Document:

EX-10.99

 Exhibit 10.99 

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. 
 EXECUTION COPY 

 
  

MASTER REPURCHASE AGREEMENT 

Between: 
 TIAA, FSB, formerly
known as EverBank, as Buyer 
 and 

Caliber Home Loans, Inc., as Seller 

Dated as of September 27, 2019 
  

 

 TABLE OF CONTENTS 
  

							
	 	 	 	  	Page	 
	 SECTION 1.
	 	 APPLICABILITY; INCORPORATION OF TIAA BANK WAREHOUSE CUSTOMER GUIDE AND PRICING
LETTER
	  	 	1	 
			
	 SECTION 2.
	 	 DEFINITIONS
	  	 	1	 
			
	 SECTION 3.
	 	 INITIATION; TERMINATION
	  	 	20	 
			
	 SECTION 4.
	 	 MARGIN AMOUNT MAINTENANCE
	  	 	24	 
			
	 SECTION 5.
	 	 COLLECTIONS; INCOME PAYMENTS
	  	 	25	 
			
	 SECTION 6.
	 	 REQUIREMENTS OF LAW
	  	 	25	 
			
	 SECTION 7.
	 	 TAXES
	  	 	26	 
			
	 SECTION 8.
	 	 SECURITY INTEREST; BUYER’S APPOINTMENT AS
ATTORNEY-IN-FACT
	  	 	29	 
			
	 SECTION 9.
	 	 PAYMENT, TRANSFER; ACCOUNTS AND CUSTODY
	  	 	31	 
			
	 SECTION 10.
	 	 DELIVERY OF DOCUMENTS
	  	 	33	 
			
	 SECTION 11.
	 	 REPRESENTATIONS
	  	 	34	 
			
	 SECTION 12.
	 	 COVENANTS
	  	 	39	 
			
	 SECTION 13.
	 	 EVENTS OF DEFAULT
	  	 	44	 
			
	 SECTION 14.
	 	 REMEDIES
	  	 	46	 
			
	 SECTION 15.
	 	 INDEMNIFICATION AND EXPENSES; RECOURSE
	  	 	48	 
			
	 SECTION 16.
	 	 SERVICING
	  	 	49	 
			
	 SECTION 17.
	 	 DUE DILIGENCE
	  	 	50	 
			
	 SECTION 18.
	 	 ASSIGNABILITY
	  	 	51	 
			
	 SECTION 19.
	 	 TRANSFER AND MAINTENANCE OF REGISTER
	  	 	52	 
			
	 SECTION 20.
	 	 HYPOTHECATION OR PLEDGE OF PURCHASED MORTGAGE LOANS
	  	 	52	 
			
	 SECTION 21.
	 	 TAX AND ACCOUNTING TREATMENT
	  	 	53	 
			
	 SECTION 22.
	 	 SET-OFF
	  	 	53	 
			
	 SECTION 23.
	 	 TERMINABILITY
	  	 	53	 

							
			
	 SECTION 24.
	 	 NOTICES AND OTHER COMMUNICATIONS
	  	 	53	 
			
	 SECTION 25.
	 	 USE OF THE TIAA BANK WAREHOUSE ELECTRONIC SYSTEM AND OTHER ELECTRONIC MEDIA
	  	 	54	 
			
	 SECTION 26.
	 	 ENTIRE AGREEMENT; SEVERABILITY; SINGLE AGREEMENT
	  	 	55	 
			
	 SECTION 27.
	 	 GOVERNING LAW
	  	 	56	 
			
	 SECTION 28.
	 	 SUBMISSION TO JURISDICTION; WAIVERS
	  	 	56	 
			
	 SECTION 29.
	 	 NO WAIVERS, ETC.
	  	 	56	 
			
	 SECTION 30.
	 	 CONFIDENTIALITY
	  	 	57	 
			
	 SECTION 31.
	 	 INTENT
	  	 	58	 
			
	 SECTION 32.
	 	 DISCLOSURE RELATING TO CERTAIN FEDERAL PROTECTIONS
	  	 	58	 
			
	 SECTION 33.
	 	 AUTHORIZATIONS
	  	 	59	 
			
	 SECTION 34.
	 	 ACKNOWLEDGEMENT OF ANTI-PREDATORY LENDING POLICIES
	  	 	59	 
			
	 SECTION 35.
	 	 MISCELLANEOUS
	  	 	59	 
			
	 SECTION 36.
	 	 GENERAL INTERPRETIVE PRINCIPLES
	  	 	59	 

 SCHEDULES AND EXHIBITS 

 

			
	SCHEDULE 1        	  	Schedule of Representations and Warranties with Respect to the Mortgage Loans
		
	EXHIBIT A	  	[Reserved.]
		
	EXHIBIT B	  	Form of Servicer Notice
		
	EXHIBIT C	  	Form of Power of Attorney

 MASTER REPURCHASE AGREEMENT 

This is a MASTER REPURCHASE AGREEMENT (this “Agreement”), dated as of September 27, 2019 (the “Closing
Date”), by and between CALIBER HOME LOANS, a Delaware corporation (“Seller”), and TIAA, FSB, formerly known as EVERBANK, a federal savings association (“Buyer”). 

 

	SECTION 1.	 APPLICABILITY; INCORPORATION OF TIAA BANK WAREHOUSE CUSTOMER GUIDE AND PRICING LETTER

 From time to time the parties hereto may enter into transactions in which Seller agrees to transfer to Buyer
Eligible Mortgage Loans on a servicing released basis against the transfer of funds by Buyer, with a simultaneous agreement by Buyer to transfer to Seller such Eligible Mortgage Loans on a servicing released basis at a date certain after the related
Purchase Date, against the transfer of funds by Seller. Each such transaction shall be referred to herein as a “Transaction” and shall be governed by this Agreement (including any supplemental terms or conditions contained in any
annexes identified herein, as applicable hereunder), unless otherwise agreed in writing. 
 The TIAA Bank Warehouse Customer Guide is one of
the Facility Documents as defined below. The TIAA Bank Warehouse Customer Guide is incorporated by reference into this Agreement and Seller agrees to adhere to all terms, conditions and requirements of the TIAA Bank Warehouse Customer Guide. Buyer
may amend the TIAA Bank Warehouse Customer Guide from time to time as provided in Section 35(e). In the event of a conflict or inconsistency between this Agreement and the TIAA Bank Warehouse Customer Guide, the terms of this Agreement shall
govern. Seller’s execution and delivery of this Agreement constitutes Seller’s acknowledgment of receipt of the TIAA Bank Warehouse Customer Guide and Seller’s agreement to the terms and conditions set forth therein and herein with
respect thereto. 
 The Pricing Letter is one of the Facility Documents as defined below. The Pricing Letter is incorporated by reference
into this Agreement and Seller agrees to adhere to all terms, conditions and requirements of the Pricing Letter as incorporated herein. In the event of a conflict or inconsistency between this Agreement and the Pricing Letter, the terms of the
Pricing Letter shall govern. 
  

	SECTION 2.	 DEFINITIONS 

Capitalized terms used but not defined herein shall have the respective meanings set forth in the Pricing Letter. As used herein, the following
terms shall have the following meanings (all terms defined in this Section 2 or in other provisions of this Agreement in the singular to have the same meanings when used in the plural and vice versa): 

“1934 Act” shall have the meaning set forth in Section 32 hereof. 

“Accepted Servicing Practices” shall mean, 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. 

“Adjustable Rate Loan” shall mean a Mortgage Loan that provides for the adjustment of the Mortgage Interest Rate payable in
connection with such Mortgage Loan. 

  
 1 

 “Adjusted Indebtedness” means, at any date, the result of
(a) Seller’s Indebtedness on such date, minus (b) the unpaid principal of Seller’s Subordinated Debt on such date (to the extent such Subordinated Debt is excluded from Seller’s Indebtedness in calculating Seller’s
Adjusted Tangible Net Worth on such date in accordance with the definition thereof). 
 “Adjusted Tangible Net Worth” shall
mean, with respect to any Person at any date, the Net Worth of such Person plus (a) (i) all unpaid principal of all Subordinated Debt of such Person at such date; and (ii) the MSR Value at such date; minus: (b) (i) the
aggregate book value of all intangible assets of such Person (as determined in accordance with GAAP), including, without limitation, goodwill; trademarks, trade names, service marks, copyrights, patents, licenses and franchises; capitalized
Servicing Rights; organizational expenses; deferred expenses; (ii) receivables from equity owners, Affiliates or employees; (iii) advances of loans to Affiliates; (iv) investments in Affiliates; and (v) assets pledged to secure any
liabilities not included in the Indebtedness of such Person; in all cases, calculated on a consolidated basis and determined in accordance with GAAP consistent with those applied in the preparation of the Financial Statements referred to herein.

 “Affiliate ” shall mean with respect to any Person, any “affiliate” of such Person, as such term is defined in
Section 101(2) of the Bankruptcy Code. 
 “Agency” shall mean Freddie Mac, Fannie Mae or Ginnie Mae, as applicable.

 “Aging Limit” shall have the meaning specified in the Pricing Letter. 

“Agreement” shall mean this Master Repurchase Agreement between Buyer and Seller, dated as of the date hereof, as the same
may be amended, supplemented or otherwise modified in accordance with the terms hereof. 
 “ALTA” shall mean the American
Land Title Association, or any successors thereto. 
 “Annual Financial Statement Date” shall have the meaning set forth in
the Pricing Letter. 
 “Anti-Money Laundering Laws” shall have the meaning set forth in Section 11(z) hereof. 

“Appraisal” shall mean an appraisal, a signed copy of which shall be in the possession of Seller or the Subservicer,
conducted by a licensed appraiser selected and deemed acceptable in accordance with Agency guidelines and who (i) is experienced in estimating the value of property of that same type in the community where it is located, and (ii) unless
approved by Buyer on a case-by-case basis, is not an owner, director, officer or employee of Seller or any of its Affiliates. 

“Appraised Value” shall mean 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. 
 “Appropriate Federal Banking Agency” shall have the meaning
ascribed to it by Section 1813(q) of Title 12 of the United States Code, as amended from time to time. 
 “Approved
CPA” shall mean Ernst & Young LLP, or such other certified public accountant approved by Buyer in writing in its sole discretion. 

“Approved Flood Policy Insurer” shall mean Factual Data (FZDS), Credit Plus (ServiceLink National Flood), CoreLogic Flood
Services, or any of the insurers approved by Buyer in its sole and absolute discretion. 
 “Approved Hedging Manager” shall
mean Seller. 

  
 2 

 “Approved Mortgage Product” shall have the meaning specified in the Pricing
Letter. 
 “Approved Servicing Appraiser” shall mean SitusAMC, Mortgage Industry Advisory Corporation and Phoenix Analytic
Services, Inc., or such other independent appraiser that is nationally known as expert in the evaluation of Servicing Rights, and is pre-approved in writing by Buyer from time to time, in its reasonable
discretion. 
 “Asset Value” shall mean with respect to each Purchased Mortgage Loan that is: 

(a) an Eligible Mortgage Loan, the applicable Purchase Price Percentage for such Purchased Mortgage Loan multiplied by the least of
(i) the Market Value of such Mortgage Loan, (ii) the outstanding principal balance of such Mortgage Loan, and (iii) the purchase price for such Mortgage Loan set forth in the related Takeout Commitment; and 

(b) not an Eligible Mortgage Loan, zero. 

(c) Notwithstanding and without limiting the generality of the foregoing, Seller acknowledges that the Asset Value of a Purchased Mortgage Loan
may be reduced to zero by Buyer, in its sole discretion, without notice, if: 
 (i) such Purchased Mortgage Loan ceases to be
an Eligible Mortgage Loan; 
 (ii) the Purchased Mortgage Loan has been released from the possession of Custodian (other than
to a Takeout Investor pursuant to a Bailee Letter) for a period in excess of ten (10) calendar days; 
 (iii) the
Purchased Mortgage Loan has been released from the possession of Custodian to a Takeout Investor pursuant to a Bailee Letter for a period in excess of 60 calendar days; 

(iv) the Purchased Mortgage Loan is a Wet Mortgage Loan for which the related Mortgage File has not been received by Custodian
by the Wet Delivery Deadline for such Purchased Mortgage Loan; 
 (v) such Purchased Mortgage Loan is rejected by the related

 Takeout Investor; 

(vi) such Purchased Mortgage Loan is or becomes a Defective Mortgage Loan or a Delinquent Mortgage Loan; 

(vii) such Purchased Mortgage Loan has been subject to a Transaction hereunder for a period of greater than the applicable
Transaction Term Limitation; 
 (viii) Buyer has determined in its sole discretion that the Purchased Mortgage Loan is not
eligible for whole loan sale or securitization in a transaction consistent with the prevailing sale and securitization industry with respect to substantially similar Mortgage Loans; or 

  
 3 

 (ix) such Purchased Mortgage Loan contains a breach of a representation or
warranty made by Seller in Schedule 1 to this Agreement. 
 The aggregate Asset Value of Mortgage Loans included in any Concentration
Category shall not exceed the Concentration Limit applicable to such Concentration Category. 
 “Assignment and Acceptance”
shall have the meaning set forth in Section 18 hereof. 
 “Assignment of Mortgage” shall mean 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. 

“Assignment of Proprietary Lease” shall mean the specific agreement creating a first Lien on and pledge of the Co-op Shares and appurtenant Proprietary Lease securing a Co-op Loan. 

“Bailee Letter” shall have the meaning assigned to such term in the Custodial Agreement. 

“ Bankruptcy Code” shall mean Title 11 of the United States Code, 11 U.S.C. §§
101-1532, as amended from time to time. 
 “Business Day” shall mean a day other
than (i) a Saturday or Sunday, (ii) any day on which banking institutions are authorized or required by law, executive order or governmental decree to be closed in the State of New York, the State of Texas or the State of Florida, or
(iii) any day on which the Federal Reserve is closed. 
 “Buyer” shall mean TIAA, FSB, formerly known as EverBank, its
successors in interest and assigns and, with respect to Section 7, its participants. 
 “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 Buyer or its Affiliates or of any commercial bank having capital and surplus in excess of [***] (c) repurchase obligations of Buyer or its Affiliates 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-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 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. 

“Change in Control” shall have the meaning specified in the Pricing Letter. 

  
 4 

 “Closing Protection Letter” shall mean a letter of indemnification from a
title insurer addressed to Seller and/or Buyer or for which Buyer is a third party beneficiary, with coverage that is customarily acceptable to Persons engaged in the origination of mortgage loans, identifying the Settlement Agent covered thereby
and indemnifying Seller and/or Buyer (directly or as a third party beneficiary) against losses incurred due to malfeasance or fraud by the Settlement Agent or the failure of the Settlement Agent to follow the specific escrow instructions specified
by Seller to the Settlement Agent or otherwise by Buyer with respect to the closing of the Mortgage Loan. The Closing Protection Letter shall be either with respect to the individual Mortgage Loan being purchased pursuant hereto or a blanket Closing
Protection Letter which covers closings conducted by the Settlement Agent in the jurisdiction in which the closing of such Mortgage Loan takes place. 

“CLTA” shall mean the California Land Title Association, or any successors thereto. 

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

“Committed Sublimit” shall have the meaning specified in the Pricing Letter. 

“Concentration Category” shall have the meaning specified in the Pricing Letter. 

“Concentration Limit” shall mean, for each Concentration Category, the applicable limitation set forth in the Pricing Letter.

 “Confidential Terms” shall have the meaning set forth in Section 30 hereof. 

“Confidential Information” shall have the meaning set forth in Section 30 hereof. 

“Conforming Mortgage Loan” shall have the meaning set forth in the Pricing Letter. 

“Connection Income Taxes” means Other Connection Taxes that are imposed on or measured by net income (however denominated) or
that are franchise Taxes or branch profits Taxes. 
 “Conventional Mortgage Loan” shall mean a Conforming Mortgage Loan
other than a Government Mortgage Loan. 
 “Co-op Corporation” shall mean, with
respect to any Co-op Loan, the cooperative apartment corporation that holds legal title to the related Co-op Project and grants occupancy rights to units therein to
stockholders through Proprietary Leases or similar arrangements. 
 “Co-op Loan ”
shall mean a Mortgage Loan secured by the pledge of stock allocated to a dwelling unit in a residential cooperative housing corporation and the collateral assignment of the related Proprietary Lease. 

“Co-op Project” shall mean, with respect to any
Co-op Loan, all real property and improvements thereto and rights therein and thereto owned by a Co-op Corporation including without limitation the land, separate
dwelling units and all common elements. 
 “Co-op Shares” shall mean, with respect
to any Co-op Loan, the shares of stock issued by a Co-op Corporation and allocated to a Co-op Unit and represented by a stock
certificate or certificates. 
 “Co-op Unit” shall mean, with respect to any Co-op Loan, a specific unit in a Co-op Project. 

“Costs” shall have the meaning set forth in Section 15(a) hereof. 

  
 5 

 “Credit File” shall mean with respect to each Mortgage Loan, the documents
and instruments relating to the origination and administration of such Mortgage Loan. 
 “Custodial Agreement” shall mean
that Certain Custodial Agreement, dated as of the date hereof, among Seller, Buyer and Custodian as the same may be amended from time to time. 

“Custodial Mortgage Loan Schedule” shall have the meaning set forth in the Custodial Agreement. 

“Custodian” shall mean Deutsche Bank National Trust Company, or any successor thereto under the Custodial Agreement. 

“Daily Activity Report” shall mean for each Business Day, the daily activity pursuant to this Agreement reflected on the TIAA
Bank Warehouse Electronic System, including without limitation, any purchases of Mortgage Loans, any repurchases of Mortgage Loans, any payments received by Buyer or in the Inbound Account with respect to the Purchased Mortgage Loans, and the
activity in each of the Inbound and Haircut Accounts. 
 “Debt for Borrowed Money Arrangements” shall have the meaning set
forth in Section 11(o) hereof. 
 “Default” shall mean an Event of Default or an event that with notice or lapse of
time or both would become an Event of Default. 
 “Defective Mortgage Loan” shall mean a Mortgage Loan (a) which is in
foreclosure, has been foreclosed upon or has been converted to real estate owned property, (b) for which the Mortgagor is in bankruptcy, (c) that is not either (i) subject to a valid and binding Takeout Commitment or (ii) unless
a Takeout Commitment is required for the applicable Approved Mortgage Product type, covered within Seller’s hedging program, as approved by Buyer, (d) that is subject to a Takeout Commitment with respect to which Seller or Takeout Investor
is in default, (e) that is rejected or excluded for any reason from the related Takeout Commitment by the Takeout Investor, (f) that is not purchased by the Takeout Investor in compliance with the Takeout Commitment at or prior to the
expiration or termination of the Takeout Commitment for any reason, or (g) that is not repurchased by Seller in compliance with the provisions of Section 3(d), or (h) which was, but ceases to be, an Eligible Mortgage Loan, including
if the representations and warranties set forth in Schedule 1 to this Agreement cease to be true, correct, and complete in all material respects with respect to such Mortgage Loan. 

“ Delinquent Mortgage Loan” shall mean any Mortgage Loan as to which any Monthly Payment, or part thereof, remains unpaid for
30 days or more following the original Due Date for such Monthly Payment. 
 “Dollars” and “$” shall mean
lawful money of the United States of America. 
 “Due Date” shall mean the day of the month on which the Monthly Payment is
due on a Mortgage Loan, exclusive of any days of grace. 
 “Due Diligence Cap” shall have the meaning provided in the
Pricing Letter. 
 “Due Diligence Costs” shall have the meaning set forth in Section 17 hereof. 

  
 6 

 “Due Diligence Review ” shall mean the performance by Buyer of any or all
of the reviews permitted under Section 17 hereof with respect to Seller, any or all of the Purchased Mortgage Loans, or any Mortgage Loans submitted for purchase hereunder, as desired by Buyer from time to time. 

“E-Sign” shall mean the federal Electronic Signatures in Global and National Commerce
Act, as amended from time to time. 
 “Effective Date” shall mean the date upon which the conditions precedent set forth in
Section 3(a) shall have been satisfied. 
 “Electronic Record ” shall mean “Record” and “Electronic
Record,” both as defined in E-Sign, and shall include, but not be limited to, recorded telephone conversations, fax copies or electronic transmissions, including, without limitation, those involving the
TIAA Bank Warehouse Electronic System. 
 “Electronic Signature” shall have the meaning set forth in E-Sign. 
 “Electronic Tracking Agreement” shall mean an Electronic Tracking Agreement
among Buyer, Seller, MERS and MERSCORP, Inc., as the same may be amended from time to time. 
 “Electronic Transactions”
shall mean transactions conducted using Electronic Records and/or Electronic Signatures or fax copies of signatures. 
 “Eligible
Mortgage Loan” shall mean a Mortgage Loan which (a) is an Approved Mortgage Product, (b) complies with the representations and warranties set forth on Schedule 1 hereto, (c) is not a Defective Mortgage Loan, and
(d) is not a Delinquent Mortgage Loan. 
 “EO13224” shall have the meaning set forth in Section 11(aa) hereof.

 “ERISA” shall, with respect to any Person, mean the Employee Retirement Income Security Act of 1974, as amended from
time to time and any successor thereto, and the regulations promulgated and rulings issued thereunder. 
 “ERISA Affiliate”
shall, with respect to any Person, mean any Person which is treated as a single employer under Section 414(b) or (c) of the Code, or solely for purposes of Section 302 of ERISA and Section 412 of the Code is treated as a single
employer described in Section 414 of the Code. 
 “Escrow Amount” shall mean any amounts paid by the Mortgagor or
retained by Seller with respect to the Mortgage Loan that constitute escrowed funds, which shall include any amounts representing Escrow Payments or unapplied principal prepayments. 

“Escrow Payments” shall mean, 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” shall have the meaning specified in Section 13 hereof. 

  
 7 

 “Event of ERISA Termination” shall, with respect to any Person, mean
(i) with respect to any Plan, a Reportable Event, or (ii) the withdrawal of such Person or any ERISA Affiliate thereof from a Plan during a plan year in which it is a substantial employer, as defined in Section 4001(a)(2) of ERISA, or
(iii) the failure by such Person or any ERISA Affiliate thereof to meet the minimum funding standard of Section 412 of the Code or Section 302 of ERISA with respect to any Plan, including, without limitation, the failure to make on or
before its due date a required installment under Section 430(j) of the Code or Section 303(j) of ERISA, or (iv) the distribution under Section 4041 of ERISA of a notice of intent to terminate any Plan or any action taken by such
Person or any ERISA Affiliate thereof to terminate any Plan, or (v) the failure to meet the requirements of Section 436 of the Code resulting in the loss of qualified status under Section 401(a)(29) of the Code, or (vi) the
institution by the PBGC of proceedings under Section 4042 of ERISA for the termination of, or the appointment of a trustee to administer, any Plan, or (vii) the receipt by such Person or any ERISA Affiliate thereof of a notice from a
Multiemployer Plan that action of the type described in the previous clause (vi) has been taken by the PBGC with respect to such Multiemployer Plan, or (viii) any event or circumstance exists which may reasonably be expected to constitute
grounds for such Person or any ERISA Affiliate thereof to incur liability under Title IV of ERISA or under Sections 412(b) or 430 (k) of the Code with respect to any Plan. 

“Excess Proceeds ” shall mean the excess, if any, of the proceeds received in the Inbound Account with respect to a purchase
or repurchase of a Purchased Mortgage Loan over the Repurchase Price for such Purchased Mortgage Loan. 
 “Excluded Taxes”
means any of the following Taxes imposed on or with respect to Buyer or required to be withheld or deducted from a payment to Buyer, (a) Taxes imposed on or measured by net income (however denominated), franchise Taxes, and branch profits
Taxes, in each case, (i) imposed as a result of Buyer being organized under the laws of, or having its principal office or its applicable lending office located in, the jurisdiction imposing such Tax (or any political subdivision thereof) or
(ii) that are Other Connection Taxes, (b) in the case of Buyer, U.S. federal withholding Taxes imposed on amounts payable to or for the account of Buyer with respect to an applicable interest in a Loan pursuant to a law in effect on the
date on which (i) Buyer acquires such interest in the Loan or (ii) Buyer changes its lending office, (c) Taxes attributable to Buyer’s failure to comply with Section 7(f) and Section 7(g) and (d) any withholding
Taxes imposed under FATCA. 
 “Existing Subordinated Debt” shall mean all Subordinated Debt, if any, existing as of the
Effective Date, as set forth on Schedule 6 to the Pricing Letter. 
 “Expenses” shall mean those out-of- pocket expenses incurred by Buyer or the Custodian in connection with this Agreement or any of the other Facility Documents and any amendment, supplement or other
modification or waiver related hereto or thereto, which expenses shall include the cost of title, lien, judgment and other record searches; Buyer’s reasonable attorneys’ fees in the preparation of the Facility Documents; expenses for and
on behalf of Buyer pursuant to an Event of Default (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, if an Event of Default shall have occurred
and be continuing, the costs of internal counsel of Buyer)); and costs of preparing and recording any UCC financing statements or other filings necessary to perfect the security interest created hereby. 

“Facility Documents” shall mean this Agreement, the Pricing Letter, the TIAA Bank Warehouse Customer Guide, the Custodial
Agreement, the Electronic Tracking Agreement, each Servicer Notice, if any, the Power of Attorney, and each Subordination Agreement, if any. 

“Facility Termination Threshold” shall have the meaning specified in the Pricing Letter. 

“Fannie Mae” shall mean Fannie Mae, or any successor thereto. 

  
 8 

 “FDIA” shall have the meaning set forth in Section 31 hereof. 

“FDICIA” shall have the meaning set forth in Section 31 hereof. 

“FHA” shall mean 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 Loan” shall mean a Mortgage Loan which is the subject of an FHA Mortgage Insurance Certificate. 

“FHA Mortgage Insurance Certificate” shall mean the certificate evidencing the contractual obligation of the FHA respecting
the insurance of a Mortgage Loan. 
 “FHA Regulations ” shall mean 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” shall mean Fair Isaac Corporation, or any successor thereto.

 “Fidelity Insurance” shall mean, collectively, whether or not provided in the same policy or policies, insurance
coverage with respect to employee errors, omissions, dishonesty, forgery, theft, disappearance and destruction, robbery and safe burglary, property (other than money and securities) and computer fraud in an aggregate amount acceptable to the
Agencies. 
 “Fidelity Insurance Requirement” shall have the meaning specified in the Pricing Letter. 

“Financial Condition Covenants” shall mean each of the covenants set forth in Section 3 of the Pricing Letter. 

“Financial Reporting Party” shall have the meaning specified in the Pricing Letter. 

“Financial Statements” shall mean the consolidated financial statements of the Financial Reporting Party prepared in
accordance with GAAP for the year or other period then ended. Such financial statements will be audited, in the case of annual statements, by an Approved CPA. 

“Fitch” shall mean Fitch Ratings, Inc., or any successor thereto. 

“Freddie Mac” shall mean Federal Home Loan Mortgage Corporation, or any successor thereto. 

“GAAP” shall mean generally accepted accounting principles in the United States of America, applied on a consistent basis and
applied to both classification of items and amounts, and shall include, without limitation, the official interpretations thereof by the Financial Accounting Standards Board, its predecessors and successors. 

“Ginnie Mae” shall mean the Government National Mortgage Association, or any successor thereto. 

“GLB Act” shall have the meaning set forth in Section 30 hereof. 

  
 9 

 “Government Mortgage Loan” shall mean a Mortgage Loan that is
(a) eligible for FHA mortgage insurance and is so insured, is subject to, or an application has been or will be submitted for, a binding and enforceable commitment for such insurance pursuant to the provisions of the National Housing Act, as
amended, and is originated in strict compliance with the requirements of Ginnie Mae and is eligible for inclusion in a Ginnie Mae mortgage-backed security pool; (b) eligible to be guaranteed by the VA and is so guaranteed, is subject to, or an
application has been or will be submitted for, a binding and enforceable commitment for such guarantee pursuant to the provisions of the Servicemen’s Readjustment Act, as amended, and is otherwise eligible for inclusion in a Ginnie Mae
mortgage-backed security pool; or (c) eligible to be guaranteed by the USDA and is so guaranteed, is subject to, or an application has been or will be submitted for, a binding and enforceable commitment for such guarantee pursuant to the
provisions of the Housing Act, as amended, and is otherwise eligible for inclusion in a Ginnie Mae mortgage-backed security pool. 

“Governmental Authority” shall mean any nation or government, any state, county, municipality or other political subdivision
thereof or any governmental body, agency, authority, department or commission (including, without limitation, the Appropriate Federal Banking Agency, any taxing authority and any supra-national bodies such as the European Union or the European
Central Bank), any self-regulatory organizations with appropriate jurisdiction, any government sponsored enterprise (including, without limitation, Fannie Mae or Freddie Mac), any government corporation (including, without limitation, Ginnie Mae,
the Federal Deposit Insurance Corporation or the Federal Home Loan Banks) or any instrumentality or officer of any of the foregoing (including, without limitation, any court or tribunal) exercising executive, legislative, judicial, regulatory or
administrative functions of or pertaining to government and any corporation, partnership or other entity directly or indirectly owned by or controlled by the foregoing. 

“Haircut Account” shall mean the account established pursuant to Section 9(e) hereof. 

“Haircut Amount” shall mean the excess of the outstanding principal balance of the Purchased Mortgage Loan being purchased on
the Purchase Date over the Purchase Price for such Purchased Mortgage Loan. 
 “Hedge Agreement” shall mean interest rate
swap, cap or collar agreements, interest rate future or option contracts, currency swap agreements, currency future or option contracts, commodity agreements, forward securities transactions and other similar agreements or arrangements designed to
protect against fluctuations in interest rates, currency values or commodity values, in each case to which Seller is a party. 

“High Cost Mortgage Loan” shall mean a mortgage loan classified as (a) a “high cost” loan under the Home
Ownership and Equity Protection Act of 1994 or (b) a “high cost,” “high risk,” “high rate,” “threshold,” “covered,” 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” shall mean the Department of Housing and Urban Development. 

“Inbound Account” shall mean the account established pursuant to Section 9(d) hereof. 

“Income” shall mean, with respect to any Mortgage Loan at any time, any principal received thereon or in respect thereof, and
all interest, dividends or other distributions received thereon and all proceeds thereof. 

  
 10 

 “Indebtedness” means as to any Person, (i) obligations created, issued
or incurred by such Person for borrowed money (whether by loan, the issuance and sale of debt securities or the sale of property to another Person subject to an understanding or agreement, contingent or otherwise, to repurchase such property from
such Person), (ii) obligations of such Person to pay the deferred purchase or acquisition price of property or services, other than (a) deferred purchase price that is contingent upon performance, and (b) trade accounts payable (other than
for borrowed money) arising, and accrued expenses incurred, in the ordinary course of business), (iii) indebtedness of others secured by a Lien on the property of such Person, whether or not the respective indebtedness so secured has been assumed by
such Person, (iv) obligations (contingent or otherwise) of such Person in respect of letters of credit or similar instruments issued or accepted by banks and other financial institutions for account of such Person, (v) capitalized lease
obligations of such Person, (vi) obligations of such Person under repurchase agreements or like arrangements, (vi) indebtedness of others guaranteed by such Person, (viii) obligations of such Person incurred in connection with the
acquisition or carrying of fixed assets by such Person, (ix) indebtedness of general partnerships of which such Person is a general partner, (x) any other indebtedness of such Person by a note, bond, debenture or similar instrument, and
(xi) and to the extent not otherwise included in this definition, obligations under any Hedge Agreement. 
 “Indemnified
Party” shall have the meaning set forth in Section 15(a) hereof. 
 “Indemnified Taxes ” means
(a) Taxes, other than Excluded Taxes, imposed on or with respect to any payment made by or on account of any obligation of Seller under this Agreement or any other Facility Documents to which Seller is a party and (b) to the extent not
otherwise described in (a), Other Taxes. 
 “Initial Haircut Account Funded Amount” shall mean, with respect to any
Purchased Mortgage Loan, the amount deposited by Seller into the Haircut Account on or prior to the related Purchase Date, which amount shall equal the Haircut Amount plus any Escrow Amount related to the Purchased Mortgage Loan. 

“Insolvency Event” shall mean, for Seller: 

(a) that Seller shall discontinue or abandon operation of its business; or 

(b) that Seller shall fail generally to, or admit in writing its inability to, pay its debts as they become due; or 

(c) a proceeding shall have been instituted in a court having jurisdiction in the premises seeking a decree or order for relief in respect of
Seller in an involuntary case under any applicable bankruptcy, insolvency, liquidation, reorganization or other similar Requirements of Law now or hereafter in effect, or for the appointment of a receiver, liquidator, assignee, trustee, custodian,
sequestrator, conservator or other similar official of such Seller, or for any substantial part of its property, or for the winding-up or liquidation of its affairs; or 

(d) the commencement by such Seller of a voluntary case under any applicable bankruptcy, insolvency or other similar Requirements of Law now or
hereafter in effect, or such Person’s or any Affiliate’s consent to the entry of an order for relief in an involuntary case under any such Requirements of Law, or consent to the appointment of or taking possession by a receiver,
liquidator, assignee, trustee, custodian, sequestrator, conservator or other similar official of such Person, or for any substantial part of its property, or any general assignment for the benefit of creditors; or 

(e) that Seller shall become insolvent; or 

  
 11 

 (f) if Seller, shall take any corporate action in furtherance of, or the action of which
would result in, any of the actions set forth in the preceding clauses (a), (b), (c), (d) or (e). 
 “Intercreditor
Agreement” shall mean the Intercreditor Agreement, dated as of January 30, 2014, among Credit Suisse First Boston Mortgage Capital LLC, Citibank, N.A., Morgan Stanley Bank, N.A., Morgan Stanley Mortgage Capital Holdings LLC, Bank of
America, N.A., Barclays Bank PLC, UBS AG, by and through its branch office at 1285 Avenue of the Americas, New York, New York, Wells Fargo Bank, N.A., Texas Capital Bank, National Association, Deutsche Bank AG New York Branch, Seller and Buyer, as
the same may be amended from time to time. 
 “JACA” shall mean the Joing Account Control Agreement, dated as of
January 30, 2014, among Credit Suisse First Boston Mortgage Capital LLC, Citibank, N.A., Morgan Stanley Bank, N.A., Morgan Stanley Mortgage Capital Holdings LLC, Bank of America, N.A., Barclays Bank PLC, UBS AG, by and through its branch office
at 1285 Avenue of the Americas, New York, New York, Wells Fargo Bank, N.A., Texas Capital Bank, National Association, Deutsche Bank AG New York Branch, Buyer and Seller, as the same may be amended from time to time. 

“Joint Pooling Documents” shall mean collectively, the Intercreditor Agreement, the JACA, and the JSACA. 

“JSACA” shall mean the Joint Securities Account Control Agreement, dated as of January 30, 2014, among Buyer, Seller,
Credit Suisse First Boston Mortgage Capital LLC, Citibank, N.A., Morgan Stanley Bank, N.A., Morgan Stanley Mortgage Capital Holdings LLC, Bank of America, N.A., Barclays Bank PLC, UBS AG, by and through its branch office at 1285 Avenue of the
Americas, New York, New York, Wells Fargo Bank, N.A., Texas Capital Bank, National Association, Deutsche Bank AG New York Branch and Deutsche Bank National Trust Company, as the same may be amended from time to time. 

“LIBOR Floor” shall have the meaning set forth in the Pricing Letter. 

“LIBOR Rate” shall mean, with respect to each day a Transaction is outstanding, the rate per annum equal to the greater of
(a) the rate appearing at Reuters Screen LIBOR01 Page (or such other page as may replace the Reuters LIBOR01 Page on such service or such other service as may be designated by Buyer for the purpose of displaying London interbank offered rates
for U.S. Dollar deposits) as one month LIBOR on such date (and if such date is not a Business Day, the LIBOR Rate in effect on the Business Day immediately preceding such date), and (b) [***]. Notwithstanding the foregoing, if (i) LIBOR
ceases to exist or be published by ICE Benchmark Administration Limited (or any successor or substitute), (ii) there is a material disruption to LIBOR, including but not limited to other lenders in the industry switching from LIBOR to another
interest rate, (iii) there is a change in the methodology of calculating LIBOR or (iv) in the reasonable expectation of Buyer, any of the events specified in clause (i), (ii) or (iii) will occur; then the rate for the applicable
interest period will be determined by such alternate method designed to measure interest rates in a similar manner, as determined by Buyer; provided, however, that in the case of the events specified in clause (i) hereof, Buyer
agrees to select an alternate method in a commercially reasonable manner and consistent with the method applied to other customers in a similar economic position to Seller in its portfolio. In order to account for the relationship of the replacement
index to the original LIBOR, such alternate method will incorporate any spread to any replacement index as is necessary to ensure that Seller and Buyer are in a similar economic position as the original LIBOR rate. 

“Lien” shall mean any lien, claim, charge, restriction, pledge, security interest, mortgage, deed of trust or other
encumbrance. 

  
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 “Litigation” means, as to a Person, any action, lawsuit, investigation,
claim, proceeding, judgment, order, decree, or resolution pending or threatened against or affecting such Person or the business, operations, properties, or assets of such Person before, or by, any Governmental Authority. 

“Litigation Threshold” shall have the meaning specified in the Pricing Letter. 

“Loan-to-Value Ratio” or “
LTV” shall mean with respect to any Mortgage Loan, the ratio of the original outstanding principal amount of the Mortgage Loan to the Appraised Value of the Mortgaged Property at origination. 

“Margin Call” shall have the meaning specified in Section 4. 

“Margin Deficit” shall have the meaning specified in Section 4. 

“Market Value” shall mean, as of any date with respect to any Purchased Mortgage Loan, the price at which such Mortgage Loan
could readily be sold as determined by Buyer in its sole discretion, provided, however, that the “Market Value” of any Mortgage Loan that is not an Eligible Mortgage Loan is zero. 

“Material Adverse Effect” shall mean a material adverse effect on (a) the Property, business, operations or financial
condition of Seller, (b) the ability of Seller to perform its material obligations under the Facility Documents, (c) the validity or enforceability of the Facility Documents, (d) the material rights and remedies of Buyer under the Facility
Documents, (e) subject to agreed extensions or waivers, the timely payment of any amounts payable under the Facility Documents, or (f) the Asset Value of the Purchased Mortgage Loans taken as a whole. 

“Maximum Purchase Amount” shall have the meaning specified in the Pricing Letter. 

“MERS” shall mean 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 the system of recording transfers of mortgages
electronically maintained by MERS. 
 “Minimum Reserve Amount” shall have the meaning set forth in the Pricing Letter. 

“Monthly Payment” shall mean the scheduled monthly payment of principal and interest on a Mortgage Loan. 

“Moody’s” shall mean Moody’s Investor’s Service, Inc. or any successors thereto. 

“Monthly Financial Statement Date” shall have the meaning specified in the Pricing Letter. 

“Mortgage ” shall mean each mortgage, assignment of rents, security agreement and fixture filing, deed of trust, deed to
secure debt, or similar instrument creating and evidencing a lien on real property and other property and rights incidental thereto, unless such Mortgage is granted in connection with a Co-op Loan, in which
case the first lien position is in the Co-op Shares of the subject Co-op Corporation and in the tenant’s rights in the Proprietary Lease relating to such Co-op Shares. 

  
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 “Mortgage File” shall mean, with respect to a Mortgage Loan, the documents
and instruments relating to such Mortgage Loan and set forth in the TIAA Bank Warehouse Customer Guide and the Custodial Agreement. 

“Mortgage Interest Rate” shall mean the rate of interest borne on a Mortgage Loan from time to time in accordance with the
terms of the related Mortgage Note. 
 “Mortgage Loan” shall mean any first lien, one-to-four-family residential mortgage loan evidenced by a Mortgage Note and secured by a Mortgage. 

“Mortgage Loan Schedule” shall mean with respect to any Transaction as of any date, a mortgage loan schedule in the form of a
computer tape or other electronic medium generated by Seller and delivered to Buyer via the TIAA Bank Warehouse Electronic System and to Custodian as specified in the Custodial Agreement, which provides information (including, without limitation,
the information required pursuant to the TIAA Bank Warehouse Customer Guide) relating to the Purchased Mortgage Loans in a format required pursuant to the TIAA Bank Warehouse Customer Guide. 

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

 “Mortgaged Property ” shall mean the real property securing repayment, or other
Co-op Loan collateral, 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. 

