securities
bearing interest or sold at a discount issued by any corporation incorporated under the laws of the United States of America or any state thereof which have a credit rating from any Rating Agency, at the time of investment or the contractual
commitment providing for such investment, at least equal to one of the two highest long-term credit rating categories of any Rating Agency; 

  
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 (v)    commercial paper (including both non-interest-bearing discount obligations and interest-bearing obligations payable on demand or on a specified date not more than 180 days after the date of issuance thereof), other than extendable commercial paper,
rated by any Rating Agency in its highest short-term rating category; 
 (vi)    certificates or receipts
representing direct ownership interests in future interest or principal payments on obligations of the United States of America or its agencies or instrumentalities (which obligations are backed by the full faith and credit of the United States of
America) held by a custodian in safekeeping on behalf of the holders of such receipts; and 

(vii)    any other demand, money market, common trust fund or time deposit or obligation, or
interest-bearing or other security or investment rated in the highest rating category by any Rating Agency. Such investments in this clause (vii) may include money market mutual funds or common trust funds, including any fund for which the
Paying Agent or an Affiliate thereof serves as an investment advisor, administrator, shareholder servicing agent, and/or custodian or subcustodian, notwithstanding that (1) the Paying Agent or an Affiliate thereof charges and collects fees and
expenses from such funds for services rendered, (2) the Paying Agent or an Affiliate thereof charges and collects fees and expenses for services rendered pursuant to this Agreement, and (3) services performed for such funds and pursuant to
this Agreement may converge at any time; 
 provided, however, that no such instrument shall be an Permitted Investment if such
instrument evidences either (i) a right to receive only interest payments with respect to the obligations underlying such instrument, or (ii) both principal and interest payments derived from obligations underlying such instrument and the
principal and interest payments with respect to such instrument provide a yield to maturity of greater than 120% of the yield to maturity at par of such underlying obligations; and, provided, further, that such investment shall not be
subject to withholding or deduction unless the issuer of such investment is required to gross-up such amounts. 

Person: An individual, corporation, limited liability company, partnership, joint venture, association, joint-stock company, trust,
unincorporated organization or government or any agency or political subdivision thereof. 

Pre-Existing Servicing Advances: Any amounts disbursed by a prior servicer with respect to the
Mortgage Assets or made by the Servicer but reimbursed to the Servicer prior to the Cut-off Date that would fall within the definition of “Servicing Advances” hereunder, but for the fact that such
amounts were disbursed prior to the Cut-off Date. 
 Primary Mortgage Insurance Policy: Any
primary mortgage guaranty insurance policy issued in connection with a Mortgage Loan which provides compensation to a Mortgage Note holder in the event of default by the obligor under such Mortgage Note or the related security instrument, if any, or
any replacement policy therefor. 

  
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 Principal Prepayment: Any payment (whether partial or full) of principal on a
Mortgage Loan which is received in advance of its scheduled Due Date, which is not accompanied by an amount of interest representing scheduled interest due on any date or dates in any month or months subsequent to the month of prepayment. 

Qualified Insurer: An insurance company duly qualified as such under the laws of the state in which the Mortgaged Property is located,
duly authorized and licensed in such state to transact the applicable insurance business and to write the insurance provided. 
 Rating
Agency: Any “nationally recognized statistical rating organization,” as defined in Section 3(a)(62) of the Exchange Act. 

Remittance Date: The Business Day immediately preceding each Payment Date. 

REO Deed: With respect to each REO Property, any trustee’s deed, sheriff’s deed, referee’s deed, master’s deed,
mortgagee’s deed, special warranty deed, certificate of title, certificate of foreclosure, certificate of non-redemption or any other document (however so named) equivalent to any of the aforementioned
documents which is required by the law of the jurisdiction in which the REO Property is located to convey fee title. 
 REO
Disposition: The final sale of any REO Property. 
 REO Management Agreement: The REO management agreement, dated
[                    ], among the Issuer, the REO Manager, the Participation Agent and the Indenture Trustee, as may be amended from time to time.

 REO Management Vendor: Each property management vendor designated by the REO Manager to manage REO Properties, including the
renovation, rehabilitation, rental and sale thereof. 
 REO Manager: LSF[    ] Mortgage Holdings, LLC. 

REO Proceeds: All net revenues, receipts and/or proceeds received with respect to an REO Property, including any proceeds from an REO
Disposition in each case, after deducting any amounts due to the related REO Management Vendor. 
 REO Property: Any Initial REO
Property or Subsequent REO Property. 
 Reinstated Mortgage Loan: Each Mortgage Loan that is greater than one hundred and eighty
(180) days Delinquent as of the Cut-off Date for which the related Mortgagor becomes current on such Mortgage Loan through means other than a Modification, assumption, forbearance or extension. 

Reinstatement Fee: With respect to each Reinstated Mortgage Loan, a fee payable to the Servicer equal to: (a) upon the timely
remittance of three (3) consecutive Monthly Payments 

  
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on such Reinstated Mortgage Loan, the product of (i) 25% and (ii) 1% of the then outstanding Unpaid Principal Balance of such Reinstated Mortgage Loan and (b) upon the earlier of the timely
remittance of twelve (12) consecutive Monthly Payments and the sale of such Reinstated Mortgage Loan to an unaffiliated third party in an arm’s length transaction, the product of (i) 75% and (ii) 1% of the then-outstanding Unpaid Principal
Balance of such Reinstated Mortgage Loan; provided, however, that (x) the maximum aggregate Reinstatement Fee payable under clauses (a) and (b) hereof for any such Reinstated Mortgage Loan shall be subject to a cap of $2,000
for such Reinstated Mortgage Loan, (y) when a Reinstatement Fee is payable on such Reinstated Mortgage Loan under both clauses (a) and (b), such Reinstatement Fee shall be subject to a minimum of $1,500 and (z) the Reinstatement Fee
shall not be subject to a minimum if only the condition in clause (a) hereof is satisfied. 
 Rep and Warranty Letter Agreement:
As defined in Appendix A to the Indenture. 
 Repurchase Price: With respect to any Mortgage Asset required to be repurchased by the
Sponsor pursuant to the Rep and Warranty Letter Agreement, an amount equal to the sum of (i) the product of 85% and (x) with respect to any Mortgage Loan or Subsequent REO Property, the applicable Unpaid Principal Balance or (y) with
respect to any Initial REO Property, the applicable Estimated Value, each as of the date of such repurchase, (ii) any amounts representing unreimbursed Servicing Advances or Management Advances made after the
Cut-off Date and unpaid Servicing Fees with respect to such Mortgage Asset and (iii) expenses reasonably incurred or to be incurred by the Servicer, the Indenture Trustee or Paying Agent in respect of the
breach or defect giving rise to the purchase obligation. 
 Request for Release: As defined in Section 3.20
hereof. 
 Rule 15Ga-1 Information: As defined in Section 4.03(b)
hereof. 
 Servicemembers Civil Relief Act: The Servicemembers Civil Relief Act of 2003, as amended. 

Servicer Event of Default: Any one of the events enumerated in Section 7.01 hereof. 

Servicing Advance Reimbursement Amounts: As defined in Section 3.23(a) hereof. 

Servicing Advances: All customary, reasonable and necessary
“out-of-pocket” costs and expenses incurred after the Cut-off Date by the Servicer in the performance of its servicing
obligations hereunder, including, but not limited to, (a) the cost of preservation, inspection, restoration, protection and repair of a Mortgaged Property or REO Property, including without limitation advances in respect of prior liens,
insurance, real estate taxes and assessments, (b) the cost of any collection, enforcement or judicial proceedings, including without limitation foreclosures, collections and liquidations, (c) the costs of the conservation, management,
valuation, sale and liquidation of any REO Property, including fees of REO Management Vendors, (d) the cost of obtaining any legal documentation required to be included in the Servicing File and/or correcting any outstanding title issues (i.e.,
any lien or encumbrance on the Mortgaged Property that prevents the effective enforcement of the intended lien position or any lien on an REO Property that prevents the timely liquidation thereof) reasonably necessary for the Servicer

  
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to perform its obligations under this Agreement, (e) the cost of executing and recording instruments of satisfaction, deeds of reconveyance or Assignments of Mortgage to the extent not
recovered from the related Mortgagor, (f) expenses incurred in connection with any loss mitigation programs and (g) fees and expenses incurred in connection with sales, refinancings or short refinancings of Mortgage Loans. 

For the avoidance of doubt, any Management Advances incurred by the REO Manager or REO Management Vendor shall be deemed Servicing Advances
incurred by the Servicer for purposes of this Agreement. 
 Servicing Fee: With respect to each Collection Period and any Mortgage
Loan, an amount equal to one-twelfth of the product of (i) the Servicing Fee Rate and (ii) the Unpaid Principal Balance of such Mortgage Loan as of the opening of business on the first day of such
Collection Period (the “Base Fee”). With respect to any REO Property (other than a Transferred REO Property), the Servicer shall be entitled to a Servicing Fee equal to the lesser of (i) the Servicer’s cost for its
obligations with respect to such REO Property pursuant to Section 3.13 hereof plus a 10% margin (as further set forth in a separate agreement between the Sponsor and the Servicer) and (ii) the Base Fee (such lesser
fee, the “Ancillary Fee”). For each REO Property (other than a Transferred REO Property), the excess of the Base Fee over the Ancillary Fee may be applied by the Servicer, at the direction of the REO Manager, to pay the fees of any
REO Management Vendor. For any Transferred REO Property, the Base Fee. 
 Servicing Fee Rate: With respect to any Collection Period
and (i) each Mortgage Loan less than sixty (60) days Delinquent (calculated using the MBA method) as of the end of the immediately preceding Collection Period (or the Cut-off Date in the case of the
initial Collection Period), 0.375% per annum, and (ii) each Mortgage Loan sixty (60) or more days Delinquent (calculated using the MBA method) as of the end of the immediately preceding Collection Period (or the Cut-off Date in the case of the initial Collection Period) and each Transferred REO Property, 1.000% per annum. 

Servicing File: The items pertaining to a particular Mortgage Asset including, but not limited to, the computer files (whether held
locally or on the internet), data disks, books, records, data tapes, notes, and all additional documents generated as a result of or utilized in originating and/or servicing each Mortgage Asset, which are held in trust for the Participation Agent by
the Servicer, subject to the lien of the Indenture. 
 Servicing Officer: Any officer of the Servicer involved in, or responsible
for, the administration and servicing of the Mortgage Assets whose name and specimen signature appear on a list of servicing officers furnished to the Indenture Trustee and the Paying Agent by the Servicer, as such list may from time to time be
amended. 
 Servicing Transfer Costs: Any reasonable costs of the successor servicer incurred in connection with the transfer of
servicing from the immediately preceding Servicer, including without limitation any reasonable costs or expenses associated with the documentation of the assumption of servicing by the successor servicer, the complete transfer of all servicing data
and the completion, correction and manipulation of such servicing data as may be required by the successor servicer to correct any errors or insufficiencies in the servicing data or otherwise to enable the successor servicer to service the Mortgage
Assets properly and effectively. 

  
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 SFR Sales Price: The price at which the Servicer or the REO Manager sells any REO
Property to an Affiliate of the Sponsor, which price shall equal 87% of the Updated Value for such REO Property plus any Servicing Advances or Management Advances related to rehabilitation and renovation costs made in respect of such REO Property
after the Cut-off Date. 
 Sponsor: LSF[    ] Mortgage Holdings, LLC or
any successor thereto. 
 Subsequent REO Property: Any Mortgaged Property acquired by the Participation Agent through foreclosure or
grant of a deed in lieu of foreclosure or other comparable conversion of the ownership of a Mortgage Loan. 
 Subservicer: Any Person
that services Mortgage Assets on behalf of the Servicer or any subservicer and is responsible for the performance (whether directly or through subservicers) of all or substantially all of the material servicing functions required to be performed by
the Servicer under this Agreement. 
 Sub-Servicing Agreement: A written contract between the
Servicer and a Subservicer relating to servicing and administration of certain Mortgage Assets as provided in Section 3.27 hereof, as amended or supplemented from time to time. 

Successor Servicer Auction: As defined in Section 8.01 hereof. 

Transaction: As defined in Section 4.03(b) hereof. 

Transferred REO Property: Any REO Property transferred to the Servicer by the Issuer following the Closing Date. 

Trust Agreement: The trust agreement, dated
[                    ], by and among the Owner Trustee, as owner trustee, Wells Fargo Bank, N.A., as certificate registrar and trust paying agent,
and the Sponsor, as may be amended from time to time. 
 Trust Estate: The assets pledged by the Issuer to the Indenture Trustee to
secure the Notes. 
 Unpaid Principal Balance: As to each (a) Mortgage Loan and any date of determination, the principal balance
of such Mortgage Loan at its origination (plus any deferred interest in the case of any negative amortization Mortgage Loans), less (x) the sum of (i) all collections and other amounts credited against the principal balance of such
Mortgage Loan prior to such date of determination, (ii) any principal reduction resulting from a Deficient Valuation prior to such date of determination and (iii) any principal forgiveness resulting from a Modification prior to such date
of determination plus (y) any Capitalized Advance Amounts and (b) Subsequent REO Property and any date of determination, the principal balance of the related mortgage loan immediately prior to the date such Subsequent REO Property was
acquired less the sum of all collections and other amounts credited against such principal balance from such date of acquisition to such date of determination. For the avoidance of doubt, (i) any deferral of principal in

  
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 connection with a Modification shall not reduce the Unpaid Principal Balance of a Mortgage Asset and
(ii) any Deferred Servicing Advance Amount shall not be considered part of the Unpaid Principal Balance of a Mortgage Asset. 

Updated Value: The updated value of each Mortgage Asset as generated by a broker’s price opinion, appraisal or automated valuation
and set forth on the Mortgage Asset Schedule. 
 Capitalized terms used herein and not defined in this Agreement shall have the meanings
ascribed to them in Appendix A to the Indenture. 
 ARTICLE II. 

ENGAGEMENT OF SERVICER TO PERFORM SERVICING RESPONSIBILITIES. 

The Issuer, the Participation Agent, the Paying Agent and the Indenture Trustee, by execution and delivery of this Agreement, do hereby
contract with the Servicer for the servicing of the Mortgage Loans. Notwithstanding the foregoing, the Servicer shall commence such servicing, and the provisions of this Agreement shall apply to the parties hereto, as of the Closing Date. The
Servicer shall maintain a Servicing File with respect to each Mortgage Loan in order to service such Mortgage Loan pursuant to this Agreement and each Servicing File delivered to the Servicer shall be held in trust by the Servicer for the benefit of
the Participation Agent, subject to the lien of the Indenture. The Servicing File retained by the Servicer pursuant to this Agreement shall be identified in accordance with the Servicer’s file tracking system to reflect the ownership of the
related Mortgage Loan by the Participation Agent, subject to the lien of the Indenture. The Servicer shall release from its custody the contents of any Servicing File retained by it only in accordance with this Agreement. 

ARTICLE III. 
 
SERVICING OF THE MORTGAGE ASSETS. 
  

	 	SECTION 3.01.	 Servicer to Service. 

The Servicer, as an independent contractor, shall service and administer the Mortgage Loans and any Transferred REO Properties from and after
the Closing Date in accordance with Accepted Servicing Practices, applicable law (including without limitation, all Consumer Financial Protection Bureau requirements, federal, state and local legal and regulatory requirements (including statutes,
rules, regulations and ordinances of each governmental agency or instrumentality having jurisdiction over the servicing of a Mortgage Loan), consent orders, consent decrees, writs, remediation plans, injunctions or judgments arising out of or
resulting from litigation, enforcement actions, and settlement agreements applicable to a Mortgage Loan) and this Agreement, and shall have full power and authority, acting alone, to do any and all things in connection with such servicing and
administration which the Servicer may deem necessary or desirable and consistent with the terms of this Agreement, applicable law and with Accepted Servicing Practices. 

  
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 The Servicer shall (i) honor the terms of any modification, loss mitigation and/or
foreclosure alternative of a prior servicer in effect as of the date servicing transferred to the Servicer for each Mortgage Loan, including any trial period plans or short sales, (ii) evaluate complete applications for modification in process
as of the date servicing transferred to the Servicer for each Mortgage Loan and (iii) continue to negotiate in good faith the terms of foreclosure alternatives in process as of the date servicing transferred to the Servicer for each Mortgage
Loan. 
 Additionally, the Servicer is hereby authorized and empowered to solicit a Mortgagor to refinance its Mortgage Loan into a new
lower cost loan (including by entering into a short refinancing), including a new loan with a principal balance less than the Unpaid Principal Balance of the related Mortgage Loan by forgiving a portion of the Unpaid Principal Balance of the related
Mortgage Loan, so long as (i) the Mortgagors are not selected based on the inclusion of the related Mortgage Loans in the Transaction, (ii) such refinancing is permitted by applicable law and (iii) such refinancing is expected by the
Servicer to result in a higher net present value to the Issuer and the holders of the Membership Certificate than continuing to own the Mortgage Loan. 

Consistent with the terms of this Agreement, Accepted Servicing Practices and applicable law, the Servicer may waive, modify or vary any term
of any Mortgage Loan or consent to the postponement of strict compliance with any such term or in any manner grant indulgence to any Mortgagor if in the Servicer’s reasonable and prudent determination the related Mortgagor is in default with
respect to such Mortgage Loan or the Servicer has determined default is foreseeable and such waiver, modification, postponement or indulgence is in the best interests of the Noteholders and the holders of the Membership Certificate. Notwithstanding
the foregoing, the Servicer shall service a Mortgage Loan under the terms of HAMP only if it has executed an assignment and assumption agreement to the prior servicer’s participation agreement for such modification program. 

Without limiting the generality of the foregoing, the Servicer shall continue, and is hereby authorized and empowered, to execute and deliver
on behalf of itself, the Participation Agent, the Issuer and the Indenture Trustee, all instruments of satisfaction or cancellation, or of partial or full release, discharge or note endorsement and all other comparable instruments, with respect to
the Mortgage Loans and the Mortgaged Properties and any Transferred REO Properties. If required by the Servicer, the Issuer, the Indenture Trustee and the Participation Agent shall furnish the Servicer with any limited powers of attorney and other
documents necessary or appropriate to enable the Servicer to carry out its servicing and administrative duties under this Agreement; provided, however, that none of the Issuer, the Participation Agent, the Owner Trustee or the
Indenture Trustee shall be held liable for any misuse of any such power of attorney or other documents by the Servicer; provided, further, in the case of such limited powers of attorney or other documents provided by the Indenture
Trustee or the Owner Trustee, such limited powers of attorney and other documents shall be in form reasonably acceptable to the Indenture Trustee or the Owner Trustee, as applicable. 

Notwithstanding anything in this Agreement to the contrary, no waiver, modification, variance, postponement of compliance or indulgence made
or proposed to be made by the Servicer in accordance with the foregoing shall require the consent of the Issuer, the Participation Agent, the Indenture Trustee or any other entity. 

  
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 The Servicer is authorized and empowered by the Indenture Trustee, the Issuer and the
Participation Agent, in its own name or in the name of any Subservicer, when the Servicer or such Subservicer, as the case may be, believes it is appropriate in its best judgment, to cause the removal of any Mortgage Loan from registration on the
MERS System, and to execute and deliver, on behalf of the Issuer, the Indenture Trustee and the Participation Agent, any and all instruments of assignment and other comparable instruments with respect to such assignment. Additionally, with respect
to any Mortgage Loan for which an Assignment of Mortgage has not been recorded in the name of the Participation Agent (including any Mortgage registered on the MERS System), the Servicer shall record an Assignment of Mortgage in the name of the
Participation Agent or the Owner Trustee on behalf of the Participation Agent if required by the relevant jurisdiction prior to initiating foreclosure or similar proceedings. Any related expenses shall be reimbursable to the Servicer from the Trust
Estate. The Indenture Trustee shall have no duty to monitor the registration of any Mortgage Loan on the MERS System. 
 The Servicer shall
not without the written consent of the Indenture Trustee, the Depositor, the Issuer, the Participation Agent or the Owner Trustee: (i) initiate any action, suit or proceeding solely under the name of the Indenture Trustee, the Depositor, the
Issuer, the Participation Agent or the Owner Trustee without indicating the Servicer’s representative capacity or (ii) take any action with the intent to cause, and which actually does cause, the Indenture Trustee, the Depositor, the
Issuer, the Participation Agent or the Owner Trustee to be registered to do business in any state. In no event shall the Servicer initiate foreclosure or similar proceedings in the name of the Indenture Trustee without the Indenture Trustee’s
consent. 
 In servicing and administering (i) the Mortgage Loans, the Servicer shall employ procedures (including collection
procedures) intended to produce the highest net present value on the Mortgage Loans for the Noteholders and the holders of the Membership Certificate and (ii) any Transferred REO Property, the Servicer shall employ procedures intended to
maximize proceeds to the Issuer on such Transferred REO Property, and, in each case, exercise the same care that it customarily employs and exercises in servicing and administering mortgage assets for its own account giving due consideration to
Accepted Servicing Practices, this Agreement and applicable law. 
 The Servicer may use subcontractors and vendors in connection with the
servicing of the Mortgage Assets; provided, however, that any such arrangements shall be consistent with the servicing arrangements contemplated hereunder and the Servicer shall remain obligated and liable to the Issuer, the Depositor, the Indenture
Trustee, the Paying Agent, the Participation Agent, the Noteholders, the holders of the Membership Certificate and the Owner Trustee (solely with respect to the Servicer’s obligations to the Owner Trustee pursuant to
Section 6.01) for the servicing and administration of the Mortgage Assets in accordance with the provisions of this Agreement without diminution of such obligation or liability by virtue of such arrangements or by virtue of
indemnification from any such subcontractor or vendor and to the same extent and under the same terms and conditions as if the Servicer alone were servicing and administering those Mortgage Assets. All actions of each subcontractor or vendor shall
be performed as agent of the Servicer with the same force and effect as if performed directly by the Servicer. 

  
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 The Servicer will furnish, with respect to each Mortgage Loan, in accordance with the Fair
Credit Reporting Act and its implementing regulations, accurate and complete information on its borrower credit files to Equifax, Experian and Trans Union Credit Information Company, and any successors thereto, on a monthly basis. 

The Servicer shall promptly forward to the Custodian original documents acquired by the Servicer in respect of a Mortgage Asset, including any
REO Deed in connection with the conversion of a Mortgage Loan to a Subsequent REO Property or an assumption, modification, consolidation or extension of any Mortgage Loan entered into in accordance with this Agreement, provided,
however, that the Servicer shall promptly provide the Custodian with a certified true copy of any such document submitted for recordation, and shall provide the original of any document submitted for recordation or a copy of such document
certified by the appropriate public recording office to be a true and complete copy of the original in accordance with Accepted Servicing Practices and applicable law. No Modification shall be recorded unless required by applicable law. 

In connection with sales of Mortgage Assets by the Issuer under Sections 8.05 or 8.06 of the Indenture or a redemption and reissuance of the
Notes under Section 8.07 of the Indenture, the Servicer hereby agrees to (i) update its books and records accordingly and (ii) cooperate with the Issuer, the Loan Sale/REO Advisor and the Participation Agent and take such actions as
are reasonably requested by the Issuer, the Loan Sale/REO Advisor and the Participation Agent. Without limiting the foregoing, upon request of the Issuer or Loan Sale/REO Advisor, on behalf of the Issuer, the Servicer shall: (i) execute any
documentation reasonably requested by the Issuer or Loan Sale/REO Advisor in connection with any loan sale or transfer of Participation Interests, (ii) provide directions or releases with respect to the Mortgage Assets subject to any such sale
or transfer, (iii) subject to a confidentiality agreement, provide access to servicing comments, servicing files and such other documents and information that the Issuer or Loan Sale/REO Advisor determines are needed in order for a prospective
purchaser to conduct a diligence review of the Mortgage Assets; (iv) prepare and record Assignments of Mortgage and take any other actions necessary to convey title to the Mortgage Assets subject to such sale and (v) take any further
actions reasonably requested by the Issuer or Loan Sale/REO Advisor. Any expenses incurred in connection with this paragraph shall be treated as Servicing Advances. 

For the avoidance of doubt, in connection with transfers of Participation Interests or the Participation Certificate, the Servicer
acknowledges that it has (i) no right to service the Mortgage Assets other than as expressly set forth in this Agreement and (ii) no ownership interest in any “mortgage servicing rights” with respect to the Mortgage Assets and,
if directed by the owner of the Mortgage Assets or the Participation Interests in the Mortgage Assets, the Servicer shall cooperate with any transfer of servicing. 
  

	 	SECTION 3.02.	 Collections on the Mortgage Assets. 

Continuously from the Closing Date until the principal and interest on all Mortgage Loans are paid in full and all Transferred REO Properties
have been liquidated, the Servicer shall proceed diligently to collect all payments due under each Mortgage Loan when the same shall become due and payable (including any Pre-Existing Servicing Advances) and
shall, to the extent such procedures shall be consistent with this Agreement, the terms and provisions of any related 

  
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Primary Mortgage Insurance Policy, Accepted Servicing Practices and applicable law, follow such collection procedures as it follows with respect to mortgage loans and REO properties comparable to
the Mortgage Assets and held for its own account. Further, the Servicer shall take special care in ascertaining and estimating annual ground rents, taxes, assessments, water rates, fire and hazard insurance premiums, mortgage insurance premiums, and
all other charges that, as provided in the Mortgage, will become due and payable to the end that the installments payable by the Mortgagors will be sufficient to pay such charges as and when they become due and payable. 

 

	 	SECTION 3.03.	 Realization Upon Defaulted Mortgage Loans. 

(a)    The Servicer shall use its best efforts, consistent with Accepted Servicing Practices, this Agreement, applicable
law and the procedures that the Servicer would use in servicing loans for its own account, to foreclose upon or otherwise comparably convert the ownership of each Mortgaged Property as come into and continue in default and as to which no
satisfactory arrangements can be made for collection of delinquent payments pursuant to Section 3.01. The Servicer shall use its best efforts to realize upon defaulted Mortgage Loans and REO Properties in such a manner as
will maximize the receipt of principal and interest by the Noteholders and the holders of the Membership Certificate, taking into account, among other things, the timing of foreclosure proceedings. The foregoing is subject to the provisions that, in
any case in which a Mortgaged Property or Transferred REO Property shall have suffered damage, the Servicer shall not be required to expend its own funds toward the restoration of such property unless it shall determine in its discretion
(i) that such restoration will increase the proceeds of liquidation of the related Mortgage Loan or Transferred REO Property after reimbursement to itself for such expenses, and (ii) that such expenses will be recoverable by the Servicer
through Liquidation Proceeds from the related Mortgaged Property or Transferred REO Property, as applicable, as contemplated in Section 3.05. In the event that any payment due under any Mortgage Loan is not paid when the
same becomes due and payable, or in the event the Mortgagor fails to perform any other covenant or obligation under the Mortgage Loan and such failure continues beyond any applicable grace period, the Servicer shall take such action as it shall deem
to be in the best interest of the Noteholders and the holders of the Membership Certificate including, but not limited to, a Modification, assumption, forbearance, extension, short sale, short refinancing, deed-in-lieu transaction and, if the Mortgagor is unresponsive, acquiring title to the Mortgaged Property through foreclosure as set forth in Section 3.13 hereof. In connection
therewith, the Servicer shall be responsible for all costs and expenses incurred by it in any such proceedings; provided, however, that it shall be entitled to reimbursement thereof as contemplated in
Section 3.05. 
 (b)    Notwithstanding the foregoing provisions of this
Section 3.03, with respect to any Mortgage Loan as to which the Servicer has received actual notice of, or has actual knowledge of, the presence of any toxic or hazardous substance on the related Mortgaged Property the
Servicer shall not (i) cause the Issuer or the Participation Agent to obtain title to such Mortgaged Property as a result of or in lieu of foreclosure or otherwise or (ii) otherwise cause the Issuer, the Participation Agent or the Owner
Trustee to acquire possession of, or take any other action with respect to, such Mortgaged Property if, as a result of any such action, the Issuer, the Noteholders, the Depositor, the Participation Agent, the Owner Trustee or the Indenture Trustee
would be considered to hold title to, to be a mortgagee-in-possession of, or to be an owner or operator of such Mortgaged Property within the meaning of the
Comprehensive Environmental 

  
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Response, Compensation and Liability Act of 1980, as amended from time to time, or any comparable law, unless the Servicer has also previously determined, based on its reasonable judgment and a
prudent report prepared by a Person who regularly conducts environmental audits using customary industry standards, that: 

(1)    such Mortgaged Property is in compliance with applicable environmental laws or, if not, that it
would be in the best economic interest of the Noteholders and the holders of the Membership Certificate to take such actions as are necessary to bring the Mortgaged Property into compliance therewith; and 

(2)    there are no circumstances present at such Mortgaged Property relating to the use, management or
disposal of any hazardous substances, hazardous materials, hazardous wastes, or petroleum-based materials for which investigation, testing, monitoring, containment, clean-up or remediation could be required
under any federal, state or local law or regulation, or that if any such materials are present for which such action could be required, that it would be in the best economic interest of the Noteholders and the holders of the Membership Certificate
to take such actions with respect to the affected Mortgaged Property. 
 The cost of the environmental audit report contemplated by this
Section 3.03 shall be advanced by the Servicer, subject to the Servicer’s right to be reimbursed therefor from the Collection Account as provided in Section 3.05(a)(iv). 

If the Servicer determines, as described above, that it is in the best economic interest of the Noteholders and the holders of the Membership
Certificate to take such actions as are necessary to bring any such Mortgaged Property into compliance with applicable environmental laws, or to take such action with respect to the containment, clean-up or
remediation of hazardous substances, hazardous materials, hazardous wastes, or petroleum-based materials affecting any such Mortgaged Property, then the Servicer shall take such action, consistent with Accepted Servicing Practices, this Agreement
and applicable law, as it deems to be in the best economic interest of the Noteholders and the holders of the Membership Certificate. The cost of any such compliance, containment, cleanup or remediation shall be advanced by the Servicer, subject to
the Servicer’s right to be reimbursed therefor from the Collection Account as provided in Section 3.05(a)(iv). 

(c)    Proceeds received in connection with any Final Recovery Determination, as well as any recovery resulting from a
partial collection of Liquidation Proceeds in respect of any Mortgage Loan or Transferred REO Property, net of fees, expenses, indemnity amounts, permitted reimbursements and any other amounts owed to the Servicer or REO Manager hereunder, will be
applied as a recovery of principal of such Mortgage Loan and then to accrued and unpaid interest on such Mortgage Loan, to the date of the Final Recovery Determination, or to the Due Date prior to the Remittance Date on which such amounts are to be
distributed if not in connection with a Final Recovery Determination and with respect to any Transferred REO Property, as REO Proceeds. The Servicer shall maintain records, prepared by an officer of the Servicer, of each Final Recovery
Determination. Notwithstanding the foregoing, the Servicer shall not reimburse itself or any previous servicer for any Pre-Existing Servicing Advances and shall reimburse itself for Servicing Advances as set
forth in Sections 3.05 and 3.07. Any Pre-Existing Servicing Advances collected by the Servicer shall be deposited into the Collection Account pursuant to
Section 3.04(iii). 

  
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	 	SECTION 3.04.	 Establishment of Collection Account; Deposits in Collection Account. 

The Servicer shall segregate and hold all funds collected and received pursuant to each Mortgage Asset separate and apart from any of its own
funds and general assets and shall establish and maintain on behalf of, and as an agent of, the Issuer, a segregated Collection Account, entitled “Caliber Home Loans, Inc., in trust for U.S. Bank National Association, as indenture trustee, for
the VOLT [    ] Asset-Backed Notes, Collection Account.” 
 The Servicer shall deposit in the Collection Account on
a daily basis within two (2) Business Days of identification (or within thirty (30) days of identification with respect to (v) below) and retain therein the following payments and collections received by it subsequent to the Cut-off Date: 
 (i)    all payments on account of principal of the
Mortgage Loans, including any deferred principal balances; 
 (ii)    all payments on account of interest
on the Mortgage Loans, including any deferred interest; 
 (iii)    all net Liquidation Proceeds and, to
the extent collected by the Servicer, any Pre-Existing Servicing Advances; 

(iv)    any amounts required to be deposited by the Servicer pursuant to
Section 3.11 in connection with the deductible clause in any blanket hazard insurance policy. Such deposit shall be made from the Servicer’s own funds, without reimbursement therefor; 

(v)    all payments to the Participation Agent or a Mortgagor from HAMP; and 

(vi)    any Repurchase Price received from the Sponsor. 

Any of the deposits pursuant to clauses (i), (ii) or (iii) may, at the Servicer’s option, be net of the Servicing Fee. The foregoing
requirements for deposit in the Collection Account shall be exclusive, it being understood and agreed that, without limiting the generality of the foregoing, any Reinstatement Fees and other payments in the nature of late payment charges, assumption
fees, and other ancillary income to the extent permitted by Section 3.21, need not be deposited by the Servicer in the Collection Account. The Collection Account shall be an Eligible Account. Any interest or earnings on
funds deposited in the Collection Account by the depository institution shall accrue to the benefit of the Servicer and the Servicer shall be entitled to retain and withdraw such interest from the Collection Account pursuant to
Section 3.05(iii). The Servicer shall give notice to the Indenture Trustee and the Paying Agent of the location of the Collection Account when established and prior to any change thereof. 

  
 -21- 

 Funds on deposit in the Collection Account shall either (i) remain uninvested or
(ii) be invested in Permitted Investments, which Permitted Investments shall mature or be subject to redemption or withdrawal on or prior to the next occurring Remittance Date. If such funds are deposited in Permitted Investments, any and all
investment earnings from any such Permitted Investments shall be for the benefit of the Servicer and the risk of loss of moneys required to be remitted to the Paying Agent for deposit in the Payment Account resulting from such investments shall be
borne by and be the risk of the Servicer. The amount of any losses realized in the Collection Account in respect of any such Permitted Investments shall promptly be deposited by the Servicer from its own funds in the Collection Account. 

 

	 	SECTION 3.05.	 Permitted Withdrawals From the Collection Account. 

The Servicer may, from time to time and as often as on a daily basis, withdraw from amounts on deposit in the Collection Account for the
following purposes: 
 (i)    to make distributions to the Paying Agent in the amounts and in the manner
provided for in Section 3.14; 
 (ii)    to the extent not previously
reimbursed, to reimburse the Servicer on its behalf or on behalf of an Advancing Person for unreimbursed Servicing Advances or to reimburse the REO Manager or an REO Management Vendor for unreimbursed Management Advances; 

(iii)    to pay to (x) itself pursuant to Section 3.21 as servicing
compensation (A) any interest earned on funds in the Collection Account (all such interest to be withdrawn monthly not later than each Remittance Date), (B) to the extent not previously retained, the Servicing Fee for each Mortgage Asset,
(C) for each completed short sale, receipt of a completed deed-in-lieu of foreclosure or final completed Modification, an incentive fee equal to 1% of the Unpaid
Principal Balance of the related Mortgage Loan (subject to a minimum payment of $1,500 and a maximum payment of $2,000), (D) any Reinstatement Fees and (E) any HAMP and HAFA incentive payments payable to servicers and (y) any fees owed or
payable to any REO Management Vendor; 
 (iv)    to pay, or to reimburse the Servicer for advances in
respect of, expenses incurred in connection with any Mortgage Loans pursuant to Section 3.03(b); 

(v)    to clear and terminate the Collection Account on the termination of this Agreement; 

(vi)    to withdraw any amount deposited therein in error; and 

(vii)    to reimburse the Servicer for expenses incurred by or reimbursable to the Servicer pursuant to
Section 6.03. 

  
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 In the case of each such reimbursement set forth above, the Servicer’s, REO
Manager’s and REO Management Vendor’s right thereto shall be prior to the rights of the Noteholders, the Indenture Trustee, the Paying Agent, the Issuer or any other Person. 

The Servicer shall keep and maintain separate accounting, on a Mortgage Asset by Mortgage Asset basis, for the purpose of justifying any
withdrawal from the Collection Account pursuant to such subclauses (ii), (iii) and (iv) above. 
  

	 	SECTION 3.06.	 Deposits in Escrow Account. 

The Servicer shall segregate and hold all funds collected and received pursuant to each Mortgage Loan which constitute Escrow Payments
separate and apart from any of its own funds and general assets and shall establish and maintain on behalf of, and as an agent of, the Issuer, a segregated Escrow Account, entitled “Caliber Home Loans, Inc., in trust for U.S. Bank National
Association, as indenture trustee, for the VOLT [    ]Asset-Backed Notes, Series 202[    ]-[    ], Escrow Account.” 

The Servicer shall deposit in the Escrow Account on a daily basis within two (2) Business Days of identification, and retain therein, all
Escrow Payments collected on account of the Mortgage Loans, for the purpose of effecting timely payment of any such items as required under the terms of this Agreement. The Servicer shall make withdrawals therefrom only to effect such payments as
are required under this Agreement, and for such other purposes as shall be as set forth in, or in accordance with, Section 3.08. The Servicer shall be entitled to retain any interest paid on funds deposited in the Escrow
Account by the depository institution other than interest on escrowed funds required by applicable law to be paid to the Mortgagor and, to the extent required by applicable law, the Servicer shall pay interest on escrowed funds to the Mortgagor
notwithstanding that the Escrow Account is non-interest bearing or that interest paid thereon is insufficient for such purposes. 
  

	 	SECTION 3.07.	 Permitted Withdrawals From Escrow Account. 

Withdrawals from the Escrow Account may be made by the Servicer (i) to effect timely payments of ground rents, taxes, assessments, water
rates, hazard insurance premiums, Primary Mortgage Insurance Policy premiums, if applicable, and comparable items, (ii) to reimburse the Servicer for any Servicing Advance made by the Servicer with respect to the related Mortgage Loan but only
from amounts received on such Mortgage Loan which represent late payments or collections of Escrow Payments thereunder, (iii) to refund to the Mortgagor any funds as may be determined to be overages, (iv) for transfer to the Collection
Account in accordance with the terms of this Agreement, (v) for application to restoration or repair of the Mortgaged Property, (vi) to pay to the Servicer, or to the Mortgagor to the extent required by applicable law, any interest paid on
the funds deposited in the Escrow Account, (vii) for transfer to the purchaser of a Mortgage Loan in connection with the sale of such Mortgage Loan or (viii) to withdraw any amount deposited therein in error. 

 

	 	SECTION 3.08.	 Payment of Taxes, Insurance and Other Charges Maintenance of Primary Mortgage Insurance Policies;
Collections Thereunder. 

  
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 With respect to each Mortgage Loan, the Servicer shall maintain accurate records reflecting
the status of Primary Mortgage Insurance Policy premiums and fire and hazard insurance coverage and, to the extent the Mortgage provides for Escrow Payments, shall obtain, from time to time, all bills for the payment of such charges, including
insurance renewal premiums and shall effect payment thereof prior to the applicable penalty or termination date, employing for such purpose deposits of the Mortgagor in the Escrow Account which shall have been estimated and accumulated by the
Servicer in amounts sufficient for such purposes, as allowed under the terms of the Mortgage and applicable law. To the extent that the Mortgage does not provide for Escrow Payments, the Servicer shall either cause the Mortgagor to make any such
payments or make Servicing Advances from its own funds to effect such payments in accordance with the Accepted Servicing Practices, this Agreement and applicable law. 

The Servicer shall maintain in full force and effect, a Primary Mortgage Insurance Policy issued by a Qualified Insurer, with respect to each
Mortgage Loan for which such coverage is required. Such coverage shall be maintained until the Loan-to-Value Ratio of the related Mortgage Loan is reduced to that amount
for which Freddie Mac no longer requires such insurance to be maintained. The Servicer will not cancel or refuse to renew any Primary Mortgage Insurance Policy in effect on the Closing Date that is required to be kept in force under this Agreement
unless a replacement Primary Mortgage Insurance Policy for such cancelled or non-renewed policy is obtained from and maintained with a Qualified Insurer. The Servicer shall not take any action which would
result in non-coverage under any applicable Primary Mortgage Insurance Policy of any loss which, but for the actions of the Servicer, would have been covered thereunder. In connection with any assumption or
substitution agreement entered into or to be entered into pursuant to Section 3.19, the Servicer shall promptly notify the insurer under the related Primary Mortgage Insurance Policy, if any, of such assumption or
substitution of liability in accordance with the terms of such policy and shall take all actions which may be required by such insurer as a condition to the continuation of coverage under the Primary Mortgage Insurance Policy. If such Primary
Mortgage Insurance Policy is terminated as a result of such assumption or substitution of liability, the Servicer shall obtain a replacement Primary Mortgage Insurance Policy as provided above. 

In connection with its activities as servicer, the Servicer agrees to prepare and present, on behalf of itself, the Participation Agent, the
Issuer and the Indenture Trustee, claims to the insurer under any Primary Mortgage Insurance Policy in a timely fashion in accordance with the terms of such policies and, in this regard, to take such action as shall be necessary to permit recovery
under any Primary Mortgage Insurance Policy respecting a defaulted Mortgage Loan. Pursuant to Section 3.04, any amounts collected by the Servicer under any Primary Mortgage Insurance Policy shall be deposited in the
Collection Account, subject to withdrawal pursuant to Section 3.05. 
  

	 	SECTION 3.09.	 Transfer of Accounts. 

The Servicer may transfer the Collection Account or the Escrow Account to a different depository institution from time to time. In any case,
each of the Collection Account and the Escrow Account shall at all times be maintained as an Eligible Account. The Servicer shall give notice to the Issuer, the Paying Agent and the Indenture Trustee of any proposed change of location of the
Collection Account not later than thirty (30) days after and not more than thirty (30) days prior to any change thereof. 

  
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	 	SECTION 3.10.	 Maintenance of Hazard Insurance. 

The Servicer shall cause to be maintained for each Mortgage Loan with an Unpaid Principal Balance greater than $20,000, fire and hazard
insurance with extended coverage as is customary in the area where the related Mortgaged Property is located in an amount which is at least equal to the lesser of (i) the full insurable value of such Mortgaged Property or (ii) the
outstanding principal balance of such Mortgage Loan, in each case in an amount not less than such amount as is necessary to prevent the Mortgagor and/or the Mortgagee from becoming a co-insurer; provided,
however, if the Mortgagor allows such coverage to lapse, the Servicer shall procure coverage equal to the higher of (x) the last known coverage amount, if available, or (y) the Unpaid Principal Balance. 

With respect to each Mortgage Loan with an Unpaid Principal Balance greater than $20,000, if such Mortgaged Property is in an area identified
in the Federal Register by the Federal Emergency Management Agency as having special flood hazards and such flood insurance has been made available, the Servicer will cause to be maintained a flood insurance policy meeting the requirements of the
current guidelines of the Federal Insurance Administration with a generally acceptable insurance carrier, in an amount representing coverage not less than the least of (i) the Unpaid Principal Balance of the Mortgage Loan, (ii) the full
insurable value of the related Mortgaged Property or (iii) the maximum amount of insurance which is available under the National Flood Insurance Act of 1968. 

To the extent the Servicer has not already procured a hazard policy (and a flood insurance policy, if applicable) meeting the requirements of
this Section 3.10 on the related Mortgage Loan, the Servicer shall obtain for any Transferred REO Property with an Unpaid Principal Balance greater than $20,000, (a) fire and hazard insurance with extended coverage in an
amount which is at least equal to the lesser of (i) the maximum insurable value of the improvements which are a part of such property and (ii) the Unpaid Principal Balance of the Transferred REO Property and (b) flood insurance not
less than the least of (i) the Unpaid Principal Balance of the Transferred REO Property, (ii) the full insurable value of the Transferred REO Property or (iii) the maximum amount of insurance which is available under the National
Flood Insurance Act of 1968. Pursuant to Section 3.04, any amounts collected by the Servicer under any such policies other than amounts to be deposited in the Escrow Account and applied to the restoration or repair of the
Mortgaged Property or Transferred REO Property, or released to the Mortgagor in accordance with the Servicer’s normal servicing procedures, shall be deposited in the Collection Account, subject to withdrawal pursuant to
Section 3.05. Any cost incurred by the Servicer in maintaining any such insurance shall not, for the purpose of calculating remittances to the Paying Agent, be added to the Unpaid Principal Balance of the related
Transferred REO Property or Mortgage Loan, notwithstanding that the terms of such Mortgage Loan so permit. The Servicer shall not be required to maintain any such insurance if the related Servicing Advance therefor would not be recoverable from the
related Mortgage Loan or Transferred REO Property. It is understood and agreed that no earthquake or other additional insurance need be required by the Servicer or the Mortgagor or maintained on any Transferred REO Property, other than pursuant to
such applicable laws and regulations as shall at any time be in force and as shall require such 

  
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additional insurance. All such policies shall be endorsed with standard mortgagee clauses with loss payable to the Servicer and shall provide for at least thirty (30) days prior written
notice of any cancellation, reduction in the amount of, or material change in, coverage to the Servicer. The Servicer shall not interfere with the Mortgagor’s freedom of choice in selecting either his insurance carrier or agent;
provided, however, that the Servicer shall not accept any such insurance policies from insurance companies unless such companies are Qualified Insurers. 
  

	 	SECTION 3.11.	 Maintenance of Mortgage Impairment Insurance Policy. 

In the event that the Servicer shall obtain and maintain a mortgage impairment or blanket policy issued by a Qualified Insurer that has a
rating in Best’s Key Rating Guide of A:VI or is acceptable to prudent mortgage servicers insuring against hazard losses on all of the Transferred REO Properties and Mortgaged Properties, then, to the extent such policy provides coverage in an
amount equal to the amount required pursuant to Section 3.10 and otherwise complies with all other requirements of Section 3.10, the Servicer shall conclusively be deemed to have satisfied its
obligations as set forth in Section 3.10, it being understood and agreed that such policy may contain a deductible clause, in which case the Servicer shall, in the event that there shall not have been maintained on the
related Mortgaged Property or Transferred REO Property REO Property a policy complying with Section 3.10, and there shall have been one or more losses which would have been covered by such policy, deposit in the Collection
Account the amount not otherwise payable under the blanket policy because of such deductible clause. In connection with its activities as servicer of the Mortgage Loans and Transferred REO Properties, the Servicer agrees to prepare and present, on
behalf of the Participation Agent and the Issuer, claims under any such blanket policy in a timely fashion in accordance with the terms of such policy. Upon request of the Indenture Trustee, the Servicer shall cause to be delivered to the Indenture
Trustee a certified true copy of such policy or a certificate evidencing such policy and a statement from the insurer thereunder that such policy shall in no event be terminated or materially modified without thirty (30) days prior written
notice to the Indenture Trustee. 
  

	 	SECTION 3.12.	 Fidelity Bond, Errors and Omissions Insurance. 

The Servicer shall maintain, at its own expense, a blanket fidelity bond and an errors and omissions insurance policy, with broad coverage
with responsible companies that would meet the requirements of Freddie Mac on all officers, employees or other persons acting in any capacity with regard to the Mortgage Assets to handle funds, money, documents and papers relating to the Mortgage
Assets. Such fidelity bond and errors and omissions insurance shall protect and insure the Servicer against losses, including forgery, theft, embezzlement, fraud, errors and omissions and negligent acts of such persons. Such fidelity bond shall also
protect and insure the Servicer against losses in connection with the failure to maintain any insurance policies required pursuant to this Agreement and the release or satisfaction of a Mortgage Loan without having obtained payment in full of the
indebtedness secured thereby. No provision of this Section 3.12 requiring the fidelity bond and errors and omissions insurance shall diminish or relieve the Servicer from its duties and obligations as set forth in this
Agreement. The minimum coverage under any such bond and insurance policy shall be at least equal to the corresponding amounts required by Freddie Mac in the Freddie Mac Sellers’ and Servicers’ Guide. Upon request of the Indenture Trustee
or the Paying Agent, the Servicer shall cause to be delivered to the Indenture Trustee or Paying Agent, as the case may be, a certified true copy of the fidelity bond and errors 

  
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and omissions insurance policy or a certificate evidencing the same and a statement from the surety and the insurer that such fidelity bond or insurance policy may not be terminated or materially
modified without thirty (30) days’ prior written notice to the Indenture Trustee and the Paying Agent. 
  

	 	SECTION 3.13.	 Title, Management and Disposition of REO Property. 

