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Master Agreement between Homestreet Bank and Fannie Mae

Master Agreement between Homestreet Bank and Fannie Mae[***]</p> <p style="margin-top:0px;margin-bottom:0px" align="right"><span><b>Exhibit 10.27 </b></span></p> <p style="margin-top:12px;margin-bottom:0px"><span>[***] Indicates confidential material that has been omitted pursuant to a Confidential Treatment Request filed with the Securities and Exchange Commission. A complete copy of this agreement has been<br /> separately filed with the Securities and Exchange Commission. </span></p> <p style="margin-top:18px;margin-bottom:0px" align="right"><span><b>CONFIDENTIAL </b></span></p> <p style="margin-top:12px;margin-bottom:0px" align="center"><span><b>MASTER AGREEMENT ML02783 First Term </b></span></p> <p style="margin-top:12px;margin-bottom:0px"><span>This Master Agreement between Fannie Mae and <b>HomeStreet Bank</b> (the “Lender”) governs the sale by Lender, and the purchase by Fannie Mae, of eligible residential mortgage loans (the<br /> “Mortgages”). This Master Agreement includes all of the terms and conditions described in all of the exhibits, attachments, commitments and MBS Pool Purchase Contracts (“MBS Contracts”) attached or entered into as a part of this<br /> Master Agreement. Additionally, the “Master Agreement Terms and Conditions” section of Fannie Mae’s Selling Guide (the “Selling Guide”), which is incorporated into this Agreement by this reference, outlines in more detail<br /> the general terms and conditions of the Master Agreement and MBS Contracts and related terms and instructions. The execution of this Master Agreement requires compliance with all provisions and sections of this Master Agreement, including all MBS<br /> Contracts, whole loan commitments, exhibits and attachments to this Master Agreement. </span></p> <p style="margin-top:12px;margin-bottom:0px"><span>As a condition to Lender’s sale of Mortgages under<br /> this Master Agreement, Lender and Fannie Mae must enter into the appropriate whole loan commitments or MBS Contracts, depending on whether Lender will be delivering Mortgages under one of Fannie Mae’s whole loan purchase programs (Negotiated or<br /> Standard) or under Fannie Mae’s MBS program. Lender agrees to sell to Fannie Mae, beginning on the Effective Date of Delivery Term and ending on the Expiration Date of Delivery Term (as those terms are defined in Exhibit 1), Mortgages with an<br /> aggregate outstanding principal balance equal to the Agreed Amount (as defined in Exhibit 1). </span></p> <p style="margin-top:12px;margin-bottom:0px"><span>For whole loan deliveries, any loan-level price<br /> adjustments (“LLPAs”) that are referenced in this Master Agreement, will be available no later than 30 days after Fannie Mae receives the executed Master Agreement from Lender. </span></p> <p style="margin-top:12px;margin-bottom:0px"><span>Fannie Mae must receive the fully executed Master Agreement within ten business days of Lender’s receipt of this Master Agreement, or Fannie Mae may, at its option, declare this Master Agreement null<br /> and void. This Master Agreement may be executed in one or more counterparts and all such counterparts shall be deemed to be one and the same document. This Master Agreement must be executed by Lender, Fannie Mae, and any person, firm, or entity<br /> whose joinder is required under the terms of this Master Agreement sign (including a facsimile signature) The effective date of this Master Agreement is the later of (i) the date Fannie Mae receives the fully executed Master Agreement from<br /> Lender or (ii) the effective date specified on Exhibit 1 hereto. </span></p> <p style="margin-top:0px;margin-bottom:0px"><span> </span></p> <p style="margin-top:0px;margin-bottom:0px" align="center"><span>Master<br /> Agreement ML02783 </span></p> <p style="margin-top:0px;margin-bottom:0px" align="center"><span>MA – 1 </span></p> <p style="margin-top:12px;margin-bottom:0px" align="right"><span>March 15, 2010 </span></p> <hr size="3" style="COLOR:#999999" width="100%" align="CENTER"/> <p style="margin-top:0px;margin-bottom:0px"><span>Lender hereby confirms, by checking the appropriate section below, that: </span></p> <p style="font-size:12px;margin-top:0px;margin-bottom:0px"> </p> <table cellspacing="0" cellpadding="0" width="100%" border="0" align="center"> <tr> <td width="1%"/> <td valign="bottom" width="2%"/> <td width="97%"/></tr> <tr> <td valign="top"> <p style="margin-top:0px;margin-bottom:1px;border-bottom:1px solid #000000"><span> </span></p> </td> <td valign="bottom"><span>  </span></td> <td valign="top"><span>It is <u>not</u> a federally-insured institution or an affiliate or subsidiary of a federally-insured institution.</span></td> </tr> <tr> <td height="8"/> <td height="8" colspan="2"/></tr> <tr> <td valign="top"><span><u>X</u></span></td> <td valign="bottom"><span>  </span></td> <td valign="top"><span>It is a federally-insured institution or an affiliate or subsidiary of a federally-insured institution. If Lender has checked this section, then Lender agrees to the representations<br /> and warranties described in the “Master Agreement Terms and Conditions” section of the Selling Guide.</span></td> </tr> </table> <p style="margin-top:12px;margin-bottom:0px"><span>Sincerely,<br /> </span></p> <p style="margin-top:12px;margin-bottom:0px"><span><b>FANNIE MAE </b></span></p> <p style="font-size:12px;margin-top:0px;margin-bottom:0px"> </p> <table cellspacing="0" cellpadding="0" width="40%" border="0"> <tr> <td width="7%"/> <td valign="bottom" width="1%"/> <td width="92%"/></tr> <tr> <td valign="top"><span>By:</span></td> <td valign="bottom"><span> </span></td> <td valign="top"> <p style="margin-top:0px;margin-bottom:1px;border-bottom:1px solid #000000"><span>/s/ David Battany</span></p> </td> </tr> <tr> <td valign="top"/> <td valign="bottom"><span> </span></td> <td valign="top"><span>David Battany</span></td> </tr> <tr> <td valign="top"/> <td valign="bottom"><span> </span></td> <td valign="top"><span>Director/Assistant Vice President</span></td> </tr> </table> <p style="font-size:12px;margin-top:0px;margin-bottom:0px"> </p> <table cellspacing="0" cellpadding="0" width="40%" border="0"> <tr> <td width="13%"/> <td valign="bottom" width="1%"/> <td width="86%"/></tr> <tr> <td valign="top" colspan="3"><span>Agreed, acknowledged and accepted.</span></td> </tr> <tr> <td height="16" colspan="3"/></tr> <tr> <td valign="top" colspan="3"><span><b>HOMESTREET BANK</b></span></td> </tr> <tr> <td height="16"/> <td height="16" colspan="2"/></tr> <tr> <td valign="top"><span>By:</span></td> <td valign="bottom"><span> </span></td> <td valign="top"> <p style="margin-top:0px;margin-bottom:1px;border-bottom:1px solid #000000"><span>/s/ Curt Byers</span></p> </td> </tr> <tr> <td valign="top"><span>Name:</span></td> <td valign="bottom"><span> </span></td> <td valign="top"> <p style="margin-top:0px;margin-bottom:1px;border-bottom:1px solid #000000"><span>Curt Byers</span></p> </td> </tr> <tr> <td valign="top"><span>Title:</span></td> <td valign="bottom"><span> </span></td> <td valign="top"> <p style="margin-top:0px;margin-bottom:1px;border-bottom:1px solid #000000"><span>V.P. HOMESTREET BANK</span></p> </td> </tr> <tr> <td valign="top"><span>Date:</span></td> <td valign="bottom"><span> </span></td> <td valign="top"> <p style="margin-top:0px;margin-bottom:1px;border-bottom:1px solid #000000"><span>3/19/2010</span></p> </td> </tr> </table> <p style="margin-top:0px;margin-bottom:0px"><span> </span></p> <p style="margin-top:0px;margin-bottom:0px" align="center"><span>Master<br /> Agreement ML02783 </span></p> <p style="margin-top:0px;margin-bottom:0px" align="center"><span>MA – 2 </span></p> <p style="margin-top:12px;margin-bottom:0px" align="right"><span>March 15, 2010 </span></p> <hr size="3" style="COLOR:#999999" width="100%" align="CENTER"/> <p style="margin-top:0px;margin-bottom:0px" align="center"><span><b>EXHIBIT 1 </b></span></p> <p style="margin-top:12px;margin-bottom:0px" align="center"><span><b>TO MASTER AGREEMENT ML02783 Second Term </b></span></p> <p style="font-size:12px;margin-top:0px;margin-bottom:0px"> </p> <table cellspacing="0" cellpadding="0" width="100%" border="0" align="center"> <tr> <td width="26%"/> <td valign="bottom" width="4%"/> <td width="70%"/></tr> <tr> <td valign="top"><span>Lender Name</span></td> <td valign="bottom"><span>    </span></td> <td valign="bottom"><span><b>HomeStreet Bank</b></span></td> </tr> <tr> <td height="8"/> <td height="8" colspan="2"/></tr> <tr> <td valign="top"><span>Lender Number</span></td> <td valign="bottom"><span>    </span></td> <td valign="bottom"><span><b>20722-000-0</b></span></td> </tr> <tr> <td height="8"/> <td height="8" colspan="2"/></tr> <tr> <td valign="top"><span>Delivery Term:</span></td> <td valign="bottom"><span>    </span></td> <td valign="bottom"><span><b>Second</b></span></td> </tr> <tr> <td height="8"/> <td height="8" colspan="2"/></tr> <tr> <td valign="top"><span>Effective Date of Delivery Term:</span></td> <td valign="bottom"><span>    </span></td> <td valign="bottom"><span><b>April 1, 2010</b></span></td> </tr> <tr> <td height="8"/> <td height="8" colspan="2"/></tr> <tr> <td valign="top"><span>Expiration Date of Delivery Term:</span></td> <td valign="bottom"><span>    </span></td> <td valign="bottom"><span><b>March 31, 2012</b></span></td> </tr> <tr> <td height="8"/> <td height="8" colspan="2"/></tr> <tr> <td valign="top"><span>Agreed Amount for Delivery Term:</span></td> <td valign="bottom"><span>    </span></td> <td valign="bottom"> <p style="margin-top:0px;margin-bottom:1px"><span><b>$2,550,000,000.00 (Optional)</b></span></p> </td> </tr> </table> <p style="margin-top:0px;margin-bottom:0px"><span> </span></p> <p style="margin-top:0px;margin-bottom:0px" align="center"><span>Master<br /> Agreement ML02783 </span></p> <p style="margin-top:0px;margin-bottom:0px" align="center"><span>MA – Exhibit 1 – 1 </span></p> <p style="margin-top:0px;margin-bottom:0px" align="center"><span>Amendment 9 </span></p> <p style="margin-top:12px;margin-bottom:0px" align="right"><span>March 15, 2011 </span></p> <hr size="3" style="COLOR:#999999" width="100%" align="CENTER"/> <p style="margin-top:0px;margin-bottom:0px"><span><b>MASTER AGREEMENT – GENERAL TERMS </b></span></p> <p style="margin-top:6px;margin-bottom:0px"><span>The following Uniform provisions and defined terms/acronyms apply to all sections of the Master Agreement. </span></p> <p style="margin-top:18px;margin-bottom:0px"><span><b>PART 1. UNIFORM PROVISIONS. </b></span></p> <p style="font-size:6px;margin-top:0px;margin-bottom:0px"> </p> <table style="BORDER-COLLAPSE:COLLAPSE" border="0" cellpadding="0" cellspacing="0" width="100%"> <tr> <td width="4%" valign="top" align="left"><span>1.</span></td> <td align="left" valign="top"><span>Lender represents and warrants that Mortgages delivered pursuant to a Variance, Special Requirement or nonstandard MBS Contract term contained in this Master Agreement<br /> comply with all provisions of the applicable Variance, Special Requirement or nonstandard MBS Contract term. </span></td> </tr> </table> <p style="font-size:6px;margin-top:0px;margin-bottom:0px"> </p> <table style="BORDER-COLLAPSE:COLLAPSE" border="0" cellpadding="0" cellspacing="0" width="100%"> <tr> <td width="4%" valign="top" align="left"><span>2.</span></td> <td align="left" valign="top"><span>Lender must enter all SFC(s) required by the Selling Guide, in addition to any additional SFC(s) specified in this Master Agreement. </span></td> </tr> </table> <p style="font-size:6px;margin-top:0px;margin-bottom:0px"> </p> <table style="BORDER-COLLAPSE:COLLAPSE" border="0" cellpadding="0" cellspacing="0" width="100%"> <tr> <td width="4%" valign="top" align="left"><span>3.</span></td> <td align="left" valign="top"><span>In addition to any additional LLPA(s) specified in this Master Agreement, Lender must pay all LLPA(s) required by the Selling Guide, unless otherwise specified.<br /> </span></td> </tr> </table> <p style="font-size:6px;margin-top:0px;margin-bottom:0px"> </p> <table style="BORDER-COLLAPSE:COLLAPSE" border="0" cellpadding="0" cellspacing="0" width="100%"> <tr> <td width="4%" valign="top" align="left"><span>4.</span></td> <td align="left" valign="top"><span>Mortgages may be sold to Fannie Mae as cash deliveries or as MBS pool deliveries, unless otherwise specified. </span></td> </tr> </table> <p style="font-size:6px;margin-top:0px;margin-bottom:0px"> </p> <table style="BORDER-COLLAPSE:COLLAPSE" border="0" cellpadding="0" cellspacing="0" width="100%"> <tr> <td width="4%" valign="top" align="left"><span>5.</span></td> <td align="left" valign="top"><span>For a Mortgage to be included in an MBS pool, the origination date LTV may not exceed 100%, unless otherwise specified. </span></td> </tr> </table> <p style="font-size:6px;margin-top:0px;margin-bottom:0px"> </p> <table style="BORDER-COLLAPSE:COLLAPSE" border="0" cellpadding="0" cellspacing="0" width="100%"> <tr> <td width="4%" valign="top" align="left"><span>6.</span></td> <td align="left" valign="top"><span>Mortgages originated pursuant to a Variance must be first lien, conventional Mortgages, unless otherwise specified. </span></td> </tr> </table> <p style="font-size:6px;margin-top:0px;margin-bottom:0px"> </p> <table style="BORDER-COLLAPSE:COLLAPSE" border="0" cellpadding="0" cellspacing="0" width="100%"> <tr> <td width="4%" valign="top" align="left"><span>7.</span></td> <td align="left" valign="top"><span>Lender agrees not to use Fannie Mae’s name in any advertising distribution, publication or communication to any third party of any Variance or other provision of<br /> this Master Agreement. </span></td> </tr> </table> <p style="font-size:6px;margin-top:0px;margin-bottom:0px"> </p> <table style="BORDER-COLLAPSE:COLLAPSE" border="0" cellpadding="0" cellspacing="0" width="100%"> <tr> <td width="4%" valign="top" align="left"><span>8.</span></td> <td align="left" valign="top"><span>If a provision of this Master Agreement permits a type of loan that has additional requirements per the Selling Guide (e.g., lender approval for cooperative share<br /> loans), then those Selling Guide requirements still apply unless otherwise stated. </span></td> </tr> </table> <p style="font-size:6px;margin-top:0px;margin-bottom:0px"> </p> <table style="BORDER-COLLAPSE:COLLAPSE" border="0" cellpadding="0" cellspacing="0" width="100%"> <tr> <td width="4%" valign="top" align="left"><span>9.</span></td> <td align="left" valign="top"><span>Variance Mortgages may not be originated in combination with any other Variances contained in this Master Agreement without Fannie Mae’s prior written approval,<br /> unless specifically permitted in a particular Variance. </span></td> </tr> </table> <p style="font-size:6px;margin-top:0px;margin-bottom:0px"> </p> <table style="BORDER-COLLAPSE:COLLAPSE" border="0" cellpadding="0" cellspacing="0" width="100%"> <tr> <td width="4%" valign="top" align="left"><span>10.</span></td> <td align="left" valign="top"><span>Unless otherwise specified, any Variance, Special Requirement or nonstandard MBS Contract may be amended or terminated with reasonable notice to Lender, which in many<br /> cases will be at least 90 days, in accordance with the provisions of the Selling Guide. Additionally, Fannie Mae reserves the right to rescind or modify any of the terms of any Variance, Special Requirement or nonstandard MBS Contract in connection<br /> with the renewal or extension of this Master Agreement or upon reasonable notice to Lender, unless otherwise specified. </span></td> </tr> </table> <p style="margin-top:0px;margin-bottom:0px"><span> </span></p> <p style="margin-top:0px;margin-bottom:0px" align="center"><span>Master<br /> Agreement ML02783 </span></p> <p style="margin-top:0px;margin-bottom:0px" align="center"><span>MA – General Terms – 1 </span></p> <p style="margin-top:0px;margin-bottom:0px" align="center"><span>Amendment 9 </span></p> <p style="margin-top:12px;margin-bottom:0px" align="right"><span>March 15, 2011 </span></p> <hr size="3" style="COLOR:#999999" width="100%" align="CENTER"/> <table style="BORDER-COLLAPSE:COLLAPSE" border="0" cellpadding="0" cellspacing="0" width="100%"> <tr> <td width="4%" valign="top" align="left"><span>11.</span></td> <td align="left" valign="top"><span>If Mortgages with IO features are eligible for origination under the terms of a Variance, then such IO Mortgages are subject to the IO eligibility requirements per the<br /> Selling Guide, if more restrictive than the Variance, unless the Variance specifically provides that the Variance eligibility requirements supersede the Selling Guide requirements for IO Mortgages. </span></td> </tr> </table> <p style="font-size:6px;margin-top:0px;margin-bottom:0px"> </p> <table style="BORDER-COLLAPSE:COLLAPSE" border="0" cellpadding="0" cellspacing="0" width="100%"> <tr> <td width="4%" valign="top" align="left"><span>12.</span></td> <td align="left" valign="top"><span>Trademarks are the property of their respective owners. Fannie Mae trademarks are identified at:<br /> <u>www.fanniemae.com/legal/trademarks.jhtml?p=Legal&t=Trademarks</u> </span></td> </tr> </table> <p style="margin-top:18px;margin-bottom:0px"><span><b>PART II. DEFINED TERMS AND ACRONYMS </b></span></p> <p style="margin-top:6px;margin-bottom:0px"><span>The defined terms and acronyms below apply to provisions of this Master Agreement (including Variances and Special Requirements), unless a term is<br /> otherwise defined in a specific provision. This list supplements the list in “Exhibit 1: Master Agreement Terms and Conditions” section of the Master Agreement, and to the extent there is any inconsistency, the list below shall control.<br /> </span></p> <p style="font-size:12px;margin-top:0px;margin-bottom:0px"> </p> <table cellspacing="0" cellpadding="0" width="100%" border="0" align="center"> <tr> <td width="12%"/> <td valign="bottom" width="2%"/> <td width="14%"/> <td valign="bottom" width="2%"/> <td width="70%"/></tr> <tr> <td valign="top" style="BORDER:1px solid #000000; padding-left:8px"><span>ARM:</span></td> <td valign="bottom" style="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><span> </span></td> <td valign="top" colspan="3" style="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:8px"><span>adjustable-rate mortgage loan</span></td> </tr> <tr> <td valign="top" style="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8px"><span> </span></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><span> </span></td> <td valign="top" colspan="3" style="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:8px"><span>Additional ARM Definitions:</span></td> </tr> <tr> <td valign="top" style="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8px"><span> </span></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><span> </span></td> <td valign="top" style="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><span><u>ARM Type</u></span></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><span> </span></td> <td valign="top" style="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:8px"><span> </span></td> </tr> <tr> <td valign="top" style="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8px"><span> </span></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><span> </span></td> <td valign="top" style="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><span>6/6 ARM</span></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><span> </span></td> <td valign="top" style="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:8px"><span>Standard Fannie Mae ARM plans with a six-month IFRP, followed by interest rate adjustments<br /> every 6 months</span></td> </tr> <tr> <td valign="top" style="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8px"><span> </span></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><span> </span></td> <td valign="top" style="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><span>1/1 ARM</span></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><span> </span></td> <td valign="top" style="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:8px"><span>Standard Fannie Mae ARM plans with a one-year IFRP, followed by interest rate adjustments<br /> every 12 months.