Document:

Exhibit 10.7

  

  	 

   

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

   

  MASTER REPURCHASE AGREEMENT AND SECURITIES CONTRACT

   

  BETWEEN

   

  Wells Fargo Bank, N.A., as buyer (“Buyer”)

   

  The Sellers identified on the Addendum, as seller (“Seller”)

   

  The Guarantors, if identified on the Addendum, as guarantor (“Guarantor”)

   

  Dated as of the Effective Date set forth in the Addendum

  

  	 

   

   

  

  
    
      
 

  

  
   

  TABLE OF CONTENTS

   

  	 	 	Page
	 	 	 
	1.	Applicability	1
	2.	Definitions	1
	3.	Program; Initiation of Transactions	25
	4.	Repurchase	26
	5.	[Reserved.]	27
	6.	Margin Maintenance	27
	7.	Income Payments	28
	8.	Payment and Transfer	30
	9.	Conditions Precedent	30
	10.	Program; Costs	33
	11.	Servicing 	35
	12.	Representations and Warranties	36
	13.	Covenants	41
	14.	Events of Default	47
	15.	Remedies Upon Default	50
	16.	Reports 	52
	17.	Buyer’s Policies and Procedures Manual	54
	18.	Repurchase Transactions 	55
	19.	Custodial Responsibilities	55
	20.	Single Agreement	56
	21.	Notices and Other Communications	56
	22.	Entire Agreement; Severability	56
	23.	Non-assignability	56
	24.	Set-off	57
	25.	Binding Effect; Governing Law; Jurisdiction	57
	26.	No Waivers, Etc.	58
	27.	Intent 	58
	28.	Power of Attorney	59
	29.	Buyer May Act Through Affiliates	59
	30.	Indemnification; Obligations	59
	31.	Counterparts	60
	32.	Confidentiality	60
	33.	Recording of Communications	61
	34.	Periodic Due Diligence Review	61
	35.	Authorizations	62
	36.	Documents Mutually Drafted	62
	37.	Joint and Several	62
	38.	Security Interest	62
	39.	Agency Security Takeout	62
	40.	Physical Possession of Records and Files relating to the Purchased Assets	64

   

  

  
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  ANNEXES

   

  	Annex A	Financial Covenants 

   

  SCHEDULES

   

  	Schedule 1	Representations and Warranties with Respect to Purchased Mortgage
            Loans 

   

  EXHIBITS

   

  	Exhibit A	Officer’s Compliance Certificate

   

  	Exhibit B	Certificate of an Officer of the Seller, including a Form of
            Resolutions

   

  	Exhibit C	Form of Power of Attorney

   

  	Exhibit D	Form of Guaranty

   

  	Exhibit E	Form of Incumbency Certificate

   

  	Exhibit F	Form of Servicer Side Letter

   

  

  
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  This Master Repurchase Agreement and Securities Contract is dated as of the Effective Date by and among the Buyer, the Seller and the Guarantor.

   

  1.       Applicability

   

  From time to time the parties hereto may enter into transactions in which Seller agrees to sell all right, title and interest (including, without limitation, the Servicing Rights (as hereinafter defined)) in and to the Mortgage
      Loans and, if applicable, Agency Securities (each as hereinafter defined) to Buyer in exchange for the transfer of funds by Buyer to Seller, with a simultaneous agreement by Buyer to transfer to Seller such Mortgage Loans and Agency Securities (if
      applicable) at a date certain or on demand, in exchange for the transfer of funds by Seller to Buyer. Each such transaction shall be referred to herein as a “Transaction” and, unless otherwise agreed in writing, shall be governed by this
      Agreement. All sales of Mortgage Loans from Seller to Buyer will be on a servicing-released basis. In addition, the Guarantor agrees to provide the Guaranty (as hereinafter defined) guarantying certain obligations of the Seller.

   

  2.       Definitions

   

  a.       Whenever used in this Agreement, the following words and phrases, unless the context otherwise requires, shall have the following meanings:

   

  “1934 Act” means the Securities Exchange Act of 1934, as amended from time to time.

   

  “Acceptable State” means any state, commonwealth, or federal district acceptable to Buyer in which the Seller is licensed to originate Mortgage Loans.

   

  “Accepted Servicing Practices” means, with respect to any Mortgage Loan, those mortgage servicing practices of prudent mortgage lending institutions which service mortgage loans of the same type as such Mortgage Loan in
      the jurisdiction where the related Mortgaged Property is located, and, with respect to any Mortgage Loan other than a Government Mortgage Loan, serviced in accordance with Fannie Mae servicing practices and procedures, as defined in the Fannie Mae
      servicing guidelines (as may be amended or updated from time to time) and, with respect to Government Mortgage Loans, in accordance with HUD servicing guidelines, and in each case, as set forth in this Agreement and the Manual.

   

  “Accounts Receivable Rate” means the interest rate set forth on the Addendum for such term.

   

  “Act of Insolvency” means, with respect to any Person or its Affiliates, (i) the filing of a petition, commencing, or authorizing the commencement of any case or proceeding, or the voluntary joining of any case or
      proceeding under any bankruptcy, insolvency, reorganization, liquidation, dissolution or similar law relating to the protection of creditors, or suffering any such petition or proceeding to be commenced by another which is consented to, not timely
      contested or results in entry of an order for relief; (ii) the seeking of the appointment of a receiver, trustee, custodian or similar official for such party or an Affiliate or any substantial part of the property of either; (iii) the appointment of
      a receiver, conservator, or manager for such party or an Affiliate by any governmental agency or authority having the jurisdiction to do so;

   

  

  
    
      
 

  

  
   

  (iv) the making or offering by such party or an Affiliate of a composition with its creditors or a general assignment for the benefit of creditors; (v) the admission by such party or an Affiliate of such party of its inability to pay its debts
      or discharge its obligations as they become due or mature; or (vi) that any governmental authority or agency or any person, agency or entity acting or purporting to act under governmental authority shall have taken any action to condemn, seize or
      appropriate, or to assume custody or control of, all or any substantial part of the property of such party or of any of its Affiliates, or shall have taken any action to displace the management of such party or of any of its Affiliates or to curtail
      its authority in the conduct of the business of such party or of any of its Affiliates.

   

  “Addendum” means that certain Addendum hereto entered into contemporaneously with this Agreement, dated as of the Effective Date, among the Buyer, the Seller and the Guarantor, as may be amended or restated from time to
      time.

   

  “Additional Covenants and Conditions” means the “Other Covenants and Conditions” and the “Financial Covenants” (to the extent that such covenants are not already specifically set forth in this Agreement), as set forth in
      the Addendum.

   

  “Affiliate” means, with respect to any Person, any “affiliate” of such Person, as such term is defined in the Bankruptcy Code.

   

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

   

  “Agency Custodian” means the custodian designated in (i) the Master Ginnie Mae Custodial Agreement, (ii) the Master Fannie Mae Custodial Agreement or (iii) the Master Freddie Mac Custodial Agreement, as applicable, which
      will be Wells Fargo Bank, N.A. or any other Agency Custodian approved by Buyer in its sole discretion as set forth in the Addendum.

   

  “Agency Document Custodian Manual” means, collectively, (i) the Ginnie Mae Mortgage-Backed Securities Program Document Custodian Manual as found in Appendix V-l of the Ginnie Mae Guide, (ii) the Fannie Mae Requirements for
      Document Custodians or (iii) the Freddie Mac Document Custody Procedures Handbook, as applicable.

   

  “Agency Security” means a Ginnie Mae Security, a Fannie Mae Security or a Freddie Mac Security, as applicable, and, in each case, is backed by one-to-four-family residential mortgage loans.

   

  “Agency Security Margin” means the margin set forth in the Sublimit, Rate and Term Schedule of the Addendum for such term; provided, however, that upon the occurrence of an Event of Default, the Agency
      Security Margin shall automatically be increased by the Post Default Rate Margin, even if the Buyer forebears exercising any of its rights and remedies as a result of such Event of Default.

   

  “Agency Security Purchase Commitment” means a written commitment, in form and substance satisfactory to Buyer, issued in favor of Seller by a Takeout Broker Dealer pursuant to which that Takeout Broker Dealer commits to
      purchase one or more Agency Securities.

   

  

  
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  “Agency
        Security Purchase Price” means, in the case of any Purchased Agency Security, (a) as of [***] for such Purchased Agency Security, an amount equal to [***].

   

  “Agency Security Sublimit” means the amount set forth on the Addendum for such term.

   

  “Aggregate Claim Threshold” means the amount set forth on the Addendum for such term.

   

  “Aggregate Purchase Price” means the sum of (i) the Purchase Price of all Purchased Mortgage Loans subject to outstanding Transactions and (ii) the Purchase Price of all Purchased Agency Securities subject to outstanding
      Transactions.

   

  “Agreement” means, collectively, this Master Repurchase Agreement and Securities Contract, the Addendum, and each Schedule and Exhibit hereto and thereto, as such agreement may be amended, supplemented or otherwise
      modified from time to time.

   

  “Anti-Terrorism Laws” means, any Requirements of Law relating to money laundering or terrorism, including Executive Order 13224 signed into law on September 23, 2001, the regulations promulgated by OFAC, and the Patriot
      Act.

   

  “Appraised Value” means the value set forth in an appraisal made in connection with the origination of the related Mortgage Loan as the value of the Mortgaged Property.

   

  “Asset Tape” means a remittance report containing servicing information, including, without limitation, those fields reasonably requested by Buyer from time to time, on a loan-by-loan basis and in the aggregate, with
      respect to the Purchased Mortgage Loans serviced by Seller or any Servicer for the immediately prior month or months, as applicable (or any portion thereof).

   

  “Assignment of Mortgage” means 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 sale of the Mortgage to Buyer.

   

  

  
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  “Authorized Funds Recipient” means the entity approved by Buyer, in its sole good faith discretion, which may be a title company, escrow company or attorney in accordance with local law and practice in the jurisdiction
      where the related Mortgage Loan is being originated, or in the case of a Correspondent Mortgage Loan, any warehouse bank or correspondent which has been approved by Buyer, which may receive funds on behalf of Seller. Any transfer by Buyer to an
      Authorized Funds Recipient shall be considered a transfer of funds by Buyer to Seller,

   

  “Bankruptcy Code” means the United States Bankruptcy Code of 1978, as amended from time to time.

   

  “Business Day” means any day other than (A) a Saturday or Sunday and (B) a public or bank holiday in New York City during which financial institutions are authorized or required to close.

   

  “Buyer” has the meaning set forth on the first page of this Agreement.

   

  “Capital Lease Obligations” means, for any Person, all obligations of such Person to pay rent or other amounts under a lease of (or other agreement conveying the right to use) Property to the extent such obligations are
      required to be classified and accounted for as a capital lease on a balance sheet of such Person under GAAP, and, for purposes of this Agreement, the amount of such obligations shall be the capitalized amount thereof, determined in accordance with
      GAAP.

   

  “Change in Control” means:

   

  (A)       the sale, transfer, or other disposition of all or an amount equivalent to [***] or more of any Seller’s or any Guarantor’s assets (excluding any such action taken in connection with any securitization or whole loan transaction); or, if applicable, the sale, transfer, or other disposition of all or
        an amount equivalent to [***] or more of the Manager’s, General Partner’s or Limited Partner’s assets (excluding any such action taken in connection with any securitization or whole loan
        transaction); or

   

  (B)       the consummation of a merger or consolidation of Seller or Guarantor (or, if applicable, the Manager, General Partner or Limited Partner) with or into another entity or any other corporate reorganization, if more than [***] of the combined voting power of the continuing or surviving entity’s stock outstanding
        immediately after such merger, consolidation or such other reorganization is owned by Persons who were not stockholders of Seller or Guarantor (or, if applicable, the Manager, General Partner or Limited Partner) immediately prior to such merger,
        consolidation or other reorganization.

   

  “Closing Instruction Letter” means the Closing Instruction Letter from Seller to the Authorized Funds Recipient, in a form substantially similar to the form provided in the Manual, as the same may be modified, supplemented
      and in effect from time to time.

   

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

   

  

  
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  “Collateral Documents” means the documents in the Mortgage File delivered to the Custodian.

   

  “Collection Account” means one or more accounts identified on the Addendum and established by or on behalf of the Servicer or Seller for the benefit of Buyer or assigned to the Buyer, into which all collections and
      proceeds on or in respect of the Purchased Assets shall be deposited by Servicer or Seller and subject to a Collection Account Control Agreement.

   

  “Collection Account Control Agreement” means a blocked account agreement providing the Buyer with control at all times over the Collection Account.

   

  “Combined Loan-to-Value Ratio” or “CLTV” means with respect to any Mortgage Loan, the ratio of (i)(a) the original outstanding principal amount of the Mortgage Loan, plus (b) the unpaid principal balance of any
      related subordinate mortgage loan or loans secured by the Mortgaged Property, to (ii) the lesser of (a) the Appraised Value of the related Mortgaged Property at origination or (b) if the Mortgaged Property was purchased within twelve (12) months of
      the origination of such Mortgage Loan, the purchase price of the related Mortgaged Property.

   

  “Conforming Mortgage Loan” means a first lien mortgage loan originated in accordance with the most recently published underwriting and eligibility criteria of Fannie Mae or Freddie Mac for purchase of mortgage loans, as
      determined by Buyer in its sole discretion.

   

  “Cooperative Corporation” means with respect to any Cooperative Mortgage Loan, the cooperative apartment corporation that holds legal title to the related Cooperative Project and grants occupancy rights to units therein to
      stockholders through Proprietary Leases or similar arrangements.

   

  “Cooperative Mortgage Loan” means a mortgage loan that is secured by a first lien on and perfected security interest in Cooperative Shares and the related Proprietary Lease granting exclusive rights to occupy the related
      Cooperative Unit in the building owned by the related Cooperative Corporation.

   

  “Cooperative Project” means, with respect to any Cooperative Mortgage Loan, all real property and improvements thereto and rights therein and thereto owned by a Cooperative Corporation including, without limitation, the
      land, separate dwelling units and all common elements.

   

  “Cooperative Shares” means, with respect to any Cooperative Mortgage Loan, the shares of stock issued by a Cooperative Corporation and allocated to a Cooperative Unit and represented by a stock certificate.

   

  “Cooperative Unit” means, with respect to a Cooperative Mortgage Loan, a specific unit or apartment in a Cooperative Project.

   

  “Correspondent Mortgage Loan” means a mortgage loan purchased from a licensed mortgage lender who is approved by the Seller and for which Seller does not appear as the lender on the Mortgage Note.

   

  

  
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  “Cross Default Threshold” means [***] or such other amount set forth on the Addendum for such term.

   

  “Custodial Agreement” means the custodial agreement between Buyer and Custodian, as the same may be amended from time to time.

   

  “Custodian” means Wells Fargo Bank, National Association or such other party agreed to by Buyer and, prior to an Event of Default, Seller.

   

  “Default” means an Event of Default or an event that with notice or lapse of time or both would become an Event of Default.

   

  “Delivery Date” means any day which the Buyer, Seller or
      an agent of the Seller delivers a Mortgage File to the Custodian.

   

  “Dollars” and “$” means dollars in lawful currency of the United States of America.

   

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

   

  “Effective Date” means the date set forth on the Addendum.

   

  “Electronic Tracking Agreement” means an Electronic Tracking Agreement among Buyer, Seller, Servicer (if applicable), MERS and MERSCORP Holdings, Inc., to the extent applicable as the same may be amended from time to time.

   

  “ERISA” means the Employee Retirement Income Security Act of 1974 and any successor thereto.

   

  “ERISA Affiliate” means each person (as defined in Section 3(9) of ERISA) which, together with Seller, would be deemed to be a “single employer” within the meaning of Section 414(b), (c), (m) or (o) of the Code.

   

  “ERISA Event” means (i) a “reportable event” within the meaning of Section 4043 of ERISA and regulations thereunder with respect to any Plan (excluding those for which the thirty (30) day notice to the PBGC has been waived
      by regulation); (ii) the failure to meet the minimum funding standard of Section 303 of ERISA with respect to any Plan or the failure to timely make a required installment under Section 430(j) of the Code with respect to any Plan or the failure to
      make any required contribution to a Multiemployer Plan; (iii) the provision by the administrator of any Plan pursuant to Section 4041 of ERISA of a notice of intent to terminate such plan in a distress termination described under Section 4041(c ) of
      ERISA; (iv) the imposition on Seller or any Affiliate of any liability (including any contingent liability) to or on account of any Plan pursuant to Section 4062, 4063, 4064, 4201 or 4104 of ERISA; (v) the institution by the PBGC of proceedings for
      the termination of, or the appointment of a trustee to administer, any Plan; (vi) the imposition of liability on Seller or any Affiliate pursuant to Section 4062 or 4069 of ERISA pursuant to Section 4212 of ERISA; (vii) the receipt by Seller or its
      ERISA Affiliates of notice from any Multiemployer Plan that it is in reorganization or

   

  

  
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  insolvency pursuant to Section 4241 of ERISA or that it intends to
      terminate or has terminated under Section 4041A or 4042 of ERISA and (ix) the imposition of a lien pursuant to Section 430(k) of the Code with respect to a Plan.

   

  “Errors and Omissions Insurance Policy” means, if applicable, an errors and omissions insurance policy to be maintained by the Seller pursuant to Section 13(e) hereof.

   

  “Escrow Payments” means, 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 or any other document.

   

  “Event of Default” has the meaning specified in Section 14 hereof.

   

  “Fannie Mae” means Fannie Mae, the government sponsored enterprise formerly known as the Federal National Mortgage Association or any successor thereto.

   

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

   

  “Fannie Mae Security” means a mortgage-backed security received in exchange for mortgage loans sold by the Seller to Fannie Mae and issued by Fannie Mae.

   

  “Fannie Mae Seller” means a business organization that is approved to sell mortgages to, and service on behalf of, Fannie Mae.

   

  “Federal Book Account” means the securities clearing account identified on the Addendum owned by the Buyer.

   

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

   

  “FHA Approved Mortgagee” means a corporation or institution approved as a mortgagee by the FHA under the National Housing Act, as amended from time to time, and applicable FHA Regulations, and eligible to own and service
      mortgage loans such as the FHA Loans.

   

  “FHA Loan” means a Mortgage Loan which is the subject of an FHA Mortgage Insurance Contract, or eligible for such FHA Mortgage Insurance Contract and will be submitted for such contract immediately after its origination.

   

  “FHA Mortgage Insurance” means, mortgage insurance authorized under the National Housing Act, as amended from time to time, and provided by the FHA.

   

  

  
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  “FHA Mortgage Insurance Certificate” means the contractual obligation of the FHA with respect to the insurance of a Mortgage Loan.

   

  “FHA Regulations” means the regulations promulgated by the Department of Housing and Urban Development under the National Housing Act, as amended from time to time, and codified in 24 Code of Federal Regulations, and other
      Department of Housing and Urban Development issuances relating to FHA Loans, including the related handbooks, circulars, notices and mortgagee letters.

   

  “FICO” means Fair Isaac & Co., or any successor thereto.

   

  “Fidelity Insurance Policy” means, if applicable, a fidelity insurance policy to be maintained by the Seller pursuant to Section 13(e) hereof.

   

  “Financial Covenants” means the covenants set forth on Annex A to this Agreement and the “Financial Covenants” (to the extent that such covenants are not already specifically set forth in this Agreement) set forth
      in the Addendum.

   

  “Freddie Mac” means Freddie Mac, the government sponsored enterprise formerly known as the Federal Home Loan Mortgage Corporation or any successor thereto.

   

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

   

  “Freddie Mac Security” means a mortgage-backed security received in exchange for mortgage loans sold by the Seller to Freddie Mac and issued by Freddie Mac.

   

  “Freddie Mac Seller” means a business organization that is approved to sell mortgages to, and service on behalf of, Freddie Mac.

   

  “GAAP” means generally accepted accounting principles in effect from time to time in the United States of America and applied on a consistent basis.

   

  “General Partner” means, if applicable, the Person identified on the Addendum for such term.

   

  “Ginnie Mae” means the Government National Mortgage Association and any successor thereto.

   

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

   

  “Ginnie Mae Issuer” or the “Issuer” means a business organization that, having met certain criteria, has been approved to issue securities guaranteed by Ginnie Mae and service the mortgage loans related to such
      securities.

   

  

  
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  “Ginnie Mae Security” means a
      mortgage-backed security issued by the Seller for which the timely payment of principal and interest is guaranteed by Ginnie Mae.

   

  “Governing Documents” means, with respect to
      any Person, its articles or certificate of incorporation or formation, by-laws, memorandum and articles of association, partnership, limited liability company, operating or trust agreement and/or other organizational, charter or governing documents,
      together with any amendments, restatement or supplements thereto.

   

  “Government Mortgage Loan” means a first
      lien mortgage loan originated in accordance with the criteria of USDA, FHA, VA or other Governmental Authority for purchase of mortgage loans, including, without limitation, USDA Mortgage Loans, FHA Loans and VA Loans, as determined by Buyer in its
      sole discretion.

   

  “Governmental Authority” means any (a)
      nation or government, any state or other political subdivision thereof, (b) Person, agency, authority, instrumentality, court, regulatory body, central bank or other body or entity exercising executive, legislative, judicial, taxing, quasi-judicial,
      quasi-legislative, regulatory or administrative functions or powers of or pertaining to government, (c) court or arbitrator having jurisdiction over such Person, its Affiliates or its assets or properties, (d) stock exchange on which shares of stock
      of such Person are listed or admitted for trading or (e) accounting board or authority that is responsible for the establishment or interpretation of national or international accounting principles.

   

  “Gross Margin” means, with respect to each
      adjustable rate Mortgage Loan, the fixed percentage amount set forth in the related Mortgage Note.

   

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

    

  “Guarantor”, if applicable, has the meaning
      set forth in the Guaranty Addendum.

   

  “Guaranty” means, if applicable, the
      guaranty in the form of Exhibit D hereto, as supplemented by the Guaranty Addendum, of each Guarantor dated as of the date set forth on the Guaranty Addendum as the same may be amended from time to time, pursuant to which each Guarantor fully
      and unconditionally guarantees the obligations of the Seller hereunder. 

  
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  “Guaranty Addendum” means that certain
      addendum to the Guaranty, if applicable, dated as of the date set forth thereon, between the Buyer and the Seller.

   

  “Guide” means, collectively, (i) the Ginnie
      Mae Guide, (ii) the Finnie Mae Fuide or (iii) the Freddie Mac Guide, as applicable and including the applicable Agency Document Custodian Manual, as such Guide may hereafter from time to time be amended.

   

  “High Cost Mortgage Loan” means a mortgage
      loan classified as (a) a “high cost” loan under the Home Ownership and Equity Protection Act of 1994, as amended, or (b) a “high cost,” “threshold,” “covered,” “abusive,” “high risk” or “predatory” loan under any other applicable state, federal or
      local law (or a similarly classified loan using different terminology under a law, regulation or ordinance imposing heightened regulatory scrutiny or additional legal liability for residential mortgage loans having high interest rates, points and/or
      fees).

   

  “HUD” means the U.S. Department of Housing
      and Urban Development.

   

  “Income” means with respect to any Purchased
      Asset, all of the following (in each case with respect to the entire par amount of the Purchased Asset represented by such Purchased Asset and not just with respect to the portion of the par amount represented by the Purchase Price advanced against
      such Purchased Asset): (a) all Principal Payments, (b) all Interest Payments, (c) all other income, distributions, receipts, payments, collections, prepayments, recoveries, proceeds (including insurance and condemnation proceeds) and other payments
      or amounts of any kind paid, received, collected, recovered or distributed on, in connection with or in respect of such Purchased Asset, including prepayment fees, extension fees, exit fees, any rental payments, if any, transfer fees, make whole
      fees, late charges, late fees and all other fees or charges of any kind or nature, premiums, yield maintenance charges, penalties, default interest, dividends, gains, receipts, allocations, rents, interests, profits, payments in kind, returns or
      repayment of contributions, net sale, foreclosure, liquidation, securitization or other disposition proceeds, insurance payments, settlements and proceeds, (d) all payments received from hedge counterparties pursuant to interest rate protection
      agreements related to such Purchased Mortgage Loans; and (e) all other “proceeds” as defined in Section 9-102(64) of the UCC, including all collections or distributions thereon or other income or receipts therefrom or in respect thereof; provided,
      that any amounts that under the applicable Mortgage Loan Documents are required to be deposited into and held in escrow or reserve to be used for a specific purpose, such as taxes and insurance, shall not be included in the term “Income” unless and
      until (i) an event of default exists under such Mortgage Loan Documents, (ii) the holder of the related Purchased Mortgage Loan has exercised or is entitled to exercise rights and remedies with respect to such amounts, (iii) such amounts are no
      longer required to be held for such purpose under such Mortgage Loan Documents, or (iv) such amounts may be applied to all or a portion of the outstanding indebtedness under such Mortgage Loan Documents.

   

  “Indebtedness” means, for any Person: (a)
      obligations created, issued or incurred by such Person for borrowed money (whether by loan, the issuance and sale of debt securities or the sale of Property to another Person subject to an understanding or agreement, contingent or otherwise, to
      repurchase such Property from such Person); (b) obligations of such Person to pay the deferred purchase or acquisition price of Property or services, other than trade accounts payable (other than for borrowed money) arising, and accrued expenses
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      course of business, so long as such trade accounts payable are payable within ninety (90) days after the date the respective goods are delivered or the respective services are rendered; (c) indebtedness to others
        secured by a Lien on the Property of such Person, whether or not the respective indebtedness so secured has been assumed by such Person; (d) obligations (contingent or otherwise) of such Person in respect of letters of credit or similar instruments
        issued or accepted by banks and other financial institutions for the account of such Person; (e) Capital Lease Obligations of such Person; (f) obligations of such Person under repurchase agreements, sale/buy-back agreements, early purchase
        agreements, or like arrangements; (g) indebtedness of others Guaranteed by such Person; (h) all obligations of such Person incurred in connection with the acquisition or carrying of fixed assets by such Person; (i) indebtedness of general
        partnerships of which such Person is a general partner; and (j) to the extent not already included in clauses (a) through (i) above, any amounts either existing or reported on the financial statements of Seller, that Buyer determines, in its sole
        discretion, are obligations of such Person that should be included as “Indebtedness” hereunder.

   

  “Index” means, with respect to any
      adjustable rate Mortgage Loan, the index identified on the Mortgage Loan Schedule and set forth in the related Mortgage Note for the purpose of calculating the applicable Mortgage Interest Rate.

   

  “Index Floor” means the rate set forth on
      the Addendum for such term.

  

   

  “Individual Claim Threshold” means the
      amount set forth on the Addendum for such term.

    

  “Interest Only Adjustment Date” means, with
      respect to each Interest Only Loan, the date, specified in the related Mortgage Note on which the Monthly Payment will be adjusted to include principal as well as interest.

   

  “Interest Only Loan” means a Mortgage Loan
      which only requires payments of interest for a period of time specified in the related Mortgage Note.

   

  “Interest Payments” means with respect to
      any Purchased Asset, all payments of interest, income, receipts, dividends, and any other collections and distributions received from time to time in connection with any such Purchased Asset.

   

  “Interest Rate Adjustment Date” means the
      date on which an adjustment to the Mortgage Interest Rate with respect to each Mortgage Loan becomes effective.

   

  “Interest Rate Protection Agreement” means,
      with respect to any or all of the Purchased Mortgage Loans, any short sale of a US Treasury Security, or futures contract, or mortgage related security, or Eurodollar futures contract, or options related contract, or interest rate swap, interest rate
      lock agreement or similar arrangement providing for protection against fluctuations in interest rates or the exchange of nominal interest obligations, either generally or under specific contingencies, entered into by Seller and an Affiliate of Buyer
      or such other party acceptable to Buyer in its sole discretion, which agreement is acceptable to Buyer in its sole discretion. 

  
    11 

    
      
 

  

   

  

  “Judgment Threshold” means the amount set
      forth on the Addendum for such term.

   

  “Jumbo Mortgage Loan” means a mortgage loan
      with an original unpaid principal amount in excess of the lesser of the applicable conventional conforming loan limits set by Fannie Mae and Freddie Mac.

   

  “Key Personnel” means the people or
      positions set forth on the Addendum for such term.

  

   

  “LIBOR” means the rate determined on the
      first (1st) Business Day of each week by Buyer on the basis of the offered rate for one-month or three-month (as set forth on the Addendum) U.S. dollar deposits, as such
      rate appears on Bloomberg Screen US0001M Page, as of 11:00 a.m. (London time) on such date [***]; provided, that if such rate does not appear on Bloomberg Screen US0001M Page, the rate for such date will be the rate determined by
      reference to such other comparable publicly available service publishing such rates as may be selected by Buyer in its sole discretion and communicated to Seller; provided, further, that if Buyer determines that, by reason of
      circumstances affecting the relevant market, adequate and reasonable means do not exist for ascertaining LIBOR, then Buyer shall provide Seller with prompt notice thereof and Buyer shall use such other comparable rate that is being used in the
      relevant market until otherwise communicated to Seller. Notwithstanding anything to the contrary herein, Buyer shall have the option in its sole discretion, to re-set LIBOR on a daily basis.

   

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

   

  “Limited Partner” means, if applicable, the
      Person identified on the Addendum for such term.

  

   

  “Loan Margin” means the loan margin for the
      applicable Mortgage Loan set forth in the Sublimit, Rate and Term Schedule of the Addendum; provided, however, that upon the occurrence of a Default or Event of Default, the Loan Margin shall automatically be increased by the Post
      Default Rate Margin, even if the Buyer forebears exercising any of its rights and remedies as a result of such Default or Event of Default.

   

  “Loan to Value Ratio” or “LTV” means
      with respect to any Mortgage Loan, the ratio of the original outstanding principal amount of the Mortgage Loan, to the lesser of (a) the Appraised Value of the related Mortgaged Property at origination or (b) if the Mortgaged Property was purchased
      within twelve (12) months of the origination of such Mortgage Loan, the purchase price of the related Mortgaged Property.

   

  “Manager” means the managing member or
      non-member manager of Seller, if any.

   

  “Manual” has the meaning set forth in Section

        17 hereof. 

  
    12 

    
      
 

  

   

  

  “Manufactured Home” means any dwelling unit
      built on a permanent chassis and attached to a permanent foundation system.

   

  “Margin Call” has the meaning specified in Section

        6(a) hereof.

   

  “Margin Deadlines” has the meaning specified
      in Section 6(c) hereof.

   

  “Margin Deficit” has the meaning specified in
      Section 6(a) hereof.

    

  “Margin Stock” has the meaning assigned to
      that term in Regulation U of the Board of Governors of the Federal Reserve System as in effect from time to time.

   

  “Market Value” means, with respect to any
      Purchased Mortgage Loan as of any date of determination, the whole loan servicing released fair market value of such Purchased Mortgage Loan on such date as determined by Buyer (or an Affiliate thereof) in its sole discretion, and with respect to any
      Purchased Agency Security as of any date of determination the fair market value of such Purchased Agency Security on such date as determined by Buyer (or an Affiliate thereof) in its sole discretion; provided, however, that the
      methodology for such determination is consistent with Wells Fargo Securities, LLC’s determination with respect to its own portfolio of mortgage loans or agency securities, to which such a determination would be applicable. Without limiting the
      generality of the foregoing, Seller acknowledges that the Market Value of a Purchased Mortgage Loan or Purchased Agency Security may be reduced to zero by Buyer if:

   

  (i)       a
        breach of a representation, warranty or covenant made by Seller in this Agreement (including, without limitation, any representation, warranty or covenant made on a Schedule or Exhibit including, without limitation, Schedule 1) with respect
        to such Purchased Mortgage Loan or Purchased Agency Security has occurred and is continuing;

   

  (ii)      such
        Purchased Mortgage Loan is or becomes a Sub-Performing Mortgage Loan;

   

  (iii)     such
        Purchased Mortgage Loan has been released from the possession of the Custodian under the Custodial Agreement for a period in excess of ten (10) days for a servicing-related issue or twenty (20) days if provided under a bailee letter;

   

  (iv)     such
        Purchased Mortgage Loan has been subject to a Transaction hereunder for a period of greater than the Maximum Transaction Duration identified on the Addendum for the relevant loan type or such Purchased Agency Security has been subject to a
        Transaction hereunder for a period greater than the Maximum Transaction Duration identified on the Addendum for Purchased Agency Securities; provided, however, that in no event shall a Purchased Mortgage Loan or Purchased Agency
        Security be subject to a Transaction for greater than 364 days;

   

  (v)      such
        Purchased Mortgage Loan is a Wet-Ink Mortgage Loan for which the Mortgage File has not been delivered to the Custodian on or prior to the Wet-Ink Mortgage Loan Document Receipt Date after the related Purchase Date; 

  
    13 

    
      
 

  

   

  

  (vi)     such
        Purchased Mortgage Loan is no longer acceptable for purchase by a Takeout Investor under any of the flow purchase or conduit programs for which Seller has been approved, or a Takeout Investor conditions the purchase of such Purchased Mortgage Loan
        and, in each case, in Buyer’s sole determination, such ineligibility or conditions demonstrate an impairment of the marketability of such Purchased Mortgage Loan, or, if such Purchased Mortgage Loan has not been offered to a Takeout Investor, Buyer
        determines that there is a flaw in such Purchased Mortgage Loan which materially impacts the marketability of such Purchased Mortgage Loan; provided, that, in the case of a Purchased Mortgage Loan that has not been offered to a Takeout
        Investor, if Buyer determines that there is a flaw that materially impacts the marketability of such Purchased Mortgage Loan, Buyer shall notify Seller of such flaw and allow the Seller two (2) Business Days to cure such flaw if, in Buyer’s sole
        determination, allowing Seller time to cure such flaw does not materially impact Buyer’s interests in, or marketability of, such Purchase Mortgage Loan;

    

  (vii)    when
        the Purchase Price for a Purchased Mortgage Loan is added to other Purchased Mortgage Loans that are of the same type of Mortgage Loan, the aggregate Purchase Price of all such type of Purchased Mortgage Loans exceeds the applicable Sublimit for
        such type of Mortgage Loans;

   

  (viii)   when
        the Purchase Price for such Purchased Mortgage Loan is added to other Purchased Mortgage Loans, the aggregate Purchase Price of all Purchased Mortgage Loans exceeds the Maximum Aggregate Purchase Price;

   

  (ix)      when
        the Purchase Price for such Purchased Agency Security is added to other Purchased Agency Securities, the aggregate Purchase Price for all Purchased Agency Securities exceeds the Agency Security Sublimit;

   

  (x)       when
        the Purchase Price for such Purchased Mortgage Loan or such Purchased Agency Security, as applicable, is added to other Purchased Assets, the Aggregate Purchase Price of all Purchased Assets exceeds the Maximum Aggregate Purchase Price; or

    

  (xi)      such
        Purchased Agency Security is no longer acceptable for purchase by a Takeout Broker Dealer under any of the flow purchase or conduit programs for which Seller has been approved, or a Takeout Broker Dealer conditions the purchase of such Agency
        Security and, in each case, in Buyer’s sole determination, such ineligibility or conditions demonstrate an impairment of the marketability of such Purchased Agency Security, or, if such Purchased Agency Security has not been offered to a Takeout
        Broker Dealer, Buyer determines that there is a flaw in such Purchased Agency Security which materially impacts the marketability of such Purchased Agency Security; provided, that, in the case of a Purchased Agency Security that has not
        been offered to a Takeout Broker Dealer, if Buyer determines that there is a flaw that materially impacts the marketability of such Purchased Agency Security, Buyer shall notify Seller of such flaw and allow the Seller two (2) Business Days to cure
        such flaw if, in Buyer’s sole determination, allowing Seller time to cure such flaw does not materially impact Buyer’s interests in, or marketability of, such Purchase Agency Security. 

  
    14 

    
      
 

  

   

  

  “Master Agency Custodial Agreement” means (i)
      the Master Fannie Mae Custodial Agreement, (ii) the Master Freddie Mac Custodial Agreement or (iii) the Master Ginnie Mae Custodial Agreement, as applicable.

   

  “Master Fannie Mae Custodial Agreement” means
      Fannie Mae Form 2003.

   

  “Master Freddie Mac Custodial Agreement”
      means Freddie Mac Form 1035.

   

  “Master Ginnie Mae Custodial Agreement” means
      form HUD-11715.

    

  “Material Adverse Effect” means (a) a
      material adverse change in, or a material adverse effect upon, the operations, business, properties, condition (financial or otherwise) or prospects of any Seller, any Guarantor, any Manager, any General Partner, any Limited Partner or any Affiliate
      that is a party to any Program Agreement taken as a whole; (b) a material impairment of the ability of any Seller, any Guarantor or any Affiliate that is a party to any Program Agreement to perform under any Program Agreement and to avoid any Event
      of Default; or (c) a material adverse effect upon the legality, validity, binding effect or enforceability of any Program Agreement against Seller, any Guarantor, any Manager, any General Partner, any Limited Partner or any Affiliate that is a party
      to any Program Agreement.

    

  “Maximum Aggregate Purchase Price” means the
      amount set forth on the Addendum for such term,

    

  “Maximum Transaction Duration” means the
      number of days that a Purchased Mortgage Loan or Purchased Agency Security can be subject to a Transaction as set forth on the Sublimit, Rate and Term Schedule of the Addendum.

   

  “MBS Sweep Mortgage Loan” means a Conforming
      Mortgage Loan or a Government Mortgage Loan originated or purchased by Seller, which prior to being subject to a Transaction was purchased or financed by a third-party’s facility, and such mortgage loan received a pre-certification from the Custodian
      certifying that such loan is eligible, pursuant to Buyer’s published guidelines for such loans, as a “MBS Sweep Mortgage Loan” for sale to an Agency in exchange for an Agency Security.

   

  “MERS” means 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” means a
      mortgage loan for which (a) the Seller has designated or will designate MERS as, and has taken or will take such action as is necessary to cause MERS to be, the mortgagee of record, as nominee for the Seller, in accordance with MERS Procedures Manual
      and (b) the Seller has designated or shall promptly designate the Seller as the servicer or subservicer in the MERS System.

   

  “MERS System” means the system of recording
      transfers of mortgages electronically maintained by MERS. 

  
    15 

    
      
 

  

   

  

  “MOM Mortgage Loan” means 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” means the scheduled monthly
      payment of principal and/or interest on a Mortgage Loan.

   

  “Mortgage” means each mortgage, assignment of
      rents, security agreement and fixture filing, or deed of trust, assignment of rents, security agreement and fixture filing, deed to secure debt, assignment of rents, security agreement and fixture filing, or similar instrument creating and evidencing
      a lien on real property and other property and rights incidental thereto.

    

  “Mortgage File” means, with respect to a
      Mortgage Loan, the documents and instruments relating to such Mortgage Loan and in the form set forth in the Manual.

   

  “Mortgage Interest Rate” means the rate of
      interest borne on a Mortgage Loan from time to time in accordance with the terms of the related Mortgage Note.

   

  “Mortgage Interest Rate Cap” means, with
      respect to an adjustable rate Mortgage Loan, the limit on each Mortgage Interest Rate adjustment as set forth in the related Mortgage Note.

   

  “Mortgage Loan” means any fixed or floating
      rate, one-to-four-family residential mortgage loan that is evidenced by a Mortgage Note and secured by a Mortgage; provided, however, that such mortgage loan will only be considered a “Mortgage Loan” for the purposes of this Agreement
      if such mortgage loan is of the type listed on the Sublimit, Rate and Term Schedule of the Addendum under the heading “Mortgage Loans” which may include the following types of mortgage loans: Conforming Mortgage Loan, Correspondent Mortgage Loan,
      Government Mortgage Loan, Jumbo Mortgage Loan, MBS Sweep Mortgage Loan, Retail Mortgage Loan, Specialized Mortgage Loan or Wholesale Mortgage Loan. If a type of mortgage loan is not listed in the Sublimit, Rate and Term Schedule of the Addendum, such
      types of mortgage loans shall not be purchased by the Buyer hereunder and the sublimit, pricing and purchase price categories shall be inapplicable.

   

  “Mortgage Loan Documents” means the documents
      in the related Mortgage File to be delivered to the Custodian.

   

  “Mortgage Loan Schedule” means with respect
      to any Transaction as of any date, a mortgage loan schedule in the form of either (a) the schedule attached to the Manual or (b) a computer tape or other electronic medium generated by Seller and delivered to Buyer and Custodian, which provides
      information (including, without limitation, the information in the schedule attached to the Manual) relating to the Purchased Mortgage Loans in a format acceptable to Buyer.

   

  “Mortgage Note” means the promissory note or
      other evidence of the indebtedness of a Mortgagor secured by a Mortgage. 

  
    16 

    
      
 

  

   

  

  “Mortgaged Property” means the real property
      (and with respect to any Cooperative Mortgage Loan, the Cooperative Unit) securing repayment of the debt evidenced by a Mortgage Note.

   

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

   

  “Multiemployer Plan” means any employee
      benefit plan (within the meaning of Section 3(3) of ERISA) that is a multiemployer plan as defined in Section 3(37) of ERISA to which the Seller or any of its ERISA Affiliates makes or is obligated to make contributions or to which the Seller or any
      of its ERISA Affiliates within the last six (6) preceding plan years has made or been obligated to make contributions.

   

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

   

  “NRSRO” means a nationally recognized
      statistical rating organization.

   

  “Obligations” means (a) all of Seller’s
      indebtedness, obligations to pay the Repurchase Price on the Repurchase Date, the Price Differential on each Repurchase Date, and other obligations and liabilities, to Buyer, its Affiliates or Custodian arising under, or in connection with, the
      Program Agreements, whether now existing or hereafter arising; (b) any sums paid by Buyer or on behalf of Buyer in order to preserve any Purchased Assets or Buyer’s interest therein; (c) in the event of any proceeding for the collection or
      enforcement of any of Seller’s indebtedness, obligations or liabilities referred to in clause (a), the reasonable expenses of retaking, holding, collecting, preparing for sale, selling or otherwise disposing of or realizing on any Purchased
      Assets, or of any exercise by Buyer of its rights under the Program Agreements, including, without limitation, attorneys’ fees and disbursements and court costs; and (d) all of Seller’s indemnity obligations to Buyer or Custodian or both pursuant to
      the Program Agreements.

   

  “OFAC” means The Office of Foreign Assets
      Control of the U.S. Department of the Treasury. 

   

  “Officer’s Compliance Certificate” means a
      certificate of a Responsible Officer of Seller in the form of Exhibit A hereto.

   

  “Patriot Act” means the Uniting and
      Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001.

   

  “PBGC” means the Pension Benefit Guaranty
      Corporation or any successor thereto.

   

  “Person” means an individual, partnership
      (general, limited or otherwise), corporation (including a business trust), limited liability company, joint stock company, trust, 

  
    17 

    
      
 

  

   

  unincorporated association, joint venture or other entity, or a government or any
      political subdivision or agency thereof.

   

  “Plan” means any employee benefit plan
      within the meaning of Section 3(3) of ERISA that is subject to Title IV of ERISA other than a Multiemployer Plan to which the Seller or any of its ERISA Affiliates makes or is obligated to make contributions or to which the Seller or any of its ERISA
      Affiliates within the last six (6) preceding plan years has made or been obligated to make contributions.

   

  “Post Default Rate Margin” means the
      percentage set forth on the Addendum for such term.

    

  “Price Differential” means with respect to
      any Transaction as of any date of determination, an amount equal to the product of (A) the Pricing Rate for such Transaction and (B) the Purchase Price for such Transaction, calculated daily on the basis of a three hundred sixty (360) day year for
      the actual number of days during the period commencing on (and including) the Purchase Date for such Transaction and ending on (but excluding) the Repurchase Date.

    

  “Pricing Rate” means a rate per annum equal
      to the greater of (A) Index Floor or (B) LIBOR, plus (1) the applicable Loan Margin for such Purchased Mortgage Loan or (2) the Agency Security Margin with respect to Transactions the subject of which are Purchased Agency Securities. The Pricing Rate
      shall change in accordance with LIBOR, and shall be reset on the first (1st) Business Day of each week that a Purchased Mortgage Loan or Purchased Agency Security is
      subject to a Transaction.

    

  “Principal Payments” means for any Purchased
      Asset, all payments and prepayments of principal received and applied as principal toward the Purchase Price for such Purchased Asset, including insurance and condemnation proceeds and recoveries from liquidation or foreclosure.

   

  “Processing Agent” shall mean each such
      Person so designated pursuant to Section 13(jj) hereof.

   

  “Professional Liability Insurance Policy”
      means, if applicable, a professional liability insurance policy to be maintained by the Seller pursuant to Section 13(e) hereof.

   

  “Program Agreements” means, collectively,
      the Servicing Agreement, if any, the Servicer Side Letter, if any, the Custodial Agreement, this Agreement, the Collection Account Control Agreement, the Seller’s Clearing Account Control Agreement, the Reserve Account Control Agreement, the
      Electronic Tracking Agreement, if any, and the Guaranty, if any, and any other agreements entered into in connection herewith between the Buyer and the Seller.

   

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

   

  “Proprietary Lease” means the lease on a
      Cooperative Unit evidencing the possessory interest of the owner of the Cooperative Shares in such Cooperative Unit. 

  
    18 

    
      
 

  

   

  

  “Purchase Confirmation” means a confirmation
      of a Transaction, in the form attached to the Manual.

   

  “Purchase Date” means, with respect to each
      Transaction, the date on which Purchased Mortgage Loans or Purchased Agency Securities, as applicable, are sold by Seller to the Buyer hereunder.

   

  “Purchase Price” means, in the case of any
      Purchased Mortgage Loan, (a) as of [***] for such Purchased Mortgage Loan, an amount equal to [***].

   

  “Purchase Price Percentage” means, the
      maximum allowable percentage determined by Buyer for a Purchased Mortgage Loan or Purchased Agency Security, as applicable, in accordance with the Sublimit, Rate and Term Schedule of the Addendum, and in accordance with the Manual with respect to
      aged loan curtailments. The Purchase Price Percentage may be reduced to zero for any Mortgage Loan that becomes an ineligible Mortgage Loan.

   

  “Purchased Agency Securities” means the
      collective reference to Agency Securities sold by Seller to Buyer in a Transaction hereunder.

   

  “Purchased Assets” means the Purchased
      Mortgage Loans, the Records, and all related Servicing Rights, the Purchased Agency Securities, the Program Agreements (to the extent such Program Agreements and Seller’s right thereunder relate to the Purchased Mortgage Loans or the Purchased Agency
      Securities), any Mortgaged Property relating to the Purchased Mortgage Loans or the Purchased Agency Securities, all insurance policies and insurance proceeds relating to any Purchased Mortgage Loan or the related Mortgaged Property, including, but
      not limited to, any payments or proceeds under any related primary insurance, hazard insurance and FHA Mortgage Insurance Contracts (if any) and VA Loan Guaranty Agreements (if any), Income, all amounts in the Collection Account, all amounts in the
      Seller’s Clearing Account and the Reserve Account, and any account to which such amount is deposited, Interest Rate Protection Agreements, accounts (including any interest of Seller in escrow accounts) and any other contract rights, instruments,
      accounts, payments, rights to payment (including payments of interest or finance charges) general intangibles and other assets relating to the Purchased Assets (including, without limitation, any other accounts) or any interest in the Purchased
      Assets, and any proceeds (including the related securitization proceeds) and 

  
    19 

    
      
 

  

   

  distributions with respect to any of the foregoing and any other property, rights, title
      or interests as are specified on a Transaction Request and/or Trust Receipt, in all instances, whether now owned or hereafter acquired, now existing or hereafter created.

   

  “Purchased Mortgage Loans” means the
      collective reference to Mortgage Loans sold by Seller to Buyer in a Transaction hereunder, listed on the related Mortgage Loan Schedule attached to the related Transaction Request, which such Mortgage Loans the Custodian has been instructed to hold
      pursuant to the Custodial Agreement.

   

  “Qualified Insurer” means a mortgage guaranty
      insurance company duly authorized and licensed where required by law to transact mortgage guaranty insurance business and approved as an insurer by Fannie Mae or Freddie Mac.

   

  “Qualified Originator” means an originator of
      Mortgage Loans which is acceptable under the Underwriting Guidelines.

   

  “Records” means all instruments, agreements
      and other books, records, and reports and data generated by other media for the storage of information maintained by Seller, Servicer or any other person or entity with respect to a Purchased Mortgage Loan and/or Purchased Agency Security. Records
      shall include the Mortgage Notes, any Mortgages, the Mortgage Files, the credit files related to the Purchased Mortgage Loan, the Purchased Agency Security and any other instruments necessary to document or service a Mortgage Loan.

   

  “Release of Security Interest” means form
      HUD-11711A, Fannie Mae Form 2004A, Freddie Mac Form 996 or Freddie Mac Form 996E, as applicable.

   

  “Reporting Date” means the fifth (5th) day of each month or, if such day is not a Business Day, the next succeeding Business Day or such other time period set forth in the Addendum for such term.

   

  “Reporting Period” means the time period set
      forth in the Addendum for such term.

    

  “Repurchase Date” means the date occurring on
      the earliest of (i) the Termination Date, (ii) the date determined by application of Section 15 hereof, (iii) any date determined by application of the respective Maximum Transaction Duration, (iv) any other date communicated by Buyer to
      Seller in connection with the funding of a Transaction or (v) any other date communicated by Buyer to Seller in connection with a Margin Deficit as set forth in Section 6(b) hereof.

   

  “Repurchase Price” means the price at which
      Purchased Assets are to be transferred from Buyer to Seller upon termination of a Transaction, on the Repurchase Date or at any other time specified in this Agreement, which will be determined in each case (including Transactions terminable upon
      demand) as the sum of the Purchase Price for such Purchased Assets and the accrued but unpaid Price Differential as of the date of such determination and any fees and expenses charged by the Buyer and payable by the Seller as set forth on the
      Addendum and any custodial fees as set forth on the Addendum with respect to such Purchased Assets and all other fees and expenses incurred by the Buyer. 

  
    20 

    
      
 

  

   

  

  “Required Insurance Amount” means the amount
      set forth on the Addendum for such term.

   

  “Required Insurance Policy” means any
      Fidelity Insurance Policy, Errors and Omissions Insurance Policy, Professional Liability Insurance Policy or any other insurance policy that may be required by Buyer, in each case, as set forth in the Addendum.

   

  “Requirements of Law” means, with respect to
      any Person, all Governing Documents and existing and future laws, treaties, rules, regulations, statutes, codes, ordinances, permits, certificates, orders and licenses of and interpretations by any Governmental Authority, judgments, decrees,
      injunctions, writs, awards or orders of any court, arbitrator or other Governmental Authority, applicable to or binding upon such Person or any of its property or to which such Person or any of its property is subject.