“MSR Appraised Value” means, as of any date of determination, the fair market value of Seller’s Servicing Rights at such
time, calculated as a percentage (using the mid-point if expressed as a range) of the then unpaid principal balances of each category of Mortgage Loan then being serviced, as set forth in a Servicing Rights
Appraisal. For the avoidance of doubt, in order to take into account changes in the unpaid principal balances of Mortgage Loans from the date of a particular appraisal to the date of any later determination of MSR Value for purposes of calculating
Adjusted Tangible Net Worth at any time, the applicable value percentage shall be applied to the then (updated) unpaid principal balance of Mortgage Loans then included in Seller’s capitalized Servicing Rights within each applicable category of
Mortgage Loans of the date of such later determination of MSR Value. 
 “MSR Value” shall mean, as of any date of
determination, the lesser of (a) Seller’s capitalized Servicing Rights at such time, and (b) as applicable, and with respect to the same Servicing Rights (i) the MSR Appraised Value, at such time, with respect to those Mortgage
Loans then included in Seller’s capitalized Servicing Rights, or (ii) if the applicable Servicing Rights Appraisal has not been timely delivered to Buyer, such amount as Buyer shall determine in its sole and absolute discretion, using such
means of valuation as it deems appropriate under the circumstances. 
 “Multiemployer Plan” shall mean, with respect to any
Person, a “multiemployer plan” as defined in Section 3(37) of ERISA which is or was at any time during the current year or the immediately preceding five years contributed to (or required to be contributed to) by such Person or any
ERISA Affiliate thereof on behalf of its employees and which is covered by Title IV of ERISA. 
 “Net Account Funded
Amount” shall mean, for each Purchased Mortgage Loan, the Initial Haircut Account Funded Amount minus the Haircut Amount withdrawn from the Haircut Account by Buyer plus all additional amounts received in the Haircut Account
related to the applicable Purchased Mortgage 

  
 14 

 Loan, including amounts on account of Repurchase Price (including, without duplication, Excess Proceeds)
minus any Shortfall Proceeds withdrawn by Buyer on account of the applicable Purchased Mortgage Loan, minus all Warehouse Fees withdrawn by Buyer on account of the applicable Purchased Mortgage Loan minus any additional amounts
withdrawn by Buyer as permitted under Section 9(e) or otherwise, and attributed (in the sole discretion of Buyer) to such Purchased Mortgage Loan. 

“Net Income” shall mean, for the Seller, the net income, measured on a quarterly basis, of such Person determined in
accordance with GAAP. 
 “Net Worth” shall mean, with respect to the Seller, any Person, an amount equal to, on a
consolidated basis, such Person’s stockholder equity (determined in accordance with GAAP). 
 “Obligations” shall mean
any amounts owed by Seller to Buyer in connection with a Transaction hereunder and all other Expenses which are payable hereunder or under the Facility Documents. 

“OFAC” shall have the meaning set forth in Section 11(aa) hereof. 

“Other Connection Taxes” means, with respect to Buyer, Taxes imposed as a result of a present or former connection between
Buyer and the jurisdiction imposing such Tax (other than connections arising from Buyer having executed, delivered, become a party to, performed its obligations under, received payments under, received or perfected a security interest under, engaged
in any other transaction pursuant to or enforced this Agreement or any other Facility Documents to which Seller is a party, or sold or assigned an interest in this Agreement or any other Facility Documents to which Seller is a party). 

“Other Taxes” shall have the meaning set forth in Section 7(b) hereof. 

“PBGC” shall mean the Pension Benefit Guaranty Corporation or any entity succeeding to any or all of its functions under
ERISA. 
 “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). 

“Plan” shall mean, with respect to any Person, any employee benefit as defined in Section 3(2) of ERISA that is or was
at any time during the current year or immediately preceding five years established, maintained or contributed to by such Person or any ERISA Affiliate thereof and that is covered by Title IV of ERISA, other than a Multiemployer Plan. 

“Pledge Instruments” shall mean the Assignment of Proprietary Lease and the stock power related to the Co-op Shares. 
 “Post-Default Rate” shall have the meaning specified in the Pricing
Letter. 
 “Power of Attorney” shall mean a Power of Attorney substantially in the form of Exhibit C hereto. 

“Price Differential ” shall mean, with respect to any Transaction hereunder as of any date, the aggregate amount obtained by
daily application of the Pricing Rate (or, during the continuation of an Event of Default, by daily application of the Post-Default 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 Repurchase Date (reduced by any amount of such Price Differential previously paid by Seller to Buyer with respect
to such Transaction). 

  
 15 

 “Pricing Letter” shall mean that certain Pricing Letter Agreement between
Buyer and Seller, dated as of the date hereof, as the same may be amended from time to time. 
 “Pricing Rate” shall mean a
rate per annum equal to the sum of (a) the LIBOR Rate plus (b) the Pricing Spread. 
 “Pricing Spread” shall have
the meaning specified in the Pricing Letter. 
 “Prohibited Person” shall have the meaning set forth in Section 11(aa)
hereof. 
 “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. 
 “Proprietary Lease” shall mean the lease of a
Co-op Unit evidencing the possessory interest of the owner of the Co-op Shares in such Co-op Unit. 

“Purchase Date” shall mean the date on which the full amount of the Purchase Price is transferred from Buyer to the
Settlement Agent against the simultaneous transfer of the Purchased Mortgage Loans by Seller to Buyer or its designee. 
 “Purchase
Price” shall have the meaning specified in the Pricing Letter. 
 “Purchase Price Percentage” shall have the
meaning specified in the Pricing Letter. 
 “Purchased Mortgage Loan ” shall mean each Mortgage Loan sold by Seller to
Buyer in a Transaction, as reflected in the TIAA Bank Warehouse Electronic System and as evidenced by the Daily Activity Report, prior to the time repurchased by Seller in accordance with the terms hereof. 

“Qualified Originator” shall mean Seller or any other originator of Loans that has not been disapproved by Buyer in its sole
discretion. 
 “Recognition Agreement” shall mean an agreement among a Co-op
Corporation, a lender, and a Mortgagor with respect to a Co-op Loan whereby such parties (i) acknowledge that such lender may make, or intends to make, such Co-op
Loan, and (ii) make certain agreements with respect to such Co-op Loan. 

“Records” shall mean all instruments, agreements and other books, records, and reports and data generated by other media for
the storage of information maintained by Seller, its Subservicer, or Buyer pursuant to this Agreement with respect to a Mortgage Loan. Records shall include the Mortgage Notes, any Mortgages, the Mortgage Files, the credit files related to a
Mortgage Loan and any other instruments necessary to document or service a Mortgage Loan. 
 “Register” shall have the
meaning set forth in Section 19(b) hereof. 
 “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. 

  
 16 

 “Repair Set Aside Account” shall mean funds held by Seller with respect to
a Mortgage Loan necessary for disbursement after closing in order to pay for required repairs to the Mortgaged Property pursuant to the Requirements of Law, contractual obligations of either party (including those contained in this Agreement), or
Takeout Investor or insurer requirements. 
 “Reportable Event ” shall mean any of the events set forth in
Section 4043(c) of ERISA, other than those events as to which PBGC has waived the reporting of the occurrence of such event. 

“Repurchase Assets” shall have the meaning provided in Section 8(a) hereof. 

“Repurchase Date ” shall mean the date on which Seller is to repurchase the Purchased Mortgage Loans, or any particular
Purchased Mortgage Loan, subject to a Transaction from Buyer, which shall be the earliest of (a) the date specified in the related Transaction Request, (b) the date specified pursuant to Section 3(d)(i), (c) a date no later than the
applicable Aging Limit, (d) one (1) Business Day after such Purchased Mortgage Loan is no longer an Eligible Mortgage Loan, (e) the Termination Date, or (f) any date determined by application of the provisions of Sections 3(d) or 14.

 “Repurchase Price” shall mean the price at which Purchased Mortgage Loans are to be transferred from Buyer or its
designee to Seller upon termination of a Transaction, which will be determined in each case as to any Purchased Mortgage Loan as the sum of (a) the Purchase Price for such Purchased Mortgage Loan as of the date of such determination, plus
(b) any accrued and unpaid Price Differential with respect to such Purchased Mortgage Loan as of the date of such determination, plus (c) any other accrued and unpaid fees,
out-of-pocket expenses, indemnities, and other amounts then due and owing to Buyer with respect to such Purchased Mortgage Loan. 

“Requirements of Law” means, as Seller and Buyer, (a) all requirements and prohibitions contained in the Certificate of
Incorporation, Bylaws, Certificate of Formation, Operating Agreement or other organizational or governing documents of such Person, (b) any law, treaty, rule or regulation of any Governmental Authority, and (c) any final and binding
determination of an arbitrator or a determination of a court or other Governmental Authority, in each case applicable to or binding upon such Person or any of its property, or to which such Person or any of its property is subject. 

“Responsible Officer” means the chief executive officer, chief financial officer, chief operating officer, president or
treasurer of Seller or any other officer having substantially the same authority or responsibility as any of those officers, or any senior vice president of Seller responsible for the administration of the obligations of Seller under this Agreement.

 “Restricted Cash” shall mean any amount of cash or Cash Equivalents of Seller that is contractually required to be set
aside, segregated or otherwise reserved. 
 “S&P” shall mean Standard & Poor’s Ratings Services, or any
successor thereto. 
 “SEC” shall have the meaning set forth in Section 32 hereof. 

“Seller” is defined in the introductory paragraph of this Agreement, and includes any permitted successor in interest
thereto. 
 “Servicer Downgrade Event” means any debt, deposit, financial strength or any other financial, operational or
performance rating for Seller or any Subservicer is downgraded one or more levels, resulting in a level below [***] by S&P or [***]- by Fitch, to the extent any such Persons are rated by such rating agencies. 

  
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 “Servicer Notice” shall mean a notice acknowledged by each Subservicer, if
any, substantially in the form of Exhibit B hereto. 
 “Servicing Agreement” shall have the meaning set forth in
Section 16(c) hereof. 
 “Servicing Rights” shall mean the rights of any Person to administer, service or subservice
Mortgage Loans, to collect Income thereon, or to possess related Records. 
 “Settlement Agent” shall mean, with respect to
any Transaction, the entity approved by Buyer, in its sole discretion, which may be a title company, escrow company or attorney in accordance with local law and practice in the jurisdiction where the proceeds of the related Mortgage Loan are being
disbursed. 
 “Shortfall Proceeds” shall mean the shortfall, if any, between the proceeds received in the Inbound Account
with respect to a purchase or repurchase of a Purchased Mortgage Loan and the Repurchase Price for such Purchased Mortgage Loan. 

“Single-Employer Plan” shall mean a single -employer plan as defined in Section 4001(a)(15) of ERISA which is subject to
the provisions of Title IV of ERISA. 
 “SIPA” shall have the meaning set forth in Section 32 hereof. 

“State Agency Program Loan” shall have the meaning specified in the Pricing Letter. 

“Subordinated Debt” means, Indebtedness of Seller (i) which 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 and (iii) the payment of the principal of
and interest on such Indebtedness and other obligations of Seller in respect of such Indebtedness is 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 on terms and conditions approved in writing by Buyer and all other terms and conditions of which are satisfactory in form and substance to Buyer in its sole and absolute discretion.
Subordinated Debt, if any, outstanding as of the Effective Date is as set forth on Schedule 6 to the Pricing Letter. 

“Subordination Agreement” shall mean an agreement among Buyer, Seller, and all applicable third parties which satisfies the
requirements of clause (iii) of the definition of “Subordinated Debt.” 
 “Subservicer” shall have the
meaning set forth in Section 16(c) hereof, and includes the permitted successors and assigns of each such Person, including any Successor Servicer. The Subservicer, if any, on the Effective Date is identified on Schedule 5 to the Pricing
Letter. 
 “Successor Servicer” shall have the meaning set forth in Section 16(h) hereof. 

“Takeout Commitment” shall mean a commitment of Seller to sell one or more Mortgage Loans to a Takeout Investor, and the
corresponding Takeout Investor’s commitment back to Seller to effectuate the foregoing. 
 “Takeout Investor” shall
mean any institution which has made a Takeout Commitment and has been approved by Buyer, in its sole and absolute discretion. 

  
 18 

 “Takeout Investor Purchase Advice” shall mean a summary of the purchase and
sale of a Purchased Mortgage Loan to a Takeout Investor, which shall be in form and substance acceptable to Buyer and shall specify the proceeds to be paid by the Takeout Investor and shall direct such proceeds to be paid into the Inbound Account.

 “Taxes” shall have the meaning set forth in Section 7(a) hereof. 

“Termination Date” shall have the meaning specified in the Pricing Letter. 

“Test Date” shall have the meaning specified in the Pricing Letter. 

“TIAA Bank Warehouse Customer Guide” shall mean the guidelines and other information provided to Seller by Buyer from time to
time, setting forth the policies and procedures to be followed by Seller when utilizing the facility contemplated under this Agreement, including without limitation information and parameters input into the TIAA Bank Warehouse Electronic System
regarding LTV limitations as established by Buyer from time to time. The TIAA Bank Warehouse Customer Guide may alternatively be called the TIAA Bank Warehouse Customer Guide. 

“TIAA Bank Warehouse Electronic System” shall mean the system utilized by Buyer either directly, or through its vendors, and
which may be accessed by Seller in connection with delivering and obtaining information and requests as described further in the TIAA Bank Warehouse Customer Guide. 

“Transaction” shall have the meaning specified in Section 1. 

“Transaction Request” shall mean a request from Seller to Buyer to enter into a Transaction, which shall be submitted
electronically to Buyer through the TIAA Bank Warehouse Electronic System in accordance with the TIAA Bank Warehouse Customer Guide and to Custodian in accordance with the Custodial Agreement. 

“Transaction Term Limitation” shall have the meaning specified in the Pricing Letter. 

“Trust Receipt” shall have the meaning set forth in the Custodial Agreement. 

“Underwriting Guidelines” shall mean 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, as in effect from time to time, a copy of which shall have been provided to Buyer as required hereunder and such other guidelines as are identified and
approved in writing by Buyer. 
 “Uniform Commercial Code” shall mean the Uniform Commercial Code as in effect from time to
time in the State of New York; provided that if by reason of mandatory provisions of law, the perfection or the effect of perfection or non-perfection of the security interest in any Repurchase Assets or the
continuation, renewal or enforcement thereof is governed by the Uniform Commercial Code as in effect in a jurisdiction other than New York, “Uniform Commercial Code” shall mean the Uniform Commercial Code as in effect in such other
jurisdiction for purposes of the provisions hereof relating to such perfection or effect of perfection or non-perfection. 

“USDA” means the United States Department of Agriculture. 

“USDA Loan” means a Mortgage Loan that is guaranteed by the USDA’s Guaranteed Rural Housing Loan Program. 

  
 19 

 “USPAP Guidelines” shall mean the Uniform Standards of Professional
Appraisal Practice, as approved by the Appraisal Standards Board of The Appraisal Foundation, as revised, interpreted and amended from time to time. 

“VA” shall mean the Department of Veterans Affairs, or any successors thereto. 

“VA Loan” shall mean a Loan which is the subject of a VA Loan guaranty agreement as evidenced by a loan guaranty certificate.

 “Warehouse Fees” shall have the meaning specified in the Pricing Letter. 

“Wet Delivery Deadline” shall have the meaning specified in the Pricing Letter. 

“Wet File” shall mean, with respect to a Wet Mortgage Loan, the documents and instruments relating to such Mortgage Loan and
set forth in the TIAA Bank Warehouse Customer Guide for Wet Mortgage Loans. 
 “Wet Mortgage Loan” shall mean an Eligible
Mortgage Loan which Seller is selling to Buyer simultaneously with the origination thereof and for which the Mortgage File has not been delivered to Custodian. 
  

	SECTION 3.	 INITIATION; TERMINATION 

(a) Conditions Precedent to Initial Transaction. Buyer’s agreement to enter into the initial Transaction hereunder is subject to
the satisfaction, immediately prior to or concurrently with the making of such Transaction, of the condition precedent that Buyer shall have received from Seller any fees and
out-of-pocket expenses payable hereunder, and all of the following documents, each of which shall be reasonably satisfactory to Buyer and its counsel in form and
substance: 
 (i) The following Facility Documents, duly executed and delivered to Buyer: 

(A) Agreement. This Agreement, duly executed by the parties thereto. 

(B) Electronic Tracking Agreement. An Electronic Tracking Agreement entered into, duly executed and delivered by the
parties thereto, in full force and effect, free of any modification, breach or waiver. 
 (C) Pricing Letter. The
Pricing Letter, duly executed by the parties thereto in form and substance acceptable to Buyer. 
 (D) Custodial
Agreement. The Custodial Agreement, duly executed by the parties thereto in form and substance acceptable to Buyer. 

(E) Power of Attorney. The Power of Attorney, duly executed and acknowledged by Seller. 

(ii) Due Diligence Review. Without limiting the generality of Section 17 hereof, Buyer shall have completed, to its
satisfaction, its due diligence review of the related Mortgage Loans and Seller. 

  
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 (iii) Organizational Documents. A certificate of corporate or other
applicable entity existence of Seller, a certified copy of the charter and a copy of the bylaws (or equivalent documents) of Seller and of all corporate or other applicable authority documents for each such Seller with respect to the execution,
delivery and performance of the Facility Documents and each other document to be delivered by each such Seller from time to time in connection herewith. 

(iv) 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 ten (10) Business Days prior to the Purchase Date with respect to the initial Transaction hereunder. 

(v) Incumbency Certificate. An incumbency certificate of the corporate secretary or assistant secretary of Seller,
certifying the names, true signatures and titles of the representatives duly authorized to request transactions hereunder and to execute the Facility Documents. 

(vi) Opinion of Counsel. Legal opinions in form and substance acceptable to Bank from (i) Gregory Smallwood,
General Counsel of Seller as to corporate building block matters and (ii) Hunton Andrews Kurth LLP as to security interest and enforceability under New York law. 

(vii) Security Interest. Evidence that all other actions necessary or, in the reasonable opinion of Buyer, desirable to
perfect and protect Buyer’s interest in the Purchased Mortgage Loans and other Repurchase Assets have been taken, including, without limitation, UCC searches and duly authorized and filed Uniform Commercial Code financing statements on Form UCC-1. 
 (viii) Insurance. Evidence that Seller has added endorsements for theft of
warehouse lender money and collateral, naming Buyer as a lender loss payee under its Fidelity Insurance and as a direct loss payee/right of action under its errors and omissions insurance policy. 

(ix) Fees. Payment of any fees and other costs and reasonable out-of-pocket expenses due on or before the initial Transaction to Buyer hereunder and to Custodian under the Custodial Agreement. 

(x) Other Documents. Such other documents as Buyer may reasonably request, in form and substance reasonably acceptable
to Buyer. 
 Notwithstanding the foregoing, the parties hereby agree that to the extent the satisfaction of clauses (i)(B),
(vi)(ii) and (vii) above occurs within ten (10) calendar days from the Closing Date, each of which in form and substance reasonably satisfactory to Buyer and its counsel, the Effective Date hereunder shall be deemed to refer
to the Closing Date. 
 (b) Conditions Precedent to all Transactions. Upon satisfaction of the conditions set forth in
Section 3(a), Buyer may enter into a Transaction with Seller. Buyer’s entering into each Transaction (including the initial Transaction) is subject to the satisfaction of the following further conditions precedent, both immediately prior
to entering into such Transaction and also after giving effect thereto to the intended use thereof: 
 (i) No Default.
No Default or Event of Default shall have occurred and be continuing under, and such Transaction is in compliance in all material respects with all applicable terms and conditions of, the Facility Documents. 

(ii) Representations and Warranties. Both immediately prior to the Transaction and also after giving effect thereto and
to the intended use thereof, the representations and warranties made by Seller in Section 11 hereof and Seller in any other Facility Document to which they respectively are a party, 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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 (iii) Maximum Purchase Price. After giving effect to the requested
Transaction, the aggregate outstanding Purchase Price for all Purchased Mortgage Loans subject to then outstanding Transactions under this Agreement shall not exceed the Maximum Purchase Amount. 

(iv) No Margin Deficit. Both immediately prior to, and after giving effect to, the requested Transaction, there shall be
no Margin Deficit. 
 (v) Transaction Request. Seller shall have delivered to Buyer, in accordance with the timeframes
and in the manner set forth in the TIAA Bank Warehouse Customer Guide, and to Custodian, in accordance with the timeframes and in the manner set forth in the Custodial Agreement, (a) a Transaction Request and (b) a Mortgage Loan Schedule
with respect to all Mortgage Loans subject to the requested Transaction. 
 (vi) Delivery of Mortgage File. Seller
shall have delivered to Custodian, in accordance with the timeframes set forth in the Custodial Agreement, with respect to each Mortgage Loan subject to the requested Transaction, which is not a Wet Mortgage Loan, the Mortgage File with respect to
each such Mortgage Loan. With respect to each Wet Mortgage Loan, on or prior to the Wet Delivery Deadline, Seller shall have delivered to Custodian the Mortgage File for such Wet Mortgage Loan. 

(vii) Delivery of Trust Receipt. Custodian shall have delivered to Buyer, in accordance with the timeframes set forth in
the Custodial Agreement, a Trust Receipt (accompanied by a Custodial Loan Transmission) with respect to each Mortgage Loan subject to the requested Transaction. 

(viii) Fees and Expenses. Buyer shall have received all fees and reasonable out-of-pocket expenses of counsel to Buyer as contemplated by Sections 9 and 15(b), which amounts, at Buyer’s option, may be withheld from the proceeds remitted by Buyer to Seller pursuant to any
Transaction hereunder. 
 (ix) No Material Adverse Change. None of the following shall have occurred and/or be
continuing: 
 (A) an event or events shall have occurred in the good faith determination of Buyer resulting in the effective
absence of a “repo market” or comparable “lending market” for financing debt obligations secured by 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 events; or 

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

  
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 Each Transaction Request delivered by Seller hereunder shall constitute a certification by
Seller that all the conditions set forth in this Section 3(b) have been satisfied (both as of the date of such notice or request and as of the Purchase Date). 

(c) Initiation. 

(i) Seller shall deliver a Transaction Request through the TIAA Bank Warehouse Electronic System to Buyer on or prior to the
date and time set forth in Section 3(b)(v) prior to entering into any Transaction. Such Transaction Request shall include all information required by Buyer pursuant to the TIAA Bank Warehouse Customer Guide. Following receipt of such request,
Buyer may, for any Mortgage Loans not subject to the Committed Sublimit, and shall, for any Mortgage Loans subject to the Committed Sublimit, agree to enter into such requested Transaction, in which case it will fund the Purchase Price therefor as
contemplated in this Agreement. Buyer’s funding the Purchase Price of the Transaction and Seller’s acceptance thereof, will constitute the parties’ agreement to enter into such Transaction. Buyer shall confirm the terms of each
Transaction on the TIAA Bank Warehouse Electronic System, including information that sets forth (A) the Purchase Date, (B) the Purchase Price, (C) the Repurchase Date, (D) the Pricing Rate applicable to the Transaction, (E) the
applicable Purchase Price Percentages, and (F) additional terms or conditions not inconsistent with this Agreement; provided that Buyer’s failure to enter the information into the TIAA Bank Warehouse Electronic System shall not affect the
obligations of Seller with respect to such Transaction. Except with respect to the Committed Sublimit, 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. 

(ii) The information entered into the TIAA Bank Warehouse Electronic System with respect to any Transaction, together with this
Agreement, shall be conclusive evidence of the terms of the Transaction(s) covered thereby unless objected to in writing by Seller no more than two (2) Business Days after the Purchase Date of the Transaction. An objection sent by Seller must
state specifically that such writing is an objection, must specify the provision(s) being objected to by Seller, must set forth such provision(s) in the manner that Seller believes they should be stated, and must be received by Buyer no more than
two (2) Business Days after the Purchase Date for the Transaction. Notwithstanding the foregoing, to the extent that Seller accepts funding of the Transaction, Seller shall be deemed to have consented to the terms of the Transaction as set
forth in the TIAA Bank Warehouse Electronic System. All Transactions entered into on any Business Day shall be reflected in the Daily Activity Report on such Business Day. 

(iii) Except as otherwise provided in the definition of Termination Date, the Repurchase Date for each Transaction shall not be
later than the Termination Date. 
 (iv) Subject to the terms and conditions of this Agreement, prior to the Termination
Date, Seller may sell, repurchase and resell Eligible Mortgage Loans hereunder. 
 (v) No later than the date and time set
forth in the Custodial Agreement, Seller shall deliver to Custodian (x) the Mortgage File pertaining to each Eligible Mortgage Loan (other than Wet Mortgage Loans) to be purchased by Buyer, and (y) the Wet File for each Wet Mortgage Loan
to be purchased by Buyer. 

  
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 (vi) Upon Buyer’s receipt of the Trust Receipt (accompanied by a
Custodial Loan Transmission) in accordance with the Custodial Agreement and subject to the provisions of this Section 3, the Purchase Price will then be made available to Seller by Buyer transferring, via wire transfer, in the aggregate amount
of such Purchase Price in funds immediately available, as provided in Section 9(b). 
 (vii) In addition to the other
payment and performance obligations of Seller under this Agreement and the other Facility Documents, in the event that Buyer transfers any amounts for the purchase of a Mortgage Loan as provided herein, Seller, shall be fully, absolutely, and
unconditionally obligated and liable to repay to Buyer the full amount thereof if (x) on the related scheduled Purchase Date such Mortgage Loan does not close, or (y) such Mortgage Loan otherwise fails to become a Purchased Mortgage Loan.
Any amounts due pursuant to this Section 3(c)(vii) shall be payable on demand, and the unpaid amount thereof shall accrue interest at the Post-Default Rate from the date so transferred until paid in full. 

(d) Repurchase; Purchase by a Takeout Investor. 

(i) Seller may repurchase Purchased Mortgage Loans without penalty or premium on any date. Such repurchase may occur
simultaneously with a sale of the Purchased Mortgage Loan to a Takeout Investor. If Seller intends to make such a repurchase, Seller shall give written notice thereof to Buyer through the TIAA Bank Warehouse Electronic System in accordance with the
TIAA Bank Warehouse Customer Guide, and to Custodian in accordance with the Custodial Agreement, designating the Purchased Mortgage Loans to be repurchased and providing such other information required pursuant thereto, including, without
limitation, delivery of a Takeout Investor Purchase Advice to the extent that such Purchased Mortgage Loan shall be purchased by a Takeout Investor. If such notice is given, the amount specified in such notice shall be due and payable on the date
specified therein, and, on receipt, such amount shall be applied to the Repurchase Price for the designated Purchased Mortgage Loans. 

(ii) On the Repurchase Date, Seller’s repurchase of the subject Purchased Mortgage Loans will be effected by reassignment
to Seller or its designee of such Purchased Mortgage Loans (including the related Servicing Rights and any Income in respect thereof received by Buyer not previously credited or transferred to, or applied to the Obligations of, Seller) against the
simultaneous transfer of the Repurchase Price to an account of Buyer. Such obligation to repurchase exists without regard to any prior or intervening liquidation or foreclosure with respect to any Purchased Mortgage Loan (but liquidation or
foreclosure proceeds received by Buyer shall be applied to reduce the Repurchase Price for such Purchased Mortgage Loan except as otherwise provided herein). Seller shall comply with all of the provisions of the TIAA Bank Warehouse Customer Guide
and the Custodial Agreement in order to effectuate a repurchase hereunder. Seller is obligated to obtain the Mortgage Files from Buyer or its designee at Seller’s expense on the Repurchase Date or such other date as agreed to by the parties.
All repurchases effected on any Business Day shall be reflected in the Daily Activity Report for such Business Day. 
  

	SECTION 4.	 MARGIN AMOUNT MAINTENANCE 

(a) Buyer shall determine the Asset Value of each Purchased Mortgage Loan at such intervals as determined by Buyer in its sole discretion. 

(b) If at any time the Asset Value of any Purchased Mortgage Loans subject to a Transaction is less than the Purchase Price for such
Transaction, or any applicable Concentration Limit has been exceeded (a “Margin Deficit”), then Buyer may by notice to Seller (as such notice is more particularly set forth below, a “Margin Call”), require Seller to
transfer to Buyer or its designee cash so that, as applicable, (i) the Asset Value of the Purchased Mortgage Loans will thereupon equal or exceed the Purchase Price for such Transaction, and (ii) no Concentration Limit will be exceeded.

  
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 (c) Notice delivered pursuant to Section 4(b) may be given by any written or electronic
means. Any notice given before [***] (New York City time) on a Business Day shall be met, and the related Margin Call satisfied, no later than [***] (New York City time) on such Business Day; notice given after [***] (New York City time) on a
Business Day shall be met, and the related Margin Call satisfied, no later than [***] (New York City time) on the following Business Day (the foregoing time requirements for satisfaction of a Margin Call are referred to as the “Margin
Deadlines”). 
 (d) 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. 
 (e) Any cash transferred to
Buyer pursuant to Section 4(b) above shall be credited to the Repurchase Price of the related Transactions. 
  

	SECTION 5.	 COLLECTIONS; INCOME PAYMENTS 

(a) All Income, and all rights to Income, of, on, or otherwise with respect to all Purchased Mortgage Loans is the sole and exclusive property
of Buyer as the owner thereof, pending repurchase on the related Repurchase Date. Notwithstanding the foregoing, and provided no Default has occurred and is continuing, Buyer agrees that Seller shall be entitled to receive, solely from such Income,
an amount equal to all Income received in respect of the Purchased Assets; provided, however, that any Income received by or on behalf of Seller while the related Transaction is outstanding shall be deemed held by Seller solely in trust for Buyer
pending the repurchase on the related Repurchase Date. 
 (b) In the event that a Default has occurred and is continuing, notwithstanding any
provision set forth herein, Seller shall remit to Buyer, by wire transfer in accordance with wire transfer instructions previously given to Seller by Buyer, all Income received with respect to each Purchased Mortgage Loan to be applied to the
Obligations hereunder in Buyer’s sole discretion. 
 (c) All amounts required to be paid or remitted by Seller to Buyer in this
Section 5 which are not made when due shall bear interest from the due date until the remittance, transfer or payment is made, payable by Seller, at the lesser of the Post-Default Rate or the maximum rate of interest permitted by law. If there
is no maximum rate of interest specified by applicable law, interest on such sums shall accrue at the Post-Default Rate. 
  

	SECTION 6.	 REQUIREMENTS OF LAW 

(a) If any Requirements of Law (other than with respect to any amendment made to Buyer’s certificate of incorporation and bylaws or other
organizational or governing documents) or any change in the interpretation or application thereof or compliance by Buyer with any request or directive (whether or not having the force of law) from any central bank or other Governmental Authority
made subsequent to the date hereof: 
 (i) shall subject Buyer to any Tax or increased Tax of any kind whatsoever with
respect to this Agreement or any Transaction (other than (A) Indemnified Taxes, (B) Taxes described in clauses (b) through (d) of the definition of Excluded Taxes and (C) Connection Income Taxes); 

  
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 (ii) shall impose, modify or hold applicable any reserve, special deposit,
compulsory loan or similar requirement against assets held by, deposits or other liabilities in or for the account of, advances, or other extensions of credit by, or any other acquisition of funds by, any office of Buyer which is not otherwise
included in the determination of the LIBOR Rate hereunder; or 
 (iii) shall impose on Buyer any other condition (other than
increased Taxes) affecting this Agreement or the transactions contemplated herein; 
 and the result of any of the foregoing is to increase the cost to
Buyer, by an amount which Buyer deems to be material, of entering, continuing or maintaining any Transaction or to reduce any amount due or owing hereunder in respect thereof, then, in any such case, Seller shall promptly pay Buyer such additional
amount or amounts as calculated by Buyer in good faith as will compensate Buyer for such increased cost or reduced amount receivable. 
 (b)
If Buyer shall have determined that the adoption of or any change in any Requirements of Law (other than with respect to any amendment made to Buyer’s certificate of incorporation and bylaws or other organizational or governing documents)
regarding capital adequacy or in the interpretation or application thereof or compliance by Buyer or any corporation controlling Buyer with any request or directive regarding capital adequacy (whether or not having the force of law) from any
Governmental Authority made subsequent to the date hereof shall have the effect of reducing the rate of return on Buyer’s or such corporation’s capital as a consequence of its obligations hereunder to a level below that which Buyer or such
corporation could have achieved but for such adoption, change or compliance (taking into consideration Buyer’s or such corporation’s policies with respect to capital adequacy) by an amount deemed by Buyer to be material, then from time to
time, Seller shall promptly pay to Buyer such additional amount or amounts as will compensate Buyer for such reduction. 
 (c) If Buyer
becomes entitled to claim any additional amounts pursuant to this Section, it shall promptly notify Seller of the event by reason of which it has become so entitled. A certificate as to any additional amounts payable pursuant to this Section
submitted by Buyer to Seller shall be conclusive in the absence of manifest error. 
  

	SECTION 7.	 TAXES 

(a) Any and all payments by Seller under or in respect of this Agreement or any other Facility Documents to which Seller is a party shall be
made free and clear of, and without deduction or withholding for or on account of, any and all present or future taxes, levies, imposts, deductions, charges or withholdings, and all liabilities (including penalties, interest and additions to tax)
with respect thereto, whether now or hereafter imposed, levied, collected, withheld or assessed by any taxation authority or other Governmental Authority (collectively, “Taxes”), unless required by law. If Seller shall be required
under any applicable Requirements of Law to deduct or withhold any Taxes from or in respect of any sum payable under or in respect of this Agreement or any of the other Facility Documents to Buyer, (i) Seller shall make all such deductions and
withholdings in respect of Taxes, (ii) Seller shall pay the full amount deducted or withheld in respect of Taxes to the relevant taxation authority or other Governmental Authority in accordance with any applicable Requirements of Law, and
(iii) if such Tax is an Indemnified Tax, the sum payable by Seller shall be increased as may be necessary so that after Seller has made all required deductions and withholdings (including deductions and withholdings applicable to additional
amounts payable under this Section 7) Buyer receives an amount equal to the sum it would have received had no such deductions or withholdings been made. 

  
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 (b) In addition, Seller hereby agrees to pay all present or future stamp, court or
documentary, intangible, recording, filing or similar Taxes that arise from any payment made under or in respect of this Agreement or any other Facility Document or from the execution, delivery or registration of, any performance under, or otherwise
with respect to, this Agreement or any other Facility Document, except any such Taxes that are Other Connection Taxes imposed with respect to an assignment (collectively, “Other Taxes”), to the relevant Governmental Authority in
accordance with applicable law. 
 (c) Seller hereby agrees to indemnify Buyer for, and to hold it harmless against, the full amount of
Indemnified Taxes (including Indemnified Taxes imposed or asserted on or attributable to amounts payable under this Section) payable or paid by Buyer or required to be withheld or deducted from a payment to Buyer and any reasonable expenses arising
therefrom or with respect thereto, whether or not such Indemnified Taxes were correctly or legally imposed or asserted by the relevant Governmental Authority. A certificate as to the amount of such payment or liability delivered to Seller by Buyer
shall be conclusive absent manifest error. Amounts payable by Seller under the indemnity set forth in this Section 7(c) shall be paid within ten (10) days from the date on which Buyer makes written demand therefor. 

(d) As soon as practicable after the date of any payment of Taxes in accordance with this Section 7, Seller (or any Person making such
payment on behalf of Seller) shall furnish to Buyer for its own account a certified copy of the original official receipt evidencing payment thereof. 

(e) Without prejudice to the survival of any other agreement of Seller hereunder, the agreements and obligations of Seller contained in this
Section 7 shall survive the termination of this Agreement and any assignment of rights or obligations under this Agreement. 

(f) (i) If Buyer is entitled to an exemption from or reduction of withholding Tax with respect to payments made under this Agreement,
Buyer shall deliver to Seller, at the time or times reasonably requested by Seller, such properly completed and executed documentation reasonably requested by Seller as will permit such payments to be made without withholding or at a reduced rate of
withholding. In addition, if reasonably requested by Seller, Buyer shall deliver such other documentation prescribed by applicable law or reasonably requested by Seller as will enable Seller to determine whether or not Buyer is subject to backup
withholding or information reporting requirements. Notwithstanding anything to the contrary in the preceding two sentences, the completion, execution and submission of such documentation (other than such documentation set forth in paragraph
(ii) of this Section 7(f)) shall not be required if in Buyer’s reasonable judgment such completion, execution or submission would subject Buyer to any material unreimbursed cost or expense or would materially prejudice the legal or
commercial position of Buyer. (ii) Without limiting the generality of the foregoing, Buyer shall deliver to Seller upon the effective date of this Agreement (and from time to time thereafter upon the reasonable request of Seller) executed
copies of IRS Form W-9 certifying that Buyer is exempt from U.S. federal backup withholding tax. Buyer 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 Seller in writing of its legal inability to do so. 
 (g) In
the event that Buyer assigns its rights and obligations under this Agreement to a non-U.S. Person, then in addition to the rest of Section 7, the following shall apply: 

(i) Such non-U.S. Person shall, to the extent it is legally entitled to do so, deliver
to Seller (in such number of copies as shall be requested by Seller) on or about the date on which such Person becomes an assignee under this Agreement (and from time to time thereafter upon the reasonable request of Seller), whichever of the
following is applicable: 

  
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 (A) in the case of a non-U.S.
assignee claiming the benefits of an income tax treaty to which the United States is a party (x) with respect to payments of interest under this Agreement or any other Facility Documents to which Seller is a party, executed copies of IRS Form W-8BEN or IRS Form W-8BEN-E establishing an exemption from, or reduction of, U.S. federal withholding Tax pursuant to the
“interest” article of such tax treaty and (y) with respect to any other applicable payments under this Agreement or any other Facility Documents to which Seller is a party, IRS Form W-8BEN or
IRS Form W-8BEN-E establishing an exemption from, or reduction of, U.S. federal withholding Tax pursuant to the “business profits” or “other income”
article of such tax treaty; 
 (B) executed copies of IRS Form W-8ECI; 

(C) in the case of a non-U.S. assignee claiming the benefits of the exemption for
portfolio interest under Section 881(c) of the Code, (x) a certificate in a form reasonably acceptable to Seller to the effect that such non-U.S. assignee is not a “bank” within the meaning
of Section 881(c)(3)(A) of the Code, a “10 percent shareholder” of Seller within the meaning of Section 871(h)(3)(B) of the Code, or a “controlled foreign corporation” related to Seller as described in
Section 881(c)(3)(C) of the Code (a “U.S. Tax Compliance Certificate”) and (y) executed copies of IRS Form W-8BEN or IRS Form W 8BEN-E; or 

(D) to the extent a non-U.S. assignee is not the beneficial owner, executed copies of
IRS Form W-8IMY, accompanied by IRS Form W-8ECI, IRS Form W-8BEN, IRS Form W 8BEN-E, a
U.S. Tax Compliance Certificate in a form reasonably acceptable to Seller, IRS Form W-9, and/or other certification documents from each beneficial owner, as applicable; provided that if the non-U.S. assignee is a partnership and one or more direct or indirect partners of such non-U.S. assignee are claiming the portfolio interest exemption, such non-U.S. assignee may provide a U.S. Tax Compliance Certificate in a form reasonably acceptable to Seller on behalf of each such direct and indirect partner. 

(ii) Any non-U.S. assignee shall, to the extent it is legally entitled to do so,
deliver to Seller (in such number of copies as shall be requested by Seller) on or about the date on which such non-U.S. assignee becomes an assignee under this Agreement (and from time to time thereafter upon
the reasonable request of Seller), executed copies of any other form prescribed by applicable law as a basis for claiming exemption from or a reduction in U.S. federal withholding Tax, duly completed, together with such supplementary documentation
as may be prescribed by applicable law to permit Seller to determine the withholding or deduction required to be made. 

(iii) If a payment made to a non-U.S. assignee under this Agreement or any other
Facility Documents to which Seller is a party would be subject to U.S. federal withholding Tax imposed by FATCA if such non-U.S. 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 non-U.S. assignee shall deliver to Seller at the time or times prescribed by law and at such time or times
reasonably requested by Seller such documentation prescribed by applicable law (including as prescribed by Section 1471(b)(3)(C)(i) of the Code) and such additional documentation reasonably requested by Seller as may be necessary for Seller to
comply with their obligations under FATCA and to determine that such non-U.S. assignee has complied with such non-U.S. 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 (iii), “FATCA” shall include any amendments made to FATCA after the date of this Agreement. 