</span></td> </tr> <tr> <td valign="top" style="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8px"><span> </span></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><span> </span></td> <td valign="top" style="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><span>3/1 ARM</span></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><span> </span></td> <td valign="top" style="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:8px"><span>Standard Fannie Mae ARM plans with a three-year IFRP, followed by interest rate<br /> adjustments every 12 months.</span></td> </tr> <tr> <td valign="top" style="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8px"><span> </span></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><span> </span></td> <td valign="top" style="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><span>3/3 ARM</span></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><span> </span></td> <td valign="top" style="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:8px"><span>Standard Fannie Mae ARM plans with a three-year IFRP, followed by interest rate<br /> adjustments every 36 months.</span></td> </tr> <tr> <td valign="top" style="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8px"><span> </span></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><span> </span></td> <td valign="top" style="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><span>5/1 ARM</span></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><span> </span></td> <td valign="top" style="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:8px"><span>Standard Fannie Mae ARM plans with a five-year IFRP, followed by interest rate adjustments<br /> every 12 months.</span></td> </tr> <tr> <td valign="top" style="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8px"><span> </span></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><span> </span></td> <td valign="top" style="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><span>7/1 ARM</span></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><span> </span></td> <td valign="top" style="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:8px"><span>Standard Fannie Mae ARM plans with a seven-year IFRP, followed by interest rate<br /> adjustments every 12 months.</span></td> </tr> <tr> <td valign="top" style="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8px"><span> </span></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><span> </span></td> <td valign="top" style="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><span>10/1 ARM</span></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><span> </span></td> <td valign="top" style="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:8px"><span>Standard Fannie Mae ARM plans with a 10-year IFRP, followed by interest rate adjustments<br /> every 12 months.</span></td> </tr> <tr> <td valign="top" style="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8px"><span> </span></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><span> </span></td> <td valign="top" style="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><span>COFI ARM</span></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><span> </span></td> <td valign="top" style="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:8px"><span>Standard Fannie Mae ARM plans with interest rate adjustments tied to a “cost of<br /> funds” index, as defined in the <i>Glossary</i> to the Selling Guide.</span></td> </tr> <tr> <td valign="top" style="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8px"><span> </span></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><span> </span></td> <td valign="top" style="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><span>LIBOR ARM</span></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><span> </span></td> <td valign="top" style="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:8px"><span>Standard Fannie Mae ARM plans with interest rate adjustments tied to the London Interbank<br /> Offered Rate index, as defined in the <i>Glossary</i> to the Selling Guide.</span></td> </tr> <tr> <td valign="top" style="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8px"><span> </span></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><span> </span></td> <td valign="top" style="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><span>TREASURY ARM</span></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><span> </span></td> <td valign="top" style="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:8px"><span>Standard Fannie Mae ARM plans with interest rate adjustments tied to the Treasury Index,<br /> as defined in the Glossary to the Selling Guide.</span></td> </tr> <tr> <td valign="top" style="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8px"><span>All Standard Fannie Mae ARM Plans:</span></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><span> </span></td> <td valign="top" colspan="3" style="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:8px"><span>All standard Fannie Mae MBS ARM Plans, plus all standard plans available for<br /> whole loan sale only, per the Selling Guide</span></td> </tr> <tr> <td valign="top" style="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8px"><span>AUS</span></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><span> </span></td> <td valign="top" colspan="3" style="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:8px"><span>automated underwriting system</span></td> </tr> <tr> <td valign="top" style="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8px"><span>bp:</span></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><span> </span></td> <td valign="top" colspan="3" style="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:8px"><span>basis point</span></td> </tr> <tr> <td valign="top" style="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8px"><span>CLTV:</span></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><span> </span></td> <td valign="top" colspan="3" style="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:8px"><span>combined loan-to-value ratio</span></td> </tr> <tr> <td valign="top" style="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8px"><span>Condo:</span></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><span> </span></td> <td valign="top" colspan="3" style="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:8px"><span>Unit in a condominium project</span></td> </tr> <tr> <td valign="top" style="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8px"><span>Coop:</span></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><span> </span></td> <td valign="top" colspan="3" style="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:8px"><span>Unit in a cooperative project</span></td> </tr> <tr> <td valign="top" style="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8px"><span>Coop Loan:</span></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><span> </span></td> <td valign="top" colspan="3" style="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:8px"><span>Loan secured by a coop; cooperative share<br /> loan</span></td> </tr> </table> <p style="margin-top:0px;margin-bottom:0px"><span> </span></p> <p style="margin-top:0px;margin-bottom:0px" align="center"><span>Master<br /> Agreement ML02783 </span></p> <p style="margin-top:0px;margin-bottom:0px" align="center"><span>MA – General Terms – 2 </span></p> <p style="margin-top:0px;margin-bottom:0px" align="center"><span>Amendment 9 </span></p> <p style="margin-top:12px;margin-bottom:0px" align="right"><span>March 15, 2011 </span></p> <hr size="3" style="COLOR:#999999" width="100%" align="CENTER"/> <table cellspacing="0" cellpadding="0" width="100%" border="0" align="center"> <tr> <td width="12%"/> <td valign="bottom" width="2%"/> <td width="15%"/> <td valign="bottom" width="2%"/> <td width="69%"/></tr> <tr> <td valign="top" style="BORDER:1px solid #000000; padding-left:8px"><span>COR:</span></td> <td valign="bottom" style="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><span> </span></td> <td valign="top" colspan="3" style="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:8px"><span>cash-out refinance transaction</span></td> </tr> <tr> <td valign="top" style="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8px"><span>DO<span><sup style="vertical-align:baseline; position:relative; bottom:.8ex">®</sup></span>:</span></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><span> </span></td> <td valign="top" colspan="3" style="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:8px"><span>Desktop Originator<span><sup style="vertical-align:baseline; position:relative; bottom:.8ex">®</sup></span></span></td> </tr> <tr> <td valign="top" style="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8px"><span>DTI ratio:</span></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><span> </span></td> <td valign="top" colspan="3" style="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:8px"><span>Total “debt-to-income” ratio</span></td> </tr> <tr> <td valign="top" style="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8px"><span>DU<span><sup style="vertical-align:baseline; position:relative; bottom:.8ex">®</sup></span>:</span></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><span> </span></td> <td valign="top" colspan="3" style="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:8px"><span>Desktop Underwriter<span><sup style="vertical-align:baseline; position:relative; bottom:.8ex">®</sup></span></span></td> </tr> <tr> <td valign="top" style="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8px"><span>EA:</span></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><span> </span></td> <td valign="top" colspan="3" style="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:8px"><span>Fannie Mae’s “Expanded Approval<span><sup style="vertical-align:baseline; position:relative; bottom:.8ex">®</sup></span>” mortgage product</span></td> </tr> <tr> <td valign="top" style="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8px"><span>FA-ARM:</span></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><span> </span></td> <td valign="top" colspan="3" style="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:8px"><span>Fully amortizing ARM</span></td> </tr> <tr> <td valign="top" style="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8px"><span>FA-FRM:</span></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><span> </span></td> <td valign="top" colspan="3" style="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:8px"><span>Fully amortizing FRM</span></td> </tr> <tr> <td valign="top" style="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8px"><span>FICO:</span></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><span> </span></td> <td valign="top" colspan="3" style="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:8px"><span>credit score; the classic FICO score developed by Fair, Isaac, and Company,<br /> Inc.</span></td> </tr> <tr> <td valign="top" style="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8px"><span>Form 1003:</span></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><span> </span></td> <td valign="top" colspan="3" style="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:8px"><span>Uniform Residential Loan Application</span></td> </tr> <tr> <td valign="top" style="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8px"><span>Form 1004:</span></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><span> </span></td> <td valign="top" colspan="3" style="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:8px"><span>Uniform Residential Appraisal Report</span></td> </tr> <tr> <td valign="top" style="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8px"><span>Form 1073:</span></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><span> </span></td> <td valign="top" colspan="3" style="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:8px"><span>Individual Condominium Unit Appraisal Report</span></td> </tr> <tr> <td valign="top" style="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8px"><span>FRM:</span></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><span> </span></td> <td valign="top" colspan="3" style="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:8px"><span>fixed-rate mortgage loan</span></td> </tr> <tr> <td valign="top" style="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8px"><span>Guides:</span></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><span> </span></td> <td valign="top" colspan="3" style="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:8px"><span>The Selling Guide and the Servicing Guide</span></td> </tr> <tr> <td valign="top" style="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8px"><span>HCLTV:</span></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><span> </span></td> <td valign="top" colspan="3" style="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:8px"><span>home equity combined loan-to-value ratio</span></td> </tr> <tr> <td valign="top" style="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8px"><span>HUD-1:</span></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><span> </span></td> <td valign="top" colspan="3" style="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:8px"><span>HUD-1 uniform settlement statement</span></td> </tr> <tr> <td valign="top" style="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8px"><span>IFRP:</span></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><span> </span></td> <td valign="top" colspan="3" style="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:8px"><span>initial fixed-interest rate period of an ARM</span></td> </tr> <tr> <td valign="top" style="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8px"><span>IO:</span></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><span> </span></td> <td valign="top" colspan="3" style="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:8px"><span>interest-only feature</span></td> </tr> <tr> <td valign="top" style="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8px"><span>IO-FRM:</span></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><span> </span></td> <td valign="top" colspan="3" style="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:8px"><span>FRM with IO</span></td> </tr> <tr> <td valign="top" style="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8px"><span>IO-ARM:</span></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><span> </span></td> <td valign="top" colspan="3" style="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:8px"><span>ARM with IO</span></td> </tr> <tr> <td valign="top" style="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8px"><span>LCOR:</span></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><span> </span></td> <td valign="top" colspan="3" style="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:8px"><span>limited cash-out refinance transaction</span></td> </tr> <tr> <td valign="top" style="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8px"><span>LLPA:</span></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><span> </span></td> <td valign="top" colspan="3" style="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:8px"><span>loan-level price adjustment</span></td> </tr> <tr> <td valign="top" style="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8px"><span>LPMI:</span></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><span> </span></td> <td valign="top" colspan="3" style="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:8px"><span>lender-purchased mortgage insurance</span></td> </tr> <tr> <td valign="top" style="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8px"><span>LTV:</span></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><span> </span></td> <td valign="top" colspan="3" style="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:8px"><span>loan-to-value ratio</span></td> </tr> <tr> <td valign="top" style="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8px"><span>MCM:</span></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><span> </span></td> <td valign="top" colspan="3" style="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:8px"><span>Fannie Mae’s MyCommunityMortgage</span><span><sup style="vertical-align:baseline; position:relative; bottom:.8ex">TM</sup></span><span> products</span></td> </tr> <tr> <td valign="top" style="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8px"><span>MI:</span></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><span> </span></td> <td valign="top" colspan="3" style="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:8px"><span>private primary mortgage insurance</span></td> </tr> <tr> <td valign="top" style="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8px"><span>MSSC:</span></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><span> </span></td> <td valign="top" colspan="3" style="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:8px"><span>The “Mortgage Selling and Servicing Contract” executed by and<br /> between Fannie Mae and Lender, unless otherwise specified</span></td> </tr> <tr> <td valign="top" style="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8px"><span>OPB:</span></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><span> </span></td> <td valign="top" colspan="3" style="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:8px"><span>original principal balance</span></td> </tr> <tr> <td valign="top" style="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8px"><span>P&I:</span></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><span> </span></td> <td valign="top" colspan="3" style="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:8px"><span>principal and interest</span></td> </tr> <tr> <td valign="top" style="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8px"><span>PITI:</span></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><span> </span></td> <td valign="top" colspan="3" style="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:8px"><span>principal, interest, taxes, and insurance</span></td> </tr> <tr> <td valign="top" style="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8px"><span>PIW:</span></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><span> </span></td> <td valign="top" colspan="3" style="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:8px"><span>Property Inspection Waiver, which is a fieldwork recommendation offered by<br /> Fannie Mae through DU and the Automated Property Service (APS) that results in an offer to waive the property inspection and appraisal for certain lower risk transactions</span></td> </tr> <tr> <td valign="top" style="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8px"><span>Selling Guide:</span></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><span> </span></td> <td