   

  “Reserve Account” means an account
      established at Wells Fargo Bank, N.A. or one of its Affiliates, in the name of the Person set forth on the Addendum and subject to a Reserve Account Control Agreement with Buyer which shall at all times contain a balance at least equal to the Reserve
      Account Threshold, as such amount may be adjusted from time to time by Buyer in its sole discretion, and subject to set off by Buyer with respect to any Obligations.

    

  “Reserve Account Control Agreement” means a
      blocked account agreement providing the Buyer with control at all times over the Reserve Account.

   

  “Reserve Account Threshold” means the amount
      set forth on the Addendum for such term.

   

  “Responsible Officer” means as to any Person,
      the chief executive officer, president, general partner, managing member, non-member manager, or, with respect to financial matters, the chief financial officer of such Person, or if such positions do not exist, any such similar positions.

   

  “Retail Mortgage Loan” means a mortgage loan
      originated by the Seller for which the Seller took the borrower’s loan application, and for which Seller appears as the lender on the Mortgage Note.

    

  “Sanctioned Entity” or “Sanctioned
        Entities” means (a) a country or a government of a country, (b) an agency of the government of a country, (c) an organization directly or indirectly controlled by a country or its government, or (d) a Person resident in or determined to be
      resident in a country, in each case, that is subject to a country sanctions program administered and enforced by OFAC.

   

  “SEC” means the Securities and Exchange
      Commission, or any successor thereto.

   

  “Seller” has the meaning set forth on the
      Addendum.

   

  “Seller’s Account for Remittance” means an
      account identified on the Addendum and established in the name of Seller into which Buyer will remit funds in accordance with Section 8 hereof. 

  
    21 

    
      
 

  

   

  

  “Seller’s Acquisition Price” means the price
      that the Seller paid a third party for a Mortgage Loan in the event that the Seller did not originate such Mortgage Loan.

   

  “Seller’s Clearing Account” means an account
      identified on the Addendum and established at Wells Fargo Bank, N.A. or one of its Affiliates, in the name of Seller and subject to a Seller’s Clearing Account Control Agreement with Buyer or another insured financial institution, into which certain
      amounts shall be deposited or withdrawn, which shall at all times contain a balance at least equal to the Seller’s Clearing Account Threshold, as such amount may be adjusted from time to time by Buyer in its sole discretion, and subject to set off by
      Buyer with respect to any Obligations.

    

  “Seller’s Clearing Account Control Agreement”
      means a blocked account agreement providing the Buyer with control at all times over the Seller’s Clearing Account.

   

  

  “Seller’s Clearing Account Threshold”
      means the amount set forth on the Addendum for such term; if no such amount is specified on the Addendum then such amount is zero.

   

  “Servicer” means any servicer approved by
      Buyer in its sole discretion to service Purchased Mortgage Loans on behalf of Buyer, which may be Seller or such other third party as set forth on the Addendum that has executed a Servicing Agreement.

    

  “Servicer Side Letter” has the meaning set
      forth in Section 11(d) hereof.

  

   

  “Servicing Agreement” means a separate
      written agreement with a third party servicer to service the Purchased Mortgage Loans.

    

  “Servicing Rights” means contractual,
      possessory or other rights of the Seller or any third party servicer to administer or service the Purchased Mortgage Loans, including, without limitation, the right to collect Monthly Payments.

   

  “Settlement Account” means one or more
      accounts established at Wells Fargo Bank, N.A. or one of its Affiliates, by and in the name of the Buyer, into which (i) all Income shall be deposited or transferred from the Collection Account; (ii) the Takeout Investor remits funds pursuant to the
      Takeout Commitment; and (iii) the Takeout Broker Dealer remits funds pursuant to the Agency Security Purchase Commitment.

   

  “Shipment Order” means an electronically
      transmitted request for shipment of Collateral Documents, substantially in the form attached to the Custodial Agreement.

   

  “Specialized Mortgage Loan” means the
      definition as set forth in the Addendum.

   

  “Sublimit” means the limit for the applicable
      Mortgage Loan type set forth in the Sublimit, Rate and Term Schedule of the Addendum. For a Purchased Mortgage Loan that is a Wet-Ink Mortgage Loan, such Mortgage Loan shall be subject to both the Sublimit for a Wet-Ink Mortgage Loan and the Sublimit
      applicable to such Mortgage Loan type. For a Purchased Mortgage Loan that is a Cooperative Mortgage Loan, such Mortgage Loan shall be subject to the 

  
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  Sublimit for a Wet-Ink Mortgage Loan, Conforming
      Mortgage Loan or Jumbo Mortgage Loan, as applicable.

   

  “Sublimit, Rate and Term Schedule” means
      Schedule 3 of the Addendum.

   

  “Sub-Performing Mortgage Loan” means a
      mortgage loan that is or has been more than thirty (30) days contractually past due.

   

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

   

  “Takeout Broker Dealer” means any broker
      dealer pre-approved in writing by Buyer, in its sole discretion, to purchase mortgage backed securities from Seller and who issues an Agency Security Purchase Commitment relating to an Agency Security. Takeout Broker Dealers approved by Buyer may be
      listed in the Manual or specifically approved in an electronic communication sent by Buyer to Seller.

   

  “Takeout Commitment” means a written
      commitment, in form and substance satisfactory to Buyer, issued in favor of Seller by a Takeout Investor pursuant to which such Takeout Investor commits to purchase one or more Mortgage Loans. The Takeout Commitment may take the form of (1) a “clear
      to close” approval from the Takeout Investor confirming that such specific Mortgage Loans are approved for purchase by the Takeout Investor, (2) an automatic underwrite system “AUS” with a Seller internal clear to close per delegated authorities of
      the Takeout Investor, (3) a mortgage insurer clear to close per delegated authorities of the Takeout Investor, (4) a clear to close approval issued by an FHA Direct Endorsement underwriter, or (5) another form approved by Buyer as set forth on the
      Addendum.

   

  “Takeout Investor” means any investor
      pre-approved in writing by Buyer, in its sole discretion, to purchase Mortgage Loans from Seller and who issues a Takeout Commitment relating to a Mortgage Loan. Takeout Investors approved by Buyer are listed in an electronic form by the Buyer or
      electronically submitted by the Seller to the Buyer.

   

  “Termination Date” has the meaning set forth
      on the Addendum or any other earlier date determined by the Buyer in its sole discretion; provided, however, that in the case of an Event of Default hereunder, the date immediately upon which such Event of Default has occurred.

   

  “Transaction” has the meaning set forth in Section

        1 hereof.

   

  “Transaction Request” means a request from
      Seller to Buyer to enter into a Transaction, submitted through Buyer’s on-line warehouse loan system. 

  
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  “Transmittal Letter”
      means a letter describing a Purchased Mortgage Loan delivered or to be delivered to the Custodian hereunder, in the form attached to the Custodial Agreement.

   

  “Trust Receipt”
      means, with respect to any Transaction as of any date, a receipt and certification in the form attached as an exhibit to the Custodial Agreement.

   

  “UCC”
      means the Uniform Commercial Code as in effect on the Effective Date in the State of New York or the Uniform Commercial Code as in effect in the applicable jurisdiction.

   

  “Underwriting
          Guidelines” means the standards, procedures and guidelines of the Seller for underwriting and acquiring Mortgage Loans, which are set forth in the written policies and procedures of the Seller.

   

  “USDA”
      means the United States Department of Agriculture.

   

  “USDA Mortgage
          Loan” means a mortgage loan which is guaranteed by the USDA evidenced by a loan guaranty certificate.

   

  “US Treasury
          Security” means a negotiable debt obligation issued by the U.S. government for a specific amount and maturity, with any related income being exempt from state and local tax income tax.

   

  “VA”
      means the U.S. Department of Veterans Affairs, an agency of the United States of America, or any successor thereto including the Secretary of Veterans Affairs.

   

  “VA Loan”
      means a Mortgage Loan which is subject of a VA Loan Guaranty Agreement as evidenced by a loan guaranty certificate, or which is eligible for such VA Loan Guaranty Agreement and will be submitted for such loan guaranty certificate immediately after
      its origination, or a Mortgage Loan which is a vender loan sold by the VA.

   

  “VA Loan
          Guaranty Agreement” means the obligation of the United States to pay a specific percentage of a Mortgage Loan (subject to a maximum amount) upon default of the Mortgagor pursuant to the Servicemen’s Readjustment Act, as amended.

   

  “Wet-Ink
          Documents” means, with respect to any Wet-Ink Mortgage Loan, the (a) Transaction Request, (b) the Mortgage Loan Schedule and (c) any other documents required by the Manual.

   

  “Wet-Ink
          Mortgage Loan” means a mortgage loan for which the Trust Receipt has not been issued as of the Purchase Date.

   

  “Wet-Ink
          Mortgage Loan Document Receipt Date” means the date that the Custodian receives the Mortgage Loan Documents for a Wet-Ink Mortgage Loan which shall in no event be later than the date set forth on the Addendum.

   

  

   

  

  
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  “Wholesale
          Mortgage Loan” means a mortgage loan which was submitted to Seller by a mortgage broker who is not an employee of Seller, but for which Seller’s funds were used as the Mortgage Loan proceeds at the closing, and for which Seller appears
      as the lender on the Mortgage Note.

   

  b.            Headings are for convenience only and do not affect
      interpretation. The singular includes the plural and conversely. Where a word or phrase is defined, its other grammatical forms have a corresponding meaning. A reference to a Section, Subsection, Paragraph, Subparagraph, Clause, Addendum, Annex,
      Schedule or Exhibit is, unless otherwise specified, a reference to a Section, Subsection, Paragraph, Subparagraph or Clause of, or Addendum, Annex, Schedule or Exhibit to, this Agreement, all of which are hereby incorporated herein by this reference
      and made a part hereof. The word “any” is not limiting and means “any and all” unless the context clearly requires or the language provides otherwise. In the computation of periods of time from a specified date to a later specified date, the word
      “from” means “from and including,” the words “to” and “until” each mean “to but excluding,” and the word “through” means “to and including.” The words “will” and “shall” have the same meaning and effect, A reference to day or days without further
      qualification means calendar days, Unless the context otherwise clearly requires, all accounting terms not expressly defined herein shall be construed in accordance with GAAP, and all accounting determinations, financial computations and financial
      statements required hereunder shall be made in accordance with GAAP, without duplication of amounts, and on a consolidated basis with all Subsidiaries.

   

  3.            Program; Initiation of Transactions

   

  a.            From time to time, in the sole discretion of Buyer, (i)
      Buyer may purchase from Seller all right, title and interest in and to certain Mortgage Loans (including, without limitation, the Servicing Rights) that have been either originated by Seller or, if approved by Buyer, purchased by Seller from other
      originators, and (ii) Buyer may purchase from Seller all right, title and interest in and to certain Agency Securities. The Mortgage Loans shall be sold on a servicing-released basis. This Agreement is not a
            commitment by Buyer to enter into Transactions with Seller but rather sets forth the procedures to be used in connection with periodic requests for Buyer to enter into Transactions with Seller. Seller hereby acknowledges that Buyer is under no
            obligation to agree to enter into, or to enter into, any Transaction pursuant to this Agreement. All Purchased Mortgage Loans shall exceed or meet the Underwriting Guidelines, and shall be serviced by Servicer on the behalf of
      Buyer. The Aggregate Purchase Price shall not exceed the Maximum Aggregate Purchase Price.

   

  b.            With respect to each Transaction, Seller shall provide
      notice of a proposed sale and comply with the procedures set forth in the Manual. Following receipt of such request, Buyer may enter into such requested Transaction or may notify Seller of its intention not to enter into such Transaction for any
      reason. In the event the Mortgage Loan Schedule provided by Seller contains erroneous computer data, is not formatted properly or the computer fields are otherwise improperly aligned, Buyer shall provide written or electronic notice to Seller
      describing such error and Seller may either (a) give Buyer written or electronic authority to correct the computer data, reformat the Mortgage Loans or properly align the computer fields or (b) correct the computer data, reformat or properly align
      the computer fields itself and resubmit the Mortgage Loan Schedule as required herein.

   

  

   

  

  
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  In the event that the Seller gives Buyer authority to correct the
      computer data, reformat the Mortgage Loan Schedule or properly align the computer fields, the Seller shall pay an amount set forth in the fee schedule attached to the Manual and any other direct expenses incurred by Buyer; provided, that upon thirty (30) days’ notice to the Seller, Buyer may change such computer correction fee. The Seller shall hold Buyer harmless for such correction, reformatting or realigning, as
      applicable, except as otherwise expressly provided herein.

   

  In the event that Seller requires the return of any Collateral Documents,
      upon its execution of a release pursuant to the terms of the Custodial Agreement, the Buyer may authorize the Custodian to deliver any Collateral Documents to the Seller for correction. The Seller shall be fully liable for any failure or delay in the
      return or handling of any documents delivered to the Seller in accordance with the terms of such release.

   

  c.            Upon the satisfaction of the applicable conditions
      precedent set forth in Section 9 hereof, all of Seller’s right, title and interest in the Purchased Assets shall pass to Buyer on the Purchase Date, against the transfer of the
      Purchase Price to Seller or through the transfer of the Purchase Price to an Authorized Funds Recipient. The Purchased Assets shall be sold by the Seller to the Buyer on a servicing-released basis. In the event that Seller requests that the Buyer
      remit by wire transfer an amount in excess of the Purchase Price in connection with the purchase of any Purchased Assets, such excess amount shall be remitted from the Seller’s Clearing Account to the Buyer, provided that such remittance does not
      leave the Seller’s Clearing Account with less than the Seller’s Clearing Account Threshold. Upon transfer of the Purchased Assets to Buyer as set forth in this Section 3 and until
      termination of any related Transactions as set forth in Sections 4 or 15 of this Agreement, ownership of each Purchased Asset, including each document in the related
      Mortgage File and Records, is vested in Buyer; provided that, prior to the recordation by the Custodian as provided for in the Custodial Agreement, record title in the name of Seller to each Purchased Mortgage Loan shall be retained by Seller in
      trust, for the benefit of Buyer, for the sole purpose of facilitating the servicing and the supervision of the servicing of the Purchased Mortgage Loans.

   

  d.            With respect to each Wet-Ink Mortgage Loan, by no later
      than 12:00 noon (New York City time) on the Wet-Ink Mortgage Loan Document Receipt Date following the applicable Purchase Date, Seller shall deliver or cause the related Authorized Funds Recipient to deliver to the Custodian the remaining documents
      in the Mortgage File.

   

  4.            Repurchase

   

  a.            Seller shall repurchase the related Purchased Assets from
      Buyer on each related Repurchase Date at the Repurchase Price. Such obligation to repurchase exists without regard to any prior or intervening liquidation or foreclosure with respect to any Purchased Asset (but liquidation or foreclosure proceeds
      received by Buyer shall be applied to reduce the Repurchase Price for such Purchased Asset on each Repurchase Date except as otherwise provided herein). Seller is obligated to repurchase and take physical possession of the Purchased Assets from Buyer
      or its designee (including the Custodian) at Seller’s expense on the related Repurchase Date.

   

  

   

  

  
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  b.            Provided that no Default shall have occurred and is
      continuing, and Buyer has received the related Repurchase Price upon repurchase of the Purchased Assets, Buyer agrees to release its ownership interest hereunder in the Purchased Assets. With respect to payments in full by the related Mortgagor of a
      Purchased Mortgage Loan, Seller agrees to (i) immediately provide Buyer with a copy of a report from the related Servicer indicating that such Purchased Mortgage Loan has been paid in full, (ii) remit to Buyer, within two (2) Business Days, the
      Repurchase Price with respect to such Purchased Mortgage Loans and (iii) provide Buyer a notice specifying each Purchased Mortgage Loan that has been prepaid in full. Buyer agrees to release its ownership interest in Purchased Mortgage Loans which
      have been prepaid in full after receipt of evidence of compliance with clauses (i) through (iii) of the immediately preceding sentence.

    

  c.            Seller shall repurchase the related Purchased Agency
      Securities from Buyer on each related Repurchase Date at the Repurchase Price so long as the Purchased Agency Securities remain on the Buyer’s Federal Book Account and have not previously been purchased by a Takeout Broker Dealer.

   

  5.            [Reserved.]

   

  6.            Margin Maintenance

   

  a.            If on any date, and at Buyer’s discretion, the product of
      either (A) the lesser of (i) the current Market Value of a Purchased Asset, or (ii) the unpaid principal balance underlying any individual Purchased Asset, times the current
      Purchase Price Percentage for such Purchased Asset, or (B) the current Market Value of all Purchased Assets times the current Purchase Price Percentage for all Purchased Assets,
      is less than the then current Purchase Price with respect to such Purchased Asset(s) as of such date (such deficit, a “Margin Deficit”), Buyer may provide notice to Seller (as such
      notice is more particularly set forth below and in Sections 6(b) and 6(c) below, a “Margin Call”) of such Margin Deficit.

   

  b.            In connection with the issuance of a Margin Call, Buyer
      may, in Buyer’s sole and absolute discretion, require Seller to (i) transfer cash to Buyer to satisfy the Margin Deficit, or (ii) repurchase the affected Purchased Assets at the Repurchase Price thereof. If Seller has not satisfied the Margin Deficit
      within the applicable Margin Deadline (as more particularly set forth in Section 6(c)), then Buyer may, in its sole and absolute discretion, either (i) notify Seller that Buyer is
      exercising its rights to sell the affected Purchased Assets as more particularly set forth in Section 6(e) below or (ii) exercise its remedies under Section 15 hereof. In
      connection with exercising remedies pursuant to this Section 6(b), Buyer shall apply funds received in connection with a Margin Call in such manner as Buyer determines to
      eliminate the Margin Deficit. If Buyer exercises its rights to sell the related Purchased Assets as set forth in Section 6(e) and the proceeds of such sale are insufficient to
      satisfy the Margin Deficit, Buyer may in its discretion require Seller to transfer cash to Buyer to eliminate such Margin Deficit. Once a Margin Deficit has been eliminated, the related Margin Call shall have been satisfied.

   

  c.            A Margin Call may be given by any written or electronic
      means. Notice given before [***] (New York City time) on a Business Day shall be met, and the related Margin Deficit satisfied, no later than [***] (New York City time) on such Business Day or such

   

  

   

  

  
    27

    
      

  

   

  later time as may be communicated by Buyer to Seller in its sole discretion; notice given
      after [***] (New York City time) on a Business Day shall be met, and the related Margin Deficit satisfied, no later than [***] (New York City time) on the following Business Day or such later time as may be communicated by Buyer to
      Seller in its sole discretion (the foregoing time requirements for satisfying a Margin Deficit, the “Margin Deadlines”). The failure of Buyer, on any one or more occasions, to exercise its rights hereunder, shall not change or alter the terms
      and conditions to which this Agreement is subject or limit the right of Buyer to do so at a later date. Seller and Buyer each agree that a failure or delay by Buyer to exercise its rights hereunder shall not limit or waive Buyer’s rights under this
      Agreement or otherwise existing by law or in any way create additional rights for Seller. Any late payments, other than those directly related to a Mortgage Loan or Agency Security, shall accrue interest at rate equal to the Accounts Receivable Rate.
      Any late payments directly related to a Mortgage Loan shall accrue interest at the then applicable Loan Margin, or any late payments directly related to an Agency Security shall accrue interest at the then applicable Agency Security Margin.

   

  

  

  d.            In the event that a Margin Deficit exists or any other
      funds are due and payable to Buyer, Buyer may retain any funds received by it to which the Seller would otherwise be entitled hereunder or exercise control over any funds in the Seller’s Clearing Account and remit such funds to the Settlement
      Account, which funds shall be held and applied by Buyer against such Margin Deficit, may be applied by Buyer against amounts due and owing, or any shortfall, with respect to any Purchased Asset. Notwithstanding the foregoing, the Buyer retains the
      right, in its discretion, to make a Margin Call in accordance with the provisions of this Section 6.

   

  e.            If Buyer elects to exercise its rights set forth in Section 6(b) above to sell the affected Purchased Assets, Buyer shall have the right to sell the affected Purchased Mortgage Loans (including, without limitation, the Servicing Rights)
      or Purchased Agency Securities. Such disposition of a Purchased Mortgage Loan may be, at Buyer’s option, on either a servicing-released or a servicing-retained basis. Buyer shall not be required to give any warranties as to the Purchased Mortgage
      Loans or the Purchased Agency Securities with respect to any such disposition thereof. Buyer may specifically disclaim or modify any warranties of title or the like relating to the Purchased Mortgage Loans or the Purchased Agency Securities. The
      foregoing procedure for disposition of the Purchased Mortgage Loan or the Purchased Agency Security shall not be considered to adversely affect the commercial reasonableness of any sale thereof. Seller agrees that it would not be commercially
      unreasonable for Buyer to dispose of the Purchased Mortgage Loan or Purchased Agency Security or any portion thereof by using Internet sites that provide for the auction of assets similar to the Purchased Mortgage Loan or the Purchased Agency
      Security, or that have the reasonable capability of doing so, or that match buyers and sellers of assets. Buyer shall be entitled to place the Purchased Mortgage Loans in a pool for issuance of mortgage-backed securities at the then-prevailing price
      for such securities and to sell such securities for such prevailing price in the open market. Buyer shall also be entitled to sell any or all of such Purchased Mortgage Loans individually for the prevailing price.

   

  7.            Income Payments

   

  a.            If Income is paid in respect of any Purchased Asset during
      the term of a Transaction, such Income shall be the property of Buyer and shall be deposited in the Collection

   

  

   

  

  
    28

    
      

  

   

  Account by either the Seller or the applicable Servicer. All deposits contained in the
      Collection Account (other than any Income relating to prepayments of principal in full which will be paid in accordance with Section 7(d) below) will be transferred to the
      Settlement Account on a monthly basis in accordance with Section 11(c) or by the Buyer at any other time.

   

  b.            Prior to an Event of Default, upon the termination of any
      Transaction, Buyer shall apply payments received from a Takeout Investor or Takeout Broker Dealer or otherwise, including those payments contemplated in Sections 6, 7(a) and 7(d), as follows (provided that Buyer shall have no obligation to apply payments in the event that it
      is unable to identify the Purchased Mortgage Loans or Purchased Agency Securities to which such payments correspond or there are insufficient funds in the Settlement Account or the Seller’s Clearing Account, and the related Repurchase Price will
      continue to accrue interest as if no payment had been made):

   

  First, to the payment of the Repurchase Price for each outstanding Purchased Asset owed by the Seller under this Agreement;

   

  Second, to the payment of all other amounts owed by the Seller under the Program Agreements;

   

  Third, to the payment of related costs and expenses owed under the Program Agreements, including reasonable compensation to Buyer’s agents and counsel, and all expenses, liabilities and
      advances made or incurred by or on behalf of Buyer in connection therewith;

   

  Fourth, to the payment of any other amounts owed by the Seller or any Affiliate to the Buyer under any other instrument or agreement, in accordance with Section 24;

   

  Fifth, to the Servicer, if and only if such party is a third party, costs and fees it is entitled to under the related Servicing Agreement; and

   

  Sixth, to the Seller, any remainder, by remittance to the Seller’s Clearing Account.

   

  c.            If an Event of Default has occurred, notwithstanding any
      provision set forth herein, Buyer may apply Income contained in the Collection Account for the payment of all outstanding Obligations under this Agreement including, any related costs and expenses owed under the Program Agreements, including
      reasonable compensation to Buyer’s agents and counsel, and all expenses, liabilities and advances made or incurred by or on behalf of Buyer in connection therewith. After all Obligations under this Agreement have been paid in full, Buyer may, in its
      sole discretion, distribute to Seller any remaining Income; provided, however, that if Seller has failed to
      repurchase the Purchased Assets and Buyer has exercised its rights in a “deemed sale” of the Purchased Assets as set forth in Section 15 herein, then Seller shall not be entitled
      to any remaining Income.

   

  d.            Seller shall, or cause Servicer to, deposit within two (2)
      Business Days after the receipt of any prepayment of principal in full into the Collection Account, with respect to a Purchased Mortgage Loan. Buyer shall apply upon receipt any such amount to reduce the amount of the Repurchase Price due upon
      termination of the related Transaction.

   

  

   

  

  
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  e.            Notwithstanding anything to the contrary set forth herein,
      to the extent that any Income (excluding principal prepayments in full) is not deposited in the Collection Account, upon notice by Buyer to Seller, Seller shall immediately remit to the Settlement Account all such Income received by Servicer or
      Seller in respect of the Purchased Assets.

   

  8.             Payment and Transfer

   

  Unless otherwise mutually agreed in writing, all transfers of funds to be
      made by the Seller, the Takeout Investor or Takeout Broker Dealer hereunder shall be made in Dollars, in immediately available funds, without deduction, set-off or counterclaim, to Buyer at the Settlement Account or such other account as Buyer shall
      specify to Seller, Takeout Investor or Takeout Broker Dealer in writing. Seller acknowledges that it has no rights of withdrawal from the Settlement Account; however, Buyer, in its discretion, may, by written notice, allow Seller to withdraw money
      from the Settlement Account in accordance with the terms of the Manual. All Purchased Assets shall be evidenced by a Purchase Confirmation. Any Repurchase Price received by Buyer in the Settlement Account after 2:00 p.m. (New York City time) shall be
      deemed received on the next succeeding Business Day. From time to time, the Seller may request in writing that a wire transfer be made from the Seller’s Clearing Account and Buyer may approve such request (provided that the Seller’s Clearing Account
      Threshold is maintained and there are sufficient funds remaining to satisfy any other amounts that are currently due and payable under this Agreement). Upon approval of such a request, the Buyer will remit funds to Seller’s Account for Remittance.

   

  9.            Conditions Precedent

   

  a.            Initial

          Transaction. As conditions precedent to the initial Transaction, Buyer shall have received on or before the day of such initial Transaction the following, in form and substance satisfactory to Buyer and duly executed by each Seller
      where applicable, each Guarantor and each other party thereto:

   

  (1)       Program Agreements. The Program Agreements duly executed and delivered by the parties thereto and being in full force and effect, free of any modification, breach or waiver, except with respect to the Electronic Tracking
      Agreement, which shall be duly executed and delivered by the parties thereto and shall be in full force and effect, free of any modification, breach or waiver within thirty (30) days of the Effective Date.

   

  (2)       Security Interest. Evidence that all other actions necessary or, in the opinion of Buyer, desirable to perfect and protect Buyer’s interest in the Purchased Mortgage Loans, Purchased Agency Securities and other Purchased
      Assets have been taken, including, without limitation, duly authorized and filed UCC financing statements on Form UCC 1.

   

  (3)       Governing Documents. A certificate of a Responsible Officer of Seller substantially in the form of Exhibit B hereto, attaching certified copies of Seller’s
      Governing Documents and corporate or other resolutions approving the Program Agreements and transactions thereunder (either specifically or by general resolution) and

   

  

   

  

  
    30

    
      

  

   

  all documents evidencing other necessary corporate action or governmental approvals
      as may be required in connection with the Program Agreements.

   

  (4)         Good Standing Certificate. A certified copy of a good standing certificate from the jurisdiction of organization of Seller, dated as of no earlier than the date which is thirty (30) days prior to the Effective Date with
      respect to the initial Transaction hereunder,

   

  (5)         Incumbency Certificate. An incumbency certificate of the corporate secretary, general partner or other similar person of each Seller, substantially in the form of Exhibit

          E hereto, certifying the names, true signatures and titles of the representatives duly authorized to request transactions hereunder and to execute the Program Agreements.

   

  (6)         Underwriting Guidelines. A true and correct copy of the Underwriting Guidelines of the Seller.

   

  (7)         Legal Opinion. If requested by Buyer, Seller shall provide a legal opinion in form and substance acceptable to Buyer,

   

  (8)         Fees. Payment of any fees due to Buyer hereunder.

   

  (9)         Manual. Seller shall have received, reviewed and agreed to comply with the Manual.

   

  (10)       Collection Account. Evidence that the Collection Account has been established by the Seller or the Servicer, and the fully executed Collection Account Control Agreement.

   

  (11)       Settlement Account. The Settlement Account has been established by Buyer.

   

  (12)       Seller’s Clearing Account. Evidence that the Seller’s Clearing Account has been established by the Seller and contains at least the Seller’s Clearing Account Threshold, and the fully executed Seller’s Clearing Account Control
      Agreement.

   

  (13)       Reserve Account. Evidence that the Reserve Account has been established, per the terms of the Addendum, and contains at least the Reserve Account Threshold, and the fully executed Reserve Account Control Agreement.

   

  b.            All

          Transactions. Buyer will not enter into a Transaction unless all of the following conditions precedent are satisfied:

   

  (1)     Due Diligence Review. Without limiting the generality of Section 34 hereof, Buyer shall have completed, to its satisfaction, its due diligence review of
      the related Purchased Mortgage Loans and Purchased Agency Securities and each Seller, each Guarantor and the Servicer.

   

  

   

  

  
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  (2)         Required

          Documents.

   

  (a)       With respect to each Purchased Mortgage Loan which is
      not a Wet-Ink Mortgage Loan, the Mortgage File has been delivered to the Custodian (i) with respect to any purchase of twenty-five (25) or fewer Mortgage Loans on a single Purchase Date, on or prior to 10:30 a.m. (New York City time) on the Purchase
      Date, and (ii) with respect to any purchase of twenty-six (26) or more Mortgage Loans on a single Purchase Date, at least twenty-four (24) hours prior to the Purchase Date;

   

  (b)       With respect to each Wet-Ink Mortgage Loan, the
      Wet-Ink Documents have been delivered to Buyer or Custodian, as the case may be, by 2:00 p.m. (New York City time) on the Purchase Date; and

   

  (c)       With respect to each Purchased Agency Security,
      necessary deliveries as specified in the Manual.

   

  (3)        Transaction Documents. Buyer or its designee shall have received, within the timeframe specified in the Manual, the following, in form and substance satisfactory to Buyer and (if applicable) duly executed:

   

  (a)       A Transaction Request and a Takeout Commitment or an
      Agency Security Commitment.

   

  (b)       The related Mortgage Loan Schedule, and the Trust
      Receipt.

   

  (c)       Any other documents required to be delivered by the
      Manual.

   

  (d)       Such certificates, opinions of counsel or other
      documents as Buyer may reasonably request.

   

  (4)         No Default. No Default shall have occurred and be continuing;

   

  (5)         Requirements of Law. Buyer shall not have determined that the introduction of or a change in any Requirements of Law or in the interpretation or administration of any Requirements of Law applicable to Buyer has made it
      unlawful, and no Governmental Authority shall have asserted that it is unlawful, for Buyer to enter into the Transactions contemplated by this Agreement.

   

  (6)         Representations and Warranties. Both immediately prior to the related Transaction and also after giving effect thereto and to the intended use thereof, the representations and warranties (excluding, the representations and
      warranties set forth on Schedule 1, which shall result in a Margin Call or repurchase in the event of a breach) made by Seller in each Program Agreement shall be true, correct and
      complete on and as of such Purchase Date in all material respects with the same force and effect as if made on and as of such date (or, if any such representation or warranty is expressly stated to have been made as of a specific date, as of such
      specific date).

   

  

   

  

  
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  (7)       Electronic Tracking Agreement. To the extent Seller is selling Mortgage Loans which are registered on the MERS® System, an Electronic Tracking Agreement entered into, duly executed and delivered by the parties thereto and
      being in full force and effect, free of any modification, breach or waiver within thirty (30) days of the Effective Date.

   

  (8)       Material Adverse Change. None of the following shall have occurred and/or be continuing:

   

     (a)       there shall have occurred a material adverse
      change in the financial condition of Buyer which causes, or would be likely to cause, a material adverse effect on the ability of the Buyer to fund its obligations under this Agreement, including, but not limited to, Buyer’s corporate bond rating, if
      applicable, as calculated by a NRSRO has been lowered or downgraded to a rating below investment grade by such NRSRO.

   

     (b)       an event or events shall have occurred in the
      good faith determination of Buyer resulting in: (i) the effective absence of a “repo market” or comparable “lending market” for financing debt obligations secured by mortgage loans or securities or an event or events shall have occurred resulting in
      Buyer not being able to finance Purchased Mortgage Loans through the “repo market” or “lending market” with traditional counterparties at rates which would have been reasonable prior to the occurrence of such event or event; or (ii) the effective
      absence of a “whole loan market”, “securities market” for securities backed by mortgage loans or an event or events shall have occurred, resulting in Buyer not being able to sell whole loans or securities backed by mortgage loans at prices which
      would have been reasonable prior to such event or event.

   

  (9)       Manual. Seller shall have received and reviewed any changes to the Manual since the initial closing hereunder.

   

  (10)     Seller’s Clearing Account. Evidence that the Seller’s Clearing Account contains at least the Seller’s Clearing Account Threshold.

   

  (11)     Reserve Account. Evidence that the Reserve Account, established pursuant to the terms of the Addendum, contains at least the Reserve Account Threshold.

   

  c.            The failure of Seller to satisfy any of the conditions
      precedent in this Section 9 with respect to any Transaction or Purchased Asset shall, unless such failure was waived in writing by Buyer on or before the related Purchase Date,
      give rise to the right of Buyer at any time to rescind the related Transaction, whereupon Seller shall immediately pay to Buyer the Repurchase Price of such Purchased Asset.

   

  10.          Program; Costs

   

  a.            Seller shall reimburse Buyer for any of Buyer’s reasonable
      out of pocket costs, including due diligence review costs and reasonable attorney’s fees, incurred by Buyer in determining the acceptability to Buyer of any Mortgage Loans or Agency Securities or incurred

   

  

   

  

  
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  in connection with entering into, amending or modifying the Program Agreements. Seller shall
      also pay, or reimburse Buyer if Buyer shall pay, any termination fee, which may be due any Servicer. Seller shall pay the fees and expenses of Buyer’s counsel in connection with the Program Agreements. Further, Seller shall pay, or reimburse
      Custodian for, any shipping costs incurred by Custodian upon delivery of an invoice following the delivery by Custodian of certain Mortgage Files relating to the Purchased Mortgage Loans. Legal fees for any subsequent amendments to this Agreement or
      related documents shall be borne by Seller. Seller shall pay ongoing custodial and bank fees and any other fees and expenses as set forth on the Addendum, and any other ongoing fees and expenses under any other Program Agreements. Seller shall
      indemnify, hold harmless and defend the Custodian with respect to any damages or costs and expenses incurred by the Custodian. The Custodian shall be considered a third party beneficiary of the rights set forth in the prior sentence. Any of the
      foregoing fees shall be invoiced and delivered to the Seller and must be paid by the due date. If there is no due date specified on the invoice, the invoice amount is due within thirty (30) days. Any late payment will accrue interest at the Accounts
      Receivable Rate.

   

  b.             If  Buyer determines that, due to the introduction of, any
      change in, or the compliance by Buyer with the interpretation of any law, regulation or any guideline or request from any central bank or other Governmental Authority (whether or not having the force of law), there shall be an increase in the cost to
      Buyer in engaging in the present or any future Transactions, then Seller agrees to pay to Buyer, from time to time, upon demand by Buyer the actual cost of additional amounts as specified by Buyer to compensate Buyer for such increased costs.

    

  c.             With respect to any Transaction, Buyer may conclusively
      rely upon, and shall incur no liability to Seller in acting upon, any request or other communication that Buyer reasonably believes to have been given or made by a person authorized to enter into a Transaction on Seller’s behalf, whether or not such
      person is listed on the certificate delivered pursuant to Section 9(a)(5) hereof. In each such case, Seller hereby waives the right to dispute Buyer’s record of the terms of the
      Purchase Confirmation, request or other communication.

   

  d.             Notwithstanding the assignment of the Mortgage Loan
      Documents and any other agreements that relate to Mortgage Loans with respect to each Purchased Asset to Buyer, Seller agrees and covenants with Buyer to enforce diligently Seller’s rights and remedies set forth in the Program Agreements.

   

  e.            Any payments made by Seller or Guarantor to Buyer shall be
      free and clear of, and without deduction or withholding for, any taxes; provided, however, that if such payer shall be required by law to deduct or withhold any taxes from
      any sums payable to Buyer, then such payer shall (A) make such deductions or withholdings and pay such amounts to the relevant authority in accordance with applicable law, (B) pay to Buyer the sum that would have been payable had such deduction or
      withholding not been made, and (C) at the time Price Differential is paid, pay to Buyer all additional amounts as specified by Buyer to preserve the after-tax yield Buyer would have received if such tax had not been imposed, and otherwise indemnify
      Buyer for any such taxes imposed (and, costs and expenses, if any, related thereto).

   

  

   

  

  
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  11.           Servicing

   

  a.             Seller,
      on Buyer’s behalf, shall contract with Servicer to, or if Seller is the Servicer, Seller shall, interim service the Mortgage Loans consistent with the degree of skill and care that Seller customarily requires with respect to similar Mortgage Loans
      owned or managed by it and in accordance with Accepted Servicing Practices. The Servicer shall (i) comply with all applicable Federal, State and local laws and regulations, (ii) maintain all state and federal licenses necessary for it to perform its
      servicing responsibilities hereunder and (iii) not impair the rights of Buyer in any Mortgage Loans or any payment thereunder.

   

  b.            Seller
      shall, or shall cause the Servicer to, hold or cause to be held all escrow funds collected by Servicer with respect to any Purchased Mortgage Loans in segregated trust accounts, separate and apart from any of Seller’s corporate funds, and shall apply
      the same for the purposes for which such funds were collected.

   

  c.             Seller
      shall, or shall cause the Servicer to, deposit all Income, excluding any prepayments in full as set forth in Section 7(d), received by Servicer on the Purchased Assets in the Collection Account no later than the fifth (5th) Business Day following receipt; provided, however, that any amounts required to be remitted to Buyer shall be deposited in the Collection Account on or
      prior to the day on which such remittance is to occur. Any such amounts deposited in the Collection Account shall then be remitted to the Settlement Account on a monthly basis, on the fifth (5th) calendar day (or next succeeding Business Day in the event that any such calendar day is not a Business Day), and on any other day Buyer directs such a transfer in its discretion.

   

  d.             If any
      Mortgage Loan that is proposed to be sold on a Purchase Date is serviced by a servicer other than Seller, or if the servicing of any Purchased Mortgage Loan is to be transferred from Seller to a Servicer other than Seller, Seller shall, prior to such
      Purchase Date or servicing transfer date, as applicable, provide to Buyer the related Servicing Agreement and a servicer notice or letter agreement, executed by Buyer, Seller and such Servicer (each, a “Servicer Side Letter”), in form and
      substance substantially similar to Exhibit F hereto.

   

  e.             The Buyer
      shall have the right to immediately terminate the Servicer’s right to service the Purchased Mortgage Loans under the Servicing Agreement without payment of any penalty or termination fee, Seller and the Servicer shall cooperate in transferring the
      servicing and all Records of the Purchased Mortgage Loans to a successor servicer appointed by Buyer in its discretion.

   

  f.             If Seller
      should discover that, for any reason whatsoever, Seller or any entity responsible to Seller for managing or servicing any such Purchased Mortgage Loan has failed to perform fully Seller’s obligations under the Program Agreements or any of the
      obligations of such entities with respect to the Purchased Mortgage Loans, Seller shall promptly notify Buyer and promptly remedy any non-compliance.

   

  g.             The
      Servicer’s rights and obligations to interim service the Purchased Mortgage Loans shall terminate on the twentieth (20th) day of each calendar month (and if such day is
      not a Business Day, the next succeeding Business Day), unless otherwise directed in writing by the

   

   

  
    35 

    
      
 

  

   

  Buyer prior to such date. For purposes of this
      provision, notice provided by electronic mail shall constitute written notice. Upon termination, the Servicer shall transfer servicing, including, without limitation, delivery of all servicing files to the designee of the Buyer. The Servicer’s
      delivery of servicing files shall be in accordance with Accepted Servicing Practices. The Seller and Servicer shall have no right to select a subservicer or successor servicer. After the servicing terminates and until the servicing transfer date, the
      Servicer shall service the Purchased Mortgage Loans in accordance with the terms of this Agreement and for the benefit of the Buyer.

   

  h.             If Seller
      at any time uses or intends to use, as applicable, an independent third party subservicer to fulfill its obligations as Servicer hereunder, Seller shall, prior to the related Purchase Date or servicing transfer date, as applicable, (i) provide Buyer
      with the related Servicing Agreement pursuant to which such subservicer shall service such Mortgage Loans, which Servicing Agreement shall be acceptable to Buyer in all respects, (ii) obtain Buyer’s prior written consent to the use of such
      subservicer in the performance of such servicing duties and obligations, which consent may be withheld in Buyer’s sole discretion and (iii) provide Buyer with a fully executed Servicer Side Letter with respect to such subservicer. In no event shall
      Seller’s use of a subservicer relieve Seller of its obligations hereunder, and Seller shall remain liable under this Agreement as if Seller were servicing such Mortgage Loans directly,

   

  i.              Seller
      hereby agrees and acknowledges, and shall cause any third-party subservicer to agree and acknowledge, that Buyer or its designees shall have the right to conduct examinations and audits of the Servicer with respect to the servicing of the Purchased
      Mortgage Loans. Buyer shall also have the right to obtain copies of all Records and files of the Servicer relating to the Purchased Assets, including all documents relating to the Purchased Mortgage Loans and the servicing thereof.

   

  12.          Representations and Warranties

   

  a.             Each Seller
      represents and warrants to Buyer as of the Effective Date and at all times thereafter:

   

  (1)
                  Due Organization and Qualification. Seller is duly organized, validly existing and in good standing under the laws of the jurisdiction under whose laws it is organized. Seller is duly qualified to do business, is in good standing
      and has obtained all necessary licenses, permits, charters, registrations and approvals necessary for the conduct of its business as currently conducted and the performance of its obligations under the Program Agreements except where any failure to
      obtain such a license, permit, charter, registration or approval would not cause or be likely to cause a Material Adverse Effect or impair the enforceability of any Purchased Asset.

   

  (2)            

      Power and Authority. Seller has all necessary power and authority to conduct its business as currently conducted, to execute, deliver and perform its obligations under the Program Agreements, any electronic transmissions contemplated
      hereunder, and to consummate the Transactions.

   

  (3)             Due

        Authorization. The execution, delivery and performance of the Program Agreements, any electronic transmissions contemplated hereunder, by Seller

   

   

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

   

  (4)           Non-contravention.
      None of the execution and delivery of the Program Agreements, any electronic transmissions contemplated hereunder, by Seller or the consummation of the Transactions and transactions thereunder:

   

  (a)          conflicts

      with, breaches or violates any provision of the Governing Documents or material agreements of Seller or any law, rule, regulation, order, writ, judgment, injunction, decree, determination or award currently in effect having applicability to Seller or
      its properties;

   

  (b)          constitutes

      a material default by Seller under any loan or repurchase agreement, mortgage, indenture or other agreement or instrument to which Seller is a party or by which it or any of its properties is or may be bound or affected; or

   

  (c)          results

      in or requires the creation of any lien upon or in respect of any of the assets of Seller except the lien relating to the Program Agreements.

   

  (5)          

      Legal Proceeding. There is no action, proceeding or investigation by or before any court, governmental or administrative agency or arbitrator affecting any of the Purchased Assets, Seller or any of its Affiliates, pending or threatened, which,
      if decided adversely, would have a Material Adverse Effect.

   

  (6)          

      Valid and Binding Obligations. Each of the Program Agreements, and any electronic transmissions contemplated hereunder, to which Seller is a party, when executed and delivered by Seller, will constitute the legal, valid and binding obligations
      of Seller, enforceable against Seller, in accordance with their respective terms, except as such enforceability may be limited by bankruptcy, insolvency, reorganization, moratorium or other similar laws affecting creditors’ rights generally and
      general equitable principles (regardless of whether enforcement is sought in a proceeding in equity or at law).

   

  (7)           Financial

        Statements. The financial statements of Seller, copies of which have been furnished to Buyer, (i) are, as of the dates and for the periods referred to therein, complete and correct in all material respects, (ii) present fairly the financial
      condition and results of operations of Seller as of the dates and for the periods indicated and (iii) have been prepared in accordance with GAAP consistently applied, except as noted therein (subject as to interim statements to normal year-end
      adjustments). Since the date of the most recent financial statements, there has been no event or circumstance that would be likely to cause a Material Adverse Effect with respect to Seller. Except as disclosed in such financial statements, Seller is
      not subject to any contingent liabilities or commitments (including, but not limited to, any potential or current repurchase demands, any potential or current indemnification claims or notice of any actual or potential fines

   

   

  
    37 

    
      
 

  

   

  or penalty fees) that,
      individually or in the aggregate, have a possibility of causing a Material Adverse Effect with respect to Seller.

   

  (8)           

      Accuracy of Information. Neither this Agreement nor any of the documents or information prepared by or on behalf of Seller and provided by Seller to Buyer contain any statement of a material fact with respect to Seller or the Transactions that
      was untrue or misleading in any material respect when made. Since Seller’s initial discussions with Buyer regarding the terms of this Agreement and the furnishing of such documents or information, there has been no change, nor any development or
      event involving a prospective change known to Seller, that would (i) render any of the Program Agreements, such documents or information untrue or misleading in any material respect or (ii) adversely affect the property, business, operations or
      conditions (financial or otherwise) of Seller.

   

  (9)           

      No Consents. No consent, license, approval or authorization from, or registration, filing or declaration with, any Governmental Authority, nor any consent, approval, waiver or notification of any creditor, lessor or other non-governmental
      person, is required in connection with the execution, delivery and performance or consummation by Seller of this Agreement or any other Program Agreements, other than any that have heretofore been obtained, given or made.

   

  (10)         

      Compliance With Law, Etc. Seller has complied in all respects with all Requirements of Laws. None of Seller, Guarantor or any Affiliate of Seller or Guarantor (a) is an “enemy” or an “ally of the enemy” as defined in the Trading with the Enemy
      Act of 1917, (b) is in violation of any Anti-Terrorism Laws, (c) is a blocked person described in Section 1 of Executive Order 13224 or to its knowledge engages in any dealings or transactions or is otherwise associated with any such blocked person,
      (d) is in violation of any country or list based economic and trade sanction administered and enforced by OFAC, (e) is a Sanctioned Entity, (f) has more than 10% of its assets located in Sanctioned Entities, or (g) derives more than 10% of its
      operating income from investments in or transactions with Sanctioned Entities. The proceeds of any Transaction have not been and will not be used to fund any operations in, finance any investments or activities in or make any payments to a Sanctioned
      Entity. None of Seller, Guarantor or any Affiliate of Seller or Guarantor (a) is a “broker” or “dealer” as defined in, or could be subject to a liquidation proceeding under, the Securities Investor Protection Act of 1970, or (b) is subject to
      regulation by any Governmental Authority limiting its ability to incur the Obligations. Each of Seller, Guarantor and all of their respective Affiliates are in compliance with the Foreign Corrupt Practices Act of 1977 and any foreign counterpart
      thereto. None of Seller, Guarantor or any Affiliate of Seller or Guarantor has made, offered, promised or authorized a payment of money or anything else of value (a) in order to assist in obtaining or retaining business for or with, or directing
      business to, any foreign official, foreign political party, party official or candidate for foreign political office, (b) to any foreign official, foreign political party, party official or candidate for foreign political office, or (c) with the
      intent to induce the recipient to misuse his or her official position to direct business wrongfully to Seller, Guarantor, any Affiliate of Seller or Guarantor or any other Person, in violation of the Foreign Corrupt Practices Act of 1977.

   

   

  
    38 

    
      
 

  

   

  (11)          

      Solvency; Fraudulent Conveyance. Seller is solvent and will not be rendered insolvent by any Transaction and, after giving effect to each such Transaction, each Seller will not be left with an unreasonably small amount of capital with which to
      engage in its business. Seller does not intend to incur, or believe that it has incurred, debts beyond its ability to pay such debts as they mature. Seller and, if applicable, the Manager, the General Partner and the Limited Partner, is not
      contemplating the commencement of insolvency, bankruptcy, liquidation or consolidation proceedings or the appointment of a receiver, liquidator, conservator, trustee or similar official in respect of Seller or any of its assets. The amount of
      consideration being received by Seller upon the sale of the Purchased Assets to Buyer constitutes reasonably equivalent value and fair consideration for such Purchased Assets. Seller is not transferring any Purchased Assets with any intent to hinder,
      delay or defraud any of its creditors.

   

  (12)          

      Investment Company Act Compliance. Seller is not required to be registered as an “investment company” as defined under the Investment Company Act nor as an entity under the control of an “investment company” as defined under the Investment
      Company Act.

   

  (13)          

      Taxes. Seller has filed all federal and state tax returns which are required to be filed and paid all taxes (including, without limitation, any applicable franchise taxes), including any assessments received by it, to the extent that such
      taxes have become due (other than for taxes that are being contested in good faith or for which it has established adequate reserves). Any taxes, fees and other governmental charges payable by Seller, or which otherwise have become due, in connection
      with a Transaction and the execution and delivery of the Program Agreements have been paid.

   

  (14)          

      Additional Representations. With respect to each Purchased Mortgage Loan, Seller hereby makes all of the applicable representations and warranties set forth in Schedule 1 hereto as of the related Purchase Date and continuously while
      such Purchased Mortgage Loan is subject to a Transaction. Further, as of each Purchase Date, Seller shall be deemed to have represented and warranted in like manner that Seller has no knowledge that any such representation or warranty may have ceased
      to be true in a material respect as of such date, except as otherwise stated in a transaction notice (as referenced in the Manual), any such exception to identify the applicable representation or warranty and specify in reasonable detail the related
      knowledge of Seller. In addition, Seller agrees to make the representations and warranties set forth in Schedule 1 hereto as of the “cutoff date” of the securitization or whole loan sale of the related Mortgage Loans by Seller or Buyer, as
      applicable; provided, however, that to the extent that Seller has at the time of such securitization or whole loan sale actual knowledge of any facts or circumstances that would render any of such representations and warranties
      materially false, Seller shall have no obligation to make such materially false representation and warranty.

   

  (15)          

      No Broker. Seller has not dealt with any broker, investment banker, agent, or other person, except for Buyer, who may be entitled to any commission or compensation in connection with the sale of Purchased Assets pursuant to this Agreement; provided,
      that if Seller has dealt with any broker, investment banker, agent,

   

  

   

  
    39 

    
      
 

  

   

  or other person, except
      for Buyer, who may be entitled to any commission or compensation in connection with the sale of Purchased Assets pursuant to this Agreement, such commission or compensation shall have been paid in full by Seller.