  
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 (iv) Each non-U.S. 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 Borrower in writing of its legal inability to do so 

(h) If any party determines, in its sole discretion exercised in good faith, that it has received a refund of any Taxes as to which it has been
indemnified pursuant to this Section 7 (including by the payment of additional amounts pursuant to this Section), it shall pay to the indemnifying party an amount equal to such refund (but only to the extent of indemnity payments made under
this Section 7 with respect to the Taxes giving rise to such refund), net of all out-of-pocket expenses (including Taxes) of such indemnified party and without
interest (other than any interest paid by the relevant Governmental Authority with respect to such refund). Such indemnifying party, upon the request of such indemnified party, shall repay to such indemnified party the amount paid over pursuant to
this paragraph (h) (plus any penalties, interest or other charges imposed by the relevant Governmental Authority) in the event that such indemnified party is required to repay such refund to such Governmental Authority. Notwithstanding anything to
the contrary in this paragraph (h), in no event will the indemnified party be required to pay any amount to an indemnifying party pursuant to this paragraph (h) the payment of which would place the indemnified party in a less favorable net after-Tax position than the indemnified party would have been in if the Tax subject to indemnification and giving rise to such refund had not been deducted, withheld or otherwise imposed and the indemnification
payments or additional amounts with respect to such Tax had never been paid. This paragraph shall not be construed to require any indemnified party to make available its Tax returns (or any other information relating to its Taxes that it deems
confidential) to the indemnifying party or any other Person. 
 (i) Each party to this Agreement acknowledges that it is its intent for
purposes of U.S. federal, state and local income and franchise taxes, to treat the Transaction as indebtedness of Seller that is secured by the Purchased Mortgage Loans and the Purchased Mortgage Loans as owned by Seller for federal income tax
purposes in the absence of a Default by 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 8.	 SECURITY INTEREST; BUYER’S APPOINTMENT AS ATTORNEY-IN-FACT 

 (a) Security Interest. On each Purchase Date,
Seller hereby sells, assigns and conveys all rights, title, and interests in, to, and under the Purchased Mortgage Loans identified on the related Mortgage Loan Schedule or as to which Buyer otherwise pays the Purchase Price as provided herein,
including the related Mortgage File and Servicing Rights and all Income therefrom. Although the parties intend that all Transactions hereunder be sales and purchases and not loans, in the event any such Transactions are deemed to be loans, and, in
any event, as security for the performance by Seller of its Obligations, Seller hereby pledges to Buyer and hereby grants, assigns and pledges to Buyer a fully perfected first priority security interest in all of the Seller’s right, title, and
interest in, to, and under the following, in all instances whether now owned or hereafter acquired, now existing or hereafter created and wherever located related to the Purchased Loans (collectively, the “Repurchase Assets”): 

(i) the Purchased Mortgage Loans; 

(ii) the Mortgage File and Records related to the Purchased Mortgage Loans; 

(iii) all Servicing Rights related to the Purchased Mortgage Loans; 

(iv) the Facility Documents (to the extent such Facility Documents and Seller’s rights thereunder relate to the Purchased
Mortgage Loans); 

  
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 (v) any Property relating to any Purchased Mortgage Loan or the related
Mortgaged Property; 
 (vi) any Takeout Commitments relating to any Purchased Mortgage Loan; 

(vii) any Closing Protection Letter relating to any Purchased Mortgage Loan; 

(viii) 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 or hazard insurance; 
 (ix) all
Income relating to any Purchased Mortgage Loan; 
 (x) the Inbound Account; 

(xi) the Haircut Account; 

(xii) any Hedge Agreements to the extent relating to any Purchased Mortgage Loan; 

(xiii) any other contract rights, accounts, deposit accounts (including any interest of Seller in escrow accounts), payments,
rights to payment (including payments of interest or finance charges), and general intangibles to the extent that any of the foregoing relates to any Purchased Mortgage Loan, 

(xiv) any other assets to the extent relating to the Purchased Mortgage Loans (including, without limitation, any other deposit
accounts) or any interest in the Purchased Mortgage Loans; 
 (xv) any and all replacements or substitutions for, proceeds
(including the related securitization proceeds) of, and distributions on or with respect to any of the foregoing; and 

(xvi) any other property, rights, title or interests as are specified on a Mortgage Loan Schedule and/or Transaction Request
and/or in the TIAA Bank Warehouse Electronic System to the extent related to the Purchased Mortgage Loans. 
 Seller acknowledges that it
has no rights to service the Purchased Mortgage Loans prior to the time repurchased by Seller. Without limiting the generality of the foregoing and in the event that Seller is deemed to retain any residual Servicing Rights, and for the avoidance of
doubt, Seller grants, assigns and pledges to Buyer a security interest in the Servicing Rights and proceeds related thereto and in all instances, whether now owned or hereafter acquired, now existing or hereafter created prior to the time
repurchased by Seller. The foregoing provision is intended to constitute a security agreement or other arrangement or other credit enhancement related to the Agreement and Transactions hereunder as defined under Sections 101(47)(v) and 741(7)(x) of
the Bankruptcy Code. 
 Seller hereby authorizes Buyer to file such financing statement or statements relating to the Repurchase Assets and
the Servicing Rights as Buyer, at its option, may deem appropriate, without the signature of Seller thereon. Seller shall pay the filing costs for any financing statement or statements prepared pursuant to this Section 8. 

(b) Buyer’s Appointment as Attorney in Fact. Seller shall execute and deliver a Power of Attorney on the date hereof substantially
similar to the one attached hereto as Exhibit C. 

  
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 Seller also authorizes Buyer, if an Event of Default shall have occurred, from time to time,
to execute, in connection with any sale provided for in Section 14 hereof, any endorsements, assignments or other instruments of conveyance or transfer with respect to the Repurchase Assets. 

The powers conferred on Buyer hereunder are solely to protect Buyer’s interests in the Repurchase Assets and shall not impose any duty
upon it to exercise any such powers. Buyer shall be accountable only for amounts that it actually receives as a result of the exercise of such powers, and neither it nor any of its officers, directors, employees or agents shall be responsible to
Seller for any act or failure to act hereunder, except for its or their own gross negligence or willful misconduct. 
 Upon an Event of
Default, Buyer shall be entitled to all remedies available to a secured creditor under the Uniform Commercial Code and shall have the right to apply the Repurchase Assets or any proceeds therefrom to all Obligations. 

 

	SECTION 9.	 PAYMENT, TRANSFER; ACCOUNTS AND CUSTODY 

(a) Transfer of Funds. Unless otherwise mutually agreed in writing, all transfers of funds to be made by Seller hereunder shall be made
in Dollars, in immediately available funds, without deduction, set off or counterclaim, to Buyer at the account maintained and indicated by Buyer not later than 3:00 p.m. 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). Seller acknowledges that it has no rights of withdrawal from the foregoing account. 

(b) Remittance of Purchase Price. On the Purchase Date for each Transaction, ownership of the Purchased Mortgage Loans shall be
transferred to Buyer or its designee against the simultaneous transfer of the Purchase Price to the applicable Settlement Agent. With respect to the Purchased Mortgage Loans being sold by Seller on a Purchase Date, Seller hereby sells, transfers,
conveys and assigns to Buyer or its designee without recourse, but subject to the terms of this Agreement, all of the right, title and interest of Seller in and to the Purchased Mortgage Loans, including the related Mortgage File and Servicing
Rights and all Income thereon, and all right, title, and interest of Seller in and to the proceeds of any related Repurchase Assets. Buyer may confirm that the Initial Haircut Account Funded Amount has been deposited into the Haircut Account prior
to its remittance of any amounts in accordance herewith. Subject to Buyer’s verification of necessary cleared funds in the Haircut Account, Buyer shall remit to the Settlement Agent the full amount of the outstanding principal balance of such
Purchased Mortgage Loan and shall withdraw and retain from the Haircut Account, the Haircut Amount. 
 (c) Reserved. 

(d) Inbound Account. Seller shall establish and maintain an Inbound Account identified in the Pricing Letter, in the form of a deposit
account. The Inbound Account shall be established with Buyer. Buyer shall have exclusive withdrawal rights from such Inbound Account. Funds deposited in the Inbound Account may be transferred as set forth herein. Any interest or other earnings on
the investment of funds held in the Inbound Account shall be deposited in the Inbound Account, subject to withdrawal pursuant hereto. All amounts on deposit in the Inbound Account shall be held as cash margin and collateral for all Obligations under
this Agreement (such amount, to the extent not applied to Obligations under the Agreement, the “Repurchase Proceeds”). In connection with any repurchase by Seller or purchase by a Takeout Investor of a Purchased Mortgage Loan,
Seller shall direct remittance of the proceeds therefor into the Inbound Account. Seller shall be required to comply with all requirements in connection with any repurchase and remittance into the Inbound Account. Upon receipt of any Repurchase
Proceeds in the Inbound Account, Buyer shall apply such Repurchase Proceeds to the Repurchase Price for the related Purchased Mortgage Loans. Any Repurchase Proceeds in excess of the 

  
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Repurchase Price for the related Purchased Mortgage Loans shall be remitted to the Haircut Account, for application as contemplated pursuant to Section 9(e). Without limiting the generality
of the foregoing, in the event that a Margin Call or other Default exists, Buyer shall be entitled to use any or all of the Repurchase Proceeds to cure such circumstance or otherwise exercise remedies available to Buyer without prior notice to, or
consent from, Seller. 
 (e) Haircut Account. Seller shall establish and maintain a Haircut Account identified in the Pricing Letter,
in the form of a deposit account. The Haircut Account shall be established with Buyer. Buyer shall have exclusive withdrawal rights from such Haircut Account. Any interest or other earnings on the investment of funds held in the Haircut Account
shall be deposited in the Haircut Account, subject to withdrawal pursuant hereto. Buyer is hereby authorized and instructed by Seller to withdraw from the Haircut Account any and all amounts contemplated herein. On each Purchase Date, Seller shall
deposit the Initial Haircut Account Funded Amount into the Haircut Account. Upon purchase by Buyer of the related Purchased Mortgage Loan, Buyer shall withdraw the Haircut Amount to reimburse itself for the difference between the actual amount
remitted by Buyer on the Purchase Date on account of the Purchased Mortgage Loan and the Purchase Price for such Purchased Mortgage Loan. Upon repurchase by Seller, or purchase by a Takeout Investor, of any Purchased Mortgage Loan, if there remain
on deposit in the Inbound Account Excess Proceeds with respect to such Mortgage Loan, then Buyer shall remit the Excess Proceeds to the Haircut Account and such Excess Proceeds shall be added to the Net Account Funded Amount for such Mortgage Loan.
Upon repurchase by Seller, or purchase by a Takeout Investor, of any Purchased Mortgage Loan, if there exists in the Inbound Account Shortfall Proceeds with respect to such Mortgage Loan, then Buyer may withdraw from the Haircut Account the amount
of any Shortfall Proceeds and such amount shall be deducted from the Net Account Funded Amount. In addition to the foregoing, Buyer shall be entitled to deduct and withdraw from the Haircut Account all Warehouse Fees. To the extent that, following
application of all deposits and withdrawals as contemplated herein with respect to a Purchased Mortgage Loan that is repurchased by Seller or purchased by a Takeout Investor, (i) the Net Account Funded Amount for any such Mortgage Loan is a positive
number, then such Net Account Funded Amount for such Mortgage Loan shall, subject to this section, be available for remittance to Seller upon written request therefor; and (ii) the Net Account Funded Amount for any such repurchased Mortgage
Loan is a negative number, then Seller shall promptly remit to Buyer the amount of such Net Account Funded Amount for such Mortgage Loan. Without limiting the foregoing, to the extent that the Net Account Funded Amount for any repurchased Mortgage
Loan is a negative number, Buyer shall be entitled to withdraw, retain and apply any amounts on deposit in the Haircut Account up to the amount of such negative Net Account Funded Amount. To the extent that the aggregate Net Account Funded Amounts
(net of any amounts withdrawn as contemplated herein) for all repurchased Mortgage Loans is a positive number, then Seller may deliver a written request, including without limitations, a request transmitted electronically, prior to 4:00 p.m. (New
York Time) for Buyer to remit the aggregate Net Account Funded Amounts to Seller. To the extent that there exists no Default, Buyer shall, upon receipt of such written request, remit any such amount to Seller. Any interest or other earnings on the
investment of funds deposited in the Haircut Account shall be deposited in the Haircut Account, subject to withdrawal pursuant hereto. Without limiting the generality of the foregoing, in the event that a Margin Call or other Default exists, Buyer
shall be entitled to use any or all of the amounts on deposit in the Haircut Account to cure such circumstance or otherwise exercise remedies available to Buyer without prior notice to, or consent from, Seller. 

(f) Fees. Seller shall pay in immediately available funds to Buyer and Custodian all fees, including without limitation, the Warehouse
Fees, as and when required hereunder and under the Custodial Agreement. All such payments shall be made in Dollars, in immediately available funds, without deduction, set-off or counterclaim, to Buyer at such
account designated by Buyer. Without limiting the generality of the foregoing or any other provision of this Agreement, Buyer may withdraw and retain from the Haircut Account any Warehouse Fees due and owing to Buyer. 

  
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	SECTION 10.	 DELIVERY OF DOCUMENTS 

(a) Custody of Mortgage Files. In connection with the sale, transfer, conveyance and assignment of Purchased Mortgage Loans, on or prior
to each Purchase Date, Seller shall deliver or cause to be delivered and released to Custodian, as custodian for Buyer, the Mortgage File or Wet File, as applicable for the related Purchased Mortgage Loans. 

Seller shall be solely responsible for providing each and every document required for each Mortgage File to Custodian in a timely manner and
for completing or correcting any missing, incomplete or inconsistent documents, and neither Custodian nor Buyer shall be responsible or liable for taking any such action, causing Seller or any other person or entity to do so or notifying any Person
that any such action has or has not been taken. 
 (b) Release of Mortgage Files. From time to time as appropriate for the sale or
repurchase of any of the Purchased Mortgage Loans, provided that no Default or Event of Default shall have occurred and be continuing, Buyer shall, upon receipt of a request for release through the TIAA Bank Warehouse Electronic System and
compliance with the requirements of the TIAA Bank Warehouse Customer Guide and the Custodial Agreement, release or cause Custodian to release to Seller the related Mortgage File or the documents of the related Mortgage File set forth in such request
for release. All Mortgage Files or documents from Mortgage Files so released to Seller shall be held by Seller in trust for the benefit of Buyer. 

In connection with the payment in full, sale or repurchase of any Mortgage Loan, and upon receipt by Buyer of such information through the
TIAA Bank Warehouse Electronic System, and subject to Buyer receiving all amounts due on account of the Repurchase Price hereunder, and there existing no Default or Event of Default, Buyer shall promptly release or cause the Custodian to release the
related Mortgage File to Seller. 
 (c) Purchase By Takeout Investor. Seller shall provide to Buyer a completed request for release of
documents with respect to the related Purchased Mortgage Loans to be purchased by a Takeout Investor through the TIAA Bank Warehouse Electronic System and as otherwise required by the Custodian and shall comply with all other requirements set forth
in the TIAA Bank Warehouse Customer Guide and the Custodial Agreement with respect thereto. The Mortgage Files relating to the Mortgage Loans included in a request for release shall be sent for delivery by Custodian to the applicable Takeout
Investor specified by Seller to Buyer in the TIAA Bank Warehouse Electronic System and to Custodian as required by the Custodial Agreement; provided that such Mortgage File shall be accompanied by a fully completed Bailee Letter. Buyer shall not
instruct Custodian to deliver or approve the delivery of any Mortgage File to any potential Takeout Investor unless such Takeout Investor was identified by Seller to Buyer in the TIAA Bank Warehouse Electronic System. 

In the event that a Takeout Investor rejects a Mortgage Loan for purchase pursuant to a Takeout Commitment for any reason whatsoever, upon
request of Buyer, Seller shall promptly notify Buyer via the TIAA Bank Warehouse Electronic System upon receipt of notification from the Takeout Investor. 

(d) Written Instructions as to the method of shipment and shipper(s) that Custodian is directed to utilize in connection with transmission of
Mortgage Files shall be delivered by Seller to Custodian and Buyer as required by the Custodial Agreement. 

  
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	SECTION 11.	 REPRESENTATIONS 

As to representations and warranties concerning Seller, Seller represents and warrants to Buyer that such representations and warranties are in
full force and effect as of the date of this Agreement through and until the date on which all Obligations of Seller under this Agreement are fully satisfied. As to representation and warranties concerning Purchased Mortgage Loans, Seller represents
and warrants to Buyer that such representations and warranties are in full force and effect as of the applicable Purchase Date for such Purchased Mortgage Loans. 

(a) Acting as Principal. Seller will engage in such Transactions as principal (or, if agreed in writing in advance of any Transaction by
the other party hereto, as agent for a disclosed principal). 
 (b) 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 based on or arising from the sale of Purchased Mortgage Loans by Seller to Buyer pursuant to this Agreement. The foregoing representation and
warranty does not relate to third party mortgage brokers to whom compensation may be payable by Seller for the origination of a Purchased Mortgage Loan, such payments being the sole responsibility of Seller. 

(c) Financial Statements. The Seller has heretofore furnished to Buyer a copy of its (a) consolidated balance sheet and the consolidated
balance sheets of its consolidated Subsidiaries for the fiscal year ended the Annual Financial Statement Date and the related consolidated statements of income and retained earnings and of cash flows for the Seller and its consolidated Subsidiaries
for such fiscal year, setting forth in each case in comparative form the figures for the previous year, with the opinion thereon of an Approved CPA and (b) consolidated balance sheet and the consolidated balance sheets of its consolidated
Subsidiaries for each of the monthly period(s) of the Seller up until Monthly Financial Statement Date, and the related consolidated statements of income and retained earnings and of cash flows for the Seller and its consolidated Subsidiaries for
such monthly period(s), setting forth in each case in comparative form the figures for the previous year. All such Financial Statements are complete and correct and fairly present, in all material respects, the consolidated financial condition of
the Seller and its Subsidiaries and the consolidated results of their operations as at such dates and for such monthly periods, all in accordance with GAAP applied on a consistent basis. Since the Annual Financial Statement Date, there has been no
material adverse change in the consolidated business, operations or financial condition of the Seller and its consolidated Subsidiaries taken as a whole from that set forth in said Financial Statements nor is Seller aware of any state of facts which
(without notice or the lapse of time) would or could reasonably be expected to have a Material Adverse Effect. The Seller does not have, on the Annual Financial Statement Date, any liabilities, direct or indirect, fixed or contingent, matured or
unmatured, known or unknown, or liabilities for taxes, long-term leases or unusual forward or long-term commitments not disclosed by, or reserved against in, said balance sheet and related statements, and at the present time there are no material
unrealized or anticipated losses from any loans, advances or other commitments of the Seller except as heretofore disclosed to Buyer in writing. 

(d) Organization, Etc. Seller (i) is duly organized, validly existing and in good standing under the laws of the jurisdiction of
its organization, (ii) has all requisite corporate or other power, and has all governmental licenses, authorizations, consents and approvals necessary to own its assets and carry on its business as now being conducted, except where the lack of
such licenses, authorizations, consents and approvals would not be reasonably likely to have a Material Adverse Effect; (iii) 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 failure so to qualify would not be reasonably likely (either individually or in the aggregate) to have a Material Adverse Effect; and (iv) has

  
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full power and authority to execute, deliver and perform its obligations under the Facility Documents. Schedule 4 to the Pricing Letter lists all holders of stock of and other equity interests in
Seller which is not an individual, and the amounts and types of shares held by each of them. Except as set forth on Schedule 4 to the Pricing Letter, there are no agreements of any kind relating to the issuance of any shares of Seller which is not
an individual or trust, or any convertible or exchangeable securities or any options, warrants or other rights relating to the stock of or other equity interests in any such Seller. 

(e) Authorization, Compliance, Approvals. The execution and delivery of, and the performance by Seller of its obligations under, the
Facility Documents (a) are within Seller’s powers, (b) have been duly authorized by all requisite action, (c) do not violate any provision of any applicable Requirements of Law, rule or regulation, or any order, writ, injunction
or decree of any court or other Governmental Authority that Seller is subject to, or its organizational documents, (d) do not violate any indenture, agreement, document or instrument to which Seller is a party, or by which any of them or any of
their properties, any of the Repurchase Assets is bound or to which any of them is subject and (e) are not in conflict with, do not result in a breach of, or constitute (with due notice or lapse of time or both) a default under, or except as
may be provided by any Facility Document, result in the creation or imposition of any Lien upon any of the property or assets of Seller pursuant to, any such indenture, agreement, document or instrument. Seller is not required to obtain any consent,
approval or authorization from, or to file any declaration or statement with, any Governmental Authority in connection with or as a condition to the consummation of the Transactions contemplated herein and the execution, delivery or performance of
the Facility Documents to which it is a party. With respect to any and all Records or Electronic Records submitted or transmitted to Buyer in connection with a Transaction hereunder, including, but not limited to, fax copies of Records or Electronic
Records, Seller represents and warrants that any party who submitted or transmitted Records or Electronic Records or who submitted or transmitted Records or Electronic Records containing Seller’s signature or Seller’s Electronic Signature
was authorized to do so. 
 (f) Litigation. Except as described in Schedule 7 to the Pricing Letter, there is no Litigation affecting
Seller or affecting any of the Repurchase Assets or any of the other properties of Seller before any Governmental Authority which, in any material respect, (i) questions or challenges the validity or enforceability of the Facility Documents or
any action to be taken in connection with the transactions contemplated hereby, (ii) makes a claim or claims in an aggregate amount greater than the Litigation Threshold, (iii) individually or in the aggregate, if adversely determined,
would have a Material Adverse Effect, or (iv) requires filing with the SEC in accordance with its regulations. 
 (g) Purchased
Mortgage Loans. 
 (i) With respect to each Mortgage Loan to be sold hereunder by Seller to Buyer, such Mortgage Loan is
an Eligible Mortgage Loan, including that all applicable representations and warranties set forth in Schedule 1 hereto are true, correct, and complete. 

(ii) Seller has not assigned, pledged, or otherwise conveyed or encumbered to or in favor of any Person other than Buyer any
Mortgage Loan to be sold to Buyer hereunder, and immediately prior to the sale of such Mortgage Loan to Buyer, Seller was the sole owner of such Mortgage Loan and had good and marketable title thereto, free and clear of all Liens, in each case
except for Liens to be released simultaneously with the sale to Buyer hereunder. 
 (iii) The provisions of this Agreement
are effective to either constitute a sale of Repurchase Assets to Buyer or to create in favor of Buyer a valid security interest in all right, title and interest of Seller in, to and under the Repurchase Assets. 

  
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 (h) Proper Names; Chief Executive Office/Jurisdiction of Organization. Seller does
not operate in any jurisdiction under a trade name, division name or name other than those names previously disclosed in writing by Seller to Buyer. On the Effective Date, Seller’s chief executive office is located at the address specified for
“Notices” on the signature page hereto. Seller’s jurisdiction of organization is as set forth in the Pricing Letter. 
 (i)
Location of Books and Records. The Seller’s books and records, including electronic related to the Repurchase Assets are accessible at its chief executive office. 

(j) Enforceability. This Agreement and all of the other Facility Documents respectively executed and delivered by a Seller in connection
herewith are legal, valid and binding obligations of Seller and are enforceable against Seller in accordance with their terms, except as such enforceability may be limited by (i) the effect of any applicable bankruptcy, insolvency,
reorganization, moratorium or similar Requirements of Law affecting creditors’ rights generally, and (ii) general principles of equity. 

(k) Ability to Perform. Seller does not believe, nor does it have any reason or cause to believe, that it cannot perform each and every
covenant of Seller contained in the Facility Documents which it has represented it can perform. 
 (l) No Default. No Default or Event
of Default has occurred and is continuing. 
 (m) No Adverse Selection. Seller has not selected the Purchased Mortgage Loans in a
manner so as to adversely affect Buyer’s interests. 
 (n) Adjusted Tangible Net Worth. On the initial Purchase Date, the
Adjusted Tangible Net Worth of Seller is not less than the Adjusted Tangible Net Worth required of Seller in the Pricing Letter. 
 (o)
Debt for Borrowed Money. All credit facilities, repurchase facilities or substantially similar facilities or other debt for borrowed money of Seller (the “Debt for Borrowed Money Arrangements”) which are presently in
effect and/or outstanding are listed on Schedule 2 to the Pricing Letter (or listed in a compliance certificate provided hereunder in the form of Exhibit A to the Pricing Letter if entered into after the Effective Date) and no defaults or events of
default exist thereunder. 
 (p) Accurate and Complete Disclosure. The information, reports, Financial Statements, exhibits and
schedules furnished in writing by Seller to Buyer in connection with the negotiation, preparation, delivery or performance of this Agreement or the other Facility Documents when taken as a whole, do not contain any untrue statement of material fact
or omit to state any material fact necessary to make the statements herein or therein, in light of the circumstances under which they were made, not misleading. There is no fact known to Seller, after due inquiry, that would reasonably be expected
to have a Material Adverse Effect that has not been disclosed herein, in the other Facility Documents or in a report, Financial Statement, exhibit, schedule, disclosure letter or other writing furnished to Buyer for use in connection with the
transactions contemplated hereby or thereby. 
 (q) Margin Regulations. The use of all funds acquired by Seller under this Agreement
will not conflict with or contravene any of Regulations T, U or X promulgated by the Board of Governors of the Federal Reserve System as the same may from time to time be amended, supplemented or otherwise modified. 

  
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 (r) Investment Company. Seller is not an “investment company” or a company
“controlled” by an “investment company” within the meaning of the Investment Company Act of 1940, as amended. 
 (s)
Solvency. As of the date hereof and immediately after giving effect to each Transaction, the fair value of the assets of Seller is greater than the fair value of the liabilities (including, without limitation, contingent liabilities if and to
the extent required to be recorded as a liability on the Financial Statements of Seller in accordance with GAAP) of Seller and Seller is solvent and, after giving effect to the transactions contemplated by this Agreement and the other Facility
Documents, will not be rendered insolvent or left with an unreasonably small amount of capital with which to conduct its business and perform its obligations. Seller does not intend to incur, nor does it believe that it has incurred, debts beyond
its ability to pay such debts as they mature. Seller is not contemplating the commencement of an insolvency, bankruptcy, liquidation, or consolidation proceeding or the appointment of a receiver, liquidator, conservator, trustee, or similar official
in respect of itself or any of its property. 
 (t) ERISA. 

(i) No liability under Section 4062, 4063, 4064 or 4069 of ERISA has been or is expected by Seller to be incurred by
Seller or any ERISA Affiliate thereof with respect to any Plan which is a Single-Employer Plan in an amount that could reasonably be expected to have a Material Adverse Effect. 

(ii) Except as would not result in any Material Adverse Effect (i) no Plan which is a Single Employer Plan had an
accumulated funding deficiency, whether or not waived, as of the last day of the most recent fiscal year of such Plan ended prior to the date hereof, and no such plan which is subject to Section 412 of the Code failed to meet the requirements
of Section 436 of the Code as of such last day and (ii) neither Seller nor any ERISA Affiliate thereof is subject to a Lien in favor of such a Plan as described in Section 430(k) of the Code or Section 303(k) of ERISA that could
reasonably be expected to have a Material Adverse Effect.. 
 (iii) Each Plan of Seller, each of its Subsidiaries and each of
its ERISA Affiliates is in compliance with the applicable provisions of ERISA and the Code, except where the failure to comply would not result in any Material Adverse Effect. 

(iv) Neither Seller nor any of its Subsidiaries has incurred a tax liability under Chapter 43 of the Code or a penalty under
Section 502 of ERISA which has not been paid in full, except where the incurrence of such tax or penalty would not result in a Material Adverse Effect. 

(v) Neither Seller nor any of its Subsidiaries nor any ERISA Affiliate thereof has incurred or reasonably expects to incur any withdrawal
liability under Section 4201 of ERISA as a result of a complete or partial withdrawal from a Multiemployer Plan in an amount that could reasonably be expected to have a Material Adverse Effect. 

(u) Taxes. Seller has timely filed all Tax returns that are required to be filed by it and has timely paid all Taxes due, except
(i) for any such Taxes as are being appropriately contested in good faith by appropriate proceedings diligently conducted and with respect to which adequate reserves have been provided or (ii) to the extent that the failure to do so could
not reasonably be expected to have a Material Adverse Effect. There are no Liens for material Taxes, except for statutory liens for Taxes not yet due and payable or that are being appropriately contested in good faith by appropriate proceedings
diligently conducted and with respect to which adequate reserves have been provided. 

  
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 (v) No Reliance. Seller has made its own independent decisions to enter into the
Facility Documents and each Transaction and as to whether such Transaction is appropriate and proper for it based upon its own judgment and upon advice from such advisors (including without limitation, legal counsel and accountants) as it has deemed
necessary. Seller is not relying upon any advice from Buyer or Custodian as to any aspect of the Transactions, including without limitation, the legal, accounting or tax treatment of such Transactions. 

(w) Plan Assets. Seller is not an employee benefit plan as defined in Section 3 of Title I of ERISA, or a plan described in
Section 4975(e)(1) of the Code, and the Purchased Mortgage Loans are not “plan assets” within the meaning of 29 CFR §2510.3-101, as modified by Section 3(42) of ERISA, in Seller’s
hands and transactions by or with Seller are not subject to any state or local statute regulating investments of, or fiduciary obligations with respect to governmental plans within the meaning of Section 3(32) of ERISA. 

(x) Agency and Governmental Authority Approvals. Seller is approved by those Agencies and Governmental Authorities set forth on Schedule
8 to the Pricing Letter for the origination, sale, and/or servicing of Mortgage Loans as set forth on Schedule 8 to the Pricing Letter. In each such case, Seller is in good standing, with no event having occurred or Seller having any reason
whatsoever to believe or suspect will occur, including, without limitation, a change in insurance coverage, which would either make Seller unable to comply with the eligibility requirements for maintaining all such applicable approvals or require
notification to the relevant Agency or Governmental Authority. 
 (y) Ability to Service Mortgage Loans; Servicing Agreements. Seller
has adequate financial standing, servicing facilities, procedures and experienced personnel necessary (including by way of subservicing arrangements and other vendor contracts) 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. Seller is not a party to any servicing agreements with respect to any of its Mortgage Loans except as set forth on Schedule 5 to the Pricing
Letter. Except as set forth on Schedule 5 of the Pricing Letter, no Purchased Mortgage Loans will be subject to any other servicing agreements. 

(z) Anti-Money Laundering Laws. Seller has complied with all applicable anti-money laundering laws and regulations, including
without limitation the USA Patriot Act of 2001 (collectively, the “Anti-Money Laundering Laws”); Seller has established an anti-money laundering compliance program as required by the Anti-Money Laundering Laws, has conducted
the requisite due diligence in connection with the origination of each Mortgage Loan for purposes of the Anti-Money Laundering Laws, including with respect to the legitimacy of the applicable Mortgagor and the origin of the assets used by the said
Mortgagor to purchase the property in question, and maintains, and will maintain, sufficient information to identify the applicable Mortgagor for purposes of the Anti-Money Laundering Laws. 

(aa) No Prohibited Persons. -Neither Seller nor its officers or directors is an entity or person (or to the Seller’s knowledge,
owned or controlled by an entity or person): (i) that is listed in the Annex to, or is otherwise subject to the provisions of Executive Order 13224 issued on September 24, 2001 (“EO13224”); (ii) whose name appears on the United
States Treasury Department’s Office of Foreign Assets Control (“OFAC”) most current list of “Specifically Designated National and Blocked Persons” (which list may be published from time to time in various mediums
including, but not limited to, the OFAC website, http:www.treas.gov/ofac/t11sdn.pdf); (iii) who commits, threatens to commit or supports “terrorism”, as that term is defined in EO13224; or (iv) who is otherwise affiliated with any
entity or person listed above (any and all parties or persons described in clauses (i) through (iv) above are herein referred to as a “Prohibited Person”). 

  
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 (bb) Hedging. Seller has established a formal hedging policy and
program, which is managed by an Approved Hedging Manager, with respect to all of its Mortgage Loans, other than those in respect of which Seller has entered into a Takeout Commitment. 

(cc) Subordinated Debt. If Seller has any Subordinated Debt, Seller has provided Buyer with true and complete copies of
all documents evidencing such Subordinated Debt. 
 (dd) MERS. Seller shall and shall cause each Subservicer to
(i) be a member in good standing with MERS, and (ii) comply in all material respects with the rules and regulations of MERS in connection with all Purchased Mortgage Loans. 

 

	SECTION 12.	 COVENANTS 

On and as of the date of this Agreement and each Purchase Date and at all times until this Agreement is no longer in force, Seller covenants as
follows: 
 (a) Preservation of Existence; Compliance with Law. Seller shall: 

(i) Preserve and maintain its legal existence and all of its material rights, privileges, licenses and franchises necessary for
the operation of its business; 
 (ii) Comply with the requirements of all applicable Requirements of Law, rules, regulations
and orders, whether now in effect or hereafter enacted or promulgated by any applicable Governmental Authority (including, without limitation, all environmental laws) in all material respects; 

(iii) Maintain all licenses, permits or other approvals necessary for Seller to conduct its business and to perform its
obligations under the Facility Documents, and conduct its business strictly in accordance with applicable Requirements of Law in all material respects; 

(iv) Keep adequate records and books of account, in which complete entries will be made in accordance with GAAP consistently
applied; and 
 (v) Permit representatives of Buyer, upon reasonable notice (unless an Event of Default shall have occurred
and is continuing, in which case, no prior notice shall be required), during normal business hours, to examine its books and records, to inspect any of its Properties, and to discuss its business and affairs with its officers, all to the extent
reasonably requested by Buyer, subject to the provisions set forth in Section 17 hereof. 
 (b) Taxes. Seller shall timely file
all Tax returns that are required to be filed by it and shall timely pay all Taxes due, except (i) for any such Taxes as are being appropriately contested in good faith by appropriate proceedings diligently conducted with respect to which
adequate reserves have been provided or (ii) to the extent that the failure to do so could not reasonably be expected to have a Material Adverse Effect. 

(c) Notice of Proceedings or Material Adverse Effect. Seller shall give notice to Buyer of any of the following within the specified
time: 
 (i) Immediately after a Responsible Officer of Seller has any knowledge of: 

(A) the occurrence of any Default or Event of Default; 

  
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 (B) any (x) litigation, investigation, regulatory action or proceeding
that is pending or initiated against a Seller in any federal or state court or before any Governmental Authority which, if not cured or if adversely determined, would reasonably be expected to have a Material Adverse Effect or constitute a Default
or Event of Default, or (y) Material Adverse Effect with respect to Seller; or 
 (C) any litigation or proceeding
affecting Seller or the Repurchase Assets which would reasonably be expected to have a Material Adverse Effect. 
 (ii) As
soon as reasonably possible, notice of any of the following events: 
 (A) a material adverse change in the insurance
coverage of Seller that would reasonably be expected to have a Material Adverse Effect, with a copy of evidence of same attached; 

(B) any material change in accounting policies or financial reporting practices of Seller; 

(C) the involuntary termination or nonrenewal of any debt facilities of Seller; 

(D) any (x) Change in Control, or (y) person obtaining a direct or indirect ownership interest (or right to obtain a
direct or indirect ownership interest) of 10% or more in Seller that is not an individual or trust; 
 (E) any event,
circumstance or condition that has resulted, or has a material possibility of resulting, in a Material Adverse Effect; or 

(F) any Purchased Mortgage Loan that has become a Defective Mortgage Loan, including that any applicable representations and
warranties set forth on Schedule 1 hereto ceases to be true, correct, and complete in any material respect (and providing all applicable details thereof). 

(d) Financial Reporting. Seller shall maintain a system of accounting established and administered in accordance with GAAP, and furnish,
or cause to be furnished, to Buyer: 
 (i) By the last Business Day of Seller’s first quarter following the end of each
fiscal year, Financial Statements, including a statement of income and changes in shareholders’ equity of Seller for such year, and the related balance sheet as at the end of such year, all in reasonable detail and accompanied by an opinion of
an Approved CPA as to said Financial Statements; 
 (ii) By the last Business Day of the calendar month following the end of
each calendar month, including the last month of Seller’s fiscal year, the unaudited balance sheets of Seller as at the end of such period and the related unaudited consolidated statements of income and retained earnings and of cash flows for
Seller for such period and the portion of the fiscal year through the end of such period, subject, however, to year-end adjustments. Such reports shall include, without limitation, in clearly delineated line
items, the results of Seller’s hedging activities for the applicable period; and 
 (iii) Simultaneously with the
furnishing of each of the Financial Statements to be delivered pursuant to subsections (i) and (ii) above, a certificate in the form of Exhibit A to the Pricing Letter and certified by an executive officer of Seller. 

  
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 (e) Visitation and Inspection Rights. Seller shall permit Buyer to inspect and take
all other actions permitted in accordance with Section 17 hereof. 
 (f) Reimbursement of Expenses. Seller shall promptly
reimburse Buyer for all Expenses as the same are incurred by Buyer as required by Sections 15(b) and 17 hereof. 
 (g) Further
Assurances. Seller shall execute and deliver to Buyer all further documents, financing statements, agreements and instruments, and take all further actions that may be required under applicable Requirements of Law, or that Buyer may reasonably
request, in order to effectuate the transactions contemplated by this Agreement and the Facility Documents or, without limiting any of the foregoing, to grant, preserve, protect and perfect the validity and first priority of the security interests
created or intended to be created hereby. Seller shall do all things reasonably necessary to preserve the Repurchase Assets so that they remain subject to a first priority perfected security interest hereunder. Without limiting the foregoing, Seller
will comply in all material respects with all applicable Requirements of Law. Seller will not allow any default for which Seller is responsible to occur under any Repurchase Assets or any Facility Document and Seller shall perform or cause to be
performed in all material respects when due all of its obligations under any Repurchase Assets or the Facility Documents. 
 (h) True and
Correct Information. All information, reports, exhibits, schedules, Financial Statements or certificates of Seller or any of its officers furnished to Buyer hereunder and during Buyer’s diligence of Seller will be true and complete in all
material respects and will not omit to disclose any material facts necessary to make the statements therein 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 GAAP. 
 (i) ERISA Events. 

(i) Promptly upon becoming aware of the occurrence of any Event of ERISA Termination which together with all other Events of
ERISA Termination occurring within the prior 12 months involve a payment of money by or a potential aggregate liability of Seller or any ERISA Affiliate thereof or any combination of such entities in an amount that could reasonably be expected to
have a Material Adverse Effect, Seller shall give Buyer a written notice specifying the nature thereof, what action Seller or any ERISA Affiliate thereof has taken and, when known, any action taken or threatened by the Internal Revenue Service, the
Department of Labor or the PBGC with respect thereto; 
 (ii) Promptly upon receipt thereof, Seller shall furnish to Buyer
copies of (i) all notices received by Seller or any ERISA Affiliate thereof of the PBGC’s intent to terminate any Plan or to have a trustee appointed to administer any Plan; (ii) all notices received by Seller or any ERISA Affiliate
thereof from the sponsor of a Multiemployer Plan pursuant to Section 4202 of ERISA involving withdrawal liability in an amount that could reasonably be expected to have a Material Adverse Effect; and (iii) all funding waiver requests filed
by Seller or any ERISA Affiliate thereof with the Internal Revenue Service with respect to any Plan, the accrued benefits of which exceed the present value of the plan assets as of the date the waiver request is filed, and all communications
received by Seller or any ERISA Affiliate thereof from the Internal Revenue Service with respect to any such funding waiver request. 
 (j)
Financial Condition Covenants. The Seller shall comply with the Financial Condition Covenants. 

  
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 (k) Hedging. Seller shall at all times maintain, implement, and adhere to a formal
hedging policy and program, acceptable to Buyer, using appropriate Hedge Agreements, covering all of Seller’s Mortgage Loans, other than those subject to a Takeout Commitment, which is managed by an Approved Hedging Manager. Seller shall hedge
all of its Mortgage Loans in accordance with Seller’s hedging policies. Seller shall review its hedging policies periodically to confirm that they are being complied with in all material respects and are adequate to meet Seller’s business
objectives. In the event Seller makes any material amendment or material modification to its hedging policies, Seller shall promptly notify Buyer of such amendment or modification, and within 30 days after such amendment or modification shall
deliver to Buyer a complete copy of the amended or modified hedging policies. Additionally, Buyer may in its reasonable discretion request a current copy of its hedging policies at any time. By Wednesday of each week, Seller shall furnish Buyer with
a hedging report as of the end of the immediately preceding week, to be in such form and to contain such information as shall be specified from time to time by Buyer, including, without limitation, Seller’s then locked pipeline, notional hedge
positions, and historical pull-throughs. 
 (l) No Adverse Selection. Seller shall not intentionally select Eligible Mortgage Loans to
be sold to Buyer as Purchased Mortgage Loans in a manner so as to adversely affect Buyer’s interests. 
 (m) Servicer Approval.
Seller shall not cause or permit the Purchased Mortgage Loans to be serviced by any servicer other than a servicer expressly approved in writing by Buyer, which approval shall be deemed granted by Buyer with respect to Seller and any Subservicer
identified on Schedule 5 to the Pricing Letter (subject to revocation of such approval as provided in this Agreement) with the execution of this Agreement. 