valign="top" colspan="3" style="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:8px"><span>Fannie Mae’s Selling Guide, as modified, amended or supplemented from<br /> time to time</span></td> </tr> <tr> <td valign="top" style="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8px"><span>Servicing Guide:</span></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><span> </span></td> <td valign="top" colspan="3" style="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:8px"><span>Fannie Mae’s <i>Servicing Guide</i>, as modified, amended or supplemented<br /> from time to time</span></td> </tr> <tr> <td valign="top" style="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8px"><span>SFC:</span></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><span> </span></td> <td valign="top" colspan="3" style="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:8px"><span>Special Feature Code</span></td> </tr> <tr> <td valign="top" style="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8px"><span>SFR:</span></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><span> </span></td> <td valign="top" colspan="3" style="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:8px"><span>Single-family residence</span></td> </tr> <tr> <td valign="top" style="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8px"><span>Standard MI:</span></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><span> </span></td> <td valign="top" colspan="3" style="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:8px"><span>MI at the level required by the Selling Guide at the time of delivery of the<br /> Mortgage</span></td> </tr> <tr> <td valign="top" style="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8px"><span>TPO:</span></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><span> </span></td> <td valign="top" colspan="3" style="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:8px"><span>Third party originations: includes both Broker and Correspondent<br /> loans</span></td> </tr> <tr> <td valign="top" style="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8px"><span>UPB:</span></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><span> </span></td> <td valign="top" colspan="3" style="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:8px"><span>unpaid principal balance</span></td> </tr> <tr> <td valign="top" style="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8px"><span>Variance Mortgage</span></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><span> </span></td> <td valign="top" colspan="3" style="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:8px"><span>As used in any Variance, mortgages delivered pursuant to such<br /> Variance</span></td> </tr> </table> <p style="margin-top:0px;margin-bottom:0px"><span> </span></p> <p style="margin-top:0px;margin-bottom:0px" align="center"><span>Master<br /> Agreement ML02783 </span></p> <p style="margin-top:0px;margin-bottom:0px" align="center"><span>MA – General Terms – 3 </span></p> <p style="margin-top:0px;margin-bottom:0px" align="center"><span>Amendment 9 </span></p> <p style="margin-top:12px;margin-bottom:0px" align="right"><span>March 15, 2011 </span></p> <hr size="3" style="COLOR:#999999" width="100%" align="CENTER"/> <p style="margin-top:0px;margin-bottom:0px" align="center"><span><b>VARIANCES </b></span></p> <p style="margin-top:0px;margin-bottom:0px" align="center"><span><b>TABLE OF CONTENTS </b></span></p> <p style="font-size:12px;margin-top:0px;margin-bottom:0px"> </p> <table cellspacing="0" cellpadding="0" width="100%" border="0" align="center"> <tr> <td width="9%"/> <td valign="bottom" width="2%"/> <td width="89%"/></tr> <tr> <td valign="bottom" style="BORDER:1px solid #000000; padding-left:8px"><span><b>VAR #</b></span></td> <td valign="bottom" style="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><span>  </span></td> <td valign="bottom" style="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:8px"><span><b>Title</b></span></td> </tr> <tr> <td height="8" style="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; padding-left:8px"> </td> <td height="8" colspan="2" style="BORDER-RIGHT:1px solid #000000"> </td> </tr> <tr> <td valign="top" nowrap="nowrap" style="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8px"> <p style="margin-left:1.00em; text-indent:-1.00em"><span>VAR 1</span></p> </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><span>  </span></td> <td valign="top" style="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:8px"><span>HomeStyle Renovation Mortgages – DISCONTINUED</span></td> </tr> <tr> <td height="8" style="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; padding-left:8px"> </td> <td height="8" colspan="2" style="BORDER-RIGHT:1px solid #000000"> </td> </tr> <tr> <td valign="top" nowrap="nowrap" style="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8px"> <p style="margin-left:1.00em; text-indent:-1.00em"><span>VAR 2</span></p> </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><span>  </span></td> <td valign="top" style="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:8px"><span>Qualification of Loans with Non-Occupant Co-Borrowers</span></td> </tr> <tr> <td height="8" style="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; padding-left:8px"> </td> <td height="8" colspan="2" style="BORDER-RIGHT:1px solid #000000"> </td> </tr> <tr> <td valign="top" nowrap="nowrap" style="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8px"> <p style="margin-left:1.00em; text-indent:-1.00em"><span>VAR 3</span></p> </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><span>  </span></td> <td valign="top" style="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:8px"><span>Energy Efficient Mortgages (EXPIRING) – DISCONTINUED</span></td> </tr> <tr> <td height="8" style="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; padding-left:8px"> </td> <td height="8" colspan="2" style="BORDER-RIGHT:1px solid #000000"> </td> </tr> <tr> <td valign="top" nowrap="nowrap" style="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8px"> <p style="margin-left:1.00em; text-indent:-1.00em"><span>VAR 4</span></p> </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><span>  </span></td> <td valign="top" style="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:8px"><span>HomePath Mortgages – DISCONTINUED</span></td> </tr> <tr> <td height="8" style="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; padding-left:8px"> </td> <td height="8" colspan="2" style="BORDER-RIGHT:1px solid #000000"> </td> </tr> <tr> <td valign="top" nowrap="nowrap" style="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8px"> <p style="margin-left:1.00em; text-indent:-1.00em"><span>VAR 5</span></p> </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><span>  </span></td> <td valign="top" style="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:8px"><span>HomePath Renovation Mortgages – DISCONTINUED</span></td> </tr> <tr> <td height="8" style="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; padding-left:8px"> </td> <td height="8" colspan="2" style="BORDER-RIGHT:1px solid #000000"> </td> </tr> <tr> <td valign="top" nowrap="nowrap" style="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8px"> <p style="margin-left:1.00em; text-indent:-1.00em"><span>VAR 6</span></p> </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><span>  </span></td> <td valign="top" style="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:8px"><span>Deferred Student Loan Obligations (03/10 modified) – DISCONTINUED</span></td> </tr> <tr> <td height="8" style="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; padding-left:8px"> </td> <td height="8" colspan="2" style="BORDER-RIGHT:1px solid #000000"> </td> </tr> <tr> <td valign="top" nowrap="nowrap" style="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8px"> <p style="margin-left:1.00em; text-indent:-1.00em"><span>VAR 7</span></p> </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><span>  </span></td> <td valign="top" style="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:8px"><span>HomeStyle Renovation Escrow (03/10) – DISCONTINUED</span></td> </tr> <tr> <td height="8" style="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; padding-left:8px"> </td> <td height="8" colspan="2" style="BORDER-RIGHT:1px solid #000000"> </td> </tr> <tr> <td valign="top" nowrap="nowrap" style="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8px"> <p style="margin-left:1.00em; text-indent:-1.00em"><span>VAR 8</span></p> </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><span>  </span></td> <td valign="top" style="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:8px"><span>Brigham Young University Residential Leasehold Estates in Hawaii (03/10) –<br /> DISCONTINUED</span></td> </tr> <tr> <td height="8" style="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; padding-left:8px"> </td> <td height="8" colspan="2" style="BORDER-RIGHT:1px solid #000000"> </td> </tr> <tr> <td valign="top" nowrap="nowrap" style="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8px"> <p style="margin-left:1.00em; text-indent:-1.00em"><span>VAR 9</span></p> </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><span>  </span></td> <td valign="top" style="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:8px"><span>Investor Channel Bulk Transaction Delivery Variance Deal Factory No. 20917; Cash<br /> Commitment Nos: 817025, 817026, 817027, 817028, 817029, 817030, 817031, 817032, 817033, and 817034. – DISCONTINUED</span></td> </tr> <tr> <td height="8" style="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; padding-left:8px"> </td> <td height="8" colspan="2" style="BORDER-RIGHT:1px solid #000000"> </td> </tr> <tr> <td valign="top" nowrap="nowrap" style="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8px"> <p style="margin-left:1.00em; text-indent:-1.00em"><span>VAR 10</span></p> </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><span>  </span></td> <td valign="top" style="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:8px"><span>HomePath and HomePath Renovation Mortgages (EXPIRING) – DISCONTINUED</span></td> </tr> <tr> <td height="8" style="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; padding-left:8px"> </td> <td height="8" colspan="2" style="BORDER-RIGHT:1px solid #000000"> </td> </tr> <tr> <td valign="top" nowrap="nowrap" style="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8px"> <p style="margin-left:1.00em; text-indent:-1.00em"><span>VAR 11</span></p> </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><span>  </span></td> <td valign="top" style="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:8px"><span>HomePath and HomePath Renovation Mortgages (EXPIRING) – DISCONTINUED</span></td> </tr> <tr> <td height="8" style="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; padding-left:8px"> </td> <td height="8" colspan="2" style="BORDER-RIGHT:1px solid #000000"> </td> </tr> <tr> <td valign="top" nowrap="nowrap" style="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8px"> <p style="margin-left:1.00em; text-indent:-1.00em"><span>VAR 12</span></p> </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><span>  </span></td> <td valign="top" style="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:8px"><span>HomePath and HomePath Renovation Mortgages</span></td> </tr> <tr> <td height="8" style="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; padding-left:8px"> </td> <td height="8" colspan="2" style="BORDER-RIGHT:1px solid #000000"> </td> </tr> <tr> <td valign="top" nowrap="nowrap" style="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8px"> <p style="margin-left:1.00em; text-indent:-1.00em"><span>VAR 13</span></p> </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><span>  </span></td> <td valign="top" style="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:8px"><span>HomeStyle Renovation Mortgages (04/2010)</span></td> </tr> </table> <p style="margin-top:0px;margin-bottom:0px"><span> </span></p> <p style="margin-top:0px;margin-bottom:0px" align="center"><span>Master<br /> Agreement ML02783 </span></p> <p style="margin-top:0px;margin-bottom:0px" align="center"><span>VAR/TOC – 1 </span></p> <p style="margin-top:0px;margin-bottom:0px" align="center"><span>Amendment 9 </span></p> <p style="margin-top:12px;margin-bottom:0px" align="right"><span>March 15, 2011 </span></p> <hr size="3" style="COLOR:#999999" width="100%" align="CENTER"/> <p style="margin-top:0px;margin-bottom:0px"><span><b>VAR 2 Qualification of Loans with Non-Occupant Co-Borrowers </b></span></p> <p style="font-size:12px;margin-top:0px;margin-bottom:0px"> </p> <table cellspacing="0" cellpadding="0" width="100%" border="0" align="center"> <tr> <td width="18%"/> <td valign="bottom" width="2%"/> <td width="80%"/></tr> <tr> <td valign="top" style="BORDER:1px solid #000000; padding-left:8px"> <p style="font-size:6px;margin-top:0px;margin-bottom:0px"> </p> <p style="margin-top:0px;margin-bottom:1px"><span><b>Title (Version):</b></span></p> </td> <td valign="bottom" style="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><span>  </span></td> <td valign="bottom" style="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:8px"> <p style="font-size:6px;margin-top:0px;margin-bottom:0px"> </p> <p style="margin-top:0px;margin-bottom:1px"><span>Qualification of Loans with Non-Occupant Co-Borrowers (05/2010)</span></p> </td> </tr> <tr> <td valign="top" nowrap="nowrap" style="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8px"> <p style="font-size:6px;margin-top:0px;margin-bottom:0px"> </p> <p style="margin-top:0px;margin-bottom:1px"><span><b>Description:</b></span></p> </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><span>  </span></td> <td valign="top" style="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:8px"> <p style="font-size:6px;margin-top:0px;margin-bottom:0px"> </p> <p style="margin-top:0px;margin-bottom:1px"><span>Lender may sell Mortgages in which a non-occupying co-borrower’s income was considered as acceptable qualifying income without requiring that the occupant-borrower also qualify based solely on the<br /> occupant borrower’s income, subject to the following:</span></p> </td> </tr> </table> <p style="font-size:12px;margin-top:0px;margin-bottom:0px"> </p> <table cellspacing="0" cellpadding="0" width="100%" border="0" align="center"> <tr> <td width="25%"/> <td valign="bottom" width="2%"/> <td width="1%"/> <td valign="bottom" width="2%"/> <td width="1%"/> <td valign="bottom" width="2%"/> <td width="1%"/> <td valign="bottom" width="3%"/> <td width="63%"/></tr> <tr> <td valign="top" colspan="9" style="BORDER:1px solid #000000; padding-left:8px; padding-right:8px"> <p style="font-size:12px;margin-top:0px;margin-bottom:0px"> </p> <p style="margin-top:0px;margin-bottom:0px; margin-left:1.00em; text-indent:-1.00em"><span><b>ELIGIBILITY REQUIREMENTS</b></span></p> <p style="font-size:12px;margin-top:0px;margin-bottom:1px"><span> </span></p> </td> </tr> <tr> <td valign="top" rowspan="2" style="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8px"> <p style="font-size:6px;margin-top:0px;margin-bottom:0px"> </p> <p style="margin-top:0px;margin-bottom:1px"><span><b>Eligibility: General</b></span></p> </td> <td valign="bottom"><span> </span></td> <td valign="top"> <p style="font-size:6px;margin-top:0px;margin-bottom:0px"> </p> <p style="margin-top:0px;margin-bottom:1px; margin-left:1.00em; text-indent:-1.00em"><span>•</span></p> </td> <td valign="bottom"><span> </span></td> <td valign="top" colspan="5" style="BORDER-RIGHT:1px solid #000000; padding-right:8px"> <p style="font-size:6px;margin-top:0px;margin-bottom:0px"> </p> <p style="margin-top:0px;margin-bottom:1px"><span>Mortgages must meet the following eligibility requirements:</span></p> </td> </tr> <tr> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><span> </span></td> <td valign="top" style="BORDER-BOTTOM:1px solid #000000"><span> </span></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><span> </span></td> <td valign="top" style="BORDER-BOTTOM:1px solid #000000"> <p style="font-size:6px;margin-top:0px;margin-bottom:0px"> </p> <p style="margin-top:0px;margin-bottom:1px; margin-left:1.00em; text-indent:-1.00em"><span>•</span></p> </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><span> </span></td> <td valign="top" colspan="3" style="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:8px"> <p style="font-size:6px;margin-top:0px;margin-bottom:0px"> </p> <p style="margin-top:0px;margin-bottom:1px"><span>Standard per Selling Guide except as provided below.</span></p> </td> </tr> <tr> <td valign="top" style="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8px"> <p style="font-size:6px;margin-top:0px;margin-bottom:0px"> </p> <p style="margin-top:0px;margin-bottom:0px"><span><b>Maximum</b></span></p> <p style="margin-top:0px;margin-bottom:1px"><span><b>LTV/CLTV/HCLT<br /> (%)</b></span></p> </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><span> </span></td> <td valign="top" colspan="7" style="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:8px"> <p style="font-size:6px;margin-top:0px;margin-bottom:0px"> </p> <p style="margin-top:0px;margin-bottom:1px"><span>80/80/80</span></p> </td> </tr> <tr> <td valign="top" style="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8px"> <p style="font-size:6px;margin-top:0px;margin-bottom:0px"> </p> <p style="margin-top:0px;margin-bottom:1px"><span><b>Minimum Representative FICO Credit Score</b></span></p> </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><span> </span></td> <td valign="top" colspan="7" style="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:8px"> <p style="font-size:6px;margin-top:0px;margin-bottom:0px"> </p> <p style="margin-top:0px;margin-bottom:1px"><span>720</span></p> </td> </tr> <tr> <td valign="top" style="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; padding-left:8px"> <p style="font-size:6px;margin-top:0px;margin-bottom:0px"> </p> <p style="margin-top:0px;margin-bottom:1px"><span><b>Loan Purpose</b></span></p> </td> <td valign="bottom"><span> </span></td> <td valign="top"> <p style="font-size:6px;margin-top:0px;margin-bottom:0px"> </p> <p style="margin-top:0px;margin-bottom:1px; margin-left:1.00em; text-indent:-1.00em"><span>•</span></p> </td> <td valign="bottom"><span> </span></td> <td valign="top" colspan="5" style="BORDER-RIGHT:1px solid #000000; padding-right:8px"> <p style="font-size:6px;margin-top:0px;margin-bottom:0px"> </p> <p style="margin-top:0px;margin-bottom:1px"><span>Purchase</span></p> </td> </tr> <tr> <td valign="top" style="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8px"><span> </span></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><span> </span></td> <td valign="top" style="BORDER-BOTTOM:1px solid #000000"> <p style="font-size:6px;margin-top:0px;margin-bottom:0px"> </p> <p style="margin-top:0px;margin-bottom:1px; margin-left:1.00em; text-indent:-1.00em"><span>•</span></p> </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><span> </span></td> <td valign="top" colspan="5" style="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:8px"> <p style="font-size:6px;margin-top:0px;margin-bottom:0px"> </p> <p style="margin-top:0px;margin-bottom:1px"><span>LCOR</span></p> </td> </tr> <tr> <td valign="top" style="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; padding-left:8px"> <p style="font-size:6px;margin-top:0px;margin-bottom:0px"> </p> <p style="margin-top:0px;margin-bottom:1px"><span><b>Occupancy/Number of Units</b></span></p> </td> <td valign="bottom"><span> </span></td> <td valign="top"> <p style="font-size:6px;margin-top:0px;margin-bottom:0px"> </p> <p style="margin-top:0px;margin-bottom:1px; margin-left:1.00em; text-indent:-1.00em"><span>•</span></p> </td> <td valign="bottom"><span> </span></td> <td valign="top" colspan="5" style="BORDER-RIGHT:1px solid #000000; padding-right:8px"> <p style="font-size:6px;margin-top:0px;margin-bottom:0px"> </p> <p style="margin-top:0px;margin-bottom:1px"><span>Primary Residence</span></p> </td> </tr> <tr> <td valign="top" style="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8px"><span> </span></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><span> </span></td> <td valign="top" style="BORDER-BOTTOM:1px solid #000000"> <p style="font-size:6px;margin-top:0px;margin-bottom:0px"> </p> <p style="margin-top:0px;margin-bottom:1px; margin-left:1.00em; text-indent:-1.00em"><span>•</span></p> </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><span> </span></td> <td valign="top" colspan="5" style="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:8px"> <p style="font-size:6px;margin-top:0px;margin-bottom:0px"> </p> <p style="margin-top:0px;margin-bottom:1px"><span>1-unit</span></p> </td> </tr> <tr> <td valign="top" rowspan="3" style="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; padding-left:8px"> <p style="font-size:6px;margin-top:0px;margin-bottom:0px"> </p> <p style="margin-top:0px;margin-bottom:1px"><span><b>Mortgage Products/Features (including Amortization Type and Term)</b></span></p> </td> <td valign="bottom"><span> </span></td> <td valign="top"> <p style="font-size:6px;margin-top:0px;margin-bottom:0px"> </p> <p style="margin-top:0px;margin-bottom:1px; margin-left:1.00em; text-indent:-1.00em"><span>•</span></p> </td> <td valign="bottom"><span> </span></td> <td valign="top" colspan="5" style="BORDER-RIGHT:1px solid #000000; padding-right:8px"> <p style="font-size:6px;margin-top:0px;margin-bottom:0px"> </p> <p style="margin-top:0px;margin-bottom:1px"><span><b>Fully-amortizing (FA) Mortgages:</b></span></p> </td> </tr> <tr> <td valign="bottom"><span> </span></td> <td valign="top"/> <td valign="bottom"><span> </span></td> <td valign="top"> <p style="font-size:6px;margin-top:0px;margin-bottom:0px"> </p> <p style="margin-top:0px;margin-bottom:1px; margin-left:1.00em; text-indent:-1.00em"><span>•</span></p> </td> <td valign="bottom"><span> </span></td> <td valign="top" colspan="3" style="BORDER-RIGHT:1px solid #000000; padding-right:8px"> <p style="font-size:6px;margin-top:0px;margin-bottom:0px"> </p> <p style="margin-top:0px;margin-bottom:1px"><span>FA-FRMs: Standard per Selling Guide, with terms up to 30 years.