In the event that title to a Mortgaged Property is to be acquired in foreclosure or by deed in lieu of foreclosure, the Servicer shall record
an Assignment of Mortgage in the name of the Participation Agent or the Owner Trustee on behalf of the Participation Agent if required by the applicable jurisdiction prior to commencing foreclosure (if no Assignment of Mortgage has previously been
recorded in the Participation Agent’s name or the Owner Trustee’s name on behalf of the Participation Agent if required by the applicable jurisdiction or in the case of any MERS Designated Mortgage Loan), and the deed or certificate of
sale shall be taken in the name of the Participation Agent, or in the event the Participation Agent, as owner of the related Mortgage Loan, is not authorized or permitted to hold title to real property in the state where the REO Property is located,
or would be adversely affected under the “doing business” or tax laws of such state by so holding title, the deed or certificate of sale shall be taken in the name of such Person or Persons as shall be consistent with this Agreement,
applicable law and Accepted Servicing Practices in the state where the REO Property is located for the benefit of the Participation Agent, as owner of the related Mortgage Loan, and the Person or Persons holding such title shall acknowledge in
writing that such title is being held as nominee for the Participation Agent. Notwithstanding the foregoing, the parties hereto agree that, at all times, beneficial and economic ownership of such REO Property shall be vested in the Issuer, as holder
of the Participation Certificate (subject to the pledge under the Indenture). Notwithstanding the foregoing, the Servicer may undertake actions necessary to commence a foreclosure action, and commence such foreclosure action, in its own name on
behalf of the Participation Agent or the Owner Trustee on behalf of the Participation Agent for administrative convenience; provided however, that title shall be vested as set forth above. 

The Servicer shall either itself or through an agent selected by the Servicer, manage, conserve, protect, operate or rent each Transferred REO
Property in the same manner that it manages, conserves, protects, operates and rents other foreclosed property for its own account, and in the same manner that similar property in the same locality as such Transferred REO Property is managed
consistent with Accepted Servicing Practices and applicable law. The Servicer shall cause such Transferred REO Property to be inspected promptly upon transfer of such Transferred REO Property to it by the Issuer and shall cause such Transferred REO
Property to be inspected at least quarterly thereafter. The Servicer shall make or cause to be made a written report of each such inspection. Such reports shall be retained in the Servicing File. The Servicer shall use reasonable efforts to dispose
of such Transferred REO Property, subject to its obligation to manage, conserve, protect and operate such REO Property solely for the purpose of maximizing recoveries for the Issuer. Pursuant to its efforts to sell such property, the Servicer shall
either itself or through an agent selected by the Servicer, protect and conserve such property in the same manner and to such an extent as is customary in the locality where such property is located and consistent with applicable law. In connection
therewith, the Servicer shall evaluate such Transferred REO Property for renovation prior to sale and may renovate such Transferred REO Property if it expects that the capital expenditures for such renovation would result in a higher recovery for
the Issuer versus sale of such Transferred REO Property without such renovation. 

  
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Any sale by the Servicer of such Transferred REO Property to an Affiliate shall be at the SFR Sales Price. Additionally, the Servicer shall perform any tax withholding and reporting required by
the Code. 
 Each REO Disposition with respect to a Transferred REO Property shall be carried out by the Servicer at such price and upon
such terms and conditions as the Servicer deems will maximize recoveries to the Issuer. 
 As of the Closing Date, each Initial REO Property
is managed by LSF[    ] Mortgage Holdings, LLC, as REO manager under the REO Management Agreement, dated the date hereof. Additionally, any Subsequent REO Properties created after the Closing Date shall also be managed by the REO
Manager pursuant to the REO Management Agreement. Notwithstanding the foregoing, the Servicer shall be obligated: (i) to report with respect to the REO Properties as if such REO Properties were subject to this Agreement; (ii) to receive
any remittances from or on behalf of the REO Manager with respect to the REO Properties and remit any such amounts to the Paying Agent in accordance with Section 3.14 hereof; (iii) to process any requests by the REO
Manager with respect to reimbursements of Management Advances incurred by or on behalf of the REO Manager; (iv) to provide such information, documentation and authorizations as are reasonably requested by the REO Manager or REO Management
Vendor to manage the REO Properties and (v) to the extent any legal proceedings are initiated by a Mortgagor related to the servicing of such Mortgage Asset prior to such Mortgage Asset converting to an REO Property, to manage such legal
proceedings with the cooperation of the REO Manager. 
  

	 	SECTION 3.14.	 Remittances. 

On each Remittance Date prior to the satisfaction and discharge of the Indenture, unless notice has been provided to the Servicer by the
Paying Agent specifying a different date in connection with a bulk sale under Section 8.05(c) of the Indenture or the exercise of the Note Redemption Right under Section 8.05(a) of the Indenture, the Servicer shall remit to the Paying
Agent for deposit to the Payment Account no later than 3:00 P.M. New York city time all amounts credited to the Collection Account with respect to the related Collection Period, net of charges against or withdrawals from the Collection Account
pursuant to Section 3.05. 
 All remittances required to be made to the Paying Agent under this Agreement shall be
on an actual/actual basis and made to the following wire account: 
 Bank: Wells Fargo Bank, N.A. 

ABA#: [    ] 

Account Name: MMG Columbia Clearing 

Account #: [    ] 

For further credit to: VOLT 202[    ]-[    ]Payment Account #[    ] 

On each Remittance Date after the Indenture Termination Date, unless otherwise directed by the Issuer, the Servicer shall remit no later than
3:00 P.M. New York city time all amounts credited to the Collection Account with respect to the related Collection Period, net of charges against or withdrawals from the Collection Account pursuant to Section 3.05, as
follows: 

  
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 Bank: Wells Fargo Bank, N.A. 

ABA #: [    ] 

SWIFT: [    ] 

Account Name: [    ] 

Account #: [    ] 
  

	 	SECTION 3.15.	 Remittance Reports. 

Not later than the 18th calendar day of each month (or if such calendar day is not a
Business Day, the immediately preceding Business Day), the Servicer shall furnish the following reports to the Paying Agent and the Loan Sale/REO Advisor, including but not limited to: (i) a monthly remittance report in written or electronic
format (or in such other format mutually agreed to between the Servicer and the Paying Agent) relating to the most recently completed Collection Period in the form of Exhibit B or in such form mutually agreed to in writing between the
Servicer and the Paying Agent and (ii) such other asset-level and summary information reasonably available to it with respect to the Mortgage Assets as the Paying Agent may reasonably require to perform the calculations necessary to make the
payments contemplated by the Indenture and prepare the statement to Noteholders required under the Indenture (including without limitation the number of Mortgage Loans subject to COVID-related payment forbearances and deferrals and information with
respect to rented REO Properties) or the Loan Sale/REO Advisor may reasonably request to facilitate sales of Mortgage Assets by the Issuer. For the avoidance of doubt, the Servicer shall have the same reporting obligations with respect to all REO
Properties held by the Participation Agent in the Transaction that it has for the Mortgage Loans under this Section 3.15. Any such reports shall be provided by the Servicer to the Participation Agent and the Issuer
following the Indenture Termination Date. 
 With respect to the Mortgage Assets, monthly or quarterly, as applicable, and not later than
the 18th calendar day of any month in which a report is sent (or if such calendar day is not a Business Day, the immediately preceding Business Day), the Servicer shall furnish to the Sponsor or
its designee any report required pursuant to each applicable mortgage loan purchase agreement related to the Mortgage Assets. 
  

	 	SECTION 3.16.	 Statements to the Paying Agent. 

Upon request, the Servicer shall forward to the Paying Agent or its designee a statement prepared by the Servicer setting forth the status of
the Collection Account as of the end of the Collection Period preceding the most recent Remittance Date and showing, for the period covered by such statement, the aggregate amount of deposits into and withdrawals from the Collection Account of each
category of deposit specified in Section 3.04 and each category of withdrawal specified in Section 3.05. 

The Servicer shall prepare or cause to be prepared and file or cause to be filed any and all tax returns, information statements or other
filings that the Servicer is required to deliver to any governmental taxing authority or to the Indenture Trustee, the Paying Agent, the Issuer, the Participation Agent and each successor in interest pursuant to any applicable law with respect to
the Mortgage Assets and the transactions contemplated hereby arising after the Closing Date. In addition, the Servicer shall provide, not more than sixty (60) days after the end of each calendar

  
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year, the Indenture Trustee, the Paying Agent, the Issuer and the Participation Agent with such information reasonably available to the Servicer arising after the Closing Date concerning the
Mortgage Assets as is necessary for such party to prepare any income tax return or report as any such party may reasonably request from time to time. 
  

	 	SECTION 3.17.	 [RESERVED]. 

  

	 	SECTION 3.18.	 Annual Statement as to Compliance. 

On or prior to March 31 of each year, beginning in calendar year 2021, the Servicer shall deliver to the Issuer, the Indenture Trustee,
the Paying Agent, the Participation Agent and the Depositor a statement to the effect that (i) an authorized officer of the Servicer has reviewed (or a review has been made under its supervision of) the Servicer’s activities under this
Agreement during the prior calendar year (or applicable portion thereof) and (ii) to the best of such officers’ knowledge, based on such review, the Servicer has fulfilled all of its obligations under this Agreement in all material
respects throughout the period covered by the prior calendar year (or applicable portion thereof) or, if there has been a failure to fulfill any such obligation in any respect, a statement of such failure known to such officer and the nature and the
status thereof. 
  

	 	SECTION 3.19.	 Assumption Agreements. 

The Servicer shall, to the extent it has knowledge of any conveyance or prospective conveyance by any Mortgagor of the Mortgaged Property
(whether by absolute conveyance or by contract of sale, and whether or not the Mortgagor remains or is to remain liable under the Mortgage Note and/or the Mortgage), exercise its rights to accelerate the maturity of such Mortgage Loan under any “due-on-sale” clause applicable thereto; provided, however, that the Servicer shall not exercise any such rights if prohibited by applicable law
from doing so or if the exercise of such rights would impair or threaten to impair any recovery under the related Primary Mortgage Insurance Policy, if any. If the Servicer reasonably believes it is unable under applicable law to enforce such “due-on-sale” clause, the Servicer shall enter into an assumption agreement with the person to whom the Mortgaged Property has been conveyed or is proposed to be
conveyed, pursuant to which such person becomes liable under the Mortgage Note and, to the extent permitted by applicable law, the Mortgagor remains liable thereon. Where an assumption is allowed pursuant to this
Section 3.19, the Servicer, with the prior written consent of the insurer under the Primary Mortgage Insurance Policy, if any, is authorized to enter into a substitution of liability agreement with the person to whom the
Mortgaged Property has been conveyed or is proposed to be conveyed pursuant to which the original Mortgagor is released from liability and such Person is substituted as Mortgagor and becomes liable under the related Mortgage Note. Any such
substitution of liability agreement shall be in lieu of an assumption agreement. 
 In connection with any such assumption or substitution
of liability, the Servicer shall follow the underwriting practices and procedures of prudent mortgage lenders in the state in which the related Mortgaged Property is located. With respect to an assumption or substitution of liability, the Mortgage
Interest Rate, the amount of the Monthly Payment, and the final maturity date of such Mortgage Note may not be changed. The original of any such substitution of liability or assumption agreement shall be added to the related Mortgage File and shall,
for all purposes, be considered a part of such Mortgage File to the same extent as all other documents and 

  
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instruments constituting a part thereof. Any fee collected by the Servicer for entering into an assumption or substitution of liability agreement shall be for the benefit of the Servicer as part
of its servicing compensation. 
 Notwithstanding the foregoing paragraphs of this Section or any other provision of this Agreement, the
Servicer shall not be deemed to be in default, breach or any other violation of its obligations hereunder by reason of any assumption of a Mortgage Loan by operation of law or any assumption which the Servicer may be restricted by applicable law
from preventing, for any reason whatsoever. 
  

	 	SECTION 3.20.	 Satisfaction of Mortgages and Release of Mortgage Files and REO Files. 

Upon the payment in full of any Mortgage Loan, or the receipt by the Servicer of a notification that payment in full will be escrowed in a
manner customary for such purposes, the Servicer shall request execution of any document necessary to satisfy the Mortgage Loan and delivery to it of the portion of the Mortgage File held by the Custodian. Upon receipt of such certification and
request, the Custodian will promptly release the related mortgage documents to the Servicer and the Servicer shall prepare and process any satisfaction or release. Any such reasonable expense incurred in connection with any instrument of
satisfaction or deed of reconveyance shall be deemed a Servicing Advance. 
 From time to time and as appropriate for the liquidation of
Transferred REO Properties or servicing or foreclosure of any Mortgage Loan, including, for this purpose, collection under any Primary Mortgage Insurance Policy, the Servicer shall request the release of all or a portion of the Mortgage Asset
documents held by the Custodian by executing a request for release, signed by a Servicing Officer, a form of which is attached hereto as Exhibit C (a “Request for Release”). The Servicer shall return the related Mortgage File
or REO File to the Custodian when the need therefor by the Servicer no longer exists, unless the Mortgage Asset has been liquidated or sold and the Liquidation Proceeds relating to the Mortgage Asset have been deposited in the Collection Account or
the Mortgage File has been delivered to an attorney, or to a public trustee or other public official as required by applicable law, for purposes of initiating or pursuing legal action or other proceedings for the foreclosure of the Mortgaged
Property either judicially or non-judicially. Upon the Custodian’s receipt of the Request for Release indicating that such Mortgage Loan was liquidated, the Mortgage Loan documents shall be released by
the Custodian to the Servicer, and the Custodian shall have no further responsibility with regard to such Mortgage File. 
  

	 	SECTION 3.21.	 Servicing Compensation. 

As compensation for its services hereunder, the Servicer shall be entitled to withdraw from the Collection Account or to retain from
collections on the Mortgage Assets the amounts provided for as the Servicer’s Servicing Fee. Additional servicing compensation in the form of assumption fees, as provided in Section 3.19, incentive payments for each
completed short sale, receipt of a completed deed-in-lieu of foreclosure or final completed Modification of a Mortgage Loan from amounts in the Collection Account, any
incentive payments payable to it in connection with governmental loss mitigation programs, Reinstatement Fees, late payment charges and similar ancillary servicing compensation shall be retained by the Servicer to the extent not

  
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required to be deposited in the Collection Account, pursuant to Section 3.04, or if remitted to the Collection Account, withdrawn therefrom. In addition, the Servicer
shall be entitled to investment earnings from Permitted Investments of funds on deposit in the Collection Account pursuant to Section 3.04. The Servicer shall be required to pay all expenses incurred by it in connection
with its servicing activities hereunder and shall not be entitled to reimbursement therefor except as specifically provided for herein. Upon the termination of the Servicer and any transfer of servicing hereunder, the Servicer is entitled to
reimbursement for any outstanding Servicing Advances; provided, that any such amounts shall only be payable to the Servicer in accordance with and to the extent provided in this Agreement. 

 

	 	SECTION 3.22.	 Notification of Adjustments. 

On each Adjustment Date, the Servicer shall make interest rate adjustments for each Adjustable Rate Mortgage Loan in compliance with the
requirements of the related Mortgage and Mortgage Note. The Servicer shall execute and deliver the notices required by each Mortgage and Mortgage Note regarding interest rate adjustments. Upon the discovery by the Servicer or the Paying Agent that
the Servicer has failed to adjust a Mortgage Interest Rate or a Monthly Payment pursuant to the terms of the related Mortgage Note and Mortgage, the Servicer shall deposit within five (5) Business Days of discovery or receipt of written notice
thereof in the Collection Account from its own funds the amount of any interest loss caused thereby without reimbursement therefor. 
  

	 	SECTION 3.23.	 Advancing Facility and Pledge of Servicing Rights. 

(a)    The Servicer is hereby authorized to enter into a financing or other facility (any such arrangement, an
“Advance Facility”) under which (i) the Servicer assigns or pledges to another Person (together with such Person’s successors and assigns, an “Advancing Person”) the Servicer’s rights under this
Agreement to be reimbursed for any Servicing Advances and (ii) an Advancing Person agrees to fund some or all Servicing Advances required to be made by the Servicer pursuant to this Agreement; it being understood that neither the Issuer nor any
party hereto who has received an Advance Facility Notice shall have a right or claim (including, without limitation, any right of offset) to any amounts for reimbursement of Servicing Advances so assigned. Notwithstanding any other provisions of
this Agreement, no consent of the Issuer, the Participation Agent, the Indenture Trustee, the Paying Agent, the Noteholders or any other party is required before the Servicer may enter into an Advance Facility. Notwithstanding the existence of any
Advance Facility under which an Advancing Person agrees to fund Servicing Advances on the Servicer’s behalf, the Servicer shall remain obligated pursuant to this Agreement to make Servicing Advances pursuant to and as required by this Agreement
and shall not be relieved of such obligation by virtue of such Advance Facility. If the Servicer enters into an Advance Facility, and for so long as an Advancing Person remains entitled to receive reimbursement for any Servicing Advances, as
applicable, pursuant to this Agreement, then the Servicer shall remit amounts collected that would otherwise be retained by the Servicer to reimburse it for previously unreimbursed Servicing Advances (“Servicing Advance Reimbursement
Amounts”) (in each case to the extent such Servicing Advance Reimbursement Amount is included in the Advance Facility) in accordance with the documentation establishing the Advance Facility to such Advancing Person or to a trustee, agent or
custodian (an “Advance Facility Trustee”) designated by such Advancing Person. Notwithstanding anything to the contrary herein, in no event shall any Servicing Advance Reimbursement Amounts be included in any amounts required to be
distributed to Noteholders. If 

  
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the Servicer enters into an Advance Facility, the Servicer and the related Advancing Person shall deliver to the Indenture Trustee and the Paying Agent a written notice of the existence of such
Advance Facility (an “Advance Facility Notice”), stating the identity of the Advancing Person and any related Advance Facility Trustee and each of the Indenture Trustee and the Paying Agent shall execute a letter of acknowledgment
confirming its receipt of an Advance Facility Notice within five (5) Business Days of receipt thereof. The Indenture Trustee and the Paying Agent shall not be deemed to have notice of any Advance Facility in the absence of receipt of such
written notice and execution of such acknowledgement. An Advance Facility may only be terminated by the joint written direction of the Servicer and the related Advancing Person as described in paragraph (g) below. 

(b)    Servicing Advance Reimbursement Amounts shall consist solely of amounts in respect of Servicing Advances made with
respect to the Mortgage Assets for which the Servicer would be permitted to reimburse itself in accordance with this Agreement, assuming the Servicer had made the related Servicing Advance(s). The receivables assigned or pledged to the Advancing
Person are obligations owed from the Issuer to the Servicer on a non-recourse basis payable only from the cash flows and proceeds received under this Agreement for reimbursement of Servicing Advances only to
the extent provided herein; provided, however, that no security interest in the receivables granted to the Advancing Person by the Servicer shall give the Advancing Person any rights against the Issuer, the Indenture Trustee or the
Paying Agent other than the Servicer’s right to be reimbursed as provided in this Section, and, notwithstanding anything else provided in this Section, none of the Issuer, the Indenture Trustee or the Paying Agent is separately obligated or
liable to repay any loans made by the Advancing Person. The Servicer shall maintain and provide to any successor servicer (with a copy to the Paying Agent) a detailed accounting on a loan by loan basis as to amounts advanced by, pledged or assigned
to, and reimbursed to any Advancing Person. The successor servicer shall be entitled to rely on any such information provided by the predecessor Servicer, and the successor servicer shall not be liable for any errors in such information. 

(c)    An Advancing Person who receives an assignment or pledge of the rights to be reimbursed for Servicing Advances,
and/or whose obligations hereunder are limited to the funding of Servicing Advances, shall not be required to meet the criteria for qualification of a subservicer set forth in this Agreement. 

(d)    Servicing Advance Reimbursement Amounts collected with respect to each Mortgage Asset shall be allocated to
outstanding unreimbursed Servicing Advances made with respect to that Mortgage Asset on a “first-in, first out” (“FIFO”) basis. Any successor servicer and the Advancing Person or
Advance Facility Trustee shall be required to apply all Servicing Advance Reimbursement Amounts with respect to any Mortgage Asset, as and when collected, first, to the Advancing Person or Advance Facility Trustee to the extent of the interest of
the Advancing Person or Advance Facility Trustee in such Servicing Advances, second to the Servicer in respect of Servicing Advances related to that Mortgage Asset in excess of those in which the Advancing Person or Advance Facility Trustee has an
interest, and third, to the successor servicer in respect of any other Servicing Advances related to that Mortgage Asset. In the event that, as a result of the FIFO allocation made pursuant to this paragraph (d), some or all of a Servicing
Advance Reimbursement Amount paid to the Advancing Person or Advance Facility Trustee relates to Servicing Advances that were made by a Person other than the Servicer or the Advancing Person 

  
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or Advance Facility Trustee, then the Advancing Person or Advance Facility Trustee shall be required to remit any portion of such Servicing Advance Reimbursement Amount to the Person entitled to
such portion of such Servicing Advance Reimbursement Amount. The Servicer shall provide to the related Advancing Person or Advance Facility Trustee loan by loan information with respect to each Servicing Advance Reimbursement Amount distributed to
such Advancing Person or Advance Facility Trustee on each date of remittance thereof to such Advancing Person or Advance Facility Trustee, to enable the Advancing Person or Advance Facility Trustee to make the FIFO allocation of each Servicing
Advance Reimbursement Amount with respect to each Mortgage Asset. 
 (e)    By way of illustration, and not by way of
limiting the generality of the foregoing, if the Servicer resigns or is terminated at a time when the Servicer is a party to an Advance Facility, and is replaced by a successor servicer, and the successor servicer directly funds Servicing Advances
with respect to a Mortgage Asset and does not assign or pledge the related Servicing Advance Reimbursement Amounts to the related Advancing Person or Advance Facility Trustee, then all payments and recoveries received from the related Mortgagor or
received in the form of Liquidation Proceeds will be allocated first to the Advancing Person or Advance Facility Trustee until the related Servicing Advance Reimbursement Amounts attributable to such Mortgage Asset that are owed to the Servicer and
the Advancing Person, which were made prior to any Servicing Advances made by the successor servicer, have been reimbursed in full, at which point the successor servicer shall be entitled to retain all related Servicing Advance Reimbursement Amounts
subsequently collected with respect to that Mortgage Asset pursuant to this Agreement. 
 (f)    If the Servicer enters
into an Advance Facility, it shall indemnify the Indenture Trustee, the Paying Agent, the Issuer, the Participation Agent and its trustees and administrators and any successor servicer for any claim, loss, liability or damage resulting from any
claim by the related Advancing Person, the Advance Facility Trustee or any other Person arising out of the Servicer’s having entered into an Advance Facility, except to the extent that such claim, loss, liability or damage resulted from or
arose out of negligence, recklessness or willful misconduct on the part of the indemnified party, as agreed to by such party or as otherwise determined by a court of competent jurisdiction. 

(g)    At any time when an Advancing Person shall have ceased funding Servicing Advances and the Advancing Person or
related Advance Facility Trustee shall have received Servicing Advance Reimbursement Amounts sufficient in the aggregate to reimburse all Servicing Advances, the right to reimbursement for which were assigned or pledged to the Advancing Person, then
upon the delivery of a written notice signed by the Advancing Person and the Servicer to the Indenture Trustee and the Paying Agent terminating the Advance Facility Notice (the “Notice of Facility Termination”), the Servicer shall
again be entitled to withdraw and retain the related Servicing Advance Reimbursement Amounts from Collection Account and the Escrow Account pursuant to the applicable provisions of this Agreement. 

(h)    After delivery of any Advance Facility Notice, and until any such Advance Facility Notice has been terminated by a
Notice of Facility Termination, this Section may not be amended or otherwise modified by the parties hereto without the prior written consent of the related Advancing Person. Any Advancing Person and Advance Facility Trustee shall be a third party
beneficiary of this Section 3.23. 

  
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 (i)    Notwithstanding anything to the contrary herein, the Servicer may
pledge or assign as collateral any or all of its right, title and interest under this Agreement to a lender or any other party as security for any loan or lending arrangement. Any amendment to this Section 3.23 or to any
other provision of this Agreement that may be necessary or appropriate to effect the terms of this Section 3.23(i), including amendments to add provisions relating to a successor servicer, may be effected in accordance with
Section 8.12 hereof. 
  

	 	SECTION 3.24.	 Independent Public Accountants’ Servicing Report. 

The Servicer at its expense shall cause a firm of independent public accountants (which may also render other services to the Servicer) which
is a member of the American Institute of Certified Public Accountants to furnish, on or before March 31 of any year, beginning in calendar year 2021, a statement to the Indenture Trustee and the Paying Agent to the effect that such firm has
examined certain documents and records relating to the servicing of the Mortgage Assets under this Agreement and that, on the basis of such examination conducted substantially in compliance with the Uniform Single Attestation Program for Mortgage
Bankers, such firm confirms that such servicing has been conducted in compliance with this Agreement except for such significant exceptions or errors in records that, in the opinion of such firm, the Uniform Single Attestation Program for Mortgage
Bankers requires it to report. 
  

	 	SECTION 3.25.	 Access to Certain Documentation; No Noteholder or Note Owner Access to Mortgage Asset Documentation or
Records. 

 The Servicer shall provide to the Office of the Comptroller of the Currency, the FDIC and any other
federal or state banking or insurance regulatory authority that may exercise authority over the Indenture Trustee, the Paying Agent or the Issuer access to the documentation regarding the Mortgage Assets serviced by the Servicer required by
applicable laws and regulations. Such access shall be afforded without charge, but only upon reasonable request and during normal business hours at the offices of the Servicer. 

In addition, the Servicer shall provide access to all records and documentation regarding the Mortgage Assets to the Indenture Trustee, the
Paying Agent, the Issuer and the Participation Agent without charge, upon reasonable request during normal business hours at the offices of the Servicer; provided, however, none of the Servicer, the Indenture Trustee, the Paying Agent,
the Issuer or the Participation Agent shall provide access to the records and documentation regarding the Mortgage Assets to any Noteholder or Note Owner or any party acting on behalf of any Noteholder or Note Owner. 

The Servicer shall provide to the Indenture Trustee and Paying Agent, upon reasonable written request, a list of Servicing Officers. 

 

	 	SECTION 3.26.	 Reports and Returns to be Filed by the Servicer. 

  
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 The Servicer shall file information reports with respect to the receipt of mortgage interest
received in a trade or business, reports of foreclosures and abandonments of any Mortgaged Property and information returns relating to cancellation of indebtedness income with respect to any Mortgaged Property as required by Sections 6050H, 6050J
and 6050P of the Code for the period following the Closing Date. Such reports shall be in form and substance sufficient to meet the reporting requirements imposed by such Sections 6050H, 6050J and 6050P of the Code. 

 

	 	SECTION 3.27.	 Sub-Servicing Agreements Between the Servicer and Subservicers.

 The Servicer, as servicer, may arrange for the subservicing of any Mortgage Loan or Transferred REO Property by a
Subservicer pursuant to a Sub-Servicing Agreement; provided, that such sub-servicing arrangement and the terms of the related
Sub-Servicing Agreement must provide for the servicing of such Mortgage Loan or Transferred REO Property in a manner that is consistent with, and does not violate, the terms of this Agreement; provided,
further, that any fees or expenses of such Subservicer shall be payable solely by the Servicer and shall not result in any increase of the Servicing Fee payable to the Servicer. Each Subservicer shall be (i) authorized to transact
business in the state or states where the related Mortgaged Properties and Transferred REO Properties it is to service are situated, if and to the extent required by law applicable to the Subservicer to enable the Subservicer to perform its
obligations hereunder and under the Sub-Servicing Agreement and (ii) a Fannie Mae or Freddie Mac approved mortgage servicer (or if such entities are no longer in existence, any successor or successors
thereto). Notwithstanding the provisions of any Sub-Servicing Agreement, any of the provisions of this Agreement relating to agreements or arrangements between the Servicer or a Subservicer or reference to
actions taken through the Servicer or otherwise, the Servicer shall remain obligated and liable to the Issuer, the Participation Agent, the Indenture Trustee, the Paying Agent, the Owner Trustee (solely with respect to the Servicer’s
obligations to the Owner Trustee pursuant to Section 6.01 hereof) and their successors and assigns for the servicing and administration of the Mortgage Loans and Transferred REO Properties in accordance with the provisions
of this Agreement without diminution of such obligation or liability by virtue of such Sub-Servicing Agreements or arrangements or by virtue of indemnification from the Subservicer and to the same extent and
under the same terms and conditions as if the Servicer alone were servicing and administering the Mortgage Loans and Transferred REO Properties. Every Sub-Servicing Agreement entered into by the Servicer shall
contain a provision giving the successor servicer the option to terminate such agreement in the event a successor servicer is appointed. All actions of each Subservicer performed pursuant to the related
Sub-Servicing Agreement shall be performed as an agent of the Servicer with the same force and effect as if performed directly by the Servicer. 

For purposes of this Agreement, the Servicer shall be deemed to have received any collections, recoveries or payments with respect to the
Mortgage Loans and Transferred REO Properties that are received by a Subservicer regardless of whether such payments are remitted by the Subservicer to the Servicer. 
  

	 	SECTION 3.28.	 Successor Subservicers. 

  
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 Any Sub-Servicing Agreement shall provide that the
Servicer shall be entitled to terminate any Sub-Servicing Agreement and to either itself directly service the related Mortgage Assets or enter into a Sub-Servicing
Agreement with a successor Subservicer which qualifies under Section 3.27. Any Sub-Servicing Agreement shall include the provision that such agreement may be immediately terminated by
any successor to the Servicer without fee, in accordance with the terms of this Agreement, in the event that the Servicer (or any successor to the Servicer) shall, for any reason, no longer be the servicer of the related Mortgage Loans and
Transferred REO Properties (including termination due to a Servicer Event of Default). Any costs incurred by a successor servicer in terminating a Sub-Servicing Agreement entered into by a terminated Servicer
and the transfer of servicing in connection therewith shall be reimbursable to the successor servicer as Servicing Transfer Costs as provided in Section 8.01. 

 

	 	SECTION 3.29.	 No Contractual Relationship Between Subservicer and the Issuer, the Participation Agent or the Indenture
Trustee. 

 Any Sub-Servicing Agreement and any other transactions or services
relating to the Mortgage Loans and Transferred REO Properties involving a Subservicer shall be deemed to be between the Subservicer and the Servicer alone and none of the Issuer, the Participation Agent, the Indenture Trustee or the Paying Agent
shall be deemed a party thereto and shall have no claims, rights, obligations, duties or liabilities with respect to any Subservicer except as set forth in Section 3.27. 

 

	 	SECTION 3.30.	 Assumption or Termination of Sub-Servicing Agreement by Successor
Servicer. 

 In connection with the assumption of the responsibilities, duties and liabilities and of the authority,
power and rights of the Servicer hereunder by a successor servicer pursuant to Section 8.01 of this Agreement, it is understood and agreed that the Servicer’s rights and obligations under any Sub-Servicing Agreement then in force between the Servicer and a Subservicer shall be assumed simultaneously by such successor servicer without act or deed on the part of such successor servicer; provided,
however, that any successor servicer may terminate the Subservicer. 
 The Servicer shall, upon the reasonable request of the Paying
Agent, but at the Servicer’s own expense, deliver to the assuming party documents and records relating to each Sub-Servicing Agreement and an accounting of amounts collected and held by it and otherwise
use its best efforts to effect the orderly and efficient transfer of the Sub-Servicing Agreements to the assuming party. 
  

	 	SECTION 3.31.	 Servicer Side Letters. 

With respect to each Mortgage Asset, the Servicer shall abide by the terms of any related servicer side letter executed by the Servicer in
connection with the acquisition of such Mortgage Asset by the Sponsor. 

  
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 ARTICLE IV. 

REPRESENTATIONS, WARRANTIES AND COVENANTS OF THE SERVICER: 

REMEDIES FOR BREACH. 
  

	 	SECTION 4.01.	 Representations and Warranties Respecting the Servicer 

The Servicer represents, warrants and covenants to the Issuer, the Participation Agent, the Indenture Trustee and the Paying Agent as of the
date of this Agreement: 
 (i)    The Servicer is duly organized, validly existing and in good standing
under the laws of the State of Delaware. The Servicer has all licenses necessary to carry out its business as now being conducted, and is licensed and qualified to transact business in and is in good standing under the laws of each state in which
any Mortgaged Property or Transferred REO Property is located or is otherwise exempt under applicable law from such licensing or qualification or is otherwise not required under applicable law to effect such licensing or qualification and no demand
for such licensing or qualification has been made upon the Servicer by any such state, and in any event the Servicer is in compliance with the laws of any such state, to the extent such laws are applicable to the Servicer, to the extent necessary to
ensure the servicing of the Mortgage Assets in accordance with the terms of this Agreement. No licenses or approvals obtained by the Servicer have been suspended or revoked by any court, administrative agency, arbitrator or governmental body and no
proceedings are pending which might result in such suspension or revocation; 
 (ii)    The Servicer has
duly authorized the execution, delivery and performance of this Agreement, has duly executed and delivered this Agreement, and this Agreement, assuming due authorization, execution and delivery by the Issuer, the Participation Agent, the Indenture
Trustee and the Paying Agent constitutes a legal, valid and binding obligation of the Servicer, enforceable against it in accordance with its terms except as the enforceability thereof may be limited by bankruptcy, insolvency or reorganization; 

(iii)    The execution and delivery of this Agreement by the Servicer and the performance of and compliance
with the terms of this Agreement will not violate the Servicer’s formation documents or constitute a default under or result in a breach or acceleration of, any material contract, agreement or other instrument to which the Servicer is a party
or which may be applicable to the Servicer or its assets; 
 (iv)    The Servicer is not in violation of,
and the execution and delivery of this Agreement by the Servicer and its performance and compliance with the terms of this Agreement will not constitute a violation with respect to, any order or decree of any court or any order or regulation of any
federal, state, municipal or governmental agency having jurisdiction over the Servicer or its assets, which violation might have consequences that would materially and adversely affect the condition (financial or otherwise) or the operation of the
Servicer or its assets or might have consequences that would materially and adversely affect the performance of its obligations and duties hereunder; 

  
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 (v)    The Servicer is an approved Servicer for Freddie
Mac in good standing. No event has occurred, including but not limited to a change in insurance coverage, which would make the Servicer unable to comply with Freddie Mac requirements or which would require notification to Freddie Mac for which
notice has not been provided; 
 (vi)    There are no actions or proceedings against, or investigations
of, the Servicer before any court, administrative or other tribunal (A) that might prohibit its entering into this Agreement, (B) seeking to prevent the consummation of the transactions contemplated by this Agreement or (C) that might
prohibit or materially and adversely affect the performance by the Servicer of its obligations under, or the validity or enforceability of, this Agreement; and 

(vii)    No consent, approval, authorization or order of any court or governmental agency or body is
required for the execution, delivery and performance by the Servicer of, or compliance by the Servicer with, this Agreement or the consummation of the transactions contemplated by this Agreement, except for such consents, approvals, authorizations
or orders, if any, that have been obtained prior to the date of this Agreement. 
  

	 	SECTION 4.02.	 Remedies for Breach of Representations and Warranties. 

It is understood and agreed that the representations and warranties set forth in Section 4.01 shall survive
(i) the engagement of the Servicer to perform the servicing responsibilities as of the date of this Agreement and (ii) any resignation or removal of the Servicer hereunder and shall inure to the benefit of the Issuer, the Participation
Agent, the Indenture Trustee and the Paying Agent. Upon discovery by any of the Issuer, the Participation Agent, the Indenture Trustee or the Paying Agent of a breach of any of the foregoing representations and warranties that materially and
adversely affects the ability of the Servicer to perform its duties and obligations under this Agreement or otherwise materially and adversely affects the value of the Mortgage Loans, the Mortgaged Properties, the Transferred REO Properties or the
interests of the Issuer, the Participation Agent, the Indenture Trustee or the Paying Agent, the party discovering such breach shall give prompt written notice to the others. 

Within sixty (60) days of the earlier of either discovery by the Servicer, or notice to the Servicer, of any breach of a representation
or warranty which materially and adversely affects the ability of the Servicer to perform its duties and obligations under this Agreement or otherwise materially and adversely affects the value of the Mortgage Loans, the Mortgaged Properties or the
Transferred REO Properties, the Servicer shall use its best efforts promptly to cure such breach in all material respects. 
  

	 	SECTION 4.03.	 Compliance with Rule 15Ga-1. 

(a)    To the extent the Servicer or a Responsible Officer of the Indenture Trustee or the Paying Agent receives a demand
for the repurchase of a Mortgage Asset based on a breach of a representation or warranty made by the Sponsor (each, a “Demand”), the Servicer, the Paying Agent or the Indenture Trustee, as applicable, agrees (i) if such Demand
is in writing, promptly to forward such Demand to the Depositor, and (ii) if such Demand is oral, to instruct the requesting party to submit such Demand in writing to the Indenture Trustee and the Depositor. 

  
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 (b)    To the extent in its possession, and no later than the 10th
Business Day following the end of each calendar quarter beginning with the calendar quarter ending [    ], the Servicer, the Paying Agent and the Indenture Trustee shall provide to the Depositor information regarding Asset
Repurchase Activities during the immediately preceding calendar quarter related to the Mortgage Assets for the VOLT [    ] Asset-Backed Notes, Series 202[    ]-[    ] transaction (the
“Transaction”) in substantially the form of Exhibit D hereof (the “Rule 15Ga-1 Information”). For purposes of this Agreement, references to any calendar quarter shall
mean the related preceding calendar quarter ending in March, June, September, or December, as applicable. The reporting of the Paying Agent and the Indenture Trustee shall be limited to information that has been received by the Paying Agent and the
Indenture Trustee, as the case may be, solely in such capacities and not in any other capacity. Neither the Paying Agent nor the Indenture Trustee has any duty or obligation to undertake any investigation or inquiry related to any Asset Repurchase
Activity, or otherwise assume any additional duties or responsibilities, other than those express duties or responsibilities the Paying Agent and the Indenture Trustee have hereunder or under the Transaction Documents, and no such additional
obligations or duties are otherwise implied by the terms of this Agreement. The Depositor has full responsibility for compliance with all related reporting requirements associated with the Transaction and for all interpretive issues regarding this
information. In no event shall the Depositor seek to hold the Paying Agent or the Indenture Trustee responsible or liable in connection with any Rule 15Ga-1 compliance filing required to be made by the
Depositor or any other third party. 
 ARTICLE V. 

[RESERVED] 

ARTICLE VI. 
 
THE SERVICER. 
  

	 	SECTION 6.01.	 Indemnification by the Servicer. 

The Servicer shall indemnify the Issuer, the Participation Agent, the Indenture Trustee, the Paying Agent, the Note Registrar, the Custodian
and the Owner Trustee and in each case any officer, director, employee or agent of such party or any successor in interest to such party under this Agreement (for purposes of this paragraph, collectively, the “Indemnitees” and
individually, an “Indemnitee”) and hold harmless any such Indemnitee against any and all losses, claims, damages, liabilities or expenses (including reasonable legal fees and expenses incurred in the enforcement of indemnification
rights hereunder) (“Losses”) that any Indemnitee may sustain in any way related to (a) the failure of the Servicer to perform its obligations under this Agreement, including but not limited to its obligation to service and
administer the Mortgage Loans and Transferred REO Properties in compliance with the terms of this Agreement or (b) a breach of the Servicer’s representations or warranties contained in Section 4.01;
provided, however, that the Servicer shall not indemnify any Indemnitee to the extent that any such Losses resulted from the negligence (or gross negligence with respect to the Owner Trustee), bad faith or willful misconduct

  
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of such Indemnitee, as agreed to by such party or as otherwise determined by a court of competent jurisdiction. The provisions of this Section 6.01 shall survive the
resignation or termination of the Servicer or the termination of this Agreement. 
  

	 	SECTION 6.02.	 Merger or Consolidation of the Servicer. 

The Servicer shall keep in full force and effect its existence and rights as a corporation and shall obtain and preserve its qualification to
do business in which such qualification is or shall be necessary to protect the validity and enforceability of this Agreement or any of the Mortgage Loans or Transferred REO Properties, and to enable the Servicer to perform its duties under this
Agreement. 
 Any Person into which the Servicer may be merged or consolidated, or any corporation resulting from any merger, conversion or
consolidation to which the Servicer shall be a party, or a sale of substantially all of the assets of the Servicer or any Person succeeding to the business of the Servicer, shall be the successor of the Servicer hereunder, without the execution or
filing of any paper or any further act on the part of any of the parties hereto, including consent or approval from any of the parties hereto, anything herein to the contrary notwithstanding; provided, however, that the successor or
surviving Person shall (i) be an institution whose business is the servicing of mortgage loans, and (ii) be a Fannie Mae or Freddie Mac approved servicer (or if such entities are no longer in existence, any successor or successors thereto)
and (iii) have a net worth of at least $15,000,000. 
  

	 	SECTION 6.03.	 Limitation on Liability of the Servicer and Others. 

Neither the Servicer nor any director, officer, employee or agent of the Servicer, will be under any liability to the Indenture Trustee, the
Paying Agent, the Note Registrar, the Custodian, the Issuer, the Participation Agent, the Noteholders or the holders of the Membership Certificate, for the taking of any action or for refraining from the taking of any action in good faith pursuant
to this Agreement, or for errors in judgment; provided, however, that this provision shall not protect the Servicer or any such person against any breach of warranties or representations made herein, or failure to perform its
obligations in compliance with any standard of care set forth in this Agreement, or any liability which would otherwise be imposed by reason of willful misfeasance, bad faith or negligence (or gross negligence with respect to the Owner Trustee) in
the performance of his or its duties or by reason of reckless disregard of his or its obligations and duties hereunder. The Servicer, and any director, officer, employee or agent of the Servicer shall be entitled to indemnification from the assets
of the Trust Estate and will be held harmless against any loss, liability or expense incurred in connection with the performance of its duties and obligations and any legal action relating to this Agreement or the Notes, other than any loss,
liability or expense incurred by reason of willful misfeasance, bad faith or negligence in the performance of its duties hereunder or by reason of reckless disregard of its obligations and duties hereunder. The Servicer and any officer, employee or
agent of the Servicer may rely in good faith on any document of any kind prima facie properly executed and submitted by any Person respecting any matters arising hereunder. The Servicer shall not be under any obligation to appear in, prosecute or
defend any legal action which is not incidental to its obligation to sell or duty to service the Mortgage Assets in accordance with this Agreement and which in its opinion may result in its incurring any expenses or liability;
provided, however, that the Servicer may undertake any 

  
 -41- 

 
such action which it may deem necessary or desirable in respect to this Agreement and the rights and duties of the parties hereto. In such event, the legal expenses and costs of such action and
any liability resulting therefrom shall be expenses, costs and liabilities for which the Issuer shall be liable, the Servicer shall be entitled to reimbursement therefor from the Trust Estate pursuant to Section 3.05 except
when such expenses, costs and liabilities are subject to the Servicer’s indemnification under Section 6.01. Notwithstanding the foregoing, the Servicer shall not settle any litigation or similar proceeding on behalf of
itself, the Issuer or the Participation Agent for which the Servicer would seek indemnification in an amount in excess of $25,000 under this Section 6.03 unless the Servicer has obtained the written consent of the Issuer to
such settlement, such consent not to be unreasonably withheld or delayed. 
 In addition, in connection with the performance of the
Indenture Trustee’s and Paying Agent’s duties hereunder, the parties and other signatories hereto agree that the Indenture Trustee and the Paying Agent shall be entitled to all the rights, protections, indemnities and limitations of
liability afforded to the Indenture Trustee and the Paying Agent, respectively, under the Indenture. 
  

	 	SECTION 6.04.	 Servicer Not to Resign. 

The Servicer shall not assign this Agreement or resign from the obligations and duties hereby imposed on it except by mutual written consent
of the Servicer, Indenture Trustee and Paying Agent, which consent shall not be unreasonably withheld, or upon the determination that its servicing duties hereunder are no longer permissible under applicable law and such incapacity cannot be cured
by the Servicer in which event the Servicer may resign as servicer. Any such determination that its servicing duties hereunder are no longer permissible under applicable law permitting the resignation of the Servicer as servicer shall be evidenced
by an Officer’s Certificate to such effect delivered to the Indenture Trustee and the Paying Agent. Notwithstanding the foregoing, the Servicer has the right to assign this Agreement or resign as Servicer hereunder if (i) the Servicer has
proposed a successor servicer to the Indenture Trustee, the Paying Agent, the Issuer and the Participation Agent in writing and such proposed successor servicer is reasonably acceptable to the Indenture Trustee, the Paying Agent, the Issuer and the
Participation Agent and (ii) such successor servicer meets the eligibility requirements of Section 8.01 of this Agreement to act as Servicer hereunder and agrees to service in accordance with this Agreement. Any
reasonable costs and expenses of the Paying Agent incurred in connection with such assignment or resignation and transfer of servicing shall be paid by the Servicer or if the Servicer fails to pay such costs and expenses within sixty (60) days
of written request therefor, the Issuer shall pay such costs and expenses. No assignment or resignation of the Servicer as set forth in this Section 6.04 shall become effective until a successor shall have assumed the
Servicer’s responsibilities and obligations hereunder in the manner provided in Section 8.01. 
 ARTICLE
VII. 
 TERMINATION. 
  

	 	SECTION 7.01.	 Termination for Cause. 

  
 -42- 

 In case one or more of the following Events of Default by the Servicer shall occur and be
continuing, that is to say: 
 (i)    any failure by the Servicer to remit to the Paying Agent any
payment required to be made under the terms of this Agreement which continues unremedied for a period of one (1) Business Day after the date upon which written notice of such failure, requiring the same to be remedied, shall have been received
by the Servicer from the Paying Agent; or 
 (ii)    any failure on the part of the Servicer to duly
observe or perform in any material respect any other of the covenants or agreements on the part of the Servicer set forth in this Agreement which continues unremedied for a period of thirty (30) days after the date on which written notice of
such failure, requiring the same to be remedied, shall have been received by the Servicer from the Indenture Trustee, the Paying Agent or the Participation Agent; or 

(iii)    a decree or order of a court or agency or supervisory authority having jurisdiction for the
appointment of a conservator or receiver or liquidator in any insolvency, bankruptcy, readjustment of debt, marshalling of assets and liabilities or similar proceedings, or for the winding-up or liquidation of
its affairs, shall have been entered against the Servicer and such decree or order shall have remained in force undischarged or unstayed for a period of sixty (60) days; or 

(iv)    the Servicer shall consent to the appointment of a conservator or receiver or liquidator in any
insolvency, bankruptcy, readjustment of debt, marshalling of assets and liabilities or similar proceedings of or relating to the Servicer or of or relating to all or substantially all of its property; or 

(v)    the Servicer shall admit in writing its inability to pay its debts generally as they become due,
file a petition to take advantage of any applicable insolvency or reorganization statute, make an assignment for the benefit of its creditors, or voluntarily suspend payment of its obligations; 

then, so long as a Servicer Event of Default shall not have been remedied within the applicable grace period, if any, or waived pursuant to
Section 7.02 hereof, the Indenture Trustee may, and at the direction of the Noteholders holding more than 50% Percentage Interest of each Class of Notes, voting separately, shall, by notice then given in writing to the
Servicer (with a copy to the Paying Agent), terminate all of the rights and obligations of the Servicer as servicer under this Agreement. 

Immediately upon receipt by the Servicer of such written notice, all authority and power of the Servicer to service the Mortgage Loans and
Transferred REO Properties under this Agreement shall be terminated, and such authority and power shall pass to and be vested in a successor servicer appointed by the Paying Agent pursuant to Section 8.01; provided,
however, the terminated Servicer shall discharge its duties and responsibilities under this Agreement during the period from the date it receives such written notice of termination until the date servicing is transferred to a successor
servicer with the same degree of diligence and prudence that it is obligated to exercise under this Agreement, and shall take no action whatsoever that might impair 

  
 -43- 

 
or prejudice the rights or financial condition of the Issuer, the Participation Agent, the Indenture Trustee, the Paying Agent, the Noteholders or the successor servicer. Upon written request
from the Paying Agent, the Servicer shall prepare, execute and deliver to the successor servicer, any and all documents and other instruments, place in such successor’s possession all Servicing Files, and do or cause to be done all other acts
or things necessary or appropriate to effect the purposes of such notice of termination, at the Servicer’s sole expense. The Servicer shall cooperate with the Issuer, the Participation Agent, the Indenture Trustee, the Paying Agent and such
successor servicer in effecting the transfer of the Servicer’s responsibilities and rights hereunder, including without limitation, the transfer to such successor for administration by it of all cash amounts which shall at the time be credited
by the Servicer to the Collection Account and Escrow Account with respect to the Trust Estate or thereafter received with respect to the Mortgage Assets and in effecting such transfer, the Servicer shall comply with the Consumer Financial Protection
Bureau’s rules and/or guidelines with respect to mortgage loan servicing transfers, including, as in effect, the Consumer Financial Protection Bureau’s Bulletin 2014-1 issued on August 19, 2014.
The terminated Servicer shall, after its termination, retain the right to be paid Servicing Fees and be reimbursed for any unreimbursed Servicing Advances; provided, however that (i) such fees and advances shall be paid or
reimbursed solely from those sources of funds described in this Agreement as being eligible funds for the payment or reimbursement of such amounts, (ii) such fees and advances shall be paid or reimbursed solely in accordance with the terms of
this Agreement and (iii) the successor servicer shall cause such amounts to be paid or reimbursed to the Servicer on a FIFO basis consistent with this Agreement. 
  