(n) Insurance. Seller shall maintain Fidelity Insurance in an aggregate amount at least equal to the Fidelity Insurance Requirement.
Seller shall maintain Fidelity Insurance in respect of its officers, employees and agents, with respect to any claims made in connection with all or any portion of the Repurchase Assets. Seller shall notify Buyer of any material change in the terms
of any such Fidelity Insurance. 
 (o) Books and Records. Seller shall, to the extent practicable, maintain and implement
administrative and operating procedures (including, without limitation, an ability to recreate records evidencing the Repurchase Assets in the event of the destruction of the originals thereof), and keep and maintain or obtain, as and when required,
all documents, books, records and other information reasonably necessary or advisable for the collection of all Repurchase Assets. 
 (p)
Illegal Activities. Seller shall not engage in any conduct or activity that could subject its assets to forfeiture or seizure. 
 (q)
Material Change in Business. Seller shall not make any material change in the nature of its business as presently conducted (and businesses ancillary and reasonably related thereto). 

(r) Limitation on Dividends and Distributions. Seller shall not make any payment on account of, or set apart assets for, a sinking or
other analogous fund for the purchase, redemption, defeasance, retirement or other acquisition of any equity interest of Seller or for the payment of Subordinated Debt, whether now or hereafter outstanding, or make any other distribution or dividend
in respect of any of the foregoing or to any shareholder or equity owner of Seller, either directly or indirectly, whether in cash or property or in obligations of Seller at any time (i) following the occurrence and during the continuation of a
Default or an Event of Default, (ii) in violation of any applicable Subordination Agreement, or (iii) if, on a pro forma basis giving effect thereto, a Default or Event of Default would then exist or result therefrom. 

  
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 (s) Disposition of Assets; Liens. Seller shall not create, incur, assume or suffer to
exist any mortgage, pledge, Lien, charge or other encumbrance of any nature whatsoever on any of the Repurchase Assets, whether real, personal or mixed, now or hereafter owned, other than the Liens created in connection with the transactions
contemplated by this Agreement; nor shall Seller cause any of the Purchased Mortgage Loans to be sold, pledged, assigned or transferred other than as contemplated hereby or in connection with a transaction that will provide proceeds to pay the
Repurchase Price related to the applicable Purchased Mortgage Loans. 
 (t) Transactions with Affiliates. Seller shall not enter into
any transaction, including, without limitation, the purchase, sale, lease or exchange of property or assets or the rendering or accepting of any service with any Affiliate unless such transaction is (i) otherwise not prohibited in this
Agreement, and (ii) either (x) in the ordinary course of Seller’s business, or (iii) upon fair and reasonable terms no less favorable to Seller than it would obtain in a comparable arm’s length transaction with a Person that is
not an Affiliate. 
 (u) ERISA Matters. 

(i) Seller shall not permit any event or condition which is described in the definition of “Event of ERISA
Termination” to occur or exist with respect to any Plan or Multiemployer Plan if such event or condition, together with all other events or conditions described in the definition of Event of ERISA Termination occurring within the prior 12
months, involves the payment of money by or an incurrence of liability of Seller or any ERISA Affiliate thereof, or any combination of such entities in an amount that could reasonably be expected to have a Material Adverse Effect. 

(ii) Seller shall not be an employee benefit plan as defined in Section 3 of Title I of ERISA, or a plan described in
Section 4975(e)(1) of the Code, and Seller shall not use “plan assets” within the meaning of 29 CFR §2510.3-101, as modified by Section 3(42) of ERISA, to engage in this
Agreement or the Transactions hereunder and transactions by or with Seller are not subject to any state or local statute regulating investments of, or fiduciary obligations with respect to any governmental plans within the meaning of
Section 3(32) of ERISA. 
 (v) Consolidations, Mergers and Sales of Assets. Seller shall not (i) consolidate or merge with
or into any other Person unless Seller is the surviving entity of any such consolidation or merger, or (ii) sell or otherwise transfer all or substantially all of its assets to any other Person. Seller shall not (i) cause or permit any
change to be made in its name, organizational identification number, identity or corporate structure, each as described in Section 11(h), or (ii) change its jurisdiction of organization, unless it shall have provided Buyer ten
(10) days’ prior written notice of such change and 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. 

(w) Underwriting Guidelines. Without the prior written consent of Buyer, Seller shall not materially deviate from the Underwriting
Guidelines, as in effect from time to time, in connection with its origination of Purchased Mortgage Loans. Upon Buyer’s reasonable request, Seller will provide Buyer with Seller’s current Underwriting Guidelines. 

  
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 (x) No Amendment or Compromise. Without Buyer’s prior written consent, Seller
shall not amend or modify, or waive any term or condition of, or settle or compromise any claim in respect of, any item of the Purchased Mortgage Loans, provided that a Purchased Mortgage Loan may be amended or modified if such amendment or
modification does not affect the amount or timing of any payment of principal or interest, extend its scheduled maturity date, modify its interest rate, or constitute a cancellation or discharge of its outstanding principal balance and does not
materially and adversely affect the security afforded the Mortgaged Property securing the Mortgage Loan. 
 (y) Agency Approvals;
Servicing. Seller shall maintain its status and approvals as set forth in Section 11(x), in each case in good standing (each such approval, an “Approval”). Should Seller, for any reason, cease to possess all such applicable
Approvals to the extent necessary, or should notification to the relevant Agency or Governmental Authority be required, Seller shall so notify Buyer immediately in writing. Notwithstanding the preceding sentence, Seller shall take all necessary
action to maintain all of its applicable Approvals at all times during the term of this Agreement and each outstanding Transaction. 
 (z)
Sharing of Information. Seller hereby allows and consents to Buyer exchanging information related to Seller and the Transactions hereunder with third party lenders subject to the Joint Pooling Documents to the extent any funding issues arise
thereunder and Seller shall permit, and hereby authorizes, each third party lender subject to the Joint Pooling Documents to share such information with Buyer; provided, however that Buyer (i) shall promptly provide Seller notice
of such sharing of information, and (ii) shall not exchange any information regarding Seller’s credit without Seller’s prior consent. 
  

	SECTION 13.	 EVENTS OF DEFAULT 

If any of the following events (each an “Event of Default”) occur, Buyer shall have the rights set forth in Section 14,
as applicable: 
 (a) Payment Default. (i) Seller shall default in the payment of (A) any amount payable by it hereunder or
under any other Facility Document, including, without limitation, the failure to satisfy any Margin Call by the applicable Margin Deadline (and such failure to pay shall continue for more than [***]), (B) Expenses (and such failure to pay Expenses
shall continue for more than [***]) or (C) any other Obligations, when the same shall become due and payable, whether at the due date thereof, or by acceleration or otherwise (but after any applicable grace periods); or 

(b) Representation and Warranty Breach. Any representation, warranty or certification made herein or in any other Facility Document by
Seller or any certificate furnished to Buyer pursuant to the provisions hereof or thereof shall prove to have been untrue or misleading in any material respect as of the time made or furnished and shall remain unremedied for [***] from receipt by a
Responsible Officer of Seller of written notice of such breach from Buyer; provided, however, unless such breach is knowing and intentional, a breach of the representation or warranty set forth in Section 11(g)(i) shall result in the subject
Mortgage Loan being a Defective Mortgage Loan and shall not in and of itself constitute an Event of Default; or 
 (c) Immediate Covenant
Default. The failure of Seller to perform, comply with or observe any term, covenant or agreement applicable to Seller contained in any of Sections 12(a)(Preservation of Existence; Compliance with Law); 12(c)(i) (Notice of Proceedings
and Adverse Change); 12(h)(True and Correct Information); 12(j)(Financial Condition Covenants); 12(l)(No Adverse Selection); 12(p)(Illegal Activities); 12(q)(Material Change in Business);
12(r)(Limitation on Dividends and Distributions); 12(s)(Disposition of Assets; Liens); 12(v) (Consolidations, Mergers and Sales of Assets); or 12(y)(Agency Approvals; Servicing); or 

  
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 (d) Additional Covenant Defaults. Seller shall fail to observe or perform any other
Covenant contained in this Agreement (and not identified in clause (c) of Section 13), and if such default shall be capable of being remedied, such failure to observe or perform shall continue unremedied for a period of [***] or 

(e) Judgments. A judgment or judgments for the payment of money in excess of the Litigation Threshold in the aggregate shall be rendered
against Seller by one or more courts, administrative tribunals, or other bodies having jurisdiction over Seller 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 [***] after the date of entry thereof, and Seller shall not, within said period of [***] or such longer period during which execution of the same shall have been stayed or bonded, appeal therefrom and cause the
execution thereof to be stayed during such appeal; or 
 (f) Cross Default. Any “event of default” or any other default
which permits a demand for, or requires, the early repayment of obligations due by a Seller under any agreement (after the expiration of any applicable grace period under any such agreement) relating to any Indebtedness in excess of [***] of Seller;
or 
 (g) Insolvency Event. An Insolvency Event shall have occurred with respect to Seller; or 

(h) Enforceability. For any reason, any Facility Document at any time shall not be in full force and effect in all material respects or
shall not be enforceable in all material respects in accordance with its terms, or any Lien granted pursuant thereto shall fail to be perfected and of first priority, or any Person (other than Buyer) shall contest the validity, enforceability,
perfection or priority of any Lien granted pursuant thereto, or any party thereto (other than Buyer) shall seek to disaffirm, terminate, limit or reduce its obligations thereunder; or 

(i) Liens. (i) Seller shall grant, or suffer to exist, any Lien on any Repurchase Asset (except any Lien in favor of Buyer); or
(ii) neither one of the following is true (A) the Repurchase Assets shall have been sold to Buyer, or (B) the Liens contemplated hereby are first priority perfected Liens on the Repurchase Assets in favor of Buyer and are not Liens in
favor of any Person other than Buyer and such Lien is not cured within [***]; or 
 (j) Material Adverse Effect. Buyer shall have
determined in good faith that a Material Adverse Effect applicable to Seller has occurred; or 
 (k) ERISA. (i) Seller shall
engage in any “prohibited transaction” (as defined in Section 406 of ERISA or Section 4975 of the Code) involving any Plan, (ii) any “accumulated funding deficiency” (as defined in
Section 304 of ERISA), whether or not waived, shall exist with respect to any Plan of Seller or any Lien in favor of the PBGC or a Plan shall arise on the assets of Seller, (iii) a Reportable Event shall occur with respect to, or
proceedings shall commence to have a trustee appointed, or a trustee shall be appointed, to administer or to terminate, Seller’s Plan, which Reportable Event or commencement of proceedings or appointment of a trustee is, in the reasonable
opinion of Buyer, likely to result in the termination of such Plan for purposes of Title IV of ERISA, (iv) Seller’s Plan shall terminate for purposes of Title IV of ERISA, (v) Seller shall, or in the reasonable opinion of Buyer is
likely to, incur any liability in connection with a withdrawal from, or the insolvency or reorganization of, a Multiemployer Plan, or (vi) any other event or condition shall occur or exist with respect to Seller’s Plan; and in each case in
clauses (i) through (vi) above, such event or condition, together with all other such events or conditions, if any, could reasonably be expected to have a Material Adverse Effect; or 

  
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 (l) Change in Control. A Change in Control shall have occurred without the prior
written consent of Buyer, which consent shall not be unreasonably withheld; or 
 (m) Going Concern. Seller’s audited Financial
Statements or notes thereto or other opinions or conclusions stated therein shall be qualified or limited by reference to the status of such Seller as a “going concern;” or 

(n) Fines and Penalties. Seller shall be subject to, or shall agree to pay, any civil, criminal or administrative fine, penalty,
forfeiture, reimbursement or damages in an amount in excess of the Litigation Threshold to or through any Agency or Governmental Authority relating to any alleged violation of any Requirements of Law. 

 

	SECTION 14.	 REMEDIES 

(a) If an Event of Default occurs, the following rights and remedies are available to Buyer; provided, that an Event of Default shall be deemed
to be continuing unless expressly waived by Buyer in writing: 
 (i) At the option of Buyer, exercised by written notice to
Seller (which option shall be deemed to have been exercised, even if no notice is given, immediately upon the occurrence of an Insolvency Event of a Seller), the Repurchase Date for each Transaction hereunder, if it has not already occurred, shall
be deemed immediately to occur. Buyer shall (except upon the occurrence of an Insolvency Event of a Seller) give notice to Seller of the exercise of such option as promptly as practicable. 

(ii) If Buyer exercises or is deemed to have exercised the option referred to in subsection (a)(i) of this Section, 

(A) Seller’s obligations in such Transactions to repurchase all Purchased Mortgage Loans, at the Repurchase Price therefor
on the Repurchase Date determined in accordance with subsection (a)(i) of this Section, (1) shall thereupon become immediately due and payable and (2) all Income paid after such exercise or deemed exercise shall be retained by Buyer and
applied to the aggregate unpaid Repurchase Price and any other amounts owed by Seller hereunder; 
 (B) to the extent
permitted by applicable Requirements of Law, the Repurchase Price with respect to each such Transaction shall be increased by the aggregate amount obtained by daily application of, on a 360 day per year basis for the actual number of days during the
period from and including the date of the exercise or deemed exercise of such option to but excluding the date of payment of the Repurchase Price as so increased, (x) the Post-Default Rate in effect following an Event of Default to (y) the
Repurchase Price for such Transaction as of the Repurchase Date as determined pursuant to subsection (a)(i) of this Section (decreased as of any day by (i) any amounts actually in the possession of Buyer pursuant to clause (C) of this
subsection, and (ii) any proceeds from the sale of Purchased Mortgage Loans applied to the Repurchase Price pursuant to subsection (a)(iv) of this Section); and 

(C) all Income actually received by Buyer pursuant to Section 5 shall be applied to the aggregate unpaid Obligations owed
by Seller. 

  
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 (iii) Upon the occurrence of one or more Events of Default, Buyer shall have
the right to obtain physical possession of all files of Seller relating to the Purchased Mortgage Loans and the Repurchase Assets and all documents relating to the Purchased Mortgage Loans which are then or may thereafter come into the possession of
Seller or any third party acting for Seller and Seller shall deliver to Buyer such assignments as Buyer shall reasonably request. Buyer shall be entitled to specific performance of all agreements of Seller contained in the Facility Documents. 

(iv) At any time on the Business Day following notice to Seller (which notice may be the notice given under subsection (a)(i)
of this Section), in the event Seller has not repurchased all Purchased Mortgage Loans, Buyer may (A) immediately sell, without demand or further notice of any kind, at a public or private sale and at such price or prices as Buyer may deem
satisfactory any or all Purchased Mortgage Loans and the Repurchase Assets subject to a such Transactions hereunder and apply the proceeds thereof to the aggregate unpaid Repurchase Prices and any other amounts owing by Seller hereunder or
(B) in its sole discretion elect, in lieu of selling all or a portion of such Purchased Mortgage Loans, to give Seller credit for such Purchased Mortgage Loans and the Repurchase Assets in an amount equal to the Market Value of the Purchased
Mortgage Loans against the aggregate unpaid Repurchase Price and any other amounts owing by Seller hereunder. The proceeds of any disposition of Purchased Mortgage Loans and the Repurchase Assets shall be applied as determined by Buyer in its sole
discretion. 
 (v) Seller shall be liable to Buyer for (i) the amount of all reasonable legal or other Expenses 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, reasonable out-of-pocket 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. 
 (vi) Whether or not Buyer has exercised any one or
more of its other rights and remedies, Buyer may, at its option, elect to increase the Pricing Rate to equal the Post-Default Rate. 

(vii) Buyer shall have, in addition to its rights hereunder, any rights otherwise available to it under any other agreement
with Seller or applicable Requirements of Law. 
 (b) 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 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
Buyer may have. 
 (c) Buyer may enforce its rights and remedies hereunder without prior judicial process or hearing, and 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
non-judicial process, enforcement and sale of all or any portion of the Repurchase Assets, or from any other election of remedies except as set forth herein. Seller recognizes that non-judicial 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. 

(d) To the extent permitted by applicable Requirements of Law, Seller shall be liable to Buyer for interest on any 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
to Buyer under this paragraph 14(d) shall be at a rate equal to the Post-Default Rate. 

  
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 (e) Without limiting the rights of Buyer hereto to pursue all other legal and equitable
rights available to Buyer for Seller’s failure to perform its obligations under this Agreement, Seller acknowledges and agrees that the remedy at law for any failure to perform obligations hereunder would be inadequate and 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 Buyer from pursuing any other remedies for such breach, including the recovery
of monetary damages. 
  

	SECTION 15.	 INDEMNIFICATION AND EXPENSES; RECOURSE 

(a) Seller agrees to hold Buyer, its Affiliates, and its and their respective officers, directors, employees, agents and advisors (each an
“Indemnified Party”) harmless from and indemnify any Indemnified Party against all liabilities, losses, damages, judgments, reasonable and necessary costs and
out-of-pocket expenses of any kind which may be imposed on, incurred by or asserted against such Indemnified Party (collectively, “Costs”), arising out
of this Agreement, any other Facility Document, any transaction contemplated hereby or thereby, or any amendment, supplement or modification of, or any waiver or consent under or in respect thereof, that, in each case, results from anything other
than the Indemnified Party’s gross negligence, bad faith, willful misconduct, or breach of its express obligations hereunder. Without limiting the generality of the foregoing, Seller agrees to hold any Indemnified Party harmless from and
indemnify such Indemnified Party against all Costs with respect to all Mortgage Loans arising out of any Taxes incurred or assessed in connection with the ownership of the Mortgage Loans, that, in each case, results from anything other than the
Indemnified Party’s gross negligence, bad faith, willful misconduct, or breach of its express obligations hereunder. In any suit, proceeding or action brought by an Indemnified Party in connection with any Mortgage Loan for any sum owing
thereunder, or to enforce any provisions of any Mortgage Loan, Seller will save, indemnify and hold harmless such Indemnified Party from and against all expense, loss or damage suffered by reason of any defense, set off, counterclaim, recoupment or
reduction or liability whatsoever of the account debtor or obligor thereunder, arising out of a breach by Seller of any Obligation hereunder. Subject to Seller’s good faith dispute, Seller also agrees to reimburse an Indemnified Party within
thirty (30) calendar days of when billed by such Indemnified Party and subject to the reasonableness of such billing for reasonable and necessary Indemnified Party’s costs and
out-of-pocket expenses incurred in connection with the enforcement or the preservation of Buyer’s rights under this Agreement, any other Facility Document or any
transaction contemplated hereby or thereby, including, without limitation, the reasonable fees and disbursements of its counsel. 
 (b)
Subject to Seller’s good faith dispute, Seller agrees to pay within thirty (30) calendar days of billing by Buyer and subject to this Agreement all of the reasonable and necessary Expenses incurred by Buyer in connection with any
amendment, supplement or modification to this Agreement, any other Facility Document or any other documents prepared in connection herewith or therewith. Subject to Seller’s good faith dispute, Seller agrees to pay as within thirty
(30) calendar days of billing by Buyer all of the reasonable Expenses incurred in connection with the consummation and administration of the transactions contemplated hereby and thereby including, without limitation, filing fees and all the
reasonable fees, disbursements and reasonable out-of-pocket expenses of counsel to Buyer. Seller agrees to pay Buyer all the reasonable out of pocket due diligence,
inspection, testing and review costs and reasonable out-of-pocket expenses incurred by Buyer with respect to Mortgage Loans submitted by Seller for purchase under this
Agreement, including, but not limited to, those reasonable and necessary out-of-pocket costs and expenses incurred by Buyer pursuant to Sections 15(a) and 17 hereof,
subject to the limits set forth in the Pricing Letter, including without limitation, the Due Diligence Cap. 

  
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 (c) The obligations of Seller from time to time to pay the Repurchase Price (including all
Price Differential) and all other amounts due under this Agreement shall be full recourse obligations of Seller. 
 (d) The obligations of
Seller under this Section 15 hereof shall survive the termination of this Agreement. 
  

	SECTION 16.	 SERVICING 

(a) As a condition of purchasing a Mortgage Loan, Buyer may require Seller to service such Mortgage Loan as agent for Buyer for a term of
thirty (30) days (the “Servicing Term”), which is automatically renewable on the following terms and conditions: 
 (b)
Seller shall service and administer the Purchased Mortgage Loans on behalf of Buyer in accordance with Accepted Servicing Practices, and in accordance with all applicable requirements of the Agencies, Requirements of Law, the provisions of any
applicable servicing agreement, and the requirements of any applicable Takeout Commitment and the Takeout Investor, so that the eligibility of the Purchased Mortgage Loan for purchase under such Takeout Commitment is not voided or reduced by such
servicing and administration. 
 (c) If any Mortgage Loan that is proposed to be sold on a Purchase Date is serviced by a servicer other than
Seller or any of its Affiliates (a “Subservicer”), or if the servicing of any such Mortgage Loan is to be transferred to a Subservicer, Seller shall have obtained the prior written consent of Buyer for such Subservicer to subservice
the Purchased Mortgage Loans, which consent may be withheld in Buyer’s sole discretion. The related servicer notice executed by such Subservicer (collectively, the “Servicer Notice”) shall be in form and substance acceptable to
Buyer, and, notwithstanding the foregoing, Buyer expressly agrees that it approves and accepts all Servicer Notices and all Subservicers identified in the Pricing Letter. 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. 
 (d)
Upon the later of (i) an Event of Default that is continuing, (ii) Buyer’s election to terminate Seller as servicer by Buyer pursuant to this Agreement, and (iii) the transfer of servicing to any Agency approved entity approved
by Buyer and the assumption thereof by such entity, Seller shall deliver the physical and contractual master servicing of each Purchased Mortgage Loan, together with all of the related Records in its possession, to Buyer’s designee.
Seller’s transfer of the Records and the physical and contractual servicing under this Section shall be in accordance with customary standards in the industry and such transfer shall include the transfer of the gross amount of all escrows held
for the related mortgagors (without reduction for unreimbursed advances or “negative escrows”). 
 (e) During the period Seller is
servicing the Purchased Mortgage Loans as agent for Buyer, Seller agrees that as between Seller and Buyer, Buyer is the owner of the related Credit Files and Records and Seller shall at all times maintain and safeguard and cause any Subservicer to
maintain and safeguard the Credit File for such Mortgage Loan (including photocopies or images of the documents delivered to Buyer), and accurate and complete records of its servicing of such Mortgage Loan; Seller’s possession of the Credit
Files and Servicing Records being for the sole purpose of master servicing such Mortgage Loans and such retention and possession by Seller being in a custodial capacity only. Seller hereby grants Buyer a security interest in all servicing fees
related to Purchased Mortgage Loans to secure the obligations of Seller and any Subservicer to service in conformity with this Section and any related Servicing Agreement until repurchase by Seller. 

  
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 (f) At Buyer’s request, Seller shall promptly deliver to Buyer reports regarding the
status of any Purchased Mortgage Loan being serviced by Seller, which reports shall include, but shall not be limited to, a description of any default thereunder or such other circumstances that could cause a material adverse effect on such
Purchased Mortgage Loan, Buyer’s title to such Purchased Mortgage Loan or the collateral securing such Purchased Mortgage Loan; Seller may be required to deliver such reports until the repurchase of the Purchased Mortgage Loan by Seller. Seller
shall promptly notify Buyer if it becomes aware of any payment default that occurs under any Purchased Mortgage Loan (subject to applicable grace periods) or any default under any Servicing Agreement that would materially and adversely affect any
Purchased Mortgage Loan subject thereto. 
 (g) Seller shall release its custody of the contents of any Credit File or Mortgage File related
to any Purchased Mortgage Loan only (i) in accordance with the written instructions of Buyer, (ii) upon the consent of Buyer when such release is required as incidental to Seller’s servicing of such Mortgage Loan, (iii) is
required to complete the Takeout Commitment or comply with the Takeout Commitment requirements, or (iv) as required by Requirements of Law. 

(h) In the Event of Default and if such Default is not cured within the time period specified, Buyer reserves the right to appoint an Agency
approved successor servicer at any time to service any Purchased Mortgage Loan (each a “Successor Servicer”) in its sole discretion. If Buyer elects to make such an appointment due to an Event of Default, Seller shall be assessed
all costs and expenses incurred by Buyer associated with transferring the Purchased Mortgage Loans to the Successor Servicer. In the event of such an appointment, Seller shall perform all acts and take all action so that any part of the Credit File
and related Records held by Seller, together with all Income and other receipts relating to such Purchased Mortgage Loan, are promptly delivered to the Successor Servicer, and shall otherwise reasonably cooperate with Buyer in effectuating such
transfer. Seller shall have no claim for lost servicing income, lost profits or other damages if Buyer appoints a Successor Servicer hereunder. 

(i) From the Purchase Date to the Repurchase Date, for the avoidance of doubt, Seller retains no economic rights to the servicing of the
Purchased Mortgage Loans provided that Seller shall continue to service the Purchased Mortgage Loans hereunder as part of its Obligations hereunder subject to retaining all related servicing income as compensation for its servicing obligations. As
such, Seller expressly acknowledges that the Purchased Mortgage Loans are sold to Buyer on a “servicing released” basis. Upon Seller’s repurchase of any Purchased Mortgage Loan pursuant hereto, Buyer’s transfer of such Mortgage
Loan back to Seller shall likewise be on a “servicing released” basis. 
  

	SECTION 17.	 DUE DILIGENCE 

Seller acknowledges that Buyer or any third party designated by Buyer (including Buyer’s regulators) has the right to perform one due
diligence review per any twelve (12) month period, unless an Event of Default has occurred and is continuing, with respect to the Purchased Mortgage Loans and Seller, for purposes of verifying compliance with the representations, warranties and
specifications made hereunder, or otherwise, and Seller agrees that upon reasonable prior notice unless an Event of Default shall have occurred, in which case no notice is required, Seller, Buyer or its authorized representatives will be permitted
during normal business hours to examine and inspect, and make copies and extracts of the Mortgage Files and, subject to Seller’s approval, make copies and extracts of any and all documents, records, agreements, instruments or information
relating to such Mortgage Loans in the possession or under the control of Seller or Custodian. Seller also shall make available to Buyer a knowledgeable financial or accounting officer for the purpose of answering questions respecting such Mortgage
Files and such 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 

  
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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.
Buyer may re-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 re-underwriting, including, but not limited to, providing Buyer and any third party underwriter with access to any and all documents, records, agreements, instruments or information
relating to such Mortgage Loans in the possession, or under the control, of Seller or Custodian. Seller further agrees that, subject to the limits set forth in the Pricing Letter, including without limitation, the Due Diligence Cap, Seller shall pay
all out-of-pocket costs and expenses incurred by Buyer and Custodian in connection with Buyer’s activities pursuant to this Section 17 (“Due Diligence
Costs”). 
  

	SECTION 18.	 ASSIGNABILITY 

The rights and obligations of the parties under this Agreement and under any Transaction shall not be assigned by Seller without the prior
written consent of 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 assigns. 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. With Seller’s prior written consent, which shall not be
unreasonably withheld, and except in the case of an assignment to an Affiliate of Buyer in which case no prior written consent is required, Buyer may from time to time assign all or a portion of its rights and obligations under this Agreement and
the Facility Documents pursuant to 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 Facility Document to the extent of the percentage or portion set forth in the Assignment and Acceptance, and shall succeed to the applicable rights and obligations of Buyer hereunder, and
(b) Buyer shall, to the extent that such rights and obligations have been so assigned by it be released from its obligations hereunder and under the Facility Documents. 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. Notwithstanding the foregoing, Seller shall
be under no obligation to cooperate with a successor assignee in the event Buyer assigns all of its rights and obligations under this Agreement. 

Buyer may sell participations to one or more Persons in or to all or a portion of its rights and obligations under this Agreement; provided,
however, that (x) Buyer’s obligations under this Agreement shall remain unchanged, (y) Buyer shall remain solely responsible to the other parties hereto for the performance of such obligations; and (z) Seller shall continue to
deal solely and directly with Buyer in connection with Buyer’s rights and obligations under this Agreement and the other Facility Documents except as provided in Section 7. Seller agrees that each participant shall be entitled to the
benefits of Sections 6(a) and 7 (subject to the requirements and limitations therein, including the requirements under Sections 7(f) and (g) (it being understood that the documentation required under Sections 7(f) and (g) shall be delivered to
Buyer)) to the same extent as if it had acquired its interest by assignment; provided that such participant shall not be entitled to receive any greater payment under Sections 6(a) or 7, with respect to any participation, than Buyer would have been
entitled to receive. If Buyer sells any participations of its right and obligations under this Agreement to a non- U.S. participant, Buyer shall, acting solely for this purpose as a non-fiduciary agent of the Seller, maintain a register on which it enters the name and address of each participant and the principal amounts (and stated interest) of each participant’s interest in the Loans or
other obligations under the Loan Documents (the “Participant Register”); provided that Buyer shall not have any obligation to disclose all or any portion of the Participant Register (including the identity of any participant 

  
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or any information relating to a participant’s interest in any commitments, loans, letters of credit or its other obligations information under this Agreement and the other Facility
Documents) to any person except to the extent that such disclosure is necessary to establish that such commitment, loan, letter of credit or other obligation is in registered form under
Section 5f.103-1(c) of the United States Treasury Regulations. The entries in the Participant Register shall be conclusive absent manifest error, and Buyer shall treat each person whose name is recorded
in the Participation Register as the owner of such participation for all purposes of this Agreement notwithstanding any notice to the contrary. 

Buyer may, in connection with any assignment or participation or proposed assignment or participation pursuant to this Section 18,
disclose to the assignee or participant or proposed assignee or participant, as the case may be, any information relating to Seller or any of its Subsidiaries or to any aspect of the Transactions that has been furnished to Buyer by or on behalf of
Seller or any of its Subsidiaries; provided that such assignee or participant agrees to hold such information subject to the confidentiality provisions of this Agreement. 

In the event Buyer assigns all or a portion of its rights and obligations under this Agreement, the parties hereto agree to negotiate in good
faith an amendment to this Agreement to add agency provisions similar to those included in Agreements for similar syndicated repurchase facilities. Unless otherwise agreed to by Seller, Buyer shall pay all costs and expenses arising from or related
to any assignment or participation. 
  

	SECTION 19.	 TRANSFER AND MAINTENANCE OF REGISTER 

(a) Subject to acceptance and recording thereof pursuant to paragraph (b) of this Section 19, from and after the effective date
specified in each Assignment and Acceptance the assignee thereunder shall be a party hereto and, to the extent of the interest assigned by such Assignment and Acceptance, have the rights and obligations of Buyer under this Agreement. Any assignment
or transfer by Buyer of rights or obligations under this Agreement that does not comply with this Section 19 shall be treated for purposes of this Agreement as a sale by such Buyer of a participation in such rights and obligations in accordance
with Section 19(b) hereof. 
 (b) Seller shall maintain a register (the “Register”) on which it will record
Buyer’s rights hereunder, and each Assignment and Acceptance and participation. The Register shall include the names and addresses of Buyer (including all assignees, successors and participants) and the percentage or portion of such rights and
obligations assigned. Failure to make any such recordation, or any error in such recordation shall not affect Seller’s obligations in respect of such rights. If Buyer sells a participation in its rights hereunder, it shall provide Seller, or
maintain as agent of Seller, the information described in this paragraph and permit Seller to review such information as reasonably needed for Seller to comply with its obligations under this Agreement or under any applicable Requirements of Law.

  

	SECTION 20.	 HYPOTHECATION OR PLEDGE OF PURCHASED MORTGAGE LOANS 

As of the Purchase Date, beneficial title to all Purchased Mortgage Loans and Repurchase Assets shall pass to Buyer and Buyer shall have free
and unrestricted use of all Purchased Mortgage Loans. Nothing in this Agreement shall preclude Buyer from engaging in repurchase transactions with the Purchased Mortgage Loans or otherwise pledging, repledging, transferring, hypothecating, or
rehypothecating the Purchased Mortgage Loans to any Person, including without limitation, the Federal Home Loan Bank on or before the Repurchase Date, subject to a full release of any hypothecation and/or pledge on or before the Repurchase Date.
Nothing contained in this Agreement shall obligate Buyer to segregate any Purchased Mortgage Loans delivered to Buyer by Seller. 

  
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	SECTION 21.	 TAX AND ACCOUNTING TREATMENT 

Each party to this Agreement acknowledges that it is its intent for purposes of U.S. federal, state and local income and franchise Taxes, and
for accounting purposes, to treat each Transaction as indebtedness of Seller that is secured by the Purchased Mortgage Loans and that the Purchased Mortgage Loans are owned by Seller in the absence of a Default by Seller. All parties to this
Agreement agree to such treatment and agree to take no action inconsistent with this treatment, unless required by applicable Requirements of Law or GAAP. 
  

	SECTION 22.	 SET-OFF 

In addition to any rights and remedies of Buyer hereunder and by law, Buyer shall have the right, without prior notice to Seller, any such
notice being expressly waived by Seller to the extent permitted by applicable law, to set-off and appropriate and apply against any Obligation from Seller to Buyer any and all deposits (general or special,
time or demand, provisional or final), in any currency, and any other obligation (including to return excess margin), credits, indebtedness or claims or cash, in any currency, in each case whether direct or indirect, absolute or contingent, matured
or unmatured, at any time held or owing by or due from Buyer to or for the credit or the account of Seller. Buyer agrees promptly to notify Seller 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. 
 Buyer shall at any time have the right, in each case until such time as
Buyer determines otherwise, 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 hereunder if a Default or an Event of Default has
occurred. 
  

	SECTION 23.	 TERMINABILITY 

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 Buyer shall not be deemed to have waived any Default or Event of Default that may arise because any such representation or warranty shall have proved to be false or misleading, notwithstanding that Buyer may
have had notice or knowledge or reason to believe that such representation or warranty was false or misleading at the time the Transaction was made. Notwithstanding any such termination or the occurrence of an Event of Default, all of the
representations and warranties and covenants hereunder shall continue and survive. 
  

	SECTION 24.	 NOTICES AND OTHER COMMUNICATIONS 

Except as otherwise expressly permitted by this Agreement, all notices, requests and other communications provided for herein (including
without limitation any modifications of, or waivers, requests or consents under, this Agreement) shall be given or made in writing (including without limitation by electronic transmission unless otherwise stated) delivered to the intended recipient
at the “Address for Notices” specified below its name on the signature pages hereof); or, as to any party, at such other address as shall be designated by such party in a written notice to each other party. In all cases, to the extent that
the related individual set forth in the respective “Attention” line is no longer employed by the respective Person, such notice may be given to the attention of a Responsible Officer of the respective Person or to the attention of such
individual or individuals as subsequently notified in writing by a Responsible Officer of the respective Person. Except as otherwise provided in this Agreement and except for notices given under Section 3 (which shall be effective only on
receipt), all such communications shall be deemed to have been duly given (a) when transmitted during business hours at the recipient’s place of business by email (if an email address for such purpose is provided for such Person), (b) when
delivered, if delivered by hand (including by courier or overnight delivery service), or (c) in the case of a mailed notice, upon receipt, in each case given or addressed as aforesaid. 

  
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	SECTION 25.	 USE OF THE TIAA BANK WAREHOUSE ELECTRONIC SYSTEM AND OTHER ELECTRONIC MEDIA 

Seller acknowledges and agrees that Buyer may require or permit certain transactions with Buyer be conducted electronically using Electronic
Records and/or Electronic Signatures. Seller consents to the use of Electronic Records and/or Electronic Signatures whenever expressly required or permitted by Buyer and acknowledges and agrees that Seller shall be bound by its Electronic Signature
and by the terms, conditions, requirements, information and/or instructions contained in any such Electronic Records. 
 Seller agrees to
adopt as its Electronic Signature its user identification codes, passwords, personal identification numbers, access codes, a facsimile image of a written signature and/or other symbols or processes as provided or required by Buyer from time to time
(as a group, any subgroup thereof or individually, hereinafter referred to as Seller’s Electronic Signature). Seller acknowledges that Buyer will rely on any and all Electronic Records and on Seller’s Electronic Signature transmitted or
submitted to Buyer. 
 Buyer shall not be liable for the failure of either its or Seller’s internet service provider, or any other
telecommunications company, telephone company, satellite company or cable company to timely, properly and accurately transmit any Electronic Record or fax copy. 

Before engaging in Electronic Transactions with Seller, Buyer may provide Seller, or require Seller to create, user identification codes,
passwords, personal identification numbers and/or access codes, as applicable, to permit access to Buyer’s computer information processing system. Each Person permitted access to the TIAA Bank Warehouse Electronic System must have a separate
identification code and password. Seller shall be fully responsible for protecting and safeguarding any and all user identification codes, passwords, personal identification numbers and access codes provided or required by Buyer. Seller shall adopt
and maintain security measures to prevent the loss, theft or unauthorized or improper disclosure or use of any and all user identification codes, passwords, personal identification numbers and/or access codes by Persons other than the individual
Person who is authorized to use such information. Seller shall notify Buyer immediately in the event (a) of any loss, theft or unauthorized disclosure or use of any of the user identification codes, passwords, personal identification numbers
and/or access codes or (b) Seller has any reason to believe there has been a breach of security or that its access to TIAA Bank Warehouse Electronic System is no longer secure for any reason. 

Seller understands and agrees that it shall be fully responsible for protecting and safeguarding its computer hardware and software from any
and all (x) computer “viruses,” “time bombs,” “trojan horses” or other harmful computer information, commands, codes or programs that may cause or facilitate the destruction, corruption, malfunction or
appropriation of, or damage or change to, any of Seller’s or Buyer’s computer information processing systems, including without limitation, all hardware, software, Electronic Records, information, data and/or codes and (y) computer
“worms,” “trap doors” or other harmful computer information, commands, codes or programs that enable unauthorized access to Seller’s and/or Buyer’s computer information processing systems, including without limitation,
all hardware, software, Electronic Records, information, data and/or codes. 
 Seller agrees that Buyer may, in its sole discretion and from
time to time, without limiting Seller’s liability set forth herein, establish minimum security standards that Seller must, at a minimum, comply with in an effort to (aa) protect and safeguard any and all user identification codes, passwords,
personal identification numbers and/or access codes from loss, theft or unauthorized disclosure or use; and (bb) prevent the infiltration and “infection” of Seller’s hardware and/or software by any and all computer
“viruses,” “time bombs,” “trojan horses,” “worms,” “trapdoors” or other harmful computer codes or programs. 

  
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 If Buyer, from time to time, establishes minimum security standards, Seller shall comply
with such minimum security standards within the time period established by Buyer. Buyer shall have the right to confirm Seller’s compliance with any such minimum security standards. Seller’s compliance with such minimum security standards
shall not relieve Seller from any of its liability set forth herein. 
 Whether or not Buyer establishes minimum security standards, Seller
shall continue to be fully responsible for adopting and maintaining security measures that are consistent with the risks associated with conducting electronic transactions with Buyer. Seller’s failure to adopt and maintain appropriate security
measures or to comply with any minimum security standards established by Buyer may result in, among other things, termination of Seller’s access to Buyer’s computer information processing systems. 

Seller understands and agrees that certain elements or components of the TIAA Bank Warehouse Electronic System may be provided by third party
vendors, and hereby holds Buyer harmless from any liabilities, losses, damages, judgments, costs and expenses of any kind which may be imposed on, incurred by or asserted against Seller relating to or arising out of Seller’s use of the TIAA
Bank Warehouse Electronic System including, without limitation, the use or failure of any elements or components provided by third party vendors. 
  

	SECTION 26.	 ENTIRE AGREEMENT; SEVERABILITY; SINGLE AGREEMENT 

This Agreement, together with the Facility Documents, constitute the entire understanding between Buyer and Seller with respect to the subject
matter they cover and shall supersede any existing agreements between the parties containing general terms and conditions for repurchase transactions involving Purchased Mortgage Loans. By acceptance of this Agreement, Buyer and Seller each
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. 

Buyer and Seller acknowledge that they 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 Buyer and Seller agrees (a) to perform all of its obligations
in respect of each Transaction hereunder, and that an uncured Default in the performance of any such obligations shall constitute a default by it in respect of all Transactions hereunder, (b) that Buyer shall be entitled to set off claims and
apply property held by it in respect of any Transaction against obligations owing to it in respect of any other Transaction hereunder, (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. 

  
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	SECTION 27.	 GOVERNING LAW 

THIS AGREEMENT SHALL BE GOVERNED BY THE INTERNAL LAWS OF THE STATE OF NEW YORK WITHOUT GIVING EFFECT TO THE CONFLICT OF LAW PRINCIPLES
THEREOF, OTHER THAN SECTIONS 5-1401 AND 5-1402 OF THE NEW YORK GENERAL OBLIGATIONS LAW. NOTWITHSTANDING ANYTHING TO THE CONTRARY, THE EFFECTIVENESS,
VALIDITY AND ENFORCEABILITY OF ELECTRONIC CONTRACTS, OTHER RECORDS, ELECTRONIC RECORDS AND ELECTRONIC SIGNATURES USED IN CONNECTION WITH ANY ELECTRONIC TRANSACTION BETWEEN BUYER AND SELLER SHALL BE GOVERNED BY
E-SIGN. 
  