</span></p> </td> </tr> <tr> <td valign="bottom"><span> </span></td> <td valign="top"/> <td valign="bottom"><span> </span></td> <td valign="top"> <p style="font-size:6px;margin-top:0px;margin-bottom:0px"> </p> <p style="margin-top:0px;margin-bottom:1px; margin-left:1.00em; text-indent:-1.00em"><span>•</span></p> </td> <td valign="bottom"><span> </span></td> <td valign="top" colspan="3" style="BORDER-RIGHT:1px solid #000000; padding-right:8px"> <p style="font-size:6px;margin-top:0px;margin-bottom:0px"> </p> <p style="margin-top:0px;margin-bottom:1px"><span>FA-ARMs: Standard per Selling Guide, with terms up to 30 years.</span></p> </td> </tr> <tr> <td valign="top" style="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8px"><span> </span></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><span> </span></td> <td valign="top" style="BORDER-BOTTOM:1px solid #000000"><span> </span></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><span> </span></td> <td valign="top" style="BORDER-BOTTOM:1px solid #000000"><span> </span></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><span> </span></td> <td valign="top" style="BORDER-BOTTOM:1px solid #000000"> <p style="font-size:6px;margin-top:0px;margin-bottom:0px"> </p> <p style="margin-top:0px;margin-bottom:1px; margin-left:1.00em; text-indent:-1.00em"><span>•</span></p> </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><span>  </span></td> <td valign="bottom" style="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:8px"> <p style="font-size:6px;margin-top:0px;margin-bottom:0px"> </p> <p style="margin-top:0px;margin-bottom:1px"><span>See eligible FA-ARM plans in the “ARM Plan Numbers” section below.</span></p> </td> </tr> <tr> <td valign="top" style="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; padding-left:8px"> <p style="font-size:6px;margin-top:0px;margin-bottom:0px"> </p> <p style="margin-top:0px;margin-bottom:1px"><span><b>ARM Plan Numbers</b></span></p> </td> <td valign="bottom"><span> </span></td> <td valign="top"> <p style="font-size:6px;margin-top:0px;margin-bottom:0px"> </p> <p style="margin-top:0px;margin-bottom:1px; margin-left:1.00em; text-indent:-1.00em"><span>•</span></p> </td> <td valign="bottom"><span> </span></td> <td valign="top" colspan="5" style="BORDER-RIGHT:1px solid #000000; padding-right:8px"> <p style="font-size:6px;margin-top:0px;margin-bottom:0px"> </p> <p style="margin-top:0px;margin-bottom:1px"><span><b>30-Year FA-ARMs (fully amortizing):</b></span></p> </td> </tr> <tr> <td valign="top" style="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; padding-left:8px"><span> </span></td> <td valign="bottom"><span> </span></td> <td valign="top"/> <td valign="bottom"><span> </span></td> <td valign="top"> <p style="font-size:6px;margin-top:0px;margin-bottom:0px"> </p> <p style="margin-top:0px;margin-bottom:1px; margin-left:1.00em; text-indent:-1.00em"><span>•</span></p> </td> <td valign="bottom"><span> </span></td> <td valign="top" colspan="3" style="BORDER-RIGHT:1px solid #000000; padding-right:8px"> <p style="font-size:6px;margin-top:0px;margin-bottom:0px"> </p> <p style="margin-top:0px;margin-bottom:1px"><span>7/1 ARMs: Plans 750, 751</span></p> </td> </tr> <tr> <td valign="top" style="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8px"><span> </span></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><span> </span></td> <td valign="top" style="BORDER-BOTTOM:1px solid #000000"><span> </span></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><span> </span></td> <td valign="top" style="BORDER-BOTTOM:1px solid #000000"> <p style="font-size:6px;margin-top:0px;margin-bottom:0px"> </p> <p style="margin-top:0px;margin-bottom:1px; margin-left:1.00em; text-indent:-1.00em"><span>•</span></p> </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><span> </span></td> <td valign="top" colspan="3" style="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:8px"> <p style="font-size:6px;margin-top:0px;margin-bottom:0px"> </p> <p style="margin-top:0px;margin-bottom:1px"><span>10/1 ARMs: Plans 1423,1437</span></p> </td> </tr> <tr> <td valign="top" colspan="9" style="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8px; padding-right:8px"> <p style="font-size:12px;margin-top:0px;margin-bottom:0px"> </p> <p style="margin-top:0px;margin-bottom:0px"><span><b>UNDERWRITING/DOCUMENTATION</b></span></p> <p style="font-size:12px;margin-top:0px;margin-bottom:1px"><span> </span></p> </td> </tr> <tr> <td valign="top" style="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8px"> <p style="font-size:6px;margin-top:0px;margin-bottom:0px"> </p> <p style="margin-top:0px;margin-bottom:1px"><span><b>Required Underwriting Method</b></span></p> </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><span> </span></td> <td valign="top" colspan="7" style="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:8px"> <p style="font-size:6px;margin-top:0px;margin-bottom:0px"> </p> <p style="margin-top:0px;margin-bottom:1px"><span>Manual underwriting (see Conditions below)</span></p> </td> </tr> <tr> <td valign="top" style="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8px"> <p style="font-size:6px;margin-top:0px;margin-bottom:0px"> </p> <p style="margin-top:0px;margin-bottom:1px"><span><b>Manual Underwriting: Conditions</b></span></p> </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><span> </span></td> <td valign="top" colspan="7" style="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:8px"> <p style="font-size:6px;margin-top:0px;margin-bottom:0px"> </p> <p style="margin-top:0px;margin-bottom:1px"><span>Per Selling Guide, except as modified by this Variance.</span></p> </td> </tr> <tr> <td valign="top" style="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8px"> <p style="font-size:6px;margin-top:0px;margin-bottom:0px"> </p> <p style="margin-top:0px;margin-bottom:1px"><span><b>Total Debt-to-Income (“DTI”) Ratio(s)</b></span></p> </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><span> </span></td> <td valign="top" colspan="7" style="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:8px"> <p style="font-size:6px;margin-top:0px;margin-bottom:0px"> </p> <p style="margin-top:0px;margin-bottom:1px"><span>Maximum: 43% combined, for all borrowers.</span></p> </td> </tr> <tr> <td valign="top" style="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; padding-left:8px"> <p style="font-size:6px;margin-top:0px;margin-bottom:0px"> </p> <p style="margin-top:0px;margin-bottom:1px"><span><b>Non-Occupant Co-Borrower</b></span></p> </td> <td valign="bottom"><span> </span></td> <td valign="top"> <p style="font-size:6px;margin-top:0px;margin-bottom:0px"> </p> <p style="margin-top:0px;margin-bottom:1px; margin-left:1.00em; text-indent:-1.00em"><span>•</span></p> </td> <td valign="bottom"><span> </span></td> <td valign="top" colspan="5" style="BORDER-RIGHT:1px solid #000000; padding-right:8px"> <p style="font-size:6px;margin-top:0px;margin-bottom:0px"> </p> <p style="margin-top:0px;margin-bottom:1px"><span>Income allowed for qualification</span></p> </td> </tr> <tr> <td valign="top" style="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8px"><span> </span></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><span> </span></td> <td valign="top" style="BORDER-BOTTOM:1px solid #000000"> <p style="font-size:6px;margin-top:0px;margin-bottom:0px"> </p> <p style="margin-top:0px;margin-bottom:1px; margin-left:1.00em; text-indent:-1.00em"><span>•</span></p> </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><span> </span></td> <td valign="top" colspan="5" style="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:8px"> <p style="font-size:6px;margin-top:0px;margin-bottom:0px"> </p> <p style="margin-top:0px;margin-bottom:1px"><span>Must be a member of borrower’s immediate family.</span></p> </td> </tr> <tr> <td valign="top" colspan="9" style="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8px; padding-right:8px"> <p style="font-size:12px;margin-top:0px;margin-bottom:0px"> </p> <p style="margin-top:0px;margin-bottom:0px"><span><b>DELIVERY REQUIREMENTS</b></span></p> <p style="font-size:12px;margin-top:0px;margin-bottom:1px"><span> </span></p> </td> </tr> <tr> <td valign="top" style="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8px"> <p style="font-size:6px;margin-top:0px;margin-bottom:0px"> </p> <p style="margin-top:0px;margin-bottom:1px"><span><b>Combining with Other Variances</b></span></p> </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><span> </span></td> <td valign="top" colspan="7" style="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:8px"> <p style="font-size:6px;margin-top:0px;margin-bottom:0px"> </p> <p style="margin-top:0px;margin-bottom:1px"><span>Lender may combine Variance Mortgages with other variances as long as the most conservative underwriting and eligibility</span></p> </td> </tr> </table> <p style="margin-top:0px;margin-bottom:0px"><span> </span></p> <p style="margin-top:0px;margin-bottom:0px" align="center"><span>Master<br /> Agreement ML02783 </span></p> <p style="margin-top:0px;margin-bottom:0px" align="center"><span>VAR 2 – 1 </span></p> <p style="margin-top:0px;margin-bottom:0px" align="center"><span>Amendment 3 </span></p> <p style="margin-top:12px;margin-bottom:0px" align="right"><span>July 20, 2010 </span></p> <hr size="3" style="COLOR:#999999" width="100%" align="CENTER"/> <table cellspacing="0" cellpadding="0" width="100%" border="0" align="center"> <tr> <td width="25%"/> <td valign="bottom" width="2%"/> <td width="1%"/> <td valign="bottom" width="2%"/> <td width="1%"/> <td valign="bottom" width="2%"/> <td width="1%"/> <td valign="bottom" width="3%"/> <td width="63%"/></tr> <tr> <td valign="top" style="BORDER:1px solid #000000; padding-left:8px"><span> </span></td> <td valign="bottom" style="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><span> </span></td> <td valign="top" colspan="7" style="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:8px"><span>requirements apply.</span></td> </tr> </table> <p style="margin-top:0px;margin-bottom:0px"><span> </span></p> <p style="margin-top:0px;margin-bottom:0px" align="center"><span>Master<br /> Agreement ML02783 </span></p> <p style="margin-top:0px;margin-bottom:0px" align="center"><span>VAR 2 – 2 </span></p> <p style="margin-top:0px;margin-bottom:0px" align="center"><span>Amendment 3 </span></p> <p style="margin-top:12px;margin-bottom:0px" align="right"><span>July 20, 2010 </span></p> <hr size="3" style="COLOR:#999999" width="100%" align="CENTER"/> <table style="BORDER-COLLAPSE:COLLAPSE" border="0" cellpadding="0" cellspacing="0" width="100%"> <tr> <td width="9%" valign="top" align="left"><span><b>VAR 12</b></span></td> <td align="left" valign="top"><span><b>HomePath and HomePath Renovation Mortgages </b></span></td> </tr> </table> <p style="font-size:6px;margin-top:0px;margin-bottom:0px"> </p> <table cellspacing="0" cellpadding="0" width="100%" border="0" align="center"> <tr> <td width="22%"/> <td valign="bottom" width="2%"/> <td width="76%"/></tr> <tr> <td valign="top" style="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8px"> <p style="font-size:6px;margin-top:0px;margin-bottom:0px"> </p> <p style="margin-top:0px;margin-bottom:1px"><span><b>Title (Version):</b></span></p> </td> <td valign="bottom" style="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><span>  </span></td> <td valign="top" style="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:8px"> <p style="font-size:6px;margin-top:0px;margin-bottom:0px"> </p> <p style="margin-top:0px;margin-bottom:1px"><span>HomePath and HomePath Renovation Mortgages (02/2011)</span></p> </td> </tr> <tr> <td valign="top" style="BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8px"> <p style="font-size:6px;margin-top:0px;margin-bottom:0px"> </p> <p style="margin-top:0px;margin-bottom:1px"><span><b>Description:</b></span></p> </td> <td valign="bottom" style="BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><span>  </span></td> <td valign="top" style="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:8px"> <p style="font-size:6px;margin-top:0px;margin-bottom:0px"> </p> <p style="margin-top:0px;margin-bottom:0px"><span>Lender may sell Mortgages originated under Fannie Mae’s HomePath (“HomePath Mortgages”) and HomePath Initiative secured by properties that require moderate renovation (“HomePath<br /> Renovation Mortgages”). HomePath Renovation Mortgages are not <i>HomeStyle</i><span><sup style="vertical-align:baseline; position:relative; bottom:.8ex">®</sup></span> Renovation mortgages. The<br /> only <i>HomeStyle</i> Renovation requirements that apply to HomePath Renovation Mortgages are those relating to the actual renovation process, as described in the “<i>HomeStyle</i> Renovation Requirements: Limitation of Applicability”<br /> section below. All eligibility, underwriting, mortgage origination, delivery and pricing requirements applicable to HomePath and HomePath Renovation Mortgages are per this Variance.</span></p> <p style="font-size:6px;margin-top:0px;margin-bottom:0px"> </p> <p style="margin-top:0px;margin-bottom:1px"><span>HomePath and HomePath Renovation Mortgages are subject to the following terms and<br /> conditions:</span></p> </td> </tr> </table> <p style="font-size:18px;margin-top:0px;margin-bottom:0px"> </p> <table style="BORDER-COLLAPSE:COLLAPSE" border="0" cellpadding="0" cellspacing="0" width="100%"> <tr> <td width="9%" valign="top" align="left"><span><b>PART A.</b></span></td> <td align="left" valign="top"><span><b>HomePath Mortgages </b></span></td> </tr> </table> <p style="font-size:6px;margin-top:0px;margin-bottom:0px"> </p> <table cellspacing="0" cellpadding="0" width="100%" border="0" align="center"> <tr> <td width="25%"/> <td valign="bottom" width="2%"/> <td width="1%"/> <td valign="bottom" width="1%"/> <td width="1%"/> <td valign="bottom" width="1%"/> <td width="69%"/></tr> <tr> <td valign="top" colspan="7" style="BORDER:1px solid #000000; padding-left:8px; padding-right:8px"> <p style="font-size:12px;margin-top:0px;margin-bottom:0px"> </p> <p style="margin-top:0px;margin-bottom:0px"><span><b/><b>ELIGIBILITY REQUIREMENTS</b></span></p> <p style="font-size:12px;margin-top:0px;margin-bottom:1px"><span> </span></p> </td> </tr> <tr> <td valign="top" rowspan="2" style="BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8px"> <p style="font-size:6px;margin-top:0px;margin-bottom:0px"> </p> <p style="margin-top:0px;margin-bottom:1px"><span><b>Eligibility: General</b></span></p> </td> <td valign="bottom" style="BORDER-LEFT:1px solid #000000"><span>  </span></td> <td valign="top"> <p style="font-size:6px;margin-top:0px;margin-bottom:0px"> </p> <p style="margin-top:0px;margin-bottom:1px"><span>•<b/></span></p> </td> <td valign="bottom"><span>  </span></td> <td valign="top" colspan="3" style="BORDER-RIGHT:1px solid #000000; padding-right:8px"> <p style="font-size:6px;margin-top:0px;margin-bottom:0px"> </p> <p style="margin-top:0px;margin-bottom:1px"><span>Mortgages must meet the following eligibility requirements:</span></p> </td> </tr> <tr> <td valign="bottom" style="BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><span>  </span></td> <td valign="top" style="BORDER-BOTTOM:1px solid #000000"><span> </span></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><span>  </span></td> <td valign="top" style="BORDER-BOTTOM:1px solid #000000"> <p style="font-size:6px;margin-top:0px;margin-bottom:0px"> </p> <p style="margin-top:0px;margin-bottom:1px"><span>•</span></p> </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><span> </span></td> <td valign="top" style="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:8px"> <p style="font-size:6px;margin-top:0px;margin-bottom:0px"> </p> <p style="margin-top:0px;margin-bottom:1px"><span>Standard per Desktop Underwriter (“DU”) except as provided below.</span></p> </td> </tr> <tr> <td valign="top" rowspan="8" style="BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8px"> <p style="font-size:6px;margin-top:0px;margin-bottom:0px"> </p> <p style="margin-top:0px;margin-bottom:0px"><span><b>Maximum</b></span></p> <p style="margin-top:0px;margin-bottom:1px"><span><b>LTV/CLTV/HCLTV (%)</b></span></p> </td> <td valign="bottom" style="BORDER-LEFT:1px solid #000000"><span>  </span></td> <td valign="top"> <p style="font-size:6px;margin-top:0px;margin-bottom:0px"> </p> <p style="margin-top:0px;margin-bottom:1px"><span>•</span></p> </td> <td valign="bottom"><span>  </span></td> <td valign="top" colspan="3" style="BORDER-RIGHT:1px solid #000000; padding-right:8px"> <p style="font-size:6px;margin-top:0px;margin-bottom:0px"> </p> <p style="margin-top:0px;margin-bottom:1px"><span>Maximum LTV/CLTV/HCLTV for Mortgages with interest-only features (“IO”) is per Selling Guide.