   

  (16)          

      Hedging. Seller has entered into hedge or swap agreements pursuant to its customary hedging procedures and in accordance with Buyer’s policies and procedures.

   

  (17)          

      Takeout Commitment and Agency Security Purchase Commitment. If required by Buyer prior to entering into a Transaction, Seller has entered into the required Takeout Commitment for each Purchased Mortgage Loan. If not required by Buyer prior to
      entering into a Transaction, Seller shall enter into a Takeout Commitment with a Takeout Investor for each Purchased Mortgage Loan upon Buyer’s request. Such Takeout Commitment shall be irrevocable in full force and effect and fully enforceable
      against such Takeout Investor. If required by Buyer prior to entering into a Transaction, Seller shall enter into the required Agency Security Purchase Commitment for each Purchased Agency Security. If not required by Buyer prior to entering into a
      Transaction, Seller shall enter into an Agency Security Purchase Commitment with a Takeout Broker Dealer for each Purchased Agency Security upon Buyer’s request. Such Agency Security Purchase Commitment shall be irrevocable in full force and effect
      and fully enforceable against such Takeout Broker Dealer.

   

  (18)          

      Regulation U. Seller is not engaged principally, or as one of its major activities, in the business of extending credit for the purpose of purchasing or carrying Margin Stock, and no part of the proceeds of any Transactions hereunder will be
      used to purchase or carry any Margin Stock or to extend credit to others for the purpose of purchasing or carrying any Margin Stock.

   

  (19)          

      ERISA. Each employee benefit plan as defined in Section 3(3) of ERISA sponsored or maintained by Seller or any ERISA Affiliate or with respect to which Seller or any ERISA Affiliate has any liability, contingent or otherwise, is in material
      compliance with all applicable provisions of ERISA and the Code except as would not reasonably be expected to cause a Material Adverse Effect. Neither Seller nor any ERISA Affiliate has engaged in a non-exempt prohibited transaction within the
      meaning of Section 406 of ERISA or Section 4975 of the Code. No ERISA Event has occurred and no condition exists which presents a material risk to Seller or any Affiliate of incurring a liability, fine or penalty with respect to or on account of any
      Plan or Multiemployer Plan pursuant to Title IV of ERISA except to the extent any such condition would not reasonably be expected to result in a Material Adverse Effect,

   

  (20)          

      Other Approvals. Seller is licensed as a mortgage lender in the state in which the related Mortgaged Property is located (to the extent such state has licensing requirements), with the facilities, procedures and experienced personnel necessary
      for the sound servicing of mortgage loans of the same type as the Purchased Mortgage Loans, and no event has occurred, including but not limited to a change in insurance coverage, any notice of any fines, penalty charges or other regulatory action,
      which would make Seller unable to comply with applicable Agency and HUD eligibility requirements or

   

  

   

  
    40 

    
      
 

  

   

  relevant state licensing
      requirements which would require notification to any Agency and HUD or the related state regulatory authority.

   

  (21)           Subsidiaries
and

        Trade Names. Seller, and, if applicable, the Manager, the General Partner and Limited Partner, have no Subsidiaries, Affiliates or trade names other than those listed on the Addendum, or if a Subsidiary, Affiliate or trade name is established
      after the date of this Agreement, as provided to Buyer in the immediately following Officer’s Compliance Certificate.

   

  (22)          

      Other Credit Facilities and Debts. Seller is not an obligor under any master repurchase facilities or similar warehouse facilities that are not listed on the Addendum or on the schedule to the most recent Officer’s Compliance Certificate.
      Seller has notified its other lenders with respect to this Agreement, to the extent that such notification is necessary.

   

  (23)          

      Title to Properties. Seller has good, valid insurable (in the case of real property) and marketable title to all of its properties and assets.

   

  (24)           Additional
Covenants

        and Conditions. All of the Additional Covenants and Conditions are true and correct at all times, and continue to be maintained as set forth in the Addendum.

   

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

   

  13.          Covenants

   

  Each Seller covenants with Buyer that, at all
      times during the term of this facility:

   

  a.             Litigation.
      Seller will promptly, and in any event within [***] after service of process on any of the following, give to Buyer notice of all litigation, actions, suits, arbitrations, investigations (including, without limitation, any of the foregoing
      which are threatened or pending) or other legal or arbitrable proceedings affecting Seller or any of its Subsidiaries or affecting any of the Property of any of them before any Governmental Authority that (i) questions or challenges the validity or
      enforceability of any of the Program Agreements or any action to be taken in connection with the transactions contemplated hereby, (ii) makes a claim individually in an amount greater than the Individual Claim Threshold or in an aggregate amount
      greater than the Aggregate Claim Threshold, or (iii) which, individually or in the aggregate, if adversely determined, could be reasonably likely to have a Material Adverse Effect. Seller will promptly provide notice of any judgment, which with the
      passage of time, could cause an Event of Default hereunder.

   

  b.             [Reserved.]

   

  c.             [Reserved.]

   

   

  
    41 

    
      
 

  

   

  d.            Servicer;
Asset

        Tape. Upon the occurrence of any of the following (a) the occurrence and continuation of an Event of Default, (b) upon any Purchased Mortgage Loan exceeding its Maximum Transaction Duration, or (c) upon the request of Buyer, Seller shall cause
      Servicer to provide to Buyer, electronically, in a format mutually acceptable to Buyer and Seller, an Asset Tape by no later than the Reporting Date. Seller shall not cause the Purchased Mortgage Loans to be serviced by any servicer other than a
      servicer expressly approved in writing by Buyer.

   

  e.             Maintenance
of

        Insurance. The Seller shall continue to maintain, for Seller and its Subsidiaries, with responsible companies, at its own expense, the Required Insurance Policy, in each case, in a form acceptable to Buyer, with broad coverage on all officers,
      employees or other persons (if applicable, including, without limitation, employees or other person of the Manager or the General Partner who act on behalf of Seller in handling funds, money, documents or papers relating to the Purchased Assets) (“Seller

        Employees”) acting in any capacity requiring such persons to handle funds, money, documents or papers relating to the Purchased Assets, with respect to any claims made in connection with all or any portion of the Purchased Assets. Any such
      Required Insurance Policy shall protect and insure the Seller against losses, including forgery, theft, embezzlement, fraud, errors and omissions and negligent acts of such Seller Employees, and such policies also shall protect and insure the Seller
      against losses in connection with the release or satisfaction of a Purchased Mortgage Loan without having obtained payment in full of the indebtedness secured thereby. No provision of this Section 13(e) requiring such Required Insurance
      Policy shall diminish or relieve the Seller from its duties and obligations as set forth in this Agreement. The minimum coverage under any such Required Insurance Policy shall be at least equal to the Required Insurance Amount as set forth on the
      Addendum. Upon the request of the Buyer, the Seller shall cause to be delivered to the Buyer a certificate of insurance for such Required Insurance Policy and a statement from the insurer that such Required Insurance Policy shall in no event be
      terminated or materially modified without thirty (30) days’ prior written notice to the Buyer. Seller shall name Buyer as a loss payee under any applicable Fidelity Insurance Policy and as a direct loss payee with right of action under any applicable
      Errors and Omissions Insurance Policy or Professional Liability Insurance Policy.

   

  f.             No
        Adverse Claims. Seller warrants and will defend, and shall cause any Servicer to defend, the right, title and interest of Buyer in and to all Purchased Assets against all Liens and any other adverse claims and demands.

   

  g.            Assignment.
      Except as permitted herein, neither Seller nor any Servicer shall sell, assign, transfer or otherwise dispose of, or grant any option with respect to, or pledge, hypothecate or grant a security interest in or lien on or otherwise encumber (except
      pursuant to the Program Agreements), any of the Purchased Assets or any interest therein, provided, that this Section 13(g) shall not prevent any transfer of Purchased Assets in accordance with the Program Agreements.

   

  h.             Security
        Interest. Seller shall do all things necessary to preserve the Purchased Assets so that they remain subject to a first priority perfected security interest hereunder. Without limiting the foregoing, Seller will comply with all rules,
      regulations and other laws of any Governmental Authority and cause the Purchased Assets to comply with all applicable rules,

   

  

   

  
    42 

    
      
 

  

   

  regulations and other laws. Seller will not
      allow any default for which Seller is responsible to occur under any Purchased Assets or any Program Agreement and Seller shall fully perform or cause to be performed when due all of its obligations under any Purchased Assets and any Program
      Agreement.

   

  i.             Records.

   

  (1)            
Seller

      shall collect and maintain or cause to be collected and maintained all Records relating to the Purchased Mortgage Loans in accordance with industry custom and practice for assets similar to the Purchased Mortgage Loans, including those maintained
      pursuant to the preceding subparagraph, and all such Records shall be in Custodian’s possession unless Buyer otherwise approves. Seller will not consent to or request any such papers, records or files that are an original or an only copy to
      leave Custodian’s possession, except for individual items removed in connection with servicing a specific Mortgage Loan, in which event Seller will obtain or cause to be obtained a receipt from a financially responsible person for any such paper,
      record or file. Seller or the Servicer of the Purchased Mortgage Loans will maintain all such Records not in the possession of Custodian in good and complete condition in accordance with industry practices for assets similar to the Purchased Mortgage
      Loans and preserve them against loss.

   

  (2)            
For

      so long as Buyer has an interest in or lien on any Purchased Mortgage Loan, Seller will hold or cause to be held all related Records in trust for Buyer. Seller shall notify, or cause to be notified, every other party holding any such Records of the
      interests and liens in favor of Buyer granted hereby.

   

  (3)            
Upon

      reasonable advance notice from Custodian or Buyer, Seller or Servicer, if such files are in the Servicer’s possession, shall (x) provide Buyer or Custodian with a certified copy of all Records, (y) make any such Records available to Custodian or
      Buyer to examine any such Records, either by its own officers or employees, or by agents or contractors, or both, and make copies of all or any portion thereof, and (z) permit Buyer or its authorized agents to discuss the affairs, finances and
      accounts of Seller with its chief operating officer and chief financial officer and to discuss the affairs, finances and accounts of Seller with its independent certified public accountants.

   

  j.              Books.
      Seller shall keep or cause to be kept in reasonable detail books and records of account of its assets and business and shall clearly reflect therein the transfer of Purchased Assets to Buyer.

   

  k.            Approvals.
      Seller shall maintain all licenses, permits or other approvals necessary for Seller to conduct its business and to perform its obligations under the Program Agreements, and Seller shall conduct its business strictly in accordance with Requirements of
      Law.

   

  1.             Material
        Change in Business. Seller shall not liquidate, wind up or dissolve itself (or suffer any liquidation, winding up or dissolution) or sell all or substantially all of its assets or make any material change in the nature of its business as
      carried on at the Effective Date.

   

  

  
    43 

    
      
 

  

   

  Seller shall not enter into any transaction of
      merger or consolidation or amalgamation without giving Buyer notice of such transaction within [***] of entering into such agreement.

   

  m.            Underwriting

        Guidelines. Seller shall not amend or otherwise modify the Underwriting Guidelines in any material respect without ten (10) Business Days’ prior written notice to Buyer. Without limiting the foregoing, in the event that Seller makes any
      amendment or modification to the Underwriting Guidelines, Seller shall promptly deliver to Buyer a complete copy of the amended or modified Underwriting Guidelines. Buyer reserves the right to accept or reject such amended or modified Underwriting
      Guidelines and shall be under no obligation to purchase Mortgage Loans originated under the amended or modified Underwriting Guidelines. Buyer’s decision of whether to accept or reject the amended or modified Underwriting Guidelines shall be
      communicated to Seller within five (5) Business Days of delivery of such amended or modified Underwriting Guidelines by Seller to Buyer; provided, that the failure to communicate such decision shall not be deemed an approval by Buyer.

   

  n.             Distributions.
      If an Event of Default has occurred and is continuing or the payment of a distribution would cause, or would be likely to cause, a violation of a Financial Covenant herein, Seller shall not pay any dividends with respect to any capital stock or other
      equity interests in such entity, whether now or hereafter outstanding, or make any other distribution in respect thereof, either directly or indirectly, whether in cash or property or in obligations of Seller.

   

  o.             Applicable

        Law. Seller shall comply with the requirements of all Requirements of Law and orders of any Governmental Authority.

   

  p.            Existence.
      Seller shall preserve and maintain its legal existence and all of its material rights, privileges, licenses and franchises.

   

  q.             Chief
        Executive Office; Jurisdiction of Organization. Seller shall not (i) move its chief executive office from the address referred to on the Addendum, (ii) change its jurisdiction of organization or (iii) cause or permit any change to be made in
      its name, organizational identification number, Governing Documents or structure, unless it shall have provided Buyer thirty (30) days’ prior written notice of such change and Seller shall have first taken all action required by Buyer for the purpose
      of perfecting or protecting the lien and security interest of Buyer established hereunder.

   

  r.              Taxes.
      Seller shall timely file all tax returns that are required to be filed by it and shall timely pay and discharge all taxes, assessments and governmental charges or levies imposed on it or on its income or profits or on any of its property prior to the
      date on which such taxes are due without penalties or interest, except for any such tax, assessment, charge or levy the payment of which is being contested in good faith and by proper proceedings and against which adequate reserves are being
      maintained.

   

  s.             Transactions
with

        Affiliates. Seller will not enter into any transaction, including, without limitation, any purchase, sale, lease or exchange of property or the rendering of any service, with any Affiliate unless such transaction is (a) otherwise permitted
      under the Program

   

   

  
    44 

    
      
 

  

   

  Agreements, (b) in the ordinary course of
      Seller’s business and (c) upon fair and reasonable terms no less favorable to Seller than it would obtain in a comparable arm’s length transaction with a Person which is not an Affiliate, or make a payment that is not otherwise permitted by this Section

        13(s) to any Affiliate.

   

  t.              True
        and Correct Information. All information, reports, exhibits, schedules, financial statements (including, without limitation, any schedules) or certificates of Seller, any Affiliate or any of its officers furnished to Buyer hereunder and during
      Buyer’s diligence of Seller is and will be true and complete and do not omit to disclose any material facts necessary to make the statements herein or therein, in light of the circumstances in which they are made, not misleading. All required
      financial statements, information and reports delivered by Seller to Buyer pursuant to this Agreement shall be prepared in accordance with U.S. GAAP, or, if applicable, to SEC filings, the appropriate SEC accounting regulations.

   

  u.             Takeout
        Investors, Takeout Broker Dealers and Agency Approvals; Servicing. Unless otherwise approved by Buyer in advance, Seller shall maintain its status with at least three (3) Buyer-approved Takeout Investors for each type of Mortgage Loan listed on
      the Sublimit, Rate and Term Schedule of the Addendum, and, if applicable, Takeout Broker Dealers or its status with Fannie Mae as an approved lender and/or Freddie Mac as an approved seller/servicer, in all cases in good standing. Should Seller, for
      any reason, cease to be in good standing with any of the foregoing, or, if in order to remain in good standing, should Seller be required by any Takeout Investor, Takeout Broker Dealer or Fannie Mae or Freddie Mac to provide any notification to the
      relevant Takeout Investor, Takeout Broker Dealer, Fannie Mae or Freddie Mac or to the Department of Housing and Urban Development, FHA or VA, such Seller shall also notify Buyer immediately in writing of such notification. Notwithstanding the
      preceding sentence, Seller shall take all necessary action to maintain all of their applicable Agency approvals at all times during the term of this Agreement and each outstanding Transaction. Seller has adequate financial standing, servicing
      facilities, procedures and experienced personnel necessary for the sound servicing of mortgage loans of the same types as may from time to time constitute Purchased Mortgage Loans and in accordance with Accepted Servicing Practices.

   

  v.             No
        Pledge. Seller shall not pledge, transfer or convey any security interest in the Collection Account or the Seller’s Clearing Account to any Person without the express written consent of Buyer.

   

  w.            [Reserved.]

   

  x.             [Reserved.]

   

  y.             [Reserved.]

   

  z.             Seller’s
        Clearing Account and Reserve Account. The Seller’s Clearing Account Threshold and the Reserve Account Threshold, if a Reserve Account is required per the terms of the Addendum, shall be maintained at all times.

   

  aa.           [Reserved.]

   

   

  
    45 

    
      
 

  

   

  bb.         Documentation. Seller
      has performed the documentation procedures required by its operational guidelines with respect to endorsements and assignments, including the recordation of assignments, or has verified that such documentation procedures have been performed by a
      prior holder of such Purchased Mortgage Loan.

   

  cc.           Compliance.
      Seller has observed or performed and shall continue to observe and perform in all material respects all of its covenants and other agreements, and Seller has satisfied every condition, contained in this Agreement and the other Program Agreements to
      be observed, performed and satisfied by it.

   

  dd.          Regulatory

        Action. Seller is not currently under investigation and no investigation by any federal, state or local government agency is threatened. Seller has not been the subject of any government investigation which has resulted in the voluntary or
      involuntary suspension of a license, a cease and desist order, or such other action as could adversely impact Seller’s business.

   

  ee.           No Default. No Default or
      Event of Default has occurred or is continuing.

   

  ff.            [Reserved.]

   

  gg.          Hedging.
      An accurate and true summary of all Interest Rate Protection Agreements entered into or maintained by Seller during the most recent calendar month end and all preceding months shall be provided to Buyer (unless Buyer gives notice to Seller that such
      summary is not required); and any documentation related to such Interest Rate Protection Agreements as required by the Manual and such other documents requested by Buyer shall be provided to Buyer.

   

  hh.          Notification.
      Seller will notify Buyer (1) promptly of any repurchase requests or demands, indemnification requests it received, or is reasonably likely to receive, from its secondary market investors, including any Takeout Investors or any Governmental Authority
      or Agency, and (2) immediately of any suspension notices or termination notices it received, or is reasonably likely to receive, from its secondary market investors, including any Takeout Investors, Takeout Broker Dealers or any Governmental
      Authority or Agency.

   

  ii.             Mortgage

        Loan Schedule. Each Mortgage Loan Schedule is true and correct in all respects; each of Custodian and Buyer must be provided with notice of any changes thereto.

   

  jj.             Processing

        Agent. If so required by Buyer, Seller shall retain and use the services of Persons experienced in the processing of transactions in the secondary mortgage market to facilitate the Transactions contemplated hereunder. Each Processing Agent
      shall be acceptable to Buyer in its sole discretion.

   

  kk.           Interim
        Funder. Seller shall ensure that Buyer will be named as the “interim funder” with MERS.

   

  ll.             Additional

        Covenants and Conditions. Seller shall ensure compliance with the Additional Covenants and Conditions.

   

   

  
    46 

    
      
 

  

   

  mm.         Partnership

        Change in Financial Relationship. If applicable, Seller shall promptly notify Buyer if either the General Partner or the Seller obtain separate tax identification numbers and/or begin filing separate tax returns from the other.

   

  nn.          Financial Covenants.
      Seller shall comply with all the Financial Covenants.

   

  oo.          Key
        Personnel. There shall be no material change in the Key Personnel of Seller unless Buyer receives adequate assurances from Seller within [***] of such material change that such Key Personnel position will be filled or covered to
      the reasonable satisfaction of Buyer and in a timeframe to the reasonable satisfaction of Buyer, and Seller shall so fill or cover the position in such manner and timeframe.

   

  14.          Events of Default

   

  Each of the following shall constitute an “Event

        of Default” hereunder:

   

  a.             Payment
        Failure. Failure of any Seller to (i) make any payment of Price Differential or Repurchase Price or any other sum which has become due, on a Repurchase Date or otherwise, whether by acceleration or otherwise, under the terms of this Agreement,
      any other warehouse and security agreement or any other document evidencing or securing Indebtedness of Seller to Buyer or to any Affiliate of Buyer, or (ii) cure any Margin Deficit when due pursuant to Section 6 hereof.

   

  b.            Cross
        Default. (i) Seller or any of Seller’s Affiliates shall be in default under (A) any Indebtedness of any Seller or of such Affiliate which default (1) involves the failure to pay a matured obligation, or (2) permits the acceleration of the
      maturity of obligations by any other party to or beneficiary with respect to such Indebtedness, or (B) any other contract to which any Seller or such Affiliate is a party which default (1) involves the failure to pay a matured obligation, or (2)
      permits the acceleration of the maturity of obligations by any other party to or beneficiary of such contract; provided, that it shall not be an Event of Default under this subsection (B) if such disputed amount or obligation is less
      than the Cross Default Threshold. (ii) A breach by any Guarantor of the terms of its Guaranty or its related addendum, including but not limited to, a guarantor event of default or term of similar import or a breach of a financial covenant or the
      failure to timely provide any financial or other reporting.

   

  c.             Assignment.
      Assignment or attempted assignment by any Seller of this Agreement or any rights hereunder without first obtaining the specific written consent of Buyer, or the granting by any Seller of any security interest, lien or other encumbrances on any
      Purchased Assets to any person other than Buyer.

   

  d.             Insolvency.
      An Act of Insolvency shall have occurred with respect to any Seller or any Affiliate, or, if applicable, the Manager, the General Partner or Limited Partner.

   

  e.            Material

        Adverse Effect. Any Material Adverse Effect as determined by Buyer in its sole good faith discretion, or any other condition shall exist which, in Buyer’s sole good faith discretion, constitutes a material impairment of any Seller’s ability to
      perform its obligations under this Agreement or any other Program Agreement or would be likely to cause a Material Adverse Effect.

    

  
    47 

    
      
 

  

   

  f.              Breach of Representation,
        Covenant or Obligation.

   

  (1)            
A

      breach by Seller of any of the representations, warranties, covenants or obligations set forth in Sections 12(a)(1), 12(a)(3), 12(a)(6), 12(a)(10), 12(a)(12), 12(a)(13), 12(a)(15), 12(a)(17),
      12(a)(19), 12(a)(24), 13(g), 13(h), 13(1), 13(n), 13(o), 13(r), 13(s), 13(v), 13(z), 13(ee), 13(ll), 13(nn) or 13(oo) of this
      Agreement.

   

  (2)            
A

      breach by any Seller of any other representation, warranty, covenant or any other obligation set forth in this Agreement (and not otherwise specified in Sections 14(f)(1) or 14(f)(3)) or any other failure to perform under this
      Agreement, if such breach is not cured within [***] (other than a breach of the representations and warranties set forth in Schedule 1, which shall be considered solely for the purpose of determining the Market Value, the existence of
      a Margin Deficit, the obligation to repurchase such Mortgage Loan and the right of Buyer to sell such Mortgage Loan as set forth in Section 6(e) hereof, unless (1) such party shall have made any such representations and warranties with
      knowledge that they were materially false or misleading at the time made, or (2) any such representations and warranties have been determined by Buyer in its discretion to be materially false or misleading on a regular basis, then such breach shall
      constitute an Event of Default for purposes of this Section 14(f)(2)), unless (i) such party shall have made any such representations and warranties with knowledge that they were materially false or misleading at the time made, (ii) any such
      representations and warranties have been determined by Buyer in its discretion to be materially false or misleading on a regular basis, or (iii) Buyer, in its discretion, determines that such breach of a material representation, warranty or covenant
      materially and adversely affects (A) the condition (financial or otherwise) of such party, its Subsidiaries or Affiliates, or (B) Buyer’s determination to enter into this Agreement or Transactions with such party, then such breach shall constitute an
      immediate Event of Default and Seller shall have no cure right hereunder.

   

  (3)            
A

      breach by any Seller of any of the representations, warranties, covenants or obligations set forth in Sections 12(a)(9), 13(k), 13(q), 13(u), 13(cc), 13(jj) or 13(kk) of this Agreement if such
      breach is not cured within [***].

   

  g.             ERISA.
      (i) Seller or any ERISA Affiliate shall engage in a non-exempt prohibited transaction within the meaning of Section 406 of ERISA or Section 4975 of the Code involving any Plan or (ii) one or more ERISA Events shall occur or reasonably could be
      expected to occur; and, in the case of clauses (i) and (ii), such condition or event, together with all other conditions or events, if any, is reasonably expected to result in a Material Adverse Effect.

   

  h.             Change
        in Control. The occurrence of a Change in Control or any individuals determined to be critical executives of Seller, or, if applicable, the Manager, the General Partner or Limited Partner, in the sole discretion of the Buyer cease to be the
      employees of the Seller, the Manager, the General Parmer or the Limited Partner, as applicable.

   

  i.              Failure
        to Transfer. Any Seller fails to transfer the Purchased Assets to Buyer on the applicable Purchase Date (provided Buyer has tendered the related Purchase Price).

   

  

  
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  j.              Judgment.
      A judgment or judgments for the payment of money in excess of the Judgment Threshold shall be rendered against any Seller or any of its Affiliates by one or more courts, administrative tribunals or other bodies having jurisdiction and the same shall
      not be satisfied, discharged (or provision shall not be made for such discharge) or bonded, or a stay of execution thereof shall not be procured, within [***] from the date of entry thereof.

   

  k.             Government

        Action, Any Governmental Authority or any person, agency or entity acting or purporting to act under governmental authority shall have taken any action to condemn, seize or appropriate, or to assume custody or control of, all or any substantial
      part of the Property of any Seller, Guarantor or Affiliate thereof, or shall have taken any action to displace the management of any Seller, Guarantor or Affiliate thereof or to curtail its authority in the conduct of the business of any Seller,
      Guarantor or Affiliate thereof, or takes any action in the nature of enforcement to remove, limit or restrict the approval of any Seller, Guarantor or Affiliate thereof as an issuer, buyer or a seller/servicer of Mortgage Loans or Agency Securities,
      and such action provided for in this subparagraph (1) shall not have been discontinued or stayed within [***].

   

  1.             Inability
to

        Perform. An officer of any Seller or Guarantor shall admit its inability to, or its intention not to, perform any of any Seller’s Obligations or Guarantor’s obligations hereunder or the Guaranty.

   

  m.            Security
        Interest. In the event that this Agreement is recharacterized by a court of competent jurisdiction as a secured loan or similar financing, the Agreement shall for any reason cease to create a valid, first priority security interest in any
      material portion of the Purchased Mortgage Loans or other Purchased Assets purported to be covered hereby.

   

  n.             Financial

        Statements. Any Seller’s or Guarantor’s audited annual financial statements or the notes thereto or other opinions or conclusions stated therein shall be qualified or limited by reference to the status of Seller or Guarantor as a “going
      concern” or a reference of similar import.

   

  o.             Violation

        of Manual. Failure by any Seller to comply with the Manual pursuant to Section 17 after written notice by Buyer; provided, however, that any change to the Manual shall only apply to Transactions occurring on and after
      the date Seller receives written notice of such change to the Manual and no such change shall apply to or otherwise affect previously consummated Transactions.

   

  p.             Material

        Adverse Effect Upon the Servicer. A material adverse change in, or a material adverse effect upon, the operations, business, properties, condition (financial or otherwise) or prospects of the Servicer.

   

  An Event of Default
      shall be deemed to be continuing unless Buyer expressly waives such Event of Default or acknowledges that such Event of Default has been subsequently cured by Seller, in each case, in writing.

   

   

  
    49 

    
      
 

  

   

  15.         Remedies Upon Default

   

  In the event that an Event of Default shall have
      occurred:

   

  a.            Buyer may,
      at its option, declare an Event of Default to have occurred hereunder (which option shall be deemed to have been exercised immediately and without any notice upon the occurrence of an Event of Default pursuant to Section 14(d)) and, upon the
      exercise or deemed exercise of such option, the Repurchase Date for each Transaction hereunder shall, if it has not already occurred, be deemed immediately to occur (except that, in the event that the Purchase Date for any Transaction has not yet
      occurred as of the date of such exercise or deemed exercise, such Transaction shall be deemed immediately canceled). Buyer shall give written notice to each Seller and Guarantor of the exercise of such option as promptly as practicable; provided,
      however, that Buyer shall not provide written notice upon the occurrence of an Event of Default pursuant to Section 14(d), which shall constitute an immediate Event of Default without any further action or notice by Buyer. (For
      purposes of this provision, notice provided by electronic mail shall constitute written notice.)

   

  b.            If Buyer
      exercises or is deemed to have exercised the option referred to in paragraph (a) of this Section 15, (i) Seller’s obligations in such Transactions to repurchase all Purchased Assets, at the Repurchase Price therefor on the Repurchase
      Date determined in accordance with paragraph (a) of this Section 15, shall thereupon become immediately due and payable, (ii) all Income paid after such exercise or deemed exercise shall be retained by Buyer, or, to the extent not yet
      transferred to the Collection Account, the Seller’s Clearing Account or the Reserve Account, remitted to Buyer, and in any case applied, in Buyer’s discretion, to the aggregate unpaid Repurchase Prices for all outstanding Transactions and any other
      amounts owing by any Seller hereunder, (iii) Seller shall immediately comply with the further instructions of Buyer with respect to holding or delivering any of the Mortgage Files relating to any Purchased Assets subject to such Transactions then in
      Seller’s possession or control; and (iv) the Agency Security Margin and the Loan Margin shall automatically be increased by the Post Default Rate Margin. In addition, Buyer shall have the right to satisfy any Obligations with funds remaining in the
      Seller’s Clearing Account or the Reserve Account.

   

  c.            Buyer shall
      have the right to direct all Servicers then servicing any Purchased Mortgage Loans to remit all collections thereon to Buyer to the extent that any such Servicer is not currently remitting to the Buyer, and if any such payments are received by
      Seller, Seller shall not commingle the amounts received with other funds of Seller and shall promptly pay them over to Buyer. Buyer shall also have the right to terminate any one or all of the Servicers then servicing any Purchased Mortgage Loans
      with or without cause.

   

  d.            If Buyer
      exercises or is deemed to have exercised the option referred to in paragraph (a) of this Section 15, Buyer shall have the right to immediately sell and liquidate the Purchased Mortgage Loans (including, without limitation, the
      Servicing Rights), Purchased Agency Securities and all other Purchased Assets. Such disposition of Purchased Mortgage Loans may be, at Buyer’s option, on either a servicing-released or a servicing-retained basis. Buyer shall not be required to give
      any warranties as to the Purchased Mortgage Loans or Purchased Agency Securities with respect to any such disposition thereof. Buyer may specifically disclaim or modify any warranties of title or the like relating to the Purchased

   

   

  
    50 

    
      
 

  

   

  Assets. The foregoing procedure for
      disposition and liquidation of the Purchased Assets shall not be considered to adversely affect the commercial reasonableness of any sale thereof. Seller agrees that it would not be commercially unreasonable for Buyer to dispose of the Purchased
      Assets or any portion thereof by using Internet sites that provide for the auction of assets similar to such Purchased Assets, or that have the reasonable capability of doing so, or that match buyers and sellers of assets. Buyer shall be entitled to
      place the Purchased Mortgage Loans in a pool for issuance of mortgage-backed securities at the then-prevailing price for such securities and to sell such securities for such prevailing price in the open market. Buyer shall also be entitled to sell
      any or all of such Purchased Mortgage Loans individually for the prevailing price. Buyer shall also be entitled, in its discretion to elect, in lieu of selling all or a portion of such Purchased Assets, to give the Seller credit for such Purchased
      Assets in an amount equal to the current market value of such Purchased Assets (as determined by Buyer (or an Affiliate thereof) in its discretion using methodology consistent with Buyer’s determination with respect to similar portfolios) against the
      aggregate unpaid Repurchase Price and any other amounts owing by the Seller hereunder.

   

  e.             Upon the
      happening of one or more Events of Default, Buyer may apply any proceeds from the liquidation of the Purchased Assets to the Repurchase Price hereunder and all other Obligations in the manner Buyer deems appropriate in its sole discretion.

   

  f.             Seller
      shall be liable to Buyer for (i) the amount of all reasonable legal or other expenses (including, without limitation, all costs and expenses of Buyer in connection with the enforcement of this Agreement or any other agreement evidencing a
      Transaction, whether in action, suit or litigation or bankruptcy, insolvency or other similar proceeding affecting creditors’ rights generally, further including, without limitation, the reasonable fees and expenses of counsel (including the costs of
      internal and external counsel of Buyer) incurred in connection with or as a result of an Event of Default, (ii) damages in an amount equal to the cost (including all fees, expenses and commissions) of entering into replacement transactions and
      entering into or terminating hedge transactions in connection with or as a result of an Event of Default, and (iii) any other loss, damage, cost or expense directly arising or resulting from the occurrence of an Event of Default in respect of a
      Transaction.

   

  g.            Seller
      shall be liable to Buyer for the Repurchase Price related to a Transaction, and, to the extent permitted by applicable law, Seller shall be liable to Buyer for interest on any other amounts owing by Seller hereunder, from the date Seller becomes
      liable for such amounts hereunder until such amounts are (i) paid in full by Seller or (ii) satisfied in full by the exercise of Buyer’s rights hereunder. Interest on any sum payable by Seller under this paragraph (g) shall be at a rate equal
      to the Post Default Rate Margin or the Accounts Receivable Rate, as applicable.

   

  h.            Buyer shall
      have, in addition to its rights hereunder, any rights otherwise available to it under any other agreement or applicable law, including, without limitation, any equitable remedies.

   

  i.              Buyer may
      exercise one or more of the remedies available to Buyer immediately upon the occurrence of an Event of Default and, except to the extent provided in paragraph (a) of this Section 15, at any time thereafter without notice to Seller.
      All rights and remedies arising

   

   

  
    51 

    
      
 

  

   

  under this Agreement amended from time to time
      hereunder are cumulative and not exclusive of any other rights or remedies which Buyer may have.

   

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

   

  k.             If Buyer
      exercises or is deemed to have exercised the option referred to in paragraph (a) of this Section 15, Buyer shall have the right to terminate this Agreement; provided, however, that no such termination shall affect
      Seller’s outstanding obligations to Buyer at the time of such termination, nor shall it affect the survivability of any provisions in this Agreement that, by their express terms, are intended to survive the termination of this Agreement or any of the
      other Program Agreements and the repayment in full of all outstanding Obligations.

   

  16.          Reports

   

  a.             Notices.
      Each Seller and Guarantor shall furnish to Buyer (w) promptly, copies of any material and adverse notices (including, without limitation, notices of defaults, breaches, potential defaults or potential breaches) and any material financial information
      that is not otherwise required to be provided by Seller hereunder which is given to Seller’s lenders, (x) immediately, notice of the occurrence of any Event of Default hereunder or default or breach by any Seller, Servicer or Guarantor of any
      obligation under any Program Agreement or any material contract or agreement of any Seller, Servicer or Guarantor or the occurrence of any event or circumstance that such party reasonably expects has resulted in, or will, with the passage of time,
      result in, a Material Adverse Effect or an Event of Default, (y) immediately, notice of a Takeout Investor’s cancellation of a Takeout Commitment or notice of a Takeout Broker Dealer’s cancellation of Agency Security Purchase Commitment and (z) the
      following:

   

   (1)            
as

      soon as available and in any event within the Reporting Period, the unaudited balance sheets of Seller and Guarantor (if elected in the Guaranty Addendum with respect to the Guarantor) as at the end of such period, the unaudited balance sheets,
      related unaudited consolidated statements of income and retained earnings and of cash flows for the Seller and Guarantor, if applicable, for such period and the portion of the fiscal year through the end of such period, accompanied by the Officer’s
      Compliance Certificate, executed by a Responsible Officer of Seller and Guarantor, if applicable, which certificate shall state that said financial statements and schedules fairly present in all material respects the financial condition and results
      of operations of Seller and Guarantor, if applicable, in accordance with GAAP, consistently applied, as at the end of, and for, such period (subject to normal year-end adjustments);

   

   (2)            
as

      soon as available and in any event within one hundred twenty (120) days after the end of the Seller’s fiscal year, the audited balance sheets and the related

   

   

  
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  statements of income for
      the Seller and Guarantor (if elected in the Guaranty Addendum with respect to the Guarantor) as at the end of such fiscal year, with such balance sheets and statements of income being audited if required by Buyer but in any event prepared by a
      certified public accountant in accordance with GAAP, setting forth in each case in comparative form the figures for the previous year, accompanied by an opinion thereon of independent certified public accountants of recognized national standing,
      which opinion shall have no “going concern” qualification and shall state that said financial statements fairly present the financial condition and results of operations of Seller and Guarantor, if applicable, as at the end of, and for, such fiscal
      year in accordance with GAAP;

   

  (3)           
to

      the extent permitted by Governmental Authority and as soon as available, or otherwise stipulated in this Agreement, copies of relevant portions of all final written Fannie Mae, Freddie Mac, FHA, VA, Governmental Authority and investor audits,
      examinations, evaluations, monitoring reviews and reports of its operations (including those prepared on a contract basis) which provide for or relate to (i) material corrective action required, (ii) material sanctions proposed, imposed or required,
      including, without limitation, notices of defaults, notices of termination of approved status, notices of imposition of supervisory agreements or interim servicing agreements, and notices of probation, suspension, or non-renewal, or (iii) “report
      cards,” “grades” or other classifications of the quality of Seller’s operations;

   

  (4)           
from

      time to time such other information regarding the financial condition, operations, or business of the Seller or the Guarantor as Buyer may reasonably request;

   

  (5)           
as

      soon as reasonably possible or as otherwise set forth in this Agreement, notice of any of the following events:

   

   (a)        
change

      in the insurance coverage required of Seller, Servicer or any other Person pursuant to any Program Agreement, with a copy of evidence of same attached;

   

   (b)         
any

      material claim, dispute, litigation, investigation, proceeding or suspension between Seller, Guarantor or Servicer, on the one hand, and any Governmental Authority, Takeout Investor, third party loan purchaser or any other Person on the other;

   

   (c)         
any

      material change in accounting policies or financial reporting practices of Seller, Guarantor or Servicer;

   

   (d)          with

      respect to any Purchased Mortgage Loan, immediately upon receipt of notice or knowledge thereof, that the value of the underlying Mortgaged Property or such Mortgage Loan has been adversely affected for any reason, including, without limitation,
      damage by waste, fire, earthquake or earth movement, windstorm, flood, tornado or other casualty;

   

   (e)          any

      material issues raised upon examination of Seller, Guarantor or Seller’s facilities by any Governmental Authority;

   

   

  
    53 

    
      
 

  

   

  (f)       any material change in
      the Indebtedness of the Seller or Guarantor, including, without limitation, any default, renewal, non-renewal, termination, increase in available amount or decrease in available amount related thereto;

   

  (g)       any breach of a
      representation or warranty set forth in Schedule 1 hereto;

   

  (h)       any other event,
      circumstance or condition that has resulted, or has a possibility of resulting, in a Material Adverse Effect with respect to Seller or Servicer, including, without limitation, any claims of predatory lending or any early payment default, buy-back,
      repurchase or similar requests, notices or claims by third party purchasers that would likely or actually require the Seller to repurchase mortgage loans or pay any amounts to such third party purchaser with respect to any sold mortgage loan; and

   

  (i)       Any repurchase
      requests or demands, indemnification requests, suspension notices or termination notices Seller received, or is reasonably likely to receive, from its secondary market investors, including any Takeout Investors,

   

  b.             Officer’s Compliance Certificate. Seller will furnish to Buyer, at the time the Seller furnishes each set of financial statements pursuant to Sections 16(a)(1) or (2)
      above, a certificate of a Responsible Officer of Seller in the form of Exhibit A hereto, along with all schedules required by Buyer. If elected in the Guaranty Addendum with respect to the
      Guarantor, Guarantor will furnish to Buyer, at the time the Guarantor furnishes each set of financial statements pursuant to Sections 16(a)(1) or (2) above, a certificate of a Responsible Officer of Guarantor in the form attached to
      the Guaranty.

   

  c.             Mortgage Loan Reports. At the request of Buyer, Seller will furnish to Buyer monthly electronic Mortgage Loan performance data, including, without limitation, delinquency reports (i.e., delinquency, foreclosure and net
      charge-off reports).

   

  d.             Asset Tape. On a monthly basis or within two (2) Business Days following a request from Buyer, Seller shall provide to Buyer or Custodian, electronically, in a format mutually acceptable to Buyer and Seller, an Asset Tape.

   

  e.             Other. Sellers and Guarantor shall deliver to Buyer any other reports or information reasonably requested by Buyer or as otherwise required pursuant to this Agreement.

   

  17.          Buyer’s Policies and Procedures
        Manual

   

  Seller shall comply with Buyer’s manual of
      procedures and policies, including, without limitation, any Mortgage Banker Finance Group guidelines (and any updates related thereto) (collectively, the “Manual”), as such Manual may be updated
      from time to time by Buyer in its sole discretion. 

  
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  18.     Repurchase Transactions

   

   Buyer may, in its sole election, engage in
      repurchase transactions with the Purchased Assets or otherwise pledge, hypothecate, assign, transfer or otherwise convey the Purchased Assets with a counterparty of Buyer’s choice. Upon receipt of the Repurchase Price and all fees and expenses
      related to any Purchased Asset, Buyer is obliged to transfer Purchased Assets to Seller pursuant to Section 4 hereof and credit or pay Income to, or apply Income to the obligations of, Seller
      pursuant to Section 7 hereof; provided, that in each instance an Event of Default shall not have occurred. In the event Buyer engages in a
      repurchase transaction with any of the Purchased Assets or otherwise pledges or hypothecates any of the Purchased Assets, Buyer shall have the right to assign to Buyer’s counterparty any of the applicable representations or warranties herein and the
      remedies for breach thereof, as they relate to the Purchased Assets that are subject to such repurchase transaction.

    

  19.    Custodial Responsibilities

   

  a.       On the Purchase Date, or Delivery Date if
      different from the Purchase Date, the Seller shall deliver to the Custodian the Mortgage File, together with a Transmittal Letter upon which the Custodian shall be entitled to rely conclusively until expressly notified to the contrary in writing by
      the Buyer. The Mortgage Loan Schedule, relating to all of the Purchased Mortgage Loans delivered to the Custodian on the related Purchase Date (or the related Delivery Date), shall be delivered electronically to the Custodian by Buyer on such
      Purchase Date or Delivery Date, as applicable, in accordance with the terms of the Manual.

   

  b.       From time to time Seller may request
      Shipment Orders from the Buyer. Once Buyer has indicated that the Custodian has received all the Mortgage Loan Documents from the Seller, Buyer shall electronically transmit any Shipment Orders to the Custodian and the Custodian shall deliver the
      specified Collateral Documents or reports in its possession to the Takeout Investor (or its custodian) in the manner directed in the Custodial Agreement and such Shipment Order. The Seller is responsible for determining whether all Mortgage Loan
      Documents are on the current forms required by the Takeout Investor, in compliance with any related Takeout Commitment, or otherwise sufficient for the Takeout Investor. Neither the Buyer nor the Custodian shall have any obligation to prepare,
      assemble, correct or sign any documents included in the Shipment Order.

   

  c.       In the event that the Custodian delivers
      any Collateral Documents to the Seller upon the written authorization of the Buyer and pursuant to the Seller’s delivery to the Custodian of an executed request for the release of such Collateral Documents pursuant to the terms of the Custodial
      Agreement, the Seller shall be solely responsible for the safe, prompt return of such Collateral Documents in the timeframe specified in the release request (or other similar document) upon making any correction deemed necessary by Buyer or the
      Seller.

    

  d.       In the event that the Custodian pays for
      the shipment of the package of Collateral Documents, Seller will reimburse Custodian for all actual shipment costs related to such Seller upon receipt of an invoice; provided, that in any event
      Buyer shall not be held responsible or liable for recovery of shipment costs incurred pursuant to this Section 19. 

  
    55 

    
      
 

  

  20.       Single Agreement

   

    Buyer and Seller acknowledge that, and have
      entered hereunto, and will enter into each Transaction hereunder, in consideration of and in reliance upon the fact that, all Transactions hereunder constitute a single business and contractual relationship and have been made in consideration of each
      other. Accordingly, each of Buyer and Seller agrees (i) to perform all of its obligations in respect of each Transaction hereunder, and that a default in the performance of any such obligations shall constitute a default by it in respect of all
      Transactions hereunder, (ii) that each of them shall be entitled to set-off claims and apply property held by them in respect of any Transaction against obligations owing to them in respect of any other Transactions hereunder and (iii) that payments,
      deliveries and other transfers made by either of them in respect of any Transaction shall be deemed to have been made in consideration of payments, deliveries and other transfers in respect of any other Transactions hereunder, and the obligations to
      make any such payments, deliveries and other transfers may be applied against each other and netted.

   

  21.     Notices and Other
          Communications

   

  Any notices (with the exception of Transaction
      Requests or Purchase Confirmations, which shall be delivered in the manner set forth in the Manual), statements, demands or other communications hereunder may be given by a party to the other by electronic mail, facsimile, messenger or otherwise to
      the Seller and Buyer’s addresses specified on the Addendum, or so sent to such party at any other place specified in a notice of change of address hereafter received by the other. Notice provided by electronic mail or facsimile shall be deemed to be
      given upon transmission provided that an electronic notice of non-transmission is not received. All notices, demands and requests hereunder may be made orally, to be confirmed promptly in writing, or by other communication as specified in the
      preceding sentence.

   

  22.       Entire Agreement;
          Severability

   

    This Agreement shall supersede any existing
      agreements between the parties containing general terms and conditions for repurchase transactions. Each provision and agreement herein shall be treated as separate and independent from any other provision or agreement herein and shall be enforceable
      notwithstanding the unenforceability of any such other provision or agreement.

   

  23.      Non-assignability

   

   The Program Agreements are not assignable by any
      Seller or Guarantor, as applicable. Buyer may from time to time assign all or a portion of its rights and obligations under this Agreement and the Program Agreements; provided, however, that Buyer shall maintain as agent of Seller,
      for review by Seller upon written request, a register of assignees and a copy of an executed assignment and acceptance by Buyer and assignee (“Assignment and Acceptance”), specifying the percentage or portion of such rights and obligations assigned.
      Upon such assignment, (a) such assignee shall be a party hereto and to each Program Agreement to the extent of the percentage or portion set forth in the Assignment and Acceptance, and shall succeed to the applicable rights and obligations of Buyer
      hereunder, and (b) Buyer shall be 

  
    56 

    
      
 

  

  released from its obligations hereunder and under the Program Agreements to the extent of
      the percentage or portion set forth in the Assignment and Acceptance. Unless otherwise stated in the Assignment and Acceptance, Seller shall continue to take directions solely from Buyer unless otherwise notified by Buyer in writing. Buyer may
      distribute to any prospective assignee any document or other information delivered to Buyer by Seller.

   

  24.      Set-off

   

   In addition to any rights and remedies of Buyer
      provided by law, Buyer shall have the right, without prior notice to Seller or Guarantor, any such notice being expressly waived by Seller or Guarantor to the extent permitted by applicable law, upon any amount becoming due and payable by any Seller
      or Guarantor hereunder (whether at the stated maturity, by acceleration or otherwise) to set-off and appropriate and apply against such amount any deposits (general or special, time or demand, provisional or final), in any currency, and any other
      credits, indebtedness or claims, in any currency, in each case whether direct or indirect, absolute or contingent, matured or unmatured, at any time held or owing by Buyer, Buyer’s Affiliates (including, without limitation Wells Fargo & Company
      and its Affiliates) or any branch or agency thereof to or for the credit or the account of Seller or Guarantor under any other agreement. Buyer agrees promptly to notify each Seller and Guarantor after any such set-off and application made by Buyer;
      provided, that the failure to give such notice shall not affect the validity of such set-off and application. For avoidance of doubt and not as a limitation, Buyer may set-off any amounts in the
      Seller’s Clearing Account and the Reserve Account.

   

  Buyer shall at any time, unless and until all
      Obligations under this Agreement have been paid in full, have the right to retain, to suspend payment or performance of, or to decline to remit, any amount or property that Buyer would otherwise be obligated to pay, remit or deliver to Seller or
      Guarantor hereunder if an Event of Default or Default has occurred.

   

  25.     Binding Effect; Governing
          Law; Jurisdiction

   

  a.        This Agreement shall be binding and
      inure to the benefit of the parties hereto and their respective successors and permitted assigns. Seller acknowledges that the obligations of Buyer hereunder or otherwise are not the subject of any guaranty by, or recourse to, any direct or indirect
      parent or other Affiliate of Buyer. THIS AGREEMENT AND ANY CLAIM, CONTROVERSY OR DISPUTE ARISING UNDER OR RELATED TO OR IN CONNECTION WITH THIS AGREEMENT, THE RELATIONSHIP OF THE PARTIES, AND/OR THE INTERPRETATION AND ENFORCEMENT OF THE RIGHTS AND
      DUTIES OF THE PARTIES WILL BE GOVERNED BY THE LAWS OF THE STATE OF NEW YORK WITHOUT REGARD TO ANY CONFLICTS OF LAW PRINCIPLES OTHER THAN SECTION 5-1401 OF THE NEW YORK GENERAL OBLIGATIONS LAW.

   

  b.       EACH SELLER AND GUARANTOR HEREBY WAIVE
      TRIAL BY JURY. SELLER AND GUARANTOR HEREBY IRREVOCABLY CONSENT TO THE EXCLUSIVE JURISDICTION OF ANY COURT OF THE STATE OF NEW YORK, OR IN THE UNITED STATES DISTRICT COURT FOR THE SOUTHERN DISTRICT OF NEW YORK, ARISING OUT OF OR RELATING TO THE
      PROGRAM AGREEMENTS IN ANY ACTION OR PROCEEDING. EACH SELLER AND GUARANTOR HEREBY SUBMITS TO, AND 

  
    57 

    
      
 

  

   

  

  WAIVES ANY OBJECTION THEY MAY HAVE TO, EXCLUSIVE PERSONAL JURISDICTION
      AND VENUE IN THE COURTS OF THE STATE OF NEW YORK AND THE UNITED STATES DISTRICT COURT FOR THE SOUTHERN DISTRICT OF NEW YORK, WITH RESPECT TO ANY DISPUTES ARISING OUT OF OR RELATING TO THE PROGRAM AGREEMENTS.

   

  c.       TO THE EXTENT PERMITTED BY REQUIREMENTS
      OF LAW, SELLER HEREBY WAIVES ANY RIGHT TO CLAIM OR RECOVER IN ANY LITIGATION WHATSOEVER INVOLVING ANY INDEMNIFIED PARTY, ANY SPECIAL, EXEMPLARY, PUNITIVE, INDIRECT, INCIDENTAL OR CONSEQUENTIAL DAMAGES OF ANY KIND OR NATURE WHATSOEVER OR ANY DAMAGES
      OTHER THAN, OR IN ADDITION TO, ACTUAL DAMAGES, WHETHER SUCH WAIVED DAMAGES ARE BASED ON STATUTE, CONTRACT, TORT, COMMON LAW OR ANY OTHER LEGAL THEORY, WHETHER THE LIKELIHOOD OF SUCH DAMAGES WAS KNOWN AND REGARDLESS OF THE FORM OF THE CLAIM OF ACTION.
      NO INDEMNIFIED PARTY SHALL BE LIABLE FOR ANY DAMAGES ARISING FROM THE USE BY UNINTENDED RECIPIENTS OF ANY INFORMATION OR OTHER MATERIALS DISTRIBUTED BY IT THROUGH TELECOMMUNICATIONS.