	 	SECTION 7.02.	 Waiver of Defaults. 

Subject to Section 8.07, the Indenture Trustee may waive any default by the Servicer in the performance of its
obligations hereunder. Upon any such waiver of a past default, such default shall cease to exist, and any Servicer Event of Default arising therefrom shall be deemed to have been remedied for every purpose of this Agreement. No such waiver shall
extend to any subsequent or other default or impair any right consequent thereon except to the extent expressly so waived. 
  

	 	SECTION 7.03.	 Termination Without Cause. 

This Agreement shall terminate upon: (i) the later of (a) the distribution of the final payment on, or proceeds of, the last
Mortgage Loan to the Paying Agent, and (b) the disposition of all Transferred REO Properties and the remittance of all funds due hereunder or (ii) mutual consent of the Servicer, the Issuer, the Participation Agent, the Indenture Trustee
and the Paying Agent in writing; provided, however, if the Indenture shall have been terminated, no consent of the Indenture Trustee or the Paying Agent shall be required to terminate this Agreement. 

ARTICLE VIII. 
 
MISCELLANEOUS PROVISIONS. 
  

	 	SECTION 8.01.	 Successor to the Servicer. 

  
 -44- 

 Upon termination of the Servicer’s responsibilities and duties under
Section 7.01 of this Agreement, the Paying Agent shall conduct an auction (a “Successor Servicer Auction”) in order to find a successor servicer in the following manner: 

(A)    The Paying Agent shall solicit Bids from at least three prospective servicers (to be determined in consultation with
the Issuer), each of which is capable of assuming all of the responsibilities, duties and obligations of the Servicer hereunder and meets the requirements of this Section 8.01. The Paying Agent shall request that each such
Bid be provided to it on or prior to the 15th Business Day after the termination of the Servicer (the “Auction Date”). Within two Business Days following the Auction Date, the
Paying Agent shall notify such prospective servicer with the lowest Bid. 
 (B)    On or prior to the 15th day following the Auction Date (such day, the “Final Appointment Date”), the Paying Agent shall appoint the servicer with the lowest Bid as successor servicer hereunder; provided,
that there will be a commercially reasonable period of transition (which could take sixty (60) days or more from the Final Appointment Date) before all servicing functions and all other rights, duties and obligations of the Servicer hereunder
will be fully transferred to and assumed by such successor servicer. 
 In the event no successor servicer is appointed on or prior to the
Final Appointment Date for any Successor Servicer Auction (including, without limitation, in the event that less than three Bids are received), the Paying Agent promptly shall conduct another Successor Servicer Auction in substantially the same
manner described above. If no successor servicer is appointed pursuant to the second Successor Servicer Auction, no further Successor Servicer Auction will be conducted, and instead a successor servicer will be selected and appointed by the Issuer.
For the avoidance of doubt, in no event will the Paying Agent be required to act as successor servicer hereunder. Any reasonable costs incurred by the Paying Agent in connection with a Successor Servicer Auction shall be reimbursed to it by the
predecessor Servicer. In the event that the predecessor Servicer fails to reimburse the Paying Agent for such costs within a reasonable period of time, the Paying Agent will be entitled to reimbursement from amounts on deposit in the Payment
Account. 
 Any successor to the Servicer shall (i) be a Fannie Mae or Freddie Mac approved servicer and (ii) have a net worth of
at least $15,000,000. In connection with such appointment and assumption, the Paying Agent may make such arrangements for the compensation of such successor out of payments on the Mortgage Assets as it and such successor shall agree;
provided, however, that no such compensation shall be in excess of that permitted the Servicer under this Agreement. 
 The
successor servicer shall assume the servicing obligations as soon as practicable, but in no event later than ninety (90) days after appointment of such successor servicer. The Servicer shall timely deliver to the successor servicer the funds in
the Collection Account and the Escrow Account with respect to the Trust Estate (and any funds thereafter received by it with respect to the Mortgage Assets) and the Servicing Files and related documents and statements held by it hereunder and the
Servicer shall account for all funds. The Servicer shall execute and deliver such instruments and do such other things all as may reasonably be required to more fully and definitely vest and confirm in the successor servicer all such rights, powers,
duties, responsibilities, obligations and liabilities of the Servicer as servicer including making any transfers on the MERS System. 

  
 -45- 

 The resignation or termination of the Servicer as servicer pursuant to this Agreement shall
in no event relieve the Servicer of the representations and warranties made by it pursuant to Section 4.01, it being understood and agreed that the provisions of Sections 4.01, 4.02 and 6.01 shall be
applicable to the Servicer notwithstanding any such resignation or termination of the Servicer, or the termination of this Agreement. 
 Any
successor appointed as provided herein shall execute, acknowledge and deliver to the Servicer and to the Issuer, the Participation Agent, the Indenture Trustee and the Paying Agent an instrument in form and substance acceptable to the Issuer, the
Participation Agent, the Indenture Trustee and the Paying Agent accepting such appointment. Upon acceptance of such appointment, such successor shall become fully vested with all the rights, powers, duties, responsibilities, obligations and
liabilities of the Servicer, with like effect as if originally named as a party to this Agreement and the Custodial Agreement; provided, however, that such successor shall not assume, and the Servicer shall indemnify such successor
for, any and all liabilities arising out of the Servicer’s acts as servicer. Any resignation or termination of the Servicer as servicer pursuant to Section 6.04 or Section 7.01 shall not
affect any claims that the Issuer, the Participation Agent, the Indenture Trustee or the Paying Agent may have against the Servicer arising prior to any such termination or resignation or remedies with respect to such claims. 

Except as otherwise provided in Section 6.04, all Servicing Transfer Costs incurred in connection with any transfer
of servicing hereunder shall be paid by the terminated or resigning Servicer from its own funds without reimbursement and if not paid by the terminated or resigning Servicer within a reasonable period of time, such Servicing Transfer Costs shall be
reimbursed from the Trust Estate. No Servicing Transfer Costs shall be payable by any Advancing Person or set off against amounts owed to any Advancing Person. 

Notwithstanding any termination of the Servicer hereunder, the Servicer shall be entitled to receive all amounts due under this Agreement and
any amounts payable to Servicer hereunder, the entitlement to which arose prior to the termination of its activities hereunder. 
  

	 	SECTION 8.02.	 Notices. 

All demands, notices and communications hereunder shall be in writing and shall be deemed to have been duly given if mailed, by registered or
certified mail, return receipt requested, or when received by the other party at the address set forth below if (i) mailed via overnight carrier or (ii) delivered in person: 

 

	 	(a)	 if to the Issuer: 

VOLT [            ], LLC 

2711 N. Haskell Ave. 
 Suite #1800

 Dallas, Texas 75204 

Attention: Legal Department 

  
 -46- 

 with a copy to: 

VOLT Master Depositor, LLC 
 2711
N. Haskell Ave. 
 Suite #1800 

Dallas, Texas 75204 
 Attention:
Legal Department 
  

	 	(b)	 if to the Indenture Trustee: 

U.S. Bank National Association 

One Federal Street, 3rd Floor 
 EX-MA-FED 
 Boston, Massachusetts 02110 

Attention: Structured Finance – VOLT [            ], Series
202[            ]-[            ] 
  

	 	(c)	 if to the Paying Agent: 

Wells Fargo Bank, N.A. 
 9062 Old
Annapolis Road 
 Columbia, Maryland 21045-1951 

Attention: Client Manager – VOLT [            ], Series
202[            ]-[            ] 
  

	 	(d)	 if to the Servicer: 

Caliber Home Loans, Inc. 
 1525
South Belt Line Road 
 Coppell, Texas 75019 

Attention: Chief Financial Officer 
  

	 	(e)	 if to the Participation Agent: 

LSF[            ] Master Participation Trust 

c/o U.S. Bank Trust National Association 

Mail Code: EX-DE-WD2D 

Delle Donne Corporate Center 

1011 Centre Road, Suite 203 

Wilmington, Delaware 19805 

Attention: Structured Finance – VOLT [            ], Series
202[            ]-[            ] 

  
 -47- 

 with a copy to: 

U.S. Bank National Association 

One Federal Street, 3rd Floor 
 EX-MA-FED 
 Boston, Massachusetts 02110 

Attention: Structured Finance – VOLT [            ], Series
202[            ]-[            ] 

or such other address as may hereafter be furnished to the other party by like notice. 

 

	 	SECTION 8.03.	 Severability Clause. 

Any part, provision, representation or warranty of this Agreement which is prohibited or which is held to be void or unenforceable shall be
ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof. Any part, provision, representation or warranty of this Agreement which is prohibited or unenforceable or is held to be void or
unenforceable in any jurisdiction shall be ineffective, as to such jurisdiction, to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any
jurisdiction as to any Mortgage Loan or Transferred REO Property shall not invalidate or render unenforceable such provision in any other jurisdiction. To the extent permitted by applicable law, the parties hereto waive any provision of law which
prohibits or renders void or unenforceable any provision hereof. If the invalidity of any part, provision, representation or warranty of this Agreement shall deprive any party of the economic benefit intended to be conferred by this Agreement, the
parties shall negotiate, in good-faith, to develop a structure the economic effect of which is nearly as possible the same as the economic effect of this Agreement without regard to such invalidity. 

 

	 	SECTION 8.04.	 Counterparts. 

This Agreement may be executed simultaneously in any number of counterparts. Each counterpart shall be deemed to be an original, and all such
counterparts shall constitute one and the same instrument. This Agreement shall be valid, binding, and enforceable against a party when executed and delivered by an authorized individual on behalf of the party by means of (i) an original manual
signature, (ii) a faxed, scanned, or photocopied manual signature, or (iii) any other electronic signature permitted by the federal Electronic Signatures in Global and National Commerce Act, state enactments of the Uniform Electronic
Transactions Act, and/or any other relevant electronic signatures law, including any relevant provisions of the Uniform Commercial Code (collectively, “Signature Law”), in each case to the extent applicable. Each faxed, scanned, or
photocopied manual signature, or other electronic signature, shall for all purposes have the same validity, legal effect, and admissibility in evidence as an original manual signature. Each party hereto shall be entitled to conclusively rely upon,
and shall have no liability with respect to, any faxed, scanned, or photocopied manual signature, or other electronic signature, of any other party and shall have no duty to investigate, confirm or otherwise verify the validity or authenticity
thereof. For the avoidance of doubt, original manual signatures shall be used for execution or indorsement of writings when required under the Uniform Commercial Code or other Signature Law due to the character or intended character of the writings.

  

	 	SECTION 8.05.	 GOVERNING LAW; JURISDICTION; WAIVER OF JURY TRIAL. 

  
 -48- 

 THIS AGREEMENT AND ANY CLAIM, CONTROVERSY OR DISPUTE ARISING UNDER OR RELATED TO THIS
AGREEMENT, THE RELATIONSHIP OF THE PARTIES, AND/OR THE INTERPRETATION AND ENFORCEMENT OF THE RIGHTS AND DUTIES OF THE PARTIES SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK, WITHOUT REGARD TO CONFLICT OF
LAWS PRINCIPLES THEREOF OTHER THAN SECTION 5-1401 OF THE NEW YORK GENERAL OBLIGATIONS LAW. 
 WITH
RESPECT TO ANY CLAIM ARISING OUT OF THIS AGREEMENT, EACH PARTY (A) IRREVOCABLY SUBMITS TO THE NON-EXCLUSIVE JURISDICTION OF THE COURTS OF THE STATE OF NEW YORK AND THE UNITED STATES DISTRICT COURT LOCATED
IN THE BOROUGH OF MANHATTAN IN NEW YORK CITY AND (B) IRREVOCABLY WAIVES (I) ANY OBJECTION WHICH IT MAY HAVE AT ANY TIME TO THE LAYING OF VENUE OF ANY SUIT, ACTION OR PROCEEDING ARISING OUT OF OR RELATING HERETO BROUGHT IN ANY SUCH COURT,
(II) ANY CLAIM THAT ANY SUCH SUIT, ACTION OR PROCEEDING BROUGHT IN ANY SUCH COURT HAS BEEN BROUGHT IN AN INCONVENIENT FORUM AND (III) THE RIGHT TO OBJECT, WITH RESPECT TO SUCH CLAIM, SUIT, ACTION OR PROCEEDING BROUGHT IN ANY SUCH COURT,
THAT SUCH COURT DOES NOT HAVE JURISDICTION OVER SUCH PARTY. 
 EACH PARTY HERETO HEREBY WAIVES (TO THE EXTENT PERMITTED BY APPLICABLE LAW)
ANY RIGHT TO HAVE A JURY PARTICIPATE IN RESOLVING ANY DISPUTE, WHETHER SOUNDING IN CONTRACT, TORT, OR OTHERWISE ARISING OUT OF, CONNECTED WITH, RELATED TO, OR IN CONNECTION WITH THIS AGREEMENT. INSTEAD, ANY DISPUTE RESOLVED IN COURT WILL BE RESOLVED
IN A BENCH TRIAL WITHOUT A JURY. 
  

	 	SECTION 8.06.	 Successors and Assigns. 

This Agreement shall bind and inure to the benefit of and be enforceable by the Servicer, the Issuer, the Participation Agent, the Indenture
Trustee, the Paying Agent and their respective successors and assigns. Except as otherwise permitted under this Agreement, this Agreement shall not be assigned, pledged or hypothecated by the Servicer to a third party without the prior written
consent of the Issuer, the Participation Agent, the Indenture Trustee and the Paying Agent, which consent shall not be unreasonably withheld; provided, however, no consent shall be required of the Indenture Trustee or the Paying Agent following the
Indenture Termination Date. 
  

	 	SECTION 8.07.	 Waivers. 

No term or provision of this Agreement may be amended, waived or modified unless such waiver or modification is in writing and signed by the
party against whom such amendment, waiver or modification is sought to be enforced. 
  

	 	SECTION 8.08.	 Exhibits. 

The exhibits to this Agreement are hereby incorporated and made a part hereof and are an integral part of this Agreement. 

  
 -49- 

	 	SECTION 8.09.	 General Interpretive Principles. 

For purposes of this Agreement, except as otherwise expressly provided or unless the context otherwise requires: 

(a)    the terms defined in this Agreement have the meanings assigned to them in this Agreement and include the plural as
well as the singular, and the use of any gender herein shall be deemed to include the other gender; 
 (b)    accounting
terms not otherwise defined herein have the meanings assigned to them in accordance with generally accepted accounting principles; 

(c)    references herein to “Articles,” “Sections,” “Paragraphs,” and other Subdivisions
without reference to a document are to designated Articles, Sections, Paragraphs and other subdivisions of this Agreement; 

(d)    reference to a Section without further reference to a Section is a reference to such Section as contained in the
same Section in which the reference appears, and this rule shall also apply to Paragraphs and other subdivisions; 

(e)    the words “herein,” “hereof,” “hereunder” and other words of similar import refer to
this Agreement as a whole and not to any particular provision; and 
 (f)    the term “include” or
“including” shall mean without limitation by reason of enumeration; 
 (g)    “or” is not exclusive;
and 
 (h)    any agreement, instrument or statute defined or referred to herein or in any instrument or certificate
delivered in connection herewith means such agreement, instrument or statute as from time to time amended, modified or supplemented and includes (in the case of agreements or instruments) references to all attachments thereto and instruments
incorporated therein; references to a Person are also to its permitted successors and assigns. 
  

	 	SECTION 8.10.	 Reproduction of Documents. 

Any complete executed version of this Agreement and all complete executed versions of documents relating hereto, including, without
limitation, (a) consents, waivers and modifications which may hereafter be executed, (b) documents received by any party at the closing, and (c) audited financial statements, certificates and other information previously or hereafter
furnished, may be reproduced by any photographic, photostatic, microfilm, micro-card, miniature photographic or other similar process. The parties agree that any such reproduction shall be admissible in evidence as the original itself in any
judicial or administrative proceeding, whether or not the original is in existence and whether or not such reproduction was made by a party in the regular course of business, and that any enlargement, facsimile or further reproduction of such
reproduction shall likewise be admissible in evidence. 
  

	 	SECTION 8.11.	 Further Agreements. 

  
 -50- 

 The Servicer, the Issuer, the Participation Agent, the Indenture Trustee and the Paying
Agent agree to execute and deliver to the others such reasonable and appropriate additional documents, instruments or agreements as may be necessary or appropriate to effectuate the purposes of this Agreement. 

 

	 	SECTION 8.12.	 Amendment. 

(a)    Subject to Sections 8.07 and 8.12(b) hereof, this Agreement may be amended only by written agreement
signed by the Servicer, the Issuer, the Participation Agent, the Indenture Trustee and the Paying Agent; provided that the party requesting such amendment shall, at its own expense, provide the Indenture Trustee and the Paying Agent with an Opinion
of Counsel stating (i) that such amendment is authorized or permitted under the terms of this Agreement and that all conditions precedent thereto have been satisfied and (ii) that such amendment will not materially adversely affect the
Noteholders and the Issuer or, if such opinion cannot be obtained because such amendment may be materially adverse to one or more Noteholders, the party requesting such amendment may provide the written consent of a majority Percentage Interest of
the Notes in the aggregate in lieu of such opinion; provided, however, no opinion shall be required for an amendment to facilitate the redemption and new issuance of Notes under the Indenture; provided, further, following the Indenture Termination
Date, no agreement of the Indenture Trustee or the Paying Agent shall be required and no such Opinion of Counsel or written consent need be delivered. 

(b)    Notwithstanding the foregoing, this Agreement may be amended by the Servicer, the Issuer, the Participation Agent,
the Indenture Trustee and the Paying Agent to make any changes necessary or desirable in connection with a redemption and new issuance of Notes under the Indenture without obtaining the consent of the Noteholders or any other Person. 

(c)    Notwithstanding the foregoing, this Agreement may be amended by the Servicer, the Issuer, the Participation Agent,
the Indenture Trustee and the Paying Agent to make any changes necessary or desirable to facilitate the appointment of the REO Manager without obtaining the consent of the Noteholders or any other Person. 

 

	 	SECTION 8.13.	 Entire Agreement. 

This Agreement constitutes the entire agreement and understanding of the parties with respect to the matters and transactions contemplated by
this Agreement and, except to the extent otherwise set forth in writing, supersedes any prior agreement and understandings with respect to those matters and transactions. 
  

	 	SECTION 8.14.	 No Recourse to Owner Trustee 

It is expressly understood and agreed by the parties hereto that (a) this Agreement is executed and delivered by U.S. Bank Trust National
Association on behalf of the Participation Agent, not individually or personally but solely as owner trustee under the Trust Agreement, in the exercise of the powers and authority conferred upon and vested in U.S. Bank Trust National Association, as
owner trustee under the Trust Agreement, (b) each of the representations, undertakings and agreements herein made on the part of the Participation Agent is made and intended not as the personal representation, undertaking or agreement of U.S.
Bank Trust National 

  
 -51- 

 
Association, but is made and intended for the purpose of binding only the Participation Agent, (c) nothing herein contained shall be construed as creating any liability on the part of U.S.
Bank Trust National Association, individually or personally, to perform any covenant or obligation of the Participation Agent, either expressed or implied, contained herein, all such liability, if any, being expressly waived by the parties hereto
and by any Person claiming by, through or under the parties hereto, (d) U.S. Bank Trust National Association has made no and will make no investigation as to the accuracy or completeness of any representations or warranties made by the
Participation Agent in this Agreement and (e) under no circumstances shall U.S. Bank Trust National Association be personally liable for the payment of any indemnities, indebtedness or expenses of the Participation Agent or be liable for the
breach or failure of any obligation, representation, warranty or covenant made or undertaken by the Participation Agent under this Agreement or any other related documents. The Owner Trustee will be an intended third-party beneficiary of this
Agreement solely for the purposes of Sections 3.23, 6.01 and 8.14 hereof. 
  

	 	SECTION 8.15.	 No Agency 

None of the Indenture Trustee, the Paying Agent or the Servicer shall be responsible for the acts or omissions of the other, it being
understood that this Agreement shall not be construed to render them partners, joint ventures or agents of one another. Each of the Indenture Trustee, the Paying Agent and the Servicer shall be entitled to assume the satisfactory performance of such
other parties, absent receipt by a Responsible Officer of any such party of written notice or actual knowledge to the contrary. 
  

	 	SECTION 8.16.	 Rights and Protections of Indenture Trustee and Paying Agent; Compensation and Indemnification;
Miscellaneous. 

 (a)    The rights and protections afforded each of the Indenture Trustee and the
Paying Agent under the Indenture shall apply to each such party in connection with the performance of its respective duties under this Agreement. 

(b)    Each of the Indenture Trustee and the Paying Agent shall be deemed to be compensated for the performance of its
duties hereunder through the payment to it of its respective fees under the Indenture. Each of the Indenture Trustee and the Paying Agent shall be entitled to indemnification as set forth in the Indenture in connection with the performance of its
respective duties hereunder. 
 (c)    The terms of the Indenture with respect to (i) the resignation or removal of
the Indenture Trustee or the Paying Agent and (ii) the merger of the Indenture Trustee or the Paying Agent, shall apply to each such party hereunder as if set forth herein. 

(d)    Wells Fargo Bank, N.A., will perform its duties as Paying Agent hereunder through its Corporate Trust Services
division (including, as applicable, any agents or Affiliates utilized thereby). 
  

	 	SECTION 8.17.	 Patriot Act Compliance. 

The parties hereto acknowledge that in accordance with requirements established under the Uniting and Strengthening America by Providing
Appropriate Tools Required to 

  
 -52- 

 
Intercept and Obstruct Terrorism Act of 2001 and its implementing regulations (collectively, the “Patriot Act”), the Paying Agent, in order to help fight the funding of terrorism
and money laundering, is required to obtain, verify, and record information that identifies each person or legal entity that establishes a relationship or opens an account with the Paying Agent. Each party hereby agrees that it shall provide the
Paying Agent with such information in its possession as the Paying Agent may reasonably request from time to time in order to comply with any applicable requirements of the Patriot Act. 

  
 -53- 

 IN WITNESS WHEREOF, the Servicer, the Issuer, the Participation Agent, the Indenture Trustee
and the Paying Agent have caused their names to be signed hereto by their respective officers thereunto duly authorized as of the date first above written. 
  

			
	CALIBER HOME LOANS, INC.,
 as Servicer

			
		
	By:	 	  

 
			
	Name:	 	
	Title:	 	
	
	VOLT [    ], LLC,
 as Issuer

			
		
	By:	 	  

 
			
	Name:	 	
	Title:	 	
	
	U.S. BANK NATIONAL ASSOCIATION,
 as Indenture
Trustee

 
			
		
	By:	 	  

 
			
	Name:	 	
	Title:	 	
	
	WELLS FARGO BANK, N.A.,
 as Paying Agent

			
		
	By:	 	  

 
			
	Name:	 	
	Title:	 	

  
 [VOLT
202[    ]-[    ] – Securitization Servicing Agreement] 

 
			
	 LSF[    ] MASTER PARTICIPATION TRUST,

as Participation Agent

	
	By: U.S. Bank Trust National Association, not in its individual capacity, but solely as owner trustee

 
			
		
	By:	 	  

 
			
	Name:	 	
	Title:	 	

  
 [VOLT
202[    ]-[    ] – Securitization Servicing Agreement] 

 EXHIBIT A 

Mortgage Loan Schedule 

  
 A-1 

 EXHIBIT B 

Form of Remittance Report 
 Each file
requires the following fields: 
  

							
	 Column Name
	  	 Description
	  	 Decimal
	  	 Format Comment

	SER_INVESTOR_NBR*	  	A value assigned by the Servicer to define a group of loans.	  		  	Text up to 20 digits
				
	LOAN_NBR*	  	A unique identifier assigned to each loan by the investor.	  		  	Text up to 10 digits
				
	SERVICER_LOAN_NBR*	  	A unique number assigned to a loan by the Servicer. This may be different than the LOAN_NBR.	  		  	Text up to 10 digits
				
	SCHED_PAY_AMT	  	Scheduled monthly principal and scheduled interest payment that a borrower is expected to pay, P&I constant.	  	2 decimal places to the right	  	No commas(,) or dollar signs ($)
				
	NOTE_INT_RATE	  	The loan interest rate (gross) as reported by the Servicer.	  	4 decimal places to the right	  	Max length of 6
				
	SCHED_GROSS_INTEREST_AMT	  	The amount of interest due on the outstanding scheduled principal balance in the current cycle.	  	2 decimal places to the right	  	No commas(,) or dollar signs ($)
				
	NET_INT_RATE	  	The loan gross interest rate less the service fee rate as reported by the Servicer.	  	4 decimal places to the right	  	Max length of 6
				
	SCHED_NET_INT	  	The scheduled gross interest amount less the service fee amount for the current cycle as reported by the Servicer — only applicable for Scheduled/Scheduled and Scheduled/Actual Loans.	  	2 decimal places to the right	  	No commas(,) or dollar signs ($)
				
	SERV_FEE_RATE	  	The Servicer’s fee rate for a loan as reported by the Servicer.	  	4 decimal places to the right	  	Max length of 6
				
	SERV_FEE_AMT	  	The Servicer’s fee amount for a loan as reported by the Servicer.	  	2 decimal places to the right	  	No commas(,) or dollar signs ($)
				
	ACTL_NET_INT	  	The actual gross interest amount less the service fee amount for the current reporting cycle as reported by the Servicer — only applicable for Actual/Actual Loans.	  	2 decimal places to the right	  	No commas(,) or dollar signs ($)
				
	ACTL_BEG_PRIN_BAL	  	The borrower’s interest bearing actual principal balance at the beginning of the processing cycle.	  	2 decimal places to the right	  	No commas(,) or dollar signs ($)
				
	ACTL_PRIN_AMT	  	The actual principal amount collected by the Servicer for the current reporting cycle — only applicable for Actual/Actual and Scheduled/Actual Loans.	  	2 decimal places to the right	  	No commas(,) or dollar signs ($)
				
	ACTL_END_PRIN_BAL	  	The borrower’s interest bearing actual principal balance at the end of the processing cycle.	  	2 decimal places to the right	  	No commas(,) or dollar signs ($)

  
 B-1 

							
	 Column Name
	  	 Description
	  	 Decimal
	  	 Format Comment

	BORR_NEXT_PAY_DUE_DATE*	  	The date at the end of processing cycle that the borrower’s next payment is due to the Servicer, as reported by Servicer.	  		  	mm/dd/yyyy
				
	SCHED_BEG_PRIN_BAL	  	The interest bearing scheduled outstanding principal balance due at the beginning of the cycle date to be passed through to investors.	  	2 decimal places to the right	  	No commas(,) or dollar signs ($)
				
	SCHED_PRIN_AMT	  	The scheduled principal amount as reported by the Servicer for the current cycle — only applicable for Scheduled/Scheduled Loans.	  	2 decimal places to the right	  	No commas(,) or dollar signs ($)
				
	SERV_CURT_AMT_1	  	The first curtailment amount to be applied to the interest bearing balance.	  	2 decimal places to the right	  	No commas(,) or dollar signs ($)
				
	SERV_CURT_DATE_1	  	The curtailment date associated with the first curtailment amount.	  		  	mm/dd/yyyy
				
	CURT_ADJ_AMT_1	  	The curtailment interest on the first curtailment amount, if applicable.	  	2 decimal places to the right	  	No commas(,) or dollar signs ($)
				
	SERV_CURT_AMT_2	  	The second curtailment amount to be applied to the interest bearing balance.	  	2 decimal places to the right	  	No commas(,) or dollar signs ($)
				
	SERV_CURT_DATE_2	  	The curtailment date associated with the second curtailment amount.	  		  	mm/dd/yyyy
				
	CURT_ADJ_AMT_2	  	The curtailment interest on the second curtailment amount, if applicable.	  	2 decimal places to the right	  	No commas(,) or dollar signs ($)
				
	SERV_CURT_AMT_3	  	The third curtailment amount to be applied to the interest bearing balance.	  	2 decimal places to the right	  	No commas(,) or dollar signs ($)
				
	SERV_CURT_DATE_3	  	The curtailment date associated with the third curtailment amount.	  		  	mm/dd/yyyy
				
	CURT_ADJ_AMT_3	  	The curtailment interest on the third curtailment amount, if applicable.	  	2 decimal places to the right	  	No commas(,) or dollar signs ($)
				
	PIF_AMT	  	The loan “paid in full” amount for the interest bearing balance as reported by the Servicer.	  	2 decimal places to the right	  	No commas(,) or dollar signs ($)
				
	PIF_DATE	  	The paid in full date as reported by the Servicer.	  		  	mm/dd/yyyy
				
	ACTION_CODE*	  	The standard FNMA numeric code used to indicate the default/delinquent status of a particular loan. This is a required field.	  		  	Refer to Exhibit 4 for valid codes. Field cannot be null.
				
	SCHED_END_PRIN_BAL	  	The interest bearing scheduled principal balance due to investors at the end of a processing cycle.	  	2 decimal places to the right	  	No commas(,) or dollar signs ($)
				
	PREPAY_PENALTY_AMT*	  	The penalty amount received when a borrower prepays on his loan as reported by the Servicer.	  	2 decimal places to the right	  	No commas(,) or dollar signs ($)

  
 B-2 

							
	 Column Name
	  	 Description
	  	 Decimal
	  	 Format Comment

	PREPAY_PENALTY_WAIVED*	  	The prepayment penalty amount for the loan waived by the Servicer.	  	2 decimal places to the right	  	No commas(,) or dollar signs ($)
				
	PREPAYMENT_PENALTY_ 
SERVICER_PAID*	  	The prepayment penalty amount for the loan paid by the Servicer.	  	2 decimal places to the right	  	No commas(,) or dollar signs ($)
				
	PREPAY_PENALTY_ 
BORROWER_PAID*	  	The prepayment penalty amount for the loan paid by the borrower.	  	2 decimal places to the right	  	No commas(,) or dollar signs ($)
				
	ARM_INDEX_RATE	  	The index the Servicer is using to calculate a forecasted rate.	  	4 decimal places to the right	  	Max length of 6
				
	INT_ADJ_AMT	  	The amount of the interest adjustment as reported by the Servicer.	  	2 decimal places to the right	  	No commas(,) or dollar signs ($)
				
	SOLDIER_SAILOR_ADJ_AMT	  	The Soldier and Sailor Adjustment amount, if applicable.	  	2	  	No commas(,) or dollar signs ($)
				
	PRIN_ADJ	  	The sum of all principal adjustments that apply to a loan for a reporting cycle, including, but not limited to: principal adjustments due to capitalization, corrections to loan balances that were securitized incorrectly, or monthly
activity that cannot be categorized as a scheduled principal payment or a curtailment. Please note that these kinds of adjustments should be infrequent on any given loan and that such activity will result in inquiries and requests for more detailed
data.	  	2 decimal places to the right	  	No commas(,) or dollar signs ($)
				
	NON_ADV_LOAN_AMT	  	The Non Recoverable Loan Amount, if applicable.	  	2 decimal places to the right	  	No commas(,) or dollar signs ($)
				
	DELINQ_P&I_ADVANCE_AMT*	  	The current outstanding principal and interest advances made by Servicer.	  	2 decimal places to the right	  	No commas(,) or dollar signs ($)
				
	BANKRUPTCY_LOSS_AMT	  	The amount of loss due to bankruptcy.	  	2 decimal places to the right	  	No commas(,) or dollar signs ($)
				
	CR_LOSS_AMT	  	The amount of loss that is classified as a credit loss for the interest bearing portion of a liquidated loan, if applicable.	  	2 decimal places to the right	  	No commas(,) or dollar signs ($)
				
	FRAUD_LOSS_AMT	  	The amount of loss that is attributable to a fraud claim for the interest bearing portion of a liquidated loan, if applicable.	  	2 decimal places to the right	  	No commas(,) or dollar signs ($)
				
	SPH_LOSS_AMT	  	The amount of loss that is classified as a special hazard loss for the interest bearing portion of a liquidated loan, if applicable.	  	2 decimal places to the right	  	No commas(,) or dollar signs ($)
				
	BREACH_FLAG*	  	Flag to indicate if the repurchase of a loan is due to a breach of Representations and Warranties	  		  	 Y=Breach
 N=NO Breach 
Let blank if
N/A

  
 B-3 

 Plus the following loan modification fields, where applicable (which include modification fields from
HAMP, Non-HAMP, and SEC REG AB II). Wells Fargo’s preference is to receive all of the following data in a single file with the remittance data outlined above; however, we are willing to accept this data
in a separate tab or file until Reg AB II is enacted. 
 *** All fields listed below apply to all loan modification programs, HAMP and non-HAMP, in which a Servicer participates unless otherwise noted. *** 
  

							
	 Column Name
	  	 Description
	  	 Decimal
	  	 Format Comment

	MODIFICATION_EFFECTIVE_ 
DATE*	  	The first loan payment date on which the modified loan terms become effective. This field is required if any of the below fields are populated with a value.	  		  	Any valid date greater than loan origination date. (mm/dd/yyyy. If the loan is not modified this field should be blank.
				
	CAPITALIZED_AMOUNT	  	The amount added to the actual outstanding principal balance owed by the borrower due to a modification.	  	2 decimal places to the right	  	Must be a positive number. If not applicable this field should be blank.
				
	TOTAL_SERVICING_ADVANCES	  	The total amount advanced by the Servicer for the loan modification, which can be comprised of Attorney Fees, Appraisal Fees, Inspection Fees, and other items as defined in the governing documents.	  	2 decimal places to the right	  	Must be a positive number. If not applicable this field should be blank.
				
	SERVICING_FEE_ADVANCES	  	The total amount of servicing fees for delinquent payments that has been advanced by the Servicer for the loan modification.	  	2 decimal places to the right	  	Must be a positive number. If not applicable this field should be blank.
				
	ESCROW_ADVANCES	  	The total amount of escrow advances made by the Servicer on the loan modification, which can include insurance, taxes, mortgage insurance, and other items as defined in the governing documents.	  	2 decimal places to the right	  	Must be a positive number. If not applicable this field should be blank.
				
	INTEREST_ADVANCES 
	  	The total amount of net interest that has been advanced by the Servicer for the loan’s modification delinquent payments.	  	2 decimal places to the right	  	Must be a positive number. If Interest Advances exist the loan must have either Capitalized Amount or Interest Forgiveness Amount associated with it. If not applicable this field should be blank.
				
	MODIFIED_BEGINNING_ 
BALANCE	  	The beginning principal balance that is owed by the borrower as of the Modification Effective Date per the modification agreement. For loans with a non-interest bearing balance component, the
balance provided in this field must be the sum of the interest bearing and non-interest bearing balance components.	  	2 decimal places to the right	  	Must be a positive number. If not applicable this field should be blank.

  
 B-4 

							
	 Column Name
	  	 Description
	  	 Decimal
	  	 Format Comment

	MODIFIED_INTEREST_RATE	  	The gross interest rate for the loan beginning on the Modification Effective Date per the modification agreement.	  	4 decimal places to the right	  	Must be a positive number. Max length of 6. If not applicable this field should be blank.
				
	MODIFIED_P&I_AMOUNT	  	The total principal and interest payment due for the loan beginning on the Modification Effective Date per the modification agreement.	  	2 decimal places to the right	  	Must be a positive number. If not applicable this field should be blank.
				
	MODIFIED_BALLOON_AMOUNT	  	The interest bearing balloon payment amount on the loan per the modification agreement.	  	2 decimal places to the right	  	Must be a positive number. If Modified Balloon Date is populated then Modified Balloon Amount cannot be null.
				
	MODIFIED_BALLOON_DATE	  	The date on which the interest bearing balloon payment is due per the modification agreement. The value in this field could be populated if a balloon payment is being created or changed through the modification of the loan.	  		  	Any valid date (mm/dd/yyyy) – Note: Cannot be beyond the final maturity date of loan. If Modified Balloon Amount has a value, Modified Balloon Date must have a value. If not applicable this field should be blank.
				
	MODIFIED_MATURITY_DATE	  	The maturity date of the loan per the modification agreement.	  		  	Any valid date (mm/dd/yyyy) If not applicable this field should be blank.
				
	PRINCIPAL_FORGIVENESS	  	The total amount of principal due that has been waived or permanently forgiven by the Servicer per the modification agreement.	  	2 decimal places to the right	  	Must be a positive number. If not applicable this field should be blank.
				
	INTEREST_FORGIVENESS	  	The total amount of interest due that has been waived or permanently forgiven by the Servicer per the modification agreement.	  	2 decimal places to the right	  	Must be a positive number. If not applicable this field should be blank.
				
	EXPENSE_FORGIVENESS	  	The total amount of expenses due that has been waived or permanently forgiven by the Servicer per the modification agreement.	  	2 decimal places to the right	  	Must be a positive number. If not applicable this field should be blank.
				
	BACK_END_DTI	  	The back-end ratio (total monthly debt payments divided by monthly income) used to qualify the modification.	  	4 decimal places to the right	  	Must be a value greater than zero. If not applicable, this field should be blank.
				
	FRONT_END_DTI	  	The front-end ratio (total monthly housing expense divided by monthly income) used to qualify the modification.	  	4 decimal places to the right	  	Must be a value greater than zero. If not applicable, this field should be blank.

  
 B-5 

							
	 Column Name
	  	 Description
	  	 Decimal
	  	 Format Comment

	INCOME_VERIFICATION	  	Income verification indicator. Indicate yes or no whether a Transcript of Tax Return (received pursuant to the filing of IRS Form 4506–T) was obtained to corroborate Modification
Front-end DTI (calculated using pay stubs, W–2s and/or CPA certified tax returns).	  		  	Y/N must be populated for any loan with a Modification Effective Date. If no value is provided for this field (Null value) it will be treated as “N”.
				
	BORROWER_SEGMENTATION_ 
CODE	  	Indicates which segment a subprime ARM loan is classified under, based on the American Securitization Forum’s Streamlined Foreclosure and Loss Avoidance Framework for Securitized Subprime Adjustable Rate Mortgage Loans. At this
time, servicers only need to report loans that are classified as “Segment 2”, which includes current loans where the borrower is unlikely to be able to refinance into any readily available mortgage industry product.	  		  	Must be populated with a 2 if the loan falls under the ASF streamlined foreclosure and loss avoidance framework for Modifications, otherwise the value should be blank. If Borrower Segmentation Code of “2” is reported, the
population of “Modified Next Payment Adjust Date” and Modified Next Interest Rate Adjust Date is required.
				
	APPROVAL_FROM_OUTSIDE_ 
PARTY	  	If the governing documents require another party’s approval to allow additional modifications after the Modification Limit (as defined in the governing documents) has been exceeded.	  		  	Y/N/Blank: Yes indicates that the required party’s approval of the modification has been obtained by the servicer. No indicates that the approval has not been obtained. Blank indicates this field is not applicable.
				
	ARM_TO_FIXED_CONVERSION	  	Indicates if the loan is an adjustable rate mortgage (ARM) loan that has been converted to a fixed rate loan per the modification agreement; not through existing provisions of the original ARM parameters.	  		  	Y/N must be populated for any loan with a Modification Effective Date. If no value is provided for this field (Null value) it will be treated as “N”.

  
 B-6 

							
	 Column Name
	  	 Description
	  	 Decimal
	  	 Format Comment

	FIXED_TO_ARM_CONVERSION	  	Indicates if the loan is a fixed rate loan that has been converted to an adjustable rate mortgage (ARM) loan per the modification agreement.	  		  	Y/N must be populated for any loan with a Modification Effective Date. If no value is provided for this field (Null value) it will be treated as “N”.
				
	IO_TO_FULLY_AMORTIZED_ 
CONVERSION	  	Indicates if the loan payments were comprised of interest only and have been converted to fully amortizing loan payments per the modification agreement.	  		  	Y/N must be populated for any loan with a Modification Effective Date. If no value is provided for this field (Null value) it will be treated as “N”.
				
	FULLY_AMORTIZED_TO_IO_ 
CONVERSION	  	Indicates if the loan payments were fully amortizing and have been converted to interest only payments.	  		  	Y/N must be populated for any loan with a Modification Effective Date. If no value is provided for this field (Null value) it will be treated as “N”.
				
	MODIFIED_INTEREST_ONLY_ 
LAST_PAYMENT_DATE	  	The date of the last interest only payment, as of the Modification Effective Date.	  		  	Any valid date. (mm/dd/yyyy). If not applicable this field should be blank.
				
	TEMPORARY_MODIFICATION	  	Indicates if the modified loan terms are in effect only for a specified time period, after which the original loan terms are reinstated.	  		  	Y/N must be populated for any loan with a Modification Effective Date. If no value is provided for this field (Null value) it will be treated as “N”.
				
	GRADUATED_RATE_OR_ 
PAYMENT_MODIFICATION	  	Indicates if the modified terms consist of graduated rates and/or payments for a loan, or if the loan’s previously existing graduated rate and/or payment schedule is being changed per the modification agreement.	  		  	Y/N must be populated for any loan with a Modification Effective Date. If no value is provided for this field (Null value) it will be treated as “N”.
				
	MODIFICATION_GRADUATED_ 
DATE_1	  	The date(s) at which the next rate and/or payment change will occur per the loan modification agreement. All dates must be provided, not just the first change unless there is only a single change date.	  		  	Any valid date. (mm/dd/yyyy). If not applicable this field should be blank.

  
 B-7 

							
	 Column Name
	  	 Description
	  	 Decimal
	  	 Format Comment

	MODIFICATION_GRADUATED_ 
RATE_1	  	The rate(s) that will apply at each change date as stated in the loan modification agreement. All rates must be provided, not just the first change rate unless there is only a single change date.	  	4 decimal places to the right	  	Must be a value greater than zero. If not applicable, this field should be blank.
				
	MODIFICATION_GRADUATED_ 
PAYMENT_1	  	The payment(s) that will apply at each change date as stated in the loan modification agreement. All payments must be provided, not just the first change payment unless there is only a single change date.	  	2 decimal places to the right	  	Must be a Positive number. If not applicable, this field should be blank.
				
	MODIFICATION_GRADUATED_ 
DATE_2	  	The date(s) at which the next rate and/or payment change will occur per the loan modification agreement. All dates must be provided, not just the first change unless there is only a single change date.	  		  	Any valid date. (mm/dd/yyyy). If not applicable this field should be blank.
				
	MODIFICATION_GRADUATED_ 
RATE_2	  	The rate(s) that will apply at each change date as stated in the loan modification agreement. All rates must be provided, not just the first change rate unless there is only a single change date.	  	4 decimal places to the right	  	Must be a value greater than zero. If not applicable, this field should be blank.
				
	MODIFICATION_GRADUATED_ 
PAYMENT_2	  	The payment(s) that will apply at each change date as stated in the loan modification agreement. All payments must be provided, not just the first change payment unless there is only a single change date.	  	2 decimal places to the right	  	Must be a Positive number. If not applicable, this field should be blank.
				
	MODIFICATION_GRADUATED_ 
DATE_3	  	The date(s) at which the next rate and/or payment change will occur per the loan modification agreement. All dates must be provided, not just the first change unless there is only a single change date.	  		  	Any valid date. (mm/dd/yyyy). If not applicable this field should be blank.
				
	MODIFICATION_GRADUATED_ 
RATE_3	  	The rate(s) that will apply at each change date as stated in the loan modification agreement. All rates must be provided, not just the first change rate unless there is only a single change date.	  	4 decimal places to the right	  	Must be a value greater than zero. If not applicable, this field should be blank.
				
	MODIFICATION_GRADUATED_ 
PAYMENT_3	  	The payment(s) that will apply at each change date as stated in the loan modification agreement. All payments must be provided, not just the first change payment unless there is only a single change date.	  	2 decimal places to the right	  	Must be a Positive number. If not applicable, this field should be blank.
				
	MODIFICATION_GRADUATED_ 
DATE_4	  	The date(s) at which the next rate and/or payment change will occur per the loan modification agreement. All dates must be provided, not just the first change unless there is only a single change date.	  		  	Any valid date. (mm/dd/yyyy). If not applicable this field should be blank.
				
	MODIFICATION_GRADUATED_ 
RATE_4	  	The rate(s) that will apply at each change date as stated in the loan modification agreement. All rates must be provided, not just the first change rate unless there is only a single change date.	  	4 decimal places to the right	  	Must be a value greater than zero. If not applicable, this field should be blank.
				
	MODIFICATION_GRADUATED_ 
PAYMENT_4	  	The payment(s) that will apply at each change date as stated in the loan modification agreement. All payments must be provided, not just the first change payment unless there is only a single change date.	  	2 decimal places to the right	  	Must be a Positive number. If not applicable, this field should be blank.
				
	MODIFICATION_GRADUATED_ 
DATE_5	  	The date(s) at which the next rate and/or payment change will occur per the loan modification agreement. All dates must be provided, not just the first change unless there is only a single change date.	  		  	Any valid date. (mm/dd/yyyy). If not applicable this field should be blank.

  
 B-8 

							
	 Column Name
	  	 Description
	  	 Decimal
	  	 Format Comment

	MODIFICATION_GRADUATED_ 
RATE_5	  	The rate(s) that will apply at each change date as stated in the loan modification agreement. All rates must be provided, not just the first change rate unless there is only a single change date.	  	4 decimal places to the right	  	Must be a value greater than zero. If not applicable, this field should be blank.
				
	MODIFICATION_GRADUATED_ 
PAYMENT_5	  	The payment(s) that will apply at each change date as stated in the loan modification agreement. All payments must be provided, not just the first change payment unless there is only a single change date.	  	2 decimal places to the right	  	Must be a Positive number. If not applicable, this field should be blank.
				
	MODIFICATION_GRADUATED_ 
DATE_6	  	The date(s) at which the next rate and/or payment change will occur per the loan modification agreement. All dates must be provided, not just the first change unless there is only a single change date.	  		  	Any valid date. (mm/dd/yyyy). If not applicable this field should be blank.
				
	MODIFICATION_GRADUATED_ 
RATE_6	  	The rate(s) that will apply at each change date as stated in the loan modification agreement. All rates must be provided, not just the first change rate unless there is only a single change date.	  	4 decimal places to the right	  	Must be a value greater than zero. If not applicable, this field should be blank.
				
	MODIFICATION_GRADUATED_ 
PAYMENT_6	  	The payment(s) that will apply at each change date as stated in the loan modification agreement. All payments must be provided, not just the first change payment unless there is only a single change date.	  	2 decimal places to the right	  	Must be a Positive number. If not applicable, this field should be blank.
				
	MODIFIED_ARM_ 
PARAMETER(S)	  	Indicates if the loan’s existing ARM parameters are changing (and it is remaining an ARM loan) per the modification agreement.	  		  	Y/N must be populated for any loan with a Modification Effective Date. If no value is provided for this field (Null value) it will be treated as “N”.
				
	MODIFIED_NEXT_PAYMENT_ 
ADJUST_DATE	  	The date on which the next payment adjustment is scheduled to occur for an adjustable rate mortgage (ARM) loan per the modification agreement.	  		  	Any valid date. (mm/dd/yyyy). If not applicable this field should be blank.
				
	MODIFIED_NEXT_INTEREST_ 
RATE_ADJUST_DATE	  	The date on which the next interest rate adjustment is scheduled to occur for an adjustable rate mortgage (ARM) loan per the modification agreement.	  		  	Any valid date. (mm/dd/yyyy). If not applicable this field should be blank.
				
	MODIFIED_ARM_INTEREST_ 
RATE_TEASER_PERIOD	  	The duration in months that the teaser interest rate is in effect, as of the Modification Effective Date.	  	Number	  	If not applicable, This field should be blank.
				
	MODIFIED_ARM_INTEREST_ 
RATE_ADJUST_FREQUENCY	  	The interest rate change frequency of the loan (in months) as of the Modification Effective Date. The interest rate change frequency of the loan (in months) as of the Modification Effective Date.	  	Number	  	If not applicable, This field should be blank.
				
	MODIFIED_ARM_PAYMENT_ 
ADJUST_FREQUENCY	  	The payment change frequency of the loan (in months) as of the Modification Effective Date.	  	Number	  	If not applicable, This field should be blank.
				
	MODIFIED_ARM_PAYMENT_ 
RECAST_FREQUENCY	  	The payment recast frequency of the loan (in months) as of the Modification Effective Date.	  	Number	  	If not applicable, This field should be blank.

  
 B-9 

							
	 Column Name
	  	 Description
	  	 Decimal
	  	 Format Comment

	MODIFIED_ARM_NEXT_ 
PAYMENT_RECAST_DATE	  	The date on which the next payment recast will occur for the loan (in months) as of the Modification Effective Date.	  		  	Any valid date. (mm/dd/yyyy). If not applicable this field should be blank.
				