</span></p> </td> </tr> <tr> <td valign="bottom" style="BORDER-LEFT:1px solid #000000"><span>  </span></td> <td valign="top"> <p style="font-size:6px;margin-top:0px;margin-bottom:0px"> </p> <p style="margin-top:0px;margin-bottom:1px"><span>•</span></p> </td> <td valign="bottom"><span>  </span></td> <td valign="top" colspan="3" style="BORDER-RIGHT:1px solid #000000; padding-right:8px"> <p style="font-size:6px;margin-top:0px;margin-bottom:0px"> </p> <p style="margin-top:0px;margin-bottom:1px"><span>Maximum LTV/CLTV/HCLTV for fully amortizing Mortgages (“non-IO”) is per Selling Guide, except as follows:</span></p> </td> </tr> <tr> <td valign="bottom" style="BORDER-LEFT:1px solid #000000"><span>  </span></td> <td valign="top"/> <td valign="bottom"><span>  </span></td> <td valign="top"> <p style="font-size:6px;margin-top:0px;margin-bottom:0px"> </p> <p style="margin-top:0px;margin-bottom:1px"><span>•</span></p> </td> <td valign="bottom"><span> </span></td> <td valign="top" style="BORDER-RIGHT:1px solid #000000; padding-right:8px"> <p style="font-size:6px;margin-top:0px;margin-bottom:0px"> </p> <p style="margin-top:0px;margin-bottom:1px"><span>90/90/90<br /> for 1-unit investment properties.</span></p> </td> </tr> <tr> <td valign="bottom" style="BORDER-LEFT:1px solid #000000"><span>  </span></td> <td valign="top"/> <td valign="bottom"><span>  </span></td> <td valign="top"> <p style="font-size:6px;margin-top:0px;margin-bottom:0px"> </p> <p style="margin-top:0px;margin-bottom:1px"><span>•</span></p> </td> <td valign="bottom"><span> </span></td> <td valign="top" style="BORDER-RIGHT:1px solid #000000; padding-right:8px"> <p style="font-size:6px;margin-top:0px;margin-bottom:0px"> </p> <p style="margin-top:0px;margin-bottom:1px"><span>80/80/80<br /> for 2-unit investment properties.</span></p> </td> </tr> <tr> <td valign="bottom" style="BORDER-LEFT:1px solid #000000"><span>  </span></td> <td valign="top"/> <td valign="bottom"><span>  </span></td> <td valign="top"> <p style="font-size:6px;margin-top:0px;margin-bottom:0px"> </p> <p style="margin-top:0px;margin-bottom:1px"><span>•</span></p> </td> <td valign="bottom"><span> </span></td> <td valign="top" style="BORDER-RIGHT:1px solid #000000; padding-right:8px"> <p style="font-size:6px;margin-top:0px;margin-bottom:0px"> </p> <p style="margin-top:0px;margin-bottom:1px"><span>75/75/75<br /> for 2-4 unit investment properties where the borrower owns 5-10 financed properties as described in the “Eligibility Matrix” on the efanniemae.com website.</span></p> </td> </tr> <tr> <td valign="bottom" style="BORDER-LEFT:1px solid #000000"><span>  </span></td> <td valign="top" colspan="5" style="BORDER-RIGHT:1px solid #000000; padding-right:8px"> <p style="font-size:6px;margin-top:0px;margin-bottom:0px"> </p> <p style="margin-top:0px;margin-bottom:1px"><span>* Max CLTV is 105% if the mortgage is part of a Community Seconds transaction.</span></p> </td> </tr> <tr> <td valign="bottom" style="BORDER-LEFT:1px solid #000000"><span>  </span></td> <td valign="top"> <p style="font-size:6px;margin-top:0px;margin-bottom:0px"> </p> <p style="margin-top:0px;margin-bottom:1px"><span>•</span></p> </td> <td valign="bottom"><span>  </span></td> <td valign="top" colspan="3" style="BORDER-RIGHT:1px solid #000000; padding-right:8px"> <p style="font-size:6px;margin-top:0px;margin-bottom:0px"> </p> <p style="margin-top:0px;margin-bottom:1px"><span>All high balance Mortgages (including 1-4 unit investment properties) are subject to minimum credit score and maximum LTV/CLTV/HCLTV requirements per<br /> Selling Guide.</span></p> </td> </tr> <tr> <td valign="bottom" style="BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><span>  </span></td> <td valign="top" style="BORDER-BOTTOM:1px solid #000000"> <p style="font-size:6px;margin-top:0px;margin-bottom:0px"> </p> <p style="margin-top:0px;margin-bottom:1px"><span><b/>•</span></p> </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><span>  </span></td> <td valign="top" colspan="3" style="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:8px"> <p style="font-size:6px;margin-top:0px;margin-bottom:0px"> </p> <p style="margin-top:0px;margin-bottom:1px"><span>MCM mortgages are not eligible.</span></p> </td> </tr> <tr> <td valign="top" style="BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8px"> <p style="font-size:6px;margin-top:0px;margin-bottom:0px"> </p> <p style="margin-top:0px;margin-bottom:1px"><span><b>Loan Purpose</b></span></p> </td> <td valign="bottom" style="BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><span>  </span></td> <td valign="top" colspan="5" style="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:8px"> <p style="font-size:6px;margin-top:0px;margin-bottom:0px"> </p> <p style="margin-top:0px;margin-bottom:1px"><span><b/>Purchase only.</span></p> </td> </tr> <tr> <td valign="top" style="BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8px"> <p style="font-size:6px;margin-top:0px;margin-bottom:0px"> </p> <p style="margin-top:0px;margin-bottom:0px"><span><b>Mortgage</b></span></p> <p style="margin-top:0px;margin-bottom:0px"><span><b>Products/Features</b></span></p> <p style="margin-top:0px;margin-bottom:1px"><span><b>(including Amortization</b></span></p> </td> <td valign="bottom" style="BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><span>  </span></td> <td valign="top" style="BORDER-BOTTOM:1px solid #000000"> <p style="font-size:6px;margin-top:0px;margin-bottom:0px"> </p> <p style="margin-top:0px;margin-bottom:1px"><span><b/>•</span></p> </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><span>  </span></td> <td valign="top" colspan="3" style="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:8px"> <p style="font-size:6px;margin-top:0px;margin-bottom:0px"> </p> <p style="margin-top:0px;margin-bottom:1px"><span>All standard FRM and ARM products per Selling Guide are eligible.</span></p> </td> </tr> </table> <p style="margin-top:0px;margin-bottom:0px"><span> </span></p> <p style="margin-top:0px;margin-bottom:0px" align="center"><span>Master<br /> Agreement ML02783 </span></p> <p style="margin-top:0px;margin-bottom:0px" align="center"><span>VAR 12 – 1 </span></p> <p style="margin-top:0px;margin-bottom:0px" align="center"><span>Amendment 9 </span></p> <p style="margin-top:12px;margin-bottom:0px" align="right"><span>March 15, 2011 </span></p> <hr size="3" style="COLOR:#999999" width="100%" align="CENTER"/> <table cellspacing="0" cellpadding="0" width="100%" border="0" align="center"> <tr> <td width="25%"/> <td valign="bottom" width="2%"/> <td width="1%"/> <td valign="bottom" width="2%"/> <td width="1%"/> <td valign="bottom" width="2%"/> <td width="67%"/></tr> <tr> <td valign="top" style="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; padding-left:8px"> <p style="font-size:6px;margin-top:0px;margin-bottom:0px"> </p> <p style="margin-top:0px;margin-bottom:1px"><span><b>Type and Term)</b></span></p> </td> <td valign="bottom" style="BORDER-TOP:1px solid #000000"><span> </span></td> <td valign="top" style="BORDER-TOP:1px solid #000000"> <p style="font-size:6px;margin-top:0px;margin-bottom:0px"> </p> <p style="margin-top:0px;margin-bottom:1px"><span>•</span></p> </td> <td valign="bottom" style="BORDER-TOP:1px solid #000000"><span> </span></td> <td valign="top" colspan="3" style="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; padding-right:8px"> <p style="font-size:6px;margin-top:0px;margin-bottom:0px"> </p> <p style="margin-top:0px;margin-bottom:1px"><span>Unless otherwise provided in this Variance, products must meet the standard eligibility requirements for the specific mortgage type, property type or feature per Selling Guide, for example: </span><span><sup style="vertical-align:baseline; position:relative; bottom:.8ex"/></span><span/></p> </td> </tr> <tr> <td valign="top" style="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; padding-left:8px"><span> </span></td> <td valign="bottom"><span> </span></td> <td valign="top"/> <td valign="bottom"><span> </span></td> <td valign="top"> <p style="font-size:6px;margin-top:0px;margin-bottom:0px"> </p> <p style="margin-top:0px;margin-bottom:1px"><span>•</span></p> </td> <td valign="bottom"><span> </span></td> <td valign="top" style="BORDER-RIGHT:1px solid #000000; padding-right:8px"> <p style="font-size:6px;margin-top:0px;margin-bottom:0px"> </p> <p style="margin-top:0px;margin-bottom:1px"><span>IO<br /> features</span></p> </td> </tr> <tr> <td valign="top" style="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; padding-left:8px"><span> </span></td> <td valign="bottom"><span> </span></td> <td valign="top"/> <td valign="bottom"><span> </span></td> <td valign="top"> <p style="font-size:6px;margin-top:0px;margin-bottom:0px"> </p> <p style="margin-top:0px;margin-bottom:1px"><span>•</span></p> </td> <td valign="bottom"><span> </span></td> <td valign="top" style="BORDER-RIGHT:1px solid #000000; padding-right:8px"> <p style="font-size:6px;margin-top:0px;margin-bottom:0px"> </p> <p style="margin-top:0px;margin-bottom:1px"><span>Cooperative share loans</span></p> </td> </tr> <tr> <td valign="top" style="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; padding-left:8px"><span> </span></td> <td valign="bottom"><span> </span></td> <td valign="top"/> <td valign="bottom"><span> </span></td> <td valign="top"> <p style="font-size:6px;margin-top:0px;margin-bottom:0px"> </p> <p style="margin-top:0px;margin-bottom:1px"><span>•</span></p> </td> <td valign="bottom"><span> </span></td> <td valign="top" style="BORDER-RIGHT:1px solid #000000; padding-right:8px"> <p style="font-size:6px;margin-top:0px;margin-bottom:0px"> </p> <p style="margin-top:0px;margin-bottom:1px"><span>Manufactured housing</span></p> </td> </tr> <tr> <td valign="top" style="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; padding-left:8px"><span> </span></td> <td valign="bottom"><span> </span></td> <td valign="top"/> <td valign="bottom"><span> </span></td> <td valign="top"> <p style="font-size:6px;margin-top:0px;margin-bottom:0px"> </p> <p style="margin-top:0px;margin-bottom:1px"><span>•</span></p> </td> <td valign="bottom"><span> </span></td> <td valign="top" style="BORDER-RIGHT:1px solid #000000; padding-right:8px"> <p style="font-size:6px;margin-top:0px;margin-bottom:0px"> </p> <p style="margin-top:0px;margin-bottom:1px"><span>High-balance Mortgages</span></p> </td> </tr> <tr> <td valign="top" style="BORDER:1px solid #000000; padding-left:8px"> <p style="font-size:6px;margin-top:0px;margin-bottom:0px"> </p> <p style="margin-top:0px;margin-bottom:1px"><span><b>Eligible ARM<br /> Plan Numbers</b></span></p> </td> <td valign="bottom" style="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><span> </span></td> <td valign="top" colspan="5" style="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:8px"> <p style="font-size:6px;margin-top:0px;margin-bottom:0px"> </p> <p style="margin-top:0px;margin-bottom:1px"><span>Per Selling Guide, as applicable to the standard eligibility requirements for the specific mortgage type.</span></p> </td> </tr> <tr> <td valign="top" style="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; padding-left:8px"> <p style="font-size:6px;margin-top:0px;margin-bottom:0px"> </p> <p style="margin-top:0px;margin-bottom:1px"><span><b>Minimum FICO</b></span></p> </td> <td valign="bottom"><span> </span></td> <td valign="top"> <p style="font-size:6px;margin-top:0px;margin-bottom:0px"> </p> <p style="margin-top:0px;margin-bottom:1px"><span>•</span></p> </td> <td valign="bottom"><span> </span></td> <td valign="top" colspan="3" style="BORDER-RIGHT:1px solid #000000; padding-right:8px"> <p style="font-size:6px;margin-top:0px;margin-bottom:0px"> </p> <p style="margin-top:0px;margin-bottom:1px"><span>Per Selling Guide, except as follows:</span></p> </td> </tr> <tr> <td valign="top" style="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; padding-left:8px"><span> </span></td> <td valign="bottom"><span> </span></td> <td valign="top"/> <td valign="bottom"><span> </span></td> <td valign="top"> <p style="font-size:6px;margin-top:0px;margin-bottom:0px"> </p> <p style="margin-top:0px;margin-bottom:1px"><span>•</span></p> </td> <td valign="bottom"><span> </span></td> <td valign="top" style="BORDER-RIGHT:1px solid #000000; padding-right:8px"> <p style="font-size:6px;margin-top:0px;margin-bottom:0px"> </p> <p style="margin-top:0px;margin-bottom:1px"><span/><span><sup style="vertical-align:baseline; position:relative; bottom:.8ex"/></span><span>660 for non-IO Mortgages with LTVs over 80% (except for high-balance<br /> Mortgages); and </span><span><sup style="vertical-align:baseline; position:relative; bottom:.8ex"/></span><span/></p> </td> </tr> <tr> <td valign="top" style="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; padding-left:8px"><span> </span></td> <td valign="bottom"><span> </span></td> <td valign="top"/> <td valign="bottom"><span> </span></td> <td valign="top"> <p style="font-size:6px;margin-top:0px;margin-bottom:0px"> </p> <p style="margin-top:0px;margin-bottom:1px"><span>•</span></p> </td> <td valign="bottom"><span> </span></td> <td valign="top" style="BORDER-RIGHT:1px solid #000000; padding-right:8px"> <p style="font-size:6px;margin-top:0px;margin-bottom:0px"> </p> <p style="margin-top:0px;margin-bottom:1px"><span>720 for<br /> all IO Mortgages.</span></p> </td> </tr> <tr> <td valign="top" style="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8px"><span> </span></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><span> </span></td> <td valign="top" style="BORDER-BOTTOM:1px solid #000000"> <p style="font-size:6px;margin-top:0px;margin-bottom:0px"> </p> <p style="margin-top:0px;margin-bottom:1px"><span>•</span></p> </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><span> </span></td> <td valign="top" colspan="3" style="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:8px"> <p style="font-size:6px;margin-top:0px;margin-bottom:0px"> </p> <p style="margin-top:0px;margin-bottom:1px"><span>Per Selling Guide for high-balance Mortgages</span></p> </td> </tr> <tr> <td valign="top" style="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; padding-left:8px"> <p style="font-size:6px;margin-top:0px;margin-bottom:0px"> </p> <p style="margin-top:0px;margin-bottom:1px"><span><b>Mortgaged Property</b></span></p> </td> <td valign="bottom"><span> </span></td> <td valign="top"> <p style="font-size:6px;margin-top:0px;margin-bottom:0px"> </p> <p style="margin-top:0px;margin-bottom:1px"><span>•</span></p> </td> <td valign="bottom"><span> </span></td> <td valign="top" colspan="3" style="BORDER-RIGHT:1px solid #000000; padding-right:8px"> <p style="font-size:6px;margin-top:0px;margin-bottom:0px"> </p> <p style="margin-top:0px;margin-bottom:1px"><span>Mortgages must be secured by properties that are acquired from Fannie Mae and designated by Fannie Mae on the <u>www.homepath.com</u> website as eligible<br /> for HomePath financing.</span></p> </td> </tr> <tr> <td valign="top" style="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8px"><span> </span></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><span> </span></td> <td valign="top" style="BORDER-BOTTOM:1px solid #000000"> <p style="font-size:6px;margin-top:0px;margin-bottom:0px"> </p> <p style="margin-top:0px;margin-bottom:1px"><span>•</span></p> </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><span> </span></td> <td valign="top" colspan="3" style="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:8px"> <p style="font-size:6px;margin-top:0px;margin-bottom:0px"> </p> <p style="margin-top:0px;margin-bottom:1px"><span>Lender must document the file with appropriate pages printed from <u>www.homepath.com</u> showing that the property was eligible for HomePath financing.</span></p> </td> </tr> <tr> <td valign="top" style="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8px"> <p style="font-size:6px;margin-top:0px;margin-bottom:0px"> </p> <p style="margin-top:0px;margin-bottom:1px"><span><b>Subordinate Financing</b></span></p> </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><span> </span></td> <td valign="top" colspan="5" style="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:8px"> <p style="font-size:6px;margin-top:0px;margin-bottom:0px"> </p> <p style="margin-top:0px;margin-bottom:1px"><span>Permitted per Selling Guide.</span></p> </td> </tr> <tr> <td valign="top" colspan="7" style="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8px; padding-right:8px"> <p style="font-size:12px;margin-top:0px;margin-bottom:0px"> </p> <p style="margin-top:0px;margin-bottom:0px"><span><b>UNDERWRITING/DOCUMENTATION</b></span></p> <p style="font-size:12px;margin-top:0px;margin-bottom:1px"><span> </span></p> </td> </tr> <tr> <td valign="top" style="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8px"> <p style="font-size:6px;margin-top:0px;margin-bottom:0px"> </p> <p style="margin-top:0px;margin-bottom:1px"><span><b>Required Underwriting Method</b></span></p> </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><span> </span></td> <td valign="top" colspan="5" style="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:8px"> <p style="font-size:6px;margin-top:0px;margin-bottom:0px"> </p> <p style="margin-top:0px;margin-bottom:1px"><span>DU. See additional provisions in the “Desktop Underwriter” section below.</span></p> </td> </tr> <tr> <td valign="top" rowspan="3" style="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8px"> <p style="font-size:6px;margin-top:0px;margin-bottom:0px"> </p> <p style="margin-top:0px;margin-bottom:1px"><span><b>Interested Party Contributions (“IPC”)</b></span></p> </td> <td valign="bottom"><span> </span></td> <td valign="top"> <p style="font-size:6px;margin-top:0px;margin-bottom:0px"> </p> <p style="margin-top:0px;margin-bottom:1px"><span>•</span></p> </td> <td valign="bottom"><span> </span></td> <td valign="top" colspan="3" style="BORDER-RIGHT:1px solid #000000; padding-right:8px"> <p style="font-size:6px;margin-top:0px;margin-bottom:0px"> </p> <p style="margin-top:0px;margin-bottom:1px"><span>Maximum IPC:</span></p> </td> </tr> <tr> <td valign="bottom"><span> </span></td> <td valign="top"/> <td valign="bottom"><span> </span></td> <td valign="top"> <p style="font-size:6px;margin-top:0px;margin-bottom:0px"> </p> <p style="margin-top:0px;margin-bottom:1px"><span>•</span></p> </td> <td valign="bottom"><span> </span></td> <td valign="top" style="BORDER-RIGHT:1px solid #000000; padding-right:8px"> <p style="font-size:6px;margin-top:0px;margin-bottom:0px"> </p> <p style="margin-top:0px;margin-bottom:1px"><span>Notwithstanding the Selling Guide requirements, for principal residences with LTVs (or CLTVs if applicable) greater than 90%: 6.00% of the Contract Sales<br /> Price (see “Determination of Property Value” section below). </span><span><sup style="vertical-align:baseline; position:relative; bottom:.8ex"/></span><span/></p> </td> </tr> <tr> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><span> </span></td> <td valign="top" style="BORDER-BOTTOM:1px solid #000000"><span> </span></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><span> </span></td> <td valign="top" style="BORDER-BOTTOM:1px solid #000000"> <p style="font-size:6px;margin-top:0px;margin-bottom:0px"> </p> <p style="margin-top:0px;margin-bottom:1px"><span>•</span></p> </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><span> </span></td> <td valign="top" style="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:8px"> <p style="font-size:6px;margin-top:0px;margin-bottom:0px"> </p> <p style="margin-top:0px;margin-bottom:1px"><span>Investment properties and second homes: standard per Selling Guide.