   

  d.       SELLER ACKNOWLEDGES THAT THE WAIVERS IN
      THIS SECTION 25 ARE A MATERIAL INDUCEMENT TO ENTER INTO A BUSINESS RELATIONSHIP, THAT SUCH PARTY HAS ALREADY RELIED ON SUCH WAIVERS IN ENTERING INTO THE PROGRAM AGREEMENTS, AND THAT SUCH PARTY WILL
      CONTINUE TO RELY ON SUCH WAIVERS IN THEIR RELATED FUTURE DEALINGS UNDER THE PROGRAM AGREEMENTS.

   

  e.       THE PROVISIONS OF THIS SECTION 25 SHALL SURVIVE TERMINATION OF THE PROGRAM AGREEMENTS AND THE PAYMENT IN FULL OF THE OBLIGATIONS.

   

  26.     No Waivers, Etc.

   

  No express or implied waiver of any Event of
      Default by Buyer shall constitute a waiver of any other Event of Default and no exercise of any remedy hereunder by any party shall constitute a waiver of its right to exercise any other remedy hereunder. No modification or waiver of any provision of
      this Agreement and no consent by any party to a departure herefrom shall be effective unless and until such shall be in writing and duly executed by both of the parties hereto. Without limitation on any of the foregoing, the failure to give a notice
      pursuant to Section 6(a), Section 15(a) or otherwise, will not constitute a waiver of any right to do so at a later date.

   

  27.    Intent

   

  a.       THE PARTIES RECOGNIZE THAT EACH
      TRANSACTION IS A “REPURCHASE AGREEMENT” AS THAT TERM IS DEFINED IN SECTION 101 OF TITLE 11 OF THE UNITED STATES CODE, AS AMENDED, AND A “SECURITIES
        CONTRACT” AS THAT TERM IS DEFINED IN SECTION 741 OF TITLE 11 OF THE 

  
    58 

    
      
 

  

   

  

  UNITED STATES CODE, AS AMENDED, AND A “MASTER NETTING AGREEMENT” AS THAT TERM IS DEFINED IN SECTION 101 OF TITLE 11 OF THE UNITED STATES CODE, AS AMENDED.

   

  b.       IT IS UNDERSTOOD THAT ANY PARTY’S RIGHT
      TO LIQUIDATE PURCHASED ASSETS DELIVERED TO IT IN CONNECTION WITH TRANSACTIONS HEREUNDER OR TO EXERCISE ANY OTHER REMEDIES PURSUANT TO SECTION 15 HEREOF IS A CONTRACTUAL RIGHT TO LIQUIDATE SUCH
      TRANSACTION AS DESCRIBED IN SECTIONS 555, 559 AND 561 OF TITLE 11 OF THE UNITED STATES CODE.

   

  28.     Power of Attorney

   

  Seller hereby authorizes Buyer to file such
      financing statement or statements relating to the Purchased Assets without Seller’s signature thereon as Buyer, at its option, may deem appropriate. Seller hereby appoints Buyer as Seller’s attorney-in-fact to execute any such financing statement or
      statements in Seller’s name and to perform all other acts which Buyer deems appropriate to perfect and continue its ownership interest in and/or the security interest granted hereby, if applicable, and to protect, preserve and realize upon the
      Purchased Assets, including, but not limited to, the right to endorse notes, complete blanks in documents, transfer servicing, providing “good-bye” letters to the Mortgagor in the form set forth in the Manual, sign assignments on behalf of Seller as
      its attorney-in-fact, and sell a Purchased Asset “as is where is” in the name and on behalf of Seller. This power of attorney is coupled with an interest and given as security and is irrevocable without Buyer’s consent. At Buyer’s request, Seller
      shall immediately execute all powers of attorney in favor of Buyer in the form attached hereto as Exhibit C. In addition, Seller shall direct by board resolution attached as part of Exhibit B hereto that, pursuant to its execution and delivery of such a power of attorney, certain personnel of Buyer may take certain actions on behalf of Seller as its attorney-in-fact, with such
      resolution to survive until all obligations of Seller hereunder are satisfied. Seller shall pay the filing costs for any financing statement or statements prepared pursuant to this Section 28.

   

  29.     Buyer May Act Through
          Affiliates

   

  Buyer may, from time to time, designate one or more
      Affiliates for the purpose of performing any action hereunder.

   

  30.     Indemnification;
          Obligations

   

  a,       Each Seller agrees to hold Buyer and each
      of its respective Affiliates and their officers, directors, employees, agents and advisors (each, an “Indemnified Party”) harmless from and indemnify each Indemnified Party (and will reimburse each
      Indemnified Party as the same is incurred) against all liabilities, losses, damages, judgments, costs and expenses (including, without limitation, reasonable fees and expenses of counsel) of any kind which may be imposed on, incurred by, or asserted
      against any Indemnified Party relating to or arising out of this Agreement, any Transaction Request, Interest Rate Protection Agreement, any Program Agreement or any transaction contemplated hereby or thereby resulting from anything other than the
      Indemnified Party’s gross negligence or willful misconduct. Seller also agrees to reimburse 

  
    59 

    
      
 

  

  each Indemnified Party for all reasonable expenses in connection with the enforcement of
      this Agreement and the exercise of any right or remedy provided for herein, any Transaction Request, Purchase Confirmation and any Program Agreement, including, without limitation, the reasonable fees and disbursements of counsel. Seller’s agreements
      in this Section 30 shall survive the payment in full of the Repurchase Price and the expiration or termination of this Agreement. Each Seller hereby acknowledges that its obligations hereunder are
      recourse obligations of Seller and are not limited to recoveries each Indemnified Party may have with respect to the Purchased Mortgage Loans. Each Seller also agrees not to assert any claim against Buyer or any of its Affiliates, or any of their
      respective officers, directors, employees, attorneys and agents, on any theory of liability, for special, indirect, consequential or punitive damages arising out of or otherwise relating to the facility established hereunder, the actual or proposed
      use of the proceeds of the Transactions, this Agreement or any of the transactions contemplated thereby. THE INDEMNITY IN THE IMMEDIATELY PRECEDING SENTENCE EXPRESSLY APPLIES, WITHOUT LIMITATION, TO THE NEGLIGENCE (BUT NOT GROSS NEGLIGENCE OR WILLFUL
      MISCONDUCT) OF THE INDEMNIFIED PARTIES.

   

  b.       Without limiting the provisions of paragraph (a) of this Section 30, if any Seller fails to pay when due any costs, expenses or other amounts payable by it under this Agreement,
      including, without limitation, fees and expenses of counsel and indemnities, such amount may be paid on behalf of Seller by Buyer, in its discretion. Seller shall reimburse Buyer for any such costs, including, without limitation, per diem interest at
      the Post Default Rate Margin.

   

  31.     Counterparts

   

  This Agreement may be executed in one or more
      counterparts, each of which shall be deemed to be an original, and all such counterparts shall together constitute one and the same instrument. Each counterpart delivered by email or facsimile transmission shall be effective as an original.

  

   

  32.     Confidentiality

   

  This Agreement and its terms, provisions,
      supplements and amendments, and notices hereunder, are proprietary to Buyer and its Affiliates and shall be held by each Seller and Guarantor in strict confidence and shall not be disclosed to any third party without the written consent of Buyer
      except for (i) disclosure to Seller’s or Guarantor’s direct and indirect Affiliates and Subsidiaries, attorneys or accountants, but only to the extent such disclosure is necessary and such parties agree to hold all information in strict confidence,
      (ii) disclosure required by law, rule, regulation or order of a court or other regulatory body or (iii) disclosure to any potential Takeout Investor but only with respect to the following: (1) the current Repurchase Price, (2) whether or not there
      are any defaults or terminations of the facility known to Seller, or (3) the Repurchase Date. Notwithstanding the foregoing or anything to the contrary contained herein or in any other Program Agreement, the parties hereto may disclose to any
      Persons, without limitation of any kind, the federal, state and local tax treatment of the Transactions, any fact relevant to understanding the federal, state and local tax treatment of the Transactions, and all materials of any kind (including
      opinions or other tax analyses) relating to such federal, state and local tax treatment and that may be relevant to understanding such tax treatment; provided, that Seller may not disclose the name
      of or identifying information with respect to Buyer or an 

  
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  Affiliate or any pricing terms (including, without limitation, the
      Pricing Rate, and Purchase Price) or other nonpublic business or financial information (including any sublimits and Financial Covenants) that is unrelated to the federal, state and local tax treatment of the Transactions and is not relevant to
      understanding the federal, state and local tax treatment of the Transactions, without the prior written consent of the Buyer.

   

  33.     Recording of Communications

   

  Buyer, Seller and Guarantor consent to the tape
      recordings of communications between its employees and those of the other party with respect to Transactions and such tape recordings of communications may be used in any court, arbitration, or other proceedings to the extent permitted by law.

   

  34.     Periodic Due
        Diligence Review

   

  Each Seller acknowledges that Buyer has the right
      to perform continuing due diligence reviews with respect to the Seller and the Mortgage Loans and Agency Securities, for purposes of verifying compliance with the representations, warranties and specifications made hereunder, to review the servicing
      of the Mortgage Loans, or otherwise, and Seller agrees that upon reasonable (but no less than three (3) Business Days) prior notice unless an Event of Default shall have occurred, in which case no notice is required, to Seller, Buyer or its
      authorized representatives will be permitted during normal business hours to examine, inspect, and make copies and extracts of, the Mortgage Files and any documents, records, agreements, instruments or information relating to such Mortgage Loans in
      the possession or under the control of Seller and/or the Custodian. Seller also shall make available to Buyer a knowledgeable financial or accounting officer for the purpose of answering questions respecting the Mortgage Files and the Mortgage Loans.
      Without limiting the generality of the foregoing, Seller acknowledges that Buyer may purchase Mortgage Loans from Seller based solely upon the information provided by Seller to Buyer in the Mortgage Loan Schedule and the representations, warranties
      and covenants contained herein, and that Buyer, at its option, has the right at any time to conduct a partial or complete due diligence review on some or all of the Mortgage Loans purchased in a Transaction, including, without limitation, ordering
      Broker’s price opinions, new credit reports and new appraisals on the related Mortgaged Properties and otherwise re-generating the information used to originate such Mortgage Loan, which such information may be used by Buyer to calculate Market
      Value. Buyer may underwrite such Mortgage Loans itself or engage a mutually agreed upon third party underwriter to perform such underwriting. Seller agrees to cooperate with Buyer and any third party underwriter in connection with such underwriting,
      including, but not limited to, providing Buyer and any third party underwriter with access to any documents, records, agreements, instruments or information relating to such Mortgage Loans in the possession, or under the control, of Seller. Seller
      further agrees that Seller shall pay all out-of-pocket costs and expenses incurred by Buyer in connection with Buyer’s activities pursuant to this Section 34 (“Due

          Diligence Costs”). 

  
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  35.     Authorizations

   

  Any of the persons whose signatures and titles
      appear on Schedule 5 of the Addendum are authorized, acting singly, to act for Guarantor, Seller or Buyer, as the case may be, under this Agreement.

   

  36.     Documents Mutually Drafted

   

  The Seller and the Buyer agree that this Agreement
      and each other Program Agreement prepared in connection with the Transactions set forth herein have been mutually negotiated by each party, and consequently such documents shall not be construed against either party as the drafter thereof.

   

  37.     Joint and Several

   

  If there are multiple Guarantors or Sellers, such
      Guarantors, such Sellers and Buyer hereby acknowledge and agree that Sellers and Guarantors, as applicable, are each jointly and severally liable to Buyer for all of their respective obligations hereunder.

   

  38.    Security Interest

   

  Although the parties intend that all Transactions
      hereunder be sales and purchases and not loans, Seller hereby pledges to Buyer as security for performance by Seller of its obligations and hereby grants, assigns and pledges to Buyer a fully perfected first priority security interest in the
      Purchased Assets. Seller agrees to execute, deliver and/or file such documents and perform such acts as may be reasonably necessary to fully perfect Buyer’s security interest created hereby. Furthermore, the Seller hereby authorizes the Buyer to file
      financing statements relating to the Purchased Assets, as the Buyer may deem appropriate. The Seller shall pay the filing costs for any financing statement or statements prepared pursuant to this Section 38.

   

  39.     Agency Security Takeout

   

  a.       Prior to an Event of Default, from time to
      time, the Seller, as an approved Issuer of Ginnie Mae Securities, may agree to issue Ginnie Mae Securities backed by certain of the Purchased Mortgage Loans or, as an approved Fannie Mae Seller or Freddie Mac Seller, may agree to sell Purchased
      Mortgage Loans to Fannie Mae or Freddie Mac, as applicable, in exchange for Fannie Mae Securities or Freddie Mac Securities, as applicable. Buyer will agree to sell the related Purchased Mortgage Loans back to the Seller in satisfaction of the
      related Repurchase Price and will simultaneously purchase the related Agency Securities (the proceeds from such sale will be used to satisfy the Repurchase Price with respect to the Purchased Mortgage Loans) from the Seller in a new Transaction. The
      Agency Securities will be delivered to the Federal Book Account of Buyer, at which time they will be considered Purchased Agency Securities hereunder. The Seller shall arrange for the sale of the Purchased Agency Securities to a Takeout Broker
      Dealer, the proceeds of such sale to be credited to Buyer’s account as further provided herein to satisfy the Repurchase Price with respect to the Purchased Agency Securities.

  

  
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  b.     As a condition precedent to Buyer agreeing
      to accept such Agency Securities as Purchased Agency Securities hereunder, the Seller must comply with all of the following conditions: (i) the Seller shall at all times be (A) a Ginnie Mae Issuer in good standing with the authority to issue
      securities, (B) a Fannie Mae Seller in good standing with the authority to sell mortgages or (C) a Freddie Mac Seller in good standing with the authority to sell mortgages, as applicable; (ii) the Agency Custodian shall be the same entity that serves
      as Custodian under the Agreement for so long as the Purchased Assets are subject to the Agreement; (iii) the Agency Custodian and the Seller shall have entered into the Master Agency Custodial Agreement, which shall be in full force and effect at all
      times; (iv) Seller and the Agency Custodian shall comply with all applicable requirements set forth in the Guide and the Master Agency Custodial Agreement as hereafter amended, modified or superseded and (v) the related Purchased Mortgage Loans must
      be subject to an Agency Security Purchase Commitment with a Takeout Broker Dealer.

   

  c.     The Seller agrees to comply with the
      following additional protocol with respect to the Buyer’s purchase of Purchased Agency Securities:

   

  (1)      The Agency Security
      Purchase Commitment will not describe specific Purchased Mortgage Loans that will underlie the Purchased Agency Security, but instead shall solely provide for delivery of a Purchased Agency Security.

   

  (2)       Seller shall inform
      Buyer of the Purchased Mortgage Loans that Seller intends to pool in a related Purchased Agency Security. Buyer shall cause the Custodian to make available to the Agency Custodian the Mortgage Files related to such Purchased Mortgage Loans to enable
      the Agency Custodian to complete the initial certification(s) pursuant to the Guide. Such Mortgage Files shall at all times remain in the custody of the Custodian or the Agency Custodian.

   

  (3)      Seller shall
      designate on (i) the Schedule of Subscribers and Ginnie Mae Guaranty Agreement (HUD-11705) (A) the Buyer exclusively as the Subscriber/Participant, (B) the Buyer exclusively as the Name of the Individual or Organization Authorized to Take Delivery,
      and (C) the Buyer’s Fed Member Bank Information and no other; (ii) the Fannie Mae Delivery Schedule (Fannie Mae Form 2014) the Buyer’s Depository Institution and Telegraphic Abbreviation, ABA Number and Account Name and Account Number and no other
      and (iii) the Freddie Mac Delivery Authorization (Freddie Mac Form 939) (A) the Buyer exclusively as the Warehouse Lender and (B) the Buyer’s Security Wire Instructions and no other. Seller shall ensure that the Purchased Agency Securities are
      delivered to the Buyer’s Federal Book Account free from obligation or repayment. Seller shall cause a copy of the final completed Schedule of Subscribers and Ginnie Mae Guaranty Agreement, Freddie Mac Delivery Authorization and Fannie Mae Delivery
      Schedule to be delivered to the Buyer upon its request.

   

   (4)      The Buyer shall
      provide an executed copy of the Release of Security Interest to the Ginnie Mae Agency Custodian, in the case of Ginnie Mae, and to Fannie Mae or Freddie Mac, as applicable, in the case of Fannie Mae or Freddie Mac, to be held in escrow with respect
      to any pool of Purchased Mortgage Loans prior to the issuance of 

  
    63 

    
      
 

  

  the related Purchased Agency Securities. Any Purchased Mortgage Loans
      that are not included in the related Purchased Agency Security shall continue to be Purchased Mortgage Loans under the Agreement and the Release of Security Interest shall not apply to such Purchased Mortgage Loans.

   

   (5)      All pool and loan
      packages relating to Purchased Assets are required to be submitted in electronic form using (i) the GinnieNET system, (ii) MIDANET or the Selling System (Freddie) or (iii) MORNET or Loan Delivery (Fannie), as applicable (such terms as defined in the
      Guide).

   

   (6)      Simultaneously upon
      the transfer of the Purchased Agency Security to the Buyer, (i) the Seller shall be construed to have transferred the Repurchase Price to the Buyer for the related pooled Purchased Mortgage Loans backing such Purchased Agency Security; (ii) the
      Seller and Buyer shall have entered into a new Transaction with respect such Purchased Agency Security; (iii) the Buyer shall be construed to have transferred the Purchase Price for the related Purchased Agency Securities to the Seller; and (iv) the
      Buyer shall be deemed to automatically release the Release of Security Interest from escrow.

   

  (7)      Buyer shall deliver
      the related Purchased Agency Security to the Takeout Broker Dealer, in accordance with the “delivery vs. payment” procedures of Depositary Trust Company (DTC), simultaneously upon payment for such Purchased Agency Security to the Buyer’s Federal Book
      Account.

   

  40.       Physical Possession of Records and
        Files relating to the Purchased Assets

   

  Buyer shall have the right to obtain physical
      possession, and to commence an action to obtain physical possession, of all Records and files of Seller relating to the Purchased Assets and all documents relating to the Purchased Assets (including, without limitation, any legal, credit or servicing
      files with respect to the Purchased Mortgage Loans) which are then or may thereafter come in to the possession of Seller or any third party acting for Seller. Buyer shall be entitled to specific performance of all agreements of Seller contained in
      this Agreement.

   

  [Signature page to follow]

  
    64 

    
      
 

  

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

   

  

  	WELLS FARGO BANK, N.A., as Buyer	 
	 	 	 
	By:	/s/ Kenneth D. Logan	 
	 	Name: Kenneth D. Logan	 
	 	Title: Managing Director	 
	 	Date: November 23, 2015	 

   

  

  	Home Point Financial Corporation, as Seller	 
	 	 	 
	By:	/s/ William Newman	 
	 	Name: William Newman	 
	 	Title: Chief Executive Officer and President	 
	 	Date: November 23, 2015	 

  

      

  
     

    
      
 

  

  
  ANNEX A

   

  [See Attached]

   

  
    Annex A-1 

    
      
 

  

  

  

   

  ANNEX A 

  FINANCIAL COVENANTS

   

  Definitions:

   

  Capitalized terms not otherwise defined herein
      shall have the meanings assigned to such terms in the Agreement. Whenever used in this Annex A or the Agreement, the following words and phrases, unless the context otherwise requires, shall have the following meanings:

   

  “Adjusted
          Tangible Net Worth” means, for any Person, Net Worth of such Person plus Subordinated Debt (if approved for purposes of this calculation by Buyer in its sole discretion), minus all intangible assets, goodwill, patents, trade names,
      trademarks, copyrights, franchises, any organizational expenses, deferred expenses, prepaid expenses, prepaid assets, receivables from shareholders, Affiliates or employees, any other asset as shown as an intangible asset on the balance sheet of such
      Person on a consolidated basis as determined at a particular date in accordance with GAAP, and any other assets that Buyer deems, at any time, in its reasonable discretion, as intangible assets or overstated assets. For the avoidance of doubt, Buyer
      may deem, in its reasonable discretion, any asset as intangible or overstated at any time after the delivery of the most recent Officer’s Compliance Certificate. Buyer agrees to use reasonable efforts to notify Seller of assets deemed by Buyer to be
      intangible or materially overstated.

   

  “Cash
          Equivalents” means (a) securities with maturities of [***] or less from the date of acquisition issued or fully guaranteed or insured by the United States Government or any agency thereof, (b) certificates of deposit and
    eurodollar time deposits with maturities of [***] or less from the date of acquisition and overnight bank deposits with Buyer or any commercial bank having capital and surplus in excess of [***] plus such deposits in an amount up to the
    current FDIC-insured limit with any commercial bank having capital and surplus less than or equal to [***] (c) repurchase obligations of Buyer or of any commercial bank satisfying the requirements of clause (b) of this definition, having a term
    of not more than [***] with respect to securities issued or fully guaranteed or insured by the United States Government, (d) commercial paper of a domestic issuer rated at least A-l or the equivalent thereof by S&P or P-l or the equivalent
    thereof by Moody’s and in either case maturing within [***]  after the day of acquisition, (e) securities with maturities of [***] or less from the date of acquisition issued or fully guaranteed by any state, commonwealth or territory
    of the United States, by any political subdivision or taxing authority of any such state, commonwealth or territory or by any foreign government, the securities of which state, commonwealth, territory, political subdivision, taxing authority or foreign
    government (as the case may be) are rated at least A by S&P or A by Moody’s, (f) securities with maturities of [***] or less from the date of acquisition backed by standby letters of credit
    issued by Buyer or any commercial bank satisfying the requirements of clause (b) of this definition or (g) shares of money market mutual or similar funds which invest exclusively in assets satisfying the requirements of clauses (a) through (f) of this
    definition.

   

  “Indebtedness

          Limit” means [***] or such other amount as specified in the Addendum.

   

  
     

    
      
 

  

  
  

  “Liquidity”
      means the sum of (i) Unrestricted Cash, (ii) Cash Equivalents, (iii) any other assets that Buyer deems, in its reasonable discretion, as liquid, less (iv) net borrower escrow liability on any mortgage loans owned or serviced by the Seller and (v) any
      other such liabilities or obligations of Seller that Buyer determines, in its reasonable discretion, will result in claims against Seller’s cash within the next sixty (60) days.

   

  “Liquidity
          Overhead Coverage” means Liquidity divided by Seller’s Total Expenses.

   

  “Maximum
          Financial Exposure” means the difference between the market value of all hedges and the sum of the market value of all closed loans plus the pipeline of unclosed loans, adjusted for pull through.

   

  “Moody’s”
      means Moody’s Investors Service, Inc., or any successor thereto.

   

  “Net
          Operating Income” means, with respect to Seller or Guarantor, as applicable, pre-tax net income from continuing operations for the applicable period then being measured, determined in accordance with GAAP, but excluding depreciation,
      amortization, changes in fair value of mortgage servicing rights, gains and losses associated with hedging transactions in respect of mortgage servicing rights, extraordinary items, cumulative effects of changes in accounting principles and
      impairment of intangible assets.

   

  “Net Worth”
      means, with respect to any Person, an amount equal to, on a consolidated basis, such Person’s stockholder equity, or, if applicable, value of membership or partnership interests, or similar calculations (all determined in accordance with GAAP).

   

  “Quick
          Ratio” means Liquidity divided by the sum of: total net current liabilities minus current outstanding warehouse lines minus borrower escrow liability on any mortgage loans owned or serviced by the Seller.

   

  “S&P”
      means Standard and Poor’s Ratings Services, a Standard & Poor’s Financial Services LLC business, which is a part of McGraw Hill Financial, Inc., or any successor thereto.

   

  “Subordinated

          Debt” means, Indebtedness of Seller which (i) is unsecured, (ii) no part of the principal of such Indebtedness is required to be paid (whether by way of mandatory sinking fund, mandatory redemption, mandatory prepayment or otherwise)
      prior to the date which is one year following the Termination Date, (iii) the payment of the principal of and interest on such Indebtedness and other obligations of Seller in respect of such Indebtedness are subordinated to the prior payment in full
      of the principal of and interest (including post-petition obligations) on the Transactions and all other obligations and liabilities of Seller to Buyer hereunder, (iv) is not encumbered in any manner, (v) does not impose any duties on the Buyer and
      (vi) all other terms or conditions are acceptable to Buyer. Buyer must specifically approve any Subordinated Debt for purposes of inclusion in any impacted Financial Covenants.

   

  “Test
          Period” means any calendar quarter, or as otherwise set forth in the Addendum, following the Effective Date. 

  
    2 

    
      
 

  

   

  

  “Total
          Expenses” means a Seller’s total expenses (excluding depreciation, amortization, warehouse line interest, loan officer commissions, broker commissions, tax payments made, extraordinary, non-recurring items, and non-cash adjustments,
      which include, but are not limited to, changes to capitalized mortgage servicing rights and changes to loan loss reserve) as set forth on the financial statements submitted for the related Reporting Period.

   

  “Unrestricted

          Cash” means cash that is not controlled by or subject to any lien or other preferential arrangement in favor of any creditor.

   

  Covenants:

   

  Each Seller covenants with Buyer that, at all times during the term of
      this facility:

   

  a.       Indebtedness.
      No Indebtedness of Seller exists in an aggregate amount in excess of the Indebtedness Limit other than (i) any Indebtedness listed on Schedule 2 of the Addendum, (ii) any Indebtedness set forth on the schedule to the most recent Officer’s Compliance
      Certificate, (iii) any Indebtedness otherwise disclosed to Buyer in writing within five (5) Business Days following the existence of such Indebtedness and (iv) usual and customary accounts payable for a mortgage and servicing company or any forward
      or other delayed delivery transaction arrangements involving mortgage backed securities with a Takeout Investor.

   

  b.       Maintenance
of

          Profitability. Seller shall not permit, for any Test Period, Net Operating Income for such Test Period, before income taxes for such Test Period and distributions made during such Test Period, to be less than [***].

   

  c.       Adjusted
Tangible

          Net Worth Threshold. Seller shall maintain at all times an Adjusted Tangible Net Worth amount equal to or greater than the amount set forth on the Addendum for such term.

   

  d.       Indebtedness
to

          Adjusted Tangible Net Worth Ratio. Seller shall maintain at all times a ratio of Indebtedness to Adjusted Tangible Net Worth equal to or less than the amount set forth on the Addendum.

   

  e.       Liquidity

          Threshold. Seller shall maintain at all times a Liquidity amount equal to or greater than the amount set forth on the Addendum for such term.

   

  f.       Liquidity
Overhead

          Coverage Ratio. Seller shall maintain at all times a Liquidity Overhead Coverage ratio equal to or greater than the amount set forth on the Addendum.

   

  g.       Maximum
Financial

          Exposure. Seller shall maintain at all times a Maximum Financial Exposure amount equal to or less than the amount set forth on the Addendum for such term.

   

  h.       Quick

          Ratio. Seller shall maintain at all times a Quick Ratio in an amount equal to or greater than the amount set forth on the Addendum for such term.

   

  i.       Unrestricted
Cash

          Threshold. Seller shall maintain at all times Unrestricted Cash in an amount equal to or greater than the amount set forth on the Addendum for such term. 

  
    3 

    
      
 

  

  
   

  

  SCHEDULE 1

   

  REPRESENTATIONS AND
        WARRANTIES WITH RESPECT TO 

        PURCHASED MORTGAGE LOANS

   

  (a)       Payments

          Current. All payments required to be made up to the Purchase Date for the Mortgage Loan under the terms of the Mortgage Note have been made and credited. No payment required under the Mortgage Loan is delinquent nor has any payment
      under the Mortgage Loan been delinquent at any time since the origination of the Mortgage Loan. The first Monthly Payment shall be made, or shall have been made, with respect to the Mortgage Loan on its Due Date or within thirty (30) days thereof,
      all in accordance with the terms of the related Mortgage Note.

   

  (b)       No
Outstanding

          Charges. All taxes and governmental assessments or other similar charges, levies or assessments, insurance premiums, water, sewer and municipal charges, leasehold payments or ground rents which previously became due and owing have been
      paid, or an escrow of funds has been established in an amount sufficient to pay for every such item which remains unpaid and which has been assessed but is not yet due and payable. Neither Seller nor the Qualified Originator from which Seller
      acquired the Mortgage Loan has advanced funds, or induced, solicited or knowingly received any advance of funds by a party other than the Mortgagor, directly or indirectly, for the payment of any amount required under the Mortgage Loan, except for
      interest accruing from the date of the Mortgage Note or dale of disbursement of the proceeds of the Mortgage Loan, whichever is earlier, to the day which precedes by one (1) month the Due Date of the first installment of principal and/or interest
      thereunder.

   

  (c)       Original

          Terms Unmodified. The terms of the Mortgage Note and Mortgage have not been impaired, waited, altered or modified in any respect, from the date of origination; except by a written instrument which has been recorded, if necessary
      to protect the interests of Buyer, and which has been delivered to the Custodian and the terms of which are reflected in the Mortgage Loan Schedule. The substance of any such waiver, alteration or modification has been approved by the title insurer,
      to the extent required, and its terms arc reflected on the Mortgage Loan Schedule. No Mortgagor in respect of the Mortgage Loan has been released, in whole or in part, except in connection with an assumption agreement approved by the title insurer,
      to the extent required by such policy, and which assumption agreement is part of the Mortgage File delivered to the Custodian and the terms of which are reflected in the Mortgage Loan Schedule. The related Mortgage and Mortgage Note contain the
      entire agreement of the parties and all of the obligations of the Seller under the Purchased Mortgage Loan,

   

  (d)       No

          Defenses. The Mortgage Loan is not subject to any right of rescission, set-off, counterclaim or defense, including, without limitation, the defense of usury, nor will the operation of any of the terms of the Mortgage Note or the
      Mortgage, or the exercise of any right thereunder, render either the Mortgage Note or the Mortgage unenforceable, in whole or in part and no such right of rescission, set-off, counterclaim or defense has been asserted with respect thereto, and no
      Mortgagor in respect of the Mortgage Loan was a debtor in any state or Federal bankruptcy or insolvency proceeding at the time the Mortgage Loan was originated. Seller has 

  
    Schedule 1-1 

    
      
 

  

  no knowledge nor has it received any notice that any Mortgagor in respect of the Mortgage
      Loan is a debtor in any state or federal bankruptcy or insolvency proceeding.

   

  (e)      Hazard

          Insurance. The Mortgaged Property is insured by a fire and extended perils insurance policy, issued by a Qualified Insurer, and such other hazards as are customary in the area where the Mortgaged Property is located, and to the extent
      required by Seller as of the date of origination consistent with the Guide, against earthquake and other risks insured against by Persons operating like properties in the locality of the Mortgaged Property, in an amount not less than one hundred
      percent (100)% of the replacement cost of all improvements to the Mortgaged Property, and consistent with the amount that would have been required as of the date of origination in accordance with the Guide. If any portion of the Mortgaged Property is
      in an area identified by any federal Governmental Authority as having special flood hazards, and flood insurance is available, a flood insurance policy meeting the current guidelines of the Federal Emergency Management Agency is in effect with a
      generally acceptable insurance carrier, in an amount representing coverage not less than the least 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 by the Flood Disaster Protection Act of 1974. All such insurance policies (collectively, the “hazard insurance policy”) contain a standard mortgagee clause naming Seller,
      its successors and assigns (including, without limitation, subsequent owners of the Mortgage Loan), as mortgagee, and may not be reduced, terminated or canceled without thirty (30) days’ prior written notice to the mortgagee. No such notice has been
      received by Seller. All premiums on such insurance policy have been paid. The related Mortgage obligates the Mortgagor to maintain all such insurance and, at such Mortgagor’s failure to do so, authorizes the mortgagee to maintain such insurance at
      the Mortgagor’s cost and expense and to seek reimbursement therefor from such Mortgagor. Where required by state law or regulation, the Mortgagor has been given an opportunity to choose the carrier of the required hazard insurance, provided the
      policy is not a “master” or “blanket” hazard insurance policy covering a condominium, or any hazard insurance policy covering the common facilities of a planned unit development. The hazard insurance policy is the valid and binding obligation of the
      insurer and is in full force and effect. Seller has not engaged in, and has no knowledge of the Mortgagor’s having engaged in, any act or omission which would impair the coverage of any such policy, the benefits of the endorsement provided for
      herein, 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, and no such unlawful items have been received, retained or realized by Seller.

   

  (f)      Compliance
        with Applicable Laws. Any requirements of any federal, state or local law including, without limitation, usury, truth-in-lending, real estate settlement
      procedures, consumer credit protection, equal credit opportunity or disclosure laws applicable to the Mortgage Loan have been complied with, the consummation of the transactions contemplated hereby will not involve the violation of any such laws or
      regulations, and Seller shall maintain or shall cause its agent to maintain in its possession, available for the inspection of Buyer, and shall deliver to Buyer, upon demand, evidence of compliance with all such requirements. 

  
    Schedule 1-2 

    
      
 

  

   

  

  (g)       No
Satisfaction

          of Mortgage. The Mortgage has not been satisfied, canceled, subordinated or rescinded, in whole or in part, and the Mortgaged Property has not been released from the lien of the Mortgage, in whole or in part, nor has any instrument
      been executed that would affect any such release, cancellation, subordination or rescission. Seller has not waived the performance by the Mortgagor of any action, if the Mortgagor’s failure to perform such action would cause the Mortgage Loan to be
      in default, nor has Seller waived any default resulting from any action or inaction by the Mortgagor.

   

  (h)       Location
and

          Type of Mortgaged Property. The Mortgaged Property is located in an Acceptable State and consists of a single parcel of real property with a detached single family residence erected
      thereon, or a two- to four-family dwelling, or an individual condominium unit in a low-rise condominium project, or an individual unit in a planned unit development or a de minimis planned unit development; provided,
      however, that any condominium unit or planned unit development shall conform with the applicable Fannie Mac and Freddie Mac requirements regarding such dwellings or shall conform to underwriting
      guidelines acceptable to Buyer in its discretion, that a de minimis percentage of the Mortgage Loans may be Cooperative Mortgage Loans and that no residence or dwelling is a (i) a mobile home or manufactured housing unit (other than a Manufactured
      Home) not secured by real property, (ii) a log home, (iii) an earthen home, (iv) an underground home, (v) any dwelling situated on more than ten (10) acres of property and (vi) any dwelling situated on a leasehold estate. No portion of the Mortgaged
      Property is used for commercial purposes; provided, that, the Mortgaged Property may be a mixed use property if such Mortgaged Property conforms to underwriting guidelines acceptable to Buyer in
      its discretion With respect to each Loan that is a Manufactured Home, such unit is a “single family residence” within the meaning of Section 25(e)(1) of the Code, and has a minimum of four hundred (400) square feet of living space, a minimum width of
      one hundred two (102) inches and is of a kind customarily used at a fixed location. The fair market value of the Manufactured Home securing each contract was at least equal to [***] of the total
      price of the contract (including land) at either (i) the time the contract was originated (determined pursuant to the REM1C Provisions) or (ii) the time the contract is transferred to the purchaser.

   

  (i)       Valid
        First Lien, The Mortgage is a valid, subsisting, enforceable and perfected first priority lien and first priority security interest on the real property included in the Mortgaged Property, including
      all buildings on the Mortgaged Property and all installations and mechanical, electrical, plumbing, heating and air conditioning systems located in or annexed to such buildings, and all additions, alterations and replacements made at any time with
      respect to the foregoing and with respect to Cooperative Mortgage Loans, including the Proprietary Lease and the Cooperative Shares. The lien of the Mortgage is 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 the public record as of the date of recording acceptable to prudent mortgage lending institutions generally and specifically referred to in Buyer’s title insurance policy delivered to the originator of
      the Mortgage Loan and (a) referred to or otherwise considered in 

  
    Schedule 1-3 

    
      
 

  

  the appraisal made for the originator of the Mortgage Loan or (b) which do not adversely
      affect the Appraised Value of the Mortgaged Property set forth in such appraisal; and

   

  c.      other matters to which like properties are
      commonly subject which do not materially interfere with the benefits of the security intended to be provided by the Mortgage or the use, enjoyment, value or marketability of the related Mortgaged Property.

   

  Any security agreement, chattel mortgage or equivalent document
      related to and delivered in connection with the Mortgage Loan establishes and creates a valid, subsisting and enforceable first lien and first priority security interest on the property described therein and Seller has full right to pledge and assign
      the same to Buyer. The Mortgaged Property was not, as of the date of origination of the Mortgage Loan, subject to a mortgage, deed of trust, deed to secure debt or other security instrument creating a lien subordinate to the lien of the Mortgage.

   

  (j)      Validity
of

          Mortgage Documents. The Mortgage Note and the Mortgage and any other agreement executed and delivered by a Mortgagor or guarantor, if applicable, in connection with a Mortgage Loan
      are genuine, and each is the legal, valid and binding obligation of the maker thereof enforceable in accordance with its terms. All parties to the Mortgage Note, the Mortgage and any other such related agreement had legal capacity to enter into the
      Mortgage Loan and to execute and deliver the Mortgage Note, the Mortgage and any such agreement, and the Mortgage Note, the Mortgage and any other such related agreement have been duly and properly executed by such related parties. No fraud, error,
      omission, misrepresentation, negligence or similar occurrence with respect to a Mortgage Loan has taken place on the part of any Person, including, without limitation, the Mortgagor, any appraiser, any builder or developer, or any other party
      involved in the origination of the Mortgage Loan. Seller has reviewed all of the documents constituting the Mortgage File and has made such inquiries as it deems necessary to make and confirm the accuracy of the representations set forth herein. To
      the best of Seller’s knowledge, except as disclosed to Buyer in writing, all tax identifications and property descriptions are legally sufficient; and tax segregation, where required, has been completed.

   

  (k)      Full

          Disbursement of Proceeds. There is no further requirement for future advances under the Mortgage Loan, and any requirements as to completion of any on-site or off-site improvement and as to disbursements of any escrow funds therefor
      have been complied with. All costs, fees and expenses incurred in making or closing the Mortgage Loan and the recording of the Mortgage were paid, and the Mortgagor is not entitled to any refund of any amounts paid or due under the Mortgage Note or
      Mortgage.

   

  (1)       Ownership. Seller has full right to sell the Mortgage Loan to Buyer free and clear of any encumbrance, equity, participation interest, lien, pledge, charge, claim or security interest, and
      has full right and authority subject to no interest or participation of, or agreement with, any other party, to sell each Mortgage Loan pursuant to this Agreement and following the sale of each Mortgage Loan, Buyer will own such Mortgage Loan free
      and clear of any encumbrance, equity, participation interest, lien, pledge, charge, claim or security interest except any such security interest created pursuant to the terms of this Agreement.

  

  
    Schedule 1-4 

    
      
 

  

   

  (m)       Doing Business.
      All parties which have had any interest in the Mortgage Loan, whether as mortgagee, assignee, pledgee or otherwise, are (or, during the period in which they held and disposed of such interest, were) (i) in compliance with any applicable licensing
      requirements of the laws of the state wherein the Mortgaged Property is located, and (ii) either (A) organized under the laws of such state, (B) qualified to do business in such state, (C) a federal savings and loan association, a savings bank or a
      national bank having a principal office in such state, or (D) not doing business in such state.

   

  (n)        Title
        Insurance. The Mortgage Loan is covered by either (i) an irrevocable title commitment, or an attorney’s opinion of title and abstract of title, each of which must be in form and substance acceptable to prudent mortgage lending institutions
      making mortgage loans in the area wherein the Mortgaged Property is located or (ii) an ALTA lender’s title insurance policy or other generally acceptable form of policy or insurance acceptable to Fannie Mae or Freddie Mac and each such title
      insurance policy is issued by a title insurer acceptable to Fannie Mae or Freddie Mac and qualified to do business in the jurisdiction where the Mortgaged Property is located, insuring Seller, its successors and assigns, as to the first priority lien
      of the Mortgage, as applicable, in the original principal amount of the Mortgage Loan, subject only to the exceptions contained in clauses (a), (b) and (c) of paragraph (i) of this Schedule 1, and in the case of adjustable rate Mortgage
      Loans, against any loss by reason of the invalidity or unenforceability of the lien resulting from the provisions of the Mortgage providing for adjustment to the Mortgage Interest Rate and Monthly Payment. Where required by state law or regulation,
      the Mortgagor has been given the opportunity to choose the carrier of the required mortgage title insurance. Additionally, such lender’s title insurance policy affirmatively insures ingress and egress and against encroachments by or upon the
      Mortgaged Property or any interest therein. The title policy does not contain any special exceptions (other than the standard exclusions) for zoning and uses and has been marked to delete the standard survey exception or to replace the standard
      survey exception with a specific survey reading. Seller, its successors and assigns, are the sole insureds of such lender’s title insurance policy, and such lender’s title insurance policy is valid and remains in full force and effect and will be in
      force and effect upon the consummation of the transactions contemplated by this Agreement. No claims have been made under such lender’s title insurance policy, and no prior holder or servicer of the related Mortgage, including Seller, has done, by
      act or omission, anything which would impair the coverage of such lender’s title insurance policy, 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, and no such unlawful items have been received, retained or realized by Seller.

   

  (o)        No
        Defaults. There is no default, breach, violation or event of acceleration existing under the Mortgage or the Mortgage Note and no event has occurred 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 neither Seller nor its predecessors have waived any default, breach, violation or event of acceleration.

   

  (p)        No Mechanics’
        Liens. There are no mechanics’ or similar liens or claims which have been filed for work, labor or material (and no rights are outstanding that under the law could give rise to such liens) affecting the Mortgaged Property which are or may be
      liens prior to, or equal or coordinate with, the lien of the Mortgage.

  

   

  
    Schedule 1-5 

    
      
 

  

   

  (q)        Location of
        Improvements; No Encroachments. All improvements which were considered in determining the Appraised Value of the Mortgaged Property lie wholly within the boundaries and building restriction lines of the Mortgaged Property, and no improvements
      on adjoining properties encroach upon the Mortgaged Property. No improvement located on or being part of the Mortgaged Property is in violation of any applicable zoning and building law, ordinance or regulation.

   

  (r)         Payment
        Terms. Principal and/or interest payments on the Mortgage Loan commenced no more than sixty (60) days after funds were disbursed in connection with the Mortgage Loan. With respect to adjustable rate Mortgage Loans, the Mortgage Interest Rate is
      adjusted on each Interest Rate Adjustment Date to equal the Index plus the Gross Margin (rounded up or down to the nearest .125%), subject to the Mortgage Interest Rate Cap. The Mortgage Note is payable on the first (1st) day of each month in equal monthly installments of principal and/or interest (subject to an “interest only” period in the case of Interest Only Loans), which installments of interest (a) with
      respect to adjustable rate Mortgage Loans are subject to change on the Interest Rate Adjustment Date due to adjustments to the Mortgage Interest Rate on each Interest Rate Adjustment Date and (b) with respect to Interest Only Loans are subject to
      change on the Interest Only Adjustment Date due to adjustments to the Mortgage Interest Rate on each Interest Only Adjustment Date, in both cases with interest calculated and payable in arrears, sufficient to amortize the Mortgage Loan fully by the
      stated maturity date, over an original term of not more than thirty (30) years from commencement of amortization. The Due Date of the first payment under the Mortgage Note is no more than sixty (60) days from the date of the Mortgage Note. The
      Mortgage Note does not permit Negative Amortization.

   

  (s)        Customary
        Provisions. The Mortgage Note has a stated maturity. The 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 provided thereby, including, (i) in the case of a Mortgage designated as a deed of trust, by trustee’s sale, and (ii) otherwise by judicial foreclosure. Upon default by a Mortgagor on a Mortgage Loan and foreclosure on, or
      trustee’s sale of, the Mortgaged Property pursuant to the proper procedures, the holder of the Mortgage Loan will be able to deliver good and merchantable title to the Mortgaged Property. There is no homestead or other exemption available to a
      Mortgagor which would interfere with the right to sell the Mortgaged Property at a trustee’s sale or the right to foreclose the Mortgage. The Mortgage Note and Mortgage are on forms acceptable to Freddie Mac or Fannie Mae.

   

  (t)        Occupancy
        of the Mortgaged Property. As of the Purchase Date the Mortgaged Property is lawfully permitted to be occupied under applicable law. 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 certificates, have been made or obtained from the appropriate authorities. Seller has not
      received notification from any Governmental Authority that the Mortgaged Property is in material non-compliance with such laws or regulations, is being used, operated or occupied unlawfully or has failed to have or obtain such inspection, licenses or
      certificates, as the case may be. Seller has not received notice of any violation or failure to conform with any such law, ordinance, regulation, standard, license or certificate. With respect to any Mortgage Loan originated with an “owner-occupied”
      Mortgaged

   

   

  
    Schedule 1-6 

    
      
 

  

   

  Property, the Mortgagor represented at the
      time of origination of the Mortgage Loan that the Mortgagor would occupy the Mortgaged Property as the Mortgagor’s primary residence.

   

  (u)        No
        Additional Collateral. The Mortgage Note is not and has not been secured by any collateral except the lien of the corresponding Mortgage and the security interest of any applicable security agreement or chattel mortgage referred to in clause
      (i) above.

   

  (v)       Deeds of Trust.
      In the event the Mortgage constitutes a deed of trust, a trustee, authorized and 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 Custodian or Buyer to the trustee under the deed of trust, except in connection with a trustee’s sale after default by the Mortgagor.

   

  (w)       Transfer
        of Mortgage Loans. Except with respect to Mortgage Loans registered with MERS, 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. With
      respect to each MOM Mortgage Loan, the related Assignment of Mortgage to MERS has been duly and properly recorded, or has been delivered for recording to the applicable recording office.

   

  (x)        Due-On-Sale.
      The Mortgage contains an enforceable provision 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.

   

  (y)        No Buydown
        Provisions; No Graduated Payments or Contingent Interests. The Mortgage Loan does not contain provisions pursuant to which Monthly Payments are paid or partially paid with funds deposited in any separate account established by Seller, the
      Mortgagor, or anyone on behalf of the Mortgagor, or paid by any source other than the Mortgagor nor does it contain any other similar provisions which may constitute a “buydown” provision. The Mortgage Loan is not a graduated payment mortgage loan
      and the Mortgage Loan does not have a shared appreciation or other contingent interest feature.

   

  (z)        Consolidation
        of Future Advances. Any future advances made to the Mortgagor prior to the Purchase Date have been consolidated with the outstanding principal amount secured by the Mortgage, and the secured principal amount, as consolidated, bears a single
      interest rate and single repayment term. The lien of the Mortgage securing the consolidated principal amount is expressly insured as having first lien priority by a title insurance policy, an endorsement to the policy insuring the mortgagee’s
      consolidated interest or by other title evidence acceptable to Fannie Mae and Freddie Mac. The consolidated principal amount does not exceed the original principal amount of the Mortgage Loan.

   

  (aa)      Mortgaged
        Property Undamaged. The related Mortgaged Property is free of damage and waste; and there is no proceeding pending for the total or partial condemnation of such Mortgaged Property.

   

  (bb)     Collection
        Practices; Escrow Deposits; Interest Rate Adjustments. The origination and collection practices used by the originator, each servicer of the Mortgage Loan

   

  

   

  
    Schedule 1-7 

    
      
 

  

   

  and Seller with respect to the Mortgage Loan
      have been in all respects in compliance with Accepted Servicing Practices, applicable laws and regulations, and have been in all respects legal and proper. With respect to escrow deposits and Escrow Payments, 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 in full compliance with state and federal
      law. An escrow of funds is not prohibited by applicable law and has been established in an amount sufficient to pay for every item that remains unpaid and has been assessed but is not yet due and payable. No escrow deposits or Escrow Payments or
      other charges or payments due Seller have been capitalized under the Mortgage or the Mortgage Note. All Mortgage Interest Rate adjustments have been made in strict compliance with state and federal law and the terms of the related Mortgage Note. Any
      interest required to be paid pursuant to state, federal and local law has been properly paid and credited.

   

  (cc)     Conversion to
        Fixed Interest Rate. Except as allowed by Fannie Mae or Freddie Mac or otherwise as expressly approved in writing by Buyer, with respect to adjustable rate Mortgage Loans, the Mortgage Loan is not convertible to a fixed interest rate Mortgage
      Loan.

   

  (dd)     Other
        Insurance Policies. No action, inaction or event has occurred and no state of facts exists or has existed that has resulted or will result in the exclusion from, denial of, or defense to coverage under any applicable special hazard insurance
      policy, PMI Policy or bankruptcy bond, irrespective of the cause of such failure of coverage. In connection with the placement of any such insurance, no commission, fee, or other compensation has been or will be received by Seller or by any officer,
      director, or employee of Seller or any designee of Seller or any corporation in which Seller or any officer, director, or employee had a financial interest at the time of placement of such insurance.

   

  (ee)      Servicemembers

        Civil Relief Act. The Mortgagor has not notified Seller, and Seller has no knowledge, of any relief requested or allowed to the Mortgagor under the Servicemembers Civil Relief Act of 2003.

   

  (ff)       Appraisal.
      The Mortgage File with respect to such Mortgage Loan contains an appraisal of the related Mortgaged Property made and signed, prior to the approval of the application for such Mortgage Loan, by a qualified appraiser (a) who, at the time of such
      appraisal, met the minimum qualifications of Fannie Mae or Freddie Mac and the requirements of the Seller’s appraisal policy and (b) who satisfied (and which appraisal was conducted in accordance with) all of the applicable requirements of the
      Uniform Standards of Professional Appraisal Practice and all applicable federal and state laws and regulations in effect at the time of such appraisal and procedures. Such appraiser was licensed in the state where the Mortgaged Property is located,
      had no interest, direct or indirect, in such Mortgaged Property or in any loan made on the security thereof, and such appraiser’s compensation was not affected by the approval or disapproval of such Mortgage Loan. The appraisal shall have been made
      within one hundred eighty (180) days of the origination of the Mortgage Loan. If the appraisal was made more than one hundred twenty (120) days before the origination of the Mortgage Loan, Seller shall have received and included in the servicing file
      a recertification of the appraisal.

  

   

  
    Schedule 1-8 

    
      
 

  

   

  (gg)     Disclosure
        Materials. The Mortgagor has executed a statement to the effect that the Mortgagor has received all disclosure materials required by applicable law with respect to the making of adjustable rate mortgage loans, and Seller maintains such
      statement in the Mortgage File.