	SECTION 28.	 SUBMISSION TO JURISDICTION; WAIVERS 

BUYER AND SELLER HEREBY IRREVOCABLY AND UNCONDITIONALLY: 

(i) PURSUANT TO SECTION 5-1402 OF THE NEW YORK GENERAL OBLIGATIONS LAW, SUBMITS FOR
ITSELF AND ITS PROPERTY IN ANY LEGAL ACTION OR PROCEEDING RELATING TO THIS AGREEMENT AND THE OTHER FACILITY DOCUMENTS, OR FOR RECOGNITION AND ENFORCEMENT OF ANY JUDGMENT IN RESPECT THEREOF, TO THE EXCLUSIVE PERSONAL JURISDICTION OF THE COURTS OF THE
STATE OF NEW YORK, THE FEDERAL COURTS OF THE UNITED STATES OF AMERICA FOR THE SOUTHERN DISTRICT OF NEW YORK, AND APPELLATE COURTS FROM ANY THEREOF; 

(ii) 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 THAT SUCH ACTION OR PROCEEDING WAS BROUGHT IN AN INCONVENIENT COURT AND AGREES NOT TO PLEAD OR CLAIM THE SAME; 

(iii) 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, TO ITS REGISTERED AGENT OR AT SUCH OTHER ADDRESS OF WHICH THE OTHER PARTY SHALL HAVE BEEN NOTIFIED; AND

 (iv) HEREBY IRREVOCABLY 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 FACILITY DOCUMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY. 
  

	SECTION 29.	 NO WAIVERS, ETC. 

No failure on the part of Buyer to exercise and no delay in exercising, and no course of dealing with respect to, any right, power or privilege
under any Facility Document shall operate as a waiver thereof, nor shall any single or partial exercise of any right, power or privilege under any Facility 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. An Event of Default shall be deemed to be continuing unless expressly waived by Buyer in writing or cured by Seller with supporting
documentation. 

  
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	SECTION 30.	 CONFIDENTIALITY 

Each of Buyer and Seller hereby acknowledge and agree that all written or computer-readable information provided by one party to any other
regarding the terms set forth in any of the Facility Documents or the Transactions contemplated thereby (the “Confidential Terms”) shall be kept confidential and shall not be divulged to any Person (other than the Custodian) without
the prior written consent of such other party, except to the extent that (a) it is necessary 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, (b) any of the Confidential Terms are in the public domain other than due to a breach of this covenant or (c) in the event of an Event of Default, Buyer determines such information to be necessary or
desirable to disclose in connection with the marketing and sales of the Purchased Mortgage Loans or otherwise to enforce or exercise Buyer’s rights hereunder. Notwithstanding the foregoing or anything to the contrary contained herein or in any
other Facility Document, the parties hereto may disclose to any and all Persons, without limitation of any kind, the federal, state and local tax treatment of the Transactions, any fact relevant to understanding the federal, state and local tax
treatment of the Transactions, and all materials of any kind (including opinions or other tax analyses) relating to such federal, state and local tax treatment and that may be relevant to understanding such tax treatment; provided that Seller may
not disclose the name of or identifying information with respect to Buyer or any pricing terms (including, without limitation, the Pricing Rate, Warehouse Fees, Purchase Price Percentage 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 Buyer. The provisions set forth in this Section 30 shall survive the termination of this Agreement. 

Notwithstanding anything in this Agreement to the contrary, Buyer and Seller shall each comply, in all material respects, with all applicable
local, state and federal laws, including, without limitation, all privacy and data protection law, rules and regulations that are applicable to the Purchased Assets and/or any applicable terms of this Agreement (the “Confidential
Information”). Buyer and Seller each understands that the Confidential Information may contain “nonpublic personal information”, as that term is defined in Section 509(4) of the Gramm-Leach-Bliley Act (the “GLB
Act”), and each party agrees to maintain such nonpublic personal information that it receives hereunder in accordance with the GLB Act and other applicable federal and state privacy laws. Buyer and Seller shall implement such physical and
other security measures as shall be necessary to (a) ensure the security and confidentiality of the “nonpublic personal information” of the “customers” and “consumers” (as those terms are defined in the GLB Act) of
the other party hereto, (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.
Buyer and Seller each shall, at a minimum establish and maintain such data security program as is necessary to meet the objectives of the Interagency Guidelines Establishing Standards for Safeguarding Customer Information as set forth in the Code of
Federal Regulations at 12 C.F.R. Parts 30, 208, 211, 225, 263, 308, 364, 568 and 570. Upon request, each party will provide the other party evidence reasonably satisfactory to allow the requesting party to confirm that the responding party has
satisfied its obligations as required under this Section. Without limitation, this may include, to the extent permitted by applicable Requirements of Law and applicable contractual obligations, any party’s review of audits, summaries of test
results, and other equivalent evaluations of the other party. Each party shall notify the other party immediately following discovery of any breach or compromise of the security, confidentiality, or integrity of nonpublic personal information of the
customers and consumers of the other party provided directly to such party by the other party. Each party shall provide such notice to the other party by personal delivery, by facsimile with confirmation of receipt, or by overnight courier with
confirmation of receipt to the applicable requesting individual. The provisions set forth in this Section shall survive the termination of this Agreement. 

  
 57 

	SECTION 31.	 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 United States Code, as amended and that all payments hereunder are deemed “margin payments” or
“settlement payments” as defined in Title 11 of the United States Code. 
 (b) It is understood that either party’s right to
liquidate Purchased Mortgage Loans delivered to it in connection with Transactions hereunder or to exercise any other remedies pursuant to Section 14 hereof is a contractual right to liquidate such Transaction as described in Sections 555 and
559 of Title 11 of the United States Code, as amended. 
 (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,” a “repurchase agreement” and a
“securities contract” as such terms are 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). 
  

	SECTION 32.	 DISCLOSURE RELATING TO CERTAIN FEDERAL PROTECTIONS 

The parties acknowledge that they have been advised that: 

(a) in the case of Transactions in which one of the parties is a broker or dealer registered with the Securities and Exchange Commission
(“SEC”) under Section 15 of the Securities Exchange Act of 1934 (“1934 Act”), the Securities Investor Protection Corporation has taken the position that the provisions of the Securities Investor Protection Act
of 1970 (“SIPA”) do not protect the other party with respect to any Transaction hereunder; 
 (b) in the case of
Transactions in which one of the parties is a government securities broker or a government securities dealer registered with the SEC under Section 15C of the 1934 Act, SIPA will not provide protection to the other party with respect to any
Transaction hereunder; and 
 (c) in the case of Transactions in which one of the parties is a financial institution, funds held by the
financial institution pursuant to a Transaction hereunder are not a deposit and therefore are not insured by the Federal Deposit Insurance Corporation or the National Credit Union Share Insurance Fund, as applicable. 

  
 58 

	SECTION 33.	 AUTHORIZATIONS 

Any of the persons whose signatures and titles appear on Schedule 3 to the Pricing Letter are authorized, acting singly, to act for Seller or
Buyer, as the case may be, under this Agreement. 
  

	SECTION 34.	 ACKNOWLEDGEMENT OF ANTI-PREDATORY LENDING POLICIES 

Buyer has in place internal policies and procedures that expressly prohibit its purchase of any High Cost Mortgage Loan. 

 

	SECTION 35.	 MISCELLANEOUS 

(a) 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. 
 (b) 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. 

(c) Acknowledgment. Seller hereby acknowledges that: 

(i) it has been advised by counsel in the negotiation, execution and delivery of this Agreement and the other Facility
Documents; 
 (ii) Buyer has no fiduciary relationship to Seller; and 

(iii) no joint venture exists between Buyer and Seller. 

(d) Documents Mutually Drafted. Seller and Buyer agree that this Agreement each other Facility Document prepared in connection with the
Transactions set forth herein have been mutually drafted and negotiated by each party, and consequently such documents shall not be construed against either party as the drafter thereof. 

(e) Amendments. This Agreement and each other Facility Document (other than the TIAA Bank Warehouse Customer Guide) may only be amended
by a written instrument signed by Buyer and Seller. The TIAA Bank Warehouse Customer Guide may be amended from time to time without consent or assent by Seller and such amendments shall be effective immediately upon notice to Seller of the change
(whether that notice is sent individually or posted to TIAA Bank Warehouse Electronic System) and Mortgage Loans sold to Buyer after the effective date of any such amendment shall be governed by the revised TIAA Bank Warehouse Customer Guide. 

 

	SECTION 36.	 GENERAL INTERPRETIVE PRINCIPLES 

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

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

  
 59 

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

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

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

(g) all times specified herein or in any other Facility Document (unless expressly specified otherwise) are local times in New York, New York
unless otherwise stated; and 
 (h) all references herein or in any Facility Document to “good faith” means good faith as defined
in Section 1-201(19) of the Uniform Commercial Code as in effect in the State of New York. 

[THIS SPACE INTENTIONALLY LEFT BLANK] 

  
 60 

 IN WITNESS WHEREOF, the parties have entered into this Agreement as of the date set forth
above. 
  

			
	BUYER:
	
	TIAA, FSB, formerly Known as EVERBANK
		
	By:	 	 /s/ Paul Chmielewski

		 	Name: Paul Chmielewski
		 	Title: SVP

  

					
		 		 	 TIAA Bank
 100 Summer Street, Suite 3232

Boston, Massachusetts 02110
 Attention: Stephen E. Burse

E-mail: Stephen.Burse@TIAABank.com

Telephone No.: (857) 264-3543
  

with copies to:
  

TIAA Bank
 501 Riverside Avenue

12th Floor

Jacksonville, Florida 32202
 Attention: Legal Department

E-mail: Dave.Barrett@ TIAABank.com

Telephone No.: (904) 623-8237

 Signature Page to Caliber Master Repurchase Agreement 

 
			
	SELLER:
	
	CALIBER HOME LOANS, INC., a Delaware corporation
		
	By:	 	 /s/ Vasif T. Imtiazi

		 	Name: Vasif T. Imtiazi
		 	Title: Deputy CFO

  

	
	 Address for Notices:
  

Caliber Home Loans, Inc.
 1525 South Belt Line Road

Coppell, Texas 75019
 Attention: Glenn Minkoff

E-mail: glenn.minkoff@caliberhomeloans.com
 Telephone No.: (214)
299-5385
  
 with copies to:

 
 Caliber Home Loans, Inc.

1525 South Belt Line Road
 Coppell, Texas 75019

Attention: Gregory Smallwood
 E-mail:
gregg.smallwood@caliberhomeloans.com
 Telephone No.: (469) 912-3533

 Signature Page to Caliber Master Repurchase Agreement 

 SCHEDULE 1 

SCHEDULE OF REPRESENTATIONS AND WARRANTIES REGARDING MORTGAGE LOANS 

As to representation and warranties concerning Purchased Mortgage Loans, Seller represents and warrants to Buyer that such representations and
warranties are true and correct in all material respects and in full force and effect as of the Purchase Date through and until the Repurchase Date. 

For purposes of this Schedule 1 and the representations and warranties set forth herein, a breach of a representation or warranty shall be
deemed to have been cured with respect to a Mortgage Loan if and when Seller has taken or caused to be taken action such that the event, circumstance or condition that gave rise to such breach no longer adversely affects such Mortgage Loan. With
respect to those representations and warranties which are made to the best of Seller’s knowledge, if it is discovered by Seller or Buyer that the substance of such representation and warranty is inaccurate, notwithstanding Seller’s lack of
knowledge with respect to the substance of such representation and warranty, such inaccuracy shall be deemed a breach of the applicable representation and warranty. 

A. Underwriting Guidelines. Each Mortgage Loan conforms to the specifications set forth by this Agreement,
including, but not limited to, the Underwriting Guidelines, and Buyer, Takeout Investor, Agency and insurer regulations, rules, guides and handbooks for loans eligible for sale to, insurance by or pooling to back securities issued or guaranteed by
such Takeout Investor, Buyer, Agency, or insurer. Each Conforming Mortgage Loan is eligible as collateral for Ginnie Mae mortgage backed securities or is eligible for purchase by an Agency. 

B. Mortgage Loans as Described. To the best of Seller’s knowledge, the information set forth in the
Mortgage Loan Schedule is complete, true and correct. 
 C. No Defenses. The Mortgage Loan, and the Assignment of
Proprietary Lease related to each Co-op 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 was a debtor in any state or federal bankruptcy or insolvency proceeding at, or subsequent to, the time the
Mortgage Loan was originated. 
 D. Disbursement. The Mortgage Loan has been closed and the proceeds of the
Mortgage Loan have been fully disbursed, there is no requirement for future advances thereunder, any and all requirements as to completion of any on-site or off-site
improvements have been complied with, and any disbursements of any escrow funds have been made. All costs, fees and expenses incurred in making, or closing the Mortgage Loan and the recording of the Mortgage were paid to the appropriate parties, the
mortgage insurance premium or the VA guarantee fee has been paid as applicable, and the Mortgagor is not entitled to any refund of any amounts paid or due under the Mortgage Note or Mortgage. 

E. Payments and Advances. Seller has not, and to the best of Seller’s knowledge no Person has, advanced
funds, or induced, solicited or received any advance of funds by a Person other than the Mortgagor, directly or indirectly, for the payment of any amount required under or to obtain the Mortgage Loan, or any Tax, insurance, special assessment,
sewer, utility or similar payments with respect to the Mortgaged Property. The Mortgagor has made any down payment required in connection with the Mortgage Loan, and has received no concession from Seller, the seller of the Mortgaged Property or any

 
other third Person, except as clearly disclosed in the Mortgage File and in writing to Buyer. No subordinate financing was used in the Mortgagor’s acquisition of the property securing the
Mortgage Loan other than subordinate financing acceptable to Buyer, Fannie Mae, Freddie Mac, Ginnie Mae, HUD, VA or applicable Takeout Investor pursuant to their requirements in effect at the time of purchase of the Mortgage Loan by the Buyer. 

F. Compliance with Requirements of Law. Any and all Requirements of Law, including, but not limited to,
usury, truth in lending, real estate settlement procedures, consumer credit protection, equal credit opportunity, disclosure, unfair and deceptive practices laws, securities laws or privacy laws, applicable to the Mortgage Loan have been satisfied
and materially complied with, and the consummation of the transactions contemplated hereby will not involve the violation of any Requirements of Law. Seller shall maintain in its possession, available for Buyer’s inspection, and shall deliver
to Buyer upon reasonable demand, evidence of compliance with all Requirements of Law. 
 G.
Co-op Loan: Compliance with Law. With respect to each Co-op Loan, the related cooperative corporation that owns title to the related
cooperative apartment building is a “cooperative housing corporation” within the meaning of Section 216 of the Code, and is in material compliance with applicable Requirements of Law which, if not complied with, could have a material
adverse effect on the Mortgaged Property. 
 H. Mortgage Insurance. To the best of Seller’s knowledge, there
are no defenses, counterclaims, or rights of setoff, or other facts or circumstances affecting the eligibility of the Mortgage Loans for insurance by an insurer, or affecting the validity or enforceability of any mortgage insurance or
mortgage guaranty with respect to the Mortgage Loan as a result of any act, error or omission of Seller or of any other Person including, but not limited to, the FHA insurance. Each HECM was underwritten in accordance with all FHA standards
applicable to reverse mortgages and is fully insurable by FHA, which insurance is in full force and effect or, if such insurance is not in full force and effect on the related Purchase Date, will be retroactive to the date such Mortgage Loan was
originated by Seller, and the Mortgage Loan is not subject to any defect that could diminish or impair the FHA insurance, and no circumstances exist with respect to any HECM that could permit the FHA to deny coverage, in whole or in part, under the
related FHA insurance. The related FHA policy calls for the assignment of the Mortgage Loan to FHA as opposed to the co-insurance option. The entire amount of the insurance premium has been paid to FHA in
accordance with the FHA Regulations and no portion of such premium is shared with or by Seller or, if the monthly premium option has been chosen for such Mortgage Loan, all such premiums due on or before the related Purchase Date have been duly and
timely paid. 
 I. Damage; Condemnation. To the best of Seller’s knowledge, there is no proceeding
pending for the total or partial condemnation of the Mortgaged Property and such Mortgaged Property is undamaged by waste, fire, earthquake or earth movement, windstorm, flood, tornado or other casualty so as to affect adversely the value of the
Mortgaged Property as security for the Mortgage Loan, the use for which the Mortgaged Property was intended or the eligibility of the Mortgage Loan for full payment of insurance benefits, and there are no pending or threatened proceedings for total
or partial condemnation of the Mortgaged Property. Each Mortgaged Property is in good repair. Seller has completed any property inspections required by FHA Regulations, other Requirements of Law, and such inspections, if any, show no evidence of
property damage or deferred maintenance, unless the property damage and deferred maintenance was considered part of the initial Repair Set Aside Account disclosed in the Mortgage File at closing. 

J. Type of Mortgaged Property. The Mortgaged Property is located in the state identified in the Mortgage
File and consists of a single parcel or multiple contiguous parcels of real property with a detached single-family residence erected thereon, or a two-to-four-family
dwelling, a townhouse, or 

 
an individual condominium unit in a condominium, or a Co-op Unit, or an individual unit in a planned unit development, or an individual or a manufactured
home on owned or leased land; provided, however, that any condominium unit, Co-op Project or planned unit development conforms with Takeout Investor and insurer requirements with respect to such
dwellings, and that no residence or dwelling is a mobile home. If the Mortgaged Property is a condominium unit or a unit in a planned unit development (other than a de minimis planned unit development) or a
Co-op Unit such condominium or planned unit development project is (i) acceptable to Fannie Mae or Freddie Mac or (ii) located in a condominium or planned unit development project which has received
project approval from Fannie Mae or Freddie Mac. The representations and warranties required by Fannie Mae with respect to such condominium or planned unit development have been satisfied and remain true and correct. No portion of the Mortgaged
Property is used for commercial purposes provided, that Mortgaged Properties which contain a home office shall not be considered as being used for commercial purposes as long as the Mortgaged Property has not been altered for commercial purposes and
is not storing any chemicals or raw materials other than those commonly used for homeowner repair, maintenance and/or household purposes. 

K. Leaseholds. If the Mortgage Loan is secured by a long term residential lease, (1) the lessor under
the lease holds a fee simple interest in the land; (2) the terms of such lease expressly permit the mortgaging of the leasehold estate, the assignment of the lease without the lessor’s consent and the acquisition by the holder of the
Mortgage of the rights of the lessee upon foreclosure or assignment in lieu of foreclosure or provide the holder of the Mortgage with substantially similar protections; (3) the terms of such lease do not (a) allow the termination thereof
upon the lessee’s default without the holder of the Mortgage being entitled to receive written notice of, and opportunity to cure, such default, (b) allow the termination of the lease in the event of damage or destruction as long as the
Mortgage is in existence, (c) prohibit the holder of the Mortgage from being insured (or receiving proceeds of insurance) under the hazard insurance policy or policies relating to the Mortgaged Property or (d) permit any increase in rent
other than pre-established increases set forth in the lease; (4) the original term of such lease is not less than 15 years; (5) the term of such lease does not terminate earlier than five years after
the maturity date of the Mortgage Note; and (6) the Mortgaged Property is located in a jurisdiction in which the use of leasehold estates in transferring ownership in residential properties is a widely accepted practice. 

L. Good Title. Immediately prior to the transfer and assignment of the Mortgage Loan to the Buyer, the
Mortgage Loan is not assigned or pledged, and Seller has good, indefeasible, and marketable title thereto, and Seller is the sole owner and holder of the Mortgage Loan and the indebtedness evidenced by each Mortgage Note (and with respect to any Co-op Loan, the sole owner of the related Assignment of Proprietary Lease), free and clear of any and all Liens, of any nature, and there has been no other sale, transfer, or assignment of security interest granted
by the Seller to any other party, nor are there any other restrictions limiting the transfer of the Mortgage Loan, and Seller has full right, title and authority, subject to no interest or participation of, agreement with, or approval of, any other
Person, to sell, assign and transfer the Mortgage Loan pursuant to this Agreement and following the sale of each Mortgage Loan, the Buyer will own such Mortgage Loan free and clear of any encumbrance, equity, participation interest, Lien, pledge,
charge, claim or security interest. Seller intends to relinquish all rights to possess, control and monitor each Mortgage Loan. 
 M.
Co-op Loan: No Pledge. With respect to each Co-op Loan, there is no prohibition against pledging the shares of the cooperative
corporation or assigning the Proprietary Lease. With respect to each Co-op Loan, (i) the term of the related Proprietary Lease is longer than the term of the Co-op
Loan, (ii) there is no provision in any Proprietary Lease which requires the Mortgagor to offer for sale the Co-op Shares owned by such Mortgagor first to the Co-op
Corporation, (iii) there is no prohibition in any Proprietary Lease against pledging the Co-op Shares or assigning the Proprietary Lease and (iv) the Recognition Agreement is on a form of agreement
published by Aztech Document Systems, Inc. as of the date hereof or includes provisions which are no less favorable to the lender than those contained in such agreement. 

 N. No Litigation. There is no pending and no threatened
litigation, which may affect in any way, by attachment or otherwise, the title or interest of the Seller in and to the Mortgage Loan, the property securing the Mortgage Loan, or any related note or security instrument. 

O. Mortgage File. The Mortgage File contains each of the documents and instruments required by the Custodial
Agreement and by applicable Requirements of Law or the related Takeout Investor or insurer requirements, duly executed and in due and proper form and each such document or instrument is genuine and in form acceptable to Takeout Investors and
insurers and the information contained therein is true, accurate and complete. The Mortgage Loan was originated in accordance with Takeout Investor and insurer underwriting standards in effect at the time the Mortgage Loan was originated. 

P. Occupancy; Inspection. As of the Purchase Date, the Mortgaged Property is lawfully occupied under all
applicable Requirements of 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. 

Q. No Outstanding Charges. There are no defaults in complying with the terms of the Mortgage Loan, and all
governmental 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 and insurance
set-aside 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. 

R. Original Terms Unmodified. The terms of the Mortgage Note (and the Proprietary Lease and the Pledge
Instruments with respect to each Co-op Loan) and Mortgage have not been impaired, waived, altered or modified in any respect, except by a written instrument that has: (a) been recorded, if necessary to
protect the interests of Buyer; and (b) been delivered to the Custodian. The substance of any such waiver, alteration or modification has been approved by the issuer of any related mortgage insurance and the title insurer, to the extent
required by the policy, and, as applicable, its terms are reflected on the Mortgage Loan Schedule. No Mortgagor has been released in whole or in part, except in connection with an assumption agreement approved by the issuer of any related private
mortgage insurance policy and the title insurer to the extent required by the 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. 

S. 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 effect 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.

 T. Valid First Lien. The Mortgage is a valid, subsisting, enforceable and perfected first Lien on 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. The Lien of the Mortgage is subject only to: 

 (a) the Lien of current real property Taxes and assessments not yet due and payable or that
are being contested in good faith by appropriate proceedings diligently conducted and with respect to which adequate reserves have been provided; 

(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 the lender’s title insurance policy delivered to the originator of the Mortgage Loan and: (i) referred to or to otherwise considered in the
Appraisal relating to the Mortgage Loan; or (ii) that 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, enforceable and perfected first priority Lien on the Mortgaged Property described therein and Seller
has full right to sell and assign the same to the Buyer in accordance with the Requirements of Law and any and all contractual obligations. The Mortgaged Property was not, as of the date of origination of the Mortgage Loan, unless otherwise
indicated, 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. 

U. Co-op Loan: Valid First Lien. With respect to each Co-op Loan, the related Mortgage is a valid, enforceable and subsisting first security interest on the related cooperative shares securing the related cooperative note and lease, subject only to
(a) liens of the cooperative for unpaid assessments representing the Mortgagor’s pro rata share of the cooperative’s payments for its blanket mortgage, current and future real property Taxes, insurance premiums, maintenance fees and
other assessments to which like collateral is commonly subject and (b) other matters to which like collateral is commonly subject which do not materially interfere with the benefits of the security intended to be provided by the security
interest. There are no liens against or security interests in the cooperative shares relating to each Co-op Loan (except for unpaid maintenance, assessments and other amounts owed to the related cooperative
which individually or in the aggregate will not have a material adverse effect on such Co-op Loan), which have priority equal to or over the Seller’s security interest in such Co-op Shares. 
 V. No Fraud. The Mortgage Note and the Mortgage and any other
agreement executed and delivered by a Mortgagor 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 and the Mortgage and any other related agreement had legal capacity to enter into the Mortgage Loan and to execute and deliver the Mortgage Note and the Mortgage and any other related agreement, and the Mortgage Note and the Mortgage and any
other such related agreement have been duly and properly executed by such Persons. The documents, instruments and agreements submitted for Mortgage Loan underwriting were not falsified and contain no untrue statement of material fact nor do they
omit to state a material fact required to be stated therein or necessary to make the information and statements therein not misleading. No fraud, error, omission, misrepresentation, negligence or similar occurrence was committed in connection with
the origination of the Mortgage Loan. 
 W. Title Insurance. Each Mortgage Loan is covered by an ALTA
lender’s title insurance policy, or with respect to any Mortgage Loan for which the related Mortgaged Property is located in California, a CLTA lender’s title insurance policy, or other generally acceptable form of policy of
insurance, issued by a title insurer qualified to do business in the jurisdiction where the Mortgaged Property 

 
is located, insuring Seller, its successors and assigns: (a) as to the first priority Lien of the Mortgage (for HECMs, in an amount equal to the Maximum Claim Amount as to each Mortgage
Loan); and (b) against any loss by reason of the invalidity or unenforceability of the Lien resulting from the provisions of the Mortgage providing for adjustment in the Mortgage Interest Rate and Monthly Payment with respect to each Adjustable
Rate Loan, subject only to the exceptions contained in clauses (a), (b), and (c) of Part T of this Schedule 1. Where required by state Requirements of Law applicable to Seller, 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 Seller, and its
successors and assigns, are the sole insured of such lender’s title insurance policy, and such lender’s title insurance policy is valid and 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 of the Mortgage, including Seller, has done, by act or omission, anything that would impair the coverage of such
lender’s title insurance policy. With respect to each manufactured home, a search for filings of financing statements has been made by a company competent to do same and such search has not found anything which would materially and adversely
affect the Mortgage Loan secured by a manufactured home including, but not limited to, the priority of the Lien or perfection of the Mortgage Loan secured by a manufactured home. 

X. Hazard Insurance. For each Mortgage Loan, pursuant to the terms of the Mortgage, all buildings or other
improvements upon the Mortgaged Property are insured by an insurer acceptable to the Buyer against loss by fire, hazards of extended coverage and such other hazards as are customary in the area where the Mortgaged Property is located, as are
provided for by Fannie Mae or by Freddie Mac, as well as all additional requirements set forth in the Underwriting Guidelines. Mortgagor has obtained coverage in an amount which is at least equal to the least of the (i) full insurable value of
the improvements on the Mortgaged Property, (ii) 100% of the replacement cost of all improvements to the Mortgaged Property, or (iii) the outstanding principal balance of the Mortgage Loan. The policy either includes provisions for inflation
adjustments or guaranteed replacement cost coverage of the Mortgaged Property. In the case of flood insurance, Mortgagor has obtained the maximum amount of insurance that is available under the National Flood Insurance Act of 1968. If upon
origination of the Mortgage Loan, the Mortgaged Property was in an area identified in the Federal Register by the Federal Emergency Management Agency as having special flood hazards (and such flood insurance has been made available), a flood
insurance policy meeting the requirements of the current guidelines of the Federal Insurance Administration is in effect which policy conforms to all Requirements of Law and applicable insurer and Takeout Investor requirements. All individual
insurance policies contain a standard mortgagee clause naming Seller and its successors and assigns as mortgagee, and all premiums thereon have been paid. The Mortgage obligates the Mortgagor thereunder to maintain the hazard insurance policy at the
Mortgagor’s cost and expense, and on the Mortgagor’s failure to do so, authorizes the holder of the Mortgage to obtain and maintain such insurance at such Mortgagor’s cost and expense, and to seek reimbursement therefor from the
Mortgagor. Where required by state Requirements of Law applicable to Seller, 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 the common facilities of a planned unit development. The hazard insurance policy is the valid and binding obligation of the insurer, is in full force and effect, and will be in full force and effect and inure to the
benefit of Buyer upon the consummation of the transactions contemplated by this Agreement. Seller has not engaged in, and has no knowledge of the Mortgagor’s or any servicer’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. 

 Y. No Default. The Mortgage Loan is current and all payments
have been made within the month such payments were due, and if the Mortgage Loan is a Co-op Loan, no foreclosure action or private or public sale under the Uniform Commercial Code has ever, to the
knowledge of the Seller, been threatened or commenced with respect to the Co-op Loan. There is no default, breach, violation or event of acceleration existing under the Mortgage or the Mortgage Note and no
event that, 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. With respect to each Co-op Loan, there is no default in complying with the terms of the Mortgage Note, the Assignment of Proprietary Lease and the Proprietary Lease and all
maintenance charges and assessments (including assessments payable in the future installments, which previously became due and owing) have been paid, and the Seller has the right under the terms of the Mortgage Note, Assignment of Proprietary Lease
and Recognition Agreement to pay any maintenance charges or assessments owed by the Mortgagor. 
 Z. No Mechanics’
Liens. There are no mechanics’ or similar Liens or claims that 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 related Mortgaged
Property that are or may be Liens prior to, or equal or coordinate with, the Lien of the related Mortgage. 
 AA. Location of
Improvements. All improvements that were considered in determining the Appraised Value of the Mortgaged Property lay 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 law or regulation. 

BB. Customary Provisions. 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: (a) in the case of a Mortgage designated as a deed of trust, by trustee’s
sale; and (b) 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 or other right available to a Mortgagor that would interfere with the right to sell the Mortgaged Property at a trustee’s sale or
the right to foreclose the Mortgage. 
 CC. 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 Sections T and U of this Schedule 1. 

DD. Deeds of Trust. In the event the Mortgage constitutes a deed of trust, a trustee, duly qualified under
the Requirements of Law and Takeout Investor and insurer requirements 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 Buyer to the trustee
under the deed of trust, except in connection with a trustee’s sale after default by the Mortgagor. 
 EE. Acceptable
Investment. There are no circumstances or conditions with respect to the Mortgage, the Mortgaged Property, the Mortgagor or the Mortgagor’s credit standing that would reasonably be expected to cause: (a) private
institutional investors or a Takeout Investor to regard the Mortgage Loan as an unacceptable investment; or (b) the Mortgage Loan to become a Delinquent Mortgage Loan or adversely affect the value or marketability of the Mortgage Loan. 

FF. FICO Scores. Each Mortgage Loan has a non-zero FICO score. 

 GG. 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. 

HH. Co-op Loans: Acceleration of Payment. With respect to each Co-op Loan, each Assignment of Proprietary Lease contains enforceable provisions such as to render the rights and remedies of the holder thereof adequate for the realization of the material benefits of the
security provided thereby. The Assignment of Proprietary Lease contains an enforceable provision for the acceleration of the payment of the unpaid principal balance of the Mortgage Note in the event the Co-op
Unit is transferred or sold without the consent of the holder thereof. 
 II. Origination and Collection Practices.
The origination, servicing and collection practices used with respect to the Mortgage Loan have been in accordance with Accepted Servicing Practices and the terms of the Mortgage File, the Requirements of Law and any and all contractual
obligations of Seller (including those obligations contained in this Agreement), including the FHA Regulations relating to loss mitigation, and Takeout Investor or insurer guidelines, and have been in all respects legal, proper and prudent in the
mortgage origination and servicing business. All Mortgage Interest Rate adjustments have been made in compliance with applicable state and federal law and the terms of the related Mortgage and Mortgage Note on the related adjustment date. Seller
executed and delivered any and all notices required under applicable law and the terms of the related Mortgage Note and Mortgage regarding the Mortgage Interest Rate and any payment adjustments. All advances required to be made under the Mortgage
Notes have been made within the time frame therein specified and in accordance with the Mortgage File, FHA Regulations and Requirements of Law. Any interest required to be paid pursuant to applicable state, federal and local law has been properly
paid and credited. The terms of the Mortgage Loan do not require the owner of the Mortgage Loan to make escrow payments on behalf of the Mortgagor. All escrow deposits and escrow payments, if any, are in the possession of, or under the control of,
Seller or Subservicer and have been collected and handled in full compliance with all Requirements of Law and the provisions of the related Mortgage Note and Mortgage, and there exist no deficiencies in connection therewith for which customary
arrangements for repayment thereof have not been made. No escrow deposits or escrow payments or other charges or payments due the Seller have been capitalized under the Mortgage Note. 

JJ. Appraisal. Except with respect to streamlined FHA Loans, VA Loans and USDA Loans originated in
accordance with Agency guidelines or except in the case where a property inspection has been delivered for the related Mortgaged Property in accordance with Agency guidelines, the Mortgage File contains an Appraisal of the related Mortgaged Property
signed prior to the approval of the Mortgage Loan application by a qualified appraiser, duly appointed by Seller, who had no interest, direct or indirect in the Mortgaged Property or in any loan made on the security thereof; and whose compensation
is not affected by the approval or disapproval of the Mortgage Loan, and the Appraisal and appraiser both satisfy the requirements of Title XI of the Federal Institutions Reform, Recovery, and Enforcement Act of 1989 and the regulations promulgated
thereunder, and all Requirements of Law and Takeout Investor or insurer requirements, each as in effect on the date the Mortgage Loan was originated. Seller has no knowledge of any circumstances or condition which might indicate that the Appraisal
is incomplete or inaccurate. In addition, the Appraisal was prepared in accordance with USPAP Guidelines. The appraiser for the Mortgage Loan was duly licensed or certified under the applicable law where the Mortgage Loan was originated, and for
each Government Mortgage Loan was acceptable to the FHA or VA, as applicable, and for each Conventional Mortgage Loan was acceptable to Fannie Mae, Freddie Mac and/or the Takeout Investor, as applicable. The Seller will maintain documentation
evidencing each appraiser’s qualification and licensing or certification, which will promptly be provided to the Buyer upon request. 

 KK. 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 or any similar state statute or regulation. 

LL. Environmental Matters. There is no pending action or proceeding directly involving the Mortgaged
Property in which compliance with any environmental law, rule or regulation is an issue. To the best of Seller’s knowledge, the Mortgaged Property is free from any and all toxic or hazardous substances and there exists no violation of any
local, state or federal environmental law, rule or regulation. 
 MM. No Denial of Insurance. No action,
inaction, or event has occurred and no state of fact exists or has existed that has resulted or will result in the exclusion from, denial of, or defense to coverage under any applicable pool insurance policy, special hazard insurance policy,
private mortgage insurance or other mortgage insurance policy, including, but not limited to FHA mortgage insurance, or bankruptcy bond, irrespective of the cause of such failure of coverage. 

NN. Conversion to Fixed Interest Rate. With respect to each Adjustable Rate Loan, the Mortgage Note does not
contain a provision permitting or requiring conversion to a fixed interest rate Mortgage Loan. 
 OO. Reserved. 

PP. Flood Certification Contract. Seller has obtained a life of loan, transferable flood
certification contract for each Mortgage Loan with an Approved Flood Policy Insurer, and such contract is assignable to Buyer, and its successors and assigns, without cost. 

QQ. Underwriting and Origination. The Mortgage Loan was completely underwritten and originated by Seller or
a Qualified Originator. 
 RR. Reversed Mortgages. Without limiting any other applicable requirements and
representations and warranties hereunder, each HECM: (i) provides that any advance of principal increases the outstanding principal amount of related the Mortgage Loan and is secured by an interest in the same Mortgaged Property as the
related Mortgage Loan; (ii) provides for a principal limit that will at no time (measured either as of (a) time of origination of such Mortgage Loan or (b) if such Mortgage Loan has been modified other than as a result of a default or
reasonably foreseeable default, the time of such modification) exceed the Maximum Claim Amount; (iii) contains provisions that do not permit recourse against the Mortgagor; (iv) provides that all payments due under the Mortgage Loan are
due only upon the date on which a Maturity Event occurs; and (v) provides for certain Maturity Events that are in accordance with FHA Regulations. With respect to each HECM, no Maturity Event (or any other event that would otherwise cause the
Mortgage Loan to be due and payable) has occurred. 
 SS. MERS/Assignment of Mortgage. Either (a) such
Mortgage Loan meets the definition of MERS Designated Loan in the Electronic Tracking Agreement, was properly registered in the MERS System at the time of its origination and has continuously remained so registered, and has MERS as the record
mortgagee or beneficiary or (b) Seller has delivered (or will deliver by the Wet Delivery Deadline) to Custodian a duly executed Assignment of Mortgage (provided that the delivery of an Assignment of Mortgage shall be available solely with
respect to any Mortgage Loan for which the relevant Government Mortgage Loan or State Agency Program Loan guidelines do not allow for the use of the MERS System). 

 TT. Repairs and Improvements. All repairs or improvements which
if not made would result in the loss of any insurance coverage, including FHA insurance, on the related Mortgaged Property have been made to such Mortgaged Property, or set-aside amounts for such
repairs or improvements have been included in the related Mortgage and Mortgage Note, all in compliance with the Requirements of Law, including, but not limited to, the applicable requirements of FHA Regulations. Except as otherwise disclosed in
writing to Buyer, any repairs for which an advance has been made were completed and passed an inspection in accordance with the FHA Regulations. 

UU. Interest Calculation. Interest on each Mortgage Loan is calculated in accordance with the related
Mortgage Note and the Requirements of Law, including, but not limited to, the applicable FHA Regulations. None of the Mortgage Loans provide for simple interest calculation. 

VV. Construction or Rehabilitation of Mortgaged Property. Either (i) [***] the Mortgage Loan was not made in
connection with the construction or rehabilitation of a Mortgaged Property or facilitating the trade-in or exchange of a Mortgaged Property or (ii) the Mortgaged Property has a certificate of completion
if such Mortgage Loan was made in connection with the construction or rehabilitation of the related Mortgaged Property. 
 WW.
Qualified Mortgage. The Mortgage Loan is a “qualified mortgage” within the meaning of Section 860G(a)(3) of the Internal Revenue Code of 1986, as amended . 

XX. Reserved. 

YY. Credit Information. As to each consumer report (as defined in the Fair Credit Reporting Act, Public Law 91-508) or other credit information furnished by the Seller to the Buyer in connection with a Mortgage Loan, Seller has full right and authority and is not precluded by law or contract from furnishing such
information to the Buyer and, to the best of Seller’s knowledge, the Buyer is not precluded from furnishing the same to any subsequent or prospective purchaser of such Mortgage Loan. 

ZZ. Predatory Lending Regulations. No Mortgage Loan is a High Cost Mortgage Loan. No predatory or deceptive
lending practices, including, without limitation, the extension of credit without regard to the ability of the Mortgagor to repay and the extension of credit which has no apparent benefit to the Mortgagor, were employed in the origination of the
Mortgage Loan. 
 AAA. Compliance with Anti-Money Laundering Laws. Seller has complied with all applicable
anti-money laundering laws and regulations, including without limitation the USA Patriot Act of 2001 (collectively, the “Anti-Money Laundering Laws”) with respect to the Mortgage Loans; Seller has established an anti-money
laundering compliance program as required by the Anti-Money Laundering Laws, has conducted the requisite due diligence in connection with the origination of each Mortgage Loan for purposes of the Anti-Money Laundering Laws as applicable as of the
origination date, including with respect to the legitimacy of the applicable Mortgagor and the origin of the assets used by the said Mortgagor to purchase the property in question, and maintains, and will maintain, sufficient information to identify
the applicable Mortgagor for purposes of the Anti-Money Laundering Laws. 
 BBB. Purchase of Insurance. No
Mortgagor was required to purchase any credit life, disability, accident or health insurance product as a condition of obtaining the extension of credit. No Mortgagor obtained a prepaid single-premium credit life, disability, accident or
health insurance policy in connection with the origination of the Mortgage Loan. No proceeds from any Mortgage Loan were used to purchase single premium credit insurance policies as part of the origination of, or as a condition to closing, such
Mortgage Loan. 

 CCC. Governmental Requirements. Each Government Mortgage Loan
conforms with all applicable FHA, VA, USDA, or HUD underwriting, lending, selling and servicing requirements and with all Ginnie Mae requirements for the inclusion of the Mortgage Loan in a Ginnie Mae mortgage-backed security pool, and the
Seller will comply with all documentation requirements of the Buyer and the document custodian within the time limitations described in the Facility Documents. If a Takeout Commitment requires the Mortgage Loan to be
FHA-insured, the Mortgage Loan is fully eligible for FHA insurance and is, or within 60 days after disbursement of the proceeds by the Seller will be, fully insured by the FHA. If a Takeout Commitment requires
the Mortgage Loan to be guaranteed by VA, the Mortgage Loan is fully-eligible for VA guaranty, and is, or within 60 days after disbursement of the proceeds by the Seller will be, fully guaranteed by VA. If a Takeout Commitment requires the Mortgage
Loan to be guaranteed by USDA, the Mortgage Loan is fully-eligible for USDA guaranty, and is, or within 60 days after disbursement of the proceeds by the Seller will be, fully guaranteed by USDA. If a Takeout Commitment requires the Mortgage Loan to
be guaranteed by HUD, the Mortgage Loan is fully-eligible for HUD guaranty, and is, or within 60 days after disbursement of the proceeds by the Seller will be, fully guaranteed by HUD. 