</span></p> </td> </tr> <tr> <td valign="top" colspan="7" style="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8px; padding-right:8px"> <p style="font-size:12px;margin-top:0px;margin-bottom:0px"> </p> <p style="margin-top:0px;margin-bottom:0px"><span><b>PROPERTY VALUATION/APPRAISAL REQUIREMENTS</b></span></p> <p style="font-size:12px;margin-top:0px;margin-bottom:1px"><span> </span></p> </td> </tr> <tr> <td valign="top" style="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; padding-left:8px"> <p style="font-size:6px;margin-top:0px;margin-bottom:0px"> </p> <p style="margin-top:0px;margin-bottom:1px"><span><b>Required Appraisal Type</b></span></p> </td> <td valign="bottom"><span> </span></td> <td valign="top"> <p style="font-size:6px;margin-top:0px;margin-bottom:0px"> </p> <p style="margin-top:0px;margin-bottom:1px"><span>•</span></p> </td> <td valign="bottom"><span> </span></td> <td valign="top" colspan="3" style="BORDER-RIGHT:1px solid #000000; padding-right:8px"> <p style="font-size:6px;margin-top:0px;margin-bottom:0px"> </p> <p style="margin-top:0px;margin-bottom:1px"><span>No appraisal is required. If an appraisal is obtained by Lender or any party other than the borrower, as expressly provided below, then the mortgage is<br /> ineligible for HomePath financing.</span></p> </td> </tr> <tr> <td valign="top" style="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8px"><span> </span></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><span> </span></td> <td valign="top" style="BORDER-BOTTOM:1px solid #000000"> <p style="font-size:6px;margin-top:0px;margin-bottom:0px"> </p> <p style="margin-top:0px;margin-bottom:1px"><span>•</span></p> </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><span> </span></td> <td valign="top" colspan="3" style="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:8px"> <p style="font-size:6px;margin-top:0px;margin-bottom:0px"> </p> <p style="margin-top:0px;margin-bottom:1px"><span>Notwithstanding the Selling Guide, Lender is not required to represent and warrant the value or the condition of the property.</span></p> </td> </tr> </table> <p style="margin-top:0px;margin-bottom:0px"><span> </span></p> <p style="margin-top:0px;margin-bottom:0px" align="center"><span>Master<br /> Agreement ML02783 </span></p> <p style="margin-top:0px;margin-bottom:0px" align="center"><span>VAR 12 – 2 </span></p> <p style="margin-top:0px;margin-bottom:0px" align="center"><span>Amendment 9 </span></p> <p style="margin-top:12px;margin-bottom:0px" align="right"><span>March 15, 2011 </span></p> <hr size="3" style="COLOR:#999999" width="100%" align="CENTER"/> <table cellspacing="0" cellpadding="0" width="100%" border="0" align="center"> <tr> <td width="25%"/> <td valign="bottom" width="1%"/> <td width="3%"/> <td valign="bottom" width="1%"/> <td width="1%"/> <td valign="bottom" width="2%"/> <td width="67%"/></tr> <tr> <td valign="top" style="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; padding-left:8px"><span> </span></td> <td valign="bottom" style="BORDER-TOP:1px solid #000000"><span> </span></td> <td valign="top" style="BORDER-TOP:1px solid #000000"> <p style="font-size:6px;margin-top:0px;margin-bottom:0px"> </p> <p style="margin-top:0px;margin-bottom:1px"><span>•</span></p> </td> <td valign="bottom" style="BORDER-TOP:1px solid #000000"><span> </span></td> <td valign="top" colspan="3" style="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; padding-right:8px"> <p style="font-size:6px;margin-top:0px;margin-bottom:0px"> </p> <p style="margin-top:0px;margin-bottom:1px"><span>If the borrower, at its option, chooses to obtain an appraisal, then:<br /> </span><span><sup style="vertical-align:baseline; position:relative; bottom:.8ex"/></span><span/><span><sup style="vertical-align:baseline; position:relative; bottom:.8ex"/></span><span/></p> </td> </tr> <tr> <td valign="top" style="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; padding-left:8px"><span> </span></td> <td valign="bottom"><span> </span></td> <td valign="top"/> <td valign="bottom"><span> </span></td> <td valign="top"> <p style="font-size:6px;margin-top:0px;margin-bottom:0px"> </p> <p style="margin-top:0px;margin-bottom:1px"><span>•</span></p> </td> <td valign="bottom"><span>  </span></td> <td valign="top" style="BORDER-RIGHT:1px solid #000000; padding-right:8px"> <p style="font-size:6px;margin-top:0px;margin-bottom:0px"> </p> <p style="margin-top:0px;margin-bottom:1px"><span>The<br /> borrower must order the appraisal from an appraiser selected by the borrower (and not one recommended by Lender), and the appraisal must be paid for by the borrower outside of the loan transaction.</span></p> </td> </tr> <tr> <td valign="top" style="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; padding-left:8px"><span> </span></td> <td valign="bottom"><span> </span></td> <td valign="top"/> <td valign="bottom"><span> </span></td> <td valign="top"> <p style="font-size:6px;margin-top:0px;margin-bottom:0px"> </p> <p style="margin-top:0px;margin-bottom:1px"><span>•</span></p> </td> <td valign="bottom"><span>  </span></td> <td valign="top" style="BORDER-RIGHT:1px solid #000000; padding-right:8px"> <p style="font-size:6px;margin-top:0px;margin-bottom:0px"> </p> <p style="margin-top:0px;margin-bottom:1px"><span>Lender<br /> must not request a copy of the appraisal, but if one is provided by the borrower then it must be included in the loan file with a note that the appraisal was ordered by the borrower outside of the loan transaction and was not reviewed or approved by<br /> Lender.</span></p> </td> </tr> <tr> <td valign="top" style="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; padding-left:8px"><span> </span></td> <td valign="bottom"><span> </span></td> <td valign="top"/> <td valign="bottom"><span> </span></td> <td valign="top"> <p style="font-size:6px;margin-top:0px;margin-bottom:0px"> </p> <p style="margin-top:0px;margin-bottom:1px"><span>•</span></p> </td> <td valign="bottom"><span>  </span></td> <td valign="top" style="BORDER-RIGHT:1px solid #000000; padding-right:8px"> <p style="font-size:6px;margin-top:0px;margin-bottom:0px"> </p> <p style="margin-top:0px;margin-bottom:1px"><span>The<br /> property value shown on the appraisal will not impact the LTV calculation for purposes of this Variance.</span></p> </td> </tr> <tr> <td valign="top" style="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8px"><span> </span></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><span> </span></td> <td valign="top" style="BORDER-BOTTOM:1px solid #000000"><span> </span></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><span> </span></td> <td valign="top" style="BORDER-BOTTOM:1px solid #000000"> <p style="font-size:6px;margin-top:0px;margin-bottom:0px"> </p> <p style="margin-top:0px;margin-bottom:1px"><span>•</span></p> </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><span>  </span></td> <td valign="top" style="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:8px"> <p style="font-size:6px;margin-top:0px;margin-bottom:0px"> </p> <p style="margin-top:0px;margin-bottom:1px"><span>Lender must inform the borrower that the purpose of the borrower-ordered appraisal and its contents are for the use and information of the borrower only, and will not be considered for purposes of the<br /> loan transaction.</span></p> </td> </tr> <tr> <td valign="top" style="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8px"> <p style="font-size:6px;margin-top:0px;margin-bottom:0px"> </p> <p style="margin-top:0px;margin-bottom:1px"><span><b>Determination of Property Value</b></span></p> </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><span> </span></td> <td valign="top" colspan="5" style="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:8px"> <p style="font-size:6px;margin-top:0px;margin-bottom:0px"> </p> <p style="margin-top:0px;margin-bottom:1px"><span>Property value for purposes of loan delivery and for determining LTV/CLTV/HCLTV is the sales price of the property as evidenced by the sales contract between Fannie Mae and the buyer/borrower<br /> (“Contract Sales Price”).</span></p> </td> </tr> <tr> <td valign="top" colspan="7" style="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8px; padding-right:8px"> <p style="font-size:12px;margin-top:0px;margin-bottom:0px"> </p> <p style="margin-top:0px;margin-bottom:0px"><span><b>MORTGAGE INSURANCE/CREDIT ENHANCEMENT</b></span></p> <p style="font-size:12px;margin-top:0px;margin-bottom:1px"><span> </span></p> </td> </tr> <tr> <td valign="top" style="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8px"> <p style="font-size:6px;margin-top:0px;margin-bottom:0px"> </p> <p style="margin-top:0px;margin-bottom:1px"><span><b>Mortgage Insurance Coverage (“MI”)</b></span></p> </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><span> </span></td> <td valign="top" colspan="5" style="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:8px"> <p style="font-size:6px;margin-top:0px;margin-bottom:0px"> </p> <p style="margin-top:0px;margin-bottom:1px"><span>MI is not required, provided that at delivery Mortgages with LTVs over 80% will be subject to the applicable LLPAs per <u>Attachment 1</u>.</span></p> </td> </tr> <tr> <td valign="top" colspan="7" style="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8px; padding-right:8px"> <p style="font-size:12px;margin-top:0px;margin-bottom:0px"> </p> <p style="margin-top:0px;margin-bottom:0px"><span><b>DESKTOP UNDERWRITER</b></span></p> <p style="font-size:12px;margin-top:0px;margin-bottom:1px"><span> </span></p> </td> </tr> <tr> <td valign="top" rowspan="6" style="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8px"> <p style="font-size:6px;margin-top:0px;margin-bottom:0px"> </p> <p style="margin-top:0px;margin-bottom:1px"><span><b>Required Recommendation Levels</b></span></p> </td> <td valign="bottom"><span> </span></td> <td valign="top"> <p style="font-size:6px;margin-top:0px;margin-bottom:0px"> </p> <p style="margin-top:0px;margin-bottom:1px"><span>•</span></p> </td> <td valign="bottom"><span> </span></td> <td valign="top" colspan="3" style="BORDER-RIGHT:1px solid #000000; padding-right:8px"> <p style="font-size:6px;margin-top:0px;margin-bottom:0px"> </p> <p style="margin-top:0px;margin-bottom:1px"><span>Any of the<br /> following:</span><span><sup style="vertical-align:baseline; position:relative; bottom:.8ex"/></span><span/></p> </td> </tr> <tr> <td valign="bottom"><span> </span></td> <td valign="top"/> <td valign="bottom"><span> </span></td> <td valign="top"> <p style="font-size:6px;margin-top:0px;margin-bottom:0px"> </p> <p style="margin-top:0px;margin-bottom:1px"><span>•</span></p> </td> <td valign="bottom"><span>  </span></td> <td valign="top" style="BORDER-RIGHT:1px solid #000000; padding-right:8px"> <p style="font-size:6px;margin-top:0px;margin-bottom:0px"> </p> <p style="margin-top:0px;margin-bottom:1px"><span>Approve</span></p> </td> </tr> <tr> <td valign="bottom"><span> </span></td> <td valign="top"/> <td valign="bottom"><span> </span></td> <td valign="top"> <p style="font-size:6px;margin-top:0px;margin-bottom:0px"> </p> <p style="margin-top:0px;margin-bottom:1px"><span>•</span></p> </td> <td valign="bottom"><span>  </span></td> <td valign="top" style="BORDER-RIGHT:1px solid #000000; padding-right:8px"> <p style="font-size:6px;margin-top:0px;margin-bottom:0px"> </p> <p style="margin-top:0px;margin-bottom:1px"><span>EA-I</span></p> </td> </tr> <tr> <td valign="bottom"><span> </span></td> <td valign="top"> <p style="font-size:6px;margin-top:0px;margin-bottom:0px"> </p> <p style="margin-top:0px;margin-bottom:1px"><span>•</span></p> </td> <td valign="bottom"><span> </span></td> <td valign="top" colspan="3" style="BORDER-RIGHT:1px solid #000000; padding-right:8px"> <p style="font-size:6px;margin-top:0px;margin-bottom:0px"> </p> <p style="margin-top:0px;margin-bottom:1px"><span>Requires an “Eligible” recommendation. “Ineligible” recommendations are permitted if only reason for ineligibility<br /> is:</span></p> </td> </tr> <tr> <td valign="bottom"><span> </span></td> <td valign="top"/> <td valign="bottom"><span> </span></td> <td valign="top"> <p style="font-size:6px;margin-top:0px;margin-bottom:0px"> </p> <p style="margin-top:0px;margin-bottom:1px"><span>•</span></p> </td> <td valign="bottom"><span>  </span></td> <td valign="top" style="BORDER-RIGHT:1px solid #000000; padding-right:8px"> <p style="font-size:6px;margin-top:0px;margin-bottom:0px"> </p> <p style="margin-top:0px;margin-bottom:1px"><span>LTV<br /> greater than 85% for non-IO Mortgages secured by 1- unit investment properties; or</span></p> </td> </tr> <tr> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><span> </span></td> <td valign="top" style="BORDER-BOTTOM:1px solid #000000"><span> </span></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><span> </span></td> <td valign="top" style="BORDER-BOTTOM:1px solid #000000"> <p style="font-size:6px;margin-top:0px;margin-bottom:0px"> </p> <p style="margin-top:0px;margin-bottom:1px"><span>•</span></p> </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><span>  </span></td> <td valign="top" style="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:8px"> <p style="font-size:6px;margin-top:0px;margin-bottom:0px"> </p> <p style="margin-top:0px;margin-bottom:1px"><span>LTV greater than 75% for non-IO Mortgages secured by 2- unit investment properties.</span></p> </td> </tr> <tr> <td valign="top" style="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8px"> <p style="font-size:6px;margin-top:0px;margin-bottom:0px"> </p> <p style="margin-top:0px;margin-bottom:1px"><span><b>Documentation Levels</b></span></p> </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><span> </span></td> <td valign="top" colspan="5" style="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:8px"> <p style="font-size:6px;margin-top:0px;margin-bottom:0px"> </p> <p style="margin-top:0px;margin-bottom:1px"><span>Must use documentation levels issued by DU, except for the level of fieldwork recommendation.</span></p> </td> </tr> <tr> <td valign="top" style="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; padding-left:8px"> <p style="font-size:6px;margin-top:0px;margin-bottom:0px"> </p> <p style="margin-top:0px;margin-bottom:1px"><span><b>DU Messaging</b></span></p> </td> <td valign="bottom"><span> </span></td> <td valign="top"> <p style="font-size:6px;margin-top:0px;margin-bottom:0px"> </p> <p style="margin-top:0px;margin-bottom:1px"><span>•</span></p> </td> <td valign="bottom"><span> </span></td> <td valign="top" colspan="3" style="BORDER-RIGHT:1px solid #000000; padding-right:8px"> <p style="font-size:6px;margin-top:0px;margin-bottom:0px"> </p> <p style="margin-top:0px;margin-bottom:1px"><span>Lender may disregard the following DU messages, provided that the Mortgage complies with all requirements of this Variance:</span></p> </td> </tr> <tr> <td valign="top" style="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8px"><span> </span></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><span> </span></td> <td valign="top" style="BORDER-BOTTOM:1px solid #000000"><span> </span></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><span> </span></td> <td valign="top" style="BORDER-BOTTOM:1px solid #000000"> <p style="font-size:6px;margin-top:0px;margin-bottom:0px"> </p> <p style="margin-top:0px;margin-bottom:1px"><span>•</span></p> </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><span>  </span></td> <td valign="top" style="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:8px"> <p style="font-size:6px;margin-top:0px;margin-bottom:0px"> </p> <p style="margin-top:0px;margin-bottom:1px"><span>Any message relating to the 1-unit investment property</span></p> </td> </tr> </table> <p style="margin-top:0px;margin-bottom:0px"><span> </span></p> <p style="margin-top:0px;margin-bottom:0px" align="center"><span>Master<br /> Agreement ML02783 </span></p> <p style="margin-top:0px;margin-bottom:0px" align="center"><span>VAR 12 – 3 </span></p> <p style="margin-top:0px;margin-bottom:0px" align="center"><span>Amendment 9 </span></p> <p style="margin-top:12px;margin-bottom:0px" align="right"><span>March 15, 2011 </span></p> <hr size="3" style="COLOR:#999999" width="100%" align="CENTER"/> <table cellspacing="0" cellpadding="0" width="100%" border="0" align="center"> <tr> <td width="27%"/> <td valign="bottom" width="1%"/> <td width="3%"/> <td valign="bottom" width="1%"/> <td width="3%"/> <td valign="bottom" width="1%"/> <td width="64%"/></tr> <tr> <td valign="top" style="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; padding-left:8px"><span> </span></td> <td valign="bottom" style="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000"><span> </span></td> <td valign="top" style="BORDER-TOP:1px solid #000000"><span> </span></td> <td valign="bottom" style="BORDER-TOP:1px solid #000000"><span> </span></td> <td valign="top" style="BORDER-TOP:1px solid #000000"><span> </span></td> <td valign="bottom" style="BORDER-TOP:1px solid #000000"><span> </span></td> <td valign="bottom" style="BORDER-TOP:1px solid #000000"><span>receiving an “Ineligible” recommendation due to an LTV/CLTV/HCLTV greater than 85%, per “Required Recommendation Levels”<br /> section above;</span></td> </tr> <tr> <td valign="top" style="BORDER-LEFT:1px solid #000000; padding-left:8px"><span> </span></td> <td valign="bottom" style="BORDER-LEFT:1px solid #000000"><span> </span></td> <td valign="top"/> <td valign="bottom"><span> </span></td> <td valign="top"> <p style="font-size:6px;margin-top:0px;margin-bottom:0px"> </p> <p style="margin-top:0px;margin-bottom:1px; margin-left:1.00em; text-indent:-1.00em"><span>•</span></p> </td> <td valign="bottom"><span> </span></td> <td valign="top" style="BORDER-RIGHT:1px solid #000000; padding-right:8px"> <p style="font-size:6px;margin-top:0px;margin-bottom:0px"> </p> <p style="margin-top:0px;margin-bottom:1px"><span>Any<br /> message relating to the 2-unit investment property receiving an “Ineligible” recommendation due to an LTV/CLTV/HCLTV greater than 75%, per “Required Recommendation Levels” section above;</span></p> </td> </tr> <tr> <td valign="top" style="BORDER-LEFT:1px solid #000000; padding-left:8px"><span> </span></td> <td valign="bottom" style="BORDER-LEFT:1px solid #000000"><span> </span></td> <td valign="top"/> <td valign="bottom"><span> </span></td> <td valign="top"> <p style="font-size:6px;margin-top:0px;margin-bottom:0px"> </p> <p style="margin-top:0px;margin-bottom:1px; margin-left:1.00em; text-indent:-1.00em"><span>•</span></p> </td> <td valign="bottom"><span> </span></td> <td valign="top" style="BORDER-RIGHT:1px solid #000000; padding-right:8px"> <p style="font-size:6px;margin-top:0px;margin-bottom:0px"> </p> <p style="margin-top:0px;margin-bottom:1px"><span>Any<br /> message relating to amount of MI required;</span></p> </td> </tr> <tr> <td valign="top" style="BORDER-LEFT:1px solid #000000; padding-left:8px"><span> </span></td> <td valign="bottom" style="BORDER-LEFT:1px solid #000000"><span> </span></td> <td valign="top"/> <td valign="bottom"><span> </span></td> <td valign="top"> <p style="font-size:6px;margin-top:0px;margin-bottom:0px"> </p> <p style="margin-top:0px;margin-bottom:1px; margin-left:1.00em; text-indent:-1.00em"><span>•</span></p> </td> <td valign="bottom"><span> </span></td> <td valign="top" style="BORDER-RIGHT:1px solid #000000; padding-right:8px"> <p style="font-size:6px;margin-top:0px;margin-bottom:0px"> </p> <p style="margin-top:0px;margin-bottom:1px"><span>Any<br /> message that says the maximum allowable IPC has been exceeded on a principal residence with LTV or CLTV over 90%;</span></p> </td> </tr> <tr> <td valign="top" style="BORDER-LEFT:1px solid #000000; padding-left:8px"><span> </span></td> <td valign="bottom" style="BORDER-LEFT:1px solid #000000"><span> </span></td> <td valign="top"/> <td valign="bottom"><span> </span></td> <td valign="top"> <p style="font-size:6px;margin-top:0px;margin-bottom:0px"> </p> <p style="margin-top:0px;margin-bottom:1px; margin-left:1.00em; text-indent:-1.00em"><span>•</span></p> </td> <td valign="bottom"><span> </span></td> <td valign="top" style="BORDER-RIGHT:1px solid #000000; padding-right:8px"> <p style="font-size:6px;margin-top:0px;margin-bottom:0px"> </p> <p style="margin-top:0px;margin-bottom:1px"><span>Any<br /> message related to the level of fieldwork recommendation; and</span></p> </td> </tr> <tr> <td valign="top" style="BORDER-LEFT:1px solid #000000; padding-left:8px"><span> </span></td> <td valign="bottom" style="BORDER-LEFT:1px solid #000000"><span> </span></td> <td valign="top"/> <td valign="bottom"><span> </span></td> <td valign="top"> <p style="font-size:6px;margin-top:0px;margin-bottom:0px"> </p> <p style="margin-top:0px;margin-bottom:1px; margin-left:1.00em; text-indent:-1.00em"><span>•</span></p> </td> <td valign="bottom"><span> </span></td> <td valign="top" style="BORDER-RIGHT:1px solid #000000; padding-right:8px"> <p style="font-size:6px;margin-top:0px;margin-bottom:0px"> </p> <p style="margin-top:0px;margin-bottom:1px"><span>Any<br /> message that says the property value estimate appears to have an excessive rate of appreciation based on analysis on a recent sale.