   

  (hh)     Construction

        or Rehabilitation of Mortgaged Property. No Mortgage Loan was made in connection with the construction or rehabilitation of a Mortgaged Property or facilitating the trade-in or exchange of a Mortgaged Property.

   

  (ii)        No Defense
        to Insurance Coverage. No action has been taken or failed to be taken, no event has occurred and no state of facts exists or has existed on or prior to the Purchase Date (whether or not known to Seller on or prior to such date) which has
      resulted or will result in an exclusion from, denial of, or defense to coverage under any private mortgage insurance (including, without limitation, any exclusions, denials or defenses which would limit or reduce the availability of the timely
      payment of the full amount of the loss otherwise due thereunder to the insured) whether arising out of actions, representations, errors, omissions, negligence, or fraud of Seller, the related Mortgagor or any party involved in the application for
      such coverage, including the appraisal, plans and specifications and other exhibits or documents submitted therewith to the insurer under such insurance policy, or for any other reason under such coverage, but not including the failure of such
      insurer to pay by reason of such insurer’s breach of such insurance policy or such insurer’s financial inability to pay.

   

  (jj)        Capitalization

        of Interest. The Mortgage Note does not by its terms provide for the capitalization or forbearance of interest.

   

  (kk)      No Equity
        Participation. No document relating to the Mortgage Loan provides for any contingent or additional interest in the form of participation in the cash flow of the Mortgaged Property or a sharing in the appreciation of the value of the Mortgaged
      Property. The indebtedness evidenced by the Mortgage Note is not convertible to an ownership interest in the Mortgaged Property or the Mortgagor and Seller has not financed nor does Seller own directly or indirectly, any equity of any form in the
      Mortgaged Property or the Mortgagor.

   

  (ll)        Proceeds of
        Mortgage Loan. The proceeds of the Mortgage Loan have not been and shall not be used to satisfy, in whole or in part, any debt owed or owing by the Mortgagor to Seller or any Affiliate or correspondent of Seller, except in connection with a
      refinanced Mortgage Loan.

   

  (mm)    Origination Date.
      The origination date of a Mortgage Loan is no earlier than [***] prior to the related Purchase Date.

   

  (nn)     No Exception.
      The Custodian has not noted any material exceptions on a Mortgage Loan Schedule with respect to the Mortgage Loan which would materially adversely affect the Mortgage Loan or Buyer’s interest in the Mortgage Loan.

   

  (oo)     Mortgage
        Submitted for Recordation. The Mortgage either has been or will promptly be submitted for recordation in the appropriate governmental recording office of the jurisdiction where the Mortgaged Property is located.

   

   

  
    Schedule 1-9 

    
      
 

  

   

  (pp)     Documents
        Genuine. Such Purchased Mortgage Loan and all accompanying Collateral Documents are complete and authentic and all signatures thereon are genuine.

   

  (qq)     Bona Fide Loan.
      Such Purchased Mortgage Loan arose from a bona fide loan, complying with all applicable State and Federal laws and regulations, to persons having legal capacity to contract and is not subject to any defense, set off or counterclaim.

   

  (rr)       Other
        Encumbrances. Any property subject to any security interest given in connection with such Purchased Mortgage Loan is not subject to any other encumbrances other than a stated first mortgage, if applicable, and encumbrances which may be allowed
      under the Guide.

   

  (ss)      Description.
      Each Purchased Mortgage Loan conforms to the description thereof as set forth on the related Mortgage Loan Schedule delivered to the Custodian and Buyer.

   

  (tt)       Underwriting

        Guidelines. Each Purchased Mortgage Loan has been originated in accordance with the Underwriting Guidelines (including all supplements or amendments thereto) in effect as of the date the Transaction is entered into and as previously provided to
      Buyer.

   

  (uu)     Primary
        Mortgage Guaranty Insurance. After the funding of the Purchased Mortgage Loan and payment of any premium thereafter, each Mortgage Loan is insured as to payment defaults by a policy of primary mortgage guaranty insurance in the amount required
      where applicable, and by an insurer approved, by the applicable Takeout Investor, if applicable, and all provisions of such primary mortgage guaranty insurance have been and are being complied with, such policy is in full force and effect, and all
      premiums due thereunder have been paid. Each Mortgage Loan which is represented to Buyer to have, or to be eligible for, FHA insurance is insured, or eligible to be insured, pursuant to the National Housing Act. Each Mortgage Loan which is
      represented by Seller to be guaranteed, or to be eligible for guaranty, by the VA is guaranteed, or eligible to be guaranteed, under the provisions of Chapter 37 of Title 38 of the United States Code. As to each FHA insurance certificate or each VA
      guaranty certificate, Seller has complied with applicable provisions of the insurance for guaranty contract and federal statutes and regulations, all premiums or other charges due in connection with such insurance or guarantee have been paid, there
      has been no act or omission which would or may invalidate any such insurance or guaranty, and the insurance or guaranty is, or when issued, will be, in full force and effect with respect to each Mortgage Loan. There are no defenses, counterclaims, or
      rights of setoff affecting the Mortgage Loans or affecting the validity or enforceability of any private mortgage insurance or FHA insurance applicable to the Mortgage Loans or any VA guaranty with respect to the Mortgage Loans.

   

  (vv)     Predatory
        Lending Regulations; High Cost Loans. None of the Mortgage Loans are classified as High Cost Mortgage Loans.

   

  (ww)    Wet-Ink
        Mortgage Loans. With respect to each Mortgage Loan that is a Wet-Ink Mortgage Loan, the Authorized Funds Recipient has been instructed in writing by Seller to (a) hold the related Mortgage Loan Documents as agent and bailee for Buyer and to
      promptly

   

   

  
    Schedule 1-10 

    
      
 

  

   

  forward such Mortgage Loan Documents in
      accordance with the provisions of the Custodial Agreement and the Closing Instruction Letter and (b) return Buyer’s payment in the event that the Mortgage Loan does not close within twenty-four (24) hours of receipt of Buyer’s funds.

   

  (xx)      FHA
        Mortgage Insurance; VA Loan Guaranty. With respect to the FHA Loans, the FHA Mortgage Insurance Contract is in full force and effect or all required documentation has been successfully submitted to the appropriate insuring agency within fifteen
      (15) days of the date of a Transaction. There has been no notice, indication of ineligibility or rejection of the loan and there exists no impairment to full recovery without indemnity to the Department of Housing and Urban Development or the FHA
      under FHA Mortgage Insurance. With respect to the VA Loans, after the funding of the Purchased Mortgage Loan and payment of any premium thereafter, the VA Loan Guaranty Agreement is in full force and effect to the maximum extent stated therein or all
      required documentation has been successfully submitted to the appropriate agency within fifteen (15) days of the date of a Transaction. All necessary steps have been taken to keep such guaranty or insurance valid, binding and enforceable and each of
      such is the binding, valid and enforceable obligation of the FHA and the VA, respectively, to the full extent thereof, without surcharge, set-off or defense. Each FHA Loan and VA Loan was originated in accordance with the criteria of an acceptable
      Takeout Investor approved by Buyer.

   

  (yy)     Cooperative
        Mortgage Loans. With respect to each Cooperative Mortgage Loan, (i) the term of the related Proprietary Lease is longer than the term of the Cooperative Mortgage Loan, (ii) there is no provision in any Proprietary Lease which requires the
      Mortgagor to offer for sale the Cooperative Shares owned by such Mortgagor first to the Cooperative Corporation, (iii) there is no prohibition in any Proprietary Lease against pledging the Cooperative Shares or assigning the Proprietary Lease and
      (iv) the recognition agreement is on a form of agreement published by the Aztech Document Systems, Inc. or includes provisions which are no less favorable to the lender than those contained in such agreement.

   

  (zz)       Cooperative

        Filings. With respect to each Cooperative Mortgage Loan, 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 Cooperative Shares and Proprietary Lease has been timely and properly made. Any security agreement, chattel mortgage or equivalent document related to the Cooperative Mortgage Loan and delivered to Seller or its
      designee establishes in Seller a valid and subsisting perfected first lien on and security interest in the Mortgaged Property described therein, and Seller has full right to sell and assign the same.

   

  (aaa)    Cooperative
        Assignment. With respect to each Cooperative Mortgage Loan, each acceptance of assignment and assumption of lease agreement contains enforceable provisions such as to render the rights and remedies of the holder thereof adequate for the
      realization of the benefits of the security provided thereby. The acceptance of assignment and assumption of lease agreement contains an enforceable provision for the acceleration of the payment of the unpaid principal balance of the Note in the
      event the Cooperative Unit is transferred or sold without the consent of the holder thereof.

   

  (bbb)   LTV; CLTV.
      The LTV and CLTV, as applicable, of any Purchased Mortgage Loan at origination was in accordance with the applicable Guide, unless otherwise

   

   

  
    Schedule 1-11 

    
      
 

  

   

  specified in the Manual, or if such percentage
      is not set forth in the Manual, then the percentage set forth in the Addendum.

   

  (ccc)    No Adverse
        Selection. Such Mortgage Loan was not intentionally selected by the Seller in a manner intended to adversely affect the interest of the Buyer. The Seller used no selection procedures that identified such Mortgage Loan as being less desirable or
      valuable than other comparable Mortgage Loans originated by the Seller. Such Mortgage Loans, collectively with the other Mortgage Loans included on such Mortgage Loan Schedule, is representative of the Seller’s portfolio of Mortgage Loans.

   

  (ddd)   Single Original
        Mortgage Note. There is only one originally executed Mortgage Note; provided, however, that if there is more than one signed note, then each page of such additional note will have “Duplicate,” “Copy” or similar language clearly
      stamped on it.

   

  (eee)   Acceptable
        Investment. The Mortgagor is not in bankruptcy or insolvent and Seller has no knowledge of any circumstances or conditions with respect to the Mortgage, the Mortgaged Property, the Mortgagor or the Mortgagor’s credit standing that can
      reasonably be expected to cause private institutional investors to regard the Mortgage Loan as an unacceptable investment, cause the Mortgage Loan to become a Sub-Performing Mortgage Loan, or adversely affect the value or marketability of the
      Mortgage Loan.

   

  (fff)      Environmental
        Matters. The Mortgaged Property is free from any toxic or hazardous substances and there exists no violation of any local, state or federal environmental law, rule or regulation. There is no pending action or proceeding directly involving any
      Mortgaged Property in which compliance with any environmental law, rule or regulation is an issue; and nothing further remains to be done to satisfy in full all requirements of each such law, rule or regulation existing as a prerequisite to use and
      enjoyment of said property.

   

  (ggg)   Regarding the
        Mortgagor. The Mortgagor is one or more natural persons or a trustee under a “living trust” and such “living trust” is in compliance with the applicable Takeout Investor guidelines for such trusts.

   

  (hhh)   Insurance.
      Seller has caused or will cause to be performed any acts required to preserve the rights and remedies of Buyer in any insurance policies applicable to the Mortgage Loans including, without limitation, any necessary notifications of insurers,
      assignments of policies or interests therein, and establishments of coinsured, joint loss payee and mortgagee rights in favor of Buyer.

   

  (iii)       Simple
        Interest Mortgage Loans. None of the Mortgage Loans are simple interest Mortgage Loans.

   

  (jjj)       Prepayment
        Fee. With respect to each Mortgage Loan that has a prepayment fee feature, each such prepayment fee is enforceable and was originated in compliance with all applicable federal, state and local laws and will be enforced by Seller for the benefit
      of Buyer, and is only payable during the first three (3) years of the term of the Mortgage Loan. The Mortgagor received a benefit in exchange for accepting such prepayment fee.

   

   

  
    Schedule 1-12 

    
      
 

  

   

  (kkk)   Flood Certification Contract.
      Seller shall have obtained a life of loan, transferable flood certification contract for each Mortgage Loan and shall assign all such contracts to Buyer.

   

  (lll)      Endorsements.
      Each Mortgage Note has been endorsed by a duly authorized officer of Seller for its own account and not as a fiduciary, trustee, trustor or beneficiary under a trust agreement.

   

  (mmm) Accuracy of
        Information. All information provided to Buyer by Seller with respect to the Mortgage Loans is accurate in all material respects.

   

  (nnn)   Single
        Premium Credit Insurance. No Mortgagor is offered or required to purchase single premium credit insurance in connection with the origination of the related Mortgage Loan.

   

  (ooo)   MIP Insurance.
      With respect to each Mortgage Loan to be insured by HUD or the VA, after the funding of the Purchased Mortgage Loan and payment of any premium thereafter, all insurance premiums (“MIP”) payable to HUD or the VA, as applicable, in connection with such
      Mortgage Loan were paid within the timeframe required by such agency to avoid the imposition of any late fees or penalty fees.

   

  (ppp)   MIP
        Insurance Certificate. With respect to each Mortgage Loan to be insured by HUD or the VA, after the funding of the Purchased Mortgage Loan and payment of any premium thereafter, Seller has received the related insurance certificate from the
      applicable agency evidencing such insurance within sixty (60) days of the origination date of such Mortgage Loan.

   

  (qqq)   MIP Documents.
      With respect to each Mortgage Loan to be insured by HUD or the VA, after the funding of the Purchased Mortgage Loan and payment of any premium thereafter, Seller has submitted all documents required by the applicable agency to insure such Mortgage
      Loan (regardless of whether such documents are required to be contained in the related servicing file) within thirty (30) days of the origination date of such Mortgage Loan.

   

  (rrr)     MIP Access.
      With respect to each Mortgage Loan to be insured by HUD or the VA, after the funding of the Purchased Mortgage Loan and payment of any premium thereafter, Seller has provided access to Buyer to the lender number, password or any other information
      that may be required by the applicable agency or otherwise for Buyer to verify that the related MIP payments have been made.

   

  (sss)    Patriot Act.
      The Seller has complied with all applicable anti money laundering laws and regulations, including, without limitation, the Patriot Act. No Mortgage Loan is subject to nullification pursuant to Executive Order 13224 (the “Executive Order”) or
      the regulations promulgated by OFAC (the “OFAC Regulations”) or in violation of the Executive Order or the OFAC Regulations, and no Mortgagor is subject to the provisions of such Executive Order or the OFAC Regulations nor listed as a “blocked
      person” for purposes of the OFAC Regulations.

  

   

  
    Schedule 1-13 

    
      
 

  

   

  (ttt)      MERS
        Designated Mortgage Loans. With respect to each MERS Designated Mortgage Loans, a mortgage identification number has been assigned by MERS and such mortgage identification number is accurately provided on the Mortgage Loan Schedule. The related
      Assignment of Mortgage to MERS has been duly and properly recorded. With respect to each MERS Mortgage Loan, no Mortgagor has received any notice of liens or legal actions with respect to such Mortgage Loan and no such notices have been
      electronically posted by MERS.

   

  (uuu)    MOM Mortgage
        Loans. With respect to each MOM Loan, the 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.

   

  (vvv)     Fully Funded.
      Such Purchased Mortgage Loan is a “closed” loan. Each Purchased Mortgage Loan is fully funded.

   

  (www)   Authorized
        Funds Recipient. Any related settlement or closing agent has fully disbursed all proceeds received from the Buyer in accordance with the related HUD-1 form.

   

  (xxx)   Qualified
        Mortgage. Notwithstanding anything to the contrary set forth in the Agreement, on and after January 10, 2014 (or such later date as the relevant regulations may go into effect) (i) before the consummation of each mortgage loan, the originator
      made a reasonable and good faith determination that the borrower has a reasonable ability to repay the loan according to its terms, and that at a minimum, the originator underwrote the loan in accordance with 12 CFR 1026.43(c) as may be amended from
      time to time; and (ii) such mortgage loan is a “Qualified Mortgage” as defined in 12 CFR 1026.43(e) as may be amended from time to time.

   

  (yyy)   No Interest
        Only Loans. Notwithstanding anything to the contrary set forth in the Agreement, on and after January 10, 2014, no Purchased Mortgage Loan is an Interest Only Loan.

   

   

  
    Schedule 1-14 

    
      
 

  

  
   

  EXHIBIT A

   

  OFFICER’S COMPLIANCE CERTIFICATE

   

  I, ___________________ , do hereby certify
      that I am the duly elected, qualified and authorized _____________________       of Home Point Financial Corporation (“Seller”). This Certificate is delivered to you in connection with Section 16(b) of the Master Repurchase Agreement and Securities
      Contract and Addendum, both dated as of November 23, 2015, each such document being among the Seller and Wells Fargo Bank, NA. (“Buyer”) (together, as amended from time to time, the “Agreement”). I hereby certify that, as of the date of the financial
      statements attached hereto and as of the date hereof, Seller is and has been in compliance with all the terms of the Agreement except as otherwise noted in a schedule attached hereto1 and, without limiting the generality of the foregoing, I certify that:

   

  Litigation,
        Investigations, Proceedings. Seller has promptly, and in any event within [***] after service of process on any of the following, given to Buyer notice of all litigation, actions, suits, arbitrations, investigations (including, without
      limitation, any of the foregoing which are threatened or pending) or other legal or arbitrable proceedings affecting Seller or any of its Subsidiaries or affecting any of the Property of any of them before any Governmental Authority that (i)
      questions or challenges the validity or enforceability of any of the Program Agreements or any action to be taken in connection with the transactions contemplated hereby, (ii) makes a claim individually in an amount greater than the Individual Claim
      Threshold or in an aggregate amount greater than the Aggregate Claim Threshold, or (iii) which, individually or in the aggregate, if adversely determined, could be reasonably likely to have a Material Adverse Effect. Seller will promptly provide
      notice of any judgment, which with the passage of time, could cause an Event of Default hereunder.

   

  Financial Covenants. Seller has
      complied with all the Financial Covenants.

   

  Insurance. Seller
      has maintained, for Seller and its Subsidiaries, with responsible companies, at its own expense, the Required Insurance Policy, in each case, in a form acceptable to Buyer, with broad coverage on all officers, employees or other persons (if
      applicable, including, without limitation, employees or other person of the Manager or the General Partner who act on behalf of Seller in handling funds, money, documents or papers relating to the Purchased Assets) (“Seller Employees”) acting
      in any capacity requiring such persons to handle funds, money, documents or papers relating to the Purchased Assets, with respect to any claims made in connection with all or any portion of the Purchased Assets. Any such Required Insurance Policy
      shall protect and insure the Seller against losses, including forgery, theft, embezzlement, fraud, errors and omissions and negligent acts of such Seller Employees, and such policies also shall protect and insure the Seller against losses in
      connection with the release or satisfaction of a Purchased Mortgage Loan without having obtained payment in full of the indebtedness secured thereby. The minimum coverage under any such Required Insurance Policy shall be at least equal to the
      Required Insurance Amount as set forth on the Addendum.

   

  

  
  
     

  

  
  

  1 Buyer’s acceptance of this schedule is not, and shall not be construed as, a waiver by Buyer of any of the items identified on the schedule, including items that may be,
      or with the passage of time may become, an Event of Default. Buyer, in its sole and absolute discretion, will elect whether to provide any such waiver and will do so by a separate writing.

   

   

  
    Exhibit A-1 

    
      
 

  

   

  Seller has named Buyer as a loss payee under
      any applicable Fidelity Insurance Policy and as a direct loss payee with right of action under any applicable Errors and Omissions Insurance Policy or Professional Liability Insurance Policy.

   

  Financial Statements.
      The financial statements and schedules attached hereto fairly present in all material respects the financial condition and results of operations of Seller and Guarantor, if applicable, in accordance with GAAP, consistently applied, as of the date(s)
      thereof.

   

  Documentation.
      Seller has performed the documentation procedures required by its operational guidelines with respect to endorsements and assignments, including the recordation of assignments, or has verified that such documentation procedures have been performed by
      a prior holder of such Purchased Mortgage Loan.

   

  Compliance, Seller
      has observed or performed in all material respects all of its covenants and other agreements, and satisfied every condition, contained in the Agreement and the other Program Agreements to be observed, performed and satisfied by it. If a covenant or
      other agreement or condition has not been complied with, Seller shall describe such lack of compliance and provide the date of any related waiver thereof.

   

  Regulatory Action.
      Seller is not currently under investigation and no investigation by any federal, state or local government agency is threatened. Seller has not been the subject of any government investigation which has resulted in the voluntary or involuntary
      suspension of a license, a cease and desist order, or such other action as could adversely impact Seller’s business. If so, Seller shall describe the situation in reasonable detail and describe the action that Seller has taken or proposes to take in
      connection therewith.

   

  No Default. No Default or Event of
      Default has occurred or is continuing.

   

  Indebtedness. All
      Indebtedness (other than Indebtedness evidenced by the Agreement) of Seller existing on the date hereof is listed on the schedules attached hereto.

   

  Hedging. An
      accurate and true summary of all Interest Rate Protection Agreements entered into or maintained by Seller during the most recent calendar month end and all preceding months has been provided to Buyer (unless Buyer gives notice to Seller that such
      summary is not required); and any documentation related to such Interest Rate Protection Agreements as required by the Manual and such other documents requested by Buyer has been provided to Buyer.

   

  Distributions.
      Seller has not pay any dividends with respect to any capital stock or other equity interests in such entity, whether now or hereafter outstanding, or make any other distribution in respect thereof, either directly or indirectly, whether in cash or
      property or in obligations of Seller, if an Event of Default has occurred and is continuing, or the payment of a distribution would cause, or would be likely to cause, a violation of a Financial Covenant herein.

   

  Notifications.
      Seller has notified Buyer of any repurchase requests or demands, indemnification requests, suspension notices or termination notices it received, or is reasonably likely to receive, from its secondary market investors, including any Takeout
      Investors.

   

   

  
    Exhibit A-2 

    
      
 

  

   

  Other Notices. Seller has notified
      Buyer of any other event, circumstance or condition that has resulted, or has a possibility of resulting, in a Material Adverse Effect with respect to Seller or Servicer, including, without limitation, any claims of predatory lending or any early
      payment default, buy-back, repurchase or similar requests.

   

   

  
    Exhibit A-3 

    
      
 

  

   

  IN WITNESS WHEREOF, I have set my hand this ______ day of_________
      ,________ .

   

  	 	By:	 	 	 
	 	Name:	 
	 	Title:	 	 

   

   

  
    Exhibit A-4 

    
      
 

  

  
   

  EXHIBIT B

   

  CERTIFICATE OF AN OFFICER OF THE SELLER

   

  The undersigned, Chief Risk Officer/Assistant Secretary of Home Point
      Financial Corporation, a New Jersey corporation (the “Seller”), hereby certifies as follows:

   

  1.       Attached here as Exhibit A is a copy of the Certificate
      of Incorporation of the Seller, as certified by the Secretary of State of the State of New Jersey.

   

  2.       Neither any amendment to the Certificate of Incorporation of
      the Seller nor any other charter document with respect to the Seller has been filed, recorded or executed since March 31, 2015, and no authorization for the filing, recording or execution of any such amendment or other charter document is
      outstanding.

   

  3.       Attached hereto as Exhibit B is a true, correct and
      complete copy of the Amended and Restated Bylaws of the Seller as in effect as of the date hereof and at all times since March 31, 2015.

   

  4.       Attached hereto as Exhibit C is a true, correct and
      complete copy of resolutions adopted by the Board of Directors of the Seller by unanimous written consent on November 23, 2015 (the “Resolutions”). The Resolutions have not been further amended, modified or rescinded and are in full force and
      effect in the form adopted, and they are the only resolutions adopted by the Board of Directors of the Seller relating to the execution and delivery of, and performance of the transactions contemplated by the Master Repurchase Agreement and
      Securities Contract and Addendum (the “Repurchase Agreement”), each dated as of November 23, 2015 and between the Seller and Wells Fargo Bank, N.A. (the “Buyer”).

   

  5.       Attached hereto as Exhibit D is a copy of a Certificate
      of Good Standing of Seller, as certified by the Secretary of State of the State of New Jersey.

   

  6.       The Repurchase Agreement is substantially in the form approved
      by the Resolutions or pursuant to authority duly granted by the Resolutions.

   

  7.       The undersigned, as officers of the Seller or as
      attorney-in-fact, are authorized to and have signed manually the Repurchase Agreement or any other document delivered in connection with the transactions contemplated thereby, were duly elected or appointed, were qualified and acting as such officer
      or attorney-in-fact at the respective times of the signing and delivery thereof, and were duly authorized to sign such document on behalf of the Seller and the signature of each such person appearing on any such documents is the genuine signature of
      each such person.

   

  

  
    Exhibit B-1

    
      
 

  

   

  	Name	 	Title	 	Signature
	 	 	 	 	 
	William Newman	 	Chief Executive Officer and President	 	
          [***]

        
	 	 	 	 	 
	Maria Fregosi	 	Chief Strategy Officer	 	[***]
	 	 	 	 	 
	Mike Jones	 	Head of Finance	 	[***]
	 	 	 	 	 
	Douglas McClary	 	Senior Director, Capital Markets	 	[***]
	 	 	 	 	 
	William Fischer	 	Managing Director – Controller/Chief Accounting
            Officer	 	[***]

   

  IN WITNESS WHEREOF, the undersigned has hereunto executed this Certificate as of the 23rd day
      of November, 2015.

   

  	HOME POINT FINANCIAL 

            CORPORATION, as Seller	 
	 	 
	By:	/s/ Robert Spellman 	 
	 	Name: Robert Spellman	 
	 	Title: Assistant Secretary/Chief Risk Officer	 

  
    Exhibit B-2

    
      
 

  

   

  EXHIBIT B

   

  CERTIFICATE OF AN OFFICER OF THE SELLER (CONTINUED)

   

  Exhibit C to Officer's Certificate of the Seller

   

  WRITTEN CONSENT IN LIEU OF A MEETING 

      OF THE BOARD OF DIRECTORS OF Home Point Financial Corporation

   

  The undersigned, being all of the members of the Board of Directors of
      Home Point Financial Corporation, a New Jersey corporation (the “Seller”), do hereby consent to the adoption of the following resolutions taking or authorizing the actions specified therein:

   

  WHEREAS, it is in the best interests of the Seller to transfer
      from time to time to Wells Fargo Bank, N.A. (the “Buyer”) certain mortgage loans in exchange for the transfer of funds by Buyer to Seller, with a simultaneous agreement by Buyer to transfer to Seller such mortgage loans at a date certain or on
      demand, in exchange for the transfer of funds by Seller pursuant to the terms of the Repurchase Agreement (as defined below).

   

  NOW, THEREFORE, be it

   

  RESOLVED, that the execution, delivery and performance by the
      Seller of the Master Repurchase Agreement and Securities Contract and Addendum (the “Repurchase Agreement”) to be entered into by the Seller and Buyer, substantially in the form of the
        drafts each dated November 23, 2015, and attached hereto as Exhibit A, are hereby authorized and approved and that the Chief Executive Officer and President, the Head of Finance, the Chief Strategy Officer, the Senior Director - Capital
        Markets or the Managing Director - Controller/Chief Accounting Officer (collectively, the “Authorized Officers”) of the Seller be and each of them hereby is authorized and directed to execute and deliver the Repurchase Agreement to the Buyer
        with such changes as the officer executing the same shall approve, his execution and delivery thereof to be conclusive evidence of such approval;

   

  RESOLVED, that the execution, delivery and performance by the
      Seller of the Electronic Tracking Agreement (the “Tracking Agreement”) to be entered into by the Seller, the Buyer, Mortgage Electronic Registration Systems, Inc. and MERSCORP Holdings, Inc. substantially in the form of the draft, attached
      hereto as Exhibit B, are hereby authorized and approved and that the Authorized Officers of the Seller be and each of them hereby is authorized and directed to execute and deliver the Tracking Agreement to the Buyer, Mortgage Electronic
      Registration Systems, Inc. and MERSCORP Holdings, Inc. with such changes as the officer executing the same shall approve, his execution and delivery thereof to be conclusive evidence of such approval;

   

  RESOLVED, that the execution and delivery by the Seller of one
      or more copies of a Power of Attorney (“Power of Attorney”) authorizing certain personnel of Buyer and its affiliates to take certain actions, as set forth substantially in the form attached to the Repurchase Agreement and irrevocable except
      with the consent of Buyer, are hereby authorized and approved and that the Authorized Officers of the Seller be and each of them hereby is authorized and directed to execute and deliver the Power of Attorney to the Buyer immediately upon any

   

  

  
    Exhibit B-3

    
      
 

  

   

  request of Buyer for so long as any obligations of the Seller under the Repurchase Agreement
      remain unsatisfied, with such changes as the officer executing the same shall approve, his execution and delivery thereof to be conclusive evidence of such approval, and the termination of this resolution requiring the consent of the Buyer;

   

  RESOLVED, that the Authorized Officers hereby are, and each
      hereby is, authorized to execute and deliver all such aforementioned agreements on behalf of the Seller and to do or cause to be done, in the name and on behalf of the Seller, any and all such acts and things, and to execute, deliver and file in the
      name and on behalf of the Seller, any and all such agreements, applications, certificates, instructions, receipts and other documents and instruments, as such Authorized Officer may deem necessary, advisable or appropriate in order to carry out the
      purposes of the foregoing resolutions;

   

  RESOLVED, that all actions taken by any of the Authorized
      Officers before the date of this consent for the purpose of effecting any of the actions authorized by this consent be, and they hereby are, approved and ratified in all respects;

   

  RESOLVED, that the proper officers, agents and counsel of the
      Seller are, and each of such officers, agents and counsel is, hereby authorized for and in the name and on behalf of the Seller to take all such further actions and to execute and deliver all such other agreements, instruments and documents, and to
      make all governmental filings, in the name and on behalf of the Seller and such officers are authorized to pay such fees, taxes and expenses, as advisable in order to fully carry out the intent and accomplish the purposes of the resolutions
      heretofore adopted hereby,

   

  	Dated as of:  November 23, 2015	 	 	 	 
	 	 	 	 	 
	Name	 	Title	 	Signature
	 	 	 	 	 
	William Newman	 	Director	 	[***]
	 	 	 	 	 
	Eric Rosenzweig	 	Director	 	[***]
	 	 	 	 	 
	Stephen Levey	 	Director	 	[***]
	 	 	 	 	 
	Agha Khan	 	Director	 	[***]

   

  
    Exhibit B-4

    
      
 

  

  
   

  request of Buyer for so long as any obligations of the Seller under the Repurchase Agreement
      remain unsatisfied, with such changes as the officer executing the same shall approve, his execution and delivery thereof to be conclusive evidence of such approval, and the termination of this resolution requiring the consent of the Buyer;

   

  RESOLVED, that the Authorized Officers hereby are, and each
      hereby is, authorized to execute and deliver all such aforementioned agreements on behalf of the Seller and to do or cause to be done, in the name and on behalf of the Seller, any and all such acts and things, and to execute, deliver and file in the
      name and on behalf of the Seller, any and all such agreements, applications, certificates, instructions, receipts and other documents and instruments, as such Authorized Officer may deem necessary, advisable or appropriate in order to carry out the
      purposes of the foregoing resolutions;

   

  RESOLVED, that all actions taken by any of the Authorized
      Officers before the date of this consent for the purpose of effecting any of the actions authorized by this consent be, and they hereby are, approved and ratified in all respects;

   

  RESOLVED, that the proper officers, agents and counsel of the
      Seller are, and each of such officers, agents and counsel is, hereby authorized for and in the name and on behalf of the Seller to take all such further actions and to execute and deliver all such other agreements, instruments and documents, and to
      make all governmental filings, in the name and on behalf of the Seller and such officers are authorized to pay such fees, taxes and expenses, as advisable in order to fully carry out the intent and accomplish the purposes of the resolutions
      heretofore adopted hereby.

   

  Dated as of:  November 23, 2015

   

  	Name	 	Title	 	Signature
	 	 	 	 	 
	 	 	Director	 	[***]
	 	 	 	 	 
	 	 	Director	 	 
	 	 	 	 	 
	 	 	Director	 	 

   

  
    Exhibit B-4

    
      
 

  

  
   

  EXHIBIT C

   

  FORM OF POWER OF ATTORNEY

   

  Wells Fargo Bank, N.A.

      c/o Wells Fargo Securities

      Mortgage Banker Finance Group

      2500 Northwinds Parkway, Suite 200

      Alpharetta, Georgia 30009

      Attention: [***]

      Telephone: [***]

    

   

  	 	Re:	Master Repurchase Agreement and Securities Contract and Addendum, each dated as of November 23, 2015
            (as amended from time to time, the “Agreement”) and among Home Point Financial Corporation (the “Seller”) and Wells Fargo Bank, N.A. (the “Buyer”)

   

  Ladies and Gentlemen:

   

  KNOW ALL MEN BY THESE PRESENTS, that Seller hereby irrevocably
      constitutes and appoints the Buyer and any officer or director of the Buyer or Wells Fargo Securities, with full power of substitution, as its true and lawful attorney-in-fact with full power and authority, in the place and stead of Seller and in the
      name of Seller or in its own name, from time to time in the Buyer's discretion, to: (1) execute, witness, attest and deliver, on behalf of the Seller, (a) all mortgage documents reasonably necessary or appropriate to properly effect the transfer of
      the Mortgage Loans from the Seller to Buyer, (b) all release or satisfaction documents reasonably necessary or appropriate to properly effect the release or satisfaction of mortgages, deeds of trust or other similar security instruments with respect
      to the Mortgage Loans, and (c) all documents reasonably necessary to correct or otherwise remedy any errors or deficiencies contained in any documents contemplated by part (a) above; (2) take any action to carry out the transfer of servicing with
      respect to the Mortgage Loans from Seller to a successor servicer appointed by the Buyer in its discretion, in the name of Seller or its own name, or otherwise, and prepare and send or cause to be sent “good-bye” letters to all mortgagors under the
      Mortgage Loans, transferring the servicing of the Mortgage Loans to a successor servicer appointed by the Buyer in its discretion, and (3) preserve any rights of the Buyer under the Agreement and any other agreement related to the transactions
      contemplated thereby, and to take any and all appropriate action and to execute any and all documents and instruments which may be necessary or desirable to accomplish such reservation of rights.

   

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

   

  Any capitalized term used but not defined herein shall have the meaning
      assigned to such term in the Agreement.

   

  TO INDUCE ANY THIRD PARTY TO ACT HEREUNDER, SELLER HEREBY AGREES THAT
      ANY THIRD PARTY RECEIVING A DULY EXECUTED COPY

   

  
    Exhibit C-1

    
      
 

  

   

  OR FACSIMILE OF THIS INSTRUMENT MAY ACT HEREUNDER, AND THAT REVOCATION OR TERMINATION HEREOF
      SHALL BE INEFFECTIVE AS TO SUCH THIRD PARTY UNLESS AND UNTIL ACTUAL NOTICE OR KNOWLEDGE OF SUCH REVOCATION OR TERMINATION SHALL HAVE BEEN RECEIVED BY SUCH THIRD PARTY, AND SELLER ON ITS OWN BEHALF AND ON BEHALF OF SELLER'S ASSIGNS, HEREBY AGREES TO
      INDEMNIFY AND HOLD HARMLESS ANY SUCH THIRD PARTY FROM AND AGAINST ANY AND ALL CLAIMS THAT MAY ARISE AGAINST SUCH THIRD PARTY BY REASON OF SUCH THIRD PARTY HAVING RELIED ON THE PROVISIONS OF THIS INSTRUMENT.

   

  IN WITNESS WHEREOF Seller has caused this Power of Attorney to be
      executed and Seller's seal to be affixed this 23rd day of November, 2015.

   

  	 	Home Point Financial Corporation
	 	 	 
	 	By:	/s/ William Newman
	 	 	Name: William Newman
	 	 	Title: Chief Executive Officer and President

   

  	STATE OF [Michigan]	)	 
	 	)	ss.:
	COUNTY OF [Washtenaw]	)	 

   

  On the 23rd day of November, 2015 before me, a Notary Public in and for
      said State, personally appeared William Newman, known to me to be Chief Executive Officer and President of Home Point Financial Corporation, the institution that executed the within instrument and also known to me to be the person who executed it on
      behalf of said corporation, and acknowledged to me that such corporation executed the within instrument.

   

  IN WITNESS WHEREOF, I have hereunto set my hand affixed my office seal
      the day and year in this certificate first above written.

   

  	[***]

        	 
	Notary Public of Michigan	 
	Macomb County	 
	Expires [***]

          	 
	Acting
            in the County of Washtenaw	 

   

  [***]

  

  	Notary Public	 

   

  	My Commission expires	3/23/2019

   

  
    Exhibit C-2

    
      
 

  

  
   

  EXHIBIT E

   

  CERTIFICATE OF INCUMBENCY OF OFFICERS AND OF

  AUTORIZED PERSONS OF SELLER

   

  I, Robert Spellman, Assistant Secretary/Chief Risk Officer, Secretary of
      Home Point Financial Corporation, a New Jersey corporation (hereinafter called the “Company”), do hereby certify that the below-named individuals have been duly elected and qualified as, and are this day, officers of the Company holding the
      respective offices set forth opposite their names and the signatures below set opposite their names are their genuine signatures:

   

  	Name	 	Title	 	Signature
	 	 	 	 	 
	William Newman	 	Chief Executive Officer and President	 	[***]
	 	 	 	 	 
	William Fischer	 	Managing Director - Controller/Chief Accounting Officer	 	[***]
	 	 	 	 	 
	Maria Fregosi	 	Chief Strategy Officer	 	[***]
	 	 	 	 	 
	Mike Jones	 	Head of Finance	 	[***]
	 	 	 	 	 
	Douglas McClary	 	Senior Director - Capital Markets	 	[***]

   

  I DO FURTHER CERTIFY that as Assistant Secretary / Chief Risk Officer of
      the Company, I am hereby authorized and from time to time directed to execute a certificate of incumbency and obtain specimen signatures of persons holding the offices referred to in the Corporate Resolutions, and of the officers or persons named in
      the Corporate Resolutions, and to file such certified copy, and such certificate or certificates, and specimen signatures.

   

  IN WITNESS WHEREOF, I have hereunto set my hand and affixed the seal of
      the Company this 23rd day of November, 2015.

   

  

  	 	Robert Spellman
	 	Assistant Secretary/Chief Risk Officer

   

   

  
    Exhibit E-1

    
      
 

  

   

  ELECTRONIC TRACKING AGREEMENT

   

  WELLS FARGO BANK, N.A. – MORTGAGE BANKER FINANCE GROUP: 1006404

  Home Point Financial: 1006611

   

  THIS ELECTRONIC TRACKING AGREEMENT dated as of [____], 20[__] (this “Agreement”)

      among WELLS FARGO BANK, N.A. (“Buyer”), MERSCORP HOLDINGS, INC. (“Electronic Agent”), MORTGAGE ELECTRONIC REGISTRATION SYSTEMS, INC. (“MERS”) and Home Point Financial (“Seller”).

   

  WHEREAS, the Buyer has agreed to purchase from Seller, from time
      to time at Buyer's election, certain residential mortgage loans (the “Mortgage Loans”) pursuant to the terms and conditions of a Master Repurchase Agreement Securities Contract and an Addendum, each dated as of November 23, 2015, each by and
      among the Buyer and the Seller (as amended, restated, supplemented and otherwise modified from time to time, the “Repurchase Agreement”); and

   

  WHEREAS, the Buyer and the Seller desire to have certain Mortgage
      Loans registered on the MERS® System (defined below) such that the mortgagee of record under each Mortgage (defined below) shall be identified as MERS.

   

  NOW, THEREFORE, the parties, intending to be legally bound, agree
      as follows:

   

  		1.	Definitions.

   

  Capitalized terms used in this Agreement shall have the meanings
      ascribed to them below.

   

  “Affected Loans” shall have the meaning assigned to such term in
      Section 4(b).

   

  “Assignment of Mortgage” shall mean, with respect to any
      Mortgage, an assignment of the Mortgage, notice of transfer or equivalent instrument in recordable form, sufficient under the laws of the jurisdiction wherein the related mortgaged property is located to effect the assignment of the Mortgage upon
      recordation.

   

  “Event of Default” shall mean a default that is not cured within
      any applicable grace periods as defined in the Repurchase Agreement,

   

  “MERS Procedures Manual” shall mean the MERS Procedures Manual
      attached as Exhibit B hereto, as it may be amended from time to time.

   

  “MERS Designated Mortgage Loan” shall have the meaning assigned
      to such term in Section 3. For purposes herein and to the extent applicable, a MOM Mortgage Loan shall be considered to be a MERS Designated Mortgage Loan.

   

  
    
      
 

  

  
   

  “MERS Mortgage Identification Number” shall mean the unique 18
      digit number assigned to a new security instrument such as a Mortgage, Deed of Trust, or Security Deed registered on the MERS® System.

   

  “MERS® System” shall mean the Electronic Agent's mortgage
      electronic registry system, as more particularly described in the MERS Procedures Manual.

   

  “MOM Mortgage Loan” means 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.

   

  “Mortgage” shall mean each mortgage, assignment of rents,
      security agreement and fixture filing, or deed of trust, assignment of rents, security agreement and fixture filing, deed to secure debt, assignment of rents, security agreement and fixture filing, or similar instrument creating and evidencing a lien
      on real property and other property and rights incidental thereto.

   

  “Mortgage Loan” shall mean any Mortgage Loan, evidenced by a
      promissory note and secured by a mortgage, purchased by the Buyer pursuant to the Repurchase Agreement.

   

  “Mortgage Loan Documents” means the documents relating to such
      Mortgage Loan to be delivered to the Buyer or Wells Fargo Bank, National Association as custodian for the Buyer.

   

  “Mortgage Note” shall mean a promissory note or other evidence of
      indebtedness of a Mortgagor secured by a Mortgage.

   

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

   

  “Notice of Default” shall mean a notice from the Buyer that an
      Event of Default has occurred and is continuing.

   

  “Opinion of Counsel” shall mean a written opinion of counsel in
      form and substance reasonably acceptable to the Buyer.

   

  “Person” shall mean any individual, corporation, company,
      voluntary association, partnership, joint venture, limited liability company, trust, unincorporated association or government (or any agency, instrumentality or political subdivision thereof).

   

  		2.	Appointment of the Electronic Agent.

   

  (a)       The Buyer and the Seller, by execution and delivery of this
      Agreement, each does hereby appoint MERSCORP Holdings, Inc. as the Electronic Agent, subject to the terms of this Agreement, to perform the obligations set forth herein.

   

  (b)       MERSCORP Holdings, Inc., by execution and delivery of this
      Agreement, does hereby (i) agree with the Buyer and the Seller subject to the terms of this Agreement to perform the services set forth herein, and (ii) accepts its appointment as the Electronic Agent.

   

  

  
    2

    
      
 

  

   

  3.           Designation of MERS as Mortgagee of Record;
          Designation of Investor and Servicer of Record in MERS.

   

  The Seller represents and warrants that (a) it
      has designated or shall designate MERS as, and has taken or will take such action as is necessary to cause MERS to be, the mortgagee of record, as nominee for the Seller, with respect to the Mortgage Loans in accordance with the MERS Procedures
      Manual and (b) it has designated or will promptly designate the Seller as the servicer or subservicer in the MERS® System for each such Mortgage Loan (each Mortgage Loan, so designated is a “MERS Designated Mortgage Loan”), and
      has designated or will promptly designate the Buyer as the interim funder on the MERS® System with respect to each MERS Designated Mortgage Loan.

   

  4.           Obligations of the Electronic Agent.

   

  (a)       The Electronic Agent shall ensure that
      MERS, as the mortgagee of record under each MERS Designated Mortgage Loan, shall promptly forward all properly identified notices MERS receives in such capacity to the person or persons identified in the MERS® System as the servicer or if a
      subservicer is identified in the MERS® System, the subservicer for such MERS Designated Mortgage Loan.

   

  (b)       Upon receipt of a Notice of Default, in
      the form of Exhibit C, from the Buyer in which the Buyer shall identify the MERS Designated Mortgage Loans with respect to which the Seller’s right to act as servicer or subservicer thereof has been terminated by the Buyer in the Buyer’s
      capacity as owner of such Mortgage Loans (the “Affected Loans”), the Electronic Agent shall modify the investor fields and/or servicer fields to reflect the investor and/or servicer on the MERS® System as the Buyer or the Buyer’s designee with
      respect to such Affected Loans. Following such Notice of Default, the Electronic Agent shall follow the instructions of the Buyer with respect to the Affected Loans without further consent of the Seller, and shall deliver to the Buyer any documents
      and/or information (to the extent such documents or information are in the possession or control of the Electronic Agent) with respect to the Affected Loans requested by the Buyer.

   

  (c)       Upon the Buyer’s request and
      instructions, and at the Seller’s sole cost and expense, the Electronic Agent shall deliver to the Buyer or the Buyer’s designee, an Assignment of Mortgage from MERS, in blank, in recordable form but unrecorded with respect to each Affected Loan;
      provided however, that the Electronic Agent shall not be required to comply with the foregoing unless the costs of doing so shall be paid by the Seller or a third party.

   

  (d)       The Electronic Agent shall promptly
      notify the Buyer if it has actual knowledge that any mortgage, pledge, lien, security interest or other charge or encumbrance exists with respect to any of the Mortgage Loans. Upon the reasonable request of the Buyer, the Electronic Agent shall
      review the field designated “interim funder” and shall notify the Buyer if any Person (other than the Buyer) is identified in the field designated “interim funder”.

   

  (e)       In the event that (i) the Seller, the
      Electronic Agent or MERS shall be served by a third party with any type of levy, attachment, writ or court order with respect to any MERS Designated Mortgage Loan or (ii) a third party shall institute any court proceeding by which any

   

  
    3 

    
      
 

  

   

  MERS Designated Mortgage Loan shall be required to be delivered
      otherwise than in accordance with the provisions of this Agreement, the Electronic Agent shall promptly deliver or cause to be delivered to the other parties to this Agreement copies of all court papers, orders, documents and other materials
      concerning such proceedings.

   

  (f)       Upon the request of the Buyer, the
      Electronic Agent shall run a query with respect to any and all specified fields with respect to any or all of the MERS Designated Mortgage Loans and, if requested by the Buyer, shall change the information in such fields in accordance with the
      Buyer’s instructions.

   

  (g)      MERS, as mortgagee of record for the MERS
      Designated Mortgage Loans, shall take all such actions as may be required by a mortgagee in connection with servicing the MERS Designated Mortgage Loans at the request of the applicable servicer identified on the MERS® System, including, but not
      limited to, executing and/or recording, any modification, waiver, subordination agreement, instrument of satisfaction or cancellation, partial or full release, discharge or any other comparable instruments, at the sole cost and expense of the Seller.

   

  (h)      MERS has caused certain officers of the
      Buyer to be appointed signing officers of MERS, with the authority to wield all of the powers specified in the corporate resolution of MERS, with respect to the MERS Designated Mortgage Loans. The corporate resolution may be modified, amended,
      replaced, or revoked, and any authorizations and powers specified therein may be subject to change.

   

  5.           Access to Information.

   

  Upon the Buyer’s request, the Electronic Agent
      shall furnish the Buyer or its auditors information in its possession with respect to the MERS Designated Mortgage Loans and shall permit them to inspect the Electronic Agent’s and MERS’ records relating to the MERS Designated Mortgage Loans at all
      reasonable times during regular business hours. The Buyer has the right to access all of Seller’s Mortgage Loans registered on the MERS® system in order to determine who has been designated as interim funder with respect to each MERS Designated
      Mortgage Loan.

   

  6.           Representations of the Electronic Agent and MERS.

   

  The Electronic Agent and MERS hereby represent and warrant as of the date
      hereof that:

   

  (a)       each of the Electronic Agent and MERS has
      the corporate power and authority and the legal right to execute and deliver, and to perform its obligations under this Agreement, and has taken all necessary corporate action to authorize its execution, delivery and performance of this Agreement;

   

  (b)       no consent or authorization of, filing
      with, or other act by or in respect of, any arbitrator or governmental authority and no consent of any other Person is required in connection with the execution, delivery, performance, validity or enforceability of this Agreement;

   

  (c)       this Agreement has been duly executed
      and delivered on behalf of the Electronic Agent and MERS and constitutes a legal, valid and binding obligation of the Electronic Agent

  

   

  
    4 

    
      
 

  

   

  and MERS enforceable in accordance with its terms, except as
      enforceability may be limited by bankruptcy, insolvency, reorganization, moratorium or similar laws affecting the enforcement of creditors’ rights generally and by general principles of equity (whether enforcement is sought in proceedings in equity
      or at law);

   

  (d)       the Electronic Agent and MERS will
      maintain at all times insurance policies for fidelity and errors and omissions in amounts of at least three million dollars ($3,000,000) and five million dollars ($5,000,000) respectively, and a certificate and policy of the insurer shall be
      furnished to the Buyer upon request and shall contain a statement of the insurer that such insurance will not be terminated prior to 30 days’ written notice to the Buyer.

   

  7.           Covenants of MERS.

   

  (a)       MERS shall (A) not incur any
      indebtedness other than in the ordinary course of its business, (B) not engage in any dissolution, liquidation, consolidation, merger or sale of assets, (C) not engage in any business activity in which it is not currently engaged, (D) not take any
      action that might cause MERS to become insolvent, (E) not form, or cause to be formed, any subsidiaries, (F) maintain books and records separate from any other person or entity, (G) maintain its bank accounts separate from any other person or entity,
      (H) not commingle its assets with those of any other person or entity and hold all of its assets in its own name, (I) conduct its own business in its own name, (J) pay its own liabilities and expenses only out of its own funds, (K) observe all
      corporate formalities, (L) enter into transactions with affiliates only on each such transaction is intrinsically fair, commercially reasonable, and on the same terms as would be available in an arm’s length transaction with a person or entity that
      is not an affiliate, (M) pay the salaries of its own employees from its own funds, (N) maintain a sufficient number of employees in light of its contemplated business operations, (O) not guarantee or become obligated for the debts of any other entity
      or person, (P) not hold out its credit as being available to satisfy the obligation of any other person or entity, (Q) not acquire the obligations or securities of its affiliates or owners, including partners, members or shareholders, as appropriate,
      (R) not make loans to any other person or entity or buy or hold evidence of indebtedness issued by any other person or entity (except for cash and investment-grade securities), (S) allocate fairly and reasonably any overhead expenses that are shared
      with an affiliate, including paying for office space and services performed by any employee of any affiliate, (T) use separate stationery, invoices, and checks bearing its own name, (U) not pledge its assets for the benefit of any other person or
      entity, (V) hold itself out as a separate identity, (W) correct any known misunderstanding regarding its separate identity, (X) not identify itself as a division of any other person or entity, and (Y) maintain adequate capital in light of its
      contemplated business operations.