	MODIFIED_INTEREST_RATE_ 
CAP	  	 The modified interest rate must remain in place for 60 months, after which time the interest rate will be gradually increased 1% per year or
such lesser amount as may be needed until the interest rate reaches the Modified Interest Rate Cap. The Modified Interest Rate Cap determined as of the date the modification document is prepared is the greater of (i) the fully amortizing
contractual rate as modified to achieve 31% DTI or (ii) the Freddie
  
 Mac Primary
Mortgage Market Survey rate for 30- year fixed rate conforming mortgage loans, rounded to the nearest 0.125%, as of the date that the modification document is prepared. If the modified rate exceeds the Freddie
Mac Primary
  
 Mortgage Market Survey rate in effect on the date the modification
document is prepared, the modified rate will be the new note rate for the remaining loan term. However, if the Freddie Mac Primary Mortgage Market Survey rate exceeds the modified rate, then the rate at which interest accrues will be increased to
the Freddie Mac Primary Mortgage Market Survey rate after the end of the 60-month period during which the loan is monitored by FNMA for participation as an HAMP modified loan.
	  	4 decimal places to the right	  	Must be a value greater than zero. If not applicable, this field should be blank.
				
	MODIFIED_ARM_LOOK_BACK_DAYS	  	The number of days prior to the interest rate change date that the index rate used to calculate the loan’s rate is obtained, as of the Modification Effective Date. Some loans will indicate this as “the first Tuesday of the
month prior to the Next Interest Rate Change Date”, and the data for these loans will need to be manually applied.	  	Number	  	If not applicable, This field should be blank.
				
	MODIFIED_ARM_ROUNDING_ 
TYPE	  	The rounding method used when calculating the loan’s interest rate, as of the Modification Effective Date.	  	Text	  	The acceptable values include: U = (rounds up); D = (rounds down); N = (rounds to the nearest value); Z = (does not round)
				
	MODIFIED_ARM_ROUNDING_ 
FACTOR	  	The precision used when rounding the calculation of the loan’s interest rate, as of the Modification Effective Date.	  	4 decimal places to the right	  	Must be a value greater than zero. If not applicable, this field should be blank.
				
	MODIFIED_ARM_GROSS_ 
MARGIN	  	The margin (fixed percentage that is added to the index on each interest rate change date) as of the Modification Effective Date.	  	4 decimal places to the right	  	If not applicable, this field should be blank.

  
 B-10 

							
	 Column Name
	  	 Description
	  	 Decimal
	  	 Format Comment

	MODIFIED_ARM_NEGATIVE_ 
AMORTIZATION_INDICATOR	  	Indicates whether or not a negative amortization feature is part of the loan as of the Modification Effective Date.	  	Text	  	Y/N must be populated for any loan with a Modification Effective Date. If no value is provided for this field (Null value) it will be treated as “N”.
				
	MODIFIED_ARM_NEGATIVE_ 
AMORTIZATION_CAP	  	The maximum percentage of negative amortization allowed on the loan as of the Modification Effective Date.	  	4 decimal places to the right	  	Must be a value greater than zero. If not applicable, this field should be blank.
				
	MODIFIED_ARM_PAYMENT_ 
TEASER_PERIOD	  	The duration in months that the teaser payment is in effect, as of the Modification Effective Date.	  	Number	  	If not applicable, This field should be blank.
				
	MODIFIED_ARM_INITIAL_ 
MAXIMUM_RATE	  	Amount by which the interest rate may adjust upward on the first interest rate adjustment date (after modification).	  	4 decimal places to the right	  	Must be a value greater than zero. If not applicable, this field should be blank.
				
	MODIFIED_ARM_INITIAL_ 
MINIMUM_RATE	  	Amount by which the interest rate may adjust downward on the first interest rate adjustment date (after modification).	  	4 decimal places to the right	  	Must be a value greater than zero. If not applicable, this field should be blank.
				
	MODIFIED_ARM_LIFETIME_ 
MAXIMUM_RATE	  	Provide the maximum rate of interest that may be applied to an adjustable rate loan over the course of the loan’s life (after modification).	  	4 decimal places to the right	  	Must be a value greater than zero. If not applicable, this field should be blank.
				
	MODIFIED_ARM_LIFETIME_ 
MINIMUM_RATE	  	Provide the minimum rate of interest that may be applied to an adjustable rate loan over the course of the loan’s life (after modification).	  	4 decimal places to the right	  	Must be a value greater than zero. If not applicable, this field should be blank.
				
	MODIFIED_ARM_INDEX_TYPE	  	The description of the type of index used to calculate the loan’s rate, as of the Modification Effective Date.	  	Text	  	N/A
				
	MODIFIED_ARM_PAYMENT_ 
CHANGE_CAP	  	The percentage value by which a payment may increase or decrease in one period (after modification).	  	4 decimal places to the right	  	Must be a value greater than zero. If not applicable, this field should be blank.
				
	MODIFIED_PAY_OPTION_ARM_
INDICATOR	  	Indicates if the loan is a Pay Option ARM loan.	  		  	Y/N must be populated for any loan with a Modification Effective Date. If no value is provided for this field (Null value) it will be treated as “N”.

  
 B-11 

							
	 Column Name
	  	 Description
	  	 Decimal
	  	 Format Comment

	 MODIFIED_ARM_SUBSEQUENT

_INTEREST_RATE_PERIOD_CAP
	  	Subsequent interest rate increase. Provide the maximum percentage by which the interest rate may increase at each rate adjustment date after the initial adjustment.	  	 4 decimal
 places to

the right
	  	Must be a value greater than zero. If not applicable, this field should be blank.
				
	 NON_INTEREST_BEARING
 PRINCIPAL_DEFERRED_

AMOUNT
	  	The total amount of principal deferred by the modification, excluding PRA or like kind forbearance amounts. Deferred amounts are not subject to interest bearing accrual. This field is preferred to be reported as part of the monthly
remittance file, but must be reported in the supplemental file with the other modification data elements if not reported on the monthly remittance file.	  	2 decimal places to the right	  	Must be a positive number. If not applicable, this field should be blank or contain a zero.
				
	MOD_INT_ADJ_NIB	  	 This amount is only applicable when: 1) the new loan modification data is reported for the first
time and 2) when the loan modification agreement states that the interest accrues in arrears based upon the modified balance. Note: this is the language in all HAMP modification agreements. The amount required to be reported is the interest amount attributable to the non-
 interest bearing (NIB)
portion of the loan’s balance, or the sum thereof for each cycle from the modification effective date to the reporting cycle date.
	  	2 decimal places to the right	  	Must be a positive number. If not applicable, this field should be blank or contain a zero.
				
	 NON_INT_BEARING_DEFERRED

_INT_AND_FEES_AMT
	  	The amount of delinquent interest and fees that are deferred per a loan modification agreement and not capitalized or forgiven.	  	2 decimal places to the right	  	Must be a positive number. If not applicable, this field should be blank or contain a zero.
				
	ADMIN_FEES_ASSOC_WTH_ 
PARTICIPTING_IN_PROGRAM 
(HAMP)	  	HAMP Only. Fees incurred by the Servicer while administering this program, as allowed by governing document provisions.	  	2 decimal places to the right	  	Must be a positive number. If not applicable, this field should be blank or contain a zero.
				
	ACTUAL_ENDING_BALANCE_ TOTAL_DEBT_OWED	  	Formerly the field named “Actual Ending Balance Including Deferred Amount”. For a loan with principal forbearance and/or a principal reduction alternative (PRA) forbearance amount, the value in this field will be the sum
of the actual ending interest bearing balance plus the deferred amount(s). This will always be the value reported, regardless of how the principal forbearance and/or PRA forbearance amounts are reported.	  	2 decimal places to the right	  	Must be a Positive number. If not applicable, this field should be blank or contain a zero.
				
	SCHEDULED_ENDING_ 
BALANCE_TOTAL_DEBT_OWED	  	Formerly the field named “Scheduled Ending Balance Including Deferred Amount”. For a loan with principal forbearance and/or a principal reduction alternative (PRA) forbearance amount, the value in this field will be the
sum of the scheduled ending interest bearing balance plus the deferred amount(s). This will always be the value reported, regardless of how the principal forbearance and/or PRA forbearance amounts are reported.	  	2 decimal places to the right	  	Must be a Positive number. If not applicable, this field should be blank or contain a zero.

  
 B-12 

							
	 Column Name
	  	 Description
	  	 Decimal
	  	 Format Comment

	TRUST_ENDING_BALANCE	  	The ending balance that represents the Trust’s outstanding principal balance for each loan reported on a remittance file. For a loan that was modified with a principal forbearance and/or PRA Forbearance amount and one or both
were reported as loss, this is the same balance reported in the Scheduled Ending Balance field (aka the interest bearing balance). For a modified loan with a principal forbearance and/or PRA Forbearance amount and one or both were not reported as a
loss, this is the same balance reported in the Scheduled Ending Balance – Total Debt Owed field. For a loan that has never been modified, or has been modified without a principal forbearance or PRA Forbearance amount, then the balance from
either the interest bearing or the total debt owed columns will work since they would be the same.	  	 2 decimal
 places to

the right
	  	 Must be a positive
 number. If
not
 applicable, this field
 should be blank or

contain a zero.

				
	PRINCIPAL_FORBEARANCE_ 
LOSS_(RECOVERY)	  	(i) When the principal forbearance amount is not reported as a loss when the loan modification record is reported, then this field represents the total loss/gain that applies to the principal forbearance amount at liquidation. (ii)
When the principal forbearance amount is reported as a loss when the loan modification record is reported, then this field represents the amount of the loss that the Servicer expects the MS or Trustee to process as a loss at the time of
modification. (iii) Once the month in which the loan modification has been reported has passed, this column will be used to accurately reflect: a) changes in the principal forbearance amount due to a new, subsequent modification on the same loan, b)
the effect of substantial curtailments on only those principal forbearance amounts that were reported as a loss when the loan modification was reported or c) the amount, if any, recovered at the time of liquidation if it was reported as a loss at
the time of modification.	  	2 decimal places to the right	  	 If not applicable,
 this field should be

blank or contain a
 zero.

				
	NON_INTEREST_BEARING_ 
DEFERRED_PRINCIPAL_ 
CURT_AMT	  	The amount of principal to be applied to reduce the outstanding Non-Interest Bearing Deferred Principal Amount. This field cannot be used when the
Non-Interest Bearing Deferred Principal Amount is being Paid in Full. The previously requested Non-Interest Bearing Deferred Paid in Full Amount field must be used in
that instance.	  	2 decimal places to the right	  	 If not applicable,
 this field should be

blank or contain a
 zero.

				
	NON_INTEREST_BEARING_ 
DEFERRED_PAID_IN_FULL_ 
AMOUNT	  	This value is to be reported when any principal forbearance loan modification either liquidates or is paid in full. This separate field is needed because most Servicers separately track the principal forbearance amount and thus the
existing paid in full amount field will not work since it will incur interest on most Servicing systems and will only include the amount that is required to pay off the amortization balance.	  	2 decimal places to the right	  	 Must be a Positive
 number. If not

applicable, this field
 should be blank or

contain a zero.

				
	ENDING_NON_INT_BEARING_ 
DEFERRED_PRINCIPAL_BAL	  	The ending balance that represents the outstanding Non-Interest Bearing Deferred Principal Balance as of the cut off date. Regardless of how the principal forbearance amount was reported at
the time of modification, this balance is expected to be maintained and reported until the Non-Interest Bearing Deferred Principal Balance is liquidated or paid in full.	  	2 decimal places to the right	  	 Must be a positive
 number. If not

applicable, this field
 should be blank or

contain a zero.

  
 B-13 

							
	 Column Name
	 	 Description
	  	 Decimal
	  	 Format Comment

	PRINCIPAL_REDUCTION_ 
ALTERNATIVE_FORBEARANCE_
AMOUNT	 	 For HAMP: From Supplemental Directive 10-05, page 4: PRA is a deferred principal reduction program
that allows a borrower to earn principal reduction over a three-year period by successfully making payments in accordance with the modified loan terms. If the loan is modified pursuant to PRA, the principal reduction amount should be initially
treated as non-interest bearing principal forbearance (PRA Forbearance Amount). The PRA Forbearance Amount is separate and exclusive of any other forbearance that may be offered in conjunction with a HAMP
modification.
  
 For Non-HAMP: any programs
that follow the same or similar concept as HAMP PRA.
	  	2 decimal places to the right	  	Must be a Positive number. If not applicable, this field should be blank or contain a zero.
				
	ENDING_PRINCIPAL_ 
REDUCTION_ALT_ 
FORBEARANCE_BAL	 	 For HAMP: The ending balance that represents the outstanding Principal Reduction Alternative Forbearance Balance as of the cut off date.

 
 For Non-HAMP: the same ending balance for loans
that are the same or similar to HAMP PRA.
	  	2 decimal places to the right	  	Must be a Positive number. If not applicable, this field should be blank or contain a zero.
				
	PRINCIPAL_REDUCT_ALT_ 
FORBEARANCE_PAID_IN_ 
FULL_AMT	 	Regardless of how the HAMP or Non-HAMP Principal Reduction Alternative Forbearance Amount is reported at the time of modification (i.e., as a loss or not), this amount will not be populated
until the last third of the outstanding amount is written off.	  	2 decimal places to the right	  	Must be a Positive number. If not applicable, this field should be blank or contain a zero.
				
	PRINCIPAL_REDUCT_ALT_ 
FORBEARANCE_LOSS_ 
(RECOVERY)	 	 (i) When the HAMP or Non-HAMP Principal Reduction Alternative Forbearance Amount is not reported as a
loss at the time of modification, then this field will be populated on the anniversary date of each of the 3 years that the borrower earns the 1/3 write off of this amount.
  

(ii) When the HAMP or Non-HAMP Principal Reduction Alternative Forbearance Amount is reported as a loss at the time of
modification, then this field will be populated with the full Principal Reduction Alternative Forbearance Amount in the same month that the loan modification is reported. This field will also be populated to show any future recoveries, if
applicable.
	  	2 decimal places to the right	  	If not applicable, this field should be blank or contain a zero.
				
	MODIFICATION_PROGRAM_ 
TYPE	 	This will distinguish HAMP modifications from other non-HAMP modifications	  	Text	  	 HAMP

FHA-HAMP
 FDIC

Null

				
	LOAN_PARTICIPATION_END_ 
DATE	 	 The date upon which the last P&I payment is due during the 60-month participation of the U. S.
Treasury and FNMA in the loan modification. For example, if the trial modification occurs April, May, and June of 2009 then the first P&I payment of the 60-month participation begins with the July 2009
P&I payment. The last P&I payment of the 60-month program participation ends June 2014.
  

Enter in the last payment date of the 60-month participation period.
	  		  	Any valid date. (mm/dd/yyyy). If not applicable this field should be blank.

  
 B-14 

							
	 Column Name
	  	 Description
	  	 Decimal
	  	 Format Comment

	LIQUIDATION_PROGRAM_TYPE	  	Indicates the type of government or industry program used for the loan liquidation, if applicable (for example, short sales and deed-in lieus done under the HAFA program.	  	Text	  	 Must be:

☐HMP3
(Deed-in-Lieu)

☐HMP5
(Short Sale)

☐Null

				
	MONTHLY_PAYMENT_ 
REDUCTION_COST_SHARE	  	For HAMP Only: The subsidized payment from Treasury/FNMA to reimburse the investor for one half of the cost of reducing the monthly payment from 38% to 31% Front-End DTI. This value represents
the amount for the current cycle only.	  	2 decimal places to the right	  	Must be a Positive number. If not applicable, this field should be blank or contain a zero.
				
	BORROWER_PAY_FOR_ 
PERFORMANCE_SUCCESS_ 
PAYMENTS	  	For HAMP Only: The amount paid to the servicer from U.S. Treasury/FNMA that reduces the principal balance of the interest bearing portion of the loan as the borrower stays current after modification. This amount is applied annually
up to a maximum of $1,000 for up to five years. Reported for the related period as received by the servicer from FNMA. This value represents the amount for the current cycle only.	  	2 decimal places to the right	  	Must be a Positive number. If not applicable, this field should be blank or contain a zero.
				
	ONE_TIME_BONUS_INCENTIVE
_ELIGIBILITY	  	For HAMP Only: Y=Yes – The loan qualifies for the one-time bonus incentive payment of $1,500.00 payable to the mortgage holder subject to certain de minimis constraints.	  	Alpha-numeric	  	Must be a value greater than zero. Field is blank if not applicable.
				
	ONE_TIME_BONUS_INCENTIVE
_AMOUNT	  	For HAMP Only: $1,500 paid to mortgage holders for modifications made while a borrower is still current on mortgage payments. This value represents the amount for the current cycle only.	  	2 decimal places to the right	  	Must be a Positive number. If not applicable, this field should be blank or contain a zero.
				
	HOME_PRICE_DEPRECIATION_
PAYMENTS	  	For HAMP Only: Amount payable to mortgage holders to partially offset probable losses from home price declines. This will be structured as a simple cash payment on each modified loan while the loan remains active in the program.
Payments of accrued HPDP incentives will be made on an annual basis on each of the first anniversary and the second anniversary of the date on which the first trial period payment is due under the Trial Period Plan.	  	2 decimal places to the right	  	Must be a Positive number. If not applicable, this field should be blank or contain a zero.

  
 B-15 

							
	 Column Name
	  	 Description
	  	 Decimal
	  	 Format Comment

	PRA_INVESTOR_INCENTIVE_ AMOUNT 
	  	 For HAMP Only: From Supplemental Directive 10-05, page 6: For each loan modified under PRA, investors
receive the Investor Payment Reduction Cost Share and if applicable: (i) the one-time current borrower incentive payment described in Supplemental Directive 09-01 and
(ii) the Home Price Decline Protection incentive payments described in Supplemental Directive 09-04.
  

Additionally, investors will receive PRA investor incentive payments based on the delinquency status of the loan, the MTMLTV ratio used to complete the
Alternative Waterfall analysis and the amount of principal reduction installment actually applied by the servicer. With respect to loans which were less than or equal to six months past due at all times during the 12 month period prior to the NPV
evaluation date, investors will be entitled to receive $0.21 per dollar of principal reduction equal to or greater than 105 percent and less than 115 percent MTMLTV ratio; $0.15 per dollar of principal reduction equal to or greater than
115 percent and less than or equal to 140 percent MTMLTV ratio; and $0.10 per dollar of principal reduction in excess of 140 percent MTMLTV ratio.
  

With respect to loans which were more than six months past due at any time during the 12 month period prior to the NPV evaluation date, irrespective of MTMLTV
ratio range, investors will be paid $0.06 per dollar of principal reduction and will not be eligible for incentives in the above extinguishment schedule. PRA investor incentive payments will be earned by investors in the month in which the
applicable principal reduction amount is actually applied to reduce the borrower’s UPB as set forth above.
  

While servicers may reduce principal below 105 percent MTMLTV ratio, no PRA incentive, including PRA incentives paid for Interim Period loans, will be
paid for that portion of the principal reduction amount that reduces the MTMLTV ratio below 105 percent. Also, as provided in Supplemental Directive 09-01, servicers may substitute principal reduction for
any step in the waterfall and may reduce principal at any time during the life of the loan. However, PRA investor incentives will only be paid in conjunction with principal reduction that is deferred over three years in accordance with the
requirements of this Supplemental Directive.
	  	2 decimal places to the right	  	Must be a Positive number. If not applicable, this field should be blank or contain a zero.

  
 B-16 

							
	 Column Name
	  	 Description
	  	 Decimal
	  	 Format Comment

	HAFA_INVESTOR_INCENTIVE_ 
AMOUNT	  	For HAMP Only: The investor reimbursement payment (up to a maximum of $1,000) made by the Treasury for allowing a total of up to $3,000 in short-sale proceeds to be distributed to subordinate lien holders, or for allowing payment of
up to $3,000 to subordinate lien holders. To receive an incentive, subordinate lien holders must release their liens and waive all future claims against the borrower. The servicer is not responsible for any future actions or claims against the
borrower by such subordinate lien holders or creditors.	  	2 decimal places to the right	  	 Must be a Positive number. If not applicable, this field should be blank or contain a zero.

				
	LOAN_MODIFICATION_ 
INCENTIVE_TERMINATION_ 
DATE	  	For HAMP Only: The date upon which borrower participation in the program is terminated because the borrower has defaulted or re-defaulted. Re-default or
Loss of Good Standing is defined under the HAMP guidelines as three monthly payments are due and unpaid on the last day of the third month.	  		  	Any valid date. (mm/dd/yyyy). If not applicable this field should be blank.

 Additional instructions below: 
  

			
	Reporting Of MI Premiums	  	This is only applicable for MI Premiums paid by the Servicer per the deal documents. The MI Premium due based upon the total debt owed by the borrower per the loan modification agreement and the Premium Rate, adjusted
monthly.
		
	Curtailments And Ending Non-Interest Bearing Deferred Principal Balance And Non-Interest Bearing Deferred Paid In Full Amount	  	When principal in excess of the borrower’s scheduled payment is received and reported as a curtailment, the Servicer must report the curtailment amount in the following manner to ensure the proper application of funds: (i) if
all or a portion of the curtailment amount is to be applied to the outstanding Non-Interest Bearing Deferred Principal Amount/Balance, then the applicable amount must be reported in the new Non-Interest Bearing Deferred Principal Curtailment Amount field and, if applicable, the existing Non-Interest Bearing Deferred Paid in Full Amount field if the principal
forbearance will be paid in full. Further, the new Ending Non-Interest Bearing Deferred Principal Balance needs to reflect the outstanding balance per what is being applied. (ii) if all or a portion of the
curtailment amount is to be applied to the outstanding interest bearing balance of the loan, then the existing curtailment field is to be populated.
		
	Curtailments And Principal Forbearance Loss/(Recovery)	  	When the principal forbearance amount is reported as a loss when the loan modification record is reported and a curtailment is to be applied to the outstanding Non-Interest Bearing Deferred
Principal Amount/Balance, then the amount reported in the new Non-Interest Bearing Deferred Principal Curtailment Amount field must also be reported as a recovery in the Principal Forbearance Loss / (Recovery)
field.

  
 B-17 

			
	New, subsequent loan modification on a loan modified at least one time in the past	  	 When a Servicer modifies a loan a second or more times with a change to any loan modification parameter: rate, term, principal forbearance,
etc., the Servicer must report a loan modification record with all applicable data from the loan modification agreement just as they would if the loan was being modified for the first time. The Service may not only report the changed
elements.

		
	Loan Modification Cancellation/Reversal	  	When a Servicer cancels a loan modification previously reported, it must report a new loan modification record with all applicable data based upon pre-modified terms. The Service may not only
report the changed elements.

 Supplemental Prepayment Period Reporting File Layout 

 

							
	 Column Name
	  	 Description
	  	 Decimal
	  	 Format Comment

	LOAN_NBR	  	A unique identifier assigned to each loan by the investor.	  		  	Text up to 10 digits
				
	SERVICER_LOAN_NBR	  	A unique number assigned to a loan by the Servicer. This may be different than the LOAN_NBR.	  		  	Text up to 10 digits
				
	LIQUIDATION_AMOUNT	  	The loan “paid in full” amount as reported by the Servicer.	  	2 decimal places to the right	  	No commas(,) or dollar signs ($)
				
	PIF_DATE	  	The paid in full date as reported by the Servicer.	  		  	mm/dd/yyyy
				
	ACTL_END_PRIN_BAL	  	The borrower’s interest bearing actual principal balance at the end of the processing cycle.	  	2 decimal places to the right	  	No commas(,) or dollar signs ($)
				
	ACTUAL_ENDING_ 
BALANCE_TOTAL_DEBT_ 
OWED	  	Formerly the field named “Actual Ending Balance Including Deferred Amount”. For a loan with principal forbearance and/or a principal reduction alternative (PRA) forbearance amount, the value in this field will be the sum
of the actual ending interest bearing balance plus the deferred amount(s). This will always be the value reported, regardless of how the principal forbearance and/or PRA forbearance amounts are reported.	  	2 decimal places to the right	  	Must be a positive number. If not applicable, this field should be blank or contain a zero.
				
	SCHED_END_PRIN_BAL	  	The interest bearing scheduled principal balance due to investors at the end of a processing cycle.	  	2 decimal places to the right	  	No commas(,) or dollar signs ($)
				
	SCHEDULED_ENDING_ 
BALANCE_TOTAL_DEBT_ 
OWED	  	Formerly the field named “Scheduled Ending Balance Including Deferred Amount”. For a loan with principal forbearance and/or a principal reduction alternative (PRA) forbearance amount, the value in this field will be the
sum of the scheduled ending interest bearing balance plus the deferred amount(s). This will always be the value reported, regardless of how the principal forbearance and/or PRA forbearance amounts are reported.	  	2 decimal places to the right	  	Must be a positive number. If not applicable, this field should be blank or contain a zero.

  
 B-18 

							
	 Column Name
	  	 Description
	  	 Decimal
	  	 Format Comment

	CURTAILMENT_AMT	  	Total curtailment amount to be applied to the interest bearing balance.	  	2 decimal places to the right	  	No commas(,) or dollar signs ($)
				
	CURTAILMENT_DATE	  	Curtailment date	  		  	mm/dd/yyyy
				
	PREPAY_PENALTY_AMT	  	The penalty amount received when a borrower prepays on his loan as reported by the Servicer.	  	2 decimal places to the right	  	No commas(,) or dollar signs ($)
				
	PREPAY_PENALTY_WAIVED	  	The prepayment penalty amount for the loan waived by the Servicer.	  	2 decimal places to the right	  	No commas(,) or dollar signs ($)
				
	PREPAYMENT_PENALTY_ 
SERVICER_PAID	  	The prepayment penalty amount for the loan paid by the Servicer.	  	2 decimal places to the right	  	No commas(,) or dollar signs ($)
				
	PREPAY_PENALTY_ 
BORROWER_PAID	  	The prepayment penalty amount for the loan paid by the borrower.	  	2 decimal places to the right	  	No commas(,) or dollar signs ($)
				
	BREACH_FLAG	  	Flag to indicate if the repurchase of a loan is due to a breach of Representations and Warranties	  		  	Y=Breach N=NO Breach 
Let blank if N/A
				
	ACTION_CODE	  	 The standard FNMA numeric code used to indicate the default/delinquent status of a particular loan.

 
 This is a required field.
	  		  	Refer to Exhibit 4 for valid codes. Field cannot be null.
				
	NON_INT_BEARING_ 
DEFERRED_PRINCIPAL_ 
CURT_AMT	  	The amount of principal to be applied to reduce the outstanding Non-Interest Bearing Deferred Principal Amount. This field cannot be used when the
Non-Interest Bearing Deferred Principal Amount is being Paid in Full. The previously requested Non-Interest Bearing Deferred Paid in Full Amount field must be used in
that instance.	  	2 decimal places to the right	  	If not applicable, this field should be blank or contain a zero.
				
	 NON_INTEREST_BEARING
 _DEFERRED_PAID_
IN_FULL_AMOUNT
	  	This value is to be reported when any principal forbearance loan modification either liquidates or is paid in full. This separate field is needed because most Servicers separately track the principal forbearance amount and thus the
existing paid in full amount field will not work since it will incur interest on most Servicing systems and will only include the amount that is required to pay off the amortization balance.	  	2 decimal places to the right	  	Must be a positive number. If not applicable, this field should be blank or contain a zero.
				
	 ENDING_NON_INTEREST_
 BEARING_DEFERRED_

PRINCIPAL_BAL
	  	The ending balance that represents the outstanding Non-Interest Bearing Deferred Principal Balance as of the cut off date. Regardless of how the principal forbearance amount was reported at
the time of modification, this balance is expected to be maintained and reported until the Non-Interest Bearing Deferred Principal Balance is liquidated or paid in full.	  	2 decimal places to the right	  	Must be a positive number. If not applicable, this field should be blank or contain a zero.

  
 B-19 

							
	 Column Name
	  	 Description
	  	 Decimal
	  	 Format Comment

	 PRINCIPAL_REDUCT_ 
ALT_FORBEARANCE_PAID_

IN_FULL_AMT
	  	Regardless of how the HAMP or Non-HAMP Principal Reduction Alternative Forbearance Amount is reported at the time of modification (i.e., as a loss or not), this amount will not be populated
until the last third of the outstanding amount is written off.	  	2 decimal places to the right	  	Must be a positive number. If not applicable, this field should be blank or contain a zero.
				
	ENDING_PRINCIPAL_ 
REDUCTION_ALT_ 
FORBEARANCE_BAL	  	 For HAMP: The ending balance that represents the outstanding Principal Reduction Alternative Forbearance Balance as of the cut off date.

 
 For Non-HAMP: the same ending balance for loans
that are the same or similar to HAMP PRA.
	  	2 decimal places to the right	  	Must be a positive number. If not applicable, this field should be blank or contain a zero.
				
	LIQUIDATION_PROGRAM_TYPE	  	Indicates the type of government or industry program used for the loan liquidation, if applicable (for example, short sales and deed-in lieus done under the HAFA program.	  	Text	  	 Must be:
  

☐HMP3 – Deed-in-Lieu

 
 ☐HMP5 – Short Sale

 
 ☐Null

  
 B-20 

 EXHIBIT C 

FORM OF REQUEST FOR RELEASE 
  

	To:	 Wells Fargo Bank, N.A., as Custodian 

	  	 751 Kasota Avenue 

	  	 Minneapolis, MN 55414 

	  	 Attention: Client Manager – VOLT [    ], Series
202[    ]-[    ] 

  

	  	 Attention: VOLT [    ] Asset-Backed Notes, Series
202[    ]-[    ] 

  

	 	Re:	 Custodial Agreement, dated [    ], among LSF[    ] Mortgage Holdings,
LLC, as REO manager, Caliber Home Loans, Inc., as servicer, VOLT [    ], LLC, as issuer, VOLT Master Depositor, LLC, as depositor, LSF[    ] Master Participation Trust, as participation agent, U.S. Bank
National Association, as indenture trustee, and Wells Fargo Bank, N.A., as custodian  

 All capitalized terms used
herein shall have the means ascribed to them in the Custodial Agreement (the “Agreement”) referenced above. 
 In
connection with the administration of the pool of Mortgage Assets held by you as Custodian, we request the release, and acknowledge receipt, of the Custodian’s Mortgage Loan/REO File for the Mortgage Asset described below, for the reason
indicated. 
 Mortgagor’s Name, Address & Zip Code or REO Property Address & Zip Code: 

Mortgage Asset Number: 
 Reason
for Requesting Documents (Check one) 
  

	 	1.	 Mortgage Loan Paid in
Full                 ___ 

  

	 	2.	 Mortgage Loan in Foreclosure             ___

  

	 	3.	 [Intentionally Left Blank] 

 

	 	4.	 Other Liquidation (Repurchases, Sales, etc.)___ 

 

	 	5.	 Non-Liquidation
(explain)                   ___ 

[If box 3 or 5 above is checked, and if any part of the Custodian’s Mortgage Loan File or REO File was previously released to us, please
return to us our previous receipt on file with you, and release to as any additional documents in your possession relating to the above specified Mortgage Asset.] 

[If box 1 or 4 above is checked, the Servicer hereby confirms that the requested Mortgage Loan File(s) or REO File(s) (or documents forming a
part thereof), as applicable, shall be permanently released from custody and that the Custodian shall have no further obligation in respect thereof under the Custodial Agreement.] 

  
 C-1 

 
			
	 CALIBER HOME LOANS, INC.,
 as
Servicer

 
			
		
	 By: 
	 	 

 
			
	 Name:
	 	
	 Title:
	 	

  
 C-2 

 EXHIBIT D 

FORM OF ASSET REPURCHASE ACTIVITY REPORT 

Reporting Period:    __________________ 

	☐	 Check here if nothing to report. 

 

																													
	Asset Class	 	Shelf	 	Series
Name	 	CIK	 	Originator	 	Loan No.	 	Servicer
Loan No.	 	Unpaid
Principal
Balance	 	Repurchase
Type	 	Indicate Repurchase Activity During the Reporting Period by Checkmark
or by Date Reference (as applicable)
	 	Subject to
Demand	  	Repurchased or
Replaced	  	Repurchase
Pending	  	Demand in
Dispute	  	Demand
Withdrawn	  	Demand
Rejected

 Terms and Definitions: 

NOTE: Any date included on this report is subject to the descriptions included below. Dates referenced on this report for this
Transaction where the Indenture Trustee is not the Repurchase Enforcer (as defined below), availability of such information may be dependent upon information received from other parties. 

References to “Repurchaser” shall mean the party obligated under the Transaction Documents to repurchase a Mortgage
Asset. References to “Repurchase Enforcer” shall mean the party entitled under the Transaction Documents to enforce the obligations of any Repurchaser. 

Unpaid Principal Balance: For purposes of this report, the Unpaid Principal Balance of a Mortgage Asset in this Transaction
equals the remaining outstanding principal balance of the Mortgage Asset reflected on the distribution or payment reports at the end of the related reporting period, or if the Mortgage Asset has been liquidated prior to the end of the related
reporting period, the final unpaid principal balance of the Mortgage Asset reflected on the distribution or payment reports prior to liquidation. 

Subject to Demand: The date when a demand for repurchase is identified and coded by the Paying Agent or Indenture Trustee as a
repurchase related request. 

  
 D-1 

 Repurchased or Replaced: The date when a Mortgage Asset is repurchased or
replaced. To the extent such date is unavailable, the date upon which the Paying Agent or Indenture Trustee obtained actual knowledge a Mortgage Asset has been repurchased or replaced. 

Repurchase Pending: A Mortgage Asset is identified as “Repurchase Pending” when a demand notice is sent by the
Indenture Trustee, as Repurchase Enforcer, to the Repurchaser. A Mortgage Asset remains in this category until (i) such Mortgage Asset has been Repurchased, (ii) a request is determined to be a “Demand in Dispute,” (iii) a
request is determined to be a “Demand Withdrawn,” or (iv) a request is determined to be a “Demand Rejected.” 

With respect to the Paying Agent only, a Mortgage Asset is identified as “Repurchase Pending” on the date (y) the Paying
Agent forwards notice of any request for repurchase to the related Repurchase Enforcer, or (z) a Responsible Officer of the Paying Agent receives written notice or otherwise obtains actual knowledge of a repurchase request but confirms that it
is not required to forward such request to the related Repurchase Enforcer because another Transaction Party previously forwarded such repurchase request to the related Repurchase Enforcer. The Mortgage Asset will remain in this category until a
Responsible Officer of the Paying Agent receives written notice or otherwise obtains actual knowledge from the related Repurchase Enforcer, Repurchaser, or other Transaction Party, that the repurchase request should be changed to “Demand in
Dispute,” “Demand Withdrawn,” “Demand Rejected,” or “Repurchased.” 

Demand in Dispute: Occurs (i) when a response is received from the Repurchaser which refutes a repurchase request, or
(ii) upon the expiration of any applicable cure period. 
 Demand Withdrawn: The date when a previously submitted
repurchase request is withdrawn by the original requesting party. To the extent such date is not available, the date when a Responsible Officer of the Paying Agent or the Indenture Trustee receives written notice or otherwise obtains actual
knowledge of any such withdrawal. 
 Demand Rejected: The date when the Indenture Trustee, as Repurchase Enforcer, has
determined that it will no longer pursue enforcement of a previously submitted repurchase request. To the extent such date is not otherwise available, the date when a Responsible Officer of the Paying Agent receives written notice or otherwise
obtains actual knowledge from the Indenture Trustee, as Repurchase Enforcer that it has determined not to pursue a repurchase request. 

  
 D-2EX-10.15

 Exhibit 10.15 

[__] 
 Purchaser, 

CALIBER HOME LOANS, INC. 
 Seller

 SELLER’S PURCHASE AND WARRANTIES AGREEMENT 

Dated as of [__] 
  

 TABLE OF CONTENTS 
  

							
	 	 	 	  	Page	 
		
	ARTICLE I	  	 	 
		
	DEFINITIONS	  	 	 
			
	 Section 1.01
	 	Defined Terms	  	 	1	 
		
	ARTICLE II	  	 	 
		
	RECORD TITLE AND POSSESSION OF MORTGAGE FILES; BOOKS AND RECORDS; CUSTODIAL AGREEMENT;
DELIVERY OF MORTGAGE LOAN DOCUMENTS	  	 	 
			
	 Section 2.01
	 	Agreement to Purchase	  	 	13	 
	 Section 2.02
	 	Purchase Price	  	 	13	 
	 Section 2.03
	 	Servicing of Mortgage Loans	  	 	14	 
	 Section 2.04
	 	Record Title and Possession of Mortgage Files; Maintenance of Servicing Files	  	 	16	 
	 Section 2.05
	 	Books and Records	  	 	17	 
	 Section 2.06
	 	Transfer of Mortgage Loans	  	 	17	 
	 Section 2.07
	 	Delivery of Mortgage Loan Documents	  	 	18	 
	 Section 2.08
	 	Quality Control Procedures	  	 	18	 
	 Section 2.09
	 	Examination of Mortgage Loan Eligibility	  	 	19	 
	 Section 2.10
	 	Closings	  	 	20	 
		
	ARTICLE III	  	 	 
		
	REPRESENTATIONS AND WARRANTIES OF THE SELLER; REPURCHASE; REVIEW OF MORTGAGE LOANS	  	 	 
			
	 Section 3.01
	 	Representations, Warranties and Covenants of the Seller	  	 	21	 
	 Section 3.02
	 	(A) Representations and Warranties as to Individual Mortgage Loans that are not Business Purpose Mortgage Loans	  	 	23	 
	 Section 3.03
	 	Repurchase; Substitution	  	 	46	 
	 Section 3.04
	 	Repurchase of Mortgage Loans with Early Payment Defaults	  	 	50	 
	 Section 3.05
	 	Purchase Price Protection	  	 	50	 
		
	ARTICLE IV	  	 	 
		
	GENERAL COOPERATION	  	 	 
			
	 Section 4.01
	 	Purchaser’s Right to Examine Seller Records	  	 	51	 
	 Section 4.02
	 	Seller Shall Provide Information as Reasonably Required	  	 	51	 

  
 - i - 

							
	ARTICLE V	  	 	 
		
	THE SELLER	  	 	 
			
	 Section 5.01
	 	Seller Indemnification; Third Party Claims	  	 	52	 
	 Section 5.02
	 	Merger or Consolidation of the Seller	  	 	53	 
		
	ARTICLE VI	  	 	 
		
	TERMINATION	  	 	 
			
	 Section 6.01
	 	Termination	  	 	53	 
		
	ARTICLE VII	  	 	 
		
	RECONSTITUTION OF MORTGAGE LOANS	  	 	 
			
	 Section 7.01
	 	Reconstitution of Mortgage Loans	  	 	53	 
		
	ARTICLE VIII	  	 	 
		
	COMPLIANCE WITH REGULATION AB	  	 	 
			
	 Section 8.01
	 	Intent of the Parties; Reasonableness	  	 	57	 
	 Section 8.02
	 	Additional Representations and Warranties of the Seller	  	 	58	 
	 Section 8.03
	 	Information to Be Provided by the Seller	  	 	59	 
	 Section 8.04
	 	Indemnification; Remedies	  	 	61	 
		
	ARTICLE IX	  	 	 
		
	MISCELLANEOUS PROVISIONS	  	 	 
	 Section 9.01
	 	Amendment	  	 	63	 
	 Section 9.02
	 	Recordation of Agreement	  	 	63	 
	 Section 9.03
	 	Governing Law	  	 	63	 
	 Section 9.04
	 	Notices	  	 	63	 
	 Section 9.05
	 	Severability of Provisions	  	 	64	 
	 Section 9.06
	 	Exhibits	  	 	64	 
	 Section 9.07
	 	General Interpretive Principles	  	 	64	 
	 Section 9.08
	 	Reproduction of Documents	  	 	65	 
	 Section 9.09
	 	Confidentiality of Information	  	 	65	 
	 Section 9.10
	 	Recordation of Assignments of Mortgage	  	 	66	 
	 Section 9.11
	 	Assignment by Purchaser	  	 	66	 
	 Section 9.12
	 	No Partnership	  	 	67	 
	 Section 9.13
	 	Execution; Successors and Assigns	  	 	67	 
	 Section 9.14
	 	Entire Agreement	  	 	67	 
	 Section 9.15
	 	No Solicitation	  	 	67	 
	 Section 9.16
	 	Costs	  	 	68	 

  
 - ii - 

							
	 Section 9.17
	 	Third Party Beneficiary	  	 	68	 
	 Section 9.18
	 	Set-off or Recoupment	  	 	68	 
	 Section 9.19
	 	Intention of the Parties	  	 	68	 
	 Section 9.20
	 	No Recourse to Owner Trustee	  	 	69	 

 EXHIBITS 
  

			
	A-1	  	Contents of Mortgage File
	A-2	  	Contents of Servicing File
	B	  	Mortgage Loan Schedule
	C	  	Form of Bailee Letter
	D	  	Form of Purchase Price and Terms Letter
	E	  	Reserved
	F.	  	Compensating Factors

  

  
 - iii - 

 This Seller’s Purchase and Warranties Agreement, dated as of [__] (the
“Agreement”), is executed between [__], as purchaser (the “Purchaser”), and Caliber Home Loans, Inc., and its successors and assigns (as seller, the “Seller”). 

W I T N E S S E T H : 
 WHEREAS,
the Purchaser has agreed to purchase from the Seller and the Seller has agreed to sell to the Purchaser certain Mortgage Loans, including the Servicing Rights associated with such Mortgage Loans, from time to time, pursuant to the terms of a letter
agreement by and between the Seller and the Purchaser (the “Purchase Price and Terms Letter”). 
 WHEREAS, each of the Mortgage
Loans is secured by a mortgage, deed of trust or other security instrument creating a first lien on a residential dwelling located in the jurisdiction indicated on the Mortgage Loan Schedule, which will be annexed to each Purchase Price and Terms
Letter. The Mortgage Loans as described herein shall be delivered in groups of whole loans (each, a “Mortgage Loan Package”) on various dates as provided herein (each, a “Closing Date”); 

WHEREAS, the Purchaser and the Seller wish to prescribe the representations and warranties of the Seller with respect to itself and the
Mortgage Loans; and 
 WHEREAS, the Purchaser has agreed to enter into this Agreement (i) in consideration of the transactions
contemplated in the Agreement (whereas such consideration is the same for each and every obligation contained herein) and (ii) in reliance upon promises by the Seller that it has agreed to be bound by this Agreement, such promises and agreement
to be bound by this Agreement being a material inducement to Purchaser’s execution of this Agreement. 
 NOW, THEREFORE, in
consideration of the mutual agreements hereinafter set forth, and for other good and valuable consideration, the receipt and adequacy of which is hereby acknowledged, the Purchaser and the Seller agree as follows: 

ARTICLE I 
 DEFINITIONS 

Section 1.01 Defined Terms 

Whenever used in this Agreement, the following words and phrases, unless the context otherwise requires, shall have the following meaning
specified in this Article: 
 Accepted Servicing Practices: With respect to any Mortgage Loan, those mortgage servicing practices
(including collection procedures) that are in all respects legal, proper and customary in the mortgage servicing business of prudent mortgage banking institutions that service mortgage loans of the same type as such Mortgage Loan in the jurisdiction
where the related Mortgaged Property is located, and which are in accordance with the terms of the Mortgage Loan Documents, any applicable forbearance plan or bankruptcy plan and Applicable Law. 

  
 - 1 - 

 Adjustable Rate Mortgage Loan: An adjustable rate Mortgage Loan purchased pursuant to
this Agreement. 
 Adjustment Date: With respect to each Adjustable Rate Mortgage Loan, the date set forth in the related Mortgage
Note on which the Mortgage Interest Rate on the Mortgage Loan is adjusted in accordance with the terms of the Mortgage Note. 

Agreement: This Seller’s Purchase and Warranties Agreement including all exhibits hereto, amendments hereof and supplements
hereto. 
 Applicable Law: All applicable (1) federal, state, and local legal requirements (including statutes, rules,
regulations, and ordinances), including but not limited to usury, truth-in-lending, real estate settlement, consumer credit, equal credit opportunity, fair housing,
disclosure, anti-predatory or abusive lending, or unfair and deceptive acts and practices laws; (2) requirements and guidelines of each governmental agency, board, commission, instrumentality, and other governmental body or office having
jurisdiction, including without limitation, the Consumer Financial Protection Bureau; and (3) judicial and administrative judgments, orders, stipulations, awards, writs, and injunctions. 

Appraised Value: With respect to any Mortgaged Property, the value thereof as determined in accordance with the Underwriting Standards.

 Arbitration: Arbitration in accordance with the then governing Commercial Arbitration Rules of the American Arbitration
Association, which shall be conducted in New York, New York or such other place mutually acceptable to the parties to the arbitration. 

Arbitrator: A person who is not affiliated with the Seller or the Purchaser, and who is a member of the American Arbitration
Association. 
 Assignment of Mortgage: An individual 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 give record notice of the sale of the Mortgage to the Purchaser. 

Bank Statement Loan: A Mortgage Loan where the income of the Mortgagor is calculated using primarily 24 months of bank statements or
such other period of time as permitted pursuant to the Underwriting Standards. 
 Bankruptcy Code: The Bankruptcy Reform Act of 1978
(11 U.S.C. §§ 101-1532), as amended, modified, or supplemented from time to time, and any successor statute, and all rules and regulations issued or promulgated in connection therewith. 

Business Day: Any day other than (i) a Saturday or a Sunday, or (ii) a legal holiday in the State of New York or Texas, or
(iii) a day on which banks in the State of New York or Texas are authorized or obligated by law or executive order to be closed. 

Business Purpose Mortgage Loan: A non-owner-occupied,
non-consumer Mortgage Loan originated for a business purpose. 

  
 - 2 - 

 Closing Date: The date or dates set forth in the related Purchase Price and Terms
Letter on which the Purchaser from time to time shall purchase and the Seller from time to time shall sell to the Purchaser, the Mortgage Loans listed on the related Mortgage Loan Schedule with respect to the related Mortgage Loan Package. 

Combined Loan-to-Value Ratio: With respect to any
Mortgage Loan, the ratio of the original outstanding principal amount of the Mortgage Loan plus the full lien amount (drawn and undrawn) of any second mortgage, if available, to either (i) with respect to a Refinanced Mortgage Loan, the
Appraised Value of the related Mortgaged Property at origination, or (ii) the lesser of (A) the Appraised Value of the related Mortgaged Property at origination or (B) the purchase price of the related Mortgaged Property with respect
to all non-Refinanced Mortgage Loans. 
 Code: The Internal Revenue Code of 1986, as amended,
modified, or supplemented from time to time, and any successor statute, and all rules and regulations issued or promulgated in connection therewith. 

Commission: The United States Securities and Exchange Commission. 

Company Information: As defined in Section 7.01(b)(x). 

Consumer Information: Any personally identifiable information in any form (written electronic or otherwise) relating to a Mortgagor,
including, but not limited to: a Mortgagor’s name, address, telephone number, Mortgage Loan number, Mortgage Loan payment history, delinquency status, insurance carrier or payment information, tax amount or payment information; the fact that
the Mortgagor has a relationship with the Seller, Purchaser or the originator of the related Mortgage Loan; and any other non-public personally identifiable information. 

Convertible Mortgage Loan: An Adjustable Rate Mortgage Loan as to which the related Mortgage Note permits the Mortgagor to convert the
Mortgage Interest Rate on such Mortgage Loan to a fixed Mortgage Interest Rate. 
 Co-op
Lease: With respect to a Co-op Loan, the lease with respect to a dwelling unit occupied by the Mortgagor and relating to the Co-op Stock allocated to the related
dwelling unit. 
 Co-op Loan: A Mortgage Loan secured by the pledge of stock allocated to a
dwelling unit in a residential cooperative housing corporation and a collateral assignment of the related Co-op Lease. 

Co-op Stock: With respect to a Co-op Loan, the single
outstanding class of stock, partnership interest or other ownership instrument in the related residential cooperative housing corporation. 

Custodian: Such custodial institution determined by the Purchaser and for which notice has been provided to the Seller which may be
either Deutsche Bank National Trust Company or Wells Fargo Bank, N.A. or their successors in interest or assigns.. 

  
 - 3 - 

 Cut-off Date: With respect to each Mortgage
Loan Package, the date on or prior to the related Closing Date as set forth in the related Purchase Price and Terms Letter. 
 DBRS:
DBRS, Inc. or its successor in interest. 
 Delinquent: With respect to any Mortgage Loan, if the Monthly Payment due on a Due Date
is not received, based on the Mortgage Bankers Association method of calculating delinquency. For example, if a Mortgage Loan with a payment due on April 1 that remained unpaid as of the close of business on April 30 would be described as
“30 days or more Delinquent” as of the close of business on April 30. 
 Depositor: The depositor, as such term is defined
in Regulation AB, with respect to any Securitization Transaction (regardless of whether or not Regulation AB is applicable to such Securitization Transaction). 