DDD. Conventional Mortgage Loan Requirements. Each Conventional Mortgage Loan conforms with all applicable
requirements of the Buyer, Agencies or applicable Takeout Investor, including, but not limited to, all requirements for the inclusion of such Conventional Mortgage Loans in any pool of loans or private security as designated by the Buyer, Freddie
Mac and Fannie Mae, and each Conventional Mortgage Loan conforms with all pooling requirements of the Agency or Takeout Investor. If a Takeout Commitment requires the Mortgage Loan to be insured by a policy of private mortgage insurance, the
Mortgage Loan is fully eligible and qualified to be insured by such policy of private mortgage insurance, such policy is in full force and effect, and no event or condition exists which could give rise to or result in a revocation of or defense to
the policy. 
 EEE. No Buydown Provisions; No Graduated Payments or Contingent Interests. Except with respect to
Agency Mortgage Loans, 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. 
 FFF. Regarding the Mortgagor. The
Mortgagor is one or more natural persons and/or trustees for an Illinois land trust or a trustee under a “living trust” and such “living trust” is in compliance with Fannie Mae or Freddie Mac guidelines for such trusts.

 GGG. High Interest Rate Credit/Lending Transactions. The Mortgage Loan is not subject to section
226.32 of Regulation Z or any similar state Requirements of Law (relating to high interest rate credit/lending transactions). 
 HHH.
Qualified Mortgage. (i) Before the consummation of each Purchased Mortgage Loan, Seller made a reasonable and good faith determination that the Mortgagor has a reasonable ability to repay the Purchased Mortgage
Loan according to its terms, and at a minimum, Seller underwrote such Purchased Mortgage Loan in accordance with the eight underwriting factors set forth in 12 CFR 1026.43(c); and (ii) other than with respect to any Purchase Loan that is not a
“Qualified Mortgage” but that regardless qualifies as an Approved Mortgage Product in accordance with the terms of the Pricing Letter, each Purchased Mortgage Loan is a “Qualified Mortgage” as defined in 12 CFR 1026.43(e), and in
particular: (A) each Purchased Mortgage Loan provides for regular, substantially equal periodic payments (allowing for payment changes on adjustable rate mortgages or loans with step rate features) and does not result in negative amortization, allow
the consumer to defer repayment of principal or result in balloon payments; (B) the loan term does not exceed 30 years and (C) for Purchased Mortgage Loans with note amounts of $100,000 or greater, the total points and fees do not exceed 3% of
the total loan amount. 

 EXHIBIT A 

[RESERVED.] 

 EXHIBIT B 

FORM OF SERVICER NOTICE 
 [Date]

 [________________], as Servicer 
 [ADDRESS] 

Attention: ___________ 
  

	 	Re:	 Master Repurchase Agreement, dated as of September 27, 2019 (the “Agreement”), by and
between Caliber Home Loans, Inc. (the “Seller”) and TIAA, FSB, formerly known as EverBank (the “Buyer”). 

Ladies and Gentlemen: 
 [___________________] (the
“Servicer”) is servicing certain mortgage loans for Seller pursuant to that certain Servicing Agreement between the Servicer and Seller. Pursuant to the Agreement between Buyer and Seller, the Servicer is hereby notified that Seller
has sold and pledged to Buyer certain mortgage loans which are serviced by Servicer. 
 Upon receipt of a notice of an event of default under the Agreement
(a “Notice of Event of Default”) from Buyer in which Buyer shall identify the mortgage loans that are then owned by and/or pledged to Buyer under the Agreement (the “Mortgage Loans”), the Servicer shall segregate all
amounts collected on account of such Mortgage Loans, hold them in trust for the sole and exclusive benefit of Buyer, and remit such collections in accordance with Buyer’s written instructions. Following such Notice of Event of Default, Servicer
shall follow the instructions of Buyer with respect to the Mortgage Loans, and shall deliver to Buyer any information with respect to the Mortgage Loans reasonably requested by Buyer or which Servicer is obligated to provide to Seller. 

In addition, and notwithstanding anything to the contrary in the Servicing Agreement, Buyer may terminate the Servicing Agreement, as pertaining to the
Mortgage Loans, without payment of any penalty or termination fee, in which event the Servicer shall cooperate, at no cost to Buyer, in transferring the servicing of the Mortgage Loans to a successor servicer appointed by Buyer in its sole and
absolute discretion. 
 Notwithstanding any contrary information which may be delivered to the Servicer by Seller, the Servicer may conclusively rely on any
information or Notice of Event of Default delivered by Buyer, and Seller shall indemnify and hold the Servicer harmless for any and all claims asserted against it for any actions taken in good faith by the Servicer in connection with the delivery of
such information or Notice of Event of Default. 

 Please acknowledge receipt of this instruction letter by signing in the signature block below and forwarding
an executed copy to Buyer promptly upon receipt. Any notices to Buyer should be delivered to the following addresses: TIAA Bank, 100 Summer Street, Suite 3232, Boston, Massachusetts 02110, Attention: Stephen E. Burse; Telephone: (857) 264-3542, E-mail: Stephen.Burse@TIAABank.com with copies to TIAA Bank 501 Riverside Avenue, 12th Floor, Jacksonville,
Florida 32202, Attention: Legal Department, Telephone: (904) 623-8237, E-Mail: Dave.Barrett@TIAABank.com. 

 

			
	Very truly yours,
	[____________________]
		
	By:	 	___________________________________
		 	Name:
		 	Title:

 ACKNOWLEDGED: 

[__________________], 
 as Servicer 

 EXHIBIT C 

POWER OF ATTORNEY 
 KNOW
ALL MEN BY THESE PRESENTS, that, effective as of the [_] day of September, 2019, Caliber Home Loans, Inc. (the “Seller”), a Delaware corporation, hereby irrevocably constitutes and appoints TIAA, FSB, formerly known as EverBank (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 Seller and in the name of Seller or in its own name, from time to time in Buyer’s discretion: 
 (a) to take
possession of and endorse and collect any checks, drafts, notes, acceptances or other instruments for the payment of moneys due with respect to any assets (the “Repurchase Assets”) conveyed to Buyer under the Master Repurchase
Agreement dated as of September 27, 2019, between Seller and Buyer, 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 Buyer for the purpose of collecting any and all
such moneys due with respect to any other Repurchase Assets whenever payable; 
 (b) to pay or discharge taxes and Liens levied or placed on
or threatened against the Repurchase Assets; 
 (c) to direct any party liable for any payment under any Repurchase Assets to make payment of
any and all moneys due or to become due thereunder directly to Buyer or as Buyer shall direct; 
 (d) 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 Repurchase Assets; 

(e) to sign and endorse any invoices, assignments, verifications, notices and other documents in connection with any Repurchase Assets; 

(f) to commence and prosecute any suits, actions or proceedings at law or in equity in any court of competent jurisdiction to collect the
Repurchase Assets or any proceeds thereof and to enforce any other right in respect of any Repurchase Assets; 
 (g) to defend any suit,
action or proceeding brought against Seller with respect to any Repurchase Assets; 
 (h) to settle, compromise or adjust any suit, action or
proceeding described in clause 
 (g) above and, in connection therewith, to give such discharges or releases as Buyer may deem appropriate;
and 
 (i) generally, to sell, transfer, pledge and make any agreement with respect to or otherwise deal with any Repurchase Assets as fully
and completely as though Buyer were the absolute owner thereof for all purposes, and to do, at Buyer’s option and Seller’s expense, at any time, and from time to time, all acts and things which Buyer deems necessary to protect, preserve or
realize upon the Repurchase Assets and Buyer’s Liens thereon and to effect the intent of this Agreement, all as fully and effectively as Seller might do; to effectuate a transfer of servicing with respect to the Repurchase Assets; and for the
purpose of carrying out the transfer of servicing with respect to the Repurchase Assets and Purchased Mortgage Loans from Seller to a successor servicer appointed by Buyer in its sole discretion and to take any and all appropriate action and to
execute any and all documents and instruments which may be 

  
 Exh. C-1 

 
necessary or desirable to accomplish such transfer of servicing, and, without limiting the generality of the foregoing, Seller hereby gives Buyer the power and right, on behalf of Seller, without
assent by Seller, to, in the name of Seller or its own name, or otherwise, prepare and send or cause to be sent “good-bye” letters to all mortgagors under the Repurchase Assets and Purchased Mortgage
Loans, transferring the servicing of the Repurchase Assets and Purchased Mortgage Loans to a successor servicer appointed by Buyer in its sole discretion. 

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 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 BUYER ON ITS OWN BEHALF AND ON BEHALF OF BUYER’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. 

  
 Exh. C-2 

 IN WITNESS WHEREOF Seller has caused this Power of Attorney to be executed and Seller’s
seal to be affixed as of the date first above written. 
  

			
	 CALIBER HOME LOANS, INC., a Delaware corporation

		
	By:	 	  

		 	Name:
		 	Title:

  
 Exh. C-3 

					
	STATE OF _________	  	)	  	
		  	)	  	ss.:
	COUNTY OF __________	  	)	  	

 On the [__] day of September, 2019 before me, a Notary Public in and for said State, personally
appeared                             , known to me to be
the                     of Caliber Home Loans, Inc., a Delaware corporation, the entity that executed the within instrument and also known to
me to be the person who executed it on behalf of said entity, and acknowledged to me that such entity 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 
 My Commission
expires                                        
                         

  
 Exh. C-4EX-10.100

 Exhibit 10.100 

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. 
 EXECUTION COPY 

 
  

LOAN AND SECURITY AGREEMENT 

Dated as of September 27, 2019 

Between 
 TIAA, FSB,
formerly known as EVERBANK, as Bank 
 and 

CALIBER HOME LOANS, INC., as Borrower 
  

 

 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
	 1.
	 	DEFINITIONS	  	 	2	 
			
	 2.
	 	REPRESENTATIONS AND WARRANTIES	  	 	16	 
			
	 3.
	 	LOAN ADVANCES	  	 	20	 
			
	 4.
	 	OTHER TAX MATTERS	  	 	24	 
			
	 5.
	 	SECURITY INTEREST	  	 	26	 
			
	 6.
	 	CONDITIONS TO LOAN ADVANCES	  	 	28	 
			
	 7.
	 	AFFIRMATIVE COVENANTS	  	 	29	 
			
	 8.
	 	NEGATIVE COVENANTS	  	 	32	 
			
	 9.
	 	EVENTS OF DEFAULT	  	 	34	 
			
	 10.
	 	RIGHTS UPON EVENT OF DEFAULT	  	 	35	 
			
	 11.
	 	TERMINATION	  	 	38	 
			
	 12.
	 	MISCELLANEOUS PROVISIONS	  	 	38	 

 LOAN AND SECURITY AGREEMENT 

THIS LOAN AND SECURITY AGREEMENT (“Agreement”) is made as of September 27, 2019 (the “ Effective
Date”), by and between Caliber Home Loans, Inc., a Delaware corporation, with an address at 1525 South Belt Line Road, Coppell, Texas 75019 (“Borrower”) and TIAA, FSB, formerly known as EverBank, a federal
savings association, with an address at 100 Summer Street, Suite 3232, Boston, Massachusetts 02110 (both “Bank” and “TIAA, FSB”), under the following circumstances: 

RECITAL 
 Borrower has
requested that Bank make available to Borrower a revolving credit facility in an amount not to exceed the Maximum Loan Amount. Each advance made by Bank to Borrower pursuant to this Agreement (each, a “Loan Advance” and
collectively, the “Loan”) will be used by Borrower for Approved Purposes (as defined below). 
 NOW, THEREFORE, for good
and valuable consideration, the receipt and adequacy of which are acknowledged, the parties agree: 
 1. Definitions. For purposes of
this Agreement, the terms set forth below shall have the following meanings. 
 (a) “Accepted Servicing Practices” means,
with respect to any Serviced Loan, those accepted and prudent mortgage servicing practices (including collection procedures) of prudent mortgage lending institutions that service mortgage loans of the same type as the Serviced Loans in the
jurisdiction where the related Mortgaged Property is located, and in a manner at least equal in quality to the servicing Borrower or Borrower’s designee provides to Mortgage Loans that it owns in its own portfolio. 

(b) “Adjusted Indebtedness” means, at any date, the result of (a) Borrower’s Indebtedness on such date, minus
(b) the unpaid principal of Borrower’s Subordinated Debt on such date (to the extent such Subordinated Debt is excluded from Borrower’s Indebtedness in calculating Borrower’s Adjusted Tangible Net Worth on such date in accordance
with the definition thereof). 
 (c) “Adjusted Tangible Net Worth” shall mean, with respect to any Person at any date, the
Net Worth of such Person plus (a) (i) all unpaid principal of all Subordinated Debt of such Person at such date; and (ii) the MSR Value at such date; minus: (b) (i) the aggregate book value of all intangible assets of such
Person (as determined in accordance with GAAP), including, without limitation, goodwill; trademarks, trade names, service marks, copyrights, patents, licenses and franchises; capitalized Servicing Rights; organizational expenses; deferred expenses;
(ii) receivables from equity owners, Affiliates or employees; (iii) advances of loans to Affiliates; (iv) investments in Affiliates; and (v) assets pledged to secure any liabilities not included in the Indebtedness of such
Person; in all cases, calculated on a consolidated basis and determined in accordance with GAAP consistent with those applied in the preparation of the Financial Statements referred to herein. 

  
 -2- 

 (d) “Advance Date” means the date on which a Loan Advance is made by Bank
to Borrower in accordance with the terms of this Agreement. 
 (e) “Advance Request” means a request for a Loan Advance in
the form attached hereto as Exhibit III. 
 (f) “Affiliate” shall mean, with respect to any Person, any other Person that,
directly or indirectly, controls, is controlled by, or is under common control with, such Person. For the purposes of this definition, “control” (together with the correlative meanings of “controlled by” and “under common
control with”) means possession, directly or indirectly, of the power: (a) to vote 25% or more of the securities (on a fully diluted basis) having ordinary voting power for the directors or managing general partners (or their equivalent)
of such Person; or (b) to direct or cause the direction of the management or policies of such Person, whether through the ownership of voting securities, by contract or otherwise. 

(g) “Anti-Money Laundering Laws” shall have the meaning set forth in Section 2(a)(25) hereof. 

(h) “Approved Purposes” means working capital in ordinary course of Borrower’s business (including the funding of
Corporate Advances and Escrow Advances) and other general purposes. Notwithstanding the foregoing, in no event shall any use be an Approved Purpose if such use would violate the terms of any Approved Servicing Agreement. 

(i) “Approved Servicing Agreement” means each TIAA, FSB Servicing Agreement, individually, and “Approved Servicing
Agreements” shall mean all TIAA, FSB Servicing Agreements, collectively. 
 (j) “Approved Servicing Appraiser” shall
mean SitusAMC, Mortgage Industry Advisory Corporation and Phoenix Analytic Services, Inc., or such other independent appraiser that is nationally known as expert in the evaluation of Servicing Rights, and is
pre-approved in writing by Bank from time to time, in its reasonable discretion. 
 (k)
“Bank” has the meaning provided in the introductory paragraph hereof. 
 (l) “Bankruptcy Code” shall mean
Title 11 of the United States Code, 11 U.S.C. §§ 101-1532, as amended from time to time. 

(m) “Borrower” has the meaning provided in the introductory paragraph hereof. 

(n) “Borrowing Base” means, as of the date of determination, the sum of (i) [***] of Escrow Advances still outstanding, (ii)
[***] of Corporate Advances still outstanding and (iii) any amounts received by the Bank that are required to be disbursed to the Bank pursuant to Section 5(d) that have not yet been applied by Bank to pay the Obligations. No Escrow
Advance or Corporate Advance shall be included in the Borrowing Base unless it is an Eligible Pledged Servicing Receivable. 

  
 -3- 

 (o) “Borrowing Base Certificate” means, as of any date of preparation, a
certificate setting forth the Borrowing Base in the form attached hereto as Exhibit IV, prepared by and certified by a Responsible Officer of Borrower. 

(p) “Borrowing Base Deficiency” has the meaning set forth in Section 3(f). 

(q) “Business Day” shall mean a day other than (i) a Saturday or Sunday, (ii) any day on which banking institutions
are authorized or required by law, executive order or governmental decree to be closed in the State of New York, the State of Texas or the State of Florida, or (iii) any day on which the Federal Reserve is closed. 

(r) “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 Bank or its
Affiliates or of any commercial bank having capital and surplus in excess of [***], (c) repurchase obligations of Bank or its Affiliates 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-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 Bank 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. 
 (s) “Code” means the Internal Revenue
Code of 1986, as amended. 
 (t) “Collateral” has the meaning provided on Exhibit I hereof. 

(u) “Confidential Terms” has the meaning provided in Section 12(k) hereof. 

(v) “Confidential Information” has the meaning provided in Section 12(l) hereof. 

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

  
 -4- 

 (x) “Contractual Obligations” means, as to any Person, the provisions of
any security issued by such Person, or of any agreement, instrument or undertaking to which such Person is a party or by which it or any of its properties is bound. 

(y) “Corporate Advance” means customary, reasonable and necessary “out of pocket” costs and expenses (including
reasonable attorneys’ fees and disbursements) incurred in the performance by Borrower under any Approved Servicing Agreement for (1) the preservation, restoration and protection of any Mortgaged Property, (2) any enforcement or
administrative, judicial or other legal proceedings, including foreclosures, and (3) the management and liquidation of a Mortgaged Property if such Mortgaged Property is acquired in satisfaction of the related Serviced Loan. 

(z) “Covenant Net Income” means Net Income excluding FMV Adjustments and any gain or loss related to MSR hedges. 

(aa) “Custodial Account” shall have the meaning provided in the TIAA, FSB Servicing Agreements. 

(bb) “Default” shall mean an Event of Default or an event that with notice or lapse of time or both would become an Event of
Default. 
 (cc) “Default Rate” means the Interest Rate plus [***] per annum. 

(dd) “Due Diligence Cap” shall mean $[***]. 

(ee) “Effective Date” has the meaning provided in the introductory paragraph hereof. 

(ff) “Eligible Pledged Servicing Receivable” means a Pledged Servicing Receivable: 

(1) that complies in all material respects with all applicable Laws and other legal requirements, whether federal, state or local; 

(2) that constitutes an “account” or a “general intangible” as defined in the UCC and is not evidenced by an
“instrument,” as defined in the UCC as so in effect; 
 (3) that arose pursuant to an Approved Servicing Agreement or was
purchased by Borrower from Bank and relates to one of the Mortgage Loans; 
 (4) that is genuine and constitutes a legal, valid, binding and
irrevocable payment obligation, enforceable in accordance with the terms of the Servicing Agreement under which it has arisen, subject to no offsets, counterclaims or defenses (it being understood that only the portion of a Pledged Servicing
Receivable that is subject to such offset, counterclaim or defense, as applicable, shall fail to be an “Eligible Pledged Servicing Receivable” because of any such offset, counterclaim or defense, as applicable); 

  
 -5- 

 (5) that was not originated in or subject to the Laws of a jurisdiction whose Laws would
make such Pledged Servicing Receivable, the related Servicing Agreement (if applicable) or the financing thereof contemplated hereby unlawful, invalid or unenforceable and is not subject to any legal limitation on transfer; 

(6) that is owned solely by Borrower free and clear of all Liens other than Permitted Liens and has not been sold, conveyed, pledged or
assigned to any other lender, purchaser or Person; 
 (7) for which there exists no dispute regarding the Pledged Servicing Receivable that
results in the Pledged Servicing Receivable being invalid or otherwise not recoverable or payable and in respect of which Borrower has complied in all respects with the related Servicing Agreement; 

(8) in respect of which Borrower has no knowledge of any fact that has led it to expect that such Pledged Servicing Receivable will not be
fully recoverable; 
 (9) that relates to either a Corporate Advance or an Escrow Advance; and 

(10) that is recoverable in accordance with the terms of the applicable Federal Insurance (as defined in the related Servicing Agreement) to
the extent applicable. 
 (gg) “EO13224” shall have the meaning set forth in Section 2(a)(20) hereof. 

(hh) “ERISA” means the Employee Retirement Income Security Act of 1974, as the same may be from time to time supplemented or
amended. 
 (ii) “ERISA Affiliates” means any corporation or trade or business that is a member of any group of
organizations (1) described in Section 414(b) or (c) of the Code of which Borrower is a member and (2) solely for purposes of Section 302 of ERISA and Section 412 of the Code, described in Section 414(m) or
(o) of the Code of which Borrower is a member. 
 (jj) “Escrow Advance” means customary, reasonable and necessary
“out of pocket” costs and expenses (including reasonable attorneys’ fees and disbursements) incurred by Borrower under any Approved Servicing Agreement for (1) the payment of taxes, assessments, water rates, sewer rents and other
charges that are or may become a lien upon the related Mortgaged Property and (2) the payment of premiums for fire, hazard and (to the extent required by law) flood insurance. 

  
 -6- 

 (kk) “Event of Default” has the meaning provided in Section 9 hereof.

 (ll) “Excluded Taxes” means any of the following Taxes imposed on or with respect to Bank or required to be withheld or
deducted from a payment to Bank, (a) Taxes imposed on or measured by net income (however denominated), franchise Taxes, and branch profits Taxes, in each case, (i) imposed as a result of Bank being organized under the laws of, or having
its principal office or, in the case of Bank, its applicable lending office located in, the jurisdiction imposing such Tax (or any political subdivision thereof) or (ii) that are Other Connection Taxes, (b) in the case of Bank, U.S.
federal withholding Taxes imposed on amounts payable to or for the account of Bank with respect to an applicable interest in a Loan pursuant to a law in effect on the date on which (i) Bank acquires such interest in the Loan or (ii) Bank
changes its lending office, (c) Taxes attributable to Bank’s failure to comply with Section 4(c) or Section 4(d) and (d) any withholding Taxes imposed under FATCA. 

(mm) “Facility Monthly Average” means, with respect to any calendar month, the average daily outstanding principal balance of
the Loan hereunder for such month. 
 (nn) “Facility Payment Date” means the seventh (7th) calendar day of each calendar month (or, if such day is not a Business Day, the immediately succeeding Business Day). 

(oo) “Fannie Mae” shall mean Federal National Mortgage Association, or any successor thereto. 

(pp) “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. 

(qq) “FHA” means the Federal Housing Administration, an agency within the United States Department of Housing and Urban
Development, or any successor thereto. 
 (rr) “FHA Approved Mortgagee” shall mean an institution which is approved by FHA
to act as mortgagee of record pursuant to FHA Regulations. 
 (ss) “FHA Claim Proceeds” shall have the meaning provided in
the applicable TIAA, FSB Servicing Agreement. 
 (tt) “FHA Loan” shall have the meaning provided in the applicable TIAA,
FSB Servicing Agreement. 

  
 -7- 

 (uu) “Final Payout Date” means the date upon which all outstanding
Obligations (other than contingent obligations for which no claim has been made) have been paid in full and Bank has no further obligation to make any Loan Advances hereunder. 

(vv) “Freddie Mac” shall mean Federal Home Loan Mortgage Corporation, or any successor thereto. 

(ww) “FMV Adjustments” shall mean adjustments to the capitalized value of Borrower’s Servicing Rights resulting from
changes in valuation inputs or assumptions used in the valuation model. 
 (xx) “GAAP” shall mean generally accepted
accounting principles in the United States of America, applied on a consistent basis and applied to both classification of items and amounts, and shall include, without limitation, the official interpretations thereof by the Financial Accounting
Standards Board, its predecessors and successors. 
 (yy) “Ginnie Mae” means the Government National Mortgage Association
or any successor thereto. 
 (zz) “GLB Act” has the meaning provided in Section 12(l) hereof. 

(aaa) “Governmental Authority” shall mean any nation or government, any state, county, municipality or other political
subdivision thereof or any governmental body, agency, authority, department or commission (including, without limitation, the Appropriate Federal Banking Agency, any taxing authority and any supra-national bodies such as the European Union or the
European Central Bank), any self-regulatory organizations with appropriate jurisdiction, any government sponsored enterprise, any government corporation (including, without limitation, Ginnie Mae, the Federal Deposit Insurance Corporation or the
Federal Home Loan Banks) or any instrumentality or officer of any of the foregoing (including, without limitation, any court or tribunal) exercising executive, legislative, judicial, regulatory or administrative functions of or pertaining to
government and any corporation, partnership or other entity directly or indirectly owned by or controlled by the foregoing. 
 (bbb)
“Hedging Agreements” means interest rate swap, cap or collar agreements, interest rate future or option contracts, currency swap agreements, currency future or option contracts, commodity agreements, forward securities transactions
and other similar agreements or arrangements designed to protect against fluctuations in interest rates, currency values or commodity values, in each case to which Borrower is a party. 

(ccc) “HUD” shall mean the United States Department of Housing and Urban Development. 

(ddd) “Indebtedness” means as to any Person, (i) obligations created, issued or incurred by such Person for borrowed
money (whether by loan, the issuance and sale of debt securities or the sale of property to another Person subject to an understanding or agreement, contingent or otherwise, to repurchase such property from such Person), (ii) obligations of such
Person to pay the deferred purchase or acquisition price of property or 

  
 -8- 

 
services, other than (a) deferred purchase price that is contingent upon performance, and (b) trade accounts payable (other than for borrowed money) arising, and accrued expenses
incurred, in the ordinary course of business), (iii) indebtedness of others secured by a Lien on the property of such Person, whether or not the respective indebtedness so secured has been assumed by such Person, (iv) obligations (contingent or
otherwise) of such Person in respect of letters of credit or similar instruments issued or accepted by banks and other financial institutions for account of such Person, (v) capitalized lease obligations of such Person, (vi) obligations of such
Person under repurchase agreements or like arrangements, (vi) indebtedness of others guaranteed by such Person, (viii) obligations of such Person incurred in connection with the acquisition or carrying of fixed assets by such Person,
(ix) indebtedness of general partnerships of which such Person is a general partner, (x) any other indebtedness of such Person by a note, bond, debenture or similar instrument, and (xi) and to the extent not otherwise included in this
definition, obligations under any Hedging Agreement. 
 (eee) “Indemnified Taxes” means (a) Taxes, other than Excluded
Taxes, imposed on or with respect to any payment made by or on account of any obligation of the Borrower under any Loan Document and (b) to the extent not otherwise described in (a), Other Taxes. 

(fff) “Interest” means, with respect to any Loan Advance hereunder as of any date, the aggregate amount obtained by daily
application of the Interest Rate (or, if an Event of Default has occurred and is continuing, the Default Rate) to such Loan Advance on a 360 day per year basis. 

(ggg) “Interest Payment Date” means (1) each the Facility Payment Date and (2) the Maturity Date. 

(hhh) “Interest Rate” means LIBOR plus the Margin. The Interest Rate shall adjust daily in accordance with changes in LIBOR.

 (iii) “LIBOR” means, with respect to each day a Loan Advance is outstanding, the rate per annum equal to the greater of
(a) the rate appearing at Reuters Screen LIBOR01 Page (or such other page as may replace the Reuters LIBOR01 Page on such service or such other service as may be designated by Bank for the purpose of displaying London interbank offered rates
for U.S. Dollar deposits) as one month LIBOR on such date (and if such date is not a Business Day, LIBOR in effect on the Business Day immediately preceding such date), and (b) [***]. Notwithstanding the foregoing, if (i) LIBOR ceases to
exist or be published by ICE Benchmark Administration Limited (or any successor or substitute), (ii) there is a material disruption to LIBOR, including but not limited to other lenders in the industry switching from LIBOR to another interest rate,
(iii) there is a change in the methodology of calculating LIBOR or (iv) in the reasonable expectation of Bank, any of the events specified in clause (i), (ii) or (iii) will occur; then the rate for the applicable interest period will
be determined by such alternate method designed to measure interest rates in a similar manner, as determined by Bank; provided, however, that in the case of the events specified in clause (i) hereof, Bank agrees to select an
alternate method in a commercially reasonable manner and consistent with the method applied to other customers in a similar economic position to Borrower in Bank’s portfolio. In order to account for the relationship of the replacement index to
the original LIBOR, such alternate method will incorporate any spread to any replacement index as is necessary to ensure that Borrower and Bank are in a similar economic position as the original LIBOR rate. 

  
 -9- 

 (jjj) “Lien” means any security interest, mortgage, pledge, lien, claim on
property, charge or encumbrance (including any conditional sale or other title retention agreement) or any lease in the nature thereof. 

(kkk) “Loan” shall have the meaning set forth in the Recitals to this Agreement. 

(lll) “Loan Advance” shall have the meaning set forth in the Recitals to this Agreement. 

(mmm)“Loan Documents” means this Agreement, the Power of Attorney and each other document, instrument or agreement executed
by Borrower in connection herewith, as any of the same may be amended, extended or replaced from time to time. 
 (nnn)
“Maker” means and includes each maker of a promissory note in connection with a Mortgage and each cosigner, guarantor, endorser, surety and assumptor thereof, and each mortgagor or grantor under a Serviced Loan, whether or not such
Person has personal liability for its payment of the Serviced Loan evidenced or secured thereby, in whole or in part. 
 (ooo)
“Margin” shall mean [***]. 
 (ppp) “Margin Call” has the meaning set forth in Section 3(f). 

(qqq) “Material Adverse Effect” means, with respect to Borrower, a material adverse effect on (1) the property,
business, operations or financial condition of Borrower, (2) the ability of Borrower to perform its material obligations under the Loan Documents to which it is a party, (3) the validity or enforceability of the Loan Documents, (4) the
material rights and remedies of Bank under the Loan Documents, or (5) subject to agreed extensions or waivers, the timely repayment of the Loans. 

(rrr) “Maturity Date” means the earlier of (a) September 25, 2020, or (b) such earlier date on which this Agreement
shall terminate or be terminated by Bank or Borrower in accordance with the provisions hereof or by operation of law or the date on which the Loan shall be accelerated and declared due and payable in accordance with the provisions hereof. 

(sss) “Maximum Loan Amount” means [***] minus the amount by which the then aggregate outstanding Purchase Price under the
Mortgage Warehouse Agreement exceed [***]. In no event shall the combined total of the Loan and the outstanding Purchase Price under the Mortgage Warehouse Agreement exceed [***]. 

  
 -10- 

 (ttt) “Maximum Purchase Amount” shall mean [***]. 

(uuu) “Mortgage Loan” means a residential real estate secured loan and the entire corresponding file therefor, including,
without limitation: (1) the underlying promissory note, any reformation thereof, and a related mortgage or deed of trust and security agreement; (2) all guaranties and insurance policies, including, without limitation, all mortgage and
title insurance policies and all fire and extended coverage insurance policies and rights of Borrower to return premiums or payments with respect thereto; and (3) all right, title and interest of Borrower in the Mortgaged Property. 

(vvv) “Mortgage Warehouse Agreement” means that certain Master Repurchase Agreement dated as of September 27, 2019
between Borrower, as Seller, and Bank, as Buyer, as amended from time to time. 
 (www) “Mortgaged Property” means the real
property securing repayment of a Mortgage Loan (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) but
excludes any leasehold estates. 
 (xxx) “MSR Appraised Value” means, as of any date of determination, the fair market
value of Borrower’s Servicing Rights at such time, calculated as a percentage (using the mid-point if expressed as a range) of the then unpaid principal balances of each category of Mortgage Loan then
being serviced, as set forth in a Servicing Rights Appraisal. For the avoidance of doubt, in order to take into account changes in the unpaid principal balances of Mortgage Loans from the date of a particular appraisal to the date of any later
determination of MSR Value for purposes of calculating Adjusted Tangible Net Worth at any time, the applicable value percentage shall be applied to the then (updated) unpaid principal balance of Mortgage Loans then included in Borrower’s
capitalized Servicing Rights within each applicable category of Mortgage Loans of the date of such later determination of MSR Value. 

(yyy) “MSR Value” shall mean, as of any date of determination, the lesser of (a) Borrower’s capitalized Servicing
Rights at such time, and (b) as applicable, and with respect to the same Servicing Rights (i) the MSR Appraised Value, at such time, with respect to those Mortgage Loans then included in Borrower’s capitalized Servicing Rights, or
(ii) if the applicable Servicing Rights Appraisal has not been timely delivered to Bank, such amount as Bank shall determine in its sole and absolute discretion, using such means of valuation as it deems appropriate under the circumstances. 

(zzz) “Multiemployer Plan” means a multiemployer plan defined as such in Section 3(37) of ERISA to which, during the
current year or the immediately preceding five (5) years, contributions have been or are or were required to be made by Borrower or any ERISA Affiliate and which is covered by Title IV of ERISA. 

(aaaa) “Net Income” shall mean, for any Person for any period, the net income of such Person for such period as determined in
accordance with GAAP. 

  
 -11- 

 (bbbb) “Net Worth” shall mean, with respect to any Person, an amount equal
to, on a consolidated basis, such Person’s stockholder equity (determined in accordance with GAAP). 
 (cccc)
“Obligations” means any and all debts, obligations and liabilities of Borrower to Bank (whether now existing or hereafter arising, voluntary or involuntary, whether or not jointly owed with others, direct or indirect, absolute or
contingent, liquidated or unliquidated, and whether or not from time to time decreased or extinguished and later increased, created or incurred) arising pursuant to the Loan Documents and, for so long as there is any outstanding unpaid interest,
principal or other outstanding unpaid monetary obligations under any Loan Document, pursuant to the TIAA, FSB Servicing Agreements. 

(dddd) “OFAC” shall have the meaning set forth in Section 2(a)(20) hereof. 

(eeee) “Other Connection Taxes” means, with respect to Bank, Taxes imposed as a result of a present or former connection
between Bank and the jurisdiction imposing such Tax (other than connections arising from Bank having executed, delivered, become a party to, performed its obligations under, received payments under, received or perfected a security interest under,
engaged in any other transaction pursuant to or enforced any Loan Document, or sold or assigned an interest in any Loan or Loan Document). 

(ffff) “Other Taxes” means all present or future stamp, court or documentary, intangible, recording, filing or similar Taxes
that arise from any payment made under, from the execution, delivery, performance, enforcement or registration of, from the receipt or perfection of a security interest under, or otherwise with respect to, any Loan Document, except any such Taxes
that are Other Connection Taxes imposed with respect to an assignment. 
 (gggg) “Owner” shall have the meaning provided in
the applicable TIAA, FSB Servicing Agreement. 
 (hhhh) “Person” means any corporation, natural person, firm, joint
venture, partnership, limited liability company, limited liability partnership, trust, unincorporated organization, Governmental Authority or other entity. 

(iiii) “Permitted Lien” means any Lien permitted pursuant to Section 7(a) hereof. 

(jjjj) “Plan” means an employee benefit as defined in Section 3(2) of ERISA maintained by either Borrower or any ERISA
Affiliate that is subject to Title IV of ERISA, other than a Multiemployer Plan. 
 (kkkk) “Pledged Deposit Accounts”
means, so long as the TIAA, FSB Servicing Agreements are the only Approved Servicing Agreements, none. In the event that other Servicing Agreements become Approved Servicing Agreements hereunder, Pledged Deposit Accounts shall also include the
following: (i) that certain demand deposit account with 

  
 -12- 

 
Bank styled “Caliber Home Loans, Inc. in trust for TIAA, FSB”—Non Agency Account, which account has been established by Bank for the purpose of holding cash proceeds of Pledged
Servicing Rights and Pledged Servicing Receivables other than Agency Servicing Rights for the benefit of Bank, and (ii) if applicable and upon written notice to Seller, a demand deposit account with Bank styled “Caliber Home Loans, Inc. in
trust for TIAA, FSB — Ginnie Mae Servicing Rights Account”, which account shall be established by Bank for the purpose of holding cash proceeds of Ginnie Mae Pledged Servicing Rights for the benefit of Bank in such event. 

(llll) “Pledged Servicing Receivables” means all of Borrower’s present and future rights to have, demand, receive,
recover, obtain and retain payments and prepayments of principal, interest or both, and tax, assessment, maintenance fee and insurance escrow payments, and service fees and compensation, owing, paid or due to be paid on, under or in respect of the
Serviced Loans that are the subject of the TIAA, FSB Servicing Agreements for which Borrower has granted Bank a security interest in the Pledged Servicing Rights related thereto, and to reimburse Borrower for making Corporate Advances and Escrow
Advances thereunder, along with Borrower’s right to reimbursement of advances from an Agency with respect to advances purchased by Borrower from TIAA, FSB, including all of Borrower’s present and future rights to have, demand, receive,
recover, obtain and retain payment, reimbursement or indemnity for (or for making) advances made by Borrower (or its predecessor servicer) under the TIAA, FSB Servicing Agreements. 

(mmmm) “Pledged Servicing Rights” means all of Borrower’s rights and interests under any TIAA, FSB Servicing Agreements,
including without limitation the rights to (1) service the Serviced Loans that are the subject matter of such TIAA, FSB Servicing Agreement and (2) be compensated, directly or indirectly, for doing so; together with all Servicing Rights
described in any subservicing agreement related to any TIAA, FSB Servicing Agreement. 
 (nnnn) “Power of Attorney” means
the Power of Attorney of Borrower in favor of the Bank dated or on about the date hereof. 
 (oooo) “Property” means any
right or interest in or to property of any kind whatsoever, whether real, personal or mixed and whether tangible or intangible. 
 (pppp)
“Purchase Price” shall mean the price at which each Purchased Mortgage Loan is transferred by Seller to Buyer, which shall equal: 

(a) on the Purchase Date, the applicable Purchase Price Percentage multiplied by the least of: (i) the Market Value of
such Purchased Mortgage Loan, or (ii) the outstanding principal amount thereof as set forth on the related Mortgage Loan Schedule, or (iii) the price set forth in the related Takeout Commitment; and 

(b) on any day after the Purchase Date, except where Buyer and the Seller agree otherwise, the amount determined under the
immediately preceding clause (a) decreased by the amount of any cash transferred by the Seller to Buyer pursuant to 5 or 6 of the Agreement with respect to the applicable Purchased Mortgage Loan or applied to reduce the Seller’s
obligations with respect to the applicable Purchased Mortgage Loan under the Agreement, pursuant to Section of the Section 10 of the Agreement or otherwise. 

  
 -13- 

 (qqqq) “Purchased Mortgage Loans” shall mean each Mortgage Loan sold by
Borrower, as Seller, to Bank, as Buyer, under the Mortgage Warehouse Agreement, as reflected in the TIAA Bank Warehouse Electronic System and as evidenced by the Daily Activity Report, prior to the time repurchased by Borrower, as Seller, in
accordance with the terms of the Mortgage Warehouse Agreement. 
 (rrrr) “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. 

(ssss) “Related Parties” means, with respect to any specified Person, such Person’s Affiliates and the respective
directors, officers, employees, agents and advisors of such Person and such Person’s Affiliates. 
 (tttt) “Reportable
Event” means a reportable event as defined in Section 4043 of ERISA or the regulations issued thereunder with respect to a Plan, other than events for which the 30-day notice period is waived.

 (uuuu) “Responsible Officer” means the chief executive officer, chief financial officer, chief operating officer,
president or treasurer of Borrower or any other officer having substantially the same authority or responsibility as any of those officers, or any senior vice president of Borrower responsible for the administration of the obligations of Borrower
under this Agreement. 
 (vvvv) “Requirements of Law” means, as to any Person, all requirements and prohibitions contained
in the Certificate of Incorporation, Bylaws, Certificates of Formation and Operating Agreement, or other organizational or governing documents of such Person, and of any law, treaty, rule or regulation, or of any final and binding determination of
an arbitrator or a determination of 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. 

(wwww) “Restricted Cash” shall mean for any Person, any amount of cash or Cash Equivalents of such Person that is subject to
a Lien in favor of any Person or that is required to be reserved by such Person in a restricted escrow arrangement or other similarly restricted arrangement pursuant to a contractual agreement or requirement of law; provided that for purposes of
this definition, a “Lien” shall not include any liens created pursuant to any account control agreement or similar agreement in which the related lienholder, secured party or other third party, has not yet exercised its “control”
(as such term is defined in the Uniform Commercial Code) over the cash or Cash Equivalents contained in the related account, nor shall it include any statutory offset rights of an applicable depository institution. 

(xxxx) “Revolving Loan Period” means the period beginning on the Effective Date and ending on the Termination Date. 

  
 -14- 

 (yyyy) “SEC” shall have the meaning set forth in Section 7(a)(4)
hereof. 
 (zzzz) “Serviced Loans” means all Mortgage Loans serviced or required to be serviced by Borrower under any TIAA,
FSB Servicing Agreement, irrespective of whether the actual servicing is done by another Person (a subservicer) retained by Borrower for that purpose. 