   

  (b)       MERS agrees that in no event shall MERS’
      status as mortgagee of record with respect to any MERS Designated Mortgage Loan confer upon MERS any rights or obligations as an owner of any MERS Designated Mortgage Loan or the servicing rights related thereto, and MERS will not exercise such
      rights unless directed to do so by the Buyer.

   

  
    5 

    
      
 

  

   

  8.           Covenants of Seller.

   

  (a)       The Seller covenants and agrees with the
      Buyer that with respect to each MERS Designated Mortgage Loan, it will not identify or cause to be identified any party except the Buyer in the field “interim funder” on the MERS® System.

   

  (b)       The Seller will provide or will cause to
      be provided to the Buyer with MERS Identification Numbers for each MERS Designated Mortgage Loan that the Buyer has purchased which MERS is the mortgagee of record.

   

  (c)       The Seller covenants that it is and will
      continue to be a member of the MERS® System in good standing for as long as any Mortgage Loans are MERS Designated Mortgage Loans.

   

  9.            No Adverse Interest of the Electronic Agent or MERS.

   

  By execution of this Agreement, the Electronic
      Agent and MERS each represents and warrants that it currently holds, and during the existence of this Agreement shall hold, no adverse interest, by way of security or otherwise, in any MERS Designated Mortgage Loan. The MERS Designated Mortgage Loans
      shall not be subject to any security interest, lien or right to set-off by the Electronic Agent, MERS, or any third party claiming through the Electronic Agent or MERS, and neither the Electronic Agent nor MERS shall pledge, encumber, hypothecate,
      transfer, dispose of, or otherwise grant any third party interest in, the MERS Designated Mortgage Loans.

   

  10.          Indemnification of the Buyer.

   

  The Electronic Agent agrees to indemnify and hold
      the Buyer and its designees harmless against any and all liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements, including reasonable attorneys’ fees, that the Buyer may sustain arising out
      of any breach by the Electronic Agent of this Agreement, the Electronic Agent’s negligence, bad faith or willful misconduct, its failure to comply with the Buyer’s instructions hereunder or to the extent caused by delays or failures arising out of
      the inability of the Buyer or the Electronic Agent to access information on the MERS® System. The foregoing indemnification shall survive any termination or assignment of this Agreement.

   

  11.          Reliance of the Electronic Agent.

   

  (a)       In the absence of bad faith on the part
      of the Electronic Agent, the Electronic Agent may conclusively rely, as to the truth of the statements and the correctness of the opinions expressed therein, upon any request, instruction, certificate or other document furnished to the Electronic
      Agent, reasonably believed by the Electronic Agent to be genuine and to have been signed or presented by the proper party or parties and conforming to the requirements of this Agreement.

   

  (b)       Notwithstanding any contrary information
      which may be delivered to the Electronic Agent by the Seller, the Electronic Agent may conclusively rely on any information or Notice of Default delivered by the Buyer, and the Seller shall indemnify and hold the Electronic

   

  
    6 

    
      
 

  

   

  Agent harmless for any and all claims asserted against it for any
      actions taken in good faith by the Electronic Agent in connection with the delivery of such information or Notice of Default.

   

  12.         Fees.

   

  It is understood that the Electronic Agent or its
      successor will charge such fees and expenses for its services hereunder as set forth in a separate agreement between the Electronic Agent and the Seller. The Electronic Agent shall give prompt written notice of any disciplinary action instituted with
      respect to Seller’s failure to pay any fees required in connection with its use of the MERS® System, and will give written notice to Seller at least thirty (30) days prior to any revocation of Seller’s membership in the MERS® System.

   

  13.         Resignation of the Electronic Agent; Termination. 

   

  (a)       The Buyer has entered into this
      Agreement with the Electronic Agent and MERS in reliance upon the independent status of the Electronic Agent and MERS, and the representations as to the adequacy of their facilities, personnel, records and procedures, its integrity, reputation and
      financial standing, and the continuance thereof. Neither the Electronic Agent nor MERS shall assign this Agreement or the responsibilities hereunder or delegate their rights or duties hereunder (except as expressly disclosed in writing to, and
      approved by, the Buyer) or any portion hereof or sell or otherwise dispose of all or substantially all of its property or assets without (i) providing the Buyer with at least 60 days’ prior written notice thereof.

   

  (b)       Neither the Electronic Agent nor MERS
      shall resign from the obligations and duties hereby imposed on them except by mutual consent of the Electronic Agent, MERS and the Buyer, or upon the determination that the duties of the Electronic Agent and MERS hereunder are no longer permissible
      under applicable law and such incapacity cannot be cured by the Electronic Agent and MERS. Any such determination permitting the resignation of the Electronic Agent and MERS shall be evidenced by an Opinion of Counsel to such effect delivered to the
      Buyer which Opinion of Counsel shall be in form and substance acceptable to the Buyer. No such resignation shall become effective until the Electronic Agent and MERS have delivered to the Buyer all of the Assignments of Mortgage, in blank, in
      recordable form but unrecorded for each MERS Designated Mortgage Loan identified by the Buyer as purchased by the Buyer.

   

  14.         Removal of the Electronic Agent.

   

  (a)       The Buyer, with or without cause, may
      remove and discharge the Electronic Agent and MERS from the performance of its duties under this Agreement with respect to some or all of the MERS Designated Mortgage Loans by written notice from the Buyer to the Electronic Agent and the Seller.

   

  (b)       In the event of termination of this
      Agreement, at the Seller’s sole cost and expense, the Electronic Agent shall follow the instructions of the Buyer for the disposition of the documents in its possession pursuant to this Agreement, and deliver to the Buyer an Assignment of Mortgage,
      in blank, in recordable form but unrecorded for each MERS Designated Mortgage Loan identified by the Buyer as purchased by the Buyer. Notwithstanding the foregoing, in the event that the Buyer terminates this Agreement with respect to some, but not
      all, of the MERS

   

  
    7 

    
      
 

  

   

  Designated Mortgage Loans, this Agreement shall remain in full force
      and effect with respect to any MERS Designated Mortgage Loans for which this Agreement is not terminated hereunder. Notwithstanding any termination of this Agreement, the provisions of Sections 10 shall survive any termination.

   

  15.         Notices.

   

  All written communications hereunder shall be
      delivered, via facsimile or by overnight courier, to the Electronic Agent and/or the Buyer and/or the Seller as indicated on the signature page hereto, or at such other address as designated by such party in a written notice to the other parties. All
      such communications shall be deemed to have been duly given when transmitted by facsimile, or in the case of a mailed notice, upon receipt, in each case given or addressed as aforesaid.

   

  16.         Term of Agreement.

   

  (a)       This Agreement shall continue to be in
      effect until terminated by either the Buyer pursuant to Section 14(a) hereof or the Electronic Agent pursuant to Section 13(b) hereof or by mutual written agreement of the parties hereto.

   

  (b)       Upon the termination of this Agreement
      by the Electronic Agent pursuant to Section 13 hereof, or by the Buyer due to the breach by the Electronic Agent of its obligations hereunder pursuant to Section 14 hereof, the Electronic Agent shall, at the Electronic Agent’s sole
      cost and expense, execute and deliver to the Buyer or its designee an Assignment of Mortgage with respect to each MERS Designated Mortgage Loan identified by the Buyer, in blank, in recordable form but unrecorded. In the event that this Agreement is
      terminated by the Buyer without cause, the duties of the Electronic Agent in the preceding sentence shall be at the sole cost and expense of the Seller. In addition, the Buyer and the Electronic Agent may, at the sole option of the Buyer, enter into
      a separate agreement which shall be mutually acceptable to the parties with respect to any or all of the MERS Designated Mortgage Loans with respect to which this Agreement is terminated,

   

  17.         Authorizations.

   

  Any of the persons whose signatures and titles
      appear on Exhibit A hereto are authorized, acting singly, to act for the Buyer, the Seller or the Electronic Agent, as the case may be, under this Agreement. The parties may change the information on Exhibit A hereto from time to time but each of the
      parties shall be entitled to rely conclusively on the then current exhibit until receipt of a superseding exhibit.

   

  18.         Amendments.

   

  This Agreement may be amended from time to time
      only by written agreement of the Buyer, the Seller and the Electronic Agent.

   

  
    8 

    
      
 

  

   

  19.        Severability.

   

  If any provision of this Agreement is declared
      invalid by any court of competent jurisdiction, such invalidity shall not affect any other provision, and this Agreement shall be enforced to the fullest extent required by law.

   

  20.        Binding Effect.

   

  This Agreement shall be binding and inure to the
      benefit of the parties hereto and their respective successors and assigns.

   

  21.        Governing Law.

   

  THIS AGREEMENT AND ANY CLAIM, CONTROVERSY OR
        DISPUTE ARISING UNDER OR RELATED TO OR IN CONNECTION WITH THIS AGREEMENT, THE RELATIONSHIP OF THE PARTIES, AND/OR THE INTERPRETATION AND ENFORCEMENT OF THE RIGHTS AND DUTIES OF THE PARTIES WILL BE GOVERNED BY THE LAWS OF THE STATE OF NEW YORK
        WITHOUT REGARD TO ANY CONFLICTS OF LAW PRINCIPLES OTHER THAN SECTION 5-1401 OF THE NEW YORK GENERAL OBLIGATIONS LAW.

   

  THE BUYER, THE SELLER, THE ELECTRONIC AGENT
        AND MERS EACH IRREVOCABLY AGREES THAT ANY ACTION OR PROCEEDING ARISING OUT OF OR IN ANY MANNER RELATING TO THIS AGREEMENT MAY BE BROUGHT IN ANY COURT OF THE STATE OF NEW YORK, OR IN THE U.S. DISTRICT COURT FOR THE SOUTHERN DISTRICT OF NEW YORK, AND
        BY THE EXECUTION AND DELIVERY OF THIS AGREEMENT EXPRESSLY AND IRREVOCABLY ASSENT AND SUBMIT TO THE NONEXCLUSIVE JURISDICTION OF ANY SUCH COURTS IN ANY SUCH ACTION OR PROCEEDING.

   

  22.        Waiver of Jury Trial.

   

  THE BUYER, THE SELLER, THE ELECTRONIC AGENT AND
        MERS EACH IRREVOCABLY AGREES TO WAIVE ITS RIGHT TO A JURY TRIAL IN ANY ACTION OR PROCEEDING AGAINST IT ARISING OUT OF, OR RELATED IN ANY MANNER TO, THIS AGREEMENT OR ANY RELATED AGREEMENT.

   

  23.        Execution.

   

  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.

   

  24.        Cumulative Rights.

   

  The rights, powers and remedies of the Electronic
      Agent, MERS, the Seller and the Buyer under this Agreement shall be in addition to all rights, powers and remedies given to the Electronic Agent, MERS, the Seller and the Buyer by virtue of any statute or rule of law, or any

   

  
    9 

    
      
 

  

   

  other agreement, all of which rights, powers and remedies shall be
      cumulative and may be exercised successively or concurrently without impairing the Buyer’s rights in the Mortgage Loans.

   

  25.        Status of Electronic Agent.

   

  Nothing herein contained shall be deemed or
      construed to create a partnership, joint venture between the parties hereto and the services of the Electronic Agent and MERS shall be rendered as independent contractors for the Buyer and the Seller. Other than the obligations of the Electronic
      Agent and MERS expressly set forth herein, the Electronic Agent and MERS shall have no power or authority to act as agent for the Buyer and the Seller pursuant to any grant of authority made under or pursuant to this Agreement.

   

  [SIGNATURE PAGE FOLLOWS]

   

  
    10 

    
      
 

  

   

  IN WITNESS WHEREOF, the Buyer, the Seller, the Electronic Agent and MERS
      have duly executed this Agreement as of the date first above written.

   

  

  	 	Home Point Financial Corporation, 

            as Seller
	 	 
	 	By:	/s/  William Newman
	 	 	Name: William Newman
	 	 	Title: Chief Executive Officer and President
	 	 	 
	 	Address for Notices:
	 	1194 Oak Valley Drive, Suite 80
	 	Ann Arbor, Michigan 48108
	 	 
	 	WELLS FARGO BANK, N.A.,

            as Buyer
	 	 
	 	By:	/s/  Kenneth D. Logan
	 	 	Name: Kenneth D. Logan 
	 	 	Title:   Managing Director

   

  	 	Address for Notices:
	 	Wells Fargo Bank, N.A.
	 	c/o Wells Fargo Securities
	 	Mortgage Banker Finance
	 	2500 Northwinds Parkway
	 	Suite 200
	 	Alpharetta, Georgia 30009
	 	Attention: [***]

          
	 	Telephone No.: [***]

          
	 	Telecopier No.: [***]

          
	 	 
	 	With a copy to:
	 	 
	 	Wells Fargo Bank, N.A.
	 	375 Park Avenue
	 	New York, New York 10152
	 	Attention: [***]

          
	 	Telephone No.: [***]

          
	 	Telecopier No.: [***]

          

  

   

  
    11 

    
      
 

  

   

  	 	ELECTRONIC AGENT: 
	 	 
	 	MERSCORP HOLDINGS, INC.
	 	 	 
	 	By:	 
	 	 	Name: Sharon McGann Horstkamp 
	 	 	Title: Senior Vice President

   

  	 	Address for Notices:
	 	MERSCORP Holdings, Inc.
	 	1818 Library Street, Suite 300
	 	Reston,VA 20190
	 	Attention: [***]

          
	 	Telephone No.: [***]

          
	 	Facsimile No.: [***]

          
	 	 
	 	MERS:

   

  	 	MORTGAGE ELECTRONIC REGISTRATION SYSTEMS, INC.
	 	 
	 	By:	 
	 	 	Name: Thomas Frosina
	 	 	Title: Vice President

   

  	 	Address for Notices:
	 	Mortgage Electronic Registration Systems, Inc.
	 	1818 Library Street, Suite 300
	 	Reston,VA 20190
	 	Attention: [***]

          
	 	Telephone No.: [***]

          
	 	Facsimile No.: [***]

          

  

   

  
    12 

    
      
 

  

   

  EXHIBIT A

   

  LIST OF AUTHORIZED PERSONS

   

  BUYER AUTHORIZATIONS:

   

  Any of the persons whose signatures and titles appear below, or attached hereto, are
      authorized, acting singly to act for the Buyer under this Agreement:

   

  

  	By:	[***]	 	By:	[***]	 	By:	 	 	 
	 	 	 	 	 	 
	Name: Kenneth D. Logan	 	Name: William C. Buss	 	Name:	 
	 	 	 	 	 	 	 
	Title: Managing Director	 	Title: Vice President	 	Title:	 	 

   

  SELLER AUTHORIZATIONS:

   

  Any of the persons whose signatures and titles appear below, or attached hereto, are
      authorized, acting singly, to act for the Seller under this Agreement:

   

  

  	By:	[***]	 	By:	 	 	 	 	By:	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	Name: William Newman	 	Name:	 	 	Name:	 
	 	 	 	 	 	 	 
	Title: Chief Executive Officer and President	 	Title:	 	 	 	Title:	 	 

   

  
     

    
      
 

  

  
   

  EXHIBIT A CONTINUED

   

  LIST OF AUTHORIZED PERSONS

   

  ELECTRONIC AGENT AUTHORIZATIONS:

   

  Any of the persons whose signatures and titles appear below, or attached hereto, are
      authorized, acting singly, to act for the Electronic Agent under this Agreement:

   

  

  	By:	 	 
	 	Sharon McGann Horstkamp 	 
	 	Senior Vice President	 

   

  MERS AUTHORIZATIONS:

   

  Any of the persons whose signatures and titles appear below, or attached hereto, are
      authorized, acting singly, to act for MERS under this Agreement:

   

  

  	By:	 	 
	 	Thomas Frosina	 
	 	Vice President	 

   

  
    14 

    
      
 

  

   

  EXHIBIT B

   

  MERS PROCEDURES MANUAL

   

  Shall be found on the MERS website at: http://www.mersinc.org

   

   

  
     

    
      
 

  

   

  EXHIBIT C

   

  NOTICE OF DEFAULT

   

  [__________  ___, 20__]

   

  Attention: [Sharon M, Horstkamp]

   

  MERSCORP Holdings, Inc.

  1818 Library Street

  Reston, VA 22182

   

  Ladies and Gentlemen:

   

  Please be advised that this Notice of Default is being issued pursuant
      to Section 4(b) of that certain Electronic Tracking Agreement (the “Electronic Tracking Agreement”), dated as of [________], 20[__], by and among WELLS FARGO BANK, NA. (the “Buyer”), Home Point Financial Corporation (the “Seller”),

      MERSCORP Holdings, Inc. (the “Electronic Agent”) and MORTGAGE ELECTRONIC REGISTRATION SYSTEMS, INC. (“MERS”). The Affected Loans are listed on the Schedule 1 attached hereto (including the mortgage identification numbers). Accordingly,
      the Electronic Agent shall not accept instructions from the Seller, any subservicer and from no party other than the Buyer with respect to such Mortgage Loans, until otherwise notified by the Buyer.

   

  Any terms used herein and not otherwise defined shall have such meaning
      specified in the Electronic Tracking Agreement.

   

  

  	 	WELLS FARGO BANK, N.A.
	 	 
	 	By:	 	 
	 	Title:	 

  

   

  
     

    
      
 

  

   

  EXHIBIT A

   

  UCC-1 FINANCING STATEMENT

   

  ATTACHED TO AND MADE PART OF UNIFORM COMMERCIAL CODE (“UCC”)

  FINANCING STATEMENT, FORM UCC-1

   

  	Debtor:	
          Home Point Financial Corporation

          1194 Oak Valley Drive, Suite 80

          Ann Arbor, Michigan 48108

          Attention: William Newman

        
	 	 
	Secured Party:	
          Wells Fargo Bank, N.A.

          c/o Wells Fargo Securities

          Mortgage Banker Finance Group

          2500 Northwinds Parkway, Suite 200

          Alpharetta, Georgia 30009

          Attention: [***]

            

        

   

  The parties intend that the transactions under the Agreement (defined
      below) constitute absolute assignments. The UCC Financing Statement, Form UCC-1, to which this Exhibit A is attached and forms a part, covers all of the Debtor’s right, title and interest in, to and under the Purchased Assets (as defined below),
      whether now owned or hereafter acquired, now existing or hereafter created and wherever located, including, without limitation, all “accounts,” “chattel paper”, “general intangibles”, “instruments” or “investment property” (in each case as defined in
      the Uniform Commercial Code as in effect from time to time) constituting or relating to the Purchased Assets, and any and all substitutions and exchanges for, and products and proceeds of, the foregoing. The Agreement provides for the release by
      Buyer of its interest in a Purchased Asset upon its repurchase by the Seller in accordance with the terms of the Agreement.

   

  Capitalized terms used herein and not otherwise defined herein shall
      have the meanings assigned to such terms in the Agreement.

   

  As used herein, the following terms shall have the following meanings:

   

  “Agency Security”: A Ginnie Mae Security, a
      Fannie Mae Security or a Freddie Mac Security, as applicable.

   

  “Agreement”: Collectively, the Master
      Repurchase Agreement and Securities Contract, dated as of November 23, 2015, between the Debtor and the Secured Party, the Addendum, dated as of November 23, 2015, between the Debtor and the Secured Party, and each Schedule and Exhibit thereto, as
      such agreement may be amended, restated, supplemented or otherwise modified from time to time.

   

  “Collection Account”: One or more accounts
      established by the Servicer or the Debtor for the benefit of Secured Party or assigned to the Secured Party, into which all collections and proceeds on or in respect of the Purchased Assets shall be deposited by Servicer or the Debtor and subject to
      a Collection Account Control Agreement.

   

   

  
     

    
      
 

  

   

  “Fannie Mae Security”: A mortgage-backed
      security received in exchange for mortgage loans sold by the Debtor to Fannie Mae and issued by Fannie Mae.

   

  “Freddie Mac Security”: A mortgage-backed
      security received in exchange for mortgage loans sold by the Debtor to Freddie Mac and issued by Freddie Mac.

   

  “Ginnie Mae Security”: A mortgage-backed
      security issued by the Debtor for which the timely payment of principal and interest is guaranteed by the Government National Mortgage Association.

   

  “Income”: With respect to any Purchased
      Asset, all of the following (in each case with respect to the entire par amount of the Purchased Asset represented by such Purchased Asset and not just with respect to the portion of the par amount represented by the Purchase Price advanced against
      such Purchased Asset): (a) all Principal Payments, (b) all Interest Payments, (c) all other income, distributions, receipts, payments, collections, prepayments, recoveries, proceeds (including insurance and condemnation proceeds) and other payments
      or amounts of any kind paid, received, collected, recovered or distributed on, in connection with or in respect of such Purchased Asset, including prepayment fees, extension fees, exit fees, any rental payments, if any, transfer fees, make whole
      fees, late charges, late fees and all other fees or charges of any kind or nature, premiums, yield maintenance charges, penalties, default interest, dividends, gains, receipts, allocations, rents, interests, profits, payments in kind, returns or
      repayment of contributions, net sale, foreclosure, liquidation, securitization or other disposition proceeds, insurance payments, settlements and proceeds, (d) all payments received from hedge counterparties pursuant to interest rate protection
      agreements related to such Purchased Mortgage Loans; and (e) all other “proceeds” as defined in Section 9-102(64) of the UCC, including all collections or distributions thereon or other income or receipts therefrom or in respect thereof; provided,
      that any amounts that under the applicable Mortgage Loan Documents are required to be deposited into and held in escrow or reserve to be used for a specific purpose, such as taxes and insurance, shall not be included in the term “Income” unless and
      until (i) an event of default exists under such Mortgage Loan Documents, (ii) the holder of the related Purchased Mortgage Loan has exercised or is entitled to exercise rights and remedies with respect to such amounts, (iii) such amounts are no
      longer required to be held for such purpose under such Mortgage Loan Documents, or (iv) such amounts may be applied to all or a portion of the outstanding indebtedness under such Mortgage Loan Documents.

   

  “Interest Rate Protection Agreement”: With
      respect to any or all of the Purchased Mortgage Loans, any short sale of a US Treasury Security, or futures contract, or mortgage related security, or Eurodollar futures contract, or options related contract, or interest rate swap, interest rate lock
      agreement or similar arrangement providing for protection against fluctuations in interest rates or the exchange of nominal interest obligations, either generally or under specific contingencies, entered into by Debtor and an Affiliate of Secured
      Party or such other party acceptable to Secured Party in its sole discretion, which agreement is acceptable to Secured Party in its sole discretion.

   

  “Program Agreements”: Collectively, the
      Servicing Agreement, if any, the Servicer Side Letter, if any, the Custodial Agreement, the Agreement, the Collection Account Control Agreement, the Seller’s Clearing Account Control Agreement, the Reserve Account Control

   

   

  
     

    
      
 

  

   

  Agreement, the Electronic Tracking Agreement, if any, and the Guaranty,
      if any, and any other agreements entered into in connection with the Agreement between the Secured Party and the Debtor.

   

  “Purchased Agency Securities”: The
      collective reference to Agency Securities sold by Debtor to Secured Party in a Transaction under the Agreement.

   

  “Purchased Assets”: Each of the following
      items or types of property, whether now owned or hereafter acquired, now existing or hereafter created and wherever located: the Purchased Mortgage Loans, the Records, and all related Servicing Rights, the Purchased Agency Securities, the Program
      Agreements (to the extent such Program Agreements and Debtor’s right thereunder relate to the Purchased Mortgage Loans or the Purchased Agency Securities), any Mortgaged Property relating to the Purchased Mortgage Loans or the Purchased Agency
      Securities, all insurance policies and insurance proceeds relating to any Purchased Mortgage Loan or the related Mortgaged Property, including, but not limited to, any payments or proceeds under any related primary insurance, hazard insurance and FHA
      Mortgage Insurance Contracts (if any) and VA Loan Guaranty Agreements (if any), Income, all amounts in the Collection Account, all amounts in the Seller’s Clearing Account and the Reserve Account, and any account to which such amount is deposited,
      Interest Rate Protection Agreements, accounts (including any interest of Debtor in escrow accounts) and any other contract rights, instruments, accounts, payments, rights to payment (including payments of interest or finance charges) general
      intangibles and other assets relating to the Purchased Assets (including, without limitation, any other accounts) or any interest in the Purchased Assets, and any proceeds (including the related securitization proceeds) and distributions with respect
      to any of the foregoing and any other property, rights, title or interests relating to any of the foregoing as are specified on a Transaction Request and/or Trust Receipt, in all instances, whether now owned or hereafter acquired, now existing or
      hereafter created.

   

  “Purchased Mortgage Loans”: The collective
      reference to Mortgage Loans sold by the Debtor to the Secured Party in a Transaction under the Agreement, listed on the related Mortgage Loan Schedule attached to the related Transaction Request, which such Mortgage Loans the Custodian has been
      instructed to hold pursuant to the Custodial Agreement.

   

  “Servicing Rights”: The contractual
      possessory or other rights of the Debtor or any third party servicer to administer or service the Purchased Mortgage Loans, including, without limitation, the right to collect Monthly Payments.

   

  “Transaction Request”: A request from the
      Debtor to the Secured Party to enter into a Transaction, submitted through Secured Party’s on-line warehouse loan system.

   

  THIS FINANCING STATEMENT IS FILED FOR
        PRECAUTIONARY PURPOSES ONLY. THE PARTIES INTEND THAT THE TRANSACTIONS UNDER THE AGREEMENT CONSTITUTE PURCHASES AND SALES. THIS UCC-1 FINANCING STATEMENT IS INTENDED TO PERFECT A SALE OF ACCOUNTS, TO THE EXTENT THE PROPERTY DESCRIBED ABOVE
        CONSTITUTES ACCOUNTS, AND TO PERFECT A SECURITY INTEREST IN THE PROPERTY DESCRIBED ABOVE IF, NOTWITHSTANDING THE PARTIES’ INTENT, THE TRANSACTIONS

   

   

  
     

    
      
 

  

   

  UNDER THE AGREEMENT ARE RECHARACTERIZED AS A SECURED FINANCING.

   

  Filing Office(s)

  New JerseyExhibit 10.8

   

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

  

   

  MASTER REPURCHASE AGREEMENT

   

  between

   

  Amherst Pierpont Securities LLC, as the Buyer,

   

  and

   

  Home Point Financial Corporation, as the Seller

   

  Dated as of October 1, 2020 

  
     

    
      
 

  

   

  TABLE OF CONTENTS

   

  

  

  

  	 	Page
	 	 
	ARTICLE I DEFINITIONS AND ACCOUNTING MATTERS	1
	 	 	 
	Section 1.01	Definitions	1
	Section 1.02	Accounting Terms and Determinations	12
	 	 	 
	ARTICLE II INITIATION; TERMINATION	12
	 	 	 
	Section 2.01	Conditions Precedent to Initial Transaction	12
	Section 2.02	Conditions Precedent to all Transactions	13
	Section 2.03	Procedure for Requesting Transactions	14
	Section 2.04	Confirmations; Transactions; Settlement Statements	15
	Section 2.05	Delivery of GNMA Securities	15
	Section 2.06	Delivery Failure; Mini Close-Out	16
	Section 2.07	Repurchase	16
	Section 2.08	Termination	17
	 	 	 
	ARTICLE III MARGIN MAINTENANCE; NETTING	17
	 	 	 
	Section 3.01	Margin Deficit and Margin Excess	17
	 	 	 
	ARTICLE IV INCOME PAYMENTS	18
	 	 	 
	Section 4.01	Income Payments	18
	Section 4.02	Application of Income	18
	 	 	 
	ARTICLE V TAXES	19
	 	 	 
	Section 5.01	Tax Treatment	19
	Section 5.02	Taxes.	19
	 	 	 
	ARTICLE VI SECURITY INTEREST	20
	 	 	 
	Section 6.01	Purchased Assets	20
	Section 6.02	Security Interest	21
	Section 6.03	[Reserved]	21
	Section 6.04	Further Documentation	21
	Section 6.05	Proceeds	21
	Section 6.06	Conditional Release of Eligible Mortgage Loans	22
	Section 6.07	Confirmation of Intended Sale/Security Interest	22
	 	 	 
	ARTICLE VII PAYMENT, TRANSFER AND CUSTODY	23
	 	 	 
	Section 7.01	Payments to the Buyer	23
	Section 7.02	Ownership of Purchased Assets	23
	 	 	 
	ARTICLE VIII SELLER REPRESENTATIONS	24
	 	 	 
	Section 8.01	Solvency	24
	Section 8.02	Ability to Perform	24
	Section 8.03	No Defaults	24
	Section 8.04	Legal Name; Existence	24

  

  
     

    
      
 

  

   

  	Section 8.05	Litigation	24
	Section 8.06	No Breach	25
	Section 8.07	Action	25
	Section 8.08	Approvals	25
	Section 8.09	Margin Regulations	25
	Section 8.10	Investment Company Act	25
	Section 8.11	Purchased Assets; No Liens	25
	Section 8.12	Location of Chief Executive Offices	26
	Section 8.13	Location of Books and Records	26
	Section 8.14	Reserved	26
	Section 8.15	Anti-Money Laundering Law	26
	Section 8.16	Agency Approvals	26
	Section 8.17	Information Furnished	26
	Section 8.18	Eligible Mortgage Loan	26
	 	 	 
	ARTICLE IX COVENANTS OF THE SELLER	27
	 	 	 
	Section 9.01	Litigation	27
	Section 9.02	Existence, etc	27
	Section 9.03	Notices and Reports	27
	Section 9.04	Limitation on Liens	28
	Section 9.05	MERS	28
	Section 9.06	Preservation of Security Interest	28
	Section 9.07	Compliance with Law	28
	Section 9.08	Obligations with Respect to Purchased Assets	28
	Section 9.09	Conveyance of Certified Pools; Security Interests	28
	Section 9.10	Further Assurances	29
	Section 9.11	Taxes	29
	Section 9.12	Servicing	29
	Section 9.13	Custodian	30
	Section 9.14	Reimbursement of Ongoing Expenses	30
	 	 	 
	ARTICLE X EVENTS OF DEFAULT; REMEDIES	30
	 	 	 
	Section 10.01	Events of Default	30
	Section 10.02	Remedies Upon Default	31
	Section 10.03	Remedies Cumulative	34
	 	 	 
	ARTICLE XI MISCELLANEOUS	35
	 	 	 
	Section 11.01	Indemnification	35
	Section 11.02	Single Agreement	35
	Section 11.03	Notices and Other Communications	35
	Section 11.04	Entire Agreement; Severability	36
	Section 11.05	Assignability and Hypothecation	36
	Section 11.06	Survival	37
	Section 11.07	GOVERNING LAW	37
	Section 11.08	SUBMISSION TO JURISDICTION; WAIVERS	37
	Section 11.09	No Waivers, Etc	38
	Section 11.10	Intent	38

  

  
     

    
      
 

  

   

  	Section 11.11	Periodic Due Diligence Review	40
	Section 11.12	Buyer’s Appointment As Attorney-In-Fact	40
	Section 11.13	Conflicts	41
	Section 11.14	Counterparts	41
	Section 11.15	Captions	41
	Section 11.16	Acknowledgments	41
	Section 11.17	Confidentiality	42
	Section 11.18	Set-Off	43
	Section 11.19	Amendment	43
	Section 11.20	Third-Party Beneficiaries	43
	Section 11.21	Limitation of Liability	43
	Section 11.22	Non-Reliance	43
	Section 11.23	Register	44

   

  	EXHIBITS	 
	 	 
	SCHEDULE 1	[Reserved]
	EXHIBIT I	Transaction Request
	EXHIBIT II	[Reserved]
	EXHIBIT III	Form of Settlement Statement

  

   

  
     

    
      
 

  

   

  MASTER REPURCHASE AGREEMENT

   

  MASTER REPURCHASE AGREEMENT, dated as of
    October 1, 2020 (as amended, supplemented or otherwise modified from time to time, this “Agreement”), by and between Amherst Pierpont Securities LLC, a Delaware limited liability company (the “Buyer”) and Home Point Financial Corporation,
    a New Jersey corporation (the “Seller”).

   

  RECITALS

   

  From time to time the Seller and the Buyer may enter into transactions in which the Seller agrees to sell to the Buyer
    Certified Pools and other assets as more particularly described below in the definition of “Purchased Assets” and the Buyer agrees to purchase such Certified Pools in accordance with the terms and conditions set forth herein, subject to the
    Seller’s obligations to repurchase such Certified Pools. Each such transaction shall be referred to herein as a “Transaction” and, collectively, the “Transactions” and shall be governed by this Agreement.

   

  ARTICLE I 

  DEFINITIONS AND ACCOUNTING MATTERS

   

  Section 1.01      Definitions. As used herein, the following terms shall have the following meanings (all terms
    defined in this Section 1.01 or in other provisions of this Agreement in the singular to have the same meanings when used in the plural and vice versa). Terms otherwise not defined herein shall have the meanings assigned thereto in the Custodial
    Agreement.

   

  “Act of Insolvency” shall mean, with respect to any Person, the occurrence of any of the following with respect to such Person:

   

  (a)       Such Person shall admit in writing its inability to pay its debts as such debts become due; or

   

  (b)       Such Person shall (i) apply for or consent to the appointment of, or the taking of possession
    by, a receiver, custodian, trustee, examiner or liquidator or the like of itself or of all or a substantial part of its property, (ii) make a general assignment for the benefit of its creditors, (iii) commence a voluntary case under the Bankruptcy
    Code, (iv) file a petition seeking to take advantage of any other law relating to bankruptcy, insolvency, reorganization, liquidation, dissolution, arrangement or winding-up, or composition or readjustment of debts, (v) fail to controvert in a timely
    and appropriate manner, or acquiesce in writing to, any petition filed against it in an involuntary case under the Bankruptcy Code or (vi) take any other action for the purpose of effecting any of the foregoing; or

   

  (c)       A proceeding or case shall be commenced, without the application or consent of such Person in
    any court of competent jurisdiction, seeking (i) the reorganization, liquidation, dissolution, arrangement or winding-up, or the composition or readjustment of such Person’s debts, (ii) the appointment of, or the taking of possession by, a receiver,
    custodian, trustee, examiner, liquidator or the like of such Person or of all or any substantial part of its property, or (iii) similar relief in respect of

   

  
     

    
      
 

  

  
  such Person under any law relating to bankruptcy, insolvency, reorganization, liquidation, dissolution, arrangement or
    winding-up, or composition or adjustment of debts and such proceeding or case shall continue undismissed, or an order, judgment or decree approving or ordering any of the foregoing shall be entered and continue unstayed and in effect, for a period of
    [***] or more days; or an order for relief against such Person shall be entered in an involuntary case under the Bankruptcy Code.

   

  “Affiliate” shall mean with respect to any Person, any “affiliate” of such Person, as such term is defined in the
    Bankruptcy Code, in effect from time to time; provided that other than the Seller and its Subsidiaries, no other portfolio company of Stone Point Capital LLC or its affiliates shall be deemed an Affiliate of Seller.

   

  “Agency Approvals” shall have the meaning specified in Section 8.16(a).

   

  “Agreement” shall have the meaning specified in the preamble hereto.

   

  “Applicable Law” means, as to any Person, all applicable laws binding upon such  Person or to which such a Person is
    subject.

   

  “Banking Department” shall have the meaning specified in Section 8.16(b).

   

  “Bankruptcy Code” shall mean the United States Bankruptcy Code of 1978, Title 11 U.S.C. Section 101 et. seq.,
    as amended from time to time.

   

  “Business Day” shall mean any day other than (i) a Saturday or Sunday, (ii) a day on which banks in the States of New
    York, Texas or Michigan or the state in which the Custodian is located are authorized or obligated by law or executive order to be closed, or (iii) any day on which either the Buyer or Seller is closed for business.

   

  “Buyer” shall have the meaning specified in the preamble hereto.

   

  “Buyer Confidential Information” shall have the meaning specified in Section 11.17(a).

   

  “Buyer’s Margin Amount” shall mean, with respect to any Transaction as of any date, the amount obtained by application
    of the Buyer’s Margin Percentage to the Repurchase Price (ignoring for this purpose only any component of the Repurchase Price representing Expenses and/or indemnity amounts) for such Transaction as of such date.

   

  “Buyer’s Margin Percentage” shall mean, with respect to any Transaction as of any date, a percentage agreed to by Buyer
    and Seller or, in the absence of such agreement the percentage obtained by dividing the Market Value of the Certified Pools and the related Purchased Assets as of the Purchase Date by the Purchase Price for such Purchased Assets on the related Purchase
    Date for such Transaction.

   

  “Capital Lease Obligations” shall mean for any Person, all obligations of such Person to pay rent or other amounts
    under a lease of (or other agreement conveying the right to use) Property to the extent such obligations are required to be classified and accounted for as a

   

  
    2 

    
      
 

  

  capital lease on a balance sheet of such Person under GAAP, and, for purposes of this Agreement, the amount of such obligations shall be the
    capitalized amount thereof, determined in accordance with GAAP.

   

  “Cash Equivalents” shall mean (a) securities with maturities of [***] or less from the date of acquisition
    issued or fully guaranteed or insured by the United States Government or any agency thereof, (b) certificates of deposit and eurodollar time deposits with maturities of  [***] or less from the date of acquisition and overnight bank deposits of
    any commercial bank having capital and surplus in excess of  [***] (c) repurchase obligations of any commercial bank satisfying the requirements of clause (b) of this definition, having a term of not more than  [***] with respect to
    securities issued or fully guaranteed or insured by the United States Government, (d) commercial paper of a domestic issuer rated at least A-1 or the equivalent thereof by S&P or P-1 or the equivalent thereof by Moody’s and in either case maturing
    within  [***] after the day of acquisition, (e) securities with maturities of  [***] or less from the date of acquisition issued or fully guaranteed by any state,
      commonwealth or territory of the United States, by any political subdivision or taxing authority of any such state, commonwealth or territory or by any foreign government, the securities of which state, commonwealth, territory, political subdivision,
      taxing authority or foreign government (as the case may be) are rated at least A by S&P or A by Moody’s, (f) securities with maturities of  [***] or less from the date of acquisition backed by standby
      letters of credit issued by any commercial bank satisfying the requirements of clause (b) of this definition or (g) shares of money market mutual or similar funds which invest exclusively in assets satisfying the requirements of clauses (a) through
      (f) of this definition.

   

  “Certified Mortgage Loan” shall mean a Mortgage Loan that the Custodian has initially certified to Ginnie Mae in
    accordance with Section 3 of the Custodial Agreement.

   

  “Certified Pools” shall mean each Pool of Eligible Mortgage Loans that is the subject of an “initial certification” by
    the Custodian to Ginnie Mae in accordance with the GNMA Guide. Each Certified Pool shall contain all property rights in and to all Purchased Assets contained in such Certified Pool. Notwithstanding anything to the contrary herein, all right, title and
    interest of the Buyer in any Certified Pool shall adhere and attach herein only for so long as such Certified Pool is subject to a Transaction hereunder.

   

  “Closing Date” shall mean October 1, 2020.

   

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

   

  “Collateral Confirm” shall mean a Collateral Confirm issued by the Custodian to the Buyer pursuant to the Custodial
    Agreement confirming the Custodian’s possession of the Mortgage Files.

   

  “Collection Account” means, as the context may require, either or both of the two  accounts, as applicable, established
    by the Seller at Merchants Bank of Indiana, ABA Number  [***] and having the account number  [***] (for principal and interest) and the account number [***] (for Taxes and insurance). 

  
    3 

    
      
 

  

  “Confirmation” shall have the meaning specified in Section 2.04(a).

   

  “Costs” shall have the meaning specified in Section 11.01.

   

  ”Credit File” shall mean all papers and
    records of whatever kind or description, whether developed or originated by the Seller or others, required to document a Mortgage Loan; provided, however, that such Mortgage Loan papers, documents and records shall not include any Mortgage
    Loan papers, documents or records which are contained in the Mortgage File.

   

  “Custodial Agreement” means the Tri-Party Custody Agreement, dated as of October 1, 2020 among the Buyer, the Seller
    and the Custodian, as amended, supplemented or otherwise modified from time to time.

   

  “Custodian” shall mean U.S. Bank, National Association, a national banking association, and its successors in interest,
    as custodian under the Custodial Agreement, and any successor custodian under the Custodial Agreement.

   

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

   

  “Disputes” shall have the meaning specified in Section 8.05.

   

  “Dollars” and “$” shall mean lawful money of the United States of America.

   

  “Electronic Agent” shall mean MERSCORP Holdings, Inc., and its successors and assigns.

   

  “Electronic Tracking Agreement” shall mean that certain Electronic Tracking Agreement, if any, among the Buyer, the
    Seller, the Electronic Agent and Mortgage Electronic Registration Systems, Inc.; provided that if no Mortgage Loans are or will be MERS Designated Mortgage Loans, all references herein to the Electronic Tracking Agreement shall be disregarded.

   

  “Electronic Transmission” shall mean the delivery of information in an electronic format reasonably acceptable to the applicable recipient
    thereof.

   

  “Eligible Mortgage Loan” shall mean a Mortgage Loan:

   

   (a)       Which is secured by a Mortgage;

   

   (b)       Which is secured by a first lien on real property;

   

  (c)       Which was originated in accordance with underwriting guidelines acceptable to FHA, VA, RD, or the PIH, as
    applicable, and to GNMA;

   

  (d)       Which is eligible for insurance by the FHA or for guaranty by the VA or guaranty or issuance by RD or PIH; 

  
    4 

    
      
 

  

  (e)       The proceeds of which have been fully disbursed to the Mortgagor and there is no obligation for the mortgagee or its agent to advance additional funds thereunder unless required per FHA, VA, RD, PIH or GNMA requirements for a
      GNMA Securitization;

   

  (f)       The servicing rights appurtenant to which are not pledged to or otherwise encumbered by, any Person other than the
    Buyer (or as otherwise required by GNMA), unless such pledge or encumbrance will be removed upon the payment of the applicable repurchase price to any prior warehouse lender or other financing party out of the Purchase Price);

   

   (g)       [reserved.]

   

   (h)       Which the Custodian has designated as being a Certified Mortgage Loan;

   

  (i)        Which is contained in a pool that has the associated pool number and CUSIP indicated on the Custodian Loan
    Transmission delivered by the Custodian; and

   

  (j)        Which meets any other requirements agreed to between the Seller and the Buyer with respect to any Transaction
    hereunder.

   

  “Event of Default” shall have the meaning specified in Section 10.01 hereof.

   

  “Executive Order” shall have the meaning specified in Section 8.15 hereof.

   

  “Expenses “ shall mean Ongoing Expenses and Upfront Expenses.

   

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

   

  “FDIA” shall have the meaning specified in Section 11.10(c).

   

  “FDICIA” shall have the meaning specified in Section 11.01(d).

   

  “FHA” shall mean the Federal Housing Administration or any successor thereto.

   

  “FHA Mortgage Loan” means any mortgage loan which is originated in compliance with
    applicable FHA guidelines and upon the origination of such mortgage loan and the submission thereof by the related originator to the FHA, the related originator received the necessary endorsements and approvals by the FHA, as evidenced by the FHA
    mortgage insurance certificate. 

  
    5 

    
      
 

  

  “Final Repurchase Date” shall mean, for any Transaction, the earlier to occur of (a) the related Repurchase Date and
    (b) the Termination Date.

   

  “Forward Exposure” shall mean with respect to any party and a Transaction on any date, (i) the amount of loss, if any,
    such party would incur upon canceling such Transaction and entering into a replacement transaction by reference to the price for such replacement transaction on such date obtained from a generally recognized source agreed to by the parties or the most
    recent closing bid quotation from such a source, or (ii) if such Transaction has been the subject of a Related Transaction under Section 11.05 hereof, the costs to Buyer of unwinding such Related Transaction, plus the applicable Price Differential for
    the number of days elapsed from the Purchase Date to the date of the mini close-out payment under Section 2.06.

   

  “GAAP” shall mean generally accepted accounting principles as in effect from time to time in the United States.

   

  “GinnieNET” means Ginnie Mae’s web-based application that accommodates electronic pooling and investor reporting via
    the internet.

   

  “Ginnie Mae” or “GNMA” shall mean the Government National Mortgage Association or any successor thereto.

   

  “GNMA Guide” shall mean Ginnie Mae’s “MBS Guide” as in effect from time to time.

   

  “GNMA Lien” shall mean the Lien of Ginnie Mae on Certified Mortgage Loans included in a Certified Pool, which such Lien
    attaches during the pool processing as provided in HUD Form 11711A and which Lien continues for so long as the Mortgage Loans remain as Certified Mortgage Loans included in a GNMA Security.

   

  “GNMA Securitization” shall mean a securitization pursuant to which GNMA Securities are issued.

   

  “GNMA Security” shall mean a Ginnie Mae security backed by Mortgage Loans, which is issued by Seller or by another
    Ginnie Mae-approved issuer and guaranteed by Ginnie Mae.

   

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

   

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

   

  “Income” shall mean, with respect to any Purchased Asset at any time, all prepayments and payoffs, sale proceeds,
    insurance claims, condemnation awards, real estate owned rents and any other income and all other amounts received with respect to such Purchased Asset; provided, that Income shall not include any escrow payments or mortgage servicing fees 

  
    6 

    
      
 

  

  or the proceeds of the sale by the Seller of any mortgage servicing rights relating to any of the Mortgage Loans.

   

  “Indemnified Party” shall  have the meaning specified in Section 11.01.

   

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

   

  “Loan Level Representation” shall mean any representation or warranty in Sections 6.07(d) or 8.18.

   

  “Margin Call” shall have the meaning specified in Section 3.01(a).

   

  “Margin Deficit” shall have the meaning specified in Section 3.01(a).

   

  “Margin Excess” shall have the meaning specified in Section 3.01(b).

   

  “Margin Notice Deadline” shall mean  [***] New York City time on the applicable Business Day.

   

  “Market Value” shall mean, as of any date, with respect to any Certified Pool or any specific Purchased Asset, the
    value of such Certified Pool or specific Purchased Asset, as marked to market by the Buyer in accordance with a commercially reasonable methodology; provided that the following Mortgage Loans shall have a Market Value of zero: (a) any Mortgage
    Loan that is not eligible to be included in a GNMA Securitization, and (b) any Mortgage Loan that is not an Eligible Mortgage Loan.

   

  “Material Adverse Effect” shall mean a material adverse effect on (a) the ability of the Seller to perform its
    obligations under any of the Repurchase Documents, (b) the validity or enforceability of any of the Repurchase Documents, (c) the rights and remedies of the Buyer against Seller under any of the Repurchase Documents, (d) the Market Value of all or any
    significant portion of the Certified Pools and/or the Purchased Assets, (e) the Buyer’s ownership or security interest in all or any significant portion of the Certified Pools and/or the Purchased Assets.

   

  “MERS” means Mortgage Electronic Registration Systems, Inc., a corporation organized and existing under the laws of the
    State of Delaware, or any successor thereto.

   

  “MERS® System” shall mean MERS mortgage electronic registry system, as more particularly described in the MERS
    Procedures Manual.

   

  “Moody’s” means Moody’s Investors Service, Inc. or any successors thereto.

   

  “Mortgage” shall mean with respect to a Mortgage Loan, the mortgage, deed of trust or other instrument securing a
    Mortgage Note, which creates a first Lien on a fee simple residential Mortgaged Property securing the Mortgage Note or a leasehold estate with respect to real property located in jurisdictions in which the use of leasehold estates for residential
    properties is a widely accepted practice. 

  
    7 

    
      
 

  

  “Mortgage File” shall mean, as to each Mortgage Loan, those documents that are delivered to the Custodian or which at
    any time come into the possession of the Custodian pursuant to the Custodial Agreement.

   

  “Mortgage Loan” shall mean a FHA Mortgage Loan, a VA Mortgage Loan, a RD Mortgage Loan or a PIH Mortgage Loan, with
    respect to which the Custodian has been instructed to hold the related Mortgage File pursuant to the Custodial Agreement; provided, that, for the avoidance of doubt, such Mortgage Loan includes, without limitation, the Mortgage Note, the
    related Mortgage and all associated Servicing Rights.

   

  “Mortgage Note” shall mean the original executed promissory note or other evidence of the indebtedness of a Mortgagor
    with respect to a Mortgage Loan.

   

  “Mortgaged Property” shall mean, with respect to a Mortgage Loan, a fee simple interest in, or a leasehold estate (to
    the extent the use of leasehold estates for residential properties in such jurisdictions is a widely accepted practice) with respect to, the real property (including all improvements, buildings, fixtures, building equipment and personal property
    thereon and all additions, alterations and replacements made at any time with respect to the foregoing) and all other collateral securing repayment of the debt evidenced by a Mortgage Note.

   

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

   

  “OFAC Regulations” shall have the meaning specified in Section 8.15 hereof.

   

  “Ongoing Expenses” shall mean all expenses (excluding Upfront Expenses and Taxes) incurred by or on behalf of the Buyer
    in connection with this Agreement or any Repurchase Document and any amendment, supplement or other modification or waiver related thereto, including without limitation, the reasonable costs and expenses incurred in connection with the enforcement of
    this Agreement or any Repurchase Document and any reasonable and documented attorney’s fees.

   

  “Person” shall mean any individual, corporation, company, voluntary association, partnership, joint venture, limited
    liability company, trust, unincorporated association or government (or any agency, instrumentality or political subdivision thereof).

   

  “PIH” means the United States Department of Housing and Urban Development’s Office of Public and Indian Housing.

   

  “PIH Mortgage Loan” means any mortgage loan which is originated in compliance with applicable PIH guidelines and
    requirements and is insured or guaranteed by the PIH.

   

  “Pool” shall have the meaning specified for such term in the “Definitions of Terms” section of “Ginnie Mae MBS
    Loan-Level Disclosure Definitions” in the GNMA Guide, which, as of the date of this Agreement, means “[a] collection of mortgage loans, which is the basis for a mortgage-backed security”. 

  
    8 

    
      
 

  

  “Pool Settlement Date” shall mean, with respect to any Certified Pool, any date on which the GNMA Securities related to
    such Certified Pool are credited to the securities account referenced in section 2.05 hereof.

   

  “Price Differential” shall mean with respect to any Transaction as of any date, the aggregate amount obtained by daily
    application of the Pricing Rate for such Transaction to the Purchase Price for such Transaction on a 360 day per year basis for the actual number of days during the period commencing on (and including) the Purchase Date for such Transaction and ending
    on (but excluding) the date of determination (reduced by any amount of such Price Differential previously paid by the Seller to the Buyer with respect to such Transaction).

   

  “Pricing Rate” shall mean, for any Transaction the per annum percentage rate for determination of the Price
    Differential as set forth in the related Confirmation.