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

Early Payment Default: As defined in Section 3.04. 

Escrow Payments: With respect to any Mortgage Loan, the amounts constituting ground rents, taxes, assessments, water rates, sewer
rents, municipal charges, mortgage insurance premiums, fire and hazard insurance premiums, condominium charges, and any other payments required to be escrowed by the Mortgagor with the mortgagee pursuant to the Mortgage, Applicable Law or any other
related document. 
 Exchange Act: The Securities Exchange Act of 1934, as amended. 

Fannie Mae: The entity formerly known as the Federal National Mortgage Association, or any successor thereto. 

Fannie Mae Guides: The Fannie Mae Sellers’ Guide and the Fannie Mae Servicers’ Guide and all amendments or additions thereto,
including, but not limited to, future updates thereof. 
 FDIC: The Federal Deposit Insurance Corporation, or any successor thereto.

 FIRREA: The Financial Institutions Reform, Recovery, and Enforcement Act of 1989, as amended and in effect from time to time. 

Fitch: Fitch Ratings or its successor in interest. 

Flood Insurance Coverage: An amount equal to the lesser of (1) the Outstanding Principal Balance of the Mortgage Loan,
(2) the full insurable value of the Mortgaged Property, and (3) the maximum amount of insurance available under The National Flood Insurance Act of 1968, as amended and The Flood Disaster Protection Act of 1973, as amended. 

  
 - 4 - 

 Freddie Mac: The entity formerly known as the Federal Home Loan Mortgage Corporation,
or any successor thereto. 
 GAAP: Those generally accepted accounting principles and practices which are recognized as such by the
American Institute of Certified Public Accountants acting through its Accounting Principles Board or by the Financial Accounting Standards Board or through other appropriate boards or committees thereof consistently applied as to the party in
question. 
 GLBA: As defined in Section 9.09(b). 

Governmental Authority: Any U.S. federal, state, or local government, or political subdivision thereof, or other entity exercising
executive, legislative, judicial, regulatory, or administrative functions, including but not limited to the U.S. Department of Housing and Urban Development (HUD), the Federal Housing Administration of HUD, the Department of Veterans Affairs, the
Department of the Treasury, the Federal Reserve, the Consumer Financial Protection Bureau, the OCC, the U.S. Securities and Exchange Commission, the Federal Emergency Management Agency and any state agency or body with authority to regulate banking,
securities, or mortgage-related activities, and any similar agency or body in other nations, each to the extent of its authority over the affected Person or activity. 

Hazard Insurance Coverage: An amount equal to the greater of (A) the lesser of (1) 100% of the insurable value of the Mortgaged
Property, and (2) the Outstanding Principal Balance of the Mortgage Loan, and (B) an amount such that the proceeds of such insurance shall be sufficient to avoid the application to the Mortgagor or loss payee of any coinsurance under the
insurance policy, but in no event less than (C) the minimum amount necessary to fully compensate for any damage or loss on a replacement cost basis. 

Higher Priced Mortgage Loan: A Mortgage Loan that is (a) a “higher priced mortgage loan” under Regulation Z, 12 C.F.R.
§ 1026.35(a)(1), as amended, or (b) “higher priced mortgage loan,” “subprime home loan,” “rate spread home loan,” or similarly defined loan under any other applicable state or local law or regulation (or a
similarly classified loan using different terminology), including but not limited to, the New York Subprime Home Loan provisions at NY Bank. Law § 6m, as amended. For avoidance of doubt, the parties agree that this definition shall apply to any
law regardless of whether such law is presently, or in the future becomes, the subject of judicial review or litigation. 
 HOEPA:
The Home Ownership and Equity Protection Act of 1994, as amended. 
 HUD: The United States Department of Housing and Urban
Development or any successor thereto. 
 Insurer: Any (1) Person who insures or guarantees all or any portion of the risk of
loss on any Mortgage Loan, including, without limitation, any provider of standard hazard insurance, flood insurance, earthquake insurance, or title insurance, or a Primary Mortgage Insurance Policy with respect to any Mortgage Loan; or
(2) Person who provides any fidelity bond, direct surety bond, letter of credit, or other credit enhancement instrument or errors and omissions policy. In no event shall any Originator be deemed an Insurer. 

  
 - 5 - 

 Interest Only Mortgage Loan: A Mortgage Loan that only requires payments of interest
for a period of time specified in the related Mortgage Note. 
 Kroll: Kroll Bond Rating Agency, Inc. or any successor thereto. 

Loan-to-Value Ratio or LTV: With respect to any
Mortgage Loan, the ratio of the original outstanding principal amount of the Mortgage Loan to either (i) the Appraised Value of the related Mortgaged Property at origination with respect to a Refinanced Mortgage Loan, or (ii) the lesser of
the Appraised Value of the related Mortgaged Property at origination or the purchase price of the related Mortgaged Property with respect to all non-Refinanced Mortgage Loans. 

Losses: Claims, losses, damages, penalties, fines, forfeitures, reasonable legal fees and related costs, judgments, and any other
costs, fees and expenses. 
 Master Servicer: With respect to any Securitization Transaction, the “master servicer,” if
any, identified in the related transaction documents. 
 Material Adverse Change: With respect to a Person, any material adverse
change in the business, condition (financial or otherwise), operations, performance, properties or prospects of such Person. 
 Material
Adverse Effect: (a) a Material Adverse Change with respect to the Seller; (b) a material impairment of the ability of the Seller to perform under this Agreement; (c) a material adverse effect upon the legality, validity, binding
effect or enforceability of this Agreement against the Seller; or (d) a material adverse effect upon the value or marketability of a material portion of the Mortgage Loans purchased hereunder. 

MERS: Mortgage Electronic Registration Systems, Inc., a corporation organized and existing under the laws of the State of Delaware, or
any successor thereto. 
 MERS Mortgage Loan: Any Mortgage Loan registered with MERS on the MERS System. 

MERS System: The system of recording transfers of mortgages electronically maintained by MERS. 

MIN: The Mortgage Identification Number for any MERS Mortgage Loan. 

MOM Loan: Any Mortgage Loan as to which MERS is acting as mortgagee, solely as nominee for the originator of such Mortgage Loan and its
successors and assigns. 
 Monthly Payment: The scheduled monthly payment on a Mortgage Loan due on any Due Date allocable to
principal and/or interest on such Mortgage Loan pursuant to the terms of the related Mortgage Note. 
 Moody’s: Moody’s
Investors Service, Inc. or its successor in interest. 

  
 - 6 - 

 Mortgage: With respect to a Mortgage Loan that is not a Co-op Loan, the mortgage, deed of trust or other instrument securing a Mortgage Note which creates a first lien on an unsubordinated estate in fee simple in real property securing the Mortgage Note; except that with
respect to real property located in jurisdictions in which the use of leasehold estates for residential properties is a widely-accepted practice, the mortgage, deed of trust or other instrument securing the Mortgage Note may secure and create a
first lien upon a leasehold estate of the Mortgagor. With respect to a Co-op Loan, the related Security Agreement. 

Mortgage File: With respect to each Mortgage Loan, the documents pertaining thereto specified in Exhibit
A-1 and any additional documents required to be added to the Mortgage File pursuant to this Agreement. 

Mortgage Interest Rate: The annual rate at which interest accrues on any Mortgage Loan in accordance with the provisions of the related
Mortgage Note. 
 Mortgage Loan: An individual mortgage loan (including any Co-op Loan) that
is the subject of this Agreement, each such mortgage loan sold and subject to this Agreement being identified on the applicable Mortgage Loan Schedule, which mortgage loan includes, without limitation, the Mortgage File, the Monthly Payments,
Principal Prepayments, liquidation proceeds, condemnation proceeds, insurance proceeds, proceeds received in connection with the disposition of real estate owned, any escrow accounts related to the mortgage loan and all other rights, benefits,
proceeds and obligations arising from or in connection with such mortgage loan (including the Servicing Rights), but excluding mortgage loans that have been replaced or repurchased pursuant to this Agreement. 

Mortgage Loan Documents: The documents contained in a Mortgage File. 

Mortgage Loan Package: As defined in the Recitals to this Agreement. 

Mortgage Loan Schedule: With respect to each Mortgage Loan Package, the schedule of Mortgage Loans attached to the related Purchase
Price and Terms Letter that includes, for each Mortgage Loan included in the Mortgage Loan Package, the data fields set forth in Exhibit B hereto. Any additional information provided by the Seller on the Mortgage Loan Schedule that is not otherwise
required in accordance with Exhibit B hereto shall be deemed a part of the Mortgage Loan Schedule notwithstanding the fact that such item is not set forth on Exhibit B. 

Mortgage Note: The note or other evidence of the indebtedness of a Mortgagor secured by a Mortgage. 

Mortgaged Property: With respect to a Mortgage Loan that is not a Co-op Loan, the underlying
real property securing repayment of a Mortgage Note, consisting of a fee simple parcel of real estate or a leasehold estate, the term of which is equal to or longer than the term of the related Mortgage Note. With respect to a Co-op Loan, the related Co-op Stock and Co-op Lease securing the indebtedness of the Mortgagor under the related Mortgage Loan. 

Mortgagor: The obligor on a Mortgage Note, who is an owner of the Mortgaged Property and the grantor or mortgagor named in the Mortgage
and such grantor’s or mortgagor’s successors in title to the Mortgaged Property. 

  
 - 7 - 

 Obligated Party: Any Originator, Seller, or Prior Owner of a Mortgage Loan. 

OCC: Office of the Comptroller of the Currency, its successors and assigns. 

Opinion of Counsel: A written opinion of counsel, who may be an employee of the party on behalf of whom the opinion is being given,
reasonably acceptable to the Purchaser. 
 Originator: With respect to any Mortgage Loan, the Person(s) (which may be the Seller, a
Prior Owner, a Qualified Correspondent or a Third Party Originator) that (1) took the Mortgagor’s loan application, (2) processed the Mortgagor’s loan application, and (3) closed and/or funded the Mortgagor’s Mortgage
Loan. 
 Outstanding Principal Balance: As to each Mortgage Loan, the unpaid principal balance of such Mortgage Loan as of any date
of determination after giving effect to payments of principal received before such date. 
 Person: Any individual, corporation,
partnership, joint venture, association, limited liability company, joint-stock company, trust, unincorporated organization or government or any agency or political subdivision thereof. 

Post-Securitization TPR: A post-securitization forensic review to audit loan information and monitor representations and warranties in
accordance with Moody’s Criteria for Evaluating Independent Third-Party Loan Level Reviews for U.S. Residential Mortgage Backed Securities (RMBS), dated as of October 5, 2009, and additions thereto, including, but not limited to, future
updates thereof. 
 Prepayment Charge: With respect to each Mortgage Loan, the additional amount required to be paid if the Mortgagor
prepays all or part of such Mortgage Loan’s Outstanding Principal Balance as provided in the related Mortgage Note or Mortgage. 
 Pre-Securitization TPR: A pre-securitization third-party loan level review to assess the characteristics and quality of the Mortgage Loans in accordance with Moody’s
Criteria for Evaluating Independent Third-Party Loan Level Reviews for U.S. Residential Mortgage Backed Securities (RMBS), dated as of October 5, 2009, and additions thereto, including, but not limited to, future updates thereof. 

Primary Mortgage Insurance Policy: Each policy of primary mortgage insurance the form and substance of which conforms with the primary
mortgage insurance policy guidelines of Fannie Mae and Freddie Mac. 
 Principal Prepayment: Any full or partial payment or other
recovery of principal on a Mortgage Loan which is received in advance of its scheduled Due Date, and which is not accompanied by an amount of interest representing scheduled interest due on any date or dates in any month or months subsequent to the
month of prepayment. 
 Prior Owner: Any Person who at any time had any interest in the Mortgage Loan, whether as mortgagee,
assignee, pledgee, any servicer, or otherwise, but excluding any Person having an interest solely as a provider of warehouse, repurchase or other financing to a Person having an interest in a Mortgage Loan. 

  
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 Privacy Laws: As defined in Section 9.09(b). 

Purchase Price: As defined in Section 2.02. 

Purchase Price and Terms Letter or PPTL: As defined in the Recitals to this Agreement which may also be a form of trade execution
notice, which may be in the form of Exhibit D. 
 Purchaser: [__], its successors in interest and assigns. 

Qualified Appraiser: With respect to each Mortgage Loan, an appraiser licensed or certified by the applicable governmental body in
which the Mortgaged Property is located, duly appointed by the Seller or Originator that performs any property valuation, who had no interest, direct or indirect in the Mortgaged Property or in any loan made on the security thereof and received no
benefit from, and such appraiser’s or such other Person’s compensation or referral of further business from the Originator and the flow of business from the Originator was not affected by the approval or disapproval of the Mortgage Loan
and the selection of such appraiser or any other Person performing any property valuation was made independently of the broker (where applicable) and the Originator’s loan sales and loan production personnel. Such appraiser satisfies the
requirements of Fannie Mae or Freddie Mac for selecting an independent appraiser (including but not limited to the Home Valuation Code of Conduct) and Title XI of FIRREA and the regulations promulgated thereunder, all as in effect on the date the
Mortgage Loan was originated. 
 Qualified Correspondent: Any Person from which the Seller purchased Mortgage Loans, provided that
the following conditions are satisfied: (i) such Mortgage Loans were originated pursuant to an agreement (x) between the Seller and such Person that contemplated that such Person would underwrite mortgage loans from time to time, for sale
to the Seller, or (y) with the prior written consent of Purchaser, which consent may be via electronic mail, between such Person and a third-party originator that contemplated that such third-party originator would underwrite or acquire
mortgage loans from time to time, for sale to such Person, in each case, in accordance with underwriting standards or guidelines that do not vary materially from the Underwriting Standards, or if not underwritten in conformance with the Underwriting
Standards, there is an exception report describing the exception in the Servicing File and compensating factors as set forth on Exhibit F which are fully documented in the related Servicing File; (ii) such Mortgage Loans were in fact
underwritten as described in clause (i) above and were acquired by the Seller within one hundred eighty (180) days after origination; and (iii) the Seller employed, at the time such Mortgage Loans were acquired by the Seller, pre-purchase or post-purchase quality assurance procedures (which may involve, among other things, review of a sample of mortgage loans purchased during a particular time period or through particular channels)
designed to ensure that Persons from which it purchased mortgage loans properly applied the Underwriting Standards or there is an exception report describing the exception in the Servicing File and compensating factors as set forth on Exhibit F
which are fully documented in the related Servicing File. 

  
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 Qualified Insurer: An Insurer duly qualified as such under the laws of the states in
which the Mortgaged Properties are located, duly authorized and licensed in such states to transact the applicable insurance business and to write the insurance provided by the insurance policy issued by it, approved as an insurer by Fannie Mae and
Freddie Mac. 
 Rating Agencies: S&P, Moody’s, Fitch, DBRS, Kroll or, in the event that some or all ownership of the
Mortgage Loans is evidenced by mortgage-backed securities, the nationally recognized rating agencies issuing ratings with respect to such securities, if any. 

Rating Agency Disclosure: As defined in Section 7.01(b)(xi). 

Reconstitution Agreement: The agreement or agreements entered into by the Seller and the Purchaser or any successor and/or certain
third parties on the Reconstitution Date or Dates with respect to any or all of the Mortgage Loans sold by Seller to Purchaser hereunder, in connection with a Whole Loan Transfer or Securitization Transaction as provided in Section 7.01. 

Reconstitution Date: The date or dates on which any or all of the Mortgage Loans sold by Seller to Purchaser under this Agreement shall
be reconstituted as part of a Whole Loan Transfer or Securitization Transaction pursuant to Section 7.01 hereof. 
 Refinanced
Mortgage Loan: A Mortgage Loan which was made to a Mortgagor who owned the Mortgaged Property prior to the origination of such Mortgage Loan and the proceeds of which were used in whole or part to satisfy an existing mortgage. 

Regulation AB: Subpart 229.1100 - Asset Backed Securities (Regulation AB), 17 C.F.R.
§§229.1100-229.1123, as such may be amended from time to time, and subject to such clarification and interpretation as have been provided by the Commission in the adopting release (Asset-Backed
Securities, Securities Act Release No. 33-8518, 70 Fed. Reg. 1,506, 1,631 (Jan. 7, 2005)) or by the staff of the Commission, or as may be provided by the Commission or its staff from time to time. 

REMIC: A “real estate mortgage investment conduit” within the meaning of Section 860D of the Code. 

Repurchase Price: With respect to any Mortgage Loan, a price equal to (i) the greater of (A) the product of the percentage of
par stated in the related Purchase Price and Terms Letter and the Outstanding Principal Balance of the related Mortgage Loan on the related repurchase date and (B) the Outstanding Principal Balance of the Mortgage Loan on the related repurchase
date, plus (ii) interest on such Outstanding Principal Balance at the related Mortgage Interest Rate from the last date through which interest was last distributed to the Purchaser (from payments from the related Mortgagor) through the day
prior to the date of repurchase, plus (iii) reasonable third party expenses incurred in connection with the transfer of the Mortgage Loan being repurchased, plus (iv) any accrued unpaid interest remitted by the Purchaser to the Seller with
respect to such Mortgage Loan on the related Closing Date, plus (v) any unreimbursed advances (including nonrecoverable advances) allocable to such Mortgage Loan paid by any party other than the Seller, less (vi) amounts received in
respect of such repurchased Mortgage Loan which are being held by the Seller on behalf of the Purchaser for distribution in the month of 

  
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repurchase. With respect to any Mortgage Loan which has been liquidated, a price equal to the greater of (i) the aggregate losses incurred by the Purchaser (including actual losses incurred
by the Purchaser including principal and other out-of-pocket expenses but not imputed losses) or (ii) the amount (if any) by which the portion of the Purchase Price
paid by the Purchaser to the Seller for such Mortgage Loan exceeded 100% of the Outstanding Principal Balance of the Mortgage Loan as of the related Closing Date. 

S&P: Standard & Poor’s, a division of the McGraw-Hill Companies, Inc., or its successor in interest. 

Section 404 Notice: A notice, in form and substance satisfactory to the Purchaser, advising the Mortgagor of the
sale of the related Mortgage Loan to the Purchaser, or its designee, in accordance with Section 404 of the Helping Families Save Their Homes Act of 2009. 

Securities Act: The Securities Act of 1933, as amended. 

Securitization Transaction: Any transaction involving either (1) a sale or other transfer of some or all of the Mortgage Loans
directly or indirectly to an issuing entity in connection with an issuance of publicly offered or privately placed, rated or unrated mortgage-backed securities or (2) an issuance of publicly offered or privately placed, rated or unrated
securities, the payments on which are determined primarily by reference to one or more portfolios of residential mortgage loans consisting, in whole or in part, of some or all of the Mortgage Loans. 

Security Agreement: With respect to a Co-op Loan, the agreement or mortgage creating a security
interest in favor of the originator of the Co-op Loan in the related Co-op Stock. 

Seller Information: As defined in Section 8.04(a). 

Servicing Advances: All customary, reasonable and necessary
“out-of-pocket” costs and expenses incurred after the applicable Cut-off Date by the servicer in the performance of its
servicing obligations hereunder, including, but not limited to, (a) the cost of preservation, inspection, restoration, protection and repair of a Mortgaged Property or real estate owned property, including without limitation advances in respect
of prior liens, insurance, real estate taxes and assessments, (b) the cost of any collection, enforcement or judicial proceedings, including without limitation foreclosures, collections and liquidations, (c) the cost of the conservation,
management, valuation, sale and liquidation of any real estate owned property, (d) the cost of obtaining any legal documentation required to be included in the Servicing File and/or correcting any outstanding title issues (i.e., any lien or
encumbrance on the Mortgaged Property that prevents the effective enforcement of the intended lien position or any lien on an real estate owned property that prevents the timely liquidation thereof) reasonably necessary for the servicer to perform
its obligations under this Agreement, (e) the cost of executing and recording instruments of satisfaction, deeds of reconveyance or Assignments of Mortgage to the extent not recovered from the related Mortgagor, (f) expenses of complying
with loss mitigation programs and (g) fees and expenses incurred in connection with sales, refinancings or short refinancings of Mortgage Loans. 

  
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 Servicing Fee: With respect to each Mortgage Loan, and as further set forth in each
servicing or subservicing agreement between the Seller and Purchaser, the Servicing Fee set forth for each Mortgage Loan on the related servicing fee schedule attached as an exhibit to the related servicing agreement or subservicing agreement
between the Purchaser and the Seller. Such fee shall be payable monthly. For any partial month, the Servicing Fee for such month shall be prorated at a per diem rate based upon a 30-day month. 

Servicing File: With respect to each Mortgage Loan, the documents pertaining thereto specified in Exhibit A-2 (which may be in imaged form) and copies of all documents for such Mortgage Loan specified in Exhibit A-1. 

Servicing Rights: With respect to each Mortgage Loan, any and all of the following: (a) all rights to service the Mortgage Loan;
(b) all rights to receive servicing fees, additional servicing compensation (including without limitation any late fees, assumption fees, penalties or similar payments and income on escrow accounts or other receipts), reimbursements or
indemnification for servicing the Mortgage Loan, and any payments received in respect of the foregoing and proceeds thereof; (c) the right to collect, hold and disburse Escrow Payments or other similar payments and any amounts actually
collected with respect thereto and to receive interest income on such amounts to the extent permitted by Applicable Law; (d) all accounts and other rights to payment related to any of the property described in this paragraph;
(e) possession and use of any and all Servicing Files or pertaining to the past, present or prospective servicing of the Mortgage Loans; (f) all rights, powers and privileges incident to any of the foregoing; and (g) all agreements or
documents creating, defining or evidencing any of the foregoing rights to the extent they relate to such rights. 
 Servicing Transfer
Date: With respect to each sale and purchase of Mortgage Loans as contemplated hereunder, and in the event the Purchaser shall also instruct the Seller to transfer the servicing of any Mortgage Loan as permitted under this Agreement, the
servicing transfer date as set forth in the applicable PPTL. 
 Static Pool Information: Static pool information as described in Item
1105(a)(1)-(3) and 1105(c) of Regulation AB. 
 Third-Party Originator: Each Person, other than a Qualified Correspondent, that
originated Mortgage Loans acquired by the Seller. 
 Underwriting Standards: As to each Mortgage Loan, the Purchaser’s
Underwriting Standards applicable to the origination of the Mortgage Loans that are designated in each applicable PPTL. The Underwriting Standards may be amended from time to time by the Purchaser upon thirty (30) days’ notice to, and
approval of, the Seller and any such amendments shall be incorporated into each applicable PPTL; references to the Underwriting Standards with respect to any Mortgage Loan shall mean the Underwriting Standards as in effect at the time of the
interest rate commitment related to the origination of each applicable Mortgage Loan. For the avoidance of doubt, Seller shall originate each Mortgage Loan pursuant to the terms of the then most recent Underwriting Standards in effect at the time of
the related interest rate commitment for each applicable Mortgage Loan. Notwithstanding anything contained herein to the contrary, with respect to any nonmaterial changes to the Underwriting Standards, the Underwriting Standards may be amended from
time to time upon thirty (30) days’ notice to the Seller. 
 Whole Loan Transfer: As defined in Section 7.01(a)(i).

  
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 ARTICLE II 

RECORD TITLE AND POSSESSION OF MORTGAGE FILES; BOOKS AND RECORDS; CUSTODIAL AGREEMENT; DELIVERY OF MORTGAGE LOAN DOCUMENTS 

Section 2.01 Agreement to Purchase 

The Seller agrees to sell and the Purchaser agrees to purchase on each Closing Date pursuant to this Agreement and the related Purchase Price
and Terms Letter, the Mortgage Loans being sold by the Seller and listed on the Mortgage Loan Schedule, including the Servicing Rights associated therewith, having an aggregate Outstanding Principal Balance in an amount as set forth in the related
Purchase Price and Terms Letter, or in such other amount as agreed by the Purchaser and the Seller as evidenced by the actual aggregate Outstanding Principal Balance of the Mortgage Loans accepted by the Purchaser on such Closing Date. The Seller
shall deliver in an electronic format the Mortgage Loan Schedule for the Mortgage Loans to be purchased on such Closing Date to the Purchaser at least five (5) Business Days prior to such Closing Date. 

As of each Closing Date, the Seller will have sold, transferred, assigned, set over and conveyed to the Purchaser, without recourse, and the
Seller hereby acknowledges that, upon receipt of the Purchase Price, the Purchaser will have, all the right, title and interest of the Seller in and to the Mortgage Loans. 

Section 2.02 Purchase Price 

The Purchase Price for the Mortgage Loans in a Mortgage Loan Package shall be equal to the sum of 

 

	(a)	 the percentage of par as stated in the related Purchase Price and Terms Letter (subject to adjustment as
provided therein), multiplied by the aggregate Outstanding Principal Balance of the Mortgage Loans listed on the related Mortgage Loan Schedule as of the related Cut-off Date, plus 

 

	(b)	 accrued interest on such aggregate Outstanding Principal Balance of the Mortgage Loans at the weighted average
Mortgage Interest Rate of such Mortgage Loans from the last paid-through date to but not including such Closing Date (the “Purchase Price”). 

If so provided in the Purchase Price and Terms Letter, portions of the Mortgage Loans may be priced separately. The Purchaser and the Seller
acknowledge and agree that the Purchase Price paid for each Mortgage Loan includes a premium allocable to the portion of such Mortgage Loan that constitutes the related Servicing Rights, and the Purchaser shall own the Servicing Rights relating to
each Mortgage Loan sold to the Purchaser on each Closing Date. 
 The Purchase Price set forth in the Purchase Price and Terms Letter for
the Mortgage Loans in a Mortgage Loan Package shall be paid on the related Closing Date by wire transfer of immediately available funds. 

  
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 With respect to each Mortgage Loan, the Purchaser shall, upon payment of the Purchase Price,
own and be entitled to 
 (i) the principal portion of all Monthly Payments collected on or after the Cut-off Date, 
 (ii) all other recoveries of principal collected on or after the Cut-off Date, and 
 (iii) all payments of interest on the Mortgage Loans received on or
after the Cut-off Date. 
 The Outstanding Principal Balance of each Mortgage Loan as of the Cut-off Date is determined after application of payments of the principal portion of Monthly Payments received prior to the Cut-off Date, together with any unscheduled
Principal Prepayments collected prior to the Cut-off Date. 
 The Purchaser shall have no obligation
to remit to the Seller any amounts of unreimbursed Servicing Advances, it being understood that the Seller shall be solely responsible for any such amounts. 

Section 2.03 Servicing of Mortgage Loans 

On each Closing Date, the Mortgage Loans in the related Mortgage Loan Package will be sold by the Seller to the Purchaser on a servicing
released basis. 
  

	(a)	 The Seller shall service the Mortgage Loans until a Servicing Transfer Date designated by the Purchaser in
strict compliance with (i) any applicable servicing agreement or subservicing agreement between the Purchaser and the Seller or (ii) such other servicing agreement or subservicing agreement as set forth in the related Purchase Price and
Terms Letter. 

  

	(b)	 For the avoidance of doubt, the Purchaser owns the Servicing Rights relating to each Mortgage Loan sold to the
Purchaser on each Closing Date. 

  

	(c)	 In the event the Purchaser shall instruct Seller to transfer the servicing of any Mortgage Loan as permitted
under this Agreement, the Seller shall transfer any such Mortgage Loan by an electronic data processing method to such Person as the Purchaser may designate (the “Successor Servicer”) on the applicable Servicing Transfer Date. The
Seller shall cooperate with the Successor Servicer in connection with the transfer of servicing of the Mortgage Loans to the Successor Servicer and make all commercially reasonable efforts to consummate the transfer of servicing of the Mortgage
Loans by the Servicing Transfer Date, including but not limited to the following: 

 (i) Servicing
Transfer Notices. At least fifteen (15) days prior to the related Servicing Transfer Date, Seller shall prepare and send via U.S. mail a servicing transfer notice (good bye letter) to each Mortgagor that advises such Mortgagor of the
transfer to the Successor Servicer of the servicing for the related Mortgage Loan. Seller shall provide the Successor Servicer with a copy of its form of such servicing transfer notice being sent to the Mortgagors. 

  
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 Within fifteen (15) days of the Servicing Transfer Date, Seller also
shall provide notice for any applicable private mortgage insurance policies that may be in force for any Mortgage Loan and any related property hazard insurer for each Mortgaged Property that a change in mortgagee for each Mortgage Loan has occurred
as of the related Closing Date to Purchaser and that the loan servicing has been transferred to the Successor Servicer; provided, however, that with respect to any forced placed insurance and any other insurance coverage paid by the Seller or the
lender relating to the Mortgage Loans (collectively, the “Terminated Insurance Contracts”), as of the Servicing Transfer Date Seller shall cancel and terminate all of the Terminated Insurance Contracts relating to the Mortgage Loans
without any obligation to transfer or provide notice regarding such Terminated Insurance Contracts to or for the benefit of Purchaser; provided, however, that the Seller shall not cancel or terminate any force-placed insurance contracts as to which
there are any outstanding claims against such policy and the Seller shall transfer such claims to the Successor Servicer. 

(ii) Loan Servicing Data and Servicing Files. On the third (3rd) Business Day following the Servicing Transfer Date,
Seller shall (i) prepare in computer or digital format the relevant information for the loan data fields for each Mortgage Loan (the “Loan Servicing Data”) that sets forth all of Seller’s servicing information for each
Mortgage Loan as of the Servicing Transfer Date, (ii) upload such information in a secure electronic data room and (iii) grant the Successor Servicer access to such electronic data room. An example of such Loan Servicing Data shall be
furnished by Seller to Purchaser on the third Business Day following the Closing Date. Seller shall not have any responsibility for the conversion of the Loan Servicing Data into a different file format or the addition or modification of any data
fields. Seller shall deliver such Loan Servicing Data to the Successor Servicer via overnight courier on the third (3rd) Business Day following the Servicing Transfer Date. Upon the request of Successor Servicer via email, Seller shall make
reasonable efforts to send the information on such Loan Servicing Data via an electronic transmission, including either email or modem. If Seller has not already shipped the loan servicing files for each Mortgage Loan, then on the third (3rd)
Business Day following the related Servicing Transfer Date, Seller shall ship to the Successor Servicer a complete original of the loan servicing file for each Mortgage Loan, so that such files are received no later than three (3) Business Days
after such Servicing Transfer Date. 
 (iii) Receipt of Loan Payments. From the related
Cut-off Date until the related Servicing Transfer Date, all payments received by Seller on the Mortgage Loans shall be properly applied by Seller to the account of the related Mortgagor and remitted to the
Purchaser via wire transfer of immediately available funds on the tenth (10th) Business Day of each month following the related Closing Date. 

  
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 On the fifth (5th)
Business Day following the Servicing Transfer Date, Seller shall remit to the Successor Servicer any amounts not previously remitted to the Purchaser and then being held by it in the collection account attributable to collections received from the
Mortgage Loans after the Cut-off Date and prior to the Servicing Transfer Date and the escrow accounts attributable to Escrow Payments received from the Mortgage Loans after the
Cut-off Date and prior to the Servicing Transfer Date, which amounts shall be reduced by and be net of the Servicing Fees payable to Seller; provided that, notwithstanding the foregoing and if not otherwise
set forth in any applicable servicing agreement or subservicing agreement, Purchaser shall reimburse Seller for any Servicing Advances incurred from the related Closing Date until the related Servicing Transfer Date within ten (10) Business
Days of receipt of the documentation related to such Servicing Advances; provided further, that such documentation relates to Servicing Advances made by Seller during such period. With respect to each such remittance to Purchaser, Seller also shall
prepare and deliver a schedule to Purchaser, at the email address as provided by Purchaser from time to time, that includes information on each such payment received by Seller on such Mortgage Loans for such period and the manner in which each such
payment was applied to the account of the related Mortgagor. 
 Following the related Servicing Transfer Date, Seller shall
not process and apply payments, but rather shall endorse and forward to the Successor Servicer any payments received by Seller on such Mortgage Loans on a weekly basis following Seller’s receipt of such payments. On a weekly basis, Seller shall
deliver such payments to the Successor Servicer via overnight courier for a period of thirty (30) days following the Servicing Transfer Date and thereafter via U.S. mail, first class delivery. 

(iv) Deliveries to Purchaser and Bank Wire Instructions. In connection with the transfer of servicing, Seller shall make
all physical deliveries of the Loan Servicing Data, the loan servicing files, any loan payments after the Servicing Transfer Date and any other documentation relating to the servicing transfer to the Successor Servicer at address identified by the
Purchaser with respect to such Servicing Transfer Date. 
 Any amounts to be remitted to the Successor Servicer on behalf of
Purchaser shall be made by wire transfer to an account designated by the Successor Servicer or Purchaser. 
 Section 2.04 Record
Title and Possession of Mortgage Files; Maintenance of Servicing Files 
 In accordance with Section 2.07, the Seller shall deliver
at its own expense, the complete Mortgage Files for the related Mortgage Loans to Purchaser or its designee. From each Closing Date, the ownership of each related Mortgage Loan, including the Mortgage Note, the Mortgage, the contents of the related
Mortgage File and all rights, benefits, proceeds and obligations arising therefrom or in connection therewith, has been vested in the Purchaser. All rights arising out of the Mortgage Loans including, but not limited to, all funds received on or in
connection with the Mortgage Loans (subject to Section 2.02 above) and all records or documents with respect to the Mortgage Loans prepared by or which come into the possession of the Seller shall be received and held by the Seller in trust for
the benefit of the Purchaser as the owner of the Mortgage Loans. Any portion of the Mortgage Files retained by the Seller shall be appropriately identified in the Seller’s computer system to clearly reflect the ownership of the Mortgage Loans
by the Purchaser. 

  
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 In addition, in connection with the assignment of any MERS Mortgage Loan, within thirty
(30) days after the Closing Date with respect to such Mortgage Loan, Seller, at its own expense, shall cause the MERS System to clearly indicate that such Mortgage Loan has been assigned by Seller to Purchaser in accordance with this Agreement
by providing any information required by the MERS System to identify Purchaser as the beneficial owner of such Mortgage Loans. Seller shall maintain in good standing its membership in MERS and comply with all rules, policies and procedures of MERS
including, without limitation, the MERS rules of membership, as amended, and the MERS procedures manual, as amended. Seller shall not alter the information referenced in this paragraph with respect to any Mortgage Loan during the term of this
Agreement without Purchaser’s prior approval unless and until such Mortgage Loan is repurchased, assigned or otherwise transferred in accordance with the terms of this Agreement. Seller shall cooperate with Purchaser to the extent necessary to
ensure that any transfer of ownership or servicing is appropriately reflected on the MERS System. 
 Section 2.05 Books and Records

 The sale of each Mortgage Loan will be reflected on the Seller’s balance sheet and other financial statements as a sale of assets
by the Seller. The Seller shall maintain a complete set of books and records for the Mortgage Loans sold by it which shall be appropriately identified in the Seller’s computer system to clearly reflect the ownership of the Mortgage Loans by the
Purchaser. The Seller shall, at the Purchaser’s expense, deliver to the Purchaser copies of its books and records reasonably requested by the Purchaser. To the extent that original documents are not required for purposes of realization of
liquidation proceeds or insurance proceeds, documents maintained by the Seller may be in the form of microfilm or microfiche or such other reliable means of recreating original documents, including but not limited to, optical imagery techniques so
long as the Seller complies with the requirements of the Fannie Mae Guides. 
 In addition to the foregoing, the Seller shall provide to any
supervisory agents or examiners that regulate the Purchaser, access, during normal business hours, upon reasonable advance notice to the Seller and without charge to the Seller or such supervisory agents or examiners, to any documentation regarding
the Mortgage Loans that may be reasonably required by any applicable regulator. 
 Section 2.06 Transfer of Mortgage Loans 

The Seller shall keep at its office books and records in which, subject to such reasonable regulations as it may prescribe, the Seller shall
note transfers of Mortgage Loans. Upon receipt of notice of the transfer, the Seller shall mark its books and records to reflect the ownership of the Mortgage Loans by such assignee, and the Purchaser shall be released from its obligations hereunder
arising after such transfer with respect to the Mortgage Loans sold or transferred. 

  
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 Section 2.07 Delivery of Mortgage Loan Documents 

Seller shall deliver and release to Purchaser or its designee the Mortgage Loan Documents no later than five (5) Business Days prior to
the Closing Date pursuant to a bailee letter agreement substantially in the form of Exhibit C attached hereto to be entered into by and among Seller, Purchaser and Purchaser’s document custodian. Notwithstanding the foregoing, if Seller cannot
deliver on the Closing Date the original title policy with respect to a Mortgage Loan, Seller shall, promptly upon receipt thereof and in any case no later than one hundred and twenty (120) days from the date of origination of such Mortgage
Loan, deliver such policy to Purchaser or its designee. Further, if Seller cannot, within the timeframe above, deliver any other Mortgage Loan Documents which are required to be recorded and have been properly submitted for recording solely because
the appropriate recording office has not returned such documents, Seller shall have until one hundred eighty (180) days from the date of origination of the related Mortgage Loan to deliver such original, recorded Mortgage Loan documents to
Purchaser or its designee. Seller shall use its best efforts to effect delivery of all recorded documents within time frames set forth herein. Additionally, Seller shall pay all initial recording fees and any other fees in connection with the
transfer of the Mortgage Loan Documents to Purchaser or its designee. 
 If the Seller fails to deliver any Mortgage Loan Document with
respect to a Mortgage Loan within the timeframes specified in this Section 2.07, Purchaser may, at its option, either (x) require Seller to repurchase such Mortgage Loan at the Repurchase Price and in the manner set forth in
Section 3.03 (any cure period set forth therein shall be deemed to have expired) or (y) undertake to procure such document and Seller shall reimburse Purchaser within ten (10) Business Days of receiving Purchaser’s written demand
therefor, for any reasonable out-of-pocket costs, fees and expenses incurred by Purchaser, or its designee, in connection with such procurement. 

Any review by the Purchaser or its designee of the Mortgage Files shall in no way alter or reduce the Seller’s obligations hereunder.

 Subject to the provisions related to the delivery of recorded documents set forth above, if the Purchaser or its designee discovers any
material defect with respect to any document constituting part of a Mortgage File, the Purchaser shall, or shall cause its designee to, give written specification of such defect to the Seller and the Seller shall cure or repurchase such Mortgage
Loan in accordance with Section 3.03. 
 Section 2.08 Quality Control Procedures 

The Seller must have internal quality control procedures that verify, on a regular basis, the existence and accuracy of the legal documents,
credit documents, property appraisals, underwriting decisions, and regulatory compliance. The program must be capable of evaluating and monitoring the overall quality and regulatory compliance of its loan production and servicing activities. The
program must be designed to (a) ensure that the Mortgage Loans are originated and serviced in accordance with prudent mortgage banking practices and Applicable Law and (b) detect and prevent dishonest, fraudulent, or negligent acts, errors
and omissions by officers, employees, or other authorized persons. 

  
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 Section 2.09 Examination of Mortgage Loan Eligibility 

The Seller understands that the Purchaser agrees, subject to the terms and provisions of this Agreement, to purchase only mortgage loans that
conform with any terms set forth in the related Purchase Price and Terms Letter and that the Mortgage Loans have been underwritten at origination (or re-underwritten) in accordance with the Underwriting
Standards, and if not in conformance with the Underwriting Standards, there is an exception report describing the exception in the Servicing File and compensating factors (i) as set forth on Exhibit F which are fully documented in the related
Servicing File, or (ii) as set forth in an exhibit to the related PPTL which accurately describes the exception and the related compensating factors; provided that any deviation to such guidelines is based on compensating factors which
are disclosed to and, following the closing of the Mortgage Loan by Seller, accepted by the Purchaser prior to such purchase; provided further, that no exceptions to the Underwriting Standards shall be permitted with respect to the LTV requirements
set forth in the Underwriting Standards that would result in the LTV exceeding the maximum LTV permitted under Purchaser’s eligibility criteria for such program. For purposes of this Agreement, the Purchaser shall act in a commercially
reasonable manner in determining if the compensating factors with respect to any exception related to a Mortgage Loan are acceptable. 

Prior to the related Closing Date but following the origination of any Mortgage Loan, the Seller shall have provided the Purchaser with
appraisal documentation (the “Appraisal Package”) to enable the Purchaser (or its due diligence vendor) to perform a satisfactory valuation review of the related Mortgaged Property in accordance with the Underwriting Standards. The Seller
agrees that the Purchaser shall be under no obligation to purchase any Mortgage Loan if the Purchaser has not been provided with such Appraisal Package, completed such review prior to the related Closing Date of the Mortgage Loan and is in agreement
with the valuation. 
 Upon reasonable request from the Purchaser no later than four (4) Business Days prior to the related Closing
Date but following the related origination date, the Seller shall deliver to the Purchaser or its designee in escrow, for examination with respect to each Mortgage Loan to be purchased, all credit and servicing files (including, without limitation,
any related Mortgagor’s payment history (at least 12 months, if applicable)), pertaining to each Mortgage Loan. The Purchaser may appoint at Purchaser’s sole cost and expense a third party diligence firm to perform a due diligence review
of the Mortgage Loans proposed to be sold to determine the compliance of the Mortgage Loans with the Underwriting Standards, the loan level representations and warranties set forth herein and Purchaser’s eligibility criteria. The Seller shall
deliver or make available all required documentation with respect to the origination and/or servicing of each Mortgage Loan in the manner described herein. The Seller will also make available a current credit score of each Mortgagor provided by Fair
Isaac Corporation or such other organization acceptable to the Purchaser. Such examination may be made by the Purchaser or its designee at any reasonable time before or after the related Closing Date. If the Purchaser makes such examination prior to
the related Closing Date and determines, in its sole discretion, that any Mortgage Loans are unacceptable to the Purchaser due to a failure to conform to the Underwriting Standards, the loan level representations and warranties set forth herein and
Purchaser’s eligibility criteria, such Mortgage Loans shall be deleted from the related Mortgage Loan Schedule and the Purchaser shall have no obligation to purchase such deleted Mortgage Loans. The Purchaser may, at its option and without
notice to the Seller, purchase some or all of the Mortgage Loans without conducting any partial or complete examination. The fact that the Purchaser or its designee (including any due diligence vendor) has conducted or has failed to conduct any
partial or complete examination of the Mortgage Files shall not affect the Purchaser’s (or any of its successor’s) rights to demand repurchase or other relief or remedy provided for herein. 

  
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 Section 2.10 Closings 

Each closing for the purchase and sale of the Mortgage Loans shall take place on a Closing Date. The closing shall be either: by telephone,
confirmed by letter, email or wire as the parties shall agree, or conducted in person, at such place as the parties shall agree. 
 The
closing for the Mortgage Loans to be purchased on a Closing Date shall be subject to each of the following conditions: 
  

	(a)	 at least five (5) Business Days prior to the Closing Date, the Seller shall deliver to the Purchaser a CD,
or transmit by e-mail, a listing on a loan-level basis of the information contained in the Mortgage Loan Schedule; 

  

	(b)	 all of the representations and warranties of the Seller under this Agreement shall be materially true and
correct as of the Closing Date or, with respect to representations and warranties made as of a date other than the Closing Date, as of such date, and no event shall have occurred which, with notice or the passage of time, would constitute a material
default under this Agreement; 

  

	(c)	 the Purchaser shall have received, or the Purchaser’s attorneys shall have received in escrow, all closing
documents (subject to Section 2.07), in such forms as are agreed upon and acceptable to the Purchaser, duly executed by all signatories other than the Purchaser as required pursuant to the terms hereof; 

 

	(d)	 the Seller shall have delivered and released to the Purchaser (or its designee) on or prior to the Closing Date
all documents required pursuant to the terms of this Agreement; and 

  

	(e)	 all other terms and conditions of this Agreement and the Purchase Price and Terms Letters shall have been
materially complied with. 

 Subject to the foregoing conditions, the Purchaser shall pay to the Seller on the Closing
Date, the Purchase Price pursuant to Section 2.02 of this Agreement, by wire transfer of immediately available funds to the account designated by the Seller. 

  
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 ARTICLE III 

REPRESENTATIONS AND WARRANTIES OF THE SELLER; REPURCHASE; REVIEW OF MORTGAGE LOANS 

Section 3.01 Representations, Warranties and Covenants of the Seller 

Seller represents, warrants and covenants to the Purchaser that as of each Closing Date or as of such date specifically provided herein: 

 

	(a)	 The Seller is duly organized, validly existing and in good standing under the laws of the jurisdiction of its
formation and has all licenses necessary to carry out its business as now being conducted, and is licensed and qualified to transact business in and is in good standing under the laws of each state in which any Mortgaged Property is located to the
extent necessary to ensure the enforceability of each Mortgage Loan and the servicing of each Mortgage Loan in accordance with this Agreement and Applicable Law, or is otherwise exempt under Applicable Law from such licensing or qualification or is
otherwise not required under Applicable Law to effect such licensing or qualification and no demand for such licensing or qualification has been made upon the Seller by any such state; 

 

	(b)	 The Seller has the full power and authority and legal right to hold, transfer and convey each Mortgage Loan, to
sell each Mortgage Loan and to execute, deliver and perform, and to enter into and consummate all transactions contemplated by this Agreement and the related Purchase Price and Terms Letter and to conduct its business as presently conducted; the
Seller has duly authorized the execution, delivery and performance of this Agreement and any agreements contemplated hereby, has duly executed and delivered this Agreement and the related Purchase Price and Terms Letter, and any agreements
contemplated hereby, and this Agreement and the related Purchase Price and Terms Letter and each Assignment of Mortgage to the Purchaser and any agreements contemplated hereby, constitute the legal, valid and binding obligations of the Seller,
enforceable against it in accordance with their respective terms, except as such enforceability may be limited by bankruptcy, insolvency, moratorium, reorganization and similar laws, and by equitable principles affecting the enforceability of the
rights of creditors; and all requisite corporate action has been taken by the Seller to make this Agreement, the related Purchase Price and Terms Letter and all agreements contemplated hereby valid and binding upon the Seller in accordance with
their terms. 

  

	(c)	 Neither the execution and delivery of this Agreement, the related Purchase Price and Terms Letter, the sale of
the Mortgage Loans to the Purchaser, the consummation of the transactions contemplated hereby, nor the fulfillment of or compliance with the terms and conditions of this Agreement and the related Purchase Price and Terms Letter will conflict with
any of the terms, conditions or provisions of the Seller’s formation documents or materially conflict with or result in a material breach of any of the terms, conditions or provisions of any legal restriction or any agreement or instrument to
which the Seller is now a party or by which it is bound, or constitute a default or result in an acceleration under any of the foregoing, or result in the violation of any Applicable Law to which the Seller or its property is subject.

  

	(d)	 There is no litigation, suit, proceeding or investigation pending or, to the best of the Seller’s
knowledge, threatened, or any order or decree outstanding against the Seller, which is reasonably likely to have a material adverse effect on the sale of the Mortgage Loans, the execution, delivery, performance or enforceability of this Agreement or
the related Purchase Price and Terms Letter, or which is reasonably likely to have a material adverse effect on the business, operations or financial condition of the Seller or its ability to perform under the terms of this Agreement.

  

	(e)	 No consent, approval, authorization or order of any court or governmental agency or body is required for the
execution, delivery and performance by the Seller of or compliance by the Seller with this Agreement and the related Purchase Price and Terms Letter, except for consents, approvals, authorizations and orders which have been obtained.

  
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	(f)	 The consummation of the transactions contemplated by this Agreement and the related Purchase Price and Terms
Letter are in the ordinary course of business of the Seller, and the transfer, assignment and conveyance of the Mortgage Notes and the Mortgages by the Seller pursuant to this Agreement and the related Purchase Price and Terms Letter are not subject
to bulk transfer or any similar statutory provisions in effect in any applicable jurisdiction. 

  

	(g)	 The Seller will treat the sale of the Mortgage Loans to the Purchaser as a sale for reporting and accounting
purposes and, to the extent appropriate, for federal income tax purposes. 

  

	(h)	 The Seller is an approved seller/servicer of residential mortgage loans for Fannie Mae and/or Freddie Mac and
is a mortgagee approved by the Secretary of Housing and Urban Development pursuant to Section 203 of the National Housing Act, with facilities, procedures and experienced personnel necessary for the origination, acquisition and/or servicing of
mortgage loans of the same type as the Mortgage Loans. No event has occurred which would make the Seller unable to comply with eligibility requirements or which would require notification to either Fannie Mae or Freddie Mac (except for such loan
level notices as are customary for the servicing of loans, such as compensatory fee communications, which do not present a significant risk of compromising the Seller’s approval with Fannie Mae or Freddie Mac). 

 

	(i)	 The Seller does not believe, nor does it have any cause or reason to believe, that it cannot perform in all
material respects each and every covenant contained in this Agreement and the related Purchase Price and Terms Letter. The Seller is solvent and the sale of the Mortgage Loans will not cause the Seller to become insolvent. The sale of the Mortgage
Loans is not undertaken with the intent to hinder, delay or defraud any of the Seller’s creditors. 