</span></p> </td> </tr> <tr> <td valign="top" style="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; padding-left:8px"> <p style="font-size:6px;margin-top:0px;margin-bottom:0px"> </p> <p style="margin-top:0px;margin-bottom:1px"><span><b>Limited Waiver of Representations and Warranties</b></span></p> </td> <td valign="bottom" style="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000"><span> </span></td> <td valign="top" colspan="5" style="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; padding-right:8px"> <p style="font-size:6px;margin-top:0px;margin-bottom:0px"> </p> <p style="margin-top:0px;margin-bottom:1px"><span>Mortgages receiving an “Approve” or “EA” recommendation are eligible for the limited waiver of underwriting representations and warranties provided the Mortgage complies with all<br /> applicable terms of the limited waiver per the Selling Guide and this Variance.</span></p> </td> </tr> <tr> <td valign="top" style="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; padding-left:8px"> <p style="font-size:6px;margin-top:0px;margin-bottom:0px"> </p> <p style="margin-top:0px;margin-bottom:1px"><span><b>DU Submission Instructions</b></span></p> </td> <td valign="bottom" style="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000"><span> </span></td> <td valign="top" colspan="5" style="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; padding-right:8px"> <p style="font-size:6px;margin-top:0px;margin-bottom:0px"> </p> <p style="margin-top:0px;margin-bottom:1px"><span>HomePath Mortgages must not be submitted to DU as MyCommunityMortgages.</span></p> </td> </tr> <tr> <td valign="top" colspan="7" style="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; padding-left:8px; padding-right:8px"> <p style="font-size:12px;margin-top:0px;margin-bottom:0px"> </p> <p style="margin-top:0px;margin-bottom:0px"><span><b>PROJECT APPROVAL AND REQUIREMENTS</b></span></p> <p style="font-size:12px;margin-top:0px;margin-bottom:1px"><span> </span></p> </td> </tr> <tr> <td valign="top" style="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; padding-left:8px"> <p style="font-size:6px;margin-top:0px;margin-bottom:0px"> </p> <p style="margin-top:0px;margin-bottom:1px"><span><b>Project Eligibility</b></span></p> </td> <td valign="bottom" style="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000"><span> </span></td> <td valign="top" colspan="5" style="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; padding-right:8px"> <p style="font-size:6px;margin-top:0px;margin-bottom:0px"> </p> <p style="margin-top:0px;margin-bottom:1px"><span>Lender is not required to warrant that the condominium, cooperative or PUD project meets Fannie Mae’s project eligibility criteria.</span></p> </td> </tr> <tr> <td valign="top" style="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; padding-left:8px"> <p style="font-size:6px;margin-top:0px;margin-bottom:0px"> </p> <p style="margin-top:0px;margin-bottom:1px"><span><b>Project Type Code</b></span></p> </td> <td valign="bottom" style="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000"><span> </span></td> <td valign="top" style="BORDER-TOP:1px solid #000000"> <p style="font-size:6px;margin-top:0px;margin-bottom:0px"> </p> <p style="margin-top:0px;margin-bottom:1px; margin-left:1.00em; text-indent:-1.00em"><span>•</span></p> </td> <td valign="bottom" style="BORDER-TOP:1px solid #000000"><span> </span></td> <td valign="top" colspan="3" style="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; padding-right:8px"> <p style="font-size:6px;margin-top:0px;margin-bottom:0px"> </p> <p style="margin-top:0px;margin-bottom:1px"><span>Lender must utilize the following Project Type Codes at the time of delivery for all HomePath Mortgages secured by a property in a condominium project, cooperative project, or planned unit development<br /> where no project review is performed:</span></p> </td> </tr> <tr> <td valign="top" style="BORDER-LEFT:1px solid #000000; padding-left:8px"><span> </span></td> <td valign="bottom" style="BORDER-LEFT:1px solid #000000"><span> </span></td> <td valign="top"/> <td valign="bottom"><span> </span></td> <td valign="top"> <p style="font-size:6px;margin-top:0px;margin-bottom:0px"> </p> <p style="margin-top:0px;margin-bottom:1px; margin-left:1.00em; text-indent:-1.00em"><span>•</span></p> </td> <td valign="bottom"><span> </span></td> <td valign="bottom" style="BORDER-RIGHT:1px solid #000000; padding-right:8px"> <p style="font-size:6px;margin-top:0px;margin-bottom:0px"> </p> <p style="margin-top:0px;margin-bottom:1px"><span>V –<br /> for properties in a condominium project,</span></p> </td> </tr> <tr> <td valign="top" style="BORDER-LEFT:1px solid #000000; padding-left:8px"><span> </span></td> <td valign="bottom" style="BORDER-LEFT:1px solid #000000"><span> </span></td> <td valign="top"/> <td valign="bottom"><span> </span></td> <td valign="top"> <p style="font-size:6px;margin-top:0px;margin-bottom:0px"> </p> <p style="margin-top:0px;margin-bottom:1px; margin-left:1.00em; text-indent:-1.00em"><span>•</span></p> </td> <td valign="bottom"><span> </span></td> <td valign="bottom" style="BORDER-RIGHT:1px solid #000000; padding-right:8px"> <p style="font-size:6px;margin-top:0px;margin-bottom:0px"> </p> <p style="margin-top:0px;margin-bottom:1px"><span>2 –<br /> for properties in a cooperative project, and</span></p> </td> </tr> <tr> <td valign="top" style="BORDER-LEFT:1px solid #000000; padding-left:8px"><span> </span></td> <td valign="bottom" style="BORDER-LEFT:1px solid #000000"><span> </span></td> <td valign="top"/> <td valign="bottom"><span> </span></td> <td valign="top"> <p style="font-size:6px;margin-top:0px;margin-bottom:0px"> </p> <p style="margin-top:0px;margin-bottom:1px; margin-left:1.00em; text-indent:-1.00em"><span>•</span></p> </td> <td valign="bottom"><span> </span></td> <td valign="bottom" style="BORDER-RIGHT:1px solid #000000; padding-right:8px"> <p style="font-size:6px;margin-top:0px;margin-bottom:0px"> </p> <p style="margin-top:0px;margin-bottom:1px"><span>E –<br /> for properties in a planned unit development.</span></p> </td> </tr> <tr> <td valign="top" style="BORDER-LEFT:1px solid #000000; padding-left:8px"><span> </span></td> <td valign="bottom" style="BORDER-LEFT:1px solid #000000"><span> </span></td> <td valign="top"> <p style="font-size:6px;margin-top:0px;margin-bottom:0px"> </p> <p style="margin-top:0px;margin-bottom:1px; margin-left:1.00em; text-indent:-1.00em"><span>•</span></p> </td> <td valign="bottom"><span> </span></td> <td valign="top" colspan="3" style="BORDER-RIGHT:1px solid #000000; padding-right:8px"> <p style="font-size:6px;margin-top:0px;margin-bottom:0px"> </p> <p style="margin-top:0px;margin-bottom:1px"><span>As a reminder, a Project Type Code of G would be used at the time of delivery for all Mortgages secured by a property that is <b><i>not</i></b> located in<br /> a condominium project, cooperative project, or planned unit development.</span></p> </td> </tr> <tr> <td valign="top" style="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; padding-left:8px"> <p style="font-size:6px;margin-top:0px;margin-bottom:0px"> </p> <p style="margin-top:0px;margin-bottom:1px"><span><b>Insurance</b></span></p> </td> <td valign="bottom" style="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000"><span> </span></td> <td valign="top" colspan="5" style="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; padding-right:8px"> <p style="font-size:6px;margin-top:0px;margin-bottom:0px"> </p> <p style="margin-top:0px;margin-bottom:1px"><span>Lender must confirm that the project has adequate hazard, flood, and liability coverage in place and verify the existence of fidelity insurance coverage.</span></p> </td> </tr> <tr> <td valign="top" colspan="7" style="BORDER:1px solid #000000; padding-left:8px; padding-right:8px"> <p style="font-size:12px;margin-top:0px;margin-bottom:0px"> </p> <p style="margin-top:0px;margin-bottom:0px"><span><b>ADDITIONAL REQUIREMENTS</b></span></p> <p style="font-size:12px;margin-top:0px;margin-bottom:1px"><span> </span></p> </td> </tr> <tr> <td valign="top" style="BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8px"> <p style="font-size:6px;margin-top:0px;margin-bottom:0px"> </p> <p style="margin-top:0px;margin-bottom:1px"><span><b>Refinance of HomePath</b></span></p> </td> <td valign="bottom" style="BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><span> </span></td> <td valign="top" colspan="5" style="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:8px"> <p style="font-size:6px;margin-top:0px;margin-bottom:0px"> </p> <p style="margin-top:0px;margin-bottom:1px; margin-left:1.00em; text-indent:-1.00em"><span>HomePath Mortgages originated in accordance with<br /> these</span></p> </td> </tr> </table> <p style="margin-top:0px;margin-bottom:0px"><span> </span></p> <p style="margin-top:0px;margin-bottom:0px" align="center"><span>Master<br /> Agreement ML02783 </span></p> <p style="margin-top:0px;margin-bottom:0px" align="center"><span>VAR 12 – 4 </span></p> <p style="margin-top:0px;margin-bottom:0px" align="center"><span>Amendment 9 </span></p> <p style="margin-top:12px;margin-bottom:0px" align="right"><span>March 15, 2011 </span></p> <hr size="3" style="COLOR:#999999" width="100%" align="CENTER"/> <table cellspacing="0" cellpadding="0" width="100%" border="0" align="center"> <tr> <td width="27%"/> <td valign="bottom" width="1%"/> <td width="3%"/> <td valign="bottom" width="1%"/> <td width="3%"/> <td valign="bottom" width="1%"/> <td width="64%"/></tr> <tr> <td valign="top" style="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8px"><span><b>Mortgages</b></span></td> <td valign="bottom" style="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><span> </span></td> <td valign="top" colspan="5" style="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:8px"> <p style="margin-left:1.00em; text-indent:-1.00em"><span>requirements are not eligible for refinance under Fannie Mae’s Refi Plus™.</span></p> </td> </tr> <tr> <td valign="top" colspan="7" style="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8px; padding-right:8px"> <p style="font-size:12px;margin-top:0px;margin-bottom:0px"> </p> <p style="margin-top:0px;margin-bottom:0px"><span><b>ORIGINATION CHANNEL REQUIREMENTS</b></span></p> <p style="font-size:12px;margin-top:0px;margin-bottom:1px"><span> </span></p> </td> </tr> <tr> <td valign="top" style="BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8px"> <p style="font-size:6px;margin-top:0px;margin-bottom:0px"> </p> <p style="margin-top:0px;margin-bottom:1px"><span><b>Eligible Channel(s)</b></span></p> </td> <td valign="bottom" style="BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><span> </span></td> <td valign="top" colspan="5" style="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:8px"> <p style="font-size:6px;margin-top:0px;margin-bottom:0px"> </p> <p style="margin-top:0px;margin-bottom:1px; margin-left:1.00em; text-indent:-1.00em"><span>All</span></p> </td> </tr> <tr> <td valign="top" style="BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8px"> <p style="font-size:12px;margin-top:0px;margin-bottom:0px"> </p> <p style="margin-top:0px;margin-bottom:0px"><span><b>PRICING</b></span></p> <p style="font-size:12px;margin-top:0px;margin-bottom:1px"><span> </span></p> </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><span> </span></td> <td colspan="5" valign="top" style="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:8px"><span> </span></td> </tr> <tr> <td valign="top" rowspan="2" style="BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8px"> <p style="font-size:6px;margin-top:0px;margin-bottom:0px"> </p> <p style="margin-top:0px;margin-bottom:1px"><span><b>MBS</b></span></p> </td> <td valign="bottom" style="BORDER-LEFT:1px solid #000000"><span> </span></td> <td valign="top"> <p style="font-size:6px;margin-top:0px;margin-bottom:0px"> </p> <p style="margin-top:0px;margin-bottom:1px; margin-left:1.00em; text-indent:-1.00em"><span>•</span></p> </td> <td valign="bottom"><span> </span></td> <td valign="top" colspan="3" style="BORDER-RIGHT:1px solid #000000; padding-right:8px"> <p style="font-size:6px;margin-top:0px;margin-bottom:0px"> </p> <p style="margin-top:0px;margin-bottom:1px"><span>Base guaranty fee is per MBS Contract for applicable mortgage product (“Base Pricing”).</span></p> </td> </tr> <tr> <td valign="bottom" style="BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><span> </span></td> <td valign="top" style="BORDER-BOTTOM:1px solid #000000"> <p style="font-size:6px;margin-top:0px;margin-bottom:0px"> </p> <p style="margin-top:0px;margin-bottom:1px; margin-left:1.00em; text-indent:-1.00em"><span>•</span></p> </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><span> </span></td> <td valign="top" colspan="3" style="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:8px"> <p style="font-size:6px;margin-top:0px;margin-bottom:0px"> </p> <p style="margin-top:0px;margin-bottom:1px"><span>See applicable LLPAs in “Loan-Level Price Adjustment(s)” section below.</span></p> </td> </tr> <tr> <td valign="top" rowspan="2" style="BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8px"> <p style="font-size:6px;margin-top:0px;margin-bottom:0px"> </p> <p style="margin-top:0px;margin-bottom:1px"><span><b>Whole Loans</b></span></p> </td> <td valign="bottom" style="BORDER-LEFT:1px solid #000000"><span> </span></td> <td valign="top"> <p style="margin-left:1.00em; text-indent:-1.00em"><span>•</span></p> </td> <td valign="bottom"><span> </span></td> <td valign="top" colspan="3" style="BORDER-RIGHT:1px solid #000000; padding-right:8px"> <p style="font-size:6px;margin-top:0px;margin-bottom:0px"> </p> <p style="margin-top:0px;margin-bottom:1px"><span>Current pricing will be provided at time Mortgages are committed for sale (“Base Pricing”).</span></p> </td> </tr> <tr> <td valign="bottom" style="BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><span> </span></td> <td valign="top" style="BORDER-BOTTOM:1px solid #000000"> <p style="font-size:6px;margin-top:0px;margin-bottom:0px"> </p> <p style="margin-top:0px;margin-bottom:1px; margin-left:1.00em; text-indent:-1.00em"><span>•</span></p> </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><span> </span></td> <td valign="top" colspan="3" style="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:8px"> <p style="font-size:6px;margin-top:0px;margin-bottom:0px"> </p> <p style="margin-top:0px;margin-bottom:1px"><span>See applicable LLPAs in “Loan-Level Price Adjustment(s)” section below.</span></p> </td> </tr> <tr> <td valign="top" rowspan="2" style="BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8px"> <p style="font-size:6px;margin-top:0px;margin-bottom:0px"> </p> <p style="margin-top:0px;margin-bottom:1px"><span><b>Loan-Level Price Adjustment(s) (“LLPA”)</b></span></p> </td> <td valign="bottom" style="BORDER-LEFT:1px solid #000000"><span> </span></td> <td valign="top"> <p style="font-size:6px;margin-top:0px;margin-bottom:0px"> </p> <p style="margin-top:0px;margin-bottom:1px; margin-left:1.00em; text-indent:-1.00em"><span>•</span></p> </td> <td valign="bottom"><span> </span></td> <td valign="top" colspan="3" style="BORDER-RIGHT:1px solid #000000; padding-right:8px"> <p style="font-size:6px;margin-top:0px;margin-bottom:0px"> </p> <p style="margin-top:0px;margin-bottom:1px"><span>In addition to applicable Base Pricing, HomePath Mortgages are subject to the following LLPAs:</span></p> </td> </tr> <tr> <td valign="bottom" style="BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><span> </span></td> <td valign="top" style="BORDER-BOTTOM:1px solid #000000"><span> </span></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><span> </span></td> <td valign="top" style="BORDER-BOTTOM:1px solid #000000"> <p style="font-size:6px;margin-top:0px;margin-bottom:0px"> </p> <p style="margin-top:0px;margin-bottom:0px; margin-left:1.00em; text-indent:-1.00em"><span>•</span></p> <p style="font-size:6px;margin-top:0px;margin-bottom:0px"> </p> <p style="margin-top:0px;margin-bottom:1px; margin-left:1.00em; text-indent:-1.00em"><span>•</span></p> </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><span> </span></td> <td valign="bottom" style="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:8px"> <p style="font-size:6px;margin-top:0px;margin-bottom:0px"> </p> <p style="margin-top:0px;margin-bottom:0px"><span>LLPAs per <u>Attachment 1</u>: and</span></p> <p style="font-size:6px;margin-top:0px;margin-bottom:0px"> </p> <p style="margin-top:0px;margin-bottom:1px"><span>All LLPAs per the Selling Guide per the “Loan-Level Price Adjustment (LLPA) Matrix and Adverse Market Delivery Charge (AMDC) Information” on efanniemae.com with the exception of investment<br /> property (see <u>Attachment 1</u> for LLPAs assessed on investment properties).</span></p> </td> </tr> <tr> <td valign="top" style="BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8px"> <p style="font-size:6px;margin-top:0px;margin-bottom:0px"> </p> <p style="margin-top:0px;margin-bottom:1px"><span><b>Pricing Changes</b></span></p> </td> <td valign="bottom" style="BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><span> </span></td> <td valign="top" colspan="5" style="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:8px"> <p style="font-size:6px;margin-top:0px;margin-bottom:0px"> </p> <p style="margin-top:0px;margin-bottom:1px"><span>Fannie Mae reserves the right to change any pricing related to HomePath Mortgages with 60 days prior notice to Lender.