   

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

   

  “Purchase Date” shall mean, with respect to each Transaction, the date on which Purchased Assets are sold by the Seller
    to the Buyer hereunder.

   

  “Purchase Price” shall mean the price at which a Certified Pool and the related Purchased Assets is transferred by the
    Seller to the Buyer or its designee (including the Custodian) on the related Purchase Date.

   

  “Purchased Assets” has the meaning specified in Section 6.01.

   

  “RD” means the United States Department of Agriculture Rural Development.

   

  “RD Mortgage Loan” means any mortgage loan which is originated in compliance with applicable RD guidelines and
    requirements and is insured or guaranteed by the RD.

   

  “Register” has the meaning specified in Section 11.23.

   

  “Regulations T, U and X” shall mean Regulations T, U and X of the Board of Governors of the Federal Reserve System (or
    any successor), as the same may be modified and supplemented and in effect from time to time.

   

  “Related Transaction” has the meaning specified in Section 11.05(b).

   

  “Repurchase Date” shall mean the earlier to occur of (a) the date specified as such in the related Confirmation (which
    shall in no event be more the 364 days from the Closing Date and which shall be the related Pool Settlement Date following the related Purchase Date unless otherwise mutually agreed by the parties hereto, or (b) the earlier date specified by the Buyer
    following the occurrence of an Event of Default, if any date is so specified.

   

  “Repurchase Documents” shall mean this Agreement, the Custodial Agreement, the Electronic Tracking Agreement, if any,
    and any other agreement entered into between the Seller and the Buyer in connection herewith. 

  
    9 

    
      
 

  

  “Repurchase Obligations” shall have the meaning specified in Section 2.07.

   

  “Repurchase Price” means, with respect to a Certified Pool and the related Purchased Assets, the sum of (a) the portion
    of the Purchase Price not yet repaid, and (b) the portion of accrued and unpaid Price Differential, overdue Expenses and overdue indemnity amounts due from the Seller under this Agreement related to such Certified Pool and the related Purchased Assets,
    as reduced by all related amounts, if any, previously credited or transferred to the Buyer pursuant to Section 4.02 upon the occurrence of an Event of Default.

   

  “Requirement of Law” shall mean as to any Person, the organization documents of such Person, and any law, treaty, rule,
    binding guidance or regulation or determination of an arbitrator or a court or other Governmental Authority, in each case applicable to or binding upon such Person or any of its property or to which such Person or any of its property is subject.

   

  “Responsible Officer” shall mean, as to any Person, the chief executive officer, the chief financial officer or the
    chief operating officer of such Person.

   

  “S&P” means S&P Global Ratings, a division of S&P Global Inc., or any successor thereto.

   

  “Seller” shall mean with respect to any Transaction, Home Point Financial Corporation, a New Jersey corporation, and
    its successors in interest and permitted assigns.

   

  “Seller Confidential Information” shall have the meaning specified in Section 11.17(b).

   

  “Seller’s Margin Amount” shall mean with respect to any Transaction as of any date, the amount obtained by application
    of the Seller’s Margin Percentage to the Repurchase Price for such Transaction as of such date.

   

  “Seller’s Margin Call” shall have the meaning specified in Section 3.01(b).

   

  “Seller’s Margin Percentage” shall mean with respect to any Transaction as of any date, a percentage (which may be
    equal to the Buyer’s Margin Percentage) agreed to by the Buyer and the Seller or, in the absence of any such agreement, the percentage obtained by dividing the Market Value of the Certified Pools and the related Purchased Assets as of the Purchase Date
    by the Purchase Price for such Purchased Assets on the related Purchase Date for such Transaction.

   

  “Servicing Records” shall mean any and all servicing agreements, files, documents, records, data bases, computer tapes,
    copies of computer tapes, proof of insurance coverage, insurance policies, appraisals, other closing documentation, payment history records, and any other records relating to or evidencing the servicing of Mortgage Loans whether maintained in paper or
    electronic format and including electronic images of any such records.

   

  “Servicing Rights” shall mean, with respect to each Mortgage Loan, the right to do any and all of the following: (a)
    service and administer such Mortgage Loan; (b) collect any payments or monies payable or received for servicing such Mortgage Loan; (c) collect any late 

  
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  fees, assumption fees, penalties or similar payments with respect to such Mortgage Loan; (d) enforce the provisions of all agreements or
    documents creating, defining or evidencing any such servicing rights and all rights of the servicer thereunder, including, but not limited to, any clean-up calls and termination options; (e) collect and apply any escrow payments or other similar
    payments with respect to such Mortgage Loan; (f) control and maintain all accounts and other rights of payments related to any of the property described in the other clauses of this definition; (g) possess and use any and all documents, files, records,
    servicing files, servicing documents, Servicing Records, data tapes, computer records, or other information pertaining to such Mortgage Loan or pertaining to the past, present or prospective servicing of such Mortgage Loan; and (h) enforce any and all
    rights, powers and privileges incident to any of the foregoing.

   

  “Settlement Statement” shall mean each schedule in substantially the form of Exhibit III hereto, prepared by the Buyer
    with respect to each Pool Settlement Date and issuance of GNMA Securities and detailing, among other things, the Repurchase Price for the related Certified Pool, the proceeds of the sale of the related GNMA Securities and the application of such
    proceeds, and whether any Margin Excess or Margin Deficit would exist following the application of such proceeds.

   

  “Sub-Servicer” shall have the meaning specified in Section 9.12(b).

   

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

   

  “Tax” or “Taxes” means all present or future taxes, levies, imposts, duties, deductions, withholdings (including
    backup withholding), assessments, fees or other charges imposed by any Governmental Authority, including any interest, additions to tax or penalties applicable thereto.

   

  “Termination Date” shall mean the earlier to occur of (a) the date specified by the Buyer following the occurrence of
    an Event of Default that is not waived by the Buyer in writing, if any date is so specified, and (b) the date on which the parties agree to terminate this Agreement.

   

  “Third-Party Diligence Expenses” shall mean reasonable and invoiced expenses incurred by the Buyer in retaining
    third-party diligence providers to review the Seller’s policies and procedures with respect to data integrity, legal compliance and other customary diligence matters relating to the extension of consumer credit, warehouse financing and securitization
    of mortgage loans in connection with Ginnie Mae’s MBS programs.

   

  “Transaction” or “Transactions” has the meaning specified in the Recitals hereto. 

  
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  “Transaction Request” means a request delivered in accordance with Section 2.03(b) from the Seller to the Buyer, in the
    form attached as Exhibit I hereto, to enter into a Transaction.

   

  “U.S. Person” means any Person that is a “United States Person” as defined in Section 7701(a)(30) of the Code.

   

  “Uniform Commercial Code” or “UCC” shall mean the Uniform Commercial Code as enacted in each applicable state as
    in effect on the date hereof.

   

  “Upfront Expenses” shall mean all reasonable invoiced out of pocket expenses (excluding Ongoing Expenses, and Taxes)
    incurred by or on behalf of Buyer associated with the start-up of this facility (including the expenses incurred for the initial onboard and set up of the facility), the preparation, execution, delivery and administration of the Repurchase Documents
    and including the reasonable fees, disbursements and other charges of Buyer’s counsel and Third-Party Diligence Expenses.

   

  “Upfront Expense Cap” shall mean a maximum of  [***].

   

  “VA” means the United States Department of Veterans Affairs or any successor thereto.

   

  “VA Mortgage Loan” means any mortgage loan originated in compliance with applicable VA guidelines and upon the
    origination of such mortgage loan and the submission thereof by the related originator to the VA, the related originator received the necessary endorsements and approvals by the VA, as evidenced by the VA loan guaranty certificate.

   

  Section 1.02      Accounting Terms and Determinations. Except as otherwise expressly provided herein, all accounting
    terms used herein shall be interpreted, and all financial statements and certificates and reports as to financial matters required to be delivered to the Buyer hereunder shall be prepared, in accordance with GAAP.

   

  ARTICLE II

  INITIATION; TERMINATION

   

  Section 2.01      Conditions Precedent to Initial Transaction. The Buyer may enter into the initial Transaction only
    following the satisfaction, immediately prior to or concurrently with the making of such Transaction, of the following conditions (unless any such condition is otherwise waived by Buyer):

   

  (a)          The Buyer shall have received from the Seller the following documents, each of which shall be satisfactory in
    form and substance to the Buyer and its counsel:

   

  (i)       Master Repurchase Agreement. This Agreement, duly completed and executed by the parties hereto;

   

  (ii)       Custodial Agreement. The Custodial Agreement, duly executed and delivered by each party thereto; 

  
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  (iii)       UCC Financing Statements. Evidence that all other actions necessary or, in the opinion of the Buyer, desirable to perfect and protect the Buyer’s interest in the Certified Pools and the
      related Purchased Assets have been taken, including, without limitation, filed UCC Financing Statements naming the Seller as debtor and the Buyer or its assigns as Secured Party and describing the Certified Pools and the related Purchased Assets,
      including by reference to this Agreement;

   

  (iv)       Seller’s Officer’s Initial Purchase Certificate. An Officer’s Certificate in such form
    as agreed between the parties;

   

  (v)       Status of Seller. Evidence of Seller’s status as an FHA and VA approved mortgagee and a
    GNMA approved issuer;

   

  (vi)       Legal Opinions. Legal opinions as to the due authorization, execution and delivery and
    enforceability with respect to the Seller of the Repurchase Documents; the status of this Agreement as either a “securities contract” under Section 741(7) of the Bankruptcy Code or a “repurchase agreement” under Section 101(47) of the Bankruptcy Code;
    and as to the Buyer’s status as the holder of a perfected security interest in the Purchased Assets under the UCC; and

   

  (vii)       Other Ancillary Documents. Such other ancillary documents as the Buyer may reasonably
    request, in form and substance reasonably acceptable to the Buyer to effectuate the Transactions contemplated hereunder. In addition, the Seller shall have taken such other action as the Buyer shall have reasonably requested in order to transfer the
    Purchased Assets pursuant to this Agreement.

   

  (b) Reimbursement of Expenses. If, by the earlier to
      occur of the date that is, nine months from the date hereof or six months from the date of the first Transaction, the aggregate, cumulative Purchase Price of all Transactions during such time is less than  [***]

      Seller shall reimburse Purchaser for all Upfront Expenses incurred by the Buyer on or prior to such date subject to the Upfront Expense Cap, within thirty (30) days of its receipt of an invoice therefore.

   

  Section 2.02      Conditions Precedent to all Transactions. The Buyer may enter into each Transaction (including the
    initial Transaction) only following the satisfaction of the following further conditions precedent, in each case, both immediately prior to entering into such Transaction and also after giving effect to the consummation thereof and the intended use of
    the proceeds of the sale (unless any such condition is otherwise waived by Buyer):

   

  (a)       The Seller shall have delivered or caused to be delivered a Transaction Request via Electronic
    Transmission in accordance with the procedures set forth in Section 2.03(b);

   

  (b)       The Seller shall have caused to be delivered to the Custodian a Mortgage Loan Schedule (as
    defined in the Custodial Agreement); 

  
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  (c)       The Seller shall have sufficient “Commitment Authority” with Ginnie Mae as of the requested
    Purchase Date to allow Ginnie Mae to attach its guaranty to the full amount of the related GNMA Securities to be backed by the related Certified Pool(s).

   

  (d)       No Default or Event of Default with respect to Seller shall have occurred and be continuing under the Repurchase Documents;

   

  (e)       The Certified Pools and the related Purchased Assets shall be free of all Liens on and as of
    the related Purchase Date, other than liens released in connection with the funding of the related Transaction. The Buyer acknowledges that during the pool processing period for each Certified Pool the Buyer’s interest in the related Certified Mortgage
    Loans will be relinquished in favor of the GNMA Lien, except with respect to any Mortgage Loans that subsequently become Non-Certified Loans. No such relinquishment shall affect the Buyer’s interest in the proceeds of such Mortgage Loans, including the
    resulting GNMA Security to be backed by such Mortgage Loans;

   

  (f)       The Buyer shall have received from the Seller by Electronic Transmission Ginnie Mae Form 11705
    showing transfer status as “certified”, Ginnie Mae Form 11706 showing transfer status as initially “certified” and Ginnie Mae Form 11711B.

   

  (g)       The Buyer shall have received from the Custodian the related Collateral Confirm, Custodian
    Loan Transmission and Exception Report (each as defined in the Custodial Agreement);

   

  (h)       Both immediately prior to the Transaction (other than the Initial Transaction) and also after
    giving effect thereto and to the intended use thereof, the representations and warranties made by the Seller in this Agreement shall be true and correct in all material respects with the same force and effect as if made on and as of such date (or, if
    any such representation or warranty is expressly stated to have been made as of a specific date, as of such specific date); and

   

  (i)       The Seller shall have provided such other ancillary documents to the Buyer as it may have
    reasonably requested, in form and substance reasonably acceptable to the Buyer. 

   

  Each Transaction Request delivered by the Seller hereunder shall constitute a certification by the Seller that all the
    conditions set forth in this Section 2.02 have been satisfied (both as of the date of such notice or request (if applicable) and as of the corresponding Purchase Date).

   

  Section 2.03      Procedure for Requesting Transactions.

   

  (a)       Subject to the satisfaction of the conditions specified in Sections 2.01 and 2.02, the Seller,
    at its option, may, from time to time in accordance with the terms hereof and upon agreement by Buyer, sell to the Buyer a Certified Pool and the related Purchased Assets that it originated, acquired or is currently acquiring and the Buyer agrees to
    purchase such Certified Pool and the related Purchased Assets as agreed from time to time. 

  
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  (b)       The Seller shall request a Transaction by delivering or causing to be delivered to the Custodian and the Buyer via Electronic Transmission (i) a request in the form of Exhibit I attached hereto
      (a “Transaction Request”), and (ii) the related Collateral Confirm, Custodian Loan Transmission and Exception Report (each as defined in the Custodial Agreement), no later than 11:00 a.m., New York City time, two Business Days prior to the
      requested Purchase Date.

   

  (c)       On the requested Purchase Date (and subject to the terms and conditions set forth in this
    Agreement), the Buyer shall cause to be remitted via wire transfer the Purchase Price against delivery of the related Certified Pool, in immediately available funds, to the account designated by Seller.

   

  (d)       In no event shall a Transaction be entered into when any Default or Event of Default with
    respect to Seller has occurred and is continuing.

   

  (e)       The Seller shall not submit Transaction Requests more often than once each Business Day

   

  Section 2.04      Confirmations; Transactions; Settlement Statements.

   

  (a)       In the event that the Buyer and Seller agree to enter into a Transaction, the Buyer shall promptly thereafter forward to the Seller a confirmation (a “Confirmation”) by Electronic Transmission
      setting forth with respect to each Transaction funded on such date the information described in the following sentence. The Confirmation shall describe (i) the Certified Pool and the related Purchased Assets (including loan numbers, pool numbers and
      CUSIPs) (ii) the Purchase Date, (which the Seller shall confirm is a Business Day for purposes of this Agreement) (iii) the Purchase Price, (iv) the Repurchase Date, (which the Seller shall confirm is a Business Day for purposes of this Agreement)
      (v) the Pricing Rate or Repurchase Price applicable to the Transaction, (vi) the account to which the related GNMA Securities are to be delivered, as required by Section 2.05 hereof and (vii) any additional terms or conditions of the Transaction not
      inconsistent with this Agreement.

   

  (b)       Each Confirmation, together with this Agreement, shall constitute conclusive evidence of the
    terms agreed between the Buyer and the Seller with respect to the Transaction to which the Confirmation relates, and the Seller’s written acceptance of the Confirmation shall constitute the Seller’s agreement to the terms of such Confirmation. It is
    the intention of the parties that each Confirmation shall not be separate from this Agreement but shall be, and hereby are, made a part of this Agreement.

   

  (c)       By [***], New York City time, on each Repurchase Date, the Buyer shall furnish the Seller with
    a Settlement Statement with respect to the related Certified Pools and GNMA Securities.

   

  Section 2.05     Delivery of GNMA Securities. With respect to each Transaction, the Seller shall instruct Ginnie Mae to
    deliver all GNMA Securities issued with respect to the Certified Pool(s) relating to such Transaction to the account specified by the Buyer in the Confirmation related to such Transaction. The Seller shall note such account on the “deliver to” 

  
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  field of the related GinnieNET submission. The Seller shall not change such account delivery instructions unless directed to do so by the Buyer.

   

  Section 2.06     Delivery Failure; Mini
      Close-Out. If Seller fails to deliver to the Buyer by [***] New York City time, on the Business Day preceding the requested Purchase Date, the items listed in paragraphs (f) and (g) of Section 2.02 hereof with respect to a Transaction, then Buyer
    (in its sole discretion) may take any of the following actions: (i) if it has made any payment to Seller in connection with such Transaction, require Seller to repay the sum so paid; (ii) if Buyer has Forward Exposure to Seller in respect of the
    Transaction, require Seller to transfer cash in an amount equal to such Forward Exposure; and (iii) at any time while such delivery failure continues, terminate such Transaction by giving notice to Seller and electing to have the provisions of Section
    10.01 of this Agreement apply as if an Event of Default had occurred with respect to Seller and such Transaction were the sole Transaction under the Agreement.

   

  Section 2.07      Repurchase. Except as the parties otherwise agree, the Seller’s obligations to repurchase Purchased
    Assets are set forth in this Section 2.07 (the “Repurchase Obligations”).

   

  (a)       The Seller shall fully satisfy its obligation to repurchase each Certified Pool and the
    related Purchased Assets from the Buyer on the related Repurchase Date and the Final Repurchase Date by delivering all of the GNMA Securities relating to such Certified Pools to Buyer’s designated securities account referenced in Section 2.05 hereof.
    If the Seller is unable to deliver GNMA Securities relating to a Certified Pool because GNMA did not issue such GNMA Securities for any reason, the Seller shall remit the Repurchase Price in cash to the Buyer or its designee by wire transfer in
    accordance with Section 7.01 hereof or, if the Seller is unable to remit the full Repurchase Price by the time required by Section 7.01, then the Seller shall direct the Custodian to deliver all of the related Mortgage Loans, all Mortgage Files
    relating to such Certified Pool, and any other Purchased Asset relating to such Transaction to the Buyer or its designee. Each obligation to repurchase exists without regard to any prior or intervening liquidation or foreclosure with respect to any
    Purchased Asset.

   

  (b)       Seller hereby assigns to Buyer, and Buyer hereby accepts, Seller’s rights and obligations with
    respect to settling each purchase of GNMA Securities related to a Transaction hereunder with the ultimate purchasers of such GNMA Securities other than Buyer (including, without limitation, the right to collect the purchase price from and deliver GNMA
    Securities to such purchasers) on the related Pool Settlement Date. Any unpaid Repurchase Price due and owing to the Buyer on such Pool Settlement Date shall be netted against the settlement payments to be paid by the Buyer (either for its own account
    or as settlement agent with respect to purchase price payable by other purchasers of the GNMA Securities) to the Seller in connection with the issuance and sale of such GNMA Securities prior to the Buyer remitting any excess settlement payment amount
    over the amount of such Repurchase Price to the Seller. The Buyer shall remit any such excess amount to the Seller by the close of business on the related Pool Settlement Date. 

  
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  (c)       Subject to compliance with Section 6.06 hereof to the extent applicable, upon payment or other
    satisfaction (as provided in this Agreement) in full of the Repurchase Price with respect to a Certified Pool and the related Purchased Assets, then (i) all of Buyer’s Liens on and security interests in such Certified Pool
      and Purchased Assets shall be, and as of the time of such compliance (to the extent applicable) and payment or satisfaction, hereby is, automatically terminated and released, and such Certified Pool and the related Purchased Assets shall be, and as
      of the time of such compliance (to the extent applicable) and payment or satisfaction, hereby is, assigned to Seller, and Seller shall be deemed to have reacquired ownership of such Certified Pool and Purchased Assets free and clear of all Liens
      arising by or through the Buyer or any of its assignees, without any further action required on the part of any party, and (ii) Buyer shall, or shall direct Custodian to, release such Certified Pool and Purchased Assets (including, without
      limitation, but subject to Section 3.02 hereof, any Margin Excess being held by Buyer pursuant to Section 3.01 hereof) to Seller or its designee. The Buyer shall deliver all physical Purchased Assets in its possession or control to the Seller or its
      designee and transfer all electronic files on its systems to the Seller or its designee, in each case on the date of any such release or transfer. At any time and from time to time, upon the written request of the Seller, the Buyer will promptly and
      duly execute and deliver, or will promptly cause to be executed and delivered, such further instruments and documents and take such further action as the Seller may reasonably request for the purpose of obtaining or preserving the full benefits of
      this termination and release of Liens on and security interests in, and assignment back to Seller of, such Certified Pool(s) and Purchased Assets The Buyer also hereby authorizes the Seller to file any Uniform Commercial Code termination statement or
      amendment to the extent necessary to evidence or give effect to any such release, termination or re-assignment without the signature of the Buyer.

   

  Section 2.08     Termination. On the Final Repurchase Date, termination of the Transactions will be effected upon
    payment of the Repurchase Price in the manner contemplated by Section 2.07 hereof. To the extent a net amount is owed to one party, the other party shall pay such amount to such party.

   

  ARTICLE III

   MARGIN MAINTENANCE; NETTING 

   

  Section 3.01      Margin Deficit and Margin Excess.

   

  (a)       If at any time the aggregate Market Value of all Certified Pools and the related Purchased
    Assets subject to all Transactions, together, without duplication, with any cash previously transferred by the Seller to the Buyer pursuant to this Section 3.01(a) and not yet returned pursuant to Section 3.01(b), is less than the aggregate Buyer’s
    Margin Amount for all such Transactions: (a “Margin Deficit”), then the Buyer may by notice (a “Margin Call”) to the Seller require the Seller to transfer to the Buyer cash in an amount equal to such Margin Deficit. 

  
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  (b)       If at any time the aggregate Market Value of all Certified Pools
      and the related Purchased Assets subject to all Transactions, together, without duplication, with any cash previously transferred by the Seller to the Buyer pursuant to Section 3.01(a) and not yet returned pursuant to this Section 3.01(b), exceeds
      the aggregate Seller’s Margin Amount for all such Transactions at such time (a “Margin Excess”), then the Seller may by notice (a “Seller’s Margin Call”) to the Buyer require Buyer to transfer to the Seller cash in an amount equal to
      such Margin Excess.

   

  (c)       If any notice is given by the Buyer or the Seller under subparagraph (a) or (b) of this Section 3.01 at or before the Margin Notice Deadline on any Business Day, the party receiving such notice shall transfer cash as provided in such subparagraph no later than  [***] such Business Day.
    If any such notice is given after the Margin Notice Deadline, the party receiving such notice shall transfer such cash no later than  [***] on the next Business Day following such notice.

   

  (d)       Each party’s election not to deliver a Margin Call or Seller’s Margin Call at any time there
    is a Margin Deficit or Margin Excess, as the case may be, shall not waive the Margin Deficit or Margin Excess or in any way limit or impair such party’s right to deliver a Margin Call or Seller’s Margin Call at any time when the same or any other
    Margin Deficit or Margin Excess, as the case may be, exists. Each party’s rights under this Section 3.01 are in addition to and not in lieu of any other rights of such party under the Repurchase Documents or Requirements of Law.

   

  (e)       Notwithstanding anything to the contrary contained herein, the parties agree that the Purchase
    Price will not be increased or decreased by the amount of cash transferred pursuant to this Section 3.01 and that such cash will be deemed to have a Market Value equal to the U.S. dollar amount of such cash. Any cash so held by Buyer shall bear
    interest at the federal funds effective rate.

   

  ARTICLE IV

   INCOME PAYMENTS 

   

  Section 4.01     Income Payments. Where a particular Transaction’s term extends over a date on which Income is received
    with respect to the Purchased Assets related to that Transaction, 100% of such Income shall be deposited in the Collection Account within the time period required by Ginnie Mae. Pending payment by Seller of the applicable Repurchase Price, all such
    Income shall be held in trust for the Buyer, shall constitute the property of the Buyer and shall not be commingled with other property of the Seller or any affiliate of the Seller except as expressly permitted above.

   

  Section 4.02     Application of Income. In the absence of the occurrence of an Event of Default by the Seller that is
    not waived by the Buyer in writing, during the term of the related Transaction (which term shall end upon payment by the Seller of the applicable Repurchase Price) the Seller shall retain all Income in trust for the Buyer, and the amount of any Income
    generated on account of any Certified Pool shall not be credited as an offset against the Repurchase Price for such Certified Pool. Upon the occurrence of an Event of Default by the 

  
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  Seller that is not waived by the Buyer in writing, all Income on account of all Certified Pools shall be remitted to the Buyer as provided in
    Section 10.02(c)(ii) hereof.

   

  ARTICLE V

  TAXES

   

  Section 5.01     Tax Treatment. Each party to this Agreement acknowledges that it is its intent for purposes of U.S.
    federal and relevant state and local income and franchise Taxes to treat each Transaction as indebtedness of the Seller that is secured by the Certified Pools and the related Purchased Assets and that, for such tax purposes, the Certified Pools and the
    related Purchased Assets are owned by the Seller in the absence of an Event of Default by the Seller. All parties to this Agreement agree to such treatment and agree to take no action inconsistent with this treatment, unless required by law.

   

  Section 5.02     Taxes.

   

  (a)           Payments Free of Taxes. In the event that any amount in respect of Taxes is required to be
    deducted or withheld from payments made, or deemed made, by the Seller hereunder pursuant to Applicable Law, Seller shall be under no obligation to gross-up such payment, indemnify Buyer or any other party in respect of such Taxes, or otherwise pay
    additional amounts in respect of such Taxes.

   

   (b)           Status of Buyer.

   

  (i)       Buyer or any assignee in respect of a Transaction that is entitled to an exemption from or reduction of withholding Tax with
    respect to payments made, or deemed made, by Seller in respect of such Transaction shall deliver to the Seller, at the time or times reasonably requested by the Seller, such properly completed and executed documentation reasonably requested by the
    Seller as will permit such payments to be made without withholding or at a reduced rate of withholding. In addition, Buyer or any assignee, if reasonably requested by the Seller, shall deliver such other documentation prescribed by Applicable Law or
    reasonably requested by the Seller as will enable the Seller to determine whether such Buyer or assignee is subject to backup withholding or information reporting requirements. Notwithstanding anything to the contrary in the preceding two sentences,
    the completion, execution and submission of such documentation shall not be required if in the Buyer’s or assignee’s reasonable judgment such completion, execution or submission would subject such Buyer or assignee to any material unreimbursed cost or
    expense or would materially prejudice the legal or commercial position of such Buyer or assignee.

   

  (ii)       Without limiting the generality of the foregoing, in the event that the Seller is a U.S. Person, if a payment made, or deemed
    made, to a Buyer or an assignee hereunder would be subject to U.S. federal withholding Tax imposed by FATCA if such Buyer or assignee were to fail to comply with the applicable reporting requirements of FATCA (including those contained in Section
    1471(b) or 1472(b) of the Code, as applicable), such Buyer or assignee shall deliver to the 

  
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  Seller at the time or times prescribed by law and at such time or times reasonably requested by the Seller such documentation prescribed by Applicable Law
    (including as prescribed by Section 1471(b)(3)(C)(i) of the Code) and such additional documentation reasonably requested by the Seller as may be necessary for the Seller to comply with its obligations under FATCA and to determine that such Buyer or
    assignee has complied with such Buyer’s or assignee’s obligations under FATCA or to determine the amount, if any, to deduct and withhold from such payment. Solely for purposes of this clause (1), “FATCA” shall include any amendments made to FATCA after
    the date of this Agreement.

   

  (iii)       The Buyer and each assignee agrees that if any form or certification it previously delivered expires or becomes obsolete or
    inaccurate in any respect, it shall update such form or certification or promptly notify the Seller in writing of its legal inability to do so.

   

  ARTICLE VI

  SECURITY INTEREST

   

  Section 6.01     Purchased Assets. Each Certified Pool subject to a Transaction, and which has not been repurchased by
    the Seller pursuant to the terms hereunder, shall contain the following items or types of property, whether now owned or hereafter acquired, now existing or hereafter created and wherever located which property, collectively, is hereinafter referred to
    as constituting the “Purchased Assets” relating solely to such Certified Pool: all Mortgage Files, including without limitation all promissory notes, all Mortgage Notes, all Mortgages, all Credit Files, all of the Seller’s rights in the related
    Eligible Mortgage Loans and the associated Servicing Rights, including any Servicing Rights under any servicing, sub-servicing or backup servicing agreements relating to such Eligible Mortgage Loans (to the extent assignable), all related Servicing
    Records and any other collateral pledged or otherwise relating to such Eligible Mortgage Loans, together with all files, documents, instruments, surveys, certificates, correspondence, appraisals, computer programs, computer storage media, accounting
    records and other books and records solely to the extent relating thereto, all mortgage guaranties and insurance (issued by governmental agencies or otherwise and to the extent assignable) and any mortgage insurance certificate or other document
    evidencing such mortgage guaranties or insurance (to the extent assignable) relating solely to such Eligible Mortgage Loans and all claims and payments thereunder, all other insurance policies and insurance proceeds relating to any such Eligible
    Mortgage Loans or the related Mortgaged Property, all Income relating to or constituting any and all of the foregoing, all of the Seller’s rights as the owner of the foregoing Purchased Asset under any other agreements or contracts relating to,
    constituting, or otherwise governing, any or all of the foregoing solely to the extent they relate to the foregoing Purchased Assets including the right to receive principal and interest payments, if applicable, with respect to the foregoing Purchased
    Assets and the right to enforce such payments, all take-out commitments entered with respect to the foregoing Purchased Assets or the related GNMA Securities, all contract rights and all “general intangibles”, “accounts”, “chattel paper”, “deposit
    accounts” and “investment property” as defined in the Uniform Commercial Code as in effect from time to time relating to or constituting any and all of the foregoing, and any and all replacements, substitutions, distributions on or proceeds of any and
    all of the foregoing, including the related GNMA Securities. 

  
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  Section 6.02      Security Interest.
    Although the Buyer and the Seller intend that, for other than tax and accounting purposes, the Transactions hereunder be sales to the Buyer of the Certified Pools and the related Purchased Assets and not loans from the Buyer to the Seller secured by
    the Certified Pools and the related Purchased Assets, in the event that a court or other forum recharacterizes the Transactions hereunder as, or otherwise finds or determines them to be, loans, in order to preserve the Buyer’s rights under this
    Agreement and as security for the performance by the Seller of all of the Seller’s obligations to the Buyer hereunder and the Transactions entered into hereunder, the Seller hereby assigns, pledges and grants to the Buyer a first priority security
    interest in all of its right, title and interest in, to and under the Certified Pools and the related Purchased Assets (other than with respect to Certified Mortgage Loans subject to any GNMA Lien) to secure the Repurchase Obligations, including,
    without limitation, the repayment of all amounts owing to the Buyer hereunder. The Seller agrees to mark its computer records and tapes to evidence the interests granted to the Buyer hereunder. All Certified Pools and the related Purchased Assets shall
    secure the payment of all obligations of the Seller now or hereafter existing under this Agreement, including, without limitation, the Seller’s obligation to repurchase Certified Pools and the related Purchased Assets, or if such obligation is so
    recharacterized as or found or otherwise determined to be a loan by a court or other forum, to repay such loan, for the Repurchase Price and to pay any and all other amounts owing to the Buyer hereunder.

   

  Section 6.03      [Reserved].

   

  Section 6.04      Further Documentation. At any time and from time to time, upon the written request of the Buyer, the
    Seller will promptly and duly execute and deliver, or will promptly cause to be executed and delivered, such further instruments and documents and take such further action as the Buyer may reasonably request for the purpose of obtaining or preserving
    the full benefits of this Agreement and of the rights and powers herein granted, including, without limitation, the filing of any financing or continuation statements under the Uniform Commercial Code in effect in any jurisdiction with respect to the
    Liens created hereby. The Seller also hereby authorizes the Buyer to file any such financing or continuation statement without the signature of the Seller to the extent permitted by Applicable Law. A carbon, photographic or other reproduction of this
    Agreement shall be sufficient as a financing statement for filing in any jurisdiction.

   

  Section 6.05      Proceeds. Subject to Section 4.02, all Income payments shall be deposited in the Collection Account
    as set forth in Section 4.01 hereof.

   

  (a) All proceeds of Certified Pools and the related Purchased Assets received by the Seller consisting of cash, checks and
    other Cash Equivalents shall be remitted to the Collection Account within the time period required by Ginnie Mae) in the exact form received by the Seller or its Sub-Servicers (duly endorsed to the Buyer). For purposes hereof, proceeds shall include,
    but not be limited to, all principal and interest payments, all prepayments and payoffs, insurance claims, condemnation awards, sale proceeds, real estate owned rents and any other income and all other amounts received with respect to the Purchased
    Assets. 

  
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  Section 6.06      Conditional Release of
      Eligible Mortgage Loans. Upon Seller’s submission to GinnieNET of any Eligible Mortgage Loans subject to a Transaction for purposes of issuing GNMA Securities, such Eligible Mortgage Loans and related Purchased Assets shall automatically and
    simultaneously be deemed released by the Buyer, and are, as of such submission, hereby released, and shall no longer be subject to any Lien on such Eligible Mortgage Loans and related Purchased Assets created by this Agreement, any such Lien shall be
    deemed released, and, as of such submission, is hereby released, and the Seller shall, including for purposes of the GinnieNET submission, be deemed to have reacquired ownership of such Eligible Mortgage Loans and related Purchased Assets; provided,

      however, that if the Buyer has not, within two (2) Business Days of such submission, received notice from the Seller that the related GNMA Securities have been posted to Ginnie Mae’s “central registry” in accordance with the pool processing steps
    outlined in Ginnie Mae’s “All Participants Bulletin 10-10”, the release and transfer of ownership of such Eligible Mortgage Loans and related Purchased Assets contemplated under this Section 6.06 shall no longer be effective and shall be deemed null
    and void. In order to effectuate a release and transfer of ownership under this Section 6.06, the Seller must provide prior written notice to the Buyer of the submission of each Eligible Mortgage Loans to GinnieNET for purposes of issuing GNMA
    Securities. The Seller shall promptly forward to the Buyer each notice it received from Ginnie Mae or its Pool Processing Agent with respect to the posting of each Certified Pool to Ginnie Mae’s “central registry”.

   

  Section 6.07      Confirmation of Intended Sale/Security Interest. It is the intention of the parties hereto that: 

  (a)       The provisions of this Agreement are effective either to constitute a sale of the Certified
    Pools and the related Purchased Assets to the Buyer or, as provided in Section 6.02, to create in favor of the Buyer a valid security interest in all right, title and interest of the Seller in, to and under the Certified Pools and the related Purchased
    Assets.

   

  (b)       Upon receipt by the Custodian of each Mortgage Note, endorsed in blank in accordance with the
    provisions of the Custodial Agreement, either a purchase shall have been completed by the Buyer of each Mortgage Note or, as provided in Section 6.02, the Buyer shall have a valid and fully perfected first priority security interest in the applicable
    Mortgage Note and in the Seller’s interest in the related Mortgaged Property.

   

  (c)       Upon the filing of financing statements on Form UCC-1 naming the Buyer or its assigns as
    “Secured Party”, the Seller as a “Debtor” and describing the Purchased Assets, with the Secretary of State of the State of New Jersey, the security interests granted hereunder in the Certified Pools and the related Purchased Assets will constitute
    fully perfected security interests under the Uniform Commercial Code in all right, title and interest of the Seller in, to and under such Certified Pools and the related Purchased Assets, which can be perfected by filing under the Uniform Commercial
    Code.

   

  (d)       Each Mortgage Loan underlying Purchased Assets is an Eligible Mortgage Loan and the
    information set forth in the Mortgage Loan Schedule and all other amounts and information in respect of such Mortgage Loan prepared by Seller in connection therewith with respect to the Mortgage Loan is true and correct in all material respects and, to
    the knowledge of a Responsible Officer of the Seller, undisputed by the Mortgagor thereon or any guarantor thereof. 

  
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  ARTICLE VII 

  PAYMENT, TRANSFER AND CUSTODY

   

  Section 7.01     Payments to the Buyer.
    Unless otherwise mutually agreed in writing all transfers of funds to be made by the Seller hereunder shall be made in Dollars, in immediately available funds, not later than [***], New York City time on the date on which such payment shall become due
    (and each such payment made after such time shall be deemed to have been made on the next succeeding Business Day). Notwithstanding the foregoing, but subject to Section 2.07 hereof, the delivery of GNMA Securities to the Custodian after the occurrence
    of a GNMA Securitization of a Certified Pool with respect to any Transaction shall constitute full and complete payment of the Repurchase Price by the Seller to the Buyer; or if such issuance does not occur for any reason or does not occur with respect
    to the entire Transaction, the return of the Certified Pool and the related Purchased Assets and underlying Mortgage Loans (or any portion thereof not subject to the GNMA Securitization) in accordance with Section 2.07 shall constitute complete payment
    of the Repurchase Price.

   

  Section 7.02     Ownership of Purchased Assets.

   

  (a)       On the Purchase Date for each Transaction, other than for tax and accounting purposes,
    ownership of the applicable Certified Pool and the related Purchased Assets shall be transferred to the Buyer or its designee against the simultaneous transfer of the Purchase Price. Upon satisfaction of the requirements of Sections 2.03 and 2.04
    hereof with respect to each Transaction, the Seller hereby sells, transfers, conveys and assigns to the Buyer or its designee (including the Custodian) all the right, title and interest of the Seller in and to the applicable Certified Pool and the
    related Purchased Assets together with all right, title and interest in and to the proceeds thereof.

   

  (b)       In connection with such sale, transfer, conveyance and assignment, in accordance with the
    requirements set forth in the Custodial Agreement, the Seller shall deliver or cause to be delivered and released to the Buyer or its designee (including the Custodian) the Mortgage File and the other documents identified in the Custodial Agreement.

   

  (c)       Any Mortgage Files and Credit Files not delivered to the Buyer or its designee (including the
    Custodian) are and shall be held in trust by the Seller or its designee for the benefit of the Buyer as the owner thereof. The Seller or its designee shall maintain a copy of the Mortgage File and the originals of the Mortgage File not delivered to the
    Buyer or its designee (including the Custodian). The possession of any Mortgage File and/or any Credit File by the Seller or its designee is at the will of the Buyer for the sole purpose of servicing the related Eligible Mortgage Loans in accordance
    with the terms of this Agreement, and such retention and possession by the Seller or its designee is in a custodial capacity only. Each Mortgage File and each Credit File retained or held by the Seller or its designee shall be segregated on the
    Seller’s books and records from the other assets of the Seller or its designee and the books and records of the Seller shall be marked appropriately to reflect clearly the sale of the related Purchased Asset to the Buyer. The Seller or its designee
    shall release its custody of any 

  
    23 

    
      
 

  

  Mortgage File and/or any Credit File only in accordance with written instructions from the Buyer, unless such release is
    required as incidental to the servicing of the related Eligible Mortgage Loans in connection with a repurchase of any Purchased Asset by the Seller.

   

  ARTICLE VIII

  SELLER REPRESENTATIONS

   

  The Seller represents and warrants to the Buyer that as of each Purchase Date for the purchase of any Certified Pools and the
    related Purchased Assets by the Buyer from the Seller and as of the Closing Date of this Agreement:

   

  Section 8.01     Solvency. Neither the Repurchase Documents nor any Transaction thereunder are entered into in
    contemplation of insolvency or with intent to hinder, delay or defraud any of the Seller’s creditors. The transfer of the Certified Pools and the related Purchased Assets subject hereto and the obligation to repurchase such Certified Pools and the
    related Purchased Assets is not undertaken with the intent to hinder, delay or defraud any of the Seller’s creditors. The Seller is (i) not insolvent within the meaning of Bankruptcy Code Section 101(32) or any successor provision thereof and the
    transfer and sale of the Certified Pools and the related Purchased Assets pursuant hereto and the obligation to repurchase such Certified Pools and the related Purchased Assets will not cause the Seller to become insolvent, (ii) will not result in the
    Seller having unreasonably small capital as determined by Buyer, and (iii) will not result in debts that would be beyond the Seller’s ability to pay as the same mature. The Seller received reasonably equivalent value in exchange for the transfer and
    sale of the Certified Pools and the related Purchased Assets.

   

  Section 8.02     Ability to Perform. The Seller does not believe, nor does it have any reason or cause to believe, that
    it cannot perform each and every covenant contained in the Repurchase Documents applicable to it to which it is a party.

   

  Section 8.03     No Defaults. No Event of Default with respect to Seller has occurred and is continuing hereunder.

   

  Section 8.04     Legal Name; Existence. The legal name of the Seller is Home Point Financial Corporation and the Seller
    (a) is a New Jersey corporation duly organized, validly existing and in good standing under the laws of the jurisdiction of its organization, except where the lack of such good standing would not be reasonably likely to have a Material Adverse Effect
    (b) has all requisite corporation power, and has all governmental licenses, authorizations, consents and approvals necessary to own its assets and carry on its business as now being or as proposed to be conducted, except where the lack of such
    licenses, authorizations, consents and approvals would not be reasonably likely to have a Material Adverse Effect; and (c) is qualified to do business and is in good standing in all other jurisdictions in which the nature of the business conducted by
    it makes such qualification necessary, except where the lack of such qualifications would not be reasonably likely to have a Material Adverse Effect.

   

  Section 8.05     Litigation. There are no actions, suits, arbitrations, investigations (including, without limitation,
    to the knowledge of the Responsible Officer of the Seller, any of 

  
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  the foregoing which are pending or threatened in writing) or
    other legal or arbitral proceedings (individually and collectively, whether pending or threatened, “Disputes”) affecting the Seller or any of its Property before any Governmental Authority that question or challenge the validity or
    enforceability of any of the Repurchase Documents or any action to be taken in connection with the transactions contemplated hereby which requires filing with Ginnie Mae, HUD, the FHA, or the VA.

   

  Section 8.06     No Breach. Neither (a) the execution and delivery of the Repurchase Documents nor (b) the consummation
    of the transactions therein contemplated in compliance with the terms and provisions thereof will violate the constitutional documents of the Seller, or any law, rule or regulation, or any order, writ, injunction or decree of any Governmental Authority
    applicable to Seller, or any material agreement or instrument to which the Seller is a party or by which any of its Property is bound.

   

  Section 8.07     Action. The Seller has all necessary corporate power, authority and legal right to execute, deliver
    and perform its obligations under each of the Repurchase Documents; the execution, delivery and performance by the Seller of each of the Repurchase Documents have been duly authorized by all necessary action on its part; and each Repurchase Document
    has been duly and validly executed and delivered by the Seller and constitutes a legal, valid and binding obligation of the Seller, enforceable against the Seller in accordance with its terms, subject as to enforceability to applicable bankruptcy,
    reorganization, insolvency, moratorium or other laws affecting creditors’ rights generally and to general principles of equity (regardless of whether enforcement is sought in a proceeding in equity or at law).

   

  Section 8.08     Approvals. Except to the extent previously obtained, no authorizations, approvals or consents of, and
    no filings or registrations with, any Governmental Authority or any securities exchange are necessary for the execution, delivery or performance by the Seller of the Repurchase Documents or for the legality, validity or enforceability thereof,
    including, without limitation, any approvals or consents from the Office of Thrift Supervision, the National Credit Union Administration, the Federal Deposit Insurance Corporation, HUD, FHA, VA, GNMA, RD, PIH or other federal agency, as applicable,
    except for filings and recordings in respect of the Liens created pursuant to the Repurchase Documents.

   

  Section 8.09     Margin Regulations. Neither any Transaction hereunder, nor the use of the proceeds thereof, will
    violate the provisions of Regulation T, U or X.

   

  Section 8.10     Investment Company Act. The Seller is not an “investment company”, within the meaning of the
    Investment Company Act of 1940, as amended.

   

  Section 8.11     Purchased Assets; No Liens.

   

  (a)       The Seller has not assigned, pledged, or otherwise conveyed or encumbered any Certified Pool
    or any Purchased Asset to any other Person, and immediately prior to the sale of such Certified Pool or any Purchased Asset to the Buyer, the Seller was the sole owner of such Purchased Asset or such other Purchased Items and had good and marketable
    title thereto, free and clear of all Liens known to the Seller, in each case except for Liens to be released in connection with the sale to the Buyer 

  
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  hereunder. The Buyer acknowledges that during the pool processing period for each Certified Pool the Buyer’s interest in the
    related Mortgage Loans will be relinquished in favor of the GNMA Lien, except with respect to any Mortgage Loans that subsequently become Non-Certified Loans. No such relinquishment shall affect the Buyer’s interest in the proceeds of such Mortgage
    Loans, including the resulting GNMA Security to be backed by such Mortgage Loans.

   

  (b)       All information in respect of such Mortgage Loan prepared by the Seller and delivered to the
    Buyer in connection therewith with respect to the Mortgage Loan is true and correct in all material respects.

   

  Section 8.12     Location of Chief Executive Offices. The Seller’s chief executive offices are located at 2211 Old
    Earhart Road, Suite 250, Ann Arbor, MI 48105.

   

  Section 8.13     Location of Books and Records. The location where the Seller keeps its physical books and records,
    including all computer tapes and records related to the Purchased Assets but excluding the Mortgage Files, is its chief executive office set forth in Section 8.12.

   

  Section 8.14     Reserved.

   

  Section 8.15     Anti-Money Laundering Law. The Seller has complied in all material respects with all applicable
    anti-money laundering laws and regulations. To Seller’s knowledge, no Mortgage Loan is subject to nullification pursuant to Executive Order 13224 (the “Executive Order”) or the regulations promulgated by the Office of Foreign Assets Control of
    the United States Department of the Treasury (the “OFAC Regulations”) or in violation of the Executive Order or the OFAC Regulations, and, to the knowledge of a Responsible Officer of the Seller, no Mortgagor is subject to the provisions of such
    Executive Order or the OFAC Regulations nor listed as a “blocked person” for purposes of the OFAC Regulations.

   

  Section 8.16     Agency Approvals. The Seller is approved by FHA, VA and RD as an approved mortgagee, and once so
    approved by PIH shall remain as an approved mortgagee by PIH, by HUD as an approved servicer and by GNMA as a Ginnie Mae-approved issuer, in each case in good standing (such collective approvals and conditions, “Agency Approvals”). No event has
    occurred which would make the Seller unable to comply with the eligibility requirements for maintaining all such Agency Approvals, nor has the Seller received notice from any of such agencies that any Agency Approval is at material risk of withdrawal.
    Should the Seller, for any reason, cease to possess all such Agency Approvals, or should receive any such notification the Seller shall so notify the Buyer immediately in writing. Notwithstanding the preceding sentence, the Seller shall take all
    necessary action to maintain all of its Agency Approvals at all times during the term of this Agreement.

   

  Section 8.17     Information Furnished. All information or data furnished by, or on behalf of, the Seller to the Buyer
    regarding the Certified Pools or Purchased Assets is true and correct in all material respects.

   

  Section 8.18     Eligible Mortgage Loan. Each Mortgage Loan is an Eligible Mortgage Loan. 

  
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  ARTICLE IX

  COVENANTS OF THE SELLER

   

  As of each Purchase Date for the purchase of
    any Certified Pool and the related Purchased Assets by the Buyer from the Seller and as of the date of this Agreement and any Transaction hereunder and at all times while the Repurchase Documents and any Transaction hereunder are in full force and
    effect:, the Seller covenants that:

   

  Section 9.01     Litigation. To the extent not otherwise prohibited by Applicable Law or any Governmental Authority
    from providing, the Seller will promptly give to the Buyer notice of all litigation, actions, suits, arbitrations, investigations (including, without limitation, any of the foregoing which are pending or, to the knowledge of a Responsible Officer of
    the Seller, threatened in writing) or other legal or arbitral proceedings affecting the Seller or its Property before any Governmental Authority that questions or challenges the validity or enforceability of any of the Repurchase Documents or any
    action to be taken in connection with the transactions contemplated hereby or thereby.

   

  Section 9.02     Existence, etc. The Seller will:

   

  (a)       Preserve and maintain its legal existence and all of its material rights, privileges, licenses
    and franchises necessary for the operation of its business except where failure to do so would not be reasonably likely to result in a Material Adverse Effect; and

   

  (b)       Not (i) move its chief executive office from the address
      referred to in Section 8.12 or (ii) change its name or jurisdiction of organization, unless it shall have provided the Buyer [***] prior written notice of such change and shall have first taken all action
      required by the Buyer for the purpose of perfecting or protecting the lien and security interest of the Buyer established hereunder.

   

  Section 9.03     Notices and Reports. To the extent not otherwise prohibited by Applicable Law or any Governmental
    Authority from providing, the Seller shall give notice to the Buyer:

   

  (a)       Promptly upon receipt of actual notice or actual knowledge by a Responsible Officer of Seller
    of the occurrence of any Default or Event of Default with respect to Seller;

   

  (b)       Promptly upon receipt of actual notice or actual knowledge by a Responsible Officer of Seller
    that a material portion of the Mortgaged Property underlying the related Purchased Asset has been damaged by waste, fire, earthquake or earth movement, windstorm, flood, tornado or other casualty, or otherwise damaged so as to affect materially and
    adversely the Market Value of the Purchased Assets taken as a whole; and

   

  (c)       Promptly upon receipt of actual notice or actual knowledge by a Responsible Officer of Seller
    of (y) any default related to any Purchased Asset, (y) any Lien or security interest on, or claim asserted against, (other than any GNMA Lien) any 

  
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  Purchased Asset or (z) any event or change in circumstances which could reasonably be expected to have a Material Adverse
    Effect on Seller.

   

  Section 9.04     Limitation on Liens.
    Immediately upon notice of a Lien (other than any GNMA Lien) or any circumstance which would be reasonably likely to give rise to a Lien (other than any GNMA Lien) on any Certified Pool or Purchased Asset, at Buyer’s expense, the Seller will defend or
    cause to be defended such Certified Pool or Purchased Asset, as applicable, against, and will permit the Buyer to take or cause to be taken such other action as is necessary to remove, any such Lien, security interest or claim on or to such Certified
    Pool or Purchased Asset, as applicable, (other than any security interest created or permitted under the Repurchase Documents), and the Seller will defend or cause to be defended the right, title and interest of the Buyer in and to any of the Certified
    Pools or Purchased Assets and its own right, title and interest in and to any interest in the Certified Pools or Purchased Assets retained by the Seller against the interests, claims and demands of all persons whomsoever, other than the interest of
    Ginnie Mae in Certified Mortgage Loans subject to any GNMA Lien.