  

	(j)	 No written statement, tape, electronic data/information, form, report or other document prepared by, or on
behalf of, the Seller as required under this Agreement, the related Purchase Price and Terms Letter or in connection with the transactions contemplated hereby, contains or will contain any statement that is or will be inaccurate or misleading in any
material respect or omits or will omit to state a fact necessary to make the statements contained therein not misleading in all material respects. 

  

	(k)	 All financial statements provided by the Seller fairly present the pertinent results of operations and changes
in financial position for each of such periods and the financial position at the end of each such period of the Seller and its subsidiaries and have been prepared in accordance with GAAP consistently applied throughout the periods involved, except
as set forth in the notes thereto. Seller meets all net worth requirements imposed by Applicable Law, and Seller’s financial statements support such finding. There has been no change in the business, operations, financial condition, properties
or assets of the Seller since the date of the Seller’s most recent financial statements that would have a material adverse effect on its ability to perform its obligations under this Agreement or the related Purchase Price and Terms Letter.

  
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	(l)	 The Seller has not dealt with any broker, investment banker, agent or other person that may be entitled to any
commission or compensation in connection with the sale of the Mortgage Loans. 

  

	(m)	 The Seller is a member of MERS in good standing, and will comply in all material respects with the rules and
procedures of MERS in connection with the servicing of the MERS Mortgage Loans for as long as such Mortgage Loans are registered with MERS. 

  

	(n)	 The Seller and each other Obligated Party and any servicer is (or, during the period in which it held and
disposed of an interest in any Mortgage Loan or engaged in any activity with respect to any Mortgage Loan, was) duly licensed or approved and validly authorized under Applicable Law to originate, own, service, hold interest in, or engage in
activities with respect to such Mortgage Loan, or was exempt from such licensing or approval requirements and (ii) all other parties that have had any interest in any Mortgage Loan, whether as mortgagee, assignee, pledgee or otherwise, are (or,
during the period in which they held and disposed of such interest, were) in compliance with any and all applicable licensing requirements of the laws of the state wherein the related Mortgaged Property is located. 

 

	(o)	 The Seller is not in default under any agreement, contract, instrument or indenture, including but not limited
to any loan agreement or other financing agreement, to which the Seller is a party or by which it (or any of its assets) is bound, which default would have a Material Adverse Effect, nor has any event occurred which, with the giving of notice, the
lapse of time or both, would constitute a default under any such agreement, contract, instrument or indenture, including but not limited to any loan agreement or other financing agreement, and have a Material Adverse Effect. 

 

	(p)	 With respect to the sale of each Mortgage Loan that is not a Business Purpose Mortgage Loan in any Mortgage
Loan Package by the Seller to the Purchaser, the Seller (at its expense) shall deliver the Section 404 Notice to each related Mortgagor on behalf of the Purchaser within thirty (30) days after the date on which (i) such Mortgage Loan
Package is sold to Purchaser and (ii) the Purchaser sells or assigns a Mortgage Loan in the related Mortgage Loan Package. The Seller shall provide the Purchaser with copies of all such related notices within thirty (30) days following the
related Closing Date. 

 Section 3.02 (A) Representations and Warranties as to Individual Mortgage Loans that are
not Business Purpose Mortgage Loans. 
 Seller hereby represents and warrants to Purchaser, as to each Mortgage Loan that are not
Business Purpose Mortgage Loans, as of the applicable Closing Date, or such other date as is specified below, as follows: 

  
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	 	(a)	 Property Valuation: 

(i) Each Mortgage Loan contains a written appraisal prepared by a Qualified Appraiser and the Appraised Value of the Mortgaged
Property was determined in accordance with the Underwriting Standards. Each appraisal was written, in form and substance, to (A) customary Fannie Mae standards for Mortgage Loans of the same type as such Mortgage Loans, (B) FIRREA and the
regulations promulgated thereunder, (C) the Interagency Appraisal and Evaluation Guidelines (75 Federal Register 77450) implemented by the federal banking agencies, as amended and (D) USPAP standards, and satisfies applicable legal and
regulatory requirements. Each appraisal was made and signed prior to the final approval of the Mortgage Loan application. Each appraisal was determined and written in accordance with current industry practices and satisfies all applicable legal and
regulatory requirements, including but not limited to: (A) the valuation independence standards required by truth-in-lending laws, (B) the disclosure and
timing requirements for appraisals and other written valuations required by the equal credit opportunity act as the same may be amended from time to time (or any successor statute or regulation), and (C) the substantive requirements required by
truth-in-lending laws for each Higher Priced Mortgage Loan. A copy of all Appraisals and other written valuation materials developed in connection with each Mortgage
Loan was delivered to the Mortgagor in compliance with the timing requirements of the Equal Credit Opportunity Act, 15 U.S.C. §§ 1691 et seq., as amended, and Regulation B, 12 C.F.R. §§ 1002.1. et seq. its implementing
regulation, as amended. 
 (ii) The person performing any property valuation (including an appraiser) received no benefit
from, and such person’s compensation or flow of business from the Mortgage Loan originator was not affected by, the approval or disapproval of the Mortgage Loan. The selection of the person performing the property valuation was made
independently of the broker (where applicable) and the originator’s loan sales and loan production personnel. The selection of the appraiser met Fannie Mae’s criteria for selecting an independent appraiser. 

(b) Income/Employment Assets: With respect to each Mortgage Loan, the Originator verified the related Mortgagor’s income,
employment and/or assets in accordance with the “ability to repay” standards as set forth in Section 129C(a) of the federal truth-in-lending act, 15
U.S.C. § 1639c(a), as further described in Regulation Z, 12 C.F.R Part 1026.43(c), as may be amended from time to time (or any successor statute or regulation), as modified by the restrictions contained in the Underwriting Standards, and
employed procedures designed to reasonably authenticate the documentation supporting such income, employment and/or assets. With respect to each such Mortgage Loan, in order to test the reasonableness of the income and/or cash flow, the Originator
used (i) in connection with the Mortgage Loans other than the Bank Statement Loans, transcripts received from the IRS pursuant to a filing of IRS Form 4506-T (when applicable and to the extent specified
in the Mortgage Loan Schedule) or (ii) other reasonably reliable third party records acceptable to Purchaser including, with respect to Bank Statement Loans, the applicable number of months of the borrower’s bank statements as required by
the Underwriting Standards. The Originator reviewed other attributes of the Mortgagor, which may include but are not limited to, assets, disposable income, reserves and credit history, and reasonably determined that such attributes supported the
income or cash flow used to approve the loan. 

  
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 (c) Occupancy: If applicable as of the related origination date, the applicable
Mortgaged Property was lawfully occupied under Applicable Law, and such occupancy was verified in accordance with the Underwriting Standards. The originator has given due consideration to factors, including but not limited to, other real estate
owned by the Mortgagor, commuting distance to work, appraiser comments and notes, the location of the property and any difference between the mailing address active in the servicing system and the subject property address to evaluate whether the
occupancy status of the Mortgaged Property as represented by the Mortgagor is reasonable. 
 (d) Source of Loan Payments: No loan
payment has been escrowed as part of the loan proceeds on behalf of the Mortgagor. No payments due and payable under the terms of the Mortgage Note and Mortgage or deed of trust, except for seller or builder concessions or temporary buydown funds or
amounts paid or escrowed for payment by the Mortgagor’s employer, have been paid by any person who was involved in, or benefited from, the sale or purchase of the Mortgaged Property or the origination, refinancing, sale, purchase or servicing
of the Mortgage Loan other than the Mortgagor. 
 (e) Data: The information set forth in the Mortgage Loan Schedule, including the
information contained under each of the headings in the Mortgage Loan Schedule and any diskette or other related data tapes sent to Purchaser, is complete, true and correct in all material respects. The information on the Mortgage Loan Schedule is
consistent with the terms of the documents contained in the mortgage files. Any seller or builder concession in excess of the allowable limits established by Fannie Mae has been subtracted from the Appraised Value of the Mortgaged Property for
purposes of determining the Loan-to-Value Ratio and Combined Loan-to-Value Ratio. Except
for information specified to be as of the origination date of the Mortgage Loan, the Mortgage Loan Schedule contains the most current information possessed by the Seller. No FICO score, appraisal or other property valuation listed on the Mortgage
Loan Schedule was more than three months old at the time of funding of the Mortgage Loan. 
 (f) Fraud: No fraud, error, omission,
material misrepresentation, gross negligence, or similar occurrence has taken place in connection with the origination of the Mortgage Loan on the part of (i) the originator of the Mortgage Loan, (ii) any broker or correspondent,
(iii) the Mortgagor or (iv) any other person, including without limitation, any appraiser, escrow agent, closing attorney, servicer, realtor, builder, developer or title company involved in the origination of the Mortgage Loan, and no
Obligated Party has made any representations to the Mortgagor that are inconsistent with the applicable Mortgage Loan Documents. 
 (g)
Underwriting: Each Mortgage Loan was underwritten in substantial conformance to the criteria contained in the Underwriting Standards in effect on the interest rate lock commitment date, and if not underwritten in conformance with such
criteria, there is an exception report describing the exception in the Servicing File and compensating factors (i) as set forth on Exhibit F which are fully documented in the related Servicing File, or (ii) as set forth in an
exhibit to the related PPTL which accurately describes the exception and the related compensating factors. For the avoidance of doubt, exceptions identified on Exhibit F or in the related PPTL shall not constitute a breach of this representation and
warranty. 

  
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 (h) No Mortgage Insurance. No Mortgage Loan is subject to or is required to be
subject to any Primary Mortgage Insurance Policy. 
 (i) Regulatory Compliance: Each Mortgage Loan complied with all applicable
federal, state and local laws, as amended from time to time, including, without limitation, usury, truth-in-lending, real estate settlement procedures, consumer credit
protection, equal credit opportunity, predatory and abusive lending laws and disclosure laws in effect at the time of origination. 
 (j)
Borrower: Except as may otherwise be set forth in the related Mortgage Loan Schedule, the Mortgagor is not in bankruptcy or insolvent and Seller has no knowledge of any circumstances or condition which would cause the Mortgagor to file for
bankruptcy or become insolvent. Seller has no knowledge of any circumstances or condition with respect to the Mortgage, the Mortgaged Property, the Mortgagor or the Mortgagor’s credit standing that could reasonably be expected to cause
investors to regard the Mortgage Loan as an unacceptable investment, cause the Mortgage Loan to become Delinquent or materially adversely affect the value or marketability of the Mortgage Loan. Unless otherwise indicated on the Mortgage Loan
Schedule, each Mortgagor is a natural person. As of origination, each Mortgagor was legally permitted to reside in the United States. 
 (k)
Down payment: For each Mortgage Loan whose proceeds were used to purchase the related Mortgaged Property, either (1) the Mortgagor paid with his/her own funds a purchase price equal to at least the lesser of (i) 100% minus the Combined Loan-to-Value Ratio of the Mortgage Loan and (ii) 5% of the purchase price or (2) the Mortgagor received a gift to fund the purchase price in accordance with the
Underwriting Standards. 
 (l) No Prior Liens: Immediately prior to the transfer and assignment of the Mortgage Loan to Purchaser,
Seller was the sole owner and holder of the Mortgage Loan free and clear of any and all liens, pledges, charges or security interests of any nature. Purchaser has good and marketable title and has full right and authority to sell and assign the
Mortgage Loan. 
 (m) Enforceability and Priority of Lien: The Mortgage is a valid, subsisting and enforceable first lien on the
Mortgaged Property. The Mortgaged Property is free and clear of all encumbrances and liens having priority over the lien of the mortgage except for (i) liens for real estate taxes and special assessments not yet due and payable,
(ii) covenants, conditions, and restrictions, rights of way, easements and other matters of public record as of the date of such Mortgage and (iii) such other matters to which like properties are commonly subject which do not individually
or in the aggregate materially interfere with the benefits of the security intended to be provided by the Mortgage and any Security Agreement, chattel mortgage or equivalent document related to, and delivered to the Custodian. Seller has full right
to sell and assign the Mortgage to Purchaser. 

  
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 (n) Complete Mortgage Files: Except as provided in Section 2.07, the Mortgage
Note, the Mortgage, the Assignment of Mortgage and the other documents set forth in Exhibit A-1 and required to be delivered on the related Closing Date have been delivered to Purchaser or its designee. With respect to each Mortgage Loan,
Seller is in possession of a complete Mortgage File including all documents used in the qualification of the Mortgagor except for such documents as have been delivered to Purchaser or its designee. 

(o) No Prior Modifications: Except as may otherwise be set forth in the related Mortgage Loan Schedule, none of the Mortgage Loans have
been modified. None of the Mortgage Loans has been satisfied, canceled or subordinated in whole or in part, except in each case as reflected in an agreement included in the Mortgage File. With respect to each Mortgage Loan, the Mortgaged Property
has not been released in whole or in part from the lien of the Mortgage unless otherwise indicated on the Mortgage Loan Schedule. 
 (p)
Taxes Paid: All taxes, governmental assessments, insurance premiums, homeowner association fees, water, sewer and municipal charges, and other outstanding charges affecting the related Mortgaged Property which previously became due and owing,
have been paid, or an escrow of funds has been established, to the extent permitted by law, in an amount sufficient to pay for every such item which remains unpaid. 

(q) No Damage/Condemnation: The Mortgaged Property has not suffered damage that would have a material adverse effect on the value of the
Mortgaged Property as security for the Mortgage Loan or the use for which the premises were intended, and each Mortgaged Property is in substantially the same condition it was at the time the most recent Appraised Value was obtained. There is no
proceeding pending or threatened for the total or partial condemnation of the Mortgaged Property. 
 (r) No Mechanics Liens: The
Mortgaged Property is free and clear of all mechanics’ and materialmen’s liens or liens in the nature thereof (and no rights are outstanding that under law could give rise to such liens) affecting the related Mortgaged Property which are
or may be liens prior to or equal to or coordinate with, the lien of the related Mortgage. 
 (s) No Encroachments/Compliance with
Zoning: Except for Mortgage Loans secured by a Security Agreement on a long term residential lease, the Mortgaged Property consists of a fee simple estate in real property. All of the improvements which are included for the purpose of
determining the Appraised Value of the Mortgaged Property lie wholly within the boundaries and building restriction lines of such property. No improvements on adjoining properties encroach upon the Mortgaged Property (unless insured against under
the related title insurance policy). The Mortgaged Property and all improvements thereon comply with all requirements of any applicable zoning and subdivision laws and ordinances. 

(t) Certificate of Occupancy: All inspections, licenses and certificates required to be made or issued with respect to all occupied
portions of the Mortgaged Property and, with respect to the use and occupancy of the same, including, but not limited to, certificates of occupancy and fire underwriting have been made or obtained from the appropriate authorities. No Obligated Party
has received notice from the Mortgagor, any Governmental Authority, or any other Person of any noncompliance with any use or occupancy law, ordinance, regulation, standard, license or certificate with respect to the Mortgaged Property. 

  
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 (u) Loans Current/Prior Delinquencies: Unless noted on the Mortgage Loan Schedule,
all payments required to be made up to the due date immediately preceding the related Cut-off Date for such Mortgage Loan under the terms of the related Mortgage Note have been made and no Mortgage Loan has
ever been Delinquent 30 days or more. 
 (v) Mortgage Loan Legal and Binding: The Mortgage Note, the related Mortgage and any other
agreement executed by the Mortgagor in connection with the Mortgage Loan are genuine, and each is the legal, valid and binding obligation of the maker thereof, enforceable in accordance with its terms, except as such enforcement may be limited by
bankruptcy, insolvency, reorganization or other similar laws affecting the enforcement of creditors’ rights generally and by general equity principles (regardless of whether such enforcement is considered in a proceeding in equity or at law).
All parties to the Mortgage Note and the related Mortgage had legal capacity to execute such documents. Such documents have been duly and properly executed, and contain, in addition to the loan application, both the full legal name and
identification number assigned by the Nationwide Mortgage Licensing System and Registry (“NMLSR”) for (i) the Originator and (ii) the individual loan originator (as the name appears in the NMLSR) who had primary responsibility
for the origination of the Mortgage Loan. 
 (w) Proceeds Fully Disbursed/Recording Fees Paid: The proceeds of the Mortgage Loan have
been fully disbursed, there is no requirement for future advances thereunder and all requirements as to completion of improvements and as to disbursements of any escrow funds therefore have been complied with (except for escrow funds for the
exterior items which could not be completed due to weather and scheduled to be completed within 12 months following the loan funding date). All costs, fees and expenses incurred in making, closing or recording the Mortgage Loan have been paid except
recording fees with respect to Assignments of Mortgage not recorded as of the related Closing Date. 
 (x) Existence of Title
Insurance. Except for (i) any Mortgage Loan secured by a Mortgaged Property located in any jurisdiction as to which an opinion of counsel of the type customarily rendered in such jurisdiction in lieu of title insurance is instead received
and (ii) any Mortgage Loan secured by Co-op Stock, the Mortgage Loan is covered by an American Land Title Association mortgagee title insurance policy or other generally acceptable form of policy or
insurance acceptable to Fannie Mae, issued by a title insurer acceptable to Fannie Mae insuring Seller, its successors and assigns, as to the first priority lien of the Mortgage in the original principal amount of the Mortgage Loan and subject only
to (A) the lien of current real property taxes and assessments not yet due and payable, (B) covenants, conditions, and restrictions, rights of way, easements, and other matters of public record as of the date of recording of such Mortgage
acceptable to mortgage lending institutions in the area in which the Mortgaged Property is located or specifically referred to in the appraisal performed in connection with the origination of the related Mortgage Loan, (C) liens created
pursuant to any federal, state, or local law, regulation, or ordinance affording liens for the costs of clean-up of hazardous substances or hazardous wastes or for other environmental protection purposes, and
(D) such other matters to which like properties are commonly subject which do not individually, or in the aggregate, materially interfere with the benefits of the security intended to be provided by the Mortgage. Immediately prior to the
transfer of the Mortgage Loan to Purchaser, Seller was the sole insured of such mortgagee title insurance policy. The assignment to the Purchaser of such mortgagee title insurance policy does not require any consent of or notification to the insurer
which has not 

  
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been obtained. Such mortgagee title insurance policy is in full force and effect. No claims have been made under such mortgagee title insurance policy. No prior holder of the related Mortgage has
done, by act or omission, anything which would impair the coverage of such mortgagee title insurance policy. No Obligated Party or any other Person has provided or received any unlawful fee, commission, kickback, or other compensation or value of
any kind in connection with such mortgagee title insurance policy. 
 (y) Hazard and Flood Insurance. The Mortgaged Property is
insured by an insurer acceptable to Fannie Mae against loss by fire and such hazards as are covered under a standard extended coverage endorsement. The amount of coverage is not less than the Hazard Insurance Coverage. If the Mortgaged Property is a
condominium unit, it is included under the coverage afforded by a blanket policy for the project. If upon origination of the Mortgage Loan, the Mortgaged Property was in an area identified in the Federal Register by the Federal Emergency Management
Agency as having special flood hazards, a flood insurance policy meeting the requirements of the current guidelines of the Federal Insurance Administration is in effect with a generally acceptable insurance carrier. If applicable, the amount of
hazard coverage is not less than the Flood Insurance Coverage. Each such insurance policy (i) is issued by a Qualified Insurer, (ii) is a valid and binding obligation of the Insurer and is in full force and effect, (iii) on the date
of origination contained a standard mortgagee clause naming Seller or Seller’s predecessor in interest, and their respective successors in interest and assigns, as mortgagee and as loss payee and such clause is still in effect, and
(iv) may not be reduced, terminated, or canceled without thirty (30) days’ prior written notice to the mortgagee, and no such notice has been received by any Obligated Party. The related Mortgage obligates the Mortgagor to maintain
all such insurance policies at the Mortgagor’s cost and expense, and upon the Mortgagor’s failure to do so, authorizes the holder of the Mortgage to maintain such insurance at the Mortgagor’s cost and expense and to seek reimbursement
from the Mortgagor. All premiums due and owing on such insurance policies have been paid. 
 (z) No Default. There is no default,
breach, violation or event of acceleration existing under the Mortgage or the related Mortgage Note (monetary or otherwise) and no event which, with the passage of time or with notice and the expiration of any grace or cure period, would constitute
a default, breach, violation or event of acceleration and there is no default, breach, violation or event of acceleration existing under the mortgage or the related Mortgage Note and no event which, with the passage of time or with notice and the
expiration of any grace or cure period, would constitute a default, breach, violation or event of acceleration. No default, breach, violation or event of acceleration has been waived. No foreclosure action is currently threatened or has been
commenced with respect to the Mortgage Loan. 
 (aa) No Rescission. No Mortgage Note or Mortgage is subject to any right of
rescission, set-off, counterclaim or defense. None of the terms will render the Mortgage Note or Mortgage unenforceable or subject it to any right of rescission,
set-off, counterclaim or defense. No such right of rescission, set-off, counterclaim or defense has been asserted. 

(bb) Enforceable Right of Foreclosure. Each Mortgage contains customary and enforceable provisions such as to render the rights and
remedies of the holder thereof adequate for the realization against the Mortgaged Property of the benefits of the security and there is no homestead or other exemption available to the Mortgagor which would interfere with such right of foreclosure.

  
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 (cc) No Bankruptcy. No Mortgagor is a debtor in any state or federal bankruptcy or
insolvency proceeding. 
 (dd) Mortgaged Property is 1-4 Family. Each Mortgaged Property is
located in the United States and consists of a one- to four-unit residential property, which may include a detached home, townhouse, condominium unit or a unit in a planned unit development or, in the case of
Mortgage Loans secured by Co-op Stock, leases or occupancy agreements. No residence is a single parcel of real property with a cooperative housing corporation erected thereon, or a mobile or manufactured home.
No portion of the Mortgaged Property, or residence in the case of a Co-op Loan, is used for commercial purposes (other than the use of a portion of such Mortgaged Property or residence as a home office). 

(ee) No Lost Note Affidavit. No lost note affidavit has been delivered to the Custodian in place of the related Mortgage Note. 

(ff) Doing Business. All parties that have had any interest in such Mortgage Loan, whether as mortgagee, assignee, pledgee or otherwise,
are (or, during the period in which they held and disposed of such interest, were) in compliance with any and all applicable licensing requirements of the laws of the state wherein the related Mortgaged Property is located, except to the extent that
failure to be so licensed would not give rise to any claim against Purchaser or otherwise adversely affect the enforceability of the Mortgage Loan. 

(gg) Insurance Coverage Not Impaired. With respect to any insurance policy including, but not limited to, hazard, title, or mortgage
insurance, covering a Mortgage Loan and the related Mortgaged Property, none of (i) Seller, (ii) any prior holder or (iii) the Mortgagor, has engaged in any act or omission which would impair the coverage of any such policy, the benefits
of the endorsement, or the validity and binding effect of either, including without limitation, no unlawful fee, commission, kickback or other unlawful compensation or value of any kind has been or will be received, retained or realized by any
attorney, firm or other person or entity, and no such unlawful items have been received, retained or realized by Seller. 
 (hh) Deeds of
Trust. In the event the Mortgage constitutes a deed of trust, a trustee, duly qualified under Applicable Law to serve as such, has been properly designated and currently so serves and is named in the Mortgage, and no fees or expenses are or will
become payable by the Seller, its successors or assigns or the trust to the trustee under the deed of trust, except in connection with a trustee’s sale after default under the Mortgage. 

(ii) Mortgage Recorded. Each original Mortgage was recorded or submitted for recordation in the jurisdiction in which the Mortgaged
Property is located and all subsequent assignments of the original Mortgage, showing a complete chain of title from the originator to Seller, have been recorded in the appropriate jurisdictions or are in the process of being recorded. 

  
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 (jj)
Due-On-Sale. The Mortgage contains an enforceable provision, to the extent not prohibited by Applicable Law as of the date of such Mortgage, for the acceleration
of the payment of the unpaid principal balance of the Mortgage Loan in the event that the Mortgaged Property is sold or transferred without the prior written consent of the mortgagee thereunder. 

(kk) Leases. If the Mortgage Loan is secured by a long-term residential lease, (A) the execution, delivery, and performance of the
Mortgage do not require the consent (other than the consents that have been obtained and are in full force and effect), and will not violate or cause a default under the terms of the lease and the terms of such lease expressly permit the mortgaging
of the leasehold estate, the assignment of the lease without the lessor’s consent (or the lessor’s consent has been obtained and the lease and such consent is in the Mortgage File and such lease and consent is in full force and effect, and
is unmodified) and the acquisition by the holder of the Mortgage of the rights of the lessee upon foreclosure or assignment in lieu of foreclosure or provide the holder of the Mortgage with substantially similar protection; (B) the terms of
such lease do not (x) allow the termination thereof upon the lessee’s default without the holder of the Mortgage being entitled to receive written notice of, and opportunity to cure, such default or (y) prohibit the holder of the
Mortgage from being insured under the hazard insurance policy relating to the Mortgaged Property; (C) the original term of such lease is not less than fifteen (15) years; (D) the term of such lease does not terminate earlier than ten
(10) years after the maturity date of the Mortgage Note; (E) the Mortgaged Property is located in a jurisdiction in which the use of leasehold estates for residential properties is an accepted practice, (F) the mortgagee under the
Mortgage Loan is given at least thirty (30) calendar days’ notice of any default and an opportunity to cure any defaults under such lease or to take over the Mortgagor’s rights under such lease; (G) such lease does not contain
any default provisions that could give rise to forfeiture or termination of such lease except for the non-payment of such lease’s rents; and (H) such lease provides that the leasehold can be
transferred, mortgaged and sublet an unlimited number of times either without restriction or on payment of a reasonable fee and delivery of reasonable documentation to the lessor. 

(ll) No High Cost Loans. No Mortgage Loan is a “high-cost” loan, “covered” loan, or any other similarly designated
loan as defined under any state, local, or federal law, as defined by applicable predatory and abusive lending laws at the time of the origination of the Mortgage Loan. No Mortgage Loan has an “annual percentage rate” or “total points
and fees” (as each such term is defined under HOEPA) payable by the Mortgagor that equals or exceeds the applicable thresholds as defined under HOEPA (as defined in 12 CFR 1026.32 (a)(1)(i), (ii) and (iii)). No Mortgagor was encouraged or
required to select a loan product offered by an Obligated Party that was a higher cost product designed for less-creditworthy borrowers, unless at the time of the Mortgage Loan’s origination, such Mortgagor did not qualify, taking into account
credit history and debt-to-income ratios, for a lower cost credit product then offered by such Obligated Party or any affiliate of such Obligated Party. 

(mm) Imaged Documents. Each imaged document represents a true, complete, and correct copy of the original document in all respects,
including, but not limited to, all signatures conforming with signatures contained in the original document, no information having been added or deleted, and no imaged document having been manipulated or altered in any manner. Each imaged document
is clear and legible, including, but not limited to, accurate reproductions of photographs. No original documents have been or will be altered in any manner. 

  
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 (nn) UCC Financing Statement. With respect to each
Co-op Loan, (i) each original UCC financing statement, continuation statement or other governmental filing or recordation necessary to create or preserve the perfection and priority of the first priority
lien and security interest in the Co-op Stock and Co-op Lease has been timely and properly made and (ii) a search for filings of financing statements has been made
by a company competent to make the same, which company is qualified to do business in the jurisdiction where the cooperative unit is located, and such search has not found any liens against or security interest in the
Co-op Stock relating to each Co-op Loan which would have priority over Seller’s security interest in such Co-op Stock or
otherwise materially and adversely affect the Co-op Loan (except for unpaid maintenance, assessments and other amounts owed to the related cooperative which individually or in the aggregate will not have a
material adverse effect on such Co-op Loan). 
 (oo) Broker Fees. With respect to any broker
fees collected and paid on any of the Mortgage Loans, all broker fees have been properly assessed to the Mortgagor and no claims will arise as to broker fees that are double charged and for which the Mortgagor would be entitled to reimbursement.

 (pp) Servicing. Each Mortgage Loan has been serviced in all material respects in compliance with Accepted Servicing Practices and
all Applicable Law. 
 (qq) Relief Act. As of the related Closing Date, the Mortgagor has not notified any Obligated Party of any
relief requested or allowed to the Mortgagor under the Servicemembers Civil Relief Act, and Seller has no knowledge of any relief requested or allowed to the Mortgagor under the Servicemembers Civil Relief Act. 

(rr) Environmental Compliance. There does not exist on the related Mortgaged Property any hazardous substances, hazardous wastes or
solid wastes, as such terms are defined in the Comprehensive Environmental Response Compensation and Liability Act, the Resource Conservation and Recovery Act of 1976, or other applicable federal, state or local environmental laws including, without
limitation, asbestos, in each case in excess of the permitted limits and allowances set forth in such environmental laws to the extent such laws are applicable to the Mortgaged Property. There is no pending action or proceeding directly involving
the Mortgaged Property in which compliance with any environmental law, rule or regulation is an issue; there is no violation of any applicable environmental law (including, without limitation, asbestos), rule or regulation with respect to the
Mortgaged Property; and nothing further remains to be done to satisfy in full all requirements of each such law, rule or regulation constituting a prerequisite to use and enjoyment of said property. 

(ss) Assignment of Mortgage. The Assignment of Mortgage is in recordable form and is acceptable for recording under the laws of the
jurisdiction in which the Mortgaged Property is located. 
 (tt) MERS Loans. With respect to each MERS Mortgage Loan, (i) a MIN
has been assigned by MERS and such MIN is accurately provided on the Mortgage Loan Schedule, (ii) except with respect to any Mortgage Loan that is a MOM Loan at origination, the related Assignment of Mortgage to MERS has been duly and properly
recorded, and (iii) 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. 

  
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 (uu) No Convertible Mortgage Loans. No Mortgage Loan is a Convertible Mortgage Loan.

 (vv) TILA Safe Harbor Qualified Mortgage. Unless the Mortgage Loan is identified on the Mortgage Loan Schedule as “Not a
Qualified Mortgage” or “Rebuttable Presumption”, for any Mortgage Loan where an application for the Mortgage Loan was taken on or after January 10, 2014, such Mortgage Loan (i) is a “qualified mortgage” within the
meaning of Section 1026.43(e)(2) of 12 C.F.R. Part 1026 (“Regulation Z”) without reference to Section 1026.43(e)(4), (5), (6) or (f) of Regulation Z, (ii) complies with the total points and fees limitations for a
qualified mortgage set forth in Section 1026.43(e)(3) of Regulation Z (including the inflation adjustments provided for in Section 1026.43(e)(3)(ii) of Regulation Z), (iii) is not a “higher-priced covered transaction” within the
meaning of Section 1026.43(b)(4) of Regulation Z, (iv) only includes a Prepayment Charge permitted by Section 1026.43(g) of Regulation Z, (v) does not provide for a balloon payment and (vi) qualifies for the safe harbor set
forth in Section 1026.43(e)(1)(i) of Regulation Z. The Mortgage File for each Mortgage Loan contains all necessary third-party records and other evidence and documentation to demonstrate such proof that the Mortgage Loan has a legal safe harbor
of compliance with 12 C.F.R. § 1026.43(c) and the documentation capsule in the Mortgage File shall also include an evidentiary summary cover checklist that specifically confirms the Mortgage Loan is a “qualified mortgage,” and
summarizes how each “qualified mortgage” requirement is met by the Mortgage Loan, which shall be certified by the Seller’s underwriter. 

(ww) TILA Rebuttable Presumption Qualified Mortgage. If the Mortgage Loan is identified as “Rebuttable Presumption” on the
Mortgage Loan Schedule, such Mortgage Loan (i) is a “qualified mortgage” within the meaning of Section 1026.43(e)(2) of Regulation Z without reference to Section 1026.43(e)(4), (5), (6) or (f) of Regulation Z,
(ii) complies with the total points and fees limitations for a qualified mortgage set forth in Section 1026.43(e)(3) of Regulation Z (including the inflation adjustments provided for in Section 1026.43(e)(3)(ii) of Regulation Z),
(iii) is a “higher-priced covered transaction” within the meaning of Section 1026.43(b)(4) of Regulation Z, (iv) only includes a Prepayment Charge permitted by Section 1026.43(g) of Regulation Z, (v) does not provide
for a balloon payment and (vi) qualifies for the presumption of compliance set forth in Section 1026.43(e)(1)(ii) of Regulation Z. The Mortgage File for each Mortgage Loan contains all necessary third-party records and other evidence and
documentation to demonstrate such proof that the Mortgage Loan has a “Rebuttable Presumption” of compliance with 12 C.F.R. § 1026.43(c) and the documentation capsule in the Mortgage File shall also include an evidentiary summary cover
checklist that specifically confirms the Mortgage Loan is a “qualified mortgage,” and summarizes how each “qualified mortgage” requirement is met by the Mortgage Loan, which shall be certified by the Seller’s underwriter.

  
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 (xx) Ability to Repay. Prior to the origination of each Mortgage Loan, the originator
made a reasonable and good faith determination that the borrower would have a reasonable ability to repay the Mortgage Loan according to its terms, in accordance with, at a minimum, the eight underwriting factors set forth in 12 C.F.R. §
1026.43(c)(2) as the same may be amended from time to time (or any successor statute or regulation). The Mortgage File for each Mortgage Loan contains all necessary third-party records and other evidence and documentation to demonstrate such
compliance by the related Mortgage Loan with 12 C.F.R. § 1026.43(c) as the same may be amended from time to time (or any successor statute or regulation). Seller shall provide in connection with the delivery of each Mortgage Loan, a
documentation capsule in the Mortgage File and Servicing File that fully documents how each Mortgage Loan meets the ability to repay requirements of 12 C.F.R. § 1026.43(c) as the same may be amended from time to time (or any successor statute
or regulation). The documentation capsule shall contain all reasonably reliable third party records used by the Originator to prove that each Mortgage Loan meets the ability to repay requirements of 12 C.F.R. § 1026.43(c) as the same may be
amended from time to time (or any successor statute or regulation). The documentation capsule shall also include an evidentiary summary cover checklist that specifically enumerates each of the eight underwriting factors set forth in 12 C.F.R. §
1026.43(c)(2) as the same may be amended from time to time (or any successor statute or regulation), and summarizes how each element of the checklist is met by the Mortgage Loan, which shall be certified by the Originator’s underwriter. 

(yy) REMIC. As of the related Closing Date, the Mortgage Loan is a “qualified mortgage” within the meaning of
Section 860G(a)(3) of the Code. 
 (zz) Escrow Deposits, Adjustments. With respect to escrow deposits and payments that Seller is
entitled to collect, all such payments are in the possession of, or under the control of, Seller, and there exist no deficiencies in connection therewith for which customary arrangements for repayment thereof have not been made. All escrow payments
have been collected and are being maintained in full compliance with applicable state and federal law and the provisions of the related Mortgage Note and Mortgage. As to any Mortgage Loan that is the subject of an escrow, escrow of funds is not
prohibited by Applicable Law and has been established in an amount reasonably sufficient (based on an initial or past escrow analysis) to pay for every escrowed item that remains unpaid and has been assessed but is not yet due and payable. As to any
Higher Priced Mortgage Loan, an escrow of funds has been required by the Originator, and established in compliance with the requirements of 12 C.F.R. 1035(b) as the same may be amended from time to time (or any successor statute or regulation). No
escrow deposits or other charges or payments due under the Mortgage Note have been capitalized under any Mortgage or the related Mortgage Note. Any interest required to be paid pursuant to state and local law has been properly paid and credited. All
of the terms of the related Mortgage Note pertaining to Mortgage Interest Rate adjustments, payment adjustments and adjustments of the Outstanding Principal Balance, if any, are enforceable and such adjustments will not affect the priority of the
lien of the related Mortgage. All such adjustments on such Mortgage Loan have been made in strict compliance with state and federal law and in accordance with the provisions of such Mortgage Loan. Seller has executed and delivered any and all
notices required under Applicable Law and the terms of the related Mortgage Note and Mortgage regarding the Mortgage Interest Rate and any periodic payment adjustments. 

(aaa) Qualified Lender. The Mortgage Loan was originated by an entity that is either a savings and loan association, a savings bank, a
commercial bank, credit union, insurance company or an institution which is supervised and examined by a federal or state authority, or a mortgagee approved by the Secretary of Housing and Urban Development pursuant to Sections 203 and 211 of the
National Housing Act, and was so at the time such Mortgage Loan was originated. 

  
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 (bbb) Tax Service Contract. Each Mortgage Loan is covered by a life of loan,
transferable real estate tax service contract. 
 (ccc) No Prepayment Charges. No Mortgage Loan contains any Prepayment Charge. 

(ddd) Impermissible Financing of Credit Insurance. No Mortgage Loan financed, directly or indirectly, any premiums or fees for credit
life, credit disability, credit unemployment, or credit property insurance, or any other accident, loss-of-income, life, or health insurance, or any payments directly or
indirectly for any debt cancellation or suspension agreement or contract. 
 (eee) No Mandatory Arbitration Clauses or Waivers of Federal
Statutory Causes of Action. No Mortgage Loan contains a Mortgage Note or Mortgage or other agreement that (i) requires arbitration or any other non-judicial procedure to resolve any controversy or
settle any claims arising out of the transaction; or (ii) bars a borrower from bringing a claim in court pursuant to any provision of law for damages or other relief in connection with any alleged violation of any federal law. 

(fff) Credit Information. As to each consumer report (as defined in the Fair Credit Reporting Act, Public Law 91-508, 15 U.S.C. §§ 1681 et seq., as amended, and Regulation V, 12 C.F.R. §§ 1022.1. et seq., as amended) or other credit information furnished by the Seller to the Purchaser, the Seller has
full right and authority and is not precluded by law or contract from furnishing such information to the Purchaser and the Purchaser is not precluded from furnishing the same to any subsequent or prospective purchaser of such Mortgage Loan. 

(ggg) TRID Compliance. The Mortgage Loan was originated in compliance with the final rule published in the Federal Register (78 Fed.
Reg. 79730) on December 31, 2013, and any amendments thereto, and promulgated by the CFPB under the applicable sections of Regulation Z and Regulation X to implement Sections 1098 and 1100A of the Dodd-Frank Wall Street Reform and Consumer
Protection Act, which amended the Truth-in-Lending Act and Real Estate Settlement Procedures Act, as applicable. 

Section 3.02(B) Representations and Warranties as to Individual Business Purpose Mortgage Loans. 

Seller hereby represents and warrants to Purchaser, as to each Business Purpose Mortgage Loan, as of the applicable Closing Date, or such other
date as is specified below, as follows: 
  

	 	(a)	 Property Valuation: 

(i) Each Mortgage Loan contains a written appraisal prepared by a Qualified Appraiser and the Appraised Value of the Mortgaged
Property was determined in accordance with the Underwriting Standards. Each appraisal was written, in form and substance, to (A) customary Fannie Mae standards for Mortgage Loans of the same type

  
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as such Mortgage Loans, (B) FIRREA and the regulations promulgated thereunder, (C) the Interagency Appraisal and Evaluation Guidelines (75 Federal Register 77450) implemented by the
federal banking agencies, as amended and (D) USPAP standards, and satisfies applicable legal and regulatory requirements. Each appraisal was made and signed prior to the final approval of the Mortgage Loan application. Each appraisal was
determined and written in accordance with current industry practices and satisfies all applicable legal and regulatory requirements, including but not limited to: the disclosure and timing requirements for appraisals and other written valuations
required by the equal credit opportunity act as the same may be amended from time to time (or any successor statute or regulation). A copy of all Appraisals and other written valuation materials developed in connection with each Mortgage Loan was
delivered to the Mortgagor in compliance with the timing requirements of the Equal Credit Opportunity Act, 15 U.S.C. §§ 1691 et seq., as amended, and Regulation B, 12 C.F.R. §§ 1002.1. et seq. its implementing regulation, as
amended. 
 (ii) The person performing any property valuation (including an appraiser) received no benefit from, and such
person’s compensation or flow of business from the Mortgage Loan originator was not affected by, the approval or disapproval of the Mortgage Loan. The selection of the person performing the property valuation was made independently of the
broker (where applicable) and the originator’s loan sales and loan production personnel. The selection of the appraiser met Fannie Mae’s criteria for selecting an independent appraiser. 

(b) [Reserved]. 
 (c)
Occupancy: If applicable as of the related origination date, the applicable Mortgaged Property was lawfully occupied under Applicable Law, and such occupancy was verified in accordance with the Underwriting Standards. 

(d) Source of Loan Payments: No loan payment has been escrowed as part of the loan proceeds on behalf of the Mortgagor. No payments due
and payable under the terms of the Mortgage Note and Mortgage or deed of trust, except for seller or builder concessions or temporary buydown funds or amounts paid or escrowed for payment by any related guarantor’s employer, have been paid by
any person who was involved in, or benefited from, the sale or purchase of the Mortgaged Property or the origination, refinancing, sale, purchase or servicing of the Mortgage Loan other than the Mortgagor or any guarantor. 

(e) Data: The information set forth in the Mortgage Loan Schedule, including the information contained under each of the headings in the
Mortgage Loan Schedule and any diskette or other related data tapes sent to Purchaser, is complete, true and correct in all material respects. The information on the Mortgage Loan Schedule is consistent with the terms of the documents contained in
the mortgage files. Any seller or builder concession in excess of the allowable limits established by Fannie Mae has been subtracted from the Appraised Value of the Mortgaged Property for purposes of determining the Loan-to-Value Ratio and Combined Loan-to-Value Ratio. Except for information specified to be as of the origination date of the
Mortgage Loan, the Mortgage Loan Schedule contains the most current information possessed by the Seller. No FICO score, appraisal or other property valuation listed on the Mortgage Loan Schedule was more than three months old at the time of funding
of the Mortgage Loan. 

  
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 (f) Fraud: No fraud, error, omission, material misrepresentation, gross negligence,
or similar occurrence has taken place in connection with the origination of the Mortgage Loan on the part of (i) the originator of the Mortgage Loan, (ii) any broker or correspondent, (iii) the Mortgagor, (iv) any guarantor or
(v) any other person, including without limitation, any appraiser, escrow agent, closing attorney, servicer, realtor, builder, developer or title company involved in the origination of the Mortgage Loan, and no Obligated Party has made any
representations to the Mortgagor or guarantor that are inconsistent with the applicable Mortgage Loan Documents. 
 (g) Underwriting:
Each Mortgage Loan was underwritten in substantial conformance to the criteria contained in the Underwriting Standards in effect on the interest rate lock commitment date, and if not underwritten in conformance with such criteria, there is an
exception report describing the exception in the Servicing File and compensating factors (i) as set forth on Exhibit F which are fully documented in the related Servicing File, or (ii) as set forth in an exhibit to the related PPTL which
accurately describes the exception and the related compensating factors. For the avoidance of doubt, exceptions identified on Exhibit F or in the related PPTL shall not constitute a breach of this representation and warranty. 

(h) [Reserved]. 
 (i)
Regulatory Compliance: Each Mortgage Loan complied with all applicable federal, state and local laws, as amended from time to time, including, without limitation, usury, fair credit reporting, unfair collection practices, equal credit
opportunity or fair housing and disclosure laws in effect at the time of origination. 
 (j) Borrower: Each Mortgagor is a legal
entity in conformance with the Underwriting Standards, and each guarantor is a natural person. Neither the Mortgagor nor any guarantor is in bankruptcy or insolvent and Seller has no knowledge of any circumstances or condition which would cause the
Mortgagor or any guarantor to file for bankruptcy or become insolvent. Seller has no knowledge of any circumstances or condition with respect to the Mortgage, the Mortgaged Property, the Mortgagor, any guarantor, or the guarantor’s credit
standing that could reasonably be expected to cause investors to regard the Mortgage Loan as an unacceptable investment, cause the Mortgage Loan to become Delinquent or materially adversely affect the value or marketability of the Mortgage Loan.

 (k) Down payment: For each Mortgage Loan whose proceeds were used to purchase the related Mortgaged Property, either (1) the
Mortgagor or any guarantor paid with his/her/its own funds a purchase price equal to at least the lesser of (i) 100% minus the Combined Loan-to-Value Ratio of the
Mortgage Loan and (ii) 5% of the purchase price or (2) the Mortgagor or any guarantor received a gift to fund the purchase price in accordance with the Underwriting Standards. 

  
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 (l) No Prior Liens: Immediately prior to the transfer and assignment of the Mortgage
Loan to Purchaser, Seller was the sole owner and holder of the Mortgage Loan free and clear of any and all liens, pledges, charges or security interests of any nature. Purchaser has good and marketable title and has full right and authority to sell
and assign the Mortgage Loan. 
 (m) Enforceability and Priority of Lien: The Mortgage is a valid, subsisting and enforceable first
lien on the Mortgaged Property. The Mortgaged Property is free and clear of all encumbrances and liens having priority over the lien of the mortgage except for (i) liens for real estate taxes and special assessments not yet due and payable,
(ii) covenants, conditions, and restrictions, rights of way, easements and other matters of public record as of the date of such Mortgage and (iii) such other matters to which like properties are commonly subject which do not individually
or in the aggregate materially interfere with the benefits of the security intended to be provided by the Mortgage and any Security Agreement, chattel mortgage or equivalent document related to, and delivered to the Custodian. Seller has full right
to sell and assign the Mortgage to Purchaser. 
 (n) Complete Mortgage Files: Except as provided in Section 2.07, the Mortgage
Note, the Mortgage, the Assignment of Mortgage and the other documents set forth in Exhibit A-1 and required to be delivered on the related Closing Date have been delivered to Purchaser or its designee. With
respect to each Mortgage Loan, Seller is in possession of a complete Mortgage File including all documents used in the qualification of the Mortgagor except for such documents as have been delivered to Purchaser or its designee. 

(o) No Prior Modifications: None of the Mortgage Loans have been modified. None of the Mortgage Loans has been satisfied, canceled or
subordinated in whole or in part, except in each case as reflected in an agreement included in the Mortgage File. With respect to each Mortgage Loan, the Mortgaged Property has not been released in whole or in part from the lien of the Mortgage
unless otherwise indicated on the Mortgage Loan Schedule. 
 (p) Taxes Paid: All taxes, governmental assessments, insurance premiums,
homeowner association fees, water, sewer and municipal charges, and other outstanding charges affecting the related Mortgaged Property which previously became due and owing, have been paid, or an escrow of funds has been established, to the extent
permitted by law, in an amount sufficient to pay for every such item which remains unpaid. 
 (q) No Damage/Condemnation: The
Mortgaged Property has not suffered damage that would have a material adverse effect on the value of the Mortgaged Property as security for the Mortgage Loan or the use for which the premises were intended, and each Mortgaged Property is in
substantially the same condition it was at the time the most recent Appraised Value was obtained. There is no proceeding pending or threatened for the total or partial condemnation of the Mortgaged Property. 

(r) No Mechanics Liens: The Mortgaged Property is free and clear of all mechanics’ and materialmen’s liens or liens in the
nature thereof (and no rights are outstanding that under law could give rise to such liens) affecting the related Mortgaged Property which are or may be liens prior to or equal to or coordinate with, the lien of the related Mortgage. 

  
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 (s) No Encroachments/Compliance with Zoning: Except for Mortgage Loans secured by a
Security Agreement on a long term residential lease, the Mortgaged Property consists of a fee simple estate in real property. All of the improvements which are included for the purpose of determining the Appraised Value of the Mortgaged Property lie
wholly within the boundaries and building restriction lines of such property. No improvements on adjoining properties encroach upon the Mortgaged Property (unless insured against under the related title insurance policy). The Mortgaged Property and
all improvements thereon comply with all requirements of any applicable zoning and subdivision laws and ordinances. 
 (t) Certificate of
Occupancy: All inspections, licenses and certificates required to be made or issued with respect to all occupied portions of the Mortgaged Property and, with respect to the use and occupancy of the same, including, but not limited to,
certificates of occupancy and fire underwriting have been made or obtained from the appropriate authorities. No Obligated Party has received notice from the Mortgagor, any guarantor, any Governmental Authority, or any other Person of any
noncompliance with any use or occupancy law, ordinance, regulation, standard, license or certificate with respect to the Mortgaged Property. 

(u) Loans Current/Prior Delinquencies: Unless noted on the Mortgage Loan Schedule, all payments required to be made up to the due date
immediately preceding the related Cut-off Date for such Mortgage Loan under the terms of the related Mortgage Note have been made and no Mortgage Loan has ever been Delinquent 30 days or more. 

(v) Mortgage Loan Legal and Binding: The Mortgage Note, the related Mortgage and any other agreement executed by the Mortgagor or any
guarantor in connection with the Mortgage Loan are genuine, and each is the legal, valid and binding obligation of the maker thereof, enforceable in accordance with its terms, except as such enforcement may be limited by bankruptcy, insolvency,
reorganization or other similar laws affecting the enforcement of creditors’ rights generally and by general equity principles (regardless of whether such enforcement is considered in a proceeding in equity or at law). All parties to the
Mortgage Note and the related Mortgage had legal capacity to execute such documents. Such documents have been duly and properly executed. 