</span></p> </td> </tr> <tr> <td valign="top" style="BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8px"> <p style="font-size:12px;margin-top:0px;margin-bottom:0px"> </p> <p style="margin-top:0px;margin-bottom:0px"><span><b>DELIVERY REQUIREMENTS</b></span></p> <p style="font-size:12px;margin-top:0px;margin-bottom:1px"><span> </span></p> </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><span> </span></td> <td colspan="5" valign="top" style="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:8px"><span> </span></td> </tr> <tr> <td valign="top" style="BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8px"> <p style="font-size:6px;margin-top:0px;margin-bottom:0px"> </p> <p style="margin-top:0px;margin-bottom:1px"><span><b>Special Feature Code(s) (“SFC”): Specific to Variance Mortgages</b></span></p> </td> <td valign="bottom" style="BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><span> </span></td> <td valign="top" colspan="5" style="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:8px"> <p style="font-size:6px;margin-top:0px;margin-bottom:0px"> </p> <p style="margin-top:0px;margin-bottom:1px; margin-left:1.00em; text-indent:-1.00em"><span>057- for all HomePath Mortgages</span></p> </td> </tr> <tr> <td valign="top" rowspan="3" style="BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8px"> <p style="font-size:6px;margin-top:0px;margin-bottom:0px"> </p> <p style="margin-top:0px;margin-bottom:1px"><span><b>Special Feature Code(s) (“SFC”): Other Instructions</b></span></p> </td> <td valign="bottom" style="BORDER-LEFT:1px solid #000000"><span> </span></td> <td valign="top"> <p style="font-size:6px;margin-top:0px;margin-bottom:0px"> </p> <p style="margin-top:0px;margin-bottom:1px; margin-left:1.00em; text-indent:-1.00em"><span>•</span></p> </td> <td valign="bottom"><span> </span></td> <td valign="top" colspan="3" style="BORDER-RIGHT:1px solid #000000; padding-right:8px"> <p style="font-size:6px;margin-top:0px;margin-bottom:0px"> </p> <p style="margin-top:0px;margin-bottom:1px; margin-left:1.00em; text-indent:-1.00em"><span>All standard per Selling Guide, including:</span></p> </td> </tr> <tr> <td valign="bottom" style="BORDER-LEFT:1px solid #000000"><span> </span></td> <td valign="top"/> <td valign="bottom"><span> </span></td> <td valign="top"> <p style="font-size:6px;margin-top:0px;margin-bottom:0px"> </p> <p style="margin-top:0px;margin-bottom:1px; margin-left:1.00em; text-indent:-1.00em"><span>•</span></p> </td> <td valign="bottom"><span> </span></td> <td valign="bottom" style="BORDER-RIGHT:1px solid #000000; padding-right:8px"> <p style="font-size:6px;margin-top:0px;margin-bottom:0px"> </p> <p style="margin-top:0px;margin-bottom:1px"><span>118<br /> (for first Mortgages originated in conjunction with Community Seconds transactions); and</span></p> </td> </tr> <tr> <td valign="bottom" style="BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><span> </span></td> <td valign="top" style="BORDER-BOTTOM:1px solid #000000"><span> </span></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><span> </span></td> <td valign="top" style="BORDER-BOTTOM:1px solid #000000"> <p style="font-size:6px;margin-top:0px;margin-bottom:0px"> </p> <p style="margin-top:0px;margin-bottom:1px"><span>•</span></p> </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><span> </span></td> <td valign="bottom" style="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:8px"> <p style="font-size:6px;margin-top:0px;margin-bottom:0px"> </p> <p style="margin-top:0px;margin-bottom:1px"><span>062 (Expanded Approval Mortgages) – for all HomePath Mortgages that receive an EA-I recommendation from DU.</span></p> </td> </tr> <tr> <td valign="top" style="BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8px"> <p style="font-size:6px;margin-top:0px;margin-bottom:0px"> </p> <p style="margin-top:0px;margin-bottom:1px"><span><b>Mortgage Insurance (MI) Code</b></span></p> </td> <td valign="bottom" style="BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><span> </span></td> <td valign="top" colspan="5" style="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:8px"> <p style="font-size:6px;margin-top:0px;margin-bottom:0px"> </p> <p style="margin-top:0px;margin-bottom:1px; margin-left:1.00em; text-indent:-1.00em"><span>MI Code 98 for Mortgages over 80% LTV.</span></p> </td> </tr> <tr> <td valign="top" style="BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8px"> <p style="font-size:6px;margin-top:0px;margin-bottom:0px"> </p> <p style="margin-top:0px;margin-bottom:1px"><span><b>Execution Options</b></span></p> </td> <td valign="bottom" style="BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><span> </span></td> <td valign="top" colspan="5" style="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:8px"> <p style="font-size:6px;margin-top:0px;margin-bottom:0px"> </p> <p style="margin-top:0px;margin-bottom:1px; margin-left:1.00em; text-indent:-1.00em"><span>Both whole loan and MBS executions are available.</span></p> </td> </tr> <tr> <td valign="top" style="BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8px"> <p style="font-size:6px;margin-top:0px;margin-bottom:0px"> </p> <p style="margin-top:0px;margin-bottom:1px"><span><b>Whole Loan Deliveries</b></span></p> </td> <td valign="bottom" style="BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><span> </span></td> <td valign="top" colspan="5" style="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:8px"> <p style="font-size:6px;margin-top:0px;margin-bottom:0px"> </p> <p style="margin-top:0px;margin-bottom:1px; margin-left:1.00em; text-indent:-1.00em"><span>Lender must use eCommitting™.</span></p> </td> </tr> <tr> <td valign="top" style="BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8px"> <p style="font-size:6px;margin-top:0px;margin-bottom:0px"> </p> <p style="margin-top:0px;margin-bottom:1px"><span><b>Combining with Other Variances</b></span></p> </td> <td valign="bottom" style="BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><span> </span></td> <td valign="top" colspan="5" style="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:8px"> <p style="font-size:6px;margin-top:0px;margin-bottom:0px"> </p> <p style="margin-top:0px;margin-bottom:1px; margin-left:1.00em; text-indent:-1.00em"><span>Lender may NOT combine HomePath Mortgages with other variances.</span></p> </td> </tr> </table> <p style="margin-top:0px;margin-bottom:0px"><span> </span></p> <p style="margin-top:0px;margin-bottom:0px" align="center"><span>Master<br /> Agreement ML02783 </span></p> <p style="margin-top:0px;margin-bottom:0px" align="center"><span>VAR 12 – 5 </span></p> <p style="margin-top:0px;margin-bottom:0px" align="center"><span>Amendment 9 </span></p> <p style="margin-top:12px;margin-bottom:0px" align="right"><span>March 15, 2011 </span></p> <hr size="3" style="COLOR:#999999" width="100%" align="CENTER"/> <table cellspacing="0" cellpadding="0" width="100%" border="0" align="center"> <tr> <td width="27%"/> <td valign="bottom" width="1%"/> <td width="3%"/> <td valign="bottom" width="1%"/> <td width="68%"/></tr> <tr> <td valign="top" rowspan="3" style="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; padding-left:8px"> <p style="font-size:6px;margin-top:0px;margin-bottom:0px"> </p> <p style="margin-top:0px;margin-bottom:1px"><span><b>Housing Goals Data</b></span></p> </td> <td valign="bottom" style="BORDER-TOP:1px solid #000000"><span> </span></td> <td valign="top" style="BORDER-TOP:1px solid #000000"> <p style="font-size:6px;margin-top:0px;margin-bottom:0px"> </p> <p style="margin-top:0px;margin-bottom:1px"><span>•</span></p> </td> <td valign="bottom" style="BORDER-TOP:1px solid #000000"><span>  </span></td> <td valign="bottom" style="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; padding-right:8px"> <p style="font-size:6px;margin-top:0px;margin-bottom:0px"> </p> <p style="margin-top:0px;margin-bottom:1px"><span>Lender is required to report all applicable Housing Goals data. If no appraisal is obtained, then Lender should use the information from the property description on<br /> <u>www.homepath.com</u>.</span></p> </td> </tr> <tr> <td valign="bottom"><span> </span></td> <td valign="top"> <p style="font-size:6px;margin-top:0px;margin-bottom:0px"> </p> <p style="margin-top:0px;margin-bottom:1px"><span>•</span></p> </td> <td valign="bottom"><span>  </span></td> <td valign="bottom" style="BORDER-RIGHT:1px solid #000000; padding-right:8px"> <p style="font-size:6px;margin-top:0px;margin-bottom:0px"> </p> <p style="margin-top:0px;margin-bottom:1px"><span>For<br /> investment properties occupied by renters, Lender must report the current rental income at delivery, even if the rental income was not used to qualify the borrower.</span></p> </td> </tr> <tr> <td valign="bottom"><span> </span></td> <td valign="top"> <p style="font-size:6px;margin-top:0px;margin-bottom:0px"> </p> <p style="margin-top:0px;margin-bottom:1px"><span>•</span></p> </td> <td valign="bottom"><span>  </span></td> <td valign="bottom" style="BORDER-RIGHT:1px solid #000000; padding-right:8px"> <p style="font-size:6px;margin-top:0px;margin-bottom:0px"> </p> <p style="margin-top:0px;margin-bottom:1px"><span>If the<br /> property is vacant and rental data is unavailable, Lender must deliver the loans as “missing” for the relevant housing goals fields, and subsequently contact their Account Team to submit a Housing Goals Data Waiver Request for the missing<br /> fields.</span></p> </td> </tr> <tr> <td valign="top" style="BORDER:1px solid #000000; padding-left:8px"> <p style="font-size:6px;margin-top:0px;margin-bottom:0px"> </p> <p style="margin-top:0px;margin-bottom:1px"><span><b>Selling<br /> Representations and Warranties</b></span></p> </td> <td valign="bottom" style="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><span> </span></td> <td valign="top" colspan="3" style="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:8px"> <p style="font-size:6px;margin-top:0px;margin-bottom:0px"> </p> <p style="margin-top:0px;margin-bottom:1px"><span>Lender makes all selling representations and warranties per the Selling Guide, as modified by this Variance.</span></p> </td> </tr> <tr> <td valign="top" style="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8px"> <p style="font-size:6px;margin-top:0px;margin-bottom:0px"> </p> <p style="margin-top:0px;margin-bottom:1px"><span><b>Effective Date for Sale of Variance Mortgages</b></span></p> </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><span> </span></td> <td valign="top" colspan="3" style="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:8px"> <p style="font-size:6px;margin-top:0px;margin-bottom:0px"> </p> <p style="margin-top:0px;margin-bottom:1px"><span>This Variance will be effective for whole loans purchased on or after February 1, 2011 and for loans delivered into MBS pools with issue dates on or after February 1,<br /> 2011.</span></p> </td> </tr> </table> <p style="margin-top:18px;margin-bottom:0px"><span><b>PART B. HomePath Renovation Mortgages </b></span></p> <p style="margin-top:6px;margin-bottom:0px"><span>HomePath Renovation Mortgages are subject to the terms and conditions in Part A for HomePath Mortgages above, except as follows: </span></p> <p style="font-size:12px;margin-top:0px;margin-bottom:0px"> </p> <table cellspacing="0" cellpadding="0" width="100%" border="0" align="center"> <tr> <td width="27%"/> <td valign="bottom" width="1%"/> <td width="3%"/> <td valign="bottom" width="1%"/> <td width="3%"/> <td valign="bottom" width="1%"/> <td width="64%"/></tr> <tr> <td valign="top" colspan="7" style="BORDER:1px solid #000000; padding-left:8px; padding-right:8px"> <p style="font-size:12px;margin-top:0px;margin-bottom:0px"> </p> <p style="margin-top:0px;margin-bottom:0px"><span><b>ELIGIBILITY REQUIREMENTS</b></span></p> <p style="font-size:12px;margin-top:0px;margin-bottom:1px"><span> </span></p> </td> </tr> <tr> <td valign="top" rowspan="5" style="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; padding-left:8px"> <p style="font-size:6px;margin-top:0px;margin-bottom:0px"> </p> <p style="margin-top:0px;margin-bottom:1px"><span><b>Maximum LTV/CLTV/HCLTV (%)</b></span></p> </td> <td valign="bottom"><span> </span></td> <td valign="top"> <p style="font-size:6px;margin-top:0px;margin-bottom:0px"> </p> <p style="margin-top:0px;margin-bottom:1px"><span>•</span></p> </td> <td valign="bottom"><span> </span></td> <td valign="top" colspan="3" style="BORDER-RIGHT:1px solid #000000; padding-right:8px"> <p style="font-size:6px;margin-top:0px;margin-bottom:0px"> </p> <p style="margin-top:0px;margin-bottom:1px"><span>Maximum LTV/CLTV/HCLTV are the same as applicable to <i>HomeStyle</i> Renovation mortgages, except: </span><span><sup style="vertical-align:baseline; position:relative; bottom:.8ex"/></span><span/><span><sup style="vertical-align:baseline; position:relative; bottom:.8ex"/></span><span/></p> </td> </tr> <tr> <td valign="bottom"><span> </span></td> <td valign="top"/> <td valign="bottom"><span> </span></td> <td valign="top"> <p style="font-size:6px;margin-top:0px;margin-bottom:0px"> </p> <p style="margin-top:0px;margin-bottom:1px"><span>•</span></p> </td> <td valign="bottom"><span>  </span></td> <td valign="top" style="BORDER-RIGHT:1px solid #000000; padding-right:8px"> <p style="font-size:6px;margin-top:0px;margin-bottom:0px"> </p> <p style="margin-top:0px;margin-bottom:1px"><span>97/97/97<br /> for 1 -unit principal residence.*</span></p> </td> </tr> <tr> <td valign="bottom"><span> </span></td> <td valign="top"/> <td valign="bottom"><span> </span></td> <td valign="top"> <p style="font-size:6px;margin-top:0px;margin-bottom:0px"> </p> <p style="margin-top:0px;margin-bottom:1px"><span>•</span></p> </td> <td valign="bottom"><span>  </span></td> <td valign="top" style="BORDER-RIGHT:1px solid #000000; padding-right:8px"> <p style="font-size:6px;margin-top:0px;margin-bottom:0px"> </p> <p style="margin-top:0px;margin-bottom:1px"><span>85/85/85<br /> for 1-unit investment properties</span></p> </td> </tr> <tr> <td valign="bottom"><span> </span></td> <td valign="top"/> <td valign="bottom"><span> </span></td> <td valign="top"> <p style="font-size:6px;margin-top:0px;margin-bottom:0px"> </p> <p style="margin-top:0px;margin-bottom:1px"><span>•</span></p> </td> <td valign="bottom"><span>  </span></td> <td valign="top" style="BORDER-RIGHT:1px solid #000000; padding-right:8px"> <p style="font-size:6px;margin-top:0px;margin-bottom:0px"> </p> <p style="margin-top:0px;margin-bottom:1px"><span>75/75/75<br /> for 2-4 unit investment properties</span></p> </td> </tr> <tr> <td valign="bottom"><span> </span></td> <td valign="top" colspan="5" style="BORDER-RIGHT:1px solid #000000; padding-right:8px"> <p style="font-size:6px;margin-top:0px;margin-bottom:0px"> </p> <p style="margin-top:0px;margin-bottom:1px"><span>*Max CLTV is 105% if the mortgage is part of a Community Seconds transaction.</span></p> </td> </tr> <tr> <td valign="top" rowspan="2" style="BORDER:1px solid #000000; padding-left:8px"> <p style="font-size:6px;margin-top:0px;margin-bottom:0px"> </p> <p style="margin-top:0px;margin-bottom:1px"><span><b>Property Types</b></span></p> </td> <td valign="bottom" style="BORDER-TOP:1px solid #000000"><span> </span></td> <td valign="top" style="BORDER-TOP:1px solid #000000"> <p style="font-size:6px;margin-top:0px;margin-bottom:0px"> </p> <p style="margin-top:0px;margin-bottom:1px"><span>•</span></p> </td> <td valign="bottom" style="BORDER-TOP:1px solid #000000"><span> </span></td> <td valign="top" colspan="3" style="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; padding-right:8px"> <p style="font-size:6px;margin-top:0px;margin-bottom:0px"> </p> <p style="margin-top:0px;margin-bottom:1px"><span>When the security property is a unit in a condominium (or cooperative) project, the project must be one for which the proposed renovation work is permissible under the bylaws of the owners’<br /> association (or cooperative corporation) or one for which the owners’ association (or cooperative corporation) has given written approval for the renovation work. The renovation work for a condominium or cooperative unit must be limited to the<br /> interior of the unit (including the installation of fire walls in the attic).</span></p> </td> </tr> <tr> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><span> </span></td> <td valign="top" style="BORDER-BOTTOM:1px solid #000000"> <p style="font-size:6px;margin-top:0px;margin-bottom:0px"> </p> <p style="margin-top:0px;margin-bottom:1px"><span>•</span></p> </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><span> </span></td> <td valign="top" colspan="3" style="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:8px"> <p style="font-size:6px;margin-top:0px;margin-bottom:0px"> </p> <p style="margin-top:0px;margin-bottom:1px"><span>Manufactured homes are ineligible.</span></p> </td> </tr> <tr> <td valign="top" rowspan="2" style="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8px"> <p style="font-size:6px;margin-top:0px;margin-bottom:0px"> </p> <p style="margin-top:0px;margin-bottom:1px"><span><b>Mortgage Products/Features</b></span></p> </td> <td valign="bottom"><span> </span></td> <td valign="top"> <p style="font-size:6px;margin-top:0px;margin-bottom:0px"> </p> <p style="margin-top:0px;margin-bottom:1px"><span>•</span></p> </td> <td valign="bottom"><span> </span></td> <td valign="top" colspan="3" style="BORDER-RIGHT:1px solid #000000; padding-right:8px"> <p style="font-size:6px;margin-top:0px;margin-bottom:0px"> </p> <p style="margin-top:0px;margin-bottom:1px"><span><b>Eligible:</b></span></p> </td> </tr> <tr> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><span> </span></td> <td valign="top" style="BORDER-BOTTOM:1px solid #000000"><span> </span></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><span> </span></td> <td valign="top" style="BORDER-BOTTOM:1px solid #000000"> <p style="font-size:6px;margin-top:0px;margin-bottom:0px"> </p> <p style="margin-top:0px;margin-bottom:1px"><span>•</span></p> </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><span>  </span></td> <td valign="top" style="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:8px"> <p style="font-size:6px;margin-top:0px;margin-bottom:0px"> </p> <p style="margin-top:0px;margin-bottom:1px"><span>All standard fully amortizing FRMs and 30-year ARM</span></p> </td> </tr> </table> <p style="margin-top:0px;margin-bottom:0px"><span> </span></p> <p style="margin-top:0px;margin-bottom:0px" align="center"><span>Master<br /> Agreement ML02783 </span></p> <p style="margin-top:0px;margin-bottom:0px" align="center"><span>VAR 12 – 6 </span></p> <p style="margin-top:0px;margin-bottom:0px" align="center"><span>Amendment 9 </span></p> <p style="margin-top:12px;margin-bottom:0px" align="right"><span>March 15, 2011 </span></p> <hr size="3" style="COLOR:#999999" width="100%" align="CENTER"/> <table cellspacing="0" cellpadding="0" width="100%" border="0" align="center"> <tr> <td width="25%"/> <td valign="bottom" width="2%"/> <td width="1%"/> <td valign="bottom" width="2%"/> <td width="1%"/> <td valign="bottom" width="2%"/> <td width="67%"/></tr> <tr> <td valign="top" style="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; padding-left:8px"><span><b>(including Amortization Type and Term)</b></span></td> <td valign="bottom" style="BORDER-TOP:1px solid #000000"><span> </span></td> <td valign="top" style="BORDER-TOP:1px solid #000000"><span> </span></td> <td valign="bottom" style="BORDER-TOP:1px solid #000000"><span> </span></td> <td valign="top" style="BORDER-TOP:1px solid #000000"><span> </span></td> <td valign="bottom" style="BORDER-TOP:1px solid #000000"><span> </span></td> <td valign="top" style="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; padding-right:8px"><span>products with initial fixed rate periods of at least 3 years per Selling Guide, including<br /> high-balance mortgages.</span></td> </tr> <tr> <td valign="top" style="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; padding-left:8px"><span> </span></td> <td valign="bottom"><span> </span></td> <td valign="top"> <p style="font-size:6px;margin-top:0px;margin-bottom:0px"> </p> <p style="margin-top:0px;margin-bottom:1px"><span>•</span></p> </td> <td valign="bottom"><span> </span></td> <td valign="top" colspan="3" style="BORDER-RIGHT:1px solid #000000; padding-right:8px"> <p style="font-size:6px;margin-top:0px;margin-bottom:0px"> </p