   

  Section 9.05     MERS. The Seller shall comply, and shall cause each Sub-Servicer to comply, in all material respects
    with the rules and procedures of MERS in connection with the servicing of any Eligible Mortgage Loans that are subject to a Transaction and registered with MERS.

   

  Section 9.06     Preservation of Security Interest. The Seller hereby consents to the preparation and filing of UCC-1
    financing statements by the Buyer and its successors and assigns naming the Seller as debtor and the Certified Pools and the related Purchased Assets as collateral, and consents to the preparation and filing of such continuation statements, all in such
    manner and in such places as may be required by law or determined to be necessary by the Buyer and its successors and assigns in its reasonable discretion to fully to preserve, maintain, and protect the respective right, title and interest of the Buyer
    in the Purchased Assets.

   

  Section 9.07     Compliance with Law. The Seller will comply, in all material respects, with all laws, acts, rules,
    requisitions, orders, decrees and directions of any Governmental Authority applicable to the Certified Pools and the related Purchased Assets or any part thereof; provided, however, that the Seller may contest any law, act, regulation, order,
    decree or direction in any reasonable manner which shall not materially and adversely affect the rights or interests of the Buyer in the Mortgage Loans.

   

  Section 9.08     Obligations with Respect to Purchased Assets. The Seller will duly fulfill all obligations on its
    respective part to be fulfilled under this Agreement or in connection with each Certified Pool and each Purchased Asset, and will do nothing to impair in any material respect the rights of the Buyer in any of the Certified Pools or Purchased Assets.

   

  Section 9.09     Conveyance of Certified Pools; Security Interests. Except for the Liens of Ginnie Mae that will attach
    to the Mortgage Loans in Certified Pools during the pool processing period and for long as such Mortgage Loans do not thereafter become Non-Certified Loans, and the transfers, conveyances and Liens under or permitted in this Agreement or any other
    Repurchase Document, the Seller will not sell, pledge, assign or transfer to any other Person, or grant, create, or incur any Lien, on any Certified Pool subject to a Transaction, any 

  
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  Purchased Asset, or any interest therein except to the Buyer as set forth herein, and the Seller shall (at Buyer’s cost and expense) defend (a)
    the right, title, and interest of the Buyer and its successors and assigns in, to, and under the Certified Pools and the related Purchased Assets and (b)  its own right, title and interest in and to any interests in any
      Purchased Assets retained by the Seller, against all claims of third parties claiming, through or under the Seller; provided, however, that nothing in this Section shall prevent or be deemed to prohibit the Seller from suffering to exist upon
      any of the Purchased Assets any Liens for municipal or other local Taxes if such Taxes shall not at the time be due and payable or if the Seller shall concurrently be contesting the validity thereof in good faith by appropriate proceedings and shall
      have set aside on its books adequate reserves with respect thereto and such contests pose no risk of forfeiture.

   

  Section 9.10     Further Assurances. The Seller will make, execute or endorse, acknowledge and file or deliver to the
    Buyer and the Custodian from time to time such schedules, confirmatory assignments, conveyances, transfers, endorsements, powers of attorney, certificates, reports and other assurances or instruments and take such further steps relating to the
    Certified Pools and the related Purchased Assets and other rights covered by this Agreement, as the Buyer or the Custodian may reasonably request and reasonably require to effectuate the Transactions contemplated herein.

   

  Section 9.11     Taxes. The Buyer shall promptly pay all applicable Taxes required to be paid in connection with the
    assignment of the Certified Pools and the related Purchased Assets and Seller’s ownership of the Purchased Assets (expressly excluding any income or other Taxes attributable to the income received by the Seller from the Transactions) and acknowledges
    that the Seller shall have no responsibility with respect thereto.

   

  Section 9.12     Servicing.

   

  (a)       The Buyer agrees to appoint the Seller to service each Eligible Mortgage Loan that is the
    subject of a Transaction on behalf of the Buyer for a period of 30 days commencing on the related Purchase Date, which appointment will be automatically be renewed, without further action, upon the expiration of such 30 day period unless Seller
    receives written notice from Buyer prior to the expiration of such 30 day period that such appointment is terminated by or on behalf of the Buyer.

   

  (b)       For so long as any Eligible Mortgage Loan is subject to a Transaction, the Seller shall
    service such Eligible Mortgage Loan on behalf of the Buyer, either directly or through a Ginnie Mae approved sub-servicer (the “Sub-Servicer”). The Seller shall service, either directly or through a Sub-Servicer, all such Eligible Mortgage Loans
    in accordance with accepted servicing practices of prudent mortgage loan servicers and in accordance with FHA or VA (as applicable) and GNMA requirements and shall not resign or transfer the servicing of any such Eligible Mortgage Loans without the
    prior written consent of Buyer. Such standard of care shall not be lower than that which the Seller customarily employs and exercises in servicing and administering mortgage loans similar to the Eligible Mortgage Loans for its own account. The Seller
    shall deposit, and shall cause each Sub-Servicer to deposit, all Income with respect to Eligible Mortgage Loans that are the subject of a Transaction received by the Seller or such Sub-Servicer, as 

  
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  applicable, directly into the Collection Account within the time period required by Ginnie Mae.

   

  Section 9.13     Custodian. The Seller
    shall give the Buyer at least ten (10) Business Days’ prior notice if the Seller intends to appoint an entity other than the Custodian as a custodian of any Mortgage Loans or as a “pool processing agent” for the Seller’s Ginnie Mae program.

   

  Section 9.14     Reimbursement of Ongoing Expenses. From and after the date of the initial Transaction, the Seller
    shall reimburse the Buyer for all Ongoing Expenses as the same are incurred by the Buyer within thirty (30) days of the receipt of invoices therefor.

   

  ARTICLE X 

  EVENTS OF DEFAULT; REMEDIES

   

  Section 10.01     Events of Default. If any of the following events (each, an “Event of Default”) shall occur
    with respect to the Seller, then the Buyer shall have the rights set forth in Section 10.02:

   

  (a)       Any representation, warranty or certification made or deemed made herein or in any other
    Repurchase Document by the Seller or any certificate furnished to the Buyer pursuant to the provisions hereof or thereof or any information with respect to the Purchased Assets furnished in writing by or on behalf of the Seller shall prove to have been
    false or misleading in any material respect as of the time made or furnished; provided, that if any Loan Level Representation when made was false or misleading in any material respect, then such false or misleading Loan Level Representation will not
    cause a Default or Event of Default hereunder unless such false or misleading Loan Level Representation materially and adversely affects the Market Value of a material portion of the Purchased Assets was known at the time such Loan Level Representation
    was made to have been false or misleading; or

   

  (b)       The Seller shall default in the payment of, or shall admit its inability or intention not to
    pay, any Repurchase Price due, or any amount under Article II or Article IV or any Margin Deficit due under Article III when such amount was due and payable (whether at stated maturity, upon acceleration or at mandatory or optional prepayment); or

   

  (c)       The failure of the Seller to deliver the applicable Certified Pool and the related Purchased
    Assets set forth in any Confirmation; or

   

  (d)       The Seller shall change the account delivery instructions on GinnieNET for any GNMA
    Securities, as described in Section 2.05, except upon a direction from the Buyer to do so; or 

  
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  (e)       The Seller or any Sub-Servicer shall fail to deposit into the Collection Account any Income
    with respect to a Certified Pool or related Purchased Assets held by the Seller within the time period required by Ginnie Mae; or

   

  (f)       The Seller shall fail to comply with or admits in writing its
      inability or intention not to comply with any of the requirements of this Agreement; the Seller shall otherwise fail to observe or perform any other covenant or agreement contained in this Agreement or any other Repurchase Document and not otherwise
      specifically referenced in this Section 10.01 and, unless the Buyer reasonably determines that the situation is not susceptible to cure, such failure shall remain uncured for a period of [***] after Buyer provides notice thereof to Seller; or

   

   (g)       An Act of Insolvency shall occur with respect to the Seller; or

   

  (h)       The Seller fails to maintain its status as an FHA, RD, PIH (once PIH approval has been
    received) or VA-approved mortgagee and a Ginnie Mae or HUD-approved seller and servicer or if any such agency will no longer accept deliveries of, insure or guaranty, as applicable, Mortgage Loans from the Seller; or

   

  (i)       Any Repurchase Document shall for whatever reason be terminated (other than by the Buyer)
    without the prior signed written consent of the Buyer or cease to be in full force and effect, or the enforceability thereof shall be contested in writing by the Seller; or

   

  (j)       The Seller shall grant, or suffer to exist, any Lien on any Purchased Asset (except any Lien
    in favor of the Buyer or its successors or assigns or otherwise permitted or contemplated by any Repurchase Document and except any GNMA Lien on Certified Mortgages), or this Agreement does not constitute a “repurchase agreement” as such term is
    defined under the Bankruptcy Code or the Liens contemplated hereby in favor of the Buyer or its successors or assigns shall cease or fail to be first priority perfected Liens on any Purchased Assets (other than on any Certified Mortgages subject to any
    GNMA Lien) in favor of the Buyer or its successors or assigns or shall be Liens in favor of any Person other than the Buyer or its successors or assigns due to the actions of the Seller or the failure of the Seller to comply with Section 9.02(b)
    hereof; or

   

   (k)      The Seller shall commit any fraud in connection with this facility; or

   

  (l)       The occurrence of an event of default or any similar event with respect to the Seller or any
    of its Affiliates under any Global Master Repurchase Agreement, or similar master agreement with the Buyer or any of the Buyer’s Affiliates; or

   

  (m)      The Buyer shall have reasonably determined that a Material Adverse Effect shall have occurred.

   

  Section 10.02      Remedies Upon Default. Upon the occurrence and during the continuation of an Event of Default, the
    following rights and remedies shall be available to the Buyer: 

  
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  (a)          The Buyer shall have the set-off rights provided to it pursuant to Section 11.18.

   

  (b)          At the option of the Buyer, exercised by written notice to the Seller, which option shall
    be deemed to have been exercised, even if no notice is given, immediately upon the occurrence of the event specified in Section 10.01(g), the Final Repurchase Date for each Transaction hereunder, if it has not already occurred, shall be deemed
    immediately to occur and the Buyer shall have no further obligation to purchase offered Purchased Assets hereunder.

   

  (c)           If the Buyer exercises its option described in paragraph (b) above, or such option is
    deemed to have been exercised:

   

  (i)       The Seller’s obligations in such Transactions to repurchase all Certified Pools and all
    Purchased Assets, at the Repurchase Price therefor on the Final Repurchase Date, (1) shall thereupon become immediately due and payable, (2) all Income on Certified Pools and Purchased Assets paid after such exercise or deemed exercise, shall be
    deposited in the Collection Account and applied to the aggregate unpaid Repurchase Price and any other amounts owed by the Seller hereunder and (3) the Seller shall immediately deliver to the Buyer or its designee any Certified Pools and the related
    Purchased Assets subject to such Transactions then in Seller’s possession or control provided that if the Mortgage Loans have been delivered to GNMA pursuant to Section 6.06 hereof, the Seller shall deliver the GNMA Securities upon issuance to the
    Buyer or its designee; and

   

  

  (ii)       All Income deposited in the Collection Account pursuant to Section 4.01
    shall be applied to the aggregate unpaid Repurchase Price owed by the Seller.

   

  (d)       Upon the occurrence of one or more Events of Default, the Buyer shall have the right to obtain
    physical possession of the Servicing Records, Mortgage Files, Credit Files and all other files of the Seller relating to the Purchased Assets and all documents relating to the Purchased Assets which are then or may thereafter come in to the possession
    of the Seller or any third party acting for the Seller and the Seller shall deliver to the Buyer such assignments as the Buyer shall request and the Buyer shall have the right (subject to all rights of Ginnie Mae, FHA, RD, PIH and VA) to appoint any
    Person to service the Eligible Mortgage Loans. The Buyer shall have the right to be identified as the “Investor” and “Warehouse Gestation Lender” on the MERS® System and to put in place an Electronic Tracking Agreement covering the Mortgage Loans. The
    Buyer shall be entitled (i) to invoke any and all rights it may have under any Repurchase Document and (ii) to specific performance of all agreements of the Seller contained in the Repurchase Documents.

   

  (e)       To the extent the Seller fails to perform any of its other obligations under Section 10.02(c)
    within one (1) Business Day of the Buyer’s declaration of an Event of Default, the Buyer may (i) immediately sell, on a servicing-released basis, without demand or further notice of any kind, at a public or private sale and at such price or 

  
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  prices as the Buyer may deem satisfactory, any or all of the Certified Pools and the related Purchased Assets and apply the
    proceeds thereof to the aggregate unpaid Repurchase Price and any other amounts owing by the Seller under the Repurchase Documents; (ii) in its sole discretion elect, in lieu of selling all or a portion of such Certified Pools and the related Purchased
    Assets, to retain such Certified Pools and the related Purchased Assets and give the Seller credit for same in an amount equal to the Market Value of the related Certified Pools and related Purchased Assets against the aggregate unpaid Repurchase Price
    for such Certified Pools and related Purchased Assets and any other amounts owing by such Seller hereunder; or (iii) take any other actions or remedies available to a secured creditor. If the Seller has failed to perform its obligations under Section
    10.02(c), the Seller shall remain liable to the Buyer for any amounts that remain owing to the Buyer following a sale or credit under the preceding sentence.

   

  (f)       Neither the Buyer nor any of its Affiliates shall incur any liability as a result of the sale
    of any of the Certified Pools and the related Purchased Assets at any private sale except arising out of its gross negligence or willful misconduct. The Seller hereby waives (i) any claims against the Buyer or any of its Affiliates arising because the
    price at which the Purchased Assets may have been sold at a private sale was less than the price that might have been obtained at a public sale or was less than the aggregate amount of the Repurchase Obligations even if Buyer accepts the first offer
    received and does not offer the Certified Pools and the related Purchased Assets to more than one offeree and (ii) all rights of redemption, stay, or appraisal which it has under any rule of law or (to the extent permitted) statute whether now existing
    or hereafter adopted.

   

  (g)       The Seller shall be liable to the Buyer for (i) the amount of all actual expenses, including
    reasonable documented legal fees and expenses, actually incurred by Buyer in connection with or as a consequence of an Event of Default, (ii) all actual costs incurred in connection with covering transactions or hedging transactions entered into by
    Buyer in connection with the occurrence of an Event of Default, and (iii) any other actual loss, damage, cost or expense arising or resulting from the occurrence of an Event of Default.

   

  (h)       The Seller acknowledges and agrees that (i) in the absence of a generally recognized source
    for prices or bid or offer quotations for any Certified Pools and/or any Purchased Assets, the Buyer may establish the source therefor in its sole discretion and (ii) all prices, bids and offers shall be determined together with accrued Income. The
    Seller recognizes that it may not be possible to purchase or sell all of the Certified Pools and/or any Purchased Assets on a particular Business Day, or in a transaction with the same purchaser, or in the same manner because the market for such
    Certified Pools and/or any Purchased Assets may not be liquid at such time (including illiquidity resulting from the Event of Default). In view of the nature of the Certified Pools and/or any Purchased Assets, the Seller agrees that liquidation of a
    Transaction or the Purchased Assets does not require a public purchase or sale and that a good faith private purchase or sale shall be deemed to have been made in a commercially reasonable manner. Accordingly, the Buyer may elect, in its sole
    discretion, the time and manner of liquidating any Certified Pools and/or any Purchased Assets, and nothing contained herein shall (A) obligate the Buyer to liquidate any Certified Pools and/or any Purchased 

  
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  Assets on the occurrence and during the continuation of an Event of Default or to liquidate all of the Purchased Assets in
    the same manner or on the same Business Day or (B) constitute a waiver of any right or remedy of Buyer. The Buyer may exercise one or more of the remedies available hereunder immediately upon the occurrence of an Event of
      Default and at any time thereafter without notice to the Seller. All rights and remedies arising under this Agreement as amended from time to time hereunder are cumulative and not exclusive of any other rights or remedies which the Buyer may have.

   

  (i)            The Buyer may enforce its rights and remedies hereunder without prior judicial process or
    hearing, and the Seller hereby expressly waives any defenses the Seller might otherwise have to require Buyer to enforce its rights by judicial process. The Seller also waives any defense (other than a defense of payment or performance) the Seller
    might otherwise have arising from the use of nonjudicial process, enforcement and sale of all or any portion of the Purchased Assets, or from any other election of remedies. The Seller recognizes that nonjudicial remedies are consistent with the usages
    of the trade, are responsive to commercial necessity and are the result of a bargain at arm’s length.

   

  (j)            Without limiting the rights of the Buyer hereto to pursue all other legal and equitable
    rights available to the Buyer for the Seller failure to perform its obligations under this Agreement, the Seller acknowledges and agrees that the remedy at law for any failure to perform obligations hereunder would be inadequate and the Buyer shall be
    entitled to specific performance, injunctive relief, or other equitable remedies in the event of any such failure. The availability of these remedies shall not prohibit the Buyer from pursuing any other remedies for such breach, including the recovery
    of monetary damages.

   

  (k)       The Buyer shall have, in addition to its rights and remedies hereunder, all of the rights and
    remedies provided by applicable federal, state, foreign, and local laws (including, without limitation, if the Transactions are recharacterized as or otherwise found or determined by a court or other forum to be loans, the rights and remedies of a
    secured party under the UCC of the State of New York, to the extent that the UCC is applicable, and the right to offset any mutual debt and claim), in equity, and under any other agreement between Buyer and the Seller. Without limiting the generality
    of the foregoing, the Buyer shall be entitled to set off the proceeds of the liquidation of the Certified Pools and/or the Purchased Assets against all of the Seller’s obligations to the Buyer, whether or not such obligations are then due, without
    prejudice to the Buyer’s right to recover any deficiency.

   

  Section 10.03 Remedies Cumulative. The Buyer may exercise one or more of the remedies available to the Buyer
    immediately upon the occurrence of an Event of Default and, except to the extent otherwise provided in paragraph (b) of Section 10.02, at any time thereafter without notice to the Seller. All rights and remedies of the Buyer arising under this
    Agreement as amended from time to time hereunder are cumulative and not exclusive of any other rights or remedies which the Buyer may have.

   

  
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  ARTICLE XI

  MISCELLANEOUS

   

  Section 11.01     Indemnification.
    Except as otherwise set forth herein to the contrary, the Seller agrees to hold the Buyer and its Affiliates and their present and former respective officers, directors, employees, agents, advisors and other representatives (each, an “Indemnified
      Party”) harmless from and indemnify any Indemnified Party against all liabilities, losses, damages, judgments, costs and expenses of any kind, including counsel fees and disbursements, but expressly excluding Taxes (collectively, “Costs”)
    which may be imposed on, incurred by or asserted against such Indemnified Party, relating to or arising out of a third-party claim involving this Agreement, any other Repurchase Document or any transaction contemplated hereby or thereby, or any
    amendment, supplement or modification of, or any waiver or consent under or in respect of, this Agreement, any other Repurchase Document or any transaction contemplated hereby or thereby in all cases resulting from a breach of any representation,
    covenant or obligation of the Seller hereunder; provided that such indemnity shall not, as to any Indemnified Party, be available to the extent that such Costs have resulted from the gross negligence or willful misconduct of such Indemnified Party. The
    Seller shall pay to the Indemnified Parties any indemnity amounts within thirty (30) days of Seller’s receipt of an invoice therefor, containing reasonable details of the related costs.

   

  Section 11.02     Single Agreement. The Buyer and the Seller acknowledge that, and have entered hereinto and will enter
    into each Transaction hereunder in consideration of and in reliance upon the fact that, all Transactions hereunder constitute a single business and contractual relationship and that each has been entered into in consideration of the other Transactions.
    Accordingly, each of the Buyer and the Seller agrees (a) to perform all of its obligations in respect of each Transaction hereunder, and that a default in the performance of any such obligations shall constitute a default by it in respect of all
    Transactions hereunder, (b) that each party hereto shall be entitled to set off claims and apply property held by it in respect of any Transaction against obligations owing to such party in respect of any other Transaction hereunder, in each case, in
    accordance with Section 11.18; (c) that payments, deliveries, and other transfers made by either of them in respect of any Transaction shall be deemed to have been made in consideration of payments, deliveries, and other transfers in respect of any
    other Transactions hereunder, and the obligations to make any such payments, deliveries, and other transfers may be applied against each other and netted and (d) to promptly provide notice to the other after any such set-off or application.

   

  Section 11.03     Notices and Other Communications. Except as otherwise expressly permitted by this Agreement and in
    respect of notices of default, all notices, requests and other communications provided for herein and the other Repurchase Documents (including without limitation any modifications of, or waivers, requests or consents under, this Agreement) shall be
    given or made orally or in writing (including without limitation by email, telex or telecopy) delivered to the intended recipient at the “Address for Notices” specified below its name on the signature pages hereof or thereof); or, as to any party, at
    such other address as shall be designated by such party in a written notice to each other party. Except as otherwise provided in this Agreement, all such communications shall be deemed to have been duly given when successfully transmitted by e-mail or
    telecopy or personally delivered or, in the case of a mailed

   

  
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  notice, upon receipt. Notices, demands and requests made orally shall be promptly confirmed in writing by other communications.

   

  Section 11.04     Entire Agreement;
      Severability. This Agreement together with the other Repurchase Documents constitute the entire understanding between the Buyer and the Seller with respect to the subject matter it covers and shall supersede any existing agreements between the
    parties containing general terms and conditions for repurchase transactions involving Purchased Assets. By acceptance of this Agreement, the Buyer and the Seller acknowledge that they have not made, and are not relying upon, any statements,
    representations, promises or undertakings not contained in this Agreement. Each provision and agreement herein shall be treated as separate and independent from any other provision or agreement herein and shall be enforceable notwithstanding the
    unenforceability of any such other provision or agreement.

   

  Section 11.05     Assignability and Hypothecation.

   

  (a)       The rights and obligations of the Seller under this Agreement and under any Transaction shall
    not be assigned to any other Person without the prior written consent of the Buyer. Subject to Section 11.05(b) below, the rights and obligations of the Buyer under this Agreement and under any Transaction shall not be assigned to any other Person
    without the prior written consent of the Seller, provided that no such consent shall be required following the occurrence of an Event of Default hereunder that is not waived by the Buyer. Subject to the foregoing, this Agreement and any Transactions
    shall be binding upon and shall inure to the benefit of the parties and their respective successors and permitted assigns. Subject to Section 11.05(b) below, nothing in this Agreement express or implied, shall give to any Person, other than the parties
    to this Agreement and their successors hereunder, any benefit of any legal or equitable right, power, remedy or claim under this Agreement.

   

  (b)       The Buyer shall have free and unrestricted use of all Certified Pools and the related
    Purchased Assets. Nothing in this Agreement shall preclude the Buyer from engaging in assignments, participations, repurchase transactions, pledges, repledges, transfers, hypothecations or rehypothecations with respect to the Certified Pools and the
    related Purchased Assets (each, a “Related Transaction”). Notwithstanding the foregoing, nothing in this Section 11.05 or in this Agreement shall relieve the Buyer of its obligations to return the specific Certified Pools and related Purchased
    Assets related to each Transaction free and clear of all Liens as provided in this Agreement to the Seller upon payment or other satisfaction (as provided herein) of the applicable Repurchase Price by the Seller on the related Repurchase Date. Nothing
    contained in this Agreement shall obligate the Buyer to segregate any Certified Pools and/or any Purchased Assets delivered to the Buyer by the Seller. In the event the Buyer engages in an assignment, participation, repurchase transaction or other
    hypothecation with any of the Certified Pools and/or any Purchased Assets or otherwise pledges or hypothecates any of the Certified Pools and/or any Purchased Assets, the Buyer shall have the right to assign to the Buyer’s counterparty any of the
    Seller’s representations, warranties and covenants in this Agreement and the remedies for breach thereof, as they relate to the Certified Pools and/or any Purchased Assets that are subject to such repurchase transaction.

  

  
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  (c)       The Buyer may, in connection with any Related Transaction pursuant to this Section 11.05, disclose to the applicable
    counterparty any information relating to the Seller or any aspect of the Transactions that has been furnished to the Buyer by or on behalf of the Seller in connection with the Repurchase Documents or the Transactions thereunder; provided that such counterparty agrees in writing to hold such information subject to the
    confidentiality provisions of this Agreement.

   

  (d)       Unless an Event of Default has occurred hereunder and has not been waived by the Buyer, no Related Transaction executed by the
    Buyer shall result in the Seller having privity of contract with any counterparty to the Buyer, it being understood by the parties that the Seller, unless it shall otherwise consent, shall deal solely with the Buyer and the Buyer shall remain solely
    liable for the performance of its obligations under the Repurchase Documents and each Transaction hereunder, notwithstanding any such Related Transaction.

   

  Section 11.06 Survival. Each Transaction hereunder shall terminate not later than 364 days from the Purchase Date of such Transaction. Each representation and warranty made or deemed to be made by entering into a Transaction, herein or pursuant
    hereto, shall survive the making of such representation and warranty, and the Buyer shall not be deemed to have waived any Default that may arise because any such representation or warranty shall have proved to be false or misleading in any material
    respect, notwithstanding that the Buyer may have had notice or knowledge or reason to believe that such representation or warranty was false or misleading in any material respect at the time the Transaction was made. Notwithstanding any such
    termination or the occurrence of an Event of Default, all of the provisions of Sections 11.01 and 11.17 hereof shall continue and survive.

   

  Section 11.07  GOVERNING LAW. THIS AGREEMENT SHALL BE GOVERNED AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK WITHOUT REGARD TO THE CONFLICT OF LAWS PRINCIPLES (OTHER THAN SECTION 5-1401 OF THE GENERAL OBLIGATIONS LAW).

   

  Section 11.08  SUBMISSION TO JURISDICTION; WAIVERS. EACH PARTY HERETO HEREBY IRREVOCABLY AND UNCONDITIONALLY:

   

  (a)       SUBMITS FOR ITSELF AND ITS PROPERTY IN ANY LEGAL ACTION OR PROCEEDING RELATING TO THIS AGREEMENT AND THE OTHER REPURCHASE
    DOCUMENTS, OR FOR RECOGNITION AND ENFORCEMENT OF ANY JUDGMENT IN RESPECT THEREOF, TO THE EXCLUSIVE GENERAL JURISDICTION OF THE COURTS OF THE STATE OF NEW YORK LOCATED WITHIN THE COUNTY OF NEW YORK, THE FEDERAL COURTS OF THE UNITED STATES OF AMERICA
    SITTING IN NEW YORK, AND APPELLATE COURTS FROM ANY THEREOF;

   

  (b)       CONSENTS THAT ANY SUCH ACTION OR PROCEEDING MAY BE BROUGHT IN SUCH COURTS AND, TO THE EXTENT PERMITTED BY LAW, WAIVES ANY
    OBJECTION THAT IT MAY NOW OR HEREAFTER HAVE TO THE VENUE OF ANY SUCH ACTION OR PROCEEDING IN ANY SUCH COURT OR

   

  

  
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  THAT SUCH ACTION OR PROCEEDING WAS BROUGHT IN AN INCONVENIENT COURT AND AGREES NOT TO PLEAD OR CLAIM THE SAME;

   

  (c)       AGREES THAT SERVICE OF PROCESS IN ANY SUCH ACTION OR PROCEEDING MAY BE EFFECTED BY MAILING A COPY THEREOF BY REGISTERED OR
    CERTIFIED MAIL (OR ANY SUBSTANTIALLY SIMILAR FORM OF MAIL), POSTAGE PREPAID, TO ITS ADDRESS SET FORTH UNDER ITS SIGNATURE BELOW OR AT SUCH OTHER ADDRESS OF WHICH THE OTHER PARTY HERETO SHALL HAVE BEEN NOTIFIED;

   

  (d)       AGREES THAT NOTHING HEREIN SHALL AFFECT THE RIGHT TO EFFECT SERVICE OF PROCESS IN ANY OTHER MANNER PERMITTED BY LAW OR SHALL
    LIMIT THE RIGHT TO SUE IN ANY OTHER JURISDICTION; AND

   

  (e)       WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING
    OUT OF OR RELATING TO THIS AGREEMENT, ANY OTHER REPURCHASE DOCUMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY.

   

  Section 11.09 No Waivers, Etc. No failure on the part of either party to exercise and no delay in exercising, and no course of dealing with respect to, any right, power or privilege under any Repurchase Document shall operate as a waiver
    thereof, nor shall any single or partial exercise of any right, power or privilege under any Repurchase Document preclude any other or further exercise thereof or the exercise of any other right, power or privilege. The remedies provided herein are
    cumulative and not exclusive of any remedies provided by law.

   

  Section 11.10 Intent.

   

  (a)           The parties intend and acknowledge that (i) each Transaction and the Agreement is a “repurchase agreement” as that term is
    defined in Section 101 of the Bankruptcy Code (except insofar as the type of assets subject to such Transaction or the term of such Transaction would render such definition inapplicable), a “securities contract” as that term is defined in Section 741
    of the Bankruptcy Code (except insofar as the type of assets subject to such Transaction or the term of such Transaction would render such definition inapplicable) and a “master netting agreement” as that term is defined in Section 101(38A)(A) of the
    Bankruptcy Code (except insofar as the type of assets subject to such Transaction or the term of such Transaction would render such definition inapplicable); (ii) all payments hereunder are deemed “margin payments” or “settlement payments” as defined
    in the Bankruptcy Code; (iii) each Purchased Asset constitutes either a “mortgage loan” or “an interest in a mortgage” as such terms are used in the Bankruptcy Code and (iv) the grant of the security interest/pledge of the Purchased Assets in Section 6
    constitutes “a security agreement or other arrangement or other credit enhancement” that is “related to” the Agreement and Transactions hereunder within the meaning of Sections 101(38A)(A), 101(47)(A)(v) and 741(7)(A)(xi) of the Bankruptcy Code.
    Without limiting the generality of the foregoing, the parties recognize and intend

   

  

  
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  that each Transaction is a “repurchase transaction” or “reverse repurchase transaction” on “mortgage loans” or “interests” in “mortgage loans” (as such
    terms are used in section 741(7) of the Bankruptcy Code). Each party hereto further agrees that it shall not challenge, and hereby waives to the fullest extent available under applicable law its right to challenge, the characterization of this
    Agreement or any Transaction hereunder as a “master netting agreement,” “repurchase agreement” and/or “securities contract” within the meaning of the Bankruptcy Code.

   

  (b)       The parties intend and acknowledge that (i)(1) for so long as Buyer is a “financial institution,” “financial participant” or
    another entity listed in Sections 555, 559, 561, 362(b)(6), 362(b)(7) or 362(b)(27) of the Bankruptcy Code, Buyer shall be entitled to, without limitation, the liquidation, termination, acceleration, netting, set-off, and non-avoidability rights
    afforded to parties such as Buyer to “repurchase agreements” pursuant to Sections 559, 362(b)(7) and 546(f) of the Bankruptcy Code, “securities contracts” pursuant to Sections 555, 362(b)(6) and 546(e) of the Bankruptcy Code and “master netting
    agreements” pursuant to Sections 561, 362(b)(27) and 546(j) of the Bankruptcy Code, and (2) Buyer’s right to liquidate the Purchased Assets and other Purchased Assets delivered to it in connection with the Transactions hereunder or to accelerate or
    terminate this Agreement or otherwise exercise any other remedies pursuant to Section 10.02 hereof
    is a contractual right to liquidate, accelerate or terminate such Transaction as described in Bankruptcy Code Sections 555, 559 and 561; (ii) Buyer’s right to set-off claims and appropriate and apply any and all deposits of money or property or any
    other indebtedness at any time held or owing by Buyer to or for the credit of the account of any Affiliate against and on account of the obligations and liabilities of Seller pursuant to Section 11.18 hereof is a contractual right as described in Bankruptcy Code Section 561; and (iii) any payments or transfers of property made with respect to this
    Agreement or any Transaction to satisfy a Margin Deficit shall be considered a “margin payment” or “settlement payment” as such terms are defined in Bankruptcy Code Sections 741(5) and 741(8)..

   

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

   

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

   

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

   

  

  
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  Section 11.11 Periodic Due Diligence Review The Seller acknowledges that the Buyer has the right, at the Buyer’s sole expense and during the Seller’s regular business hours, to perform continuing due diligence reviews with respect to the
    Purchased Assets for purposes of verifying compliance with the representations, warranties and specifications made hereunder, or otherwise, and the Seller agrees that upon reasonable (but not less than five (5) Business Days’) prior notice to Seller
    (provided that upon the occurrence of an Event of Default that has not been waived by the Buyer in writing, no such prior notice shall be required), the Buyer or its authorized representatives will be permitted during normal business hours to conduct
    such a review.

   

  Section 11.12 Buyer’s Appointment As Attorney-In-Fact. The Seller hereby irrevocably constitutes and appoints the Buyer and any officer or agent thereof, with full power of substitution, as its true and lawful attorney-in-fact with full
    irrevocable power and authority in the place and stead of the Seller and in the name of the Seller or in its own name, from time to time following the occurrence of an Event of Default that has not been waived by the Buyer in writing, in the Buyer’s
    discretion, for the purpose of carrying out the terms of this Agreement, to take any and all appropriate action and to execute any and all documents and instruments which may be reasonably necessary or desirable to accomplish the purposes of this
    Agreement, to file such financing statement or statements relating to the Certified Pools and the Purchased Assets without the Seller’s signature thereon as the Buyer at its option may deem appropriate, and, without limiting the generality of the
    foregoing, the Seller hereby gives the Buyer the power and right, on behalf of the Seller, without assent by, but with notice to, the Seller, to do the following after the occurrence and continuance of an Event of Default:

   

  (a)       In the name of the Seller, or in its own name, or otherwise, to take possession of and endorse and collect any checks, drafts,
    notes, acceptances or other instruments for the payment of moneys due under any FHA, RD or PIH insurance or VA guaranty constituting part of the Purchased Assets or with respect to any other Purchased Assets and to file any claim or to take any other
    action or proceeding in any court of law or equity or otherwise deemed appropriate by the Buyer for the purpose of collecting any and all such moneys due under any such mortgage insurance or with respect to any other Purchased Assets whenever payable;

   

  (b)       To pay or discharge Taxes and Liens levied or placed on or threatened against the Purchased Assets;

   

  (c)      (i) To direct any party liable for any payment under any Purchased Assets to make payment of any and all moneys due or to
    become due thereunder directly to the Buyer or as the Buyer shall direct; (ii) to ask or demand for, collect, receive payment of and receipt for, any and all moneys, claims and other amounts due or to become due at any time in respect of or arising out
    of any Purchased Assets; (iii) to sign and endorse any invoices, assignments, verifications, notices and other documents in connection with any Purchased Assets; (iv) to commence and prosecute any suits, actions or proceedings at law or in equity in
    any court of competent jurisdiction to collect the Purchased Assets or any proceeds thereof and to enforce any other right in respect of any Purchased Assets; (v) to defend any suit, action or proceeding brought against the Seller with respect to any
    Purchased Assets; (vi) to settle, compromise or adjust any suit, action or proceeding in

  

  
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  clause (v) above and, in connection therewith, to give such discharges or releases as the Buyer may deem appropriate; and (vii) generally,
    to sell, transfer, pledge and make any agreement with respect to or otherwise deal with any Purchased Assets as fully and completely as though the Buyer were the absolute owner thereof for all purposes, and to do, at the Buyer’s option and the Seller’s
    expense, at any time, and from time to time, all acts and things which the Buyer deems necessary to protect, preserve or realize upon the Certified Pools and the related Purchased Assets and the Buyer’s Liens thereon and to effect the intent of this
    Agreement, all as fully and effectively as the Seller might do;

   

  (d)       To direct the actions of the Custodian with respect to the Certified Pools and the related Purchased Assets under the
    Custodial Agreement; and

   

  (e)       To execute, from time to time, in connection with any sale provided for in Section 10.02, any endorsements, assignments or
    other instruments of conveyance or transfer with respect to the Purchased Assets.

   

  The Seller hereby ratifies all that said attorneys shall lawfully do or cause to be done by virtue hereof. This power of attorney is a power coupled
    with an interest and shall be irrevocable. Notwithstanding the foregoing, such power of attorney shall automatically expire and be of no further force or effect with respect to each Certified Pool and the related Purchased Assets upon Seller paying or
    otherwise satisfying (as provided herein) the Repurchase Price to Buyer with respect to same.

   

  The powers conferred on the Buyer hereunder are solely to protect the Buyer’s interests in the Certified Pools and the related Purchased Assets and
    shall not impose any duty upon it to exercise any such powers. The Buyer shall be accountable only for amounts that it actually receives as a result of the exercise of such powers.

   

  Section 11.13 Conflicts. In the event of any conflict between the terms of this Agreement, any other Repurchase Document and any Confirmation, the documents shall control in the following order of priority: first, the terms of the Confirmation
    shall prevail, then the terms of this Agreement shall prevail, and then the terms of the other Repurchase Documents shall prevail.

   

  Section 11.14  Counterparts. This Agreement may be executed in any number of counterparts, all of which taken together shall constitute one and the same instrument, and any of the parties hereto may execute this Agreement by signing any such
    counterpart.

   

  Section 11.15 Captions. The captions and headings appearing herein are for included solely for convenience of reference and are not intended to affect the interpretation of any provision of this Agreement.

   

  Section 11.16 Acknowledgments. The Seller hereby acknowledges that:

   

  (a)       It has been advised by counsel in the negotiation, execution and delivery of this Agreement and the other Repurchase
    Documents;

   

  (b)       The Buyer has no fiduciary relationship to the Seller; and

   

  

  
    41

    
      
 

  

   

  (c)          No joint
    venture exists between the Buyer and the Seller.

   

  Section 11.17 Confidentiality.

   

  (a)       The

    Seller hereby acknowledges and agrees that (i) all pricing information concerning this repurchase facility and all written or computer-readable information provided by the Buyer to the Seller regarding the Buyer and (ii) the terms of this Agreement and
    any other Repurchase Document (the “Buyer Confidential Information”), shall be kept confidential and each of their respective contents will not be divulged to any party without the Buyer’s consent except to the
    extent that (i) the Seller deems appropriate to do so in working with legal counsel, auditors, taxing authorities or other governmental agencies or regulatory bodies or in order to comply with any applicable federal or state laws, (ii) any portion of
    the Buyer Confidential Information is in the public domain other than due to a breach of this covenant, (iii) the Seller deems appropriate in connection with exercising any or all of the Seller’s rights or remedies or complying with any obligations
    under this Agreement or (iv) as requested or required by any court, tribunal, arbitrator, governmental authority, self-regulating body, law, regulation, legal process, litigation, or arbitration, provided, however, that, Buyer Confidential Information
    does not preclude the Seller from filing this Agreement with the Securities and Exchange Commission to the extent required under federal securities regulations.

   

  (b)       The Buyer hereby
    acknowledges and agrees that (i) all pricing information concerning this repurchase facility and all written or computer-readable information provided by the Seller to the Buyer regarding the Seller and (ii) the terms of this Agreement and any other
    Repurchase Document and (iii) any aspect of any Transaction hereunder (collectively, the “Seller Confidential Information”),

    shall be kept confidential and each of their respective contents will not be divulged to any party without the Seller’s consent except to the extent that (i) the Buyer deems appropriate to do so in working with legal counsel, auditors, taxing
    authorities or other governmental agencies or regulatory bodies or in order to comply with any applicable federal or state laws, (ii) any portion of the Seller Confidential Information is in the public domain other than due to a breach of this
    covenant, (iii) the Buyer deems appropriate in connection with exercising any or all of the Buyer’s rights or remedies or complying with any obligations under this Agreement or (iv) as requested or required by any court, tribunal, arbitrator,
    governmental authority, self-regulating body, law, regulation, legal process, litigation, or arbitration, provided, however, that, Seller Confidential Information does not preclude the Buyer from filing this Agreement with the Securities and Exchange
    Commission to the extent required under federal securities regulations.

   

  (c)       Notwithstanding
    anything in this Agreement to the contrary, Seller and Buyer shall comply with all applicable local, state and federal laws, including, without limitation, all privacy and data protection law, rules and regulations that are applicable to the Purchased
    Assets, including information relating to any Eligible Mortgage Loan (the “Confidential Mortgage Information”). Seller and Buyer understand that the Confidential Mortgage Information may contain “nonpublic personal information”, as that term is defined
    in Section 509(4) of the Gramm-Leach-Bliley Act (the “GLB Act”), and each

   

  

  
    42

    
      
 

  

   

  agrees to maintain such
    nonpublic personal information that it receives hereunder in accordance with the GLB Act (with respect to Buyer, to the extent the GLB Act is applicable to the Buyer) and other applicable federal and state privacy laws. Seller and Buyer shall each
    implement such physical and other security measures as shall be necessary to (a) ensure the security and confidentiality of the “nonpublic personal information” of the Mortgagors, (b) protect against any threats or hazards to the security and integrity
    of such nonpublic personal information, and (c) protect against any unauthorized access to or use of such nonpublic personal information. Seller and Buyer shall notify the other party immediately following discovery of any breach or compromise of the
    security, confidentiality, or integrity of the nonpublic personal information of any Mortgagor by providing notice directly to the other party.

   

  The provisions set forth in this Section shall survive the termination of this Agreement for a period of one year following such
    termination.

   

  Section 11.18 Set-Off. In addition to any rights and remedies of the Buyer provided by this Agreement and by law, upon the occurrence and continuance of an Event of Default, the Buyer shall have the right, without prior notice to
    the Seller, any such notice being expressly waived by the Seller to the extent permitted by Applicable Law, to set-off and appropriate and apply against any amount due and payable by the Seller or any Affiliate thereof any and all property and deposits
    (general or special, time or demand, provisional or final), in any currency, and any other credits, indebtedness or claims, in any currency, in each case whether direct or indirect, absolute or contingent, matured or unmatured, at any time held or
    owing by the Buyer or any Affiliate thereof to or for the credit or the account of the Seller or any Affiliate thereof, whether under this Agreement or under any other agreements or transactions entered into between such parties. The Buyer agrees
    promptly to notify the Seller after any such set-off and application made by it; provided that
    the failure to give such notice shall not affect the validity of such set-off and application. The exercise of any such right of set-off shall be without prejudice to the Buyer’s or its Affiliates’ right to recover any deficiency.

   

  Section 11.19 Amendment. This Agreement may only be amended in writing executed by the Seller and the Buyer.

   

  Section 11.20 Third-Party Beneficiaries. This Agreement will inure to the benefit of and be binding upon the parties hereto and their permitted assigns.

   

  Section 11.21 Limitation of Liability. No party shall be required to pay or be liable to the other party for, any consequential, special, indirect or punitive damages, opportunity costs or lost profits (whether or not arising
    from its negligence.)

   

  Section 11.22 Non-Reliance. Each party represents and warrants, as of each Purchase Date for each Transaction, that: (i) it understands the terms, conditions and risks of such Transaction and is willing to assume (financially and
    otherwise) those risks; and (ii) it has made its own decision regarding the entering into such Transaction based upon its own judgment and upon advice from such professional advisers as it has deemed it necessary to consult, and is not relying on any
    advice (whether written or oral) of the other party.

   

  

  
    43

    
      
 

  

   

  Section 11.23 Register. The Seller shall maintain at one of its U.S. offices a register for the recordation of the names and address of Buyer and each assignee from time-to-time in respect of each Transaction and the Purchase
    Price, Pricing Rate, and Repurchase Price in respect of such Transaction (the “Register”); it being acknowledged and agreed that a Person to which the Seller rehypothecates any Transaction hereunder by means of a repurchase agreement shall not be
    considered an “assignee” for purposes of this Section 11.23. The entries in the Register shall be conclusive absent manifest error, and the Seller and the Buyer shall treat each Person whose name is recorded in the Register pursuant to the terms hereof
    as a Buyer hereunder for all purposes of this Agreement. The Register shall be available for inspection by the Seller and any Buyer, at any reasonable time and from time to time upon reasonable prior notice.

   

  [SIGNATURE PAGE FOLLOWS]

   

  

  
    44

    
      
 

  

   

  IN WITNESS WHEREOF, the parties have duly entered into this Agreement as of the date set forth above.

   

  BUYER:

   

  	AMHERST PIERPONT SECURITIES LLC	 
	 	 
	By:	/s/ Xavter Negroni	 
	 	Name: Xavter Negroni	 
	 	Title: Senior Managing Director	 

   

  Buyer’s Address for Notices:

   

  Amherst Pierpont Securities LLC

  245 Park Avenue, 15th Floor 

    New York, New York 10167 

    Telephone: [***]

    Email: [***]

   

  [Signature Page to the Master Repurchase Agreement]

   

  

  
    
      
 

  

   

  	
          SELLER:

           

          HOME POINT FINANCIAL CORPORATION

        

   

  

  	By:	/s/ Maria Fregosi	 
	 	Name:	 
	 	Title: 	 

   

  Seller’s Address for Notices:

   

  2211 Old Earhart Road, Suite 250

  Ann Arbor, MI 48105

  Attention Joe Ruhlin

  Telephone: [***]

  E-mail: [***]

   

  With a copy to:            legal@hpfc.com

   

  [Signature Page to the Master Repurchase Agreement]

   

  

  
    
      
 

  

  
   

  SCHEDULE
1

      

   

  [Reserved]

   

  

  
    Sch. 1-1

    
      
 

  

  
   

  EXHIBIT I 

  FORM OF TRANSACTION REQUEST

   

  [Date]

   

  [_________________]

   

  Confirmation No.:________________________________

   

  Ladies/Gentlemen:

   

  This letter is a request for you to purchase from us the offered Purchased Assets listed in Appendix I hereto, pursuant to the Master Repurchase Agreement governing
    purchases and sales of such assets between us, dated as of October 1, 2020 (the “Agreement”), as
    follows:

   

  Buyer: Amherst Pierpont Securities LLC

   

  Seller: Home Point Financial Corporation

   

  Date of Request: [________________]

   

  Requested Purchase Date: [________________]

   

  Repurchase Date: [________________]

   

  Number of offered Purchased Assets:[________________]

   

  Aggregate Unpaid Principal Balance of Eligible Mortgage Loans: $ [___________]

   

  Number of Certified Pools: [________________]

   

  Individual Pool Number for each Certified Pool offered for purchase: [________]

   

  Unpaid Principal Balance for each Certified Pool offered for purchase:[________]

   

  Seller’s Ginnie Mae Commitment Authority as of the Requested Purchase Date: [___________]

  

  
    Exh. I-1

    
      
 

  

   

   

   Names and addresses for communications:

   

  Buyer: Amherst Pierpont Securities LLC 

       245 Park Avenue, 15th Floor 

        New York, New York 10167

   

  Seller:

  

  2211 Old Earhart Road, Suite 250 

    Ann Arbor, MI 48105 

    Attention [***]

    Telephone: [***]

    E-mail: [***]

     With a copy to: [***]

   

  I hereby certify as an Officer of Home Point Financial Corporation, and not in my individual capacity, that to my knowledge the following conditions are true and
    accurate as of the date of this Transaction Request:

   

  1.        No Default or Event of Default with respect to Seller has occurred and is continuing on the date hereof nor will occur after giving effect to such
    Transaction as a result of such Transaction.

   

  2.        All of the representations and warranties of the Seller contained in the Agreement and each Repurchase Document were true and correct in all material
    respects as of the date of the Agreement and are true and correct in all material respects as of the date hereof and the Seller has complied with all of the agreements and satisfied all of the conditions on its part to be performed or satisfied at or
    prior to the date hereof.

   

  3.        The Seller is in compliance in all material respects with all governmental licenses and authorizations and is qualified to do business and is in good
    standing in all required jurisdictions except where failure to hold one or more qualifications would not reasonably be expected to result in a Material Adverse Effect with respect to Seller.

   

  4.        The wire instructions listed on the loan data tape are true and correct.

   

  6.        The Seller has performed all of its duties and has satisfied all the material conditions on its part to be performed or satisfied pursuant to the Agreement
    on or prior to the date hereof.

   

  7.        There are no actions, suits or proceedings pending or, to my knowledge, threatened in writing, against or affecting the Seller which, if adversely
    determined either individually or in the aggregate, would reasonably be expected to result in a Material Adverse Effect with respect to Seller.

   

  8.        No proceedings that could result in the liquidation or dissolution of the Seller are pending or contemplated.

   

  

  
    Exh. I-2

    
      
 

  

   

  All capitalized terms used herein shall have the meaning assigned thereto in the Agreement.

   

  

  
    Exh. I-3

    
      
 

  

   

     Requested and certified by:

   

  Home Point Financial Corporation

   

  	
          By: 

        	 	 
	 	Name: 

          Title:	 

   

  

  
    Exh. I-4

    
      
 

  

  
   

  EXHIBIT II

   

  [Reserved.]

   

  

  
    Exh. II-1

    
      
 

  

  
   

  EXHIBIT III

   

  FORM OF SETTLEMENT STATEMENT

   

  	G-Repo Settlement 

            Repo Start	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	APS Cusip	Purchase Date	Pool Settlement Date	Cpty	Group Num	QTY	Price	Price Differential /Haircut	Purchase Price	Repo Rate	Product	Group Num	Multi Pool #	Cusip	Repurchase Price	Gross proceeds	Net excess
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Total	 	 	 	 	 	 	 		 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Repo Unwind	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	APS Cusip	Purchase Date	Pool Settlement Date	Cpty	Group Num	QTY	Price	Price Differential /Haircut	Purchase Price	Repo Rate	Product	Group Num	Multi Pool #	Cusip	Repurchase Price	Gross proceeds	Net excess
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Total	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	
          Copyright ©2016 Pierpont Capital Holdings LLC and its
              affiliates (“Amherst Pierpont”) All rights reserved. Amherst Pierpont Securities LLC is a member FINRA and SIPC. This presentation is intended for discussion purposes only and is not meant to be, nor shall it be construed, as an offer or
              commitment by Amherst Pierpont or any of its affiliates to enter into any transaction. Should Amherst Pierpont subsequently seek to enter into any transaction, any such transaction would be subject to the conditions stated in the
              documentation therefore at that time, including, but not limited to, market conditions. In connection with any decision to purchase securities or other financial instruments, any recipient is advised to undertake an independent review of the
              potential legal, tax, regulatory and accounting implications of any transaction described herein to determine whether such a structure would be suitable for such recipient’s particular situations. Certain information in this presentation may
              be based on statistics and other information from third-party sources the Amherst Pierpont believes reliable, but Amherst Pierpont is not responsible for the accuracy or completeness of, and is under no duty to verify independently, any of
              this information. This presentation is confidential to the recipient hereof and may not under any circumstances be shown, copied, transmitted or otherwise given to any person other than such recipient’s authorized representatives, who shall
              be bound by the same restrictions applicable to recipient.

        

   

  

  

  Exh. III-1

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