(w) Proceeds Fully Disbursed/Recording Fees Paid: The proceeds of the Mortgage Loan have been fully disbursed, there is no requirement
for future advances thereunder and all requirements as to completion of improvements and as to disbursements of any escrow funds therefore have been complied with (except for escrow funds for the exterior items which could not be completed due to
weather and scheduled to be completed within 12 months following the loan funding date). All costs, fees and expenses incurred in making, closing or recording the Mortgage Loan have been paid except recording fees with respect to Assignments of
Mortgage not recorded as of the related Closing Date. 
 (x) Existence of Title Insurance. Except for (i) any Mortgage Loan
secured by a Mortgaged Property located in any jurisdiction as to which an opinion of counsel of the type customarily rendered in such jurisdiction in lieu of title insurance is instead received and (ii) any Mortgage Loan secured by Co-op Stock, the Mortgage Loan is covered by an American Land Title Association mortgagee title insurance policy or other generally acceptable form of policy or insurance acceptable to Fannie Mae, issued by a title
insurer acceptable to Fannie Mae insuring Seller, its successors and assigns, as to the first priority lien of the Mortgage in the original principal amount of the Mortgage Loan and subject only to (A) the lien of current real property

  
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taxes and assessments not yet due and payable, (B) covenants, conditions, and restrictions, rights of way, easements, and other matters of public record as of the date of recording of such
Mortgage acceptable to mortgage lending institutions in the area in which the Mortgaged Property is located or specifically referred to in the appraisal performed in connection with the origination of the related Mortgage Loan, (C) liens
created pursuant to any federal, state, or local law, regulation, or ordinance affording liens for the costs of clean-up of hazardous substances or hazardous wastes or for other environmental protection
purposes, and (D) such other matters to which like properties are commonly subject which do not individually, or in the aggregate, materially interfere with the benefits of the security intended to be provided by the Mortgage. Immediately prior
to the transfer of the Mortgage Loan to Purchaser, Seller was the sole insured of such mortgagee title insurance policy. The assignment to the Purchaser of such mortgagee title insurance policy does not require any consent of or notification to the
insurer which has not been obtained. Such mortgagee title insurance policy is in full force and effect. No claims have been made under such mortgagee title insurance policy. No prior holder of the related Mortgage has done, by act or omission,
anything which would impair the coverage of such mortgagee title insurance policy. No Obligated Party or any other Person has provided or received any unlawful fee, commission, kickback, or other compensation or value of any kind in connection with
such mortgagee title insurance policy. 
 (y) Hazard and Flood Insurance. The Mortgaged Property is insured by an insurer acceptable
to Fannie Mae against loss by fire and such hazards as are covered under a standard extended coverage endorsement. The amount of coverage is not less than the Hazard Insurance Coverage. If the Mortgaged Property is a condominium unit, it is included
under the coverage afforded by a blanket policy for the project. If upon origination of the Mortgage Loan, the Mortgaged Property was in an area identified in the Federal Register by the Federal Emergency Management Agency as having special flood
hazards, a flood insurance policy meeting the requirements of the current guidelines of the Federal Insurance Administration is in effect with a generally acceptable insurance carrier. If applicable, the amount of hazard coverage is not less than
the Flood Insurance Coverage. Each such insurance policy (i) is issued by a Qualified Insurer, (ii) is a valid and binding obligation of the Insurer and is in full force and effect, (iii) on the date of origination contained a
standard mortgagee clause naming Seller or Seller’s predecessor in interest, and their respective successors in interest and assigns, as mortgagee and as loss payee and such clause is still in effect, and (iv) may not be reduced,
terminated, or canceled without thirty (30) days’ prior written notice to the mortgagee, and no such notice has been received by any Obligated Party. The related Mortgage obligates the Mortgagor to maintain all such insurance policies at
the Mortgagor’s cost and expense, and upon the Mortgagor’s failure to do so, authorizes the holder of the Mortgage to maintain such insurance at the Mortgagor’s cost and expense and to seek reimbursement from the Mortgagor. All
premiums due and owing on such insurance policies have been paid. 
 (z) No Default. There is no default, breach, violation or event
of acceleration existing under the Mortgage or the related Mortgage Note (monetary or otherwise) and no event which, with the passage of time or with notice and the expiration of any grace or cure period, would constitute a default, breach,
violation or event of acceleration and there is no default, breach, violation or event of acceleration existing under the mortgage or the related Mortgage Note and no event which, with the passage of time or with notice and the expiration of any
grace or cure period, would constitute a default, breach, violation or event of acceleration. No default, breach, violation or event of acceleration has been waived. No foreclosure action is currently threatened or has been commenced with respect to
the Mortgage Loan. 

  
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 (aa) No Rescission. No Mortgage Note or Mortgage is subject to any right of
rescission, set-off, counterclaim or defense. None of the terms will render the Mortgage Note or Mortgage unenforceable or subject it to any right of rescission,
set-off, counterclaim or defense. No such right of rescission, set-off, counterclaim or defense has been asserted. 

(bb) Enforceable Right of Foreclosure. Each Mortgage contains customary and enforceable provisions such as to render the rights and
remedies of the holder thereof adequate for the realization against the Mortgaged Property of the benefits of the security and there is no exemption available to the Mortgagor which would interfere with such right of foreclosure. 

(cc) No Bankruptcy. No Mortgagor or any guarantor is a debtor in any state or federal bankruptcy or insolvency proceeding. 

(dd) Mortgaged Property is 1-4 Family. Each Mortgaged Property is located in the United States
and consists of a one- to four-unit residential property, which may include a detached home, townhouse, condominium unit or a unit in a planned unit development or, in the case of Mortgage Loans secured by Co-op Stock, leases or occupancy agreements. No residence is a single parcel of real property with a cooperative housing corporation erected thereon, or a mobile or manufactured home. No portion of the Mortgaged
Property, or residence in the case of a Co-op Loan, is used for commercial purposes (other than the use of a portion of such Mortgaged Property or residence as a home office). 

(ee) No Lost Note Affidavit. No lost note affidavit has been delivered to the Custodian in place of the related Mortgage Note. 

(ff) Doing Business. All parties that have had any interest in such Mortgage Loan, whether as mortgagee, assignee, pledgee or otherwise,
are (or, during the period in which they held and disposed of such interest, were) in compliance with any and all applicable licensing requirements of the laws of the state wherein the related Mortgaged Property is located, except to the extent that
failure to be so licensed would not give rise to any claim against Purchaser or otherwise adversely affect the enforceability of the Mortgage Loan. 

(gg) Insurance Coverage Not Impaired. With respect to any insurance policy including, but not limited to, hazard, title, or mortgage
insurance, covering a Mortgage Loan and the related Mortgaged Property, none of (i) Seller, (ii) any prior holder, (iii) the Mortgagor or (iv) any guarantor has engaged in any act or omission which would impair the coverage of any
such policy, the benefits of the endorsement, or the validity and binding effect of either, including without limitation, no unlawful fee, commission, kickback or other unlawful compensation or value of any kind has been or will be received,
retained or realized by any attorney, firm or other person or entity, and no such unlawful items have been received, retained or realized by Seller. 

(hh) Deeds of Trust. In the event the Mortgage constitutes a deed of trust, a trustee, duly qualified under Applicable Law to serve as
such, has been properly designated and currently so serves and is named in the Mortgage, and no fees or expenses are or will become payable by the Seller, its successors or assigns or the trust to the trustee under the deed of trust, except in
connection with a trustee’s sale after default under the Mortgage. 

  
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 (ii) Mortgage Recorded. Each original Mortgage was recorded or submitted for
recordation in the jurisdiction in which the Mortgaged Property is located and all subsequent assignments of the original Mortgage, showing a complete chain of title from the originator to Seller, have been recorded in the appropriate jurisdictions
or are in the process of being recorded. 
 (jj)
Due-On-Sale. The Mortgage contains an enforceable provision, to the extent not prohibited by Applicable Law as of the date of such Mortgage, for the acceleration
of the payment of the unpaid principal balance of the Mortgage Loan in the event that the Mortgaged Property is sold or transferred without the prior written consent of the mortgagee thereunder. 

(kk) Leases. If the Mortgage Loan is secured by a long-term residential lease, (A) the execution, delivery, and performance of the
Mortgage do not require the consent (other than the consents that have been obtained and are in full force and effect), and will not violate or cause a default under the terms of the lease and the terms of such lease expressly permit the mortgaging
of the leasehold estate, the assignment of the lease without the lessor’s consent (or the lessor’s consent has been obtained and the lease and such consent is in the Mortgage File and such lease and consent is in full force and effect, and
is unmodified) and the acquisition by the holder of the Mortgage of the rights of the lessee upon foreclosure or assignment in lieu of foreclosure or provide the holder of the Mortgage with substantially similar protection; (B) the terms of
such lease do not (x) allow the termination thereof upon the lessee’s default without the holder of the Mortgage being entitled to receive written notice of, and opportunity to cure, such default or (y) prohibit the holder of the
Mortgage from being insured under the hazard insurance policy relating to the Mortgaged Property; (C) the original term of such lease is not less than fifteen (15) years; (D) the term of such lease does not terminate earlier than ten
(10) years after the maturity date of the Mortgage Note; (E) the Mortgaged Property is located in a jurisdiction in which the use of leasehold estates for residential properties is an accepted practice, (F) the mortgagee under the
Mortgage Loan is given at least thirty (30) calendar days’ notice of any default and an opportunity to cure any defaults under such lease or to take over the Mortgagor’s rights under such lease; (G) such lease does not contain
any default provisions that could give rise to forfeiture or termination of such lease except for the non-payment of such lease’s rents; and (H) such lease provides that the leasehold can be
transferred, mortgaged and sublet an unlimited number of times either without restriction or on payment of a reasonable fee and delivery of reasonable documentation to the lessor. 

(ll) [Reserved]. 
 (mm) Imaged
Documents. Each imaged document represents a true, complete, and correct copy of the original document in all respects, including, but not limited to, all signatures conforming with signatures contained in the original document, no information
having been added or deleted, and no imaged document having been manipulated or altered in any manner. Each imaged document is clear and legible, including, but not limited to, accurate reproductions of photographs. No original documents have been
or will be altered in any manner. 

  
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 (nn) UCC Financing Statement. With respect to each
Co-op Loan, (i) each original UCC financing statement, continuation statement or other governmental filing or recordation necessary to create or preserve the perfection and priority of the first priority
lien and security interest in the Co-op Stock and Co-op Lease has been timely and properly made and (ii) a search for filings of financing statements has been made
by a company competent to make the same, which company is qualified to do business in the jurisdiction where the cooperative unit is located, and such search has not found any liens against or security interest in the
Co-op Stock relating to each Co-op Loan which would have priority over Seller’s security interest in such Co-op Stock or
otherwise materially and adversely affect the Co-op Loan (except for unpaid maintenance, assessments and other amounts owed to the related cooperative which individually or in the aggregate will not have a
material adverse effect on such Co-op Loan). 
 (oo) Broker Fees. With respect to any broker
fees collected and paid on any of the Mortgage Loans, all broker fees have been properly assessed to the Mortgagor or any guarantor and no claims will arise as to broker fees that are double charged and for which the Mortgagor or any guarantor would
be entitled to reimbursement. 
 (pp) Servicing. Each Mortgage Loan has been serviced in all material respects in compliance with
Accepted Servicing Practices and all Applicable Law. 
 (qq) Relief Act. As of the related Closing Date, neither the Mortgagor nor any
guarantor has notified any Obligated Party of any relief requested or allowed to the Mortgagor or any guarantor under the Servicemembers Civil Relief Act, and Seller has no knowledge of any relief requested or allowed to the Mortgagor or any
guarantor under the Servicemembers Civil Relief Act. 
 (rr) Environmental Compliance. There does not exist on the related Mortgaged
Property any hazardous substances, hazardous wastes or solid wastes, as such terms are defined in the Comprehensive Environmental Response Compensation and Liability Act, the Resource Conservation and Recovery Act of 1976, or other applicable
federal, state or local environmental laws including, without limitation, asbestos, in each case in excess of the permitted limits and allowances set forth in such environmental laws to the extent such laws are applicable to the Mortgaged Property.
There is no pending action or proceeding directly involving the Mortgaged Property in which compliance with any environmental law, rule or regulation is an issue; there is no violation of any applicable environmental law (including, without
limitation, asbestos), rule or regulation with respect to the Mortgaged Property; and nothing further remains to be done to satisfy in full all requirements of each such law, rule or regulation constituting a prerequisite to use and enjoyment of
said property. 
 (ss) Assignment of Mortgage. The Assignment of Mortgage is in recordable form and is acceptable for recording under
the laws of the jurisdiction in which the Mortgaged Property is located. 
 (tt) MERS Loans. With respect to each MERS Mortgage Loan,
(i) a MIN has been assigned by MERS and such MIN is accurately provided on the Mortgage Loan Schedule, (ii) except with respect to any Mortgage Loan that is a MOM Loan at origination, the related Assignment of Mortgage to MERS has been
duly and properly recorded, and (iii) 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. 

  
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 (uu) No Convertible Mortgage Loans. No Mortgage Loan is a Convertible Mortgage Loan.

 (vv) [Reserved]. 
 (ww)
[Reserved]. 
 (xx) [Reserved]. 

(yy) REMIC. As of the related Closing Date, the Mortgage Loan is a “qualified mortgage” within the meaning of
Section 860G(a)(3) of the Code. 
 (zz) Escrow Deposits, Adjustments. With respect to escrow deposits and payments that Seller is
entitled to collect, all such payments are in the possession of, or under the control of, Seller, and there exist no deficiencies in connection therewith for which customary arrangements for repayment thereof have not been made. All escrow payments
have been collected and are being maintained in full compliance with applicable state and federal law and the provisions of the related Mortgage Note and Mortgage. As to any Mortgage Loan that is the subject of an escrow, escrow of funds is not
prohibited by Applicable Law and has been established in an amount reasonably sufficient (based on an initial or past escrow analysis) to pay for every escrowed item that remains unpaid and has been assessed but is not yet due and payable. No escrow
deposits or other charges or payments due under the Mortgage Note have been capitalized under any Mortgage or the related Mortgage Note. Any interest required to be paid pursuant to state and local law has been properly paid and credited. All of the
terms of the related Mortgage Note pertaining to Mortgage Interest Rate adjustments, payment adjustments and adjustments of the Outstanding Principal Balance, if any, are enforceable and such adjustments will not affect the priority of the lien of
the related Mortgage. All such adjustments on such Mortgage Loan have been made in strict compliance with state and federal law and in accordance with the provisions of such Mortgage Loan. Seller has executed and delivered any and all notices
required under Applicable Law and the terms of the related Mortgage Note and Mortgage regarding the Mortgage Interest Rate and any periodic payment adjustments. 

(aaa) Qualified Lender. The Mortgage Loan was originated by an entity that is either a savings and loan association, a savings bank, a
commercial bank, credit union, insurance company or an institution which is supervised and examined by a federal or state authority, or a mortgagee approved by the Secretary of Housing and Urban Development pursuant to Sections 203 and 211 of the
National Housing Act, and was so at the time such Mortgage Loan was originated. 
 (bbb) Tax Service Contract. Each Mortgage Loan is
covered by a life of loan, transferable real estate tax service contract. 
 (ccc) Prepayment Charges. The Mortgage Loan Documents
with respect to each Mortgage Loan subject to Prepayment Charges specifically authorizes such Prepayment Charges to be collected, such Prepayment Charges are permissible and enforceable in accordance with the terms of the related Mortgage Loan
Documents and all applicable federal, state and local laws and each Prepayment Charge was originated in compliance with all applicable federal, state and local laws. 

  
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 (ddd) [Reserved]. 

(eee) [Reserved]. 
 (fff)
Credit Information. As to each consumer report (as defined in the Fair Credit Reporting Act, Public Law 91-508, 15 U.S.C. §§ 1681 et seq., as amended, and Regulation V, 12 C.F.R. §§
1022.1. et seq., as amended) or other credit information furnished by the Seller to the Purchaser, the Seller has full right and authority and is not precluded by law or contract from furnishing such information to the Purchaser and the Purchaser is
not precluded from furnishing the same to any subsequent or prospective purchaser of such Mortgage Loan. 
 (ggg) [Reserved]. 

(hhh) Type of Loan: (i) The Mortgage Loan is primarily for business or commercial purposes (as referenced in the Truth in Lending
Act and its implementing regulation, Regulation Z) and not primarily for personal, family or household purposes and (ii) the Mortgaged Property securing the related Mortgage is non-owner occupied. The
Mortgage Loan is not subject to the Truth in Lending Act and its implementing regulation, Regulation Z, and the Real Estate Settlement Procedures Act and its implementing regulation, Regulation X. The Mortgagor and any guarantor have executed a
business purpose affidavit stating that the Mortgage Loan is for commercial, business or investment purposes only and that the related guarantor is not and will not occupy or claim the property as a primary or secondary residence. 

(iii) Cross-Collateralization: No Mortgage Loan is cross-collateralized or provides for cross-default against any other Mortgage Loan
unless such Mortgage Loan is cross-collateralized and cross-defaulted with another Mortgage Loan sold by the Seller to the Purchaser with the same Mortgagor, guarantor or an affiliate thereof controlled by the person or persons controlling the
Mortgagor or controlled by any guarantor of such Mortgagor. 
 (jjj) Assignment of Leases and Rents: Any assignment of leases, rents
and profits or similar document or instrument executed by the related Mortgagor or any guarantor in connection with the origination of the related Mortgage Loan, as such document may be amended, modified, renewed or extended from time to time (the
“Assignment of Leases and Rents”) was duly executed, acknowledged and delivered and establishes and creates a valid and enforceable first priority collateral assignment of, or lien on, the related Mortgagor’s or any guarantor’s
interest in all leases, sub-leases, licenses or other agreements pursuant to which any person is entitled to occupy, use or possess all or any portion of the real property subject to the related Mortgage,
subject to legal limitations of general applicability to mortgage loans similar to the Mortgage Loans, and the Mortgagor, any guarantor and each assignor of such Assignment of Leases and Rents to the Seller have the full right to assign the same.
Each Business Purpose Mortgage Loan contains an Assignment of Leases and Rents, and such Assignment of Leases and Rents is included either in the related Mortgage or in a related separate assignment document. The related assignment of any Assignment
of Leases and Rents not included in the 

  
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related Mortgage has been executed and delivered to the Purchaser in blank, is otherwise in recordable form and constitutes a legal, valid and binding assignment, sufficient to convey to the
assignee named therein (assuming that the assignee has the capacity to acquire such Assignment of Leases and Rents) all of the assignor’s right, title and interest in, to and under such Assignment of Leases and Rents. 

(kkk) Personal Guaranty: The related Mortgage File contains a personal guaranty in favor of the applicable Originator providing for full
recourse to the personal assets of such guarantor. 
 Section 3.03 Repurchase; Substitution 

 

	(a)	 It is understood and agreed that the representations and warranties set forth in Sections 3.01, 3.02(A) and
3.02(B) shall survive the sale of the Mortgage Loans, delivery of the Mortgage Files to the Purchaser, or its designee and termination of this Agreement, and shall inure to the benefit of the Purchaser, notwithstanding any restrictive or qualified
endorsement on any Mortgage Note or Assignment or the examination, or lack of examination, of any Mortgage Loan Document. 

  

	(b)	 Upon the earlier of discovery by the Seller or notice from the Purchaser of a breach of any of the foregoing
representations and warranties which materially and adversely affects the value of the Mortgage Loans or the interest of the Purchaser in the Mortgage Loans (or which materially and adversely affects the value of a particular Mortgage Loan or the
interest of the Purchaser in a particular Mortgage Loan in the case of a representation and warranty relating to such particular Mortgage Loan), the party discovering such breach shall give prompt written notice to the others. 

 

	(c)	 A breach of representations and warranties in Sections 3.01, 3.02(A)(d), (f) through (p), (r), (u), (v), (x)
through (bb), (dd), (ee), (gg), (hh), (ll), (oo) through (xx), (aaa) through (ddd) and (ggg) and 3.02(B)(d), (f) through (p), (r), (u), (v), (x) through (bb), (dd), (ee), (gg), (hh), (oo) through (uu), (aaa) through (ccc), (hhh), (iii) and (kkk)
shall be deemed to materially and adversely affect the value of the related Mortgage Loan or the interest of Purchaser in any Mortgage Loan. 

  

	(d)	 With respect to the representations and warranties which are made to the best of the Seller’s knowledge,
if it is discovered by the Seller or the Purchaser that the substance of such representation and warranty is inaccurate and such inaccuracy materially and adversely affects the value of the related Mortgage Loan or the interests of the Purchaser
therein, notwithstanding such Seller’s lack of knowledge with respect to the substance of such representation or warranty, such inaccuracy shall be deemed a breach of the applicable representation or warranty. 

 

	(e)	 The Seller shall have a period of sixty (60) days from the earlier of its discovery or its receipt of
notice of any such breach within which to correct or cure such breach. The Seller hereby covenants and agrees that if any such breach in respect of the representations and warranties set forth in Section 3.01 or 3.02(A) or 3.02(B) is not
corrected or cured within such sixty (60) day period, the Seller shall, at the Purchaser’s 

  
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option either (i) promptly repurchase such Mortgage Loan at the Repurchase Price, (ii) promptly substitute a mortgage loan for the defective Mortgage Loan as provided below or
(iii) except for a breach of the representation and warranty in Section 3.02(A)(ww), make an indemnification payment in an amount equal to the reduction in value of such Mortgage Loan as a result of such breach as determined by the
Purchaser in its reasonable discretion, such payment to be made in the manner set forth above in respect of the Purchase Price of a repurchased Mortgage Loan. 

  

	(f)	 Any such repurchase or indemnification payment shall be accomplished by wire transfer of the amount of the
Repurchase Price or indemnification payment to an account designated by the Purchaser. If the breach of representation and warranty that gave rise to the obligation to repurchase or substitute a Mortgage Loan pursuant to this Section 3.03 was
the representation and warranty set forth in clause (f), (i) or (ll) of Section 3.02(A), then the Seller shall pay to the Purchaser, concurrently with and in addition to the remedies provided in this Section 3.03, an amount equal to any
liability, penalty or expense that was actually incurred and paid out of or on behalf of the Purchaser, and that directly resulted from such breach, or if incurred and paid by the Purchaser thereafter, concurrently with such payment.

  

	(g)	 If pursuant to the foregoing provisions Seller repurchases a Mortgage Loan that is a MERS Mortgage Loan, Seller
shall either (i) cause MERS to execute and deliver an assignment of the Mortgage in recordable form to transfer the Mortgage from MERS to Seller and shall cause such Mortgage to be removed from registration on the MERS System in accordance with
MERS’ rules and regulations or (ii) cause MERS to designate on the MERS System Seller as the beneficial holder of such Mortgage Loan. 

  

	(h)	 If the Seller is required to repurchase any Mortgage Loan pursuant to this Section 3.03 as a result of a
breach of any of the representations and warranties set forth in Section 3.01 or 3.02(A) or 3.02(B), the Seller may, with the Purchaser’s prior consent, within two (2) years from the related Closing Date, remove such defective
Mortgage Loan from the terms of this Agreement and substitute another mortgage loan for such defective Mortgage Loan, in lieu of repurchasing such defective Mortgage Loan. Any substitute Mortgage Loan shall: 

(i) have a principal balance at the time of substitution not in excess of the principal balance of the defective Mortgage Loan
(the amount of any difference, plus one month’s interest thereon at the Mortgage Interest Rate borne by the defective Mortgage Loan, being paid upon substitution by the Seller and deemed to be a Principal Prepayment to be deposited by the
Seller in an account designated by the Purchaser), 
 (ii) have a Mortgage Interest Rate not less than, and not more than one
percentage point greater than, the Mortgage Interest Rate of the removed Mortgage Loan or in the case of an Adjustable Rate Mortgage Loan, have the same index, a margin that is not less than the margin of the removed Mortgage Loan and Adjustment
Dates that are the same frequency as that of the removed Mortgage Loan, 

  
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 (iii) have a remaining term to stated maturity not later than, and not more
than one year less than, the remaining term to stated maturity of the removed Mortgage Loan, 
 (iv) be, in the reasonable
determination of the Purchaser, of the same type, quality and character (including location of the Mortgaged Property) as the removed Mortgage Loan as if the breach had not occurred, 

(v) have a Loan to Value Ratio at origination no greater than that of the removed Mortgage Loan, 

(vi) have the same lien priority as that of the removed Mortgage Loan, and 

(vii) be, in the reasonable determination of the Purchaser, in material compliance with the representations and warranties
contained in this Agreement and described in Section 3.02(A) or 3.02(B), as applicable, as of the date of substitution. 
  

	(i)	 The Seller shall upon substitution amend the Mortgage Loan Schedule to reflect the withdrawal of the removed
Mortgage Loan from this Agreement and the substitution of such substitute Mortgage Loan therefor. Upon such amendment, the Purchaser shall review the Mortgage File delivered to it relating to the substitute Mortgage Loan. The Monthly Payment on a
substitute Mortgage Loan due on the Due Date in the month of substitution shall be the property of the Seller and the Monthly Payment on the defective Mortgage Loan for which the substitution is made due on such date shall be the property of the
Purchaser. 

  

	(j)	 It is understood and agreed that the obligation of the Seller set forth in this Section 3.03 to cure,
repurchase or substitute for a defective Mortgage Loan, and to indemnify Purchaser pursuant to Section 5.01, constitutes the sole remedies of the Purchaser respecting a breach of the foregoing representations and warranties. If the Seller fails
to repurchase or substitute for a defective Mortgage Loan in accordance with this Section 3.03, or fails to cure a defective Mortgage Loan to Purchaser’s reasonable satisfaction in accordance with this Section 3.03, or to indemnify
Purchaser pursuant to Section 5.01 or Section 8.04, the Purchaser shall be entitled to pursue all available remedies. 

  

	(k)	 Any cause of action against the Seller relating to or arising out of the breach of any representations and
warranties made in Sections 3.01, 3.02(A) and 3.02(B) shall accrue as to any Mortgage Loan upon (i) the earlier of discovery of such breach by the Seller or notice thereof by the Purchaser to the Seller, (ii) failure by the Seller to cure
such breach or repurchase such Mortgage Loan as specified above, and (iii) demand upon the Seller by the Purchaser for compliance with this Agreement. 

  

	(l)	 In the event that any Mortgage Loan is held by a REMIC, notwithstanding any contrary provision of this
Agreement, with respect to any Mortgage Loan that is not in default or as to which no default is imminent, Purchaser may, in connection with any substitution of a defective Mortgage Loan pursuant to this Section 3.03, require that the Seller
deliver, at the Seller’s expense, an Opinion of Counsel to the effect that such substitution will not (i) result in the imposition of taxes on “prohibited transactions” of such REMIC (as defined in Section 860F of the Code)
or otherwise subject the REMIC to tax, or (ii) cause the REMIC to fail to qualify as a REMIC at any time. 

  
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	(m)	 The parties agree that, if so required by the Purchaser or any Rating Agency, the resolution of any controversy
or claim arising out of or relating to an obligation or alleged obligation of the Seller to repurchase or provide another remedy in respect of a Mortgage Loan due to a breach of a representation or warranty contained in Section 3.01 or 3.02(A)
or 3.02(B) hereof, and provided Seller has failed to remedy such Mortgage Loan in accordance with the Purchaser’s remedy demand, shall be by Arbitration. 

(i) If after the expiration of any applicable cure period any demand on Seller by Purchaser for the repurchase of a Mortgage
Loan based on an allegation of a breach of a representation or warranty made in Section 3.01 or 3.02(A) or 3.02(B) has not been resolved to the satisfaction of the Purchaser, it shall be mandatory (unless otherwise agreed to in writing by the
parties) that the parties shall commence Arbitration to resolve the dispute; provided that all matters with respect to which Arbitration has been commenced in any such month shall be heard in a single Arbitration in the immediately following month
or as soon as practicable thereafter. To commence Arbitration, the moving party shall deliver written notice to the other party that it has elected to pursue Arbitration in accordance with this Section 3.03(m). Within ten (10) Business
Days after a party has provided notice that it has elected to pursue Arbitration, each party may submit the names of one or more proposed Arbitrators to the other party in writing. If the parties have not agreed on the selection of an Arbitrator
within five (5) Business Days after the first such submission, then the party commencing Arbitration shall, within the next five (5) Business Days, notify the American Arbitration Association in New York, NY and request that it appoint a
single Arbitrator with experience in arbitrating disputes arising in the financial services industry. 
 (ii) It is the
intention of the parties that Arbitration shall be conducted in as efficient and cost-effective a manner as is reasonably practicable, without the burden of discovery. Accordingly, the Arbitrator will resolve the dispute on the basis of a review of
the written correspondence between the parties (including any supporting materials attached to such correspondence) conveyed by the parties to each other in connection with the dispute prior to the delivery of notice to commence Arbitration;
however, upon a showing of good cause, a party may request the Arbitrator to direct the production of such additional information, evidence and/or documentation from the parties that the Arbitrator deems appropriate. If all parties to such
Arbitration, including the Arbitrator, so agree, any hearing with respect to an Arbitration shall be conducted by video conference or teleconference, provided that any party may withdraw its agreement to future video conferencing or teleconferencing
of any Arbitration proceedings upon ten Business Days’ prior notice to the other parties. 
 (iii) The finding of the
Arbitrator shall be final and binding upon the parties. Judgment upon any arbitration award rendered may be entered and enforced in any court of competent jurisdiction. The costs of the Arbitrator shall be shared equally between both parties. Each
party, however, shall bear its own attorney’s fees and costs in connection with the Arbitration. 

  
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	(n)	 Nothing herein shall be construed as an agreement or consent to arbitrate any disputes arising between the
Seller and Purchaser other than disputes related to an alleged obligation of Seller to repurchase a Mortgage Loan due to a breach of a representation or warranty contained in Sections 3.01 or 3.02(A) or 3.02(B). 

Section 3.04 Repurchase of Mortgage Loans with Early Payment Defaults 

With respect to any Mortgage Loan, if a Mortgagor becomes [__] days or more Delinquent with respect to the first Monthly Payment, or [__] days
or more Delinquent with respect to the second or third Monthly Payment, in each case, due on the related Mortgage Loan following the date the Mortgage Loan is originated (an “Early Payment Default”), the Seller, at the
Purchaser’s option, shall promptly repurchase such Mortgage Loan at the Repurchase Price from the Purchaser within five (5) Business Days’ of receipt of written notice; provided, however, prior to receipt of written notice from
Purchaser, Seller may elect to repurchase a Mortgage Loan at the Repurchase Price upon Seller’s discovery of any such Early Payment Default. In the event that the Purchaser does not request that the Seller repurchase an Early Payment Default
Loan within 60 days after the occurrence of such Early Payment Default, the Seller shall not be obligated to repurchase such Mortgage Loan due to the Early Payment Default, unless the Purchaser and Seller have agreed to a longer period. 

Section 3.05 Purchase Price Protection 

With respect to any Mortgage Loan that prepays in full during the first number of monthly periods as set forth on the related Purchase Price
and Terms Letter for each individual Mortgage Loan after the related Mortgage Loan’s initial funding date, Seller shall reimburse the Purchaser the amount (if any) by which the Purchase Price paid by the Purchaser to the Seller exceeded 100% of
the Outstanding Principal Balance of the Mortgage Loan as of the Cut-off Date, within thirty (30) days of Purchaser’s written notice delivered within one hundred eighty (180) days of
Purchaser’s receipt of notification of such payoff; provided that the period of purchase price protection may be modified pursuant to the Purchase Price and Terms Letter and to the extent of any conflict, the Purchase Price and Terms Letter
shall control. Upon any assignment of a Mortgage Loan and/or this Agreement, the Purchaser may at its option retain its rights under this Section 3.05 notwithstanding such assignment. 

  
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 ARTICLE IV 

GENERAL COOPERATION 

Section 4.01 Purchaser’s Right to Examine Seller Records 

The Purchaser shall have the right to examine and audit upon reasonable notice to the Seller, during business hours or at such other times as
might be reasonable under applicable circumstances, any and all of the current books, records, documentation or other information of the Seller, or held by another for the Seller or on its behalf or otherwise, which relates to the performance or
observance by the Seller of the terms, covenants or conditions of this Agreement. 
 The Seller shall provide to the Purchaser and any
supervisory agents or examiners representing a state or federal governmental agency having jurisdiction over the Purchaser, access to any documentation regarding the Mortgage Loans in the possession of the Seller which may be required by any
Applicable Law. Such access shall be afforded without charge, upon reasonable request, during normal business hours and at the offices of the Seller, and in accordance with Applicable Law. 

In addition, the Seller shall provide access to or electronic copies of all origination, credit and underwriting files related to the Mortgage
Loans, to Purchaser, or any designee of Purchaser. 
 Section 4.02 Seller Shall Provide Information as Reasonably Required 

In connection with marketing the Mortgage Loans, the Purchaser may make available to a prospective purchaser audited financial statements of
the Seller for the most recently completed two (2) fiscal years for which such statements are available, as well as a consolidated statement of condition at the end of the last two (2) fiscal years covered by any consolidated statement of
operations. If it has not already done so, the Seller shall furnish promptly to the Purchaser or a prospective purchaser copies of the statements specified above; provided, however, that prior to furnishing such statements or information to any
prospective purchaser, the Seller may require such prospective purchaser to execute a confidentiality agreement in a form satisfactory to the Seller. 

The Seller shall make reasonably available to the Purchaser or any prospective purchaser a knowledgeable financial or accounting officer for
the purpose of answering questions and to permit any prospective purchaser to inspect the Seller’s servicing facilities. 

  
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 ARTICLE V 

THE SELLER 
 Section 5.01
Seller Indemnification; Third Party Claims 
  

	(a)	 In addition to the indemnification provided in Section 8.04, the Seller agrees to indemnify the Purchaser
and trustees (collectively, the “Covered Persons”) and hold them harmless against any and all Losses that the Covered Persons may sustain which are caused by or result from the failure of the Seller to observe and perform its duties,
obligations, covenants, and agreements in compliance with the terms of this Agreement or as a result of the breach of a representation or warranty set forth in Section 3.01 or 3.02(A) or 3.02(B) of this Agreement. The indemnification provided
by the Seller herein shall be with respect to all Losses incurred by the Covered Persons, whether or not involving third-parties or between Purchaser and the Seller. Notwithstanding the foregoing, however, the Seller shall not be subject to any
claim for indemnification under this Section 5.01(a) which arises from any act, omission or failure of the Seller taken or omitted, as the case may be, pursuant to the written instruction of the Purchaser. 

 

	(b)	 In connection with any such claim, the Seller shall promptly notify the Purchaser if a claim is made by a third
party with respect to this Agreement or a Mortgage Loan, and if such claim is subject to indemnification by Seller pursuant to this Section 5.01, assume (with the consent of the Covered Person) the defense of any such claim and pay all expenses
in connection therewith, including counsel fees, and promptly pay, discharge and satisfy any judgment or decree which may be entered against it or the Covered Persons in respect of such claim (provided that the Covered Persons shall not, without the
consent of the Seller, settle any claim without the Seller’s consent which would admit any fault or wrongdoing of the Seller or otherwise be adverse to its interests). The Seller shall follow any reasonable written instructions received from
the Covered Person in connection with such claim. If the Seller assumes the defense of any such claim, it shall be entitled to settle such claim with the consent of the Covered Person, which will not be unreasonably withheld or delayed or, if such
settlement provides for the release of the Covered Person in connection with all matters relating to the claim which have been asserted against the Covered Person, by the other parties to such settlement, if any, without the consent of the Covered
Person. Notwithstanding anything to the contrary contained herein, for purposes of clarification, the parties hereto acknowledge and agree that the Seller’s agreement to indemnify Covered Persons for each obligation set forth in this Agreement,
including but not limited to the obligations set forth in this Section 5.01, is in consideration for, and is a material inducement to, the Purchaser’s entry into this Agreement. For purposes of further clarification, such consideration is
the same for each and every obligation set forth in this Agreement. The provisions of this Section 5.01 shall survive termination of this Agreement and transfer of the Servicing Rights. 

  
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 Section 5.02 Merger or Consolidation of the Seller 

The Seller shall keep in full effect its existence, rights and franchises as a corporation under the laws of the state of its incorporation
except as permitted herein, and shall obtain and preserve its qualification to do business as a foreign corporation in each jurisdiction in which such qualification is or shall be necessary to protect the validity and enforceability of this
Agreement, or any of the Mortgage Loans and to perform its duties under this Agreement. 
 Any Person into which the Seller may be merged or
consolidated, or any corporation resulting from any merger, conversion or consolidation to which the Seller shall be a party, or any Person succeeding to the business of the Seller whether or not related to loan origination, shall be the successor
of the 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; provided, however, that the successor or surviving Person shall be an
institution (i) having a GAAP net worth of not less than $15,000,000, (ii) the deposits of which are insured by the FDIC or which is a HUD-approved mortgagee whose primary business is in origination and
servicing of first lien mortgage loans, and (iii) who is a Fannie Mae or Freddie Mac approved seller/servicer in good standing. Notwithstanding the foregoing, if the successor or surviving Person is an institution with a GAAP net worth of less
than $15,000,000, then the Purchaser may, in its sole discretion, waive such minimum GAAP net worth requirement. 
 ARTICLE VI 

TERMINATION 

Section 6.01 Termination 

The obligations of the Seller and the Purchaser hereunder shall terminate upon the mutual consent of the Seller and the Purchaser in writing.

 The repurchase, substitution, indemnification and reconstitution obligations of the Seller set forth in this Agreement shall survive the
termination of this Agreement notwithstanding any applicable statute of limitations, which the Seller hereby expressly waives. 
 Any
termination of this Agreement shall not affect any claims that the Purchaser may have against the Seller arising prior to any such termination. 

ARTICLE VII 
 RECONSTITUTION OF
MORTGAGE LOANS 
 Section 7.01 Reconstitution of Mortgage Loans 

 

	(a)	 The Seller acknowledges and the Purchaser agrees that with respect to some or all of the Mortgage Loans, the
Purchaser may effect either: 

  
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 (i) one or more sales of the Mortgage Loans as whole loan transfers (each, a “Whole
Loan Transfer”); and/or 
 (ii) one or more Securitization Transactions. 

 

	(b)	 With respect to each Whole Loan Transfer or Securitization Transaction, as the case may be, entered into by the
Purchaser, the Seller agrees: 

 (i) to cooperate fully with the Purchaser and any prospective purchaser with respect to
any Whole Loan Transfer or Securitization Transaction, including but not limited to, all reasonable requests, due diligence procedures and disclosures, and with respect to the preparation (including, but not limited to, the endorsement, delivery,
assignment, and execution) of the Mortgage Loan Documents and other related documents; to deliver to the Purchaser, or any prospective purchaser such additional Mortgage Loan information requested and to indemnify the Purchaser, its affiliates or
any prospective purchaser for such information at the time of such delivery to the extent such information is not true and correct; 
 (ii)
to execute all Reconstitution Agreements provided that each of the Seller and the Purchaser is given an opportunity to review and reasonably negotiate in good faith the content of such documents not specifically referenced or provided for herein;

 (iii) with respect to any Whole Loan Transfer or Securitization Transaction, the Seller shall make the representations and warranties
regarding the Seller and the Mortgage Loans as of the date of such Whole Loan Transfer or Securitization Transaction, as applicable, modified to the extent necessary to accurately reflect the pool statistics of the Mortgage Loans as of the date of
such Whole Loan Transfer or Securitization Transaction, as applicable, and supplemented by additional representations and warranties that are not unreasonable under the circumstances as of the date of such Whole Loan Transfer or Securitization
Transaction, as applicable, to the extent that any events or circumstances, including changes in Applicable Law occurring subsequent to the related Closing Date(s), would render a related Mortgage Loan unmarketable to a material segment of the
secondary mortgage or mortgage-backed securities market or make any representations or warranties required by any Rating Agency; 
 (iv) to
deliver to the Purchaser such information, reports, letters and certifications as are required pursuant to Article XIA in the time frame and manner set forth in Article XIA, and to indemnify the Purchaser and its affiliates as set forth in Article
XIA; 
 (v) to deliver to the Purchaser for inclusion in any prospectus or other offering material (including any private offering document)
such publicly available information regarding the Seller, its financial condition and its mortgage loan delinquency, foreclosure and loss experience and any additional information reasonably requested by the Purchaser, and to deliver to the
Purchaser any similar nonpublic, unaudited financial information, in which case the Purchaser shall bear the cost of having such information audited by certified public accountants if the Purchaser desires such an audit, or as is otherwise
reasonably requested by the Purchaser and which the Seller is capable of providing without unreasonable effort or expense, and to indemnify the Purchaser and its affiliates for material misstatements or omissions contained (i) in such
information and (ii) on the Mortgage Loan Schedule; 

  
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 (vi) to deliver to the Purchaser and to any Person designated by the Purchaser, such
statements and audit letters of reputable, certified public accountants as are customarily delivered by originators such as Seller in connection with a Whole Loan Transfer or Securitization Transaction pertaining to Seller’s financial condition
as shall be reasonably requested by the Purchaser; 
 (vii) to deliver to the Purchaser, and to any Person designated by the Purchaser, such
legal documents and Opinions of Counsel (which counsel shall be independent, outside counsel of the Seller) as are customarily delivered by originators and reasonably determined by the Purchaser to be necessary in connection with any Whole Loan
Transfer or Securitization Transaction, as the case may be, such outside Opinions of Counsel for a Securitization Transaction to be in the form reasonably acceptable to the Purchaser, it being understood that the cost of any such outside Opinions of
Counsel that may be required for a Whole Loan Transfer or Securitization Transaction, as applicable, shall be paid by the Purchaser. 

(viii) in connection with each Whole Loan Transfer or Securitization Transaction, to agree to permit any prospective assignees of the Purchaser
who have entered into a commitment to purchase any of the Mortgage Loans or any independent third-parties selected by the Purchaser to conduct Pre-Securitization TPR, Post-Securitization TPR (or any other
similar pre-securitization or post-securitization review as may be required by any Rating Agency), to assess loan information and review the Seller’s servicing and origination operations, upon reasonable
prior notice to the Seller, and the Seller shall cooperate with such reviews and underwriting to the extent such prospective assignees or independent third-parties request information and documents (in electronic form or otherwise) that are
reasonably available and provided such parties are told the confidential nature of such information. Subject to any Applicable Laws, the Seller shall make the Servicing Files related to the Mortgage Loans held by the Seller available at the
Seller’s principal operations center for review by any such prospective assignees or independent third-party during normal business hours upon reasonable prior notice to the Seller (in no event fewer than two (2) Business Days’ prior
notice); 
 (ix) to agree and consent that all information provided by the Seller to any Rating Agency for the purpose of determining and
which is used in connection with the initial rating of a rated securitization including the Mortgage Loans, or for undertaking credit rating surveillance on such securitization, may be posted on a website which complies with the requirements of Rule
17g-5 of the Exchange Act on request of the Purchaser. Upon request of the Purchaser, the Seller shall provide all such information in electronic form as needed to effect such posting. To the extent any Rating
Agency conducts an originator review or other review of the operations of the Seller which may be used in connection with the initial rating of a securitization or the surveillance thereof, on request of the Purchaser, the Seller shall provide to
Purchaser in electronic form all information that was provided to the Rating Agency in connection with such review; 
 (x) to indemnify the
Purchaser and its agents, managers and trustees, each affiliate designated by the Purchaser, each Person who controls the Purchaser or such affiliate and hold each of them harmless from and against any losses, damages, penalties, fines, forfeitures,
reasonable and necessary legal fees and related costs, judgments, and any other costs, fees and expenses that each of them may sustain in any way related to (A) any untrue statement 

  
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of a material fact contained or alleged to be contained in any information, report, certification, data, accountants’ letter or other material provided by or on behalf of the Seller, or
provided under this Agreement by or on behalf of any Third-Party Originator, regarding the Seller, the Mortgage Loans or the Underwriting Standards which is set forth in any offering document prepared in connection with any Securitization
Transaction (collectively, the “Company Information”), or (B) the omission or alleged omission to state in the Company Information a material fact required to be stated in the Company Information or necessary in order to make
the statements therein, in the light of the circumstances under which they were made, not misleading; provided, by way of clarification, that clause (B) of this paragraph shall be construed solely by reference to the Company Information and not
to any other information communicated in connection with a sale or purchase of securities, without regard to whether the Company Information or any portion thereof is presented together with or separately from such other information, or (C) the
failure by the Seller to make any required filings or provide the information needed by Purchaser for any required filings under the Exchange Act or under any other applicable securities law and regulation. For purposes of the previous sentence,
“Purchaser” shall mean the Person then acting as the Purchaser under this Agreement and any and all Persons who previously were “Purchasers” under this Agreement; 

(xi) to indemnify the Purchaser and its agents, managers and trustees, each affiliate designated by the Purchaser, each Person who controls the
Purchaser or such affiliate and hold each of them harmless from and against any losses, damages, penalties, fines, forfeitures, reasonable and necessary legal fees and related costs, judgments, and any other costs, fees and expenses that each of
them may sustain in any way related to (A) any untrue statement of a material fact contained or alleged to be contained in any information, report, certification, data, accountants’ letter or other material provided by or on behalf of the
Seller (including by the Purchaser), or provided under this Agreement by or on behalf of any Third-Party Originator, regarding the Seller, the Mortgage Loans or the Underwriting Standards which is provided to any Rating Agency in connection with any
initial ratings issued in connection with any Securitization or the surveillance of such ratings (collectively, the “Rating Agency Disclosure”) or (B) the omission or alleged omission to state in the Rating Agency Disclosure a
material fact required to be stated in the Rating Agency Disclosure or necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading. For purposes of the previous sentence,
“Purchaser” shall mean the Person then acting as the Purchaser under this Agreement and any and all Persons who previously were “Purchasers” under this Agreement; and 

(xii) to (x) represent and warrant to each Rating Agency providing a rating in a separate writing that (i) the Seller shall promptly
provide to each Rating Agency all information requested by each Rating Agency in accordance with its published ratings criteria, (ii) all information provided to the Rating Agency contains no untrue statement of a material fact and does not
omit a material fact necessary in order to make such information, in light of the circumstances in which it was provided, not misleading, and (iii) make any other representations or warranties or provide any other information required by any
Rating Agency and (y) indemnify any such Rating Agency that provides a rating and each of its affiliates, directors, officers and employees for any losses, damages, liabilities, judgments, costs, charges and expenses (including without
limitation attorneys’ fees) of whatever nature (whether foreseeable or not) arising from or in connection with the breach of any of the representations and warranties set forth in clause (x) herein, including resulting from or relating to the
use by the Rating Agency of or reliance by the Rating Agency on information provided to it by the Seller. 

  
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	(c)	 Notwithstanding anything to the contrary, the Seller acknowledges and agrees that the provisions of this
Article XI shall apply to all subsequent Reconstitutions (including, without limitation, the exercise by any Person (including the Purchaser) of any optional purchase rights under the terms of a Securitization Transaction or in the event that any
Mortgage Loan is repurchased pursuant to the terms of any Reconstitution Agreement) that occur after any initial Reconstitution. In addition, if, following the occurrence of a Reconstitution with respect to any Mortgage Loans, the Purchaser
subsequently becomes the owner of such Mortgage Loans again, such Mortgage Loans shall be subject to the terms and conditions of this Agreement. 

  

	(d)	 In order to facilitate compliance with Regulation AB promulgated under the Securities Act, the Seller and the
Purchaser agree to comply with the provisions of Article XIA herein. The Seller further covenants to provide Purchaser on request all information the Purchaser deems necessary in order to comply with any amendments to Regulation AB and any other
securities laws and regulations with respect to information provided in connection with a securitization of the Mortgage Loans and shall enter into any necessary amendments to this Agreement required to comply with same. 

 

	(e)	 All Mortgage Loans not sold or transferred pursuant to a Whole Loan Transfer or Securitization Transaction
shall be subject to this Agreement and shall continue to be serviced in accordance with the terms of Section 2.03(a) of this Agreement and with respect thereto this Agreement shall remain in full force and effect. 

ARTICLE VIII 
 COMPLIANCE WITH
REGULATION AB 
 Section 8.01 Intent of the Parties; Reasonableness. 