(aaaaa) “Servicer” means a Person (which may, or shall, mean Borrower if the context permits, or requires, it) retained by
the owner (or a trustee for the owner) of Mortgage Loans to service them under a Servicing Agreement. 
 (bbbbb) “Servicing
Agreement” means, with respect to any Person, the arrangement, whether or not evidenced in writing, pursuant to which that Person acts as servicer of Mortgage Loans, whether or not any of such Mortgage Loan is owned by such Person. 

(ccccc) “Servicing Rights” means the rights of any Person to administer, service or subservice Mortgage Loans that are the
subject matter of a Servicing Agreement and be compensated and reimbursed for doing so under such Servicing Agreement. 
 (ddddd)
“Subordinated Debt” means, Indebtedness of Borrower (i) that 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 that is one year following the Termination Date and (iii) the payment of the principal of and interest on such Indebtedness and other obligations of Borrower in respect of such Indebtedness
is subordinated to the prior payment in full of the principal of and interest (including post-petition obligations) on the Loans and all other obligations and liabilities of Borrower to Bank hereunder on terms and conditions approved in writing by
Bank and all other terms and conditions of which are satisfactory in form and substance to Bank in its sole and absolute discretion. 

(eeeee) “Subordination Agreement” shall mean an agreement among Bank, Borrower and all applicable third parties, which
agreement satisfies the requirements of clause (iii) of the definition of “Subordinated Debt.” 
 (fffff)
“Subsidiary” means any Person, more than fifty percent (50%) of the stock or other ownership interest of which, having by the terms thereof, ordinary voting power to elect the board of directors, managers or trustees of such
corporation, partnership or joint venture (irrespective of whether or not at the time stock of any other class or classes of such corporation, partnership or joint venture shall have or might have voting power by reason of the happening of any
contingency) shall, at the time as of which any determination is being made, be owned, either directly or through Subsidiaries. 
 (ggggg)
“Taxes” shall have the meaning set forth in Section 3(j) hereof. 

  
 -15- 

 (hhhhh) “Termination Date” means the earlier of
(a) September 25, 2020, or (b) the Maturity Date. 
 (iiiii) “TIAA, FSB Servicing Agreements” means
(i) each of the Servicing Agreements listed on Exhibit VII hereof, as the same may be updated from time to time by agreement of Bank and Borrower and (ii) any other servicing agreement between the Borrower, as servicer, and Bank, as owner,
designated by Bank and the Borrower as a “TIAA, FSB Servicing Agreement,” including future servicing agreements between Bank and Borrower, for purposes hereof. “TIAA, FSB Servicing Agreement” shall mean each of the foregoing,
individually. To the extent specific sections of an TIAA, FSB Servicing Agreement are referenced herein, such references are based on the first servicing agreement referenced on Exhibit VII. To the extent any other TIAA, FSB Servicing Agreement
utilizes a different numbering system, such references shall be deemed references to the equivalent provisions of such other TIAA, FSB Servicing Agreement. 

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

 2. Representations and Warranties. 

(a) Corporate Representations and Warranties. Borrower represents and warrants to Bank as of the date hereof, as of the Advance Date
for any Loan Advance and at all times until the Final Payout Date that: 
 (1) Borrower Existence. Borrower has been duly organized
and is validly existing as a corporation in good standing under the laws of Delaware. 
 (2) Licenses. Borrower is duly licensed or
is otherwise qualified in each jurisdiction in which it transacts business for the business which it conducts and is not in default of any applicable federal, state or local laws, rules and regulations unless, in any instance, the failure to be
licensed or take such action is not reasonably likely (either individually or in the aggregate) to cause a Material Adverse Effect. Borrower has the requisite corporate power and authority and legal right to service the Serviced Loans and to grant a
lien on all of its right, title and interest in and to the Collateral, and to execute and deliver, engage in the Loan Advances contemplated by, and perform and observe the terms and conditions of, the Loan Documents. 

(3) Power. Borrower has all requisite corporate 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. 

  
 -16- 

 (4) Due Authorization. Borrower has all necessary corporate or other power,
authority and legal right to execute, deliver and perform its obligations under each of the Loan Documents, as applicable. This Agreement has been duly authorized, executed and delivered by Borrower, all requisite or other corporate action having
been taken, and each is valid, binding and enforceable against Borrower in accordance with its terms except as such enforcement may be affected by bankruptcy, by other insolvency laws, or by general principles of equity. 

(5) Financial Statements. Borrower has heretofore furnished to Bank a copy of the consolidated balance sheet for the Borrower and its
consolidated Subsidiaries for the fiscal year ended December 31, 2018 and the related consolidated statements of income and retained earnings and of cash flows for the Borrower and its consolidated Subsidiaries for such fiscal year, setting
forth in each case in comparative form the figures for the previous year, with the opinion thereon of its certified public accountants. All such financial statements are complete and correct and fairly present, in all material respects, the
consolidated financial condition of the Borrower and its consolidated Subsidiaries and the consolidated results of their operations as at such dates and for such fiscal periods, all in accordance with GAAP applied on a consistent basis. Since
December 31, 2018, there has been no material adverse change in the consolidated business, operations, financial condition or properties of Borrower and its consolidated Subsidiaries taken as a whole from that set forth in said financial
statements nor is Borrower aware of any state of facts which (with notice or the lapse of time) would or could result in any such material adverse change. Borrower had, on the date of the statements delivered pursuant to this Section 2(a)(5) no
liabilities, direct or indirect, fixed or contingent, matured or unmatured, or liabilities for taxes, long-term leases or unusual forward or long-term commitments not disclosed by, or reserved against in, said balance sheet and related statements,
and at the present time there are no material unrealized or anticipated losses from any loans, advances or other commitments of Borrower except as heretofore disclosed to Bank in writing. 

(6) Solvency. Borrower is solvent and will not be rendered insolvent by any Loan Advance and, after giving effect to such Loan Advance,
will not be left with an unreasonably small amount of capital with which to engage in its business. Borrower does not intend to incur, nor does it believe it has incurred, debts beyond its ability to pay such debts as they mature nor is it
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 such entity or any of its assets. Borrower is not
pledging or transferring any Collateral with any intent to hinder, delay or defraud any of its creditors. 
 (7) No Conflicts. The
execution, delivery and performance by Borrower of the Loan Documents does not conflict with any term or provision of any Requirements of Law, which conflict would have a Material Adverse Effect and will not violate any material mortgage,
instrument, agreement or obligation to which Borrower is a party. 
 (8) Accurate and Complete Disclosure. The information, reports,
Financial Statements, exhibits and schedules furnished in writing by or on behalf of Borrower to Bank in connection with the negotiation, preparation or delivery of this Agreement or performance hereof and the other Loan Documents or included herein
or therein or delivered 

  
 -17- 

 
pursuant hereto or thereto, when taken as a whole, do not contain any untrue statement of material fact or omit to state any material fact necessary to make the statements herein or therein, in
light of the circumstances under which they were made, not materially misleading. There is no fact known to a Responsible Officer of Borrower that would reasonably be expected to have a Material Adverse Effect that has not been disclosed herein, in
the other Loan Documents or in a report, Financial Statement, exhibit, schedule, disclosure letter or other writing furnished to Bank for use in connection with the transactions contemplated hereby or thereby. 

(9) Approvals. No consent, approval, authorization or order of, registration or filing with, or notice to any governmental authority or
court is required under applicable law in connection with the execution, delivery and performance by Borrower of the Loan Documents that has not been obtained. 

(10) Litigation. There is no action, proceeding or investigation pending with respect to which Borrower has received service of process
or, to the knowledge of a Responsible Officer of Borrower, threatened in writing against Borrower before any court, administrative agency or other tribunal (A) asserting the invalidity of any Loan Document, 

(B) seeking to prevent the consummation of any of the transactions contemplated by any Loan Document, or (C) that would reasonably be
expected to materially and adversely affect the validity of any of the Collateral or the performance by Borrower of its obligations under, or the validity or enforceability of, any Loan Document. 

(11) Material Adverse Change. There has been no material adverse change in the business, operations, financial condition or properties
of Borrower or its Affiliates since December 31, 2018. 
 (12) Taxes. Borrower and its Subsidiaries have timely filed all Tax
returns that are required to be filed by them and have paid all Taxes levied or imposed on them or their properties, except (a) for any such Taxes as are being appropriately contested in good faith by appropriate proceedings diligently
conducted and with respect to which adequate reserves have been provided in accordance with GAAP or (b) to the extent that the failure to do so could not reasonably be expected to have a Material Adverse Effect. 

(13) Investment Company. Borrower is not required to be registered as an “investment company”, and is not a company
“controlled” by an “investment company,” within the meaning of the Investment Company Act of 1940, as amended. 
 (14)
Chief Executive Office; Jurisdiction of Organization. Borrower’s chief executive office is located at 1525 South Belt Line Road, Coppell, Texas 75019 (or such other address identified by Borrower in writing to Bank). Borrower’s
jurisdiction of organization is Delaware. During the five years preceding the Effective Date, Borrower has not done business under any other legal corporate name and has not filed or had filed against it any bankruptcy, receivership or similar
petitions nor has it made any assignments for the benefit of creditors. 

  
 -18- 

 (15) Location of Books and Records. The location where Borrower keeps its books and
records, including copies of all computer tapes and records relating to the Serviced Loans is its chief executive office. 
 (16)
ERISA. Each Plan to which Borrower or its Subsidiaries make direct contributions, and, to the knowledge of a Responsible Officer of Borrower, each other Plan has been maintained and administered in material compliance with, the applicable
provisions of ERISA, the Code and any other Federal or State law. 
 (17) Debt for Borrowed Money. All credit facilities, repurchase
facilities or substantially similar facilities or other debt for borrowed money of Borrower (the “Debt for Borrowed Money Arrangements”) that are presently in effect and/or outstanding are listed on Exhibit VI hereto (or
listed in a Compliance Certificate provided under Section 7(a) hereunder if entered into after the Effective Date) and no events of default exist thereunder (the “Existing Indebtedness”). 

(18) Agency Approvals; Servicing Facilities. Borrower or its subservicer 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 Serviced Loans in accordance with the requirements of the applicable Approved Servicing Agreement.
Borrower is an FHA Approved Mortgagee. Borrower is also approved by Ginnie Mae as an approved issuer, and, to the extent necessary, approved by the Secretary of Housing and Urban Development pursuant to Sections 203 and 211 of the National Housing
Act. In each such case, Borrower is in good standing, with no event having occurred or Borrower having any reason whatsoever to believe or suspect will occur, including a change in insurance coverage that would either make Borrower unable to comply
with the eligibility requirements in any material respect for maintaining all such applicable approvals. 
 (19) Plan Assets.
Borrower is not an employee benefit plan as defined in Section 3 of Title I of ERISA, or a plan described in Section 4975(e)(l) of the Code, and the Collateral, while held by Borrower, does not constitute “plan assets” within the
meaning of 29 CFR §2510.3-101, as modified by Section 3(42) of ERISA. 
 (20) No
Prohibited Persons. Borrower, and, as applicable, none of its officers or directors is an entity or person (or to the knowledge of a Responsible Officer of Borrower, owned or controlled by an entity or person): (i) that is listed in the Annex
to, or is otherwise subject to the provisions of Executive Order 13224 issued on September 24, 2001 (“EO13224”); (ii) whose name appears on the United States Treasury Department’s Office of Foreign Assets Control
(“OFAC”) most current list of “Specifically Designated National and Blocked Persons” (which list may be published from time to time in various mediums including, but not limited to, the OFAC website,
http:www.treas.gov/ofac/t11sdn.pdf); (iii) who commits, threatens to commit or supports “terrorism”, as that term is defined in EO13224; or (iv) who is otherwise affiliated with any entity or person listed above. 

(21) Reserved. 

  
 -19- 

 (22) Eligible Pledged Servicing Receivable. Each Pledged Servicing Receivable
included in the calculation of the Borrowing Base is an Eligible Pledged Servicing Receivable. 
 (23) No Default. No Default or
Event of Default has occurred and is continuing. 
 (24) Margin Regulations. The use of all funds acquired by Borrower under this
Agreement will not violate any of Regulations T, U or X. 
 (25) Anti-Money Laundering Laws. Borrower is in compliance in all
material respects with all applicable anti-money laundering laws and regulations, including without limitation the USA Patriot Act of 2001 (collectively, the “Anti-Money Laundering Laws”). Borrower has established an
anti-money laundering compliance program as required by the Anti-Money Laundering Laws, has conducted the requisite due diligence for purposes of the Anti-Money Laundering Laws, and maintains, and will maintain, sufficient information to identify
the applicable mortgagor for purposes of the Anti-Money Laundering Laws. 
 (26) Remedies for Breach. The representations and
warranties set forth in this Agreement shall survive transfer of the Collateral to Bank or its designated standby servicer. Upon discovery by Borrower or Bank of any breach of any of the representations or warranties set forth in this Agreement, the
party discovering such breach shall promptly give notice of such discovery to the other. 
 3. Loan Advances. 

(a) Subject to and upon the terms and conditions of this Agreement, during the Revolving Loan Period, Bank may in its sole discretion agree to
make one or more Loan Advances to Borrower for Approved Purposes in an aggregate principal amount at any one time outstanding up to but not exceeding the Maximum Loan Amount. Within the limit of the Maximum Loan Amount in effect from time to time,
and in Bank’s sole discretion, Borrower may borrow, repay, and reborrow at any time and from time to time during the Revolving Loan Period. If, by virtue of payments made on the Loan during the Revolving Loan Period, the principal amount owed
on the Loan prior to the Termination Date reaches zero at any point, Borrower agrees that all of the Collateral and all of the Loan Documents shall remain in full force and effect to secure any Loan Advances made thereafter and the Obligations, and
Bank shall be fully entitled to rely on all of the Collateral and all of the Loan Documents unless an appropriate release of all or any part of the Collateral or all or any part of the Loan Documents has been executed by Bank. Borrower acknowledges
and agrees that the Maximum Loan Amount is calculated in conjunction with the Maximum Purchase Amount such that in no event shall the aggregate of the outstanding principal balance of the Loan hereunder and the outstanding Purchase Price of the
Purchased Mortgage Loans exceed $[***] at any time. This Agreement is not a commitment by Bank to make Loan Advances to Borrower but rather sets forth the procedures to be used in connection with periodic requests for Bank to make Loan Advances
to Borrower. Borrower hereby acknowledges that Bank is under no obligation to agree to enter into, or to enter into, any transaction pursuant to this Agreement or to make any Loan Advance or Loan hereunder. 

  
 -20- 

 Borrower shall initiate each Loan Advance by submitting to Bank a written Advance Request at
least one (1) Business Day prior to the proposed Advance Date. Bank shall have no liability to Borrower for any loss or damage suffered by Borrower as a result of Bank’s honoring of any requests, execution of any instructions,
authorizations or agreements or reliance on any reports communicated to it telephonically, by facsimile or electronically, and purporting to have been sent to Bank by Borrower and Bank shall make reasonable efforts to verify the origin of any such
communication or the identity or authority of the Person sending it. 
 If the Bank agrees in its sole discretion to make a Loan Advance
pursuant to an Advance Request, subject to the terms and conditions of this Agreement, Bank shall make such Loan Advance available to Borrower by depositing the same, in immediately available funds, in an account of Borrower designated by Borrower
and maintained with Bank. 
 (b) Any and all outstanding Obligations (other than contingent Obligations with respect to which no claim has
been made) shall be due and payable on the Maturity Date. 
 (c) Reserved. 

(d) In no event shall Bank be obligated to fund any Loan Advance when any Default or Event of Default has occurred and is continuing. 

(e) The Loan shall be evidenced by, be repayable and accrue Interest in accordance with this Agreement. Interest shall accrue (i) with
respect to the initial Interest period, from the date of this Agreement and ending on and including the date preceding first Facility Payment Date and (ii) with respect to each Interest period thereafter, from each Facility Payment Date and
ending on including the date preceding each Facility Payment Date thereafter. Accrued and unpaid Interest for each calendar month shall be payable in arrears on the Interest Payment Date immediately following such calendar month. All accrued and
unpaid Interest is payable on the Maturity Date. From and after an Event of Default, accrued and unpaid Interest is payable on demand. Borrower agrees that Bank is authorized to record (i) the date and amount of each Loan Advance made by Bank
pursuant hereto and (ii) the date and amount of each payment of principal of each Loan Advance, in the books and records of Bank in such manner as is reasonable and customary for Bank, and that a certificate of an officer of Bank, setting forth
in reasonable detail the information so recorded, shall constitute prima facie evidence of the accuracy of the information so recorded, absent manifest error; provided that the failure to make any such recording shall not in any way affect the
Obligations of Borrower or the rights of Bank hereunder. Subject to the terms and conditions in this Agreement and the other Loan Documents, Borrower may borrow, repay, and reborrow under this Agreement during the Revolving Loan Period. Bank may in
its sole discretion request that the Loan be evidenced by a promissory note. In such event, Borrower shall prepare, execute and deliver to Bank a promissory note payable to the order of Bank (or, if requested by Bank, to Bank and its registered
assigns) in a form reasonably acceptable to Borrower and Bank. Thereafter, the Loan and interest thereon shall at all times (including after assignment pursuant to Section 12(a)) be represented by one or more promissory notes in such form
payable to the order of the payee named therein (or, if such promissory note is a registered note, to such payee and its registered assigns). 

  
 -21- 

 (f) If at any time the aggregate outstanding amount of the Loan exceeds the Borrowing Base
in effect at such time, as determined by Bank in its sole discretion (such excess, a “Borrowing Base Deficiency”), then Bank may by notice to Borrower require Borrower to transfer to Bank cash in an amount equal to the Borrowing
Base Deficiency (such requirement, a “Margin Call”). Notice delivered pursuant to this Section 3(f) may be given by any written or electronic means. Any notice given before 5:00 p.m. (Eastern time) on a Business Day shall be
met, and the related Margin Call satisfied, no later than 5:00 p.m. (Eastern time) on the 3rd Business Day following such notice. The failure of Bank, 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 Bank to do so at a later date. Borrower and Bank each agree that a failure or delay by Bank to exercise its rights hereunder shall not limit or waive Bank’s rights
under this Agreement or otherwise existing by law or in any way create additional rights for Borrower. The Bank may in its sole discretion accept the pledge of additional Collateral rather than cash to satisfy any Margin Calls. 

(g) If a payment hereunder is not made in a timely manner, Bank is authorized by Borrower to debit the amount of any such payments from the
general deposit account of Borrower with Bank. 
 (h) Borrower represents that the proceeds of the Loan Advances will be used only for
Approved Purposes. 
 (i) If any change subsequent to the date hereof in any applicable law, order, regulation, treaty or directive issued
by any central bank or other Governmental Authority, or in the governmental or judicial interpretation or application thereof, or compliance by Bank with any request or directive (whether or not having the force of law) by any central bank or other
Governmental Authority: 
 (1) subjects Bank to any Taxes of any kind whatsoever (other than (A) Indemnified Taxes, (B) Taxes
described in clauses (b) through (d) of the definition of Excluded Taxes and (C) Connection Income Taxes) on its Loans, loan principal, letters of credit, commitments, or other obligations, or its deposits, reserves, other liabilities or
capital attributable thereto; or 
 (2) imposes, modifies or holds applicable any reserve, capital requirement, special deposit, compulsory
loan or similar requirements against assets held by, or deposits or other liabilities in or for the account of, advances or loans by, or other credit extended by, or any other acquisition of funds by, any office of Bank which are not otherwise
included in the determination of the corporate base rate; or 
 (3) imposes on Bank any other condition; 

and such change increases the cost to Bank of purchasing or maintaining the Loan, or reduces any amount receivable in respect thereof, or reduces the rate of
return on the capital of Bank or any Person controlling Bank, then, in any such case, Borrower shall pay to Bank, within ten (10) Business Days after its demand therefor, any additional amounts necessary to compensate Bank for such cost
increase or reduction in the amounts receivable or rate of return, as determined by 

  
 -22- 

 
Bank, with respect to this Agreement and the other Loan Documents and the transactions contemplated hereby and thereby. If Bank becomes entitled to claim any additional amounts pursuant to this
Section, it shall promptly notify Borrower in writing of the event by reason of which it has become so entitled. Bank shall provide with such notice a certificate as to any additional amounts payable pursuant to the foregoing sentence, containing
the calculation thereof in reasonable detail, and such calculation shall be conclusive in the absence of manifest error. The provisions hereof shall survive the termination of this Agreement. 

(j) Any and all payments by Borrower under or in respect of this Agreement or any other Loan Documents to which Borrower is a party shall be
made free and clear of, and without deduction or withholding for or on account of, any and all present or future taxes, levies, imposts, deductions, charges or withholdings, and all liabilities (including penalties, interest and additions to tax)
with respect thereto, whether now or hereafter imposed, levied, collected, withheld or assessed by any taxation authority or other Governmental Authority (collectively, “Taxes”), unless required by law. If Borrower shall be required
under any applicable Requirement of Law to deduct or withhold any Taxes from or in respect of any sum payable under or in respect of this Agreement or any of the other Loan Documents to Bank, (i) Borrower shall make all such deductions and
withholdings in respect of Taxes, (ii) Borrower shall pay the full amount deducted or withheld in respect of Taxes to the relevant taxation authority or other Governmental Authority in accordance with any applicable Requirement of Law, and
(iii) if such Tax is an Indemnified Tax, then the sum payable by Borrower hereunder shall be increased as may be necessary so that after Borrower has made all required deductions and withholdings (including deductions and withholdings
applicable to additional amounts payable under this Section 3(i)) Bank receives an amount equal to the sum it would have received had no such deductions or withholdings been made in respect of
Non-Excluded Taxes. 
 (k) Borrower hereby agrees to pay any Other Taxes to the relevant
Governmental Authority in accordance with applicable law. 
 (l) Except as otherwise provided in the Loan Documents or otherwise agreed by
Bank, all payments and prepayments of the Obligations, including proceeds from the exercise of any rights under the Loan Documents or proceeds of any of the Collateral, shall be applied to the Obligations in the following order, any instructions
from Borrower to the contrary notwithstanding: (a) to the expenses for which Bank shall not have been reimbursed as required under the Loan Documents, and then to all indemnified amounts due under the Loan Documents; (b) to fees then owed
Bank hereunder or under any other Loan Document; (c) to accrued interest on the portion of the Loan Advance being paid or prepaid; (d) to the principal portion of the Loan Advance being paid or prepaid; (e) to the remaining accrued
interest on the Loan; (f) to the remaining principal portion of the Loan; and (g) to any remaining Obligations. All amounts remaining after the foregoing application of funds shall be paid to Borrower. 

(m) Notwithstanding anything else to the contrary contained or implied herein or in any other Loan Document, Bank shall have full, unlimited
recourse against Borrower and its assets in order to satisfy the Obligations. 
 (n) Intentionally Omitted. 

  
 -23- 

 4. Other Tax Matters. 

(a) Borrower shall indemnify Bank, within ten (10) Business Days after demand therefor, for the full amount of any Indemnified Taxes
(including Indemnified Taxes imposed or asserted on or attributable to amounts payable under this Section) payable or paid by Bank or required to be withheld or deducted from a payment to Bank and any reasonable expenses arising therefrom or with
respect thereto, whether or not such Indemnified Taxes were correctly or legally imposed or asserted by the relevant Governmental Authority. A certificate as to the amount of such payment or liability delivered to Borrower by Bank shall be
conclusive absent manifest error. 
 (b) As soon as practicable after any payment of Taxes by Borrower to a Governmental Authority pursuant
to this Section, Borrower shall deliver to Bank the original or a certified copy of a receipt issued by such Governmental Authority evidencing such payment, a copy of the return reporting such payment or other evidence of such payment reasonably
satisfactory to Bank. 
 (c) (i) If Bank is entitled to an exemption from or reduction of withholding Tax with respect to payments made
under any Loan Document, Bank shall deliver to Borrower, at the time or times reasonably requested by Borrower, such properly completed and executed documentation reasonably requested by Borrower as will permit such payments to be made without
withholding or at a reduced rate of withholding. In addition, if reasonably requested by Borrower, Bank shall deliver such other documentation prescribed by applicable law or reasonably requested by Borrower as will enable Borrower to determine
whether or not Bank is subject to backup withholding or information reporting requirements. Notwithstanding anything to the contrary in the preceding two sentences, the completion, execution and submission of such documentation (other than such
documentation set forth in paragraph (ii) of this Section 4(c)) shall not be required if in Bank’s reasonable judgment such completion, execution or submission would subject Bank to any material unreimbursed cost or expense or would
materially prejudice the legal or commercial position of Bank. (ii) Without limiting the generality of the foregoing, Bank shall deliver to Borrower upon the effective date of this Agreement (and from time to time thereafter upon the reasonable
request of Borrower) executed copies of IRS Form W-9 certifying that Bank is exempt from U.S. federal backup withholding tax. Bank 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 Borrower in writing of its legal inability to do so. 

(d) In the event that Bank assigns its rights and obligations under this Agreement to a non-U.S.
Person, the following shall apply: 
 (1) Such non-U.S. Person shall, to the extent it is legally
entitled to do so, deliver to Borrower (in such number of copies as shall be requested by Borrower) on or about the date on which such Person becomes an assignee under this Agreement (and from time to time thereafter upon the reasonable request of
Borrower), whichever of the following is applicable: 

  
 -24- 

 (i) in the case of a non-U.S. assignee claiming the
benefits of an income tax treaty to which the United States is a party (x) with respect to payments of interest under any Loan Document, executed copies of IRS Form W-8BEN or IRS Form W-8BEN-E establishing an exemption from, or reduction of, U.S. federal withholding Tax pursuant to the “interest” article of such tax treaty and (y) with
respect to any other applicable payments under any Loan Document, IRS Form W-8BEN or IRS Form W-8BEN-E establishing an exemption
from, or reduction of, U.S. federal withholding Tax pursuant to the “business profits” or “other income” article of such tax treaty; 

(ii) executed copies of IRS Form W-8ECI; 

(iii) in the case of a non-U.S. assignee claiming the benefits of the exemption for portfolio interest
under Section 881(c) of the Code, (x) a certificate in a form reasonably acceptable to Borrower to the effect that such non-U.S. assignee is not a “bank” within the meaning of
Section 881(c)(3)(A) of the Code, a “10 percent shareholder” of the Borrower within the meaning of Section 871(h)(3)(B) of the Code, or a “controlled foreign corporation” related to the Borrower as described in
Section 881(c)(3)(C) of the Code (a “U.S. Tax Compliance Certificate”) and (y) executed copies of IRS Form W-8BEN or IRS Form W 8BEN-E; or 

(iv) to the extent a non-U.S. assignee is not the beneficial owner, executed copies of IRS Form W-8IMY, accompanied by IRS Form W-8ECI, IRS Form W-8BEN, IRS Form W 8BEN-E, a U.S. Tax
Compliance Certificate in a form reasonably acceptable to Borrower, IRS Form W-9, and/or other certification documents from each beneficial owner, as applicable; provided that if the non-U.S. assignee is a partnership and one or more direct or indirect partners of such non-U.S. assignee are claiming the portfolio interest exemption, such non-U.S. assignee may provide a U.S. Tax Compliance Certificate in a form reasonably acceptable to Borrower on behalf of each such direct and indirect partner. 

(2) Any non-U.S. assignee shall, to the extent it is legally entitled to do so, deliver to Borrower
(in such number of copies as shall be requested by Borrower) on or about the date on which such non-U.S. assignee becomes an assignee under this Agreement (and from time to time thereafter upon the reasonable
request of Borrower), executed copies of any other form prescribed by applicable law as a basis for claiming exemption from or a reduction in U.S. federal withholding Tax, duly completed, together with such supplementary documentation as may be
prescribed by applicable law to permit Borrower to determine the withholding or deduction required to be made. 
 (3) If a payment made to a
non-U.S. assignee under any Loan Document would be subject to U.S. federal withholding Tax imposed by FATCA if such non-U.S. 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 non-U.S. assignee shall deliver to Borrower at the time or times
prescribed by law and at such time or times reasonably requested by Borrower 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 Borrower as may be necessary for Borrower to comply with their obligations under FATCA and to determine that such non-U.S. assignee has complied with such
non-U.S. 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 (3), “FATCA” shall include any
amendments made to FATCA after the date of this Agreement. 

  
 -25- 

 (4) Each non-U.S. 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 Borrower in writing of its legal inability to do so. 

(e) If any party determines, in its sole discretion exercised in good faith, that it has received a refund of any Taxes as to which it has
been indemnified pursuant to this Section 4 (including by the payment of additional amounts pursuant to this Section), it shall pay to the indemnifying party an amount equal to such refund (but only to the extent of indemnity payments made
under this Section 4 with respect to the Taxes giving rise to such refund), net of all out-of-pocket expenses (including Taxes) of such indemnified party and
without interest (other than any interest paid by the relevant Governmental Authority with respect to such refund). Such indemnifying party, upon the request of such indemnified party, shall repay to such indemnified party the amount paid over
pursuant to this paragraph (e) (plus any penalties, interest or other charges imposed by the relevant Governmental Authority) in the event that such indemnified party is required to repay such refund to such Governmental Authority. Notwithstanding
anything to the contrary in this paragraph (e), in no event will the indemnified party be required to pay any amount to an indemnifying party pursuant to this paragraph (e) the payment of which would place the indemnified party in a less
favorable net after-Tax position than the indemnified party would have been in if the Tax subject to indemnification and giving rise to such refund had not been deducted, withheld or otherwise imposed and the
indemnification payments or additional amounts with respect to such Tax had never been paid. This paragraph shall not be construed to require any indemnified party to make available its Tax returns (or any other information relating to its Taxes
that it deems confidential) to the indemnifying party or any other Person. 
 (f) Each party’s obligations under this Section 4
shall survive any assignment of rights by, or the replacement of, Bank and the repayment, satisfaction or discharge of all obligations under any Loan Document 

5. Security Interest. 

(a) Borrower hereby pledges and grants to Bank a continuing first priority security interest in all of Borrower’s right, title and
interest in and to all of the Collateral to secure the prompt and complete payment and performance when due of all of the Obligations. 

(b) Notwithstanding anything to the contrary contained herein, (i) Borrower shall remain liable under the Approved Servicing Agreements,
contracts and other agreements to which such Person is a party and which are included in the Collateral and shall perform all of its respective duties and obligations thereunder to the same extent as if this Agreement had not been executed, and
(ii) Bank as pledgee of the Borrower’s rights shall not have any obligation or liability under any of the Approved Servicing Agreements, contracts and other agreements included in the Collateral by reason of this Agreement (other than in
its capacity as a counterparty to any such agreement), nor shall Bank be obligated to perform any of the obligations or duties of Borrower thereunder or to take any action to collect or enforce any claim for payment assigned hereunder. 

  
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 (c) At any time and from time to time, upon the written request of Bank, and at the sole
expense of Borrower, Borrower 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 Bank 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 UCC. Borrower hereby irrevocably authorizes Bank
at any time and from time to time to prepare and file one or more financing statements (and any continuation statements and amendments thereto) describing the Collateral whether or not Borrower’s signature appears thereon. 

(d) Borrower agrees that with respect to each Pledged Servicing Receivable, the Loan Advance (or portion thereof) relating to such Pledged
Servicing Receivable shall be repaid to Bank as set forth below in this Section 5(d). Unless otherwise agreed by Bank, all outstanding Obligations hereunder shall be due and payable on the Maturity Date. 

(e) Notwithstanding anything to the contrary contained in any Approved Servicing Agreement, including without limitation Sections 3.04, 3.17
and 4.03 thereof: 
 (1) with respect to FHA Loans, Borrower shall, and hereby does, irrevocably instruct Owner to remit to Bank directly
all amounts held or controlled by Owner that are: 
 (i) FHA Claim Proceeds that constitute recoveries with respect to, or reimbursements
for, any Pledged Servicing Receivables hereunder; and 
 (ii) that are otherwise recoveries with respect to, or reimbursements for, any FHA
Loan Pledged Servicing Receivables hereunder; and 
 (2) with respect to any proceeds that constitute recoveries with respect to, or
reimbursements for, any Pledged Servicing Receivables hereunder that are not covered by Section 5(d)(1) above, Borrower shall cause all such amounts to be paid to Bank within two (2) Business Days after Borrower’s receipt thereof.

 Bank shall apply all amounts received in accordance with this Section 5(d) against the then-outstanding principal balance of the Loan. In the event
there are no outstanding Obligations and Bank is in possession of proceeds in accordance with this Section 5(d), Bank shall promptly remit such excess proceeds to Borrower. 

  
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 6. Conditions to Loan Advances. 

(a) First Loan Advance. As conditions precedent to Bank’s obligation to fund the initial Loan Advance hereunder: 

(1) Borrower shall have delivered to Bank, in form and substance reasonably satisfactory to Bank and its counsel, each of the following: 

(i) duly executed copies of this Agreement and the Power of Attorney; 

(ii) copies of all financing statements that Bank deems reasonably necessary to perfect the Bank’s security interest in the Collateral;

 (iii) such credit applications, financial statements, authorizations and other information concerning Borrower and its business,
operations and conditions (financial and otherwise) as Bank may reasonably request; and 
 (iv) legal opinions in form and substance
acceptable to Bank from (i) Gregory Smallwood, General Counsel of Borrower as to corporate building block matters and (ii) Hunton Andrews Kurth LLP as to security interest and enforceability under New York law. 

(2) All acts and conditions (including, without limitation, the obtaining of any necessary regulatory approvals and the making of any required
filings, recordings or registrations) required to be done and performed and to have happened precedent to the execution, delivery and performance of the Loan Documents and to constitute the same legal, valid and binding Obligations, enforceable in
accordance with their respective terms, shall have been done and performed, and shall have happened in due and strict compliance with all applicable laws. 

(3) All documentation, including without limitation, documentation for corporate and legal proceedings in connection with the Loan Advances
contemplated by the Loan Documents, shall be reasonably satisfactory in form and substance to Bank and its counsel. 
 (4) The total
outstanding principal balance of the Loan after such Loan Advance shall not exceed the Maximum Loan Amount. 
 (b) Ongoing Loan
Advances. As conditions precedent to Bank’s obligation to fund any Loan Advance hereunder: 
 (1) There shall have been submitted
to Bank the Advance Request for such Loan Advance. 

  
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 (2) The representations and warranties of Borrower contained in the Loan Documents shall be
accurate and complete in all material respects as if made on and as of the date of such advance (or in all respects with respect to any representation or warranty that is qualified by materiality). 

(3) There shall not have occurred a Default or an Event of Default. 

(4) The total outstanding Loan Advances after such Loan Advance shall not exceed the Maximum Loan Amount. 

7. Affirmative Covenants. Borrower hereby covenants and agrees with Bank that, until the Final Payout Date, Borrower shall: 

(a) Financial Statements. Furnish or cause to be furnished to Bank: 

(1) Annual Financial Statements of Borrower. Borrower shall deliver to Bank, by the last Business Day of Borrower’s first fiscal
quarter following the end of the fiscal year of Borrower, the audited consolidated balance sheet of Borrower as at the end of such fiscal year and the related consolidated statement of comprehensive income and stockholders’ equity and of cash
flows for such year all in reasonable detail and accompanied by an opinion of a certified public accounting firm. 
 (2) Quarterly
Financial Statements of Borrower. Borrower shall deliver to Bank, within forty-five (45) calendar days following the end of the first, second and third calendar quarters, the unaudited consolidated balance sheet of Borrower as of the end of
such period and the related unaudited consolidated statement of comprehensive income and stockholders’ equity and of cash flows subject, however, to year-end audit adjustments. 

(3) Monthly Financial Statements of Borrower. Borrower shall deliver to Bank by the last Business Day of the calendar month following
the end of the prior calendar month other than a calendar month ending the first, second, third and fourth quarters, the unaudited consolidated balance sheet of Borrower as of the end of such period and the related unaudited consolidated statement
of comprehensive income for Borrower for such period and the portion of the fiscal year through the end of such period, subject, however, to year-end audit adjustments. 

(4) Officer’s Certificate. Simultaneously with the furnishing of each of the financial statements to be delivered pursuant to
subsections (1), (2) and (3) above, an officer’s certificate in the form of Exhibit II hereto certified by a Responsible Officer of Borrower and demonstrating compliance with the financial covenants set forth in Section 7
hereof, together with a schedule of all credit facilities, repurchase facilities or substantially similar facilities or other debt for borrowed money of Borrower in effect as of the last day of the reporting period for such financial statements, in
each case, that are in respect of principal Indebtedness obligations of $[***] or greater. 

  
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 (b) Certificates; Reports; Other Information. Furnish or cause to be furnished to
Bank such additional financial and other information, including, without limitation, financial statements of Borrower and information regarding the Collateral as Bank may from time to time reasonably request. Bank and Borrower understand and agree
that such information shall only be provided to the extent that disclosure thereof is not prohibited by confidentiality or non-disclosure agreements between Borrower and FHA, Ginnie Mae or the Department of
Housing and Urban Development. 
 (c) Reserved. 

(d) Maintenance of Existence and Properties. Maintain its company existence and obtain all rights, privileges, licenses, approvals,
franchises, properties and assets necessary or desirable in the normal conduct of its business, including but not limited to all approvals with respect to, as applicable, Ginnie Mae and FHA, and comply with all Contractual Obligations and
Requirements of Law (including, without limitation, any Requirements of Law under or in connection with ERISA), except where the failure to so maintain or comply is not reasonably likely to have a Material Adverse Effect. 

(e) Inspection of Property: Books and Records: Audits. 

(1) Keep proper books of record and account in which full, true and correct entries in conformity in all material respects with GAAP and all
Requirements of Law shall be made of all dealings and transactions in relation to its business and activities; and 
 (2) Permit
(i) representatives of Bank to (A) visit and inspect any of its properties and examine and make abstracts from any of its books and records at any reasonable time during normal business hours upon not less than five (5) Business Days
prior notice (provided that upon the occurrence and during the continuation of an Event of Default no such notice shall be necessary and the cost and expense shall be borne by Borrower), and (B) discuss the business, operations, properties and
financial and other condition of Borrower with officers and employees of Borrower, and (ii) representatives of Bank to conduct periodic operational audits of Borrower’s business and operations. Unless an Event of Default has occurred and
is continuing, the expense of such inspections shall be borne by Bank and shall be limited to one such inspection in any twelve (12) month period. Nothing contained herein shall be deemed to limit Bank’s right to perform an annual due
diligence review, the expense of which shall be borne by Borrower up to the Due Diligence Cap. 
 (f) Notices. Promptly give written
notice to Bank of any the following known by a Responsible Officer of Borrower: 
 (1) The occurrence of any Default or Event of Default.

 (2) Any litigation or proceeding affecting Borrower or the Collateral which would reasonably be expected to have a Material Adverse
Effect. 
 (3) Any material adverse change in the business, operations, property or financial or other condition of Borrower that would
reasonably be expected to have a Material Adverse Effect. 

  
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 (4) Within two (2) Business Days, (i) the transfer, expiration without renewal,
termination or other loss of all or any part of any Approved Servicing Agreement or the right of Borrower to service Serviced Loans thereunder (or the termination or replacement of Borrower thereunder), the reason for such transfer, loss,
termination or replacement, if known to the Borrower, and the effects that such transfer, loss, termination or replacement will have (or will likely have) on the prospects for full and timely collection of all amounts owing to Borrower under or in
respect of that Servicing Agreement and (ii) any event, occurrence or circumstance that results in a Pledged Servicing Receivable not meeting any requirement to maintain its status as an Eligible Pledged Servicing Receivable. 

(5) (A) Borrower’s loss of any applicable approvals set forth in Section 2(a)(18) hereof or (B) should Ginnie Mae, HUD or FHA
threaten in writing to revoke or limit any such applicable approvals set forth in Section 2(a)(18) hereof. 
 (g) Expenses. Pay
all reasonable out-of-pocket costs and expenses (including fees and disbursements of legal counsel) of Bank: (1) incident to the preparation, negotiation and
administration of the Loan Documents, including with respect to or in connection with any waiver or amendment thereof or thereto, (2) associated with any periodic audits conducted pursuant to Section 7(e)(2) or otherwise incident to the
enforcement of payment of the Obligations, whether by judicial proceedings or otherwise, including, without limitation, in connection with bankruptcy, insolvency, liquidations reorganization moratorium or other similar proceedings involving Borrower
or a “workout” of the Obligations. Notwithstanding the foregoing, any expenses related to Bank’s due diligence review referenced in Section 7(e)(2) hereof shall be subject to the Due Diligence Cap. The Obligations of Borrower
under this Section 7(g) shall be effective and enforceable whether or not any Loan Advance is made by Bank hereunder and shall survive payment of all other Obligations. 