The Purchaser and the Seller acknowledge and agree that the purpose of Article XIA of this Agreement is to facilitate compliance by the
Purchaser and any Depositor with the provisions of Regulation AB and related rules and regulations of the Commission. Although Regulation AB is currently applicable by its terms only to offerings of asset-backed securities that are registered under
the Securities Act, the Seller acknowledges that investors in privately offered securities (and revisions to Regulation AB) may require that the Purchaser or any Depositor provide comparable disclosure in unregistered offerings. References in this
Agreement to compliance with Regulation AB include provision of comparable disclosure in private offerings. Neither the Purchaser nor any Depositor shall exercise its right to request delivery of information or other performance under these
provisions other than in good faith, or for purposes other than compliance with the Securities Act, the Exchange Act and, in each case, the rules and regulations of the Commission thereunder (or the provision in a private offering of disclosure
comparable to that required under the Securities Act) in each case as are applicable to offerings of asset-backed securities involving residential mortgage loans. The Seller acknowledges that interpretations of the requirements of Regulation AB may
change over time, 

  
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whether due to interpretive guidance provided by the Commission or its staff, consensus among participants in the asset-backed securities markets, advice of counsel, or otherwise, and agrees to
comply with requests made by the Purchaser or any Depositor in good faith for delivery of information under these provisions on the basis of established and evolving interpretations of Regulation AB. In connection with any Securitization
Transaction, the Seller shall cooperate as set forth herein with the Purchaser and any Depositor to deliver to the Purchaser (including any of its assignees or designees), any securitization trustee, any Master Servicer and any Depositor, any and
all statements, reports, certifications, records and any other information which is necessary in the good faith determination of the Purchaser to permit the Purchaser, such securitization trustee, such Master Servicer or such Depositor to comply
with the provisions of Regulation AB, together with such disclosures relating to the Seller, any Third-Party Originator and the Mortgage Loans, determined by the Purchaser to be necessary in order to effect such compliance. In the event of any
conflict between Article XIA and any other term or provision in this Agreement, the provisions of Article XIA shall control. 
 The
Purchaser (including any of its assignees or designees) shall cooperate with the Seller by providing timely notice of requests for information under these provisions and by reasonably limiting such requests to information required, in the
Purchaser’s reasonable judgment, to comply with Regulation AB. 
 Section 8.02 Additional Representations and Warranties of the
Seller. 
 (a) The Seller hereby represents to the Purchaser, to any securitization trustee, any Master Servicer and to any Depositor, as
of the date on which information is first provided to the Purchaser, any securitization trustee, any Master Servicer or any Depositor under Section 8.03 that, except as disclosed in writing to the Purchaser, such securitization trustee, such
Master Servicer or such Depositor prior to such date: 
 (i) there are no material legal or governmental proceedings pending (or known to be
contemplated) against the Seller or any Third-Party Originator; and 
 (ii) there are no affiliations, relationships or transactions relating
to the Seller or any Third-Party Originator with respect to any Securitization Transaction and any party thereto identified by the related Depositor of a type described in Item 1119 of Regulation AB. 

(b) If so requested by the Purchaser in writing, any securitization trustee, any Master Servicer or any Depositor on any date following the
date on which information is first provided to the Purchaser, any securitization trustee, any Master Servicer or any Depositor under Section 8.03, the Seller shall, within five (5) Business Days following such written request, confirm in
writing the accuracy of the representations and warranties set forth in paragraph (a) of this Section or, if any such representation and warranty is not accurate as of the date of such request, provide reasonably adequate disclosure of the
pertinent facts, in writing, to the requesting party. 

  
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 Section 8.03 Information to Be Provided by the Seller. 

In connection with any Securitization Transaction the Seller shall (i) within five (5) Business Days following request by the
Purchaser or any Depositor, provide to the Purchaser and such Depositor (or, as applicable, cause each Third-Party Originator to provide), in writing and in form and substance reasonably satisfactory to the Purchaser and such Depositor, the
information and materials specified in paragraphs (a), (b), (c) and (e) of this Section, and (ii) as promptly as practicable following notice to or discovery by the Seller, provide to the Purchaser and any Depositor (in writing and in form
and substance reasonably satisfactory to the Purchaser and such Depositor) the information specified in paragraph (c) of this Section. 

(a) If so requested by the Purchaser or any Depositor, the Seller shall provide such information regarding (i) the Seller, as originator
of the Mortgage Loans (including, as applicable, as an acquirer of Mortgage Loans from a Qualified Correspondent), or (ii) each Third-Party Originator, as is requested for the purpose of compliance with Items 1103(a)(1), 1110, 1117 and 1119 of
Regulation AB. Such information shall include, at a minimum: 
 (A) the originator’s form of organization; 

(B) a description of the originator’s origination program and how long the originator has been engaged in originating
residential mortgage loans, which description shall include a discussion of the originator’s experience in originating mortgage loans of a similar type as the Mortgage Loans; information regarding the size and composition of the
originator’s origination portfolio; and information that may be material, in the good faith judgment of the Purchaser or any Depositor, to an analysis of the performance of the Mortgage Loans, such as the originators’ credit-granting or
underwriting criteria for mortgage loans of similar type(s) as the Mortgage Loans and such other information as the Purchaser or any Depositor may reasonably request for the purpose of compliance with Item 1110(b)(2) of Regulation AB. 

(C) a description of any material legal or governmental proceedings pending (or known to be contemplated) against the Seller
and each Third-Party Originator; and 
 (D) a description of any affiliation or relationship between the Seller and each
Third-Party Originator and any of the following parties to a Securitization Transaction, as such parties are identified to the Seller by the Purchaser or any Depositor in writing in advance of such Securitization Transaction: 

 

	 	(1)	 the sponsor; 

  

	 	(2)	 the depositor; 

  

	 	(3)	 the issuing entity; 

  

	 	(4)	 any servicer; 

  

	 	(5)	 any trustee; 

  

	 	(6)	 any originator; 

  

	 	(7)	 any significant obligor; 

 

	 	(8)	 any enhancement or support provider; and 

 

	 	(9)	 any other material transaction party. 

  
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 (b) If so requested by the Purchaser or any Depositor, the Seller shall provide (or, as
applicable, cause each Third-Party Originator to provide) Static Pool Information with respect to the mortgage loans (of a similar type as the Mortgage Loans, as reasonably identified by the Purchaser as provided below) originated by (i) the
Seller, if the Seller is an originator of Mortgage Loans (including as an acquirer of Mortgage Loans from a Qualified Correspondent), and/or (ii) each Third-Party Originator. Such Static Pool Information shall be prepared by the Seller (or
Third-Party Originator) on the basis of its reasonable, good faith interpretation of the requirements of Item 1105(a)(1)-(3) of Regulation AB. To the extent that there is reasonably available to the Seller (or Third-Party Originator) Static Pool
Information with respect to more than one mortgage loan type, the Purchaser or any Depositor shall be entitled to specify whether some or all of such information shall be provided pursuant to this paragraph. The content of such Static Pool
Information may be in the form customarily provided by the Seller, and need not be customized for the Purchaser or any Depositor. Such Static Pool Information for each vintage origination year or prior securitized pool, as applicable, shall be
presented in increments no less frequently than quarterly over the life of the mortgage loans included in the vintage origination year or prior securitized pool. The most recent periodic increment must be as of a date no later than one hundred
thirty-five (135) days prior to the date of the prospectus or other offering document in which the Static Pool Information is to be included or incorporated by reference. The Static Pool Information shall be provided in an electronic format
that provides a permanent record of the information provided, such as a portable document format (pdf) file, or other such electronic format reasonably required by the Purchaser or the Depositor, as applicable. 

Promptly following notice or discovery of a material error in Static Pool Information provided pursuant to the immediately preceding paragraph
(including an omission to include therein information required to be provided pursuant to such paragraph), the Seller shall provide corrected Static Pool Information to the Purchaser or any Depositor, as applicable, in the same format in which
Static Pool Information was previously provided to such party by the Seller. 
 If so requested by the Purchaser or any Depositor, the
Seller shall provide (or, as applicable, cause each Third-Party Originator to provide), at the expense of the requesting party (to the extent of any additional incremental expense associated with delivery pursuant to this Agreement), such
agreed-upon procedures letters of certified public accountants reasonably acceptable to the Purchaser or Depositor, as applicable, pertaining to Static Pool Information relating to prior securitized pools for securitizations closed on or after
January 1, 2006 or, in the case of Static Pool Information with respect to the Seller’s or Third-Party Originator’s originations or purchases, to calendar months commencing January 1, 2006, as the Purchaser or such Depositor
shall reasonably request. Such letters shall be addressed to and be for the benefit of such parties as the Purchaser or such Depositor shall designate, which may include, by way of example, any sponsor, any Depositor and any broker dealer acting as
underwriter, placement agent or initial purchaser with respect to a Securitization Transaction. Any such statement or letter may take the form of a standard, generally applicable document accompanied by a reliance letter authorizing reliance by the
addressees designated by the Purchaser or such Depositor. 
 (c) For the purpose of satisfying the reporting obligation under the Exchange
Act with respect to any class of asset-backed securities, the Seller shall (or shall, as applicable, cause each Third-Party Originator to) (i) provide prompt notice to the Purchaser, any securitization trustee, any Master Servicer and any
Depositor in writing of (A) any material litigation or governmental proceedings involving the Seller or any Third-Party Originator, (B) any affiliations or relationships that develop following the closing date of a Securitization
Transaction between the Seller any Third-Party Originator and any of the parties specified in clause (D) of paragraph 

  
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(a) of this Section (and any other parties specifically identified in writing by the requesting party) with respect to such Securitization Transaction, (C) any default under the terms of
this Agreement, and (D) any merger or consolidation where the Seller is not the surviving entity or sale of substantially all of the assets of the Seller and (ii) provide to the Purchaser and any Depositor a description of such
proceedings, affiliations or relationships. 
 (d) To the extent there is any enactment, modification, revision or amendment to Regulation
AB, the Exchange Act, the Securities Act or any other Applicable Law subsequent to the effective date of this Agreement that requires additional information or materials to be made available to Purchaser, the Depositor or any other Person in
connection with a Securitization Transaction which are not otherwise specified in this Agreement, Seller agrees at Purchaser’s request that it shall promptly enter into an amendment to this Agreement or other contractual arrangement in order to
comply with such requirements. 
 (e) The Seller shall provide to the Purchaser, any securitization trustee, any Master Servicer and any
Depositor, such additional information as such party may reasonably request for the purposes of compliance with Regulation AB, including evidence of the authorization of the person signing any certification or statement, financial information and
reports, and such other information related to the Seller or the Seller’s performance hereunder. 
 Section 8.04
Indemnification; Remedies. 
 (a) The Seller shall indemnify the Purchaser, each affiliate of the Purchaser, and each of the following
parties participating in a Securitization Transaction: each sponsor and issuing entity; each Person (including, but not limited to, any securitization trustee, any Master Servicer if applicable) responsible for the preparation, execution or filing
of any report required to be filed with the Commission with respect to such Securitization Transaction, or for execution of a certification pursuant to Rule 13a-14(d) or Rule
15d-14(d) under the Exchange Act with respect to such Securitization Transaction; each broker dealer acting as underwriter, placement agent or initial purchaser, each Person who controls any of such parties or
the Depositor (within the meaning of Section 15 of the Securities Act and Section 20 of the Exchange Act); and the respective present and former directors, officers, employees, agents, trustees and affiliates of each of the foregoing and
of the Depositor (each, a “Indemnified Party”), and shall hold each of them harmless from and against any claims, losses, damages, penalties, fines, forfeitures, legal fees and expenses and related costs, judgments, and any other costs,
fees and expenses that any of them may sustain arising out of or based upon: 
 (i)(A) any untrue statement of a material
fact contained or alleged to be contained in any information, report, certification, data, accountants’ letter or other material provided in written or electronic form under this Article XIA by or on behalf of the Seller or, as applicable, any
Third-Party Originator (collectively, the “Seller Information”), or (B) the omission or alleged omission to state in the Seller Information a material fact required to be stated in the Seller Information or necessary in order to make
the statements therein, in the light of the circumstances under which they were made, not misleading; provided, by way of clarification, that this paragraph shall be construed solely by reference to the Seller Information and not to any other
information communicated in connection with a sale or purchase of securities, or any summarization, 

  
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extrapolation, modification, supplementation or alteration of any information contained in the Seller Information by any third party, including, but not limited to, any Indemnified Party, without
regard to whether the Seller Information or any portion thereof is presented together with or separately from such other information or any such summarization, extrapolation, modification, supplementation or alteration of any information contained
in the Seller Information; 
 (ii) any breach by the Seller of its obligations under this Article XIA, including particularly
any failure by the Seller to deliver any information, report, certification, accountants’ letter or other material when and as required under this Article XIA; 

(iii) any breach by the Seller of a representation or warranty set forth in Section 8.02(a) or in a writing furnished
pursuant to Section 8.02(b) and made as of a date prior to the closing date of the related Securitization Transaction, to the extent that such breach is not cured by such closing date, or any breach by the Seller of a representation or warranty
in a writing furnished pursuant to Section 8.02(b) to the extent made as of a date subsequent to such closing date; or 

(iv) the negligence, bad faith or willful misconduct of the Seller in connection with its performance under this Article XIA.

 If the indemnification provided for herein is unavailable or insufficient to hold harmless an Indemnified Party, then the Seller agrees
that it shall contribute to the amount paid or payable by such Indemnified Party as a result of any claims, losses, damages or liabilities incurred by such Indemnified Party in such proportion as is appropriate to reflect the relative fault of such
Indemnified Party on the one hand and the Seller on the other. 
 In the case of any failure of performance described in clause (a)(ii) of
this Section, the Seller shall promptly reimburse the Purchaser, any Depositor, as applicable, and each Person responsible for the preparation, execution or filing of any report required to be filed with the Commission with respect to such
Securitization Transaction, or for execution of a certification pursuant to Rule 13a-14(d) or Rule 15d-14(d) under the Exchange Act with respect to such Securitization
Transaction, for costs reasonably incurred by each such party in order to obtain the information, report, certification, accountants’ letter or other material not delivered as required by the Seller or any Third-Party Originator. 

This indemnification shall survive the termination of this Agreement or the termination of any party to this Agreement. 

(b) Each securitization trustee and each Master Servicer shall be considered a third-party beneficiary of this Article XIA, entitled to
all the rights and benefits and subject to all applicable obligations hereof as if it were a direct party to this Agreement. 

  
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 ARTICLE IX 

MISCELLANEOUS PROVISIONS 

Section 9.01 Amendment 

This Agreement may be amended or supplemented from time to time by written agreement executed by the Purchaser and the Seller. 

Section 9.02 Recordation of Agreement 

To the extent permitted by Applicable Law, this Agreement is subject to recordation in all appropriate public offices for real property records
in all the counties or other comparable jurisdictions in which any of all the Mortgaged Properties subject to the Mortgages are situated, and in any other appropriate public recording office or elsewhere, such recordation to be effected by the
Seller at the Seller’s expense on direction of the Purchaser. 
 Section 9.03 Governing Law 

This Agreement and any claim, controversy or dispute arising out of or related to this Agreement shall be governed by and construed in
accordance with the laws of the State of New York, without regard to its conflict of law provisions, except to the extent preempted by Federal law. The obligations, rights and remedies of the parties hereunder shall be determined in accordance with
such laws. 
 Section 9.04 Notices 

Any demands, notices or other communications permitted or required hereunder shall be in writing and shall be deemed conclusively to have been
given if (i) personally delivered to the appropriate party hereto, (ii) mailed by registered mail, postage prepaid, and return receipt requested, certified mail, return receipt requested, or by private overnight courier to the appropriate
party hereto at the address below, or (iii) transmitted by facsimile transmission or by electronic mail with acknowledgment, to the appropriate party hereto at the facsimile number or the electronic mail address provided below: 

 

	 	(i)	 if to the Seller: 

Caliber Home Loans, Inc. 
 1525
S. Belt Line Road 
 Coppell, Texas 75019 

Attention: General Counsel 

Telephone: (469) 912-3533 

Facsimile: (214) 874-4199 

  
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	 	(ii)	 if to the Purchaser: 

[__] 
 888 7th Avenue, Suite
1800 
 New York, New York 10019 

Attention: General Counsel 
 or such other
address as may hereafter be furnished to the other party by like notice. Any such demand, notice or communication hereunder shall be deemed to have been received on the date delivered to or received at the premises of the addressee (as evidenced, in
the case of registered or certified mail, by the date noted on the return receipt). 
 Section 9.05 Severability of Provisions

 Any part, provision, representation or warranty of this Agreement which is prohibited or which is held to be void or unenforceable
shall be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof. Any part, provision, representation or warranty of this Agreement which is prohibited or unenforceable or is held to be
void or unenforceable in any jurisdiction shall be ineffective, as to such jurisdiction, to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any
jurisdiction as to any Mortgage Loan shall not invalidate or render unenforceable such provision in any other jurisdiction. To the extent permitted by Applicable Law, the parties hereto waive any provision of law which prohibits or renders void or
unenforceable any provision hereof. If the invalidity of any part, provision, representation or warranty of this Agreement shall deprive any party of the economic benefit intended to be conferred by this Agreement, the parties shall negotiate, in
good faith, to develop a structure the economic effect of which is, as nearly as possible, the same as the economic effect of this Agreement without regard to such invalidity. For the avoidance of doubt, this Agreement and each provision thereof are
agreed to for the sole purpose of effectuating the sale of the Mortgage Loans to the Purchaser. The consideration for each party’s agreement may not and is not intended to be apportioned among specific rights or obligations set forth in this
Agreement which rights and obligations are interrelated and dependent. 
 Section 9.06 Exhibits 

The exhibits to this Agreement are hereby incorporated and made a part hereof and are an integral part of this Agreement. 

Section 9.07 General Interpretive Principles 

For purposes of this Agreement, except as otherwise expressly provided or unless the context otherwise requires: 

(i) the terms defined in this Agreement have the meanings assigned to them in this Agreement and include the plural as well as the singular,
and the use of any gender herein shall be deemed to include the other gender; 

  
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 (ii) accounting terms not otherwise defined herein have the meanings assigned to them in
accordance with GAAP; 
 (iii) references herein to “Articles,” “Sections,” Subsections,” “Paragraphs,”
and other subdivisions without reference to a document are to designated Articles, Sections, Subsections, Paragraphs and other subdivisions of this Agreement; 

(iv) a reference to a Subsection without further reference to a Section is a reference to such Subsection as contained in the same Section in
which the reference appears, and this rule shall also apply to Paragraphs and other subdivisions; 
 (v) the words “herein,”
“hereof,” “hereunder,” and other words of similar import refer to this Agreement as a whole and not to any particular provision; 

(vi) the term “include” or “including” shall mean without limitation by reason of enumeration; and 

(vii) headings of the Articles and Sections in this Agreement are for reference purposes only and shall not be deemed to have any substantive
effect. 
 Section 9.08 Reproduction of Documents 

This Agreement and all documents relating thereto, including, without limitation, (i) consents, waivers and modifications which may
hereafter be executed, (ii) documents received by any party at the closing, and (iii) financial statements, certificates and other information previously or hereafter furnished, may be reproduced by any photographic, photostatic,
microfilm, micro-card, miniature photographic or other similar process. The parties agree that any such reproduction shall be admissible in evidence as the original itself in any judicial or administrative proceeding, whether or not the original is
in existence and whether or not such reproduction was made by a party in the regular course of business, and that any enlargement, facsimile or further reproduction of such reproduction shall likewise be admissible in evidence. 

Section 9.09 Confidentiality of Information 

(a) Each party recognizes that, in connection with this Agreement, it may receive non-public
information regarding the financial condition, operations and prospects of the other party. Except as required by law, each party agrees to keep all non-public information regarding the other party strictly
confidential, and to use all such information solely in order to effectuate the purpose of the Agreement, provided that each party may provide confidential information to its employees, agents and affiliates who have a need to know such information
in order to effectuate the transactions contemplated in this Agreement and such employees, agents and affiliates are informed of the confidential nature of such information and agree to maintain its confidentiality, provided further that such
information is identified as confidential non-public information or the nature or circumstances surrounding such information are such that the information should be reasonably understood to be confidential. In
addition, confidential information may be provided to a regulatory authority with supervisory power over such party, provided such information is identified as confidential non-public information to such
authority. 

  
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 (b) Seller shall comply with Applicable Law relating to privacy rights in connection with
its performance under this Agreement including, without limitation, the Gramm-Leach-Bliley Act and its implementing regulations (“GLBA”) as well as any federal, state or local laws relating to the protection or security of Consumer
Information (“Privacy Laws”). Seller shall implement such physical and other security measures as shall be necessary to (a) ensure the security and confidentiality of Consumer Information and any “nonpublic personal
information” of the “customers” and “consumers” (as those terms are defined in GLBA) which it has possession of or control over, (b) protect against any threats or hazards to the security and integrity of such Consumer
Information and nonpublic personal information, and (c) protect against any unauthorized access to or use of such Consumer Information and nonpublic personal information. Seller represents and warrants to Purchaser that Seller has implemented
appropriate measures to meet the objectives of all applicable Privacy Laws, Section 501(b) of the GLBA and of the applicable standards adopted pursuant thereto, as now or hereafter in effect. 

(c) Each party hereto shall notify the other party immediately (i.e. within twenty-four (24) hours) following discovery of any suspected
breach or compromise of the security, confidentiality, or integrity of any Consumer Information or nonpublic personal information of any Mortgagor in violation of GLBA or the Privacy Laws. Such party shall provide
follow-up written notification within one (1) Business Day to the other party by personal delivery, by facsimile with confirmation of receipt or by overnight courier with confirmation of receipt to
Purchaser in accordance with Section 9.04 herein. 
 Written notification provided pursuant to this subsection shall include a brief
summary of the available facts, the status of the investigation, and, if known, the potential number of Mortgagors affected. 

Section 9.10 Recordation of Assignments of Mortgage 

To the extent required by Applicable Law, each of the Assignments of Mortgage shall be recorded in the appropriate public offices for real
property records in all the counties or other comparable jurisdictions in which any or all of the Mortgaged Properties are situated, and in any other appropriate public recording office or elsewhere, such recordation to be effected at the
Seller’s expense in the event recordation is either necessary under Applicable Law or requested by the Purchaser; provided, however, that the Seller shall not be responsible for the cost of any subsequent assignments (i.e. a subsequent
purchaser), which costs shall be borne by the Purchaser. 
 Section 9.11 Assignment by Purchaser 

The Purchaser shall have the right, without the consent of the Seller, to assign, in whole or in part, its interest under this Agreement with
respect to some or all of the Mortgage Loans, and designate any person to exercise any rights of the Purchaser hereunder, by executing an assignment, assumption and recognition agreement acceptable to the Purchaser, and the assignee or designee
shall accede to the rights and obligations hereunder of the Purchaser with respect to such Mortgage Loans. In no event shall the Purchaser sell a partial interest in any Mortgage Loan without the written consent of the Seller, which consent shall
not be unreasonably denied. 

  
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All references to the Purchaser in this Agreement shall be deemed to include its assignee or designee. 

Section 9.12 No Partnership 

Nothing herein contained shall be deemed or construed to create a co-partnership or joint venture
between the parties hereto and the services of the Seller shall be rendered as an independent contractor and not as agent for Purchaser. 

Section 9.13 Execution; Successors and Assigns 

This Agreement may be executed in one or more counterparts and by the different parties hereto on separate counterparts, each of which, when so
executed, shall be deemed to be an original; such counterparts, together, shall constitute one and the same agreement. Subject to Section 5.02 and 9.11, this Agreement shall inure to the benefit of and be binding upon the Seller and the
Purchaser and their respective successors and assigns. Any third party to which the Seller is permitted to assign its rights hereto as described in this Agreement must, at a minimum, expressly agree to assume all of the Seller’s obligations
hereunder including, but not limited to the Seller’s obligations to indemnify the Purchaser, repurchase any Mortgage Loan and/or cure any defects with respect thereto. 

Section 9.14 Entire Agreement 

Except as otherwise agreed in writing by the parties to this Agreement, each of the parties to this Agreement acknowledges that no
representations, agreements or promises were made to any of the other parties to this Agreement or any of its employees other than those representations, agreements or promises specifically contained herein. This Agreement, the related Purchase
Price and Terms Letter and any other written agreements between the parties related to the transactions contemplated herein, set forth the entire understanding between the parties hereto and shall be binding upon all successors and
assigns of all of the parties. In the event of any inconsistency between a Purchase Price and Terms Letter, any other written agreements between the parties related to the transactions contemplated herein (other than those agreements expressly
amending, supplementing or otherwise modifying this Agreement in accordance with the terms hereof) and/or this Agreement, this Agreement shall control. 

Section 9.15 No Solicitation 

From each Closing Date and for a period of twelve (12) months, the Seller agrees not to specifically target Mortgagors for offers to
refinance the Mortgage Loan subject to such Closing Date, in whole or in part, without the prior written consent of the Purchaser. Seller agrees not to treat mortgage loans held for its own portfolio or those sold to another investor or Purchaser as
separate classes of mortgages for purposes of promoting refinance. Notwithstanding the foregoing, it is understood and agreed that promotions undertaken by the Seller or any affiliate of the Seller which are directed to the general public at large,
or segments thereof, provided that no segment shall consist primarily of the borrowers or obligors under the Mortgage Loans, including, without limitation, mass mailing based on commercially acquired mailing lists, newspaper, radio, internet and
television advertisements shall not constitute solicitation under this Section 9.15. Nothing herein precludes Purchaser, any servicer, or Seller from responding to an unsolicited request from a Mortgagor. This Section 9.15 shall not be
deemed to preclude the Seller or any of its affiliates from soliciting any Mortgagor for any other financial products or services. 

  
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 Section 9.16 Costs 

The Purchaser shall pay any commissions due its salesmen, the expenses of its accountants and attorneys and the expenses and fees of any broker
retained by the Purchaser with respect to the transactions covered by this Agreement. All other costs and expenses incurred in connection with the transfer and delivery of the Mortgage Loans directly to Purchaser including, without limitation, fees
for recording intervening assignments of mortgage and Assignments of Mortgage and the legal fees and expenses of its attorneys shall be paid by the Seller. The Seller shall be responsible for causing to occur the initial recordation of all
Assignments of Mortgage and all intervening assignments of mortgage, as applicable. 
 Section 9.17 Third Party Beneficiary 

For purposes of this Agreement, including but not limited to Article XIA, the trustee of the Purchaser, any securitization trustee, any Master
Servicer shall be considered a third party beneficiary to this Agreement entitled to all the rights and benefits accruing to the trustee of the Purchaser, any securitization trustee, any Master Servicer herein, and subject to all of the appurtenant
obligations, as if it were a direct party to this Agreement. 
 Section 9.18 Set-off or
Recoupment 
 The Purchaser may offset or recoup against the Purchase Price, or against any other amounts owed by the Purchaser to the
Seller pursuant to this Agreement, any outstanding amounts owed to the Purchaser by the Seller. 
 Section 9.19 Intention of the
Parties 
 It is the intention of the parties that the Purchaser is purchasing, and the Seller is selling, the Mortgage Loans and not a
debt instrument of the Seller or another security. Accordingly, the parties hereto each intend to treat the transaction for accounting and Federal income tax purposes as a sale by the Seller, and a purchase by the Purchaser, of the Mortgage Loans.
The Purchaser shall have the right to review the Mortgage Loans and the related Mortgage Files to determine the characteristics of the Mortgage Loans which shall affect the Federal income tax consequences of owning the Mortgage Loans and the Seller
shall cooperate with all reasonable requests made by the Purchaser in the course of such review as set forth in this Agreement. In the event, for any reason, any transaction contemplated herein is construed by any court or regulatory authority as a
borrowing rather than as a sale, the Seller and the Purchaser intend that the Purchaser or its assignee, as the case may be, shall have a perfected first priority security interest in the Mortgage Loans and the proceeds of any and all of the
foregoing (collectively, the “Collateral”), free and clear of adverse claims. In such case, the Seller shall be deemed to have hereby granted to the Purchaser or its assignee, as the case may be, a first priority security interest
in and lien upon the Collateral, free and clear of adverse claims. In such event, the related Purchase Price and Terms Letter and this Agreement shall constitute a security agreement, the Seller shall be deemed to be an independent custodian for
purposes of perfection of the security interest granted to the Purchaser or its assignee, as the case may be, and the Purchaser or its assignee, as the case may be, shall have all of the rights of a secured party under Applicable Law. 

  
 - 68 - 

 The Purchaser and the Seller recognize that each purchase and sale of the Mortgage Loans
hereunder is a “securities contract” as that term is defined in Section 741 of the Bankruptcy Code. The parties hereby agree that any provisions hereof or in any other document, agreement or instrument that is related in any way to
the servicing of the Mortgage Loans shall be deemed “related to” this Agreement within the meaning of Section 741(7)(A)(xi) of the Bankruptcy Code and part of the “contract” as such term is used in Section 741 of the
Bankruptcy Code. 
 Section 9.20 No Recourse to Owner Trustee. 

It is expressly understood and agreed by the parties hereto that (a) all rights and duties of the Purchaser hereunder will be performed by
the Initial Certificateholder on behalf of the Purchaser pursuant to the Trust Agreement; (b) nothing herein contained shall be construed as creating any liability on the part of U.S. Bank Trust National Association, individually or personally,
to perform any covenant or obligation of the Purchaser, either expressed or implied, contained herein, all such liability, if any, being expressly waived by the parties hereto and by any Person claiming by, through or under the parties hereto,
(c) U.S. Bank Trust National Association has made no investigation as to the accuracy or completeness of any representations or warranties made by the Purchaser in this Agreement and (d) under no circumstances shall U.S. Bank Trust
National Association be personally liable for the payment of any indebtedness or expenses of the Purchaser or be liable for the breach or failure of any obligation, representation, warranty or covenant made or undertaken by the Purchaser under this
Agreement or any other related documents as to which recourse shall be had solely to the assets of the Purchaser. 
 [Signature Pages Follow]

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

			
	[__], 
	as Purchaser
		
	By:	 	        
	Name:	 	
	Title:	 	

 
			
	 CALIBER HOME LOANS, INC.,
 as
Seller

		
	By:	 	        
	Name:	 	
	Title:	 	

  

 Exhibit A-1 

Contents of Mortgage File 
 With
respect to each Mortgage Loan, the Mortgage File shall include each of the following items, which shall be available for inspection by the Purchaser, and which shall be delivered pursuant to Sections 2.04 and 2.05 of the Seller’s Purchase and
Warranties Agreement. 
 1. The original Mortgage Note endorsed “Pay to the order of ___________________ without recourse,” and
signed in the name of the Seller by an authorized officer, with all intervening endorsements showing a complete chain of title from the originator to the Seller. If the Mortgage Loan was acquired by the Seller in a merger, the endorsement must be by
“Caliber Home Loans, Inc., successor by merger to the [name of predecessor]”. If the Mortgage Loan was acquired or originated by the Seller while doing business under another name, the endorsement must be by “Caliber Home Loans, Inc.
formerly known as [previous name]”. 
 2. (a)(i) For each Mortgage Loan which is not a MERS Mortgage Loan, the original recorded
Mortgage with evidence of recording thereon, and (ii) in the case of each MERS Mortgage Loan, the original recorded Mortgage with evidence of recording thereon, noting the presence of the MIN for that Mortgage Loan and either language
indicating that the Mortgage Loan is a MOM Loan if the Mortgage Loan is a MOM Loan, or if such MERS Mortgage Loan was not a MOM Loan at origination, the original Mortgage and the original assignment of mortgage to MERS, with evidence of recording
thereon; or (b)(i) in the case of a delay in the return of such original, recorded Mortgage (and the original assignment of mortgage to MERS for a non-MOM MERS Mortgage Loan) from the applicable recording
office, a true certified copy, certified by the title insurer of the original Mortgage together with a certificate of the title insurer certifying that the original Mortgage has been delivered for recording in the appropriate public recording office
of the jurisdiction in which the Mortgaged Property is located (with the original, recorded Mortgage and the original assignment of mortgage to MERS for a non-MOM MERS Mortgage Loan) be delivered thereafter in
accordance with Section 2.07 hereof) or (ii) in the case of a Mortgage where a public recording office retains the original recorded Mortgage or in the case where a Mortgage is lost after recordation in a public recording office, a
certification by such public recording office that such certified copy is a true and complete copy of the original recorded Mortgage (and the original assignment of mortgage to MERS for a non-MOM MERS Mortgage
Loan). 
 3. The original Mortgage with evidence of recording thereon, or (i) in the case of a delay in the return of such original,
recorded Mortgage from the applicable recording office, a true certified copy, certified by the title insurer of the original Mortgage together with a certificate of the title insurer certifying that the original Mortgage has been delivered for
recording in the appropriate public recording office of the jurisdiction in which the Mortgaged Property is located (with the original, recorded Mortgage to be delivered thereafter in accordance with Section 2.07 hereof) or (ii) in the
case of a Mortgage where a public recording office retains the original recorded Mortgage or in the case where a Mortgage is lost after recordation in a public recording office, a certification by such public recording office that such certified
copy is a true and complete copy of the original recorded Mortgage. 

  
 A-1-1 

 4. A copy of the original or if in electronic form identified on the Mortgage Loan Schedule,
the certificate number of the related Primary Mortgage Insurance Policy, if required. 
 5. The original Assignment of Mortgage with
assignee’s name left blank. 
 6. The original or a copy of the mortgagee policy of title insurance, including riders and endorsements
thereto, which shall include an Environmental Protection Agency Endorsement and, with respect to any Adjustable Rate Mortgage Loan, an adjustable-rate endorsement. 

7. The originals of all intervening Assignments of Mortgage with evidence of recording thereon showing a complete chain of title from the
originator to the Seller, or (i) in the case of a delay in the return of such intervening Assignment of Mortgage from the applicable recording office, a true certified copy, certified by the title insurer of the original intervening Assignment
of Mortgage together with a certificate of the title insurer certifying that the original intervening Assignment of Mortgage has been delivered for recording in the appropriate public recording office of the jurisdiction in which the Mortgaged
Property is located (with the original, recorded intervening Assignment of Mortgage to be delivered thereafter in accordance with Section 2.07 hereof) or (ii) in the case of an intervening Assignment of Mortgage where a public recording
office retains the original intervening Assignment of Mortgage or in the case where an intervening Assignment of Mortgage is lost after recordation in a public recording office, a certification by such public recording office that such certified
copy is a true and complete copy of the intervening Assignment of Mortgage. 
 8. The originals, or copies thereof certified by the public
recording office in which such documents have been recorded, of each assumption, extension, modification, written assurance or substitution agreements, if applicable, or if the original of such document has not been returned from the applicable
public recording office, a true certified copy, certified by the title insurer, of such original document together with certificate of Seller certifying the original of such document has been delivered for recording in the appropriate recording
office of the jurisdiction in which the Mortgaged Property is located. 
 9. If the Mortgage Note or Mortgage or any other material document
or instrument relating to the Mortgage Loan has been signed by a person on behalf of the Mortgagor, originals or copies of the power of attorney or other instrument that authorized and empowered such person to sign bearing evidence that such
instrument has been recorded, if so required in the appropriate jurisdiction where the Mortgaged Property is located. 
 10. The original of
any guarantee executed in connection with the Mortgage Note. 
 11. With respect to a Co-op Loan:
(i) a copy of the Co-op Lease and the assignment of such Co-op Lease to the originator of the Mortgage Loan, with all intervening assignments showing a complete
chain of title and an assignment thereof by Seller; (ii) the stock certificate together with an undated stock power relating to such stock certificate executed in blank; (iii) the recognition agreement in substantially the same form as a
standard “AZTECH” form; (iv) copies of the UCC-1 financing statement filed by the originator as secured party and, if applicable, a filed UCC-3 Assignment
of the subject security interest showing a complete chain of title, together with an executed UCC-3 Assignment of such security interest by the Seller in a form sufficient for filing. 

  
 A-1-2 

 12. With respect to a Business Purpose Mortgage Loan, the business purpose affidavit. 

13. With respect to a Business Purpose Mortgage Loan, any personal guaranty. 

14. With respect to a Business Purpose Mortgage Loan, any applicable assignment of leases and rents. 

  
 A-1-3 

 Exhibit A-2 

Contents of Servicing File 
 With
respect to each Mortgage Loan, the Servicing File shall include each of the following items, which may be imaged in accordance with Accepted Servicing Practices and which shall be available for inspection by the Purchaser: 

1. Mortgage Loan closing statement (Form HUD-1) and any other truth-in-lending or real estate settlement procedure forms required by law. 
 2. Residential loan
application. 
 3. Uniform underwriter and transmittal summary (Fannie Mae Form 1008) or reasonable equivalent. 

4. Credit report on the Mortgagor, in a form acceptable to either Fannie Mae or Freddie Mac. 

5. Business credit report, if applicable. 

6. Residential appraisal report and attachments thereto. 

7. Verification of employment and income, including the executed 4506T if required. 

8. Verification of acceptable evidence of source and amount of down payment, in accordance with the Underwriting Standards. 

9. Photograph of the Mortgaged Property (may be part of appraisal). 

10. Survey of the Mortgaged Property, unless a survey is not required by the title insurer. 

11. Sales contract, if applicable. 

12. If available, termite report, structural engineer’s report, water potability and septic certification. 

13. Any original security agreement, chattel mortgage or equivalent executed in connection with the Mortgage. 

14. Any ground lease, including all amendments, modifications and supplements thereto. 

15. Any other document required to service the Mortgage Loans. 

16. Payment history for Mortgage Loans that have been closed for more than 90 days. 

  
 A-2-1 

 17. Copy of each instrument necessary to complete identification of any exception set forth
in the exception schedule in the title policy, i.e., map or plat, restrictions, easements, homeowner association declarations, etc. 
 18.
Copies of all required disclosure statements. 
 19. Evidence of the hazard insurance policy and, if required by law, evidence of the flood
insurance policy. 
 20. Any documentation provided by the Mortgagor or obtained by the Seller in connection with the granting of any
underwriting exception, including a report identifying such exceptions and all credit underwriting documents and backup documentation for corresponding compensating factors. 

21. All other documentation involved in the underwriting or origination of the related Mortgage Loan. 

22. Copies of the documents included in the Mortgage File. 

23. The documentation capsule that evidences compliance by the related Mortgage Loan with 12 CFR 1026.43(c) as the same may be amended from
time to time (or any successor statute or regulation). The documentation capsule must contain all reasonably reliable third party records used by the Originator to prove that each Mortgage Loan meets the ability to repay requirements of 12 C.F.R.
§ 1026.43(c) as the same may be amended from time to time (or any successor statute or regulation). The documentation capsule shall also include an evidentiary summary cover checklist that specifically enumerates each of the eight underwriting
factors set forth in 12 C.F.R. § 1026.43(c)(2) as the same may be amended from time to time (or any successor statute or regulation), and summarizes how each element of the checklist is met by the Mortgage Loan, which shall be certified by the
Originator’s underwriter. 

  
 A-2-2 

 Exhibit B 

Mortgage Loan Schedule 
 The data fields set
forth in the ASF RMBS Disclosure Package issued on July 15, 2009 in connection with the American Securitization Forum’s Project RESTART, plus, for all Mortgage Loans, whether or not the Mortgage is a Qualified Mortgage Loan and if so, what
type of Qualified Mortgage the Mortgage Loans is. 

  
 B-1 

 Exhibit C 

Form of Bailee Letter 

  
 C-1 

 Exhibit D 

Form of Purchase Price and Terms Letter 

CLOSING DATE: 
 This Purchase
Price and Terms Letter, dated as of _______ (the “Closing Date”), confirms the sale by Caliber Home Loans, Inc. (the “Seller”) to [_] (the “Purchaser”), and the purchase by the Purchaser from the Seller, of the first
lien residential mortgage loans on a servicing released basis described on the Mortgage Loan Schedule attached as Schedule I hereto (the “Mortgage Loans”), pursuant to the terms of the Seller’s Purchase and Warranties Agreement
(the “Purchase Agreement”), dated as of [__], by and between the Purchaser and the Seller. Capitalized terms that are used herein but are not defined herein shall have the respective meanings set forth in the Purchase Agreement. All of the
Mortgage Loans have been underwritten at origination (or re-underwritten) in accordance with the Underwriting Standards, and if not in conformance with the Underwriting Standards, the exception(s) in the
Servicing File and related compensating factors of such Mortgage Loans are set forth on Schedule II attached hereto. 
 For good and
valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the Seller does hereby bargain, sell, convey, assign and transfer to Purchaser without recourse, except as provided in the Purchase Agreement, and on a servicing
released basis, all right, title and interest of the Seller in and to each of the Mortgage Loans, together with all documents maintained as part of the related Mortgage Files, all Mortgaged Properties which secure any Mortgage Loan but are acquired
by foreclosure, deed in lieu of foreclosure after the Cut-off Date or otherwise, all payments of principal and interest received on the Mortgage Loans after the Cut-off
Date (other than in respect of principal and interest on the Mortgage Loans due on or before the related Cut-off Date), all other unscheduled collections collected in respect of the Mortgage Loans after the Cut-off Date, and all proceeds of the foregoing, subject, however, to the rights of the Seller under the Purchase Agreement. 

All of the Mortgage Loans have been underwritten as of their respective dates of origination (or
re-underwritten) in accordance with the Underwriting Standards noted on the attached Schedule III, and if not in conformance with the Underwriting Standards, the exception(s) in the Servicing File and
related compensating factors of such Mortgage Loan are set forth on Schedule II attached hereto. 
 Except as set forth below in connection
with the TRID Loans, the Seller has delivered to the Purchaser or its designee prior to the date hereof the documents with respect to each Mortgage Loan required to be delivered under the Purchase Agreement. 

  
 D-1 

 For purposes of the Mortgage Loans sold pursuant to this Purchase Price and Terms Letter,
certain terms shall be as set forth below: 
  

			
	 Aggregate unpaid principal balance as of the Cut-Off
Date:
	 	$______________________
		
	 Closing Date:
	 	                                     
         
		
	Cut-off Date:	 	                                      
        
		
	Purchase Price Percentage:	 	________%
		
	Aggregate Purchase Price:	 	$_____________
		
	Purchase Price Protection Period:	 	As set forth on the Mortgage Loan Schedule
		
	Servicing Transfer Date:	 	                                      
        

 Notwithstanding anything contained in the Purchase Agreement to the contrary, in connection with those
Mortgage Loans designated on the Mortgage Loan Schedule as “[__]”, the protections provided in Section 3.05 of the Purchase Agreement shall run for the [__] month period after such Mortgage Loan’s initial funding date. For all
other Mortgage Loans, the protections provided in Section 3.05 of the Purchase Agreement shall run for the [__] month period after such Mortgage Loan’s initial funding date. 

TRID Loans 
 Purchaser and
Seller acknowledge that those certain Mortgage Loans set forth on Schedule IV attached hereto (the “TRID Loans”) may not satisfy the requirements of Section 3.02(A)(ggg) of the Purchase Agreement. Purchaser and Seller
acknowledge that due to the uncertainty regarding regulatory compliance on the TRID Loans, Seller has agreed to the payment of a Reimbursement Payment (as set forth herein) to compensate Purchaser for the unknown nature of the TRID Loans. 

With respect any TRID Loan for which Purchaser’s designated due diligence provider, American Mortgage Consultants (“AMC”), has
not reviewed the Mortgage File prior to the Closing Date, Seller shall deliver such Mortgage File to AMC within ten (10) Business Days of the Closing Date or such longer period of time permitted by Purchaser in its sole discretion (in either
case, the “File Delivery Date”). If Seller fails to deliver any such Mortgage Files or incomplete Mortgage Files to AMC on or before the File Delivery Date, Seller shall repurchase the related TRID Loans for which no Mortgage File or an
incomplete Mortgage File was delivered to AMC in accordance with Section 3.03 of the Purchase Agreement; provided that Seller shall have three (3) Business Days following its receipt of notice from Purchaser or AMC that a file has not been
delivered or is incomplete in which to cure any non-delivery or incomplete delivery. Upon Seller’s satisfaction of the delivery requirements set forth in this paragraph, any diligence finding related to
such TRID Loans shall be addressed by Seller as described below for loans set forth on Schedule IV attached hereto. 
 With respect to the
TRID Loans set forth on Schedule IV attached hereto (“Interim Due Diligence TRID Loans”), AMC has delivered interim due diligence results to Purchaser as of the Closing Date and Seller agrees to deliver additional documentation for such
Interim Due Diligence TRID Loans to Purchaser within twenty (20) Business Days of the later of (i) the Closing Date, (ii) the date Seller has received the interim due diligence results from AMC, or (iii) such later date permitted
by Purchaser in its sole discretion (in any case, the “Supplemental Delivery Date”) to evidence compliance of such Interim Due Diligence TRID Loans with 

  
 D-2 

 
Section 3.02(A)(ggg) of the Purchase Agreement. If Seller fails to deliver such additional documents to Purchaser on or before the Supplemental Delivery Date, Seller shall repurchase such
Interim Due Diligence TRID Loans in accordance with Section 3.03 of the Purchase Agreement: provided that Seller shall have five (5) Business Days to cure any non-delivery or incomplete delivery.

 With respect to the TRID Loans set forth on Schedule V attached hereto (“Final TRID Loans”), final due diligence results shall
have been delivered to Purchaser as of the Closing Date. 
 Notwithstanding Purchaser’s right to cause Seller to repurchase a TRID Loan
in accordance with this Purchase Price and Terms Letter and the Purchase Agreement, Seller shall remit a reimbursement payment (the “Reimbursement Payment”) to Purchaser if any of the following occur due to errors or difference in
interpretation related to TRID before the one year anniversary of the Closing Date: (a) Purchaser’s warehouse financing counterparty provides a lower advance rate or increases the finance costs on such TRID Loan; (b) any Rating Agency
retained by Purchase in connection with a Securitization Transaction increases the loss levels associated with such TRID Loan; or (c) with respect to any Securitization Transaction that includes TRID Loans, either (i) the weighted average
fixed spread increases relative to the [__] Securitization Transaction, or (ii) the aggregate advance rate reduces relative to the [__] Securitization Transaction. 

The Reimbursement Payment shall be an amount which, in the Purchaser’s sole discretion (acting in a commercially reasonable manner),
would place the Purchaser in the same economic position with respect to such TRID Loan as if such TRID Loan complied with Section 3.02(A)(ggg) of the Purchase Agreement; provided that, in lieu of paying the Reimbursement Payment to Purchaser,
Seller may elect to repurchase such TRID Loan in accordance with Section 3.03 of the Purchase Agreement: provided further Seller shall have no additional cure period. Purchaser hereby agrees to provide all reasonable documentation regarding the
calculation of such Reimbursement Payment to Seller. Seller shall notify Purchaser no later than five (5) Business Days following Seller’s receipt of the documentation regarding the calculation of such Reimbursement Payment if Seller
elects to repurchase such TRID Loan or remit the Reimbursement Payment to Purchaser. The repurchase or payment shall occur no later than two (2) Business Days following such election. In the event Seller fails to provide such notice to
Purchaser within such period, Seller shall remit the Reimbursement Payment to Purchaser no later than two (2) Business Days following Seller’s receipt of the documentation regarding the calculation of the Reimbursement Payment. 

  
 D-3 

 In WITNESS WHEREOF, the parties hereto, by the hands of their duly authorized officers,
execute this Purchase Price and Terms Letter as of the Closing Date referred to above. 
  

									
	 [__]
 as Purchaser
	 		 	 CALIBER HOME LOANS, INC.
 as
Seller

					
	By:	 	  
	 		 	By:	 	  

					
	Name:	 	          
	 		 	Name:	 	          

					
	Its:	 	  
	 		 	Its:	 	  

  
 D-4 

 Schedule I 

Mortgage Loans 

  
 D-5 

 Schedule II 

Exceptions to Underwriting Standards and Compensating Factors 
  

							
	 Loan Number
	 	 Credit Exception
	 	 Credit Exception Details
	  	 Compensating Factors

  
 D-6 

 Schedule III 

Underwriting Standards 

  
 D-7 

 Schedule IV 

TRID Loans 

  
 D-8 

 Exhibit E 

Reserved 

  
 E-1 

 Exhibit F 

Compensating Factors 
 With respect to a Mortgage
Loan that does not fully comply with the Underwriting Standards, one or more of the following compensating factors were applied by the Originator to address the documented exception to the Underwriting Standards: 

1) Verified and documented residual income (calculated in accordance with the Underwriting Standards) in excess of the amount required pursuant to the
Underwriting Standards; 
 2) Verified and documented cash reserves in excess of the amount required pursuant to the Underwriting Standards; 

3) Debt-to-Income ratio below the requirement set forth in the Underwriting
Standards; 
 4) LTV below the requirements set forth in the Underwriting Standards; 

5) Verified and documented consistent mortgage payment history by the proposed borrower at the borrower’s current location in excess of the requirements
set forth in the Underwriting Standards; 
 6) Verified and documented compensation or income that is not reflected in effective income; and 

7) Decrease or a minimal increase in the borrower’s housing expense. 

  
 F-1

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