(h) Insurance. Obtain and maintain insurance with responsible companies in such amounts and against such risks as is customarily
maintained by companies of established repute engaged in the same or similar businesses operating in the same or similar locations. 
 (i)
Principal Place of Business. Borrower shall provide Bank with ten (10) Business Days advance notice of any change in Borrower’s name, chief executive office or jurisdiction of organization. 

(j) Servicing. Borrower shall maintain or, if Borrower is not the Servicer, cause the Servicer to maintain, 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 Serviced Loans and in accordance with Accepted Servicing Practices and the
Servicing Agreements. If Borrower is not the Servicer, Borrower will provide Bank with copies of all subservicing agreements and, upon Bank’s request, all reports, performance reviews and other material correspondence provided by Servicer or
Borrower or required of either party thereunder. 

  
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 (k) Eligible Pledged Servicing Receivables. Borrower shall ensure that at all times
each Pledged Servicing Receivable included in the calculation of the Borrowing Base is an Eligible Pledged Servicing Receivable. 
 (l)
Maintenance of Adjusted Tangible Net Worth. Borrower shall maintain an Adjusted Tangible Net Worth as of the last day of each calendar month of not less than [***]. 

(m) Maintenance of Ratio of Adjusted Indebtedness to Adjusted Tangible Net Worth. Borrower shall maintain the ratio of Adjusted
Indebtedness to Adjusted Tangible Net Worth as of the last day of each calendar month of no greater than [***]. 
 (n) Maintenance of
Liquidity. Borrower shall ensure that it has cash and Cash Equivalents (excluding Restricted Cash or cash pledged to Persons other than Bank), in an amount not less than [***]. 

(o) Maintenance of Profitability. Borrower shall not permit, for any four (4) consecutive fiscal quarters, Borrower’s
Covenant Net Income for such four (4) fiscal quarters (on an aggregate rolling basis) to be less than [***]. 
 8. Negative
Covenants. Borrower hereby agrees that, until the Final Payout Date, Borrower shall not at any time, directly or indirectly: 
 (a)
Liens. Create, incur, assume or suffer to exist, any Lien upon the Collateral, except: 
 (1) Liens created pursuant to the Loan
Documents; 
 (2) Liens related to the Indebtedness described in Section 8(b) of this Agreement; 

(3) Liens for current taxes, assessments or other governmental charges which are not delinquent or which remain payable without penalty, or
the validity of which are contested in good faith by appropriate proceedings upon stay of execution of the enforcement thereof, provided Borrower shall have set aside on its books and shall maintain adequate reserves for the payment of same in
conformity with GAAP; 
 (4) Liens of a collection bank arising under Section 4-210 of the UCC
on items in the course of collection. 
 (b) Reserved. 

(c) Consolidation and Merger. Liquidate or dissolve or enter into any consolidation, merger, partnership, joint venture, syndicate or
other combination unless the Borrower is the surviving entity of any such consolidation, merger or other or make any material change in the nature of its business as presently conducted (and businesses ancillary and reasonably related thereto). 

  
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 (d) Reserved. 

(e) Reserved. 
 (f)
Reserved. 
 (g) Reserved. 

(h) Receivables Not To Be Evidenced by Promissory Notes. Borrower shall not take any action, or permit any other Person
to take any action, to cause any of the Pledged Servicing Receivables to be evidenced by any “instrument” (as such term is defined in the UCC), except in connection with the enforcement or collection of the Pledged Servicing Receivables.

 (i) No Pledge. Borrower shall not (a) pledge, transfer or convey any security interest in the Pledged Deposit Accounts or the
Custodial Account to any Person or (b) pledge, grant a security interest or assign any existing or future rights to service any of the Collateral or to be compensated or reimbursed for servicing any of the Collateral, or pledge or grant to any other
Person any security interest in any Collateral or Approved Servicing Agreements. 
 (j) Modification of Approved Servicing
Agreements. Borrower shall not consent with respect to any Approved Servicing Agreement, to (i) the modification, amendment or termination of such Approved Servicing Agreement unless required by an Agency, (ii) the waiver of any
provision of such Approved Servicing Agreement or (iii) the resignation of Borrower as servicer, or the assignment, transfer, or material delegation of any of its rights or obligations, under such Approved Servicing Agreement, without the prior
written consent of Bank exercised in Bank’s sole discretion. Borrower will use reasonable efforts to ensure that at all times all FHA Claims are payable directly to Owner and not to Borrower. 

(k) Reserved. 
 (l)
Dividend. Declare or pay any dividends, or return any capital, to its owners or authorize or make any other distribution, payment or delivery of property or cash to its owners as such, or redeem, retire, purchase or otherwise acquire,
directly or indirectly, for a consideration, any ownership interest, or set aside any funds for any of the foregoing purposes, if a Default or Event of Default has occurred and is continuing or if such payment or action shall result in or cause any
such Default or Event of Default. 
 (m) Illegal Activities. Borrower shall not engage in any conduct or activity that could subject
its assets to forfeiture or seizure. 
 (n) Transactions with Affiliates. Borrower shall not enter into any transaction, including,
without limitation, the purchase, sale, lease or exchange of property or assets or the rendering or accepting of any service with any Affiliate unless such transaction is (i) otherwise not prohibited in this Agreement, and (ii) either (x) in
the ordinary course of Borrower’s business, or (iii) upon fair and reasonable terms no less favorable to Borrower than it would obtain in a comparable arm’s length transaction with a Person that is not an Affiliate. 

  
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 9. Events of Default. If any of the following events (each an “Event of
Default”) occur, Bank shall have the rights set forth in Section 9 hereof and as otherwise set forth herein and in the other Loan Documents, as applicable: 

(a) (i) Borrower shall fail to make when due any payment of principal or interest on any Loan Advance, including but not limited to, the
principal payment obligations hereunder or (ii) Borrower shall fail to make when due any other amounts payable pursuant to any Loan Document (other than an amount referred to in clause (i) of this paragraph) and such failure shall continue
unremedied for a period of five (5) Business Days; or 
 (b) Borrower shall default in the observance or performance of any covenant or
agreement contained in Section 7(m), (n), (o) or (p) or Section 8 of this Agreement; or 
 (c) Except as otherwise set forth
in this Section 9, Borrower shall fail to observe or perform any other term or provision contained in the Loan Documents, and such failure shall continue for ten (10) Business Days from receipt by a Responsible Officer of Borrower of
written notice of such failure from Bank; or 
 (d) Any representation, warranty or certification made or deemed made in the Loan Documents
(other than any representation, warranty or certification made with respect to any Mortgage) shall prove to have been false or misleading in any material respect as of the time made or furnished and shall remain unremedied for ten (10) Business
Days from receipt by a Responsible Officer of Borrower of written notice of such failure from Bank; 
 (e) Borrower shall cease to be
approved by or its approval shall be revoked, suspended, rescinded, halted, eliminated, limited, withdrawn, annulled, repealed, voided or terminated by Ginnie Mae as an approved issuer; or 

(f) Bank does not, or ceases to, have a first priority perfected security interest in the Collateral or any part thereof, other than as a
result of a release of such security interest by Bank or inaction by Bank; or 
 (g) (i) Borrower ceases to be (1) a HUD approved
mortgagee pursuant to Section 203 of the National Housing Act or (2) a Fannie Mae or Freddie Mac approved servicer, except to the extent Borrower voluntarily chooses to surrender its approvals with Fannie Mae or Freddie Mac, or
(ii) HUD, Fannie Mae or Freddie Mac, as applicable, suspends, rescinds, halts, eliminates, withdraws, annuls, repeals, voids or terminates the status of Borrower as either (1) a HUD approved mortgagee pursuant to Section 203 of the
National Housing Act or (2) a Fannie Mae or Freddie Mac approved servicer; or 

  
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 (h) the entry of a decree or order for relief by a court or agency or supervisory authority
having jurisdiction in respect of Borrower for the appointment of a receiver, liquidator, assignee, trustee, custodian, sequestrator or other similar official in any insolvency, conservatorship, receivership, readjustment of debt, marshalling of
assets and liabilities or similar proceedings for Borrower or of any substantial part of its property, or ordering the winding up or liquidation of the affairs of Borrower and such decree or order shall remain unstayed and in effect for a period of
60 consecutive Business Days; or 
 (i) Borrower shall voluntarily commence liquidation, consent to the appointment of a conservator or
receiver or liquidator or similar Person in any insolvency, readjustment of debt, marshalling of assets and liabilities or similar proceedings of or relating to Borrower or of or relating to all or substantially all of its property; or Borrower
shall admit in writing its inability to pay its debts generally as they become due, file a petition to take advantage of any applicable insolvency law, make a general assignment for the benefit of its creditors or voluntarily suspend payment of its
obligations; or 
 (j) Any “event of default” or any other default which permits a demand for, or requires, the early repayment of
obligations due by a Borrower under any agreement (after the expiration of any applicable grace period under any such agreement) relating to any Indebtedness in excess of [***] of Borrower. 

10. Rights upon Event of Default. If any Event of Default shall occur and be continuing, Bank may upon written notice to Borrower
terminate this Agreement and declare the Loan and the Obligations or any part thereof to be immediately due and payable, and the same shall thereupon become immediately due and payable, without notice, demand, presentment, notice of dishonor, notice
of acceleration, notice of intent to accelerate, notice of intent to demand, protest, or other formalities of any kind, all of which are hereby expressly waived by Borrower; provided, however, that upon the occurrence of an Event of
Default under Section 9(f), this Agreement shall automatically terminate and the Loan and the Obligations shall become immediately due and payable without notice, demand, presentment, notice of dishonor, notice of
acceleration, notice of intent to accelerate, notice of intent to demand, protest, or other formalities of any kind, all of which are hereby expressly waived by the Borrower. Bank may revoke any such election at any time and choose to treat such
failure to comply as an Event of Default. If any Event of Default shall occur and be continuing, Bank may exercise all rights and remedies available to it in law or in equity, under the Loan Documents, or otherwise, including without limitation:

 (a) in its discretion, to demand, sue for, collect or receive and receipt for (in its own name, in the name of Borrower
or otherwise) any money or property at any time payable or receivable on account of any of the Collateral, in consideration of its transfer or in exchange for it; 

(b) direct, and to take any and all other steps necessary to cause, any Servicer of any of the Collateral to pay over directly
to Bank for the account of Borrower (instead of to Borrower or any other Person) all sums from time to time due to Borrower and to take any and all other actions that Borrower or Bank has the right to take under the Borrower’s contract with
such Servicer; 

  
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 (c) direct Borrower to pay over to Bank all sums from time to time due
Borrower under or in respect of the Collateral, including any and all fees and other compensation under the Approved Servicing Agreements for servicing the Serviced Loans and all amounts paid to or collectable by Borrower to pay Pledged Servicing
Receivables, whether paid to Borrower or withheld or recovered by Borrower from collections and realizations on such Serviced Loans or any other source, and to take any and all other actions that, subject to any restrictions imposed by the relevant
Approved Servicing Agreement for the benefit of the party to it on whose behalf the Mortgaged Loans are being serviced (to the extent that such restrictions are valid and enforceable under the UCC and all applicable laws, rules and regulations),
Borrower or Bank has the right to take under that Approved Servicing Agreement, and if Bank does so request, then Borrower shall diligently and continuously thereafter comply with such request; 

(d) foreclose upon or otherwise enforce its security interest in and Lien on the Collateral, or on such portions or elements
of the Collateral as Bank shall elect to proceed against from time to time; 
 (e) subject to the terms of the applicable
Approved Servicing Agreements and Applicable Law, act, or contract with one or more third Persons to act, as Servicer of each item of Collateral requiring servicing and perform all obligations required in connection with any Approved Servicing
Agreements to which Borrower is a party, and Borrower hereby agrees to pay such third Persons’ fees to the extent (if any) that Bank is unable, despite reasonable efforts made by Bank in light of the necessity that there be no material break in
the continuity of servicing, to contract for such servicing and performance of such obligations for fees equal to or less than the fees under such Approved Servicing Agreements; 

(f) as a matter of right and without notice to Borrower or anyone claiming under Borrower, and without regard to the then
value of the Collateral or the interest of Borrower therein, to apply to any court having jurisdiction to appoint a receiver or receivers of the Collateral, and Borrower hereby irrevocably consents to such appointment and waives notice of any
application therefor. Any such receiver or receivers shall have all the usual powers and duties of receivers in like or similar cases and all the powers and duties of Bank in case of entry as provided herein and shall continue as such and exercise
all such powers until the date of the sale of the Collateral unless such receivership is sooner terminated; and 
 (g)
exercise all rights and remedies of a secured creditor under the UCC, including selling the interests of Borrower in the Collateral at public or private sale. Bank shall give Borrower not less than 10 days’ notice of any such public sale or of
the date after which private sale may be held. Borrower agrees that 10 days’ notice shall be reasonable notice. At any such sale any or all of the Collateral may be sold as an entirety or in separate parts, as Bank may determine in its sole
discretion. Bank may, without notice or publication, adjourn any public or private sale or cause the same to be adjourned from time to time by announcement at the time and place fixed for the sale, and such sale may be made at any time or place 

  
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 to which the same may be so adjourned. Bank is authorized at any such sale, if Bank deems it
advisable so to do, to restrict the prospective bidders or purchasers to Persons who will represent and agree that they are purchasing the Collateral for their own account for investment and not with a view to the distribution or resale of any of
the Collateral. Borrower specifically agrees that any such sale, whether public or private, of any Collateral pursuant to the commitment of any investor to purchase such Collateral that was obtained by (or with the approval of) Borrower will be
commercially reasonable, and if such sale is for the price provided for in such commitment, then such sale shall be held to be for value reasonably equivalent to the value of the Collateral so sold. Upon any such sale, Bank shall have the right to
deliver, assign and transfer to the purchaser thereof the Collateral so sold. Each purchaser at any such sale shall hold the property sold absolutely free from any claim or right of whatsoever kind, including any equity or right of redemption, stay
or appraisal which Borrower has or may have under any rule of law or statute now existing or hereafter adopted. In case of any sale of all or any part of the Collateral on credit or for future delivery, the Collateral so sold may be retained by Bank
until the selling price is paid by the purchaser, but Bank shall not incur any liability in case of such purchaser’s failure to take up and pay for the Collateral so sold and, in case of any such failure, such Collateral may again be sold upon
like notice. Nothing in this Agreement shall be construed as Borrower’s waiver of, or agreement to waive, any requirement imposed by applicable law that any sale of the Collateral be commercially reasonable. 

Borrower waives any right to require Bank to proceed against any third party, exhaust any Collateral or other security for the Obligations, or
to have any third party joined with Borrower in any suit arising out of the Obligations or any of the Loan Documents, or pursue any other remedy available to Bank. Borrower further waives any and all notice of acceptance of this Agreement. 

All rights available to Bank under the Loan Documents shall be cumulative of and in addition to all other rights granted to Bank at Law or in
equity, whether or not the Loan or the Obligations be due and payable or performance required and whether or not Bank shall have instituted any suit for collection, foreclosure, or other action under or in connection with the Loan Documents. 

During the continuation of an Event of Default, Borrower (i) shall provide Bank with access, without charge, to all information, data and
documents with respect to the Mortgage Loans and advances with respect thereto, including access to its internet portal site containing information regarding the Mortgage Loans and the Pledged Servicing Receivables and (ii) allow Bank to
download documents and reports regarding the Mortgage Loans and the Pledged Servicing Receivables accessed through its internet portal site. 

  
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 11. Termination. This Agreement shall remain in effect until the Final Payout Date,
except with respect to provisions expressly intended to survive termination. 
 12. Miscellaneous Provisions. 

(a) Assignment; Participations. Borrower may not assign its rights or Obligations under this Agreement without the prior written
consent of Bank. Bank may at any time assign or pledge its rights and obligations under this Agreement with the prior written consent of Borrower to any other party provided that the prior written consent of the Bank shall not be required
(i) if an Event of Default under Section 9(a) or 9(h) of this Agreement has occurred and is continuing or (ii) if such assignment is to an affiliate of Bank. Subject to the foregoing, all provisions contained in this Agreement or any
document or agreement referred to herein or relating hereto shall inure to the benefit of Bank, its successors and assigns, and shall be binding upon Borrower, its successors and assigns; provided, however, that no assignee shall be entitled to a
greater payment pursuant to Section 3(i) than Bank would have been entitled to receive if it had not assigned its interest hereunder. 

Bank may sell participations to one or more Persons in or to all or a portion of its rights and obligations under this Agreement; provided,
however, that (i) Bank’s obligations under this Agreement shall remain unchanged, (ii) Bank shall remain solely responsible to the other parties hereto for the performance of such obligations; and (iii) Borrower shall continue to
deal solely and directly with Bank in connection with Bank’s rights and obligations under this Agreement and the other Loan Documents. Borrower agrees that each participant shall be entitled to the benefits of Sections 3(i) 3(j), 3(k) and 4
(subject to the requirements and limitations therein, including the requirements under Sections 4(c) and (d) (it being understood that the documentation required under Sections 4(c) and (d) shall be delivered to Bank)) to the same extent as if
it had acquired its interest by assignment; provided that such participant shall not be entitled to receive any greater payment under Sections 3(i) 3(j), 3(k) and 4, with respect to any participation, than Bank would have been entitled to receive.
If Bank sells any participations of its right and obligations under this Agreement to a non-U.S. participant, Bank shall, acting solely for this purpose as a
non-fiduciary agent of the Borrower, maintain a register on which it enters the name and address of each participant and the principal amounts (and stated interest) of each participant’s interest in the
Loans or other obligations under the Loan Documents (the “Participant Register”); provided that Bank shall not have any obligation to disclose all or any portion of the Participant Register (including the identity of any participant or any
information relating to a participant’s interest in any commitments, loans, letters of credit or its other obligations information under any Loan Document) to any person except to the extent that such disclosure is necessary to establish that
such commitment, loan, letter of credit or other obligation is in registered form under Section 5f.103-1(c) of the United States Treasury Regulations. The entries in the Participant Register shall be
conclusive absent manifest error, and Bank shall treat each person whose name is recorded in the Participation Register as the owner of such participation for all purposes of this Agreement notwithstanding any notice to the contrary. 

  
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 (b) Amendment. Neither this Agreement nor any of the other Loan Documents may be
amended or terms or provisions hereof or thereof waived unless such amendment or waiver is in writing and signed by Bank and Borrower. In the event any governmental regulatory authority with jurisdiction over Bank requires Bank to amend this
Agreement for any reason, Bank and Borrower shall negotiate, in good faith, to amend this Agreement to satisfy such government regulatory authority’s requirements. It is expressly agreed and understood that the failure by Bank to elect to
accelerate amounts outstanding hereunder or to terminate the obligation of Bank to make Loans hereunder shall not constitute an amendment or waiver of any term or provision of this Agreement. 

(c) Cumulative Rights, No Waiver. The rights, powers and remedies of Bank under the Loan Documents are cumulative and in addition to
all rights, powers and remedies provided under any and all agreements among Borrower and Bank relating hereto, at law, in equity or otherwise. Any delay or failure by Bank to exercise any right, power or remedy shall not constitute a waiver thereof
by Bank, and no single or partial exercise by Bank of any right, power or remedy shall preclude other or further exercise thereof or any exercise of any other rights, powers or remedies. 

(d) Entire Agreement. This Agreement and the documents and agreements referred to herein embody the entire agreement and understanding
between the parties hereto and supersede all prior written or verbal agreements and understandings relating to the subject matter hereof and thereof. 

(e) Survival. All representations, warranties, covenants and agreements on the part of Borrower contained in the Loan Documents shall
survive the termination of this Agreement and shall be effective until the Final Payout Date (or longer if expressly set forth herein for any such representation, warranty, covenant or agreement). 

(f) Notices. All notices given by any party to the others under the Loan Documents shall be in writing unless otherwise provided for
herein, delivered personally or by depositing the same with an overnight courier addressed to the party at the following addresses: 

  
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 If to Bank: 

TIAA, FSB 
 100 Summer Street, Suite 3232 

Boston, Massachusetts 02110 
 Attention: Stephen E. Burse 

E-mail: Stephen.Burse@TIAABank.com 

Telephone No.: (857) 264-3543 

with copies to: 
 TIAA, FSB 

501 Riverside Avenue 
 12th Floor 
 Jacksonville, Florida 32202 

Attention: Legal Department 

E-mail: Dave.Barrett@TIAABank.com 

Telephone No.: (904) 623-8237 

If to Borrower: 
 Caliber Home Loans, Inc. 

1525 South Belt Line Road 
 Coppell, Texas 75019 

Attention: Glenn Minkoff 

E-mail: glenn.minkoff@caliberhomeloans.com 

Telephone No.: (214) 299-5385 

with copies to: 
 Caliber Home Loans, Inc. 

1525 South Belt Line Road 
 Coppell, Texas 75019 

Attention: Gregory Smallwood 

E-mail: gregg.smallwood@caliberhomeloans.com 

Telephone No.: (469) 912-3533 

Except as otherwise provided herein and unless the Bank otherwise prescribes, (i) notices and other communications sent to an e-mail address shall be deemed received upon the sender’s receipt of an acknowledgement from the intended recipient (such as by the “return receipt requested” function, as available, return e-mail or other written acknowledgement), and (ii) notices or communications posted to an Internet or intranet website shall be deemed received upon the deemed receipt by the intended recipient, at its e-mail address as described in the foregoing clause (i), of notification that such notice or communication is available and identifying the website address therefor; provided that, for both clauses
(i) and (ii) above, if such notice, email or other communication is not sent during the normal business hours of the recipient, such notice or communication shall be deemed to have been sent at the opening of business on the next business day
for the recipient. 

  
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 Any party may change the address to which notices are to be sent by notice of such change to
each other party given as provided herein. Such notices shall be effective on the date received or, if mailed, on the third Business Day following the date mailed. 

(g) Governing Law. This Agreement shall be governed by and construed in accordance with the laws of the State of New York, without
regard to principles of conflicts of laws (other than Sections 5-1401 and 5-1402 of the New York General Obligations Law). 

(h) Counterparts. This Agreement and the other Loan Documents may be executed in any number of counterparts, all of which together
shall constitute one agreement. 
 (i) Exculpatory Provisions. Neither Bank nor any of Bank’s Affiliates, or any of their
respective officers, directors, employees, agents, counsel, attorneys-in-fact or Affiliates shall be liable to Borrower for any action taken or omitted to be taken by it
or such Person under or in connection with the Loan Documents or with respect to the Collateral (except that such release with respect to Bank shall not apply to Bank’s gross negligence, bad faith, willful misconduct, or breach of its express
obligations hereunder). Borrower agrees not to assert any claim against Bank or any of Bank’s 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 Loan or any Loan Advance, this Agreement or any of the transactions contemplated hereby
or thereby. 
 (j) Indemnification. Borrower agrees to hold Bank, Bank’s Affiliates, and their respective officers, directors,
employees, agents and advisors (each an “Indemnified Party”) harmless from and indemnify any Indemnified Party against all third-party liabilities, losses, damages, judgments, costs and expenses of any kind which may be imposed on,
incurred by or asserted against such Indemnified Party, arising out of this Agreement, any other Loan 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 Loan Document or any transaction contemplated hereby or thereby, that, in each case, results from anything other than the Indemnified Party’s gross negligence, bad faith, willful misconduct, or breach of
its express obligations hereunder. Borrower also agrees to reimburse each Indemnified Party within thirty (30) calendar days after being billed by such Indemnified Party for all the Indemnified Party’s reasonable costs and expenses
incurred in connection with the enforcement or the preservation of Bank’s rights under this Agreement, any other Loan Document or any transaction contemplated hereby or thereby, including, without limitation, the reasonable fees and
disbursements of its counsel. 
 (k) Confidentiality. Bank and Borrower hereby acknowledge and agree that all written or
computer-readable information provided by one party to any other regarding the terms set forth in any of the Loan Documents or the transactions contemplated thereby (the “Confidential Terms”) shall be kept confidential and shall not
be used or divulged to any Person other than their Related Parties without the prior written consent of such other party except to the extent that (i) it is necessary to do so in order to comply with any applicable 

  
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 law or this Agreement, (ii) any of the Confidential Terms are in the public domain other than due to a
breach of this covenant, (iii) in the event the Loan is accelerated and declared due and payable in accordance with the provisions hereof, Bank determines such information to be necessary to disclose in connection with the marketing and sales
of the Collateral or otherwise to enforce or exercise Bank’s rights hereunder, (iv) in the case of the Borrower, to enforce its rights hereunder, or (v) such information is provided to a potential assignee hereunder or a potential or
actual participant, in any case, so long as such potential assignee, potential participant or actual participant executes and delivers to the Bank an agreement pursuant to which such Person is bound by the provisions of this clause (k) in
respect of which the Borrower is a third-party beneficiary. The Bank’s and Borrower’s obligations under this clause (k) shall survive for one (1) year following the Final Payout Date. 

(l) Consumer Information. Notwithstanding anything in this Agreement to the contrary, each party 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 Collateral and/or any applicable terms of this Agreement (the “Confidential
Information”). Each party understands that the Confidential Information may contain “nonpublic personal information”, as that term is defined in Section 509(4) of the Gramm-Leach-Bliley Act (the “GLB Act”),
and each party agrees to maintain such nonpublic personal information that it receives hereunder in accordance with the GLB Act and other applicable federal and state privacy laws. Each party shall implement such physical and other security measures
as shall be necessary to (a) ensure the security and confidentiality of the “nonpublic personal information” of the “customers” and “consumers” (as those terms are defined in the GLB Act), (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. Each party shall, at a minimum establish and maintain
such data security program as is necessary to meet the objectives of the Interagency Guidelines Establishing Standards for Safeguarding Customer Information as set forth in the Code of Federal Regulations at 12 C.F.R. Parts 30, 208, 211, 225, 263,
308, 364, 568 and 570. Upon request, each party will provide the other party evidence reasonably satisfactory to allow the requesting party to confirm that the responding party has satisfied its obligations as required under this Section. Without
limitation, this may include, to the extent permitted by law, review of audits, summaries of test results, and other equivalent evaluations. Each party shall notify the other party immediately following discovery of any breach or compromise of the
security, confidentiality, or integrity of nonpublic personal information of the customers and consumers relating to any Collateral. Each party shall provide such notice by personal delivery, by facsimile with confirmation of receipt, or by
overnight courier with confirmation of delivery. 
 (m) Jurisdiction, Venue and Waiver of Jury Trial. BORROWER HEREBY IRREVOCABLY
CONSENTS TO THE NON-EXCLUSIVE JURISDICTION OF ANY STATE OR FEDERAL COURT IN THE STATE OF NEW YORK, AND CONSENTS THAT BANK MAY EFFECT ANY SERVICE OF PROCESS IN THE MANNER AND AT BORROWER’S ADDRESS SET
FORTH FOR PROVIDING NOTICE OR DEMAND; PROVIDED THAT NOTHING CONTAINED IN THIS AGREEMENT WILL PREVENT BANK FROM BRINGING ANY ACTION, ENFORCING ANY AWARD OR JUDGMENT OR EXERCISING ANY RIGHTS 

  
 -42- 

 AGAINST BORROWER INDIVIDUALLY, AGAINST ANY SECURITY OR AGAINST ANY PROPERTY OF BORROWER WITHIN ANY OTHER
COUNTY, STATE OR OTHER FOREIGN OR DOMESTIC JURISDICTION. BORROWER ACKNOWLEDGES AND AGREES THAT THE VENUE PROVIDED ABOVE IS THE MOST CONVENIENT FORUM FOR BOTH BORROWER AND BANK. BORROWER WAIVES ANY OBJECTION TO VENUE AND ANY OBJECTION BASED ON A MORE
CONVENIENT FORUM IN ANY ACTION INSTITUTED UNDER THIS AGREEMENT. 
 EACH PARTY HERETO KNOWINGLY, VOLUNTARILY AND INTENTIONALLY WAIVES
(TO THE EXTENT PERMITTED BY APPLICABLE LAW AND UPON CONFERRING WITH THEIR RESPECTIVE COUNSEL) ANY AND ALL RIGHTS IT MAY HAVE TO A TRIAL BY JURY OF ANY DISPUTE ARISING UNDER OR RELATING TO THIS AGREEMENT AND AGREES THAT ANY SUCH DISPUTE SHALL BE
TRIED BEFORE A JUDGE SITTING WITHOUT A JURY. 
 (n) Reimbursement. All sums reasonably expended by Bank in connection with the
exercise of any right or remedy provided for herein shall be and remain Borrower’s obligation (unless and to the extent that Borrower is the prevailing party in any dispute, claim or action relating thereto). Borrower agrees to pay, subject to
the Due Diligence Cap, the reasonable out-of-pocket expenses and reasonable attorneys’ fees incurred by Bank in connection with the preparation, negotiation,
enforcement (including any waivers), administration and amendment of the Loan Documents, the taking of any action, including legal action, required or permitted to be taken by Bank pursuant thereto, any “due diligence” or loan agent
reviews conducted by Bank or on its behalf or by refinancing or restructuring in the nature of a “workout.” 
 (o) Setoff and
Withdrawal of Funds; Retention of Funds. 
 (1) In addition to any rights and remedies of Bank provided by law, Bank shall have the
right at any time during the continuation of an Event of Default, without prior notice to Borrower, any such notice being expressly waived by Borrower to the extent permitted by applicable law, upon any amount becoming due and payable by Borrower
hereunder (whether at the stated maturity, by acceleration or otherwise) to set-off and appropriate and apply against such amount any and all deposits (general or special, time or demand, provisional or
final), including but limited to the Pledged Deposit Accounts required to be established under this Agreement, 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, and any other property of Borrower, at any time held or owing by Bank or any branch or agency thereof to or for the credit or the account of Borrower. Bank and Borrower understand and agree that no Borrower deposit
accounts identified to Bank as custodial accounts at the time of establishment thereof are included in the right to set-off contemplated by this section. 

(2) Bank agrees to promptly notify Borrower after any such set-offs and applications made by Bank
under this Section 12(o); provided, that the failure to give such notice shall not affect the validity of such set-off and application. 

  
 -43- 

 (p) Power of Attorney. Borrower hereby irrevocably constitutes and appoints Bank 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 Borrower and in the name of Borrower or in its own name, from time to time in Bank’s reasonable discretion only following the occurrence and during the continuation of an Event of Default, for the purpose of carrying out the terms of this
Agreement, including without limitation, protecting, preserving and realizing upon the Collateral, to take any and all appropriate action and to execute any and all documents and instruments which may be necessary or desirable to accomplish the
purposes of this Agreement, including, without limitation, to protect, preserve and realize upon the Collateral, to file such financing statement or statements relating to the Collateral as Bank at its option may deem appropriate. Without limiting
the generality of the foregoing, Borrower hereby gives Bank the power and right, on behalf of Borrower, without assent by, but with notice to, Borrower, to do the following at any time during the continuation of an Event of Default: 

(1) in the name of Borrower, or in its own name, or otherwise, to take possession of and endorse and collect any checks, drafts, notes,
acceptances or other instruments for the payment of moneys due with respect to any Collateral 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 Bank for the purpose of
collecting any and all such moneys due with respect to any Collateral whenever payable; 
 (2) to pay or discharge taxes and liens levied or
placed on or threatened against the Collateral; 
 (3) (A) to direct any party liable for any payment under any Collateral to make payment
of any and all moneys due or to become due thereunder directly to Bank or as Bank shall direct; (B) 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 Collateral; (C) to sign and endorse any invoices, assignments, verifications, notices and other documents in connection with any Collateral; (D) to commence and prosecute any suits, actions or
proceedings at law or in equity in any court of competent jurisdiction to collect the Collateral or any proceeds thereof and to enforce any other right in respect of any Collateral; (E) to defend any suit, action or proceeding brought against
Borrower with respect to any Collateral; (F) to settle, compromise or adjust any suit, action or proceeding described in clause (E) above and, in connection therewith, to give such discharges or releases as Bank may deem appropriate; and
(G) generally, to sell, transfer, pledge and make any agreement with respect to or otherwise deal with any Collateral as fully and completely as though Bank were the absolute owner thereof for all purposes, and to do, at Bank’s option and
Borrower’s expense, at any time, and from time to time, all acts and things which Bank deems necessary to protect, preserve or realize upon the Collateral and Bank’s liens thereon and to effect the intent of this Agreement, all as fully
and effectively as Borrower might do; and 
 (4) to request that any Pledged Servicing Right related to any other investor be transferred to
Bank or to another approved servicer approved by such other investor (as the case may be) and perform (without assuming or being deemed to have assumed any of the obligations of Borrower thereunder) all aspects of each servicing contract that is

  
 -44- 

 Collateral, (e) request distribution to Bank of sale proceeds or any applicable contract termination
fees arising from the sale or termination of such Pledged Servicing Rights and remaining after satisfaction of Borrower’s relevant obligations to such other investor (as the case may be), including costs and expenses related to any such sale or
transfer of such Pledged Servicing Rights and other amounts due for unmet obligations of Borrower to such other investor (as the case may be) under applicable Agency Guideline or such other investor’s contract, (f) deal with investors and
any and all subservicers and master servicers in respect of any of the Collateral in the same manner and with the same effect as if done by Borrower and (g) take any action and execute any instruments that Bank deems necessary or advisable to
accomplish any of such purposes. 
 The powers conferred on Bank hereunder are solely to protect Bank’s interests in the Collateral and
shall not impose any duty upon it to exercise any such powers. Bank shall be accountable only for amounts that it actually receives as a result of the exercise of such powers, and neither it nor any of its officers, directors, employees or agents
shall be responsible to Borrower for any act or failure to act hereunder, except for its or their own gross negligence or willful misconduct. 

This power of attorney is a power coupled with an interest and shall be irrevocable. 

[Space below intentionally blank; signatures on next page] 

  
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 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be
executed and sealed as of the day and year first above written. 
  

			
	TIAA, FSB formerly known as EVERBANK
		
	By:	 	/s/ Paul Chmielewski
	Name:	 	Paul Chmielewski
	Title:	 	SVP

 Signature Page to Loan and Security Agreement 

 
			
	CALIBER HOME LOANS, INC.
		
	By:	 	 /s/ William Dellal

	Name:	 	William Dellal
	Title:	 	EVP, Capital Markets and CFO

 Signature Page to Loan and Security Agreement 

 EXHIBIT I 

COLLATERAL 
 “Collateral”
means all of the Borrower’s right, title and interest in and to the following, in each case wherever located, whether now existing or hereafter arising, and all products and proceeds thereof: 

(a) all Pledged Servicing Rights (whether classified as instruments, accounts, payment intangibles or general intangibles under the UCC),
together with: 
 (i) all late charges, fees and other servicing compensation under, for or in respect of the Pledged
Servicing Rights, whether or not yet accrued, earned, due or payable; 
 (ii) all of Borrower’s rights to proceeds of
any sale or other disposition of the Pledged Servicing Rights and to any payment in respect of the transfer or termination of the Pledged Servicing Rights by the counterparty to the relevant Approved Servicing Agreement; 

(iii) all other present and future rights and interests of Borrower in, to, and under the Pledged Servicing Rights; 

(iv) all insurance and claims for insurance effected or held for the benefit of Borrower and Bank in respect of the Pledged
Servicing Rights; 
 (v) all of Borrower’s files, certificates, correspondence, appraisals, accounting entries, journals
and reports, other information and data that describes, catalogs or lists such information or data, or that otherwise directly relates to the Pledged Servicing Rights, and other information and data that is used or useful for managing and
administering the Pledged Servicing Rights; 
 (vi) all media (tapes, discs, cards, drives, flash memory or any other kind of
physical or virtual data or information storage media) on which is stored only information or data that relates to the Pledged Servicing Rights; 

(vii) all payments, distributions or other products and proceeds of the Pledged Servicing Rights, all accounts, payment
intangibles and general intangibles arising from, under or in respect of the Pledged Servicing Rights or relating thereto, and all accessions or additions to and all substitutions for any of the Pledged Servicing Rights; 

(viii) all instruments, documents, or writings evidencing any monetary obligation, account, payment intangible, general
intangible or security interest in any of the Pledged Servicing Rights; and 
 (ix) all security for or claims against others
in respect of the Pledged Servicing Rights; 

 (b) All Pledged Servicing Receivables (whether classified as instruments, accounts, payment
intangibles or general intangibles under the UCC), together with: 
 (i) all rights to compensation due or to become due to
Borrower in consideration of the performance of the duties and obligations of Borrower under or in respect of any Approved Servicing Agreements; 

(ii) all rights to funds from any and all of Servicer’s deposit accounts from which Borrower has the right to make
withdrawals to reimburse Borrower for monies advanced by Borrower as the servicer of Mortgage Loans pursuant to Approved Servicing Agreements; 

(iii) all profits, income, surplus, moneys and revenues of any kind accruing, and all accounts arising, under or in respect of
the Pledged Servicing Receivables; 
 (iv) all accounts, payment intangibles and general intangibles, whether now or
hereafter existing (including all of Borrower’s present and future rights to have and receive interest and other compensation, whether or not yet accrued, earned, due or payable), under or arising out of any or all of the Pledged Servicing
Receivables; 
 (v) all of Borrower’s right, title and interest in and to any and all security for or claims against
others in respect of the Pledged Servicing Receivables; 
 (vi) all of Borrower’s files, surveys, certificates,
correspondence, appraisals, computer programs (to the extent such computer programs may be pledged without violating any related license or agreement), tapes, discs, cards, accounting records and other information and data directly relating to any
of the Pledged Servicing Receivables; and 
 (vii) all of Borrower’s proceeds and rights to proceeds of any sale or
other disposition of any or all of the Pledged Servicing Receivables; 
 (c) The Pledged Deposit Accounts (if any); 

(d) The FHA Claim Proceeds; 
 (e)
All Purchased Mortgage Loans, together with (i) Borrower’s rights (but not its obligations) under the Mortgage Warehouse Agreement, including without limitation any rights to receive payments thereunder or any rights to collateral
thereunder whether now owned or hereafter acquired, now existing or hereafter created and (ii) all collateral however defined or described under the Mortgage Warehouse Agreement to the extent not otherwise included under the definitions of
Collateral or the foregoing subparagraph (e)(i). Borrower shall deliver an irrevocable instruction to the buyer under the Mortgage Warehouse Agreement that upon receipt of notice of an Event of Default under this Agreement, the buyer thereunder is
authorized and instructed to remit to Bank hereunder directly any amounts otherwise payable to Borrower and to deliver to Bank all collateral otherwise deliverable to Borrower. In furtherance of the foregoing, such notice shall also require, upon
repayment of the outstanding Purchase Price under the 

  
 -2- 

 
Mortgage Warehouse Agreement and termination of all obligations of the buyer thereunder or other termination of the Mortgage Warehouse Agreement following repayment of all obligations thereunder
that buyer under the Mortgage Warehouse Agreement deliver to Bank hereunder any collateral (as such term may be defined under the Mortgage Warehouse Agreement) or other property of Borrower then in its possession or control; and 

(f) All rights to have and receive any of the Collateral described above, all accessions or additions to and substitutions for any of such
Collateral, together with all renewals and replacements of any of such Collateral, all other rights and interests now owned or hereafter acquired by Borrower in, under or relating to any of such Collateral or referred to above and all proceeds of
any of such Collateral; all of Borrower’s present and future accounts, payment intangibles and general intangibles arising from or relating to any of the Pledged Servicing Receivables or any such other property relating to the Collateral
described in clauses (a) through (e) as may be specifically pledged in writing by Borrower to Bank; all other rights and interests of Borrower in, under or, in the case of Servicing only, relating to any of such property, all of Borrower’s
rights and interests (but none of its obligations) in, to and under all contracts and agreements, whether oral or written, relating thereto; any instruments, documents or writings evidencing any monetary obligation, contract right, account or
security interest in any of such property or its proceeds accruing or accrued and all other rights and interests in and to any and all security for or claims against others in respect of any of the property described or referred to herein; all
books, records, contract rights, instruments, documents (including all documents of title), chattel paper and proceeds relating to, arising from or by virtue of or collections with respect to, or comprising part of, any of such Collateral, including
all insurance and claims for insurance effected or held for the benefit of Borrower or Bank in respect of any of the foregoing; in each case whether now existing or hereafter arising, accruing or accrued; and all other rights and interests in and to
any and all security for or claims against others in respect of any of the rights, interests and property described or referred to above. 

  
 -3- 

 EXHIBIT II 

COMPLIANCE CERTIFICATE 
 Provided
as Exhibit A to that certain Pricing Letter, dated as of the date hereof, between 
 Borrower, as Seller, and Bank, as Buyer, as amended from
time to time. 

 EXHIBIT III 

RESERVED 

 EXHIBIT IV 

BORROWING BASE CERTIFICATE 

Provided under separate cover. 

 EXHIBIT V 

RESERVED 

 EXHIBIT VI 

EXISTING INDEBTEDNESS 

 EXHIBIT VII 

TIAA, FSB SERVICING AGREEMENTS 

As reflected in the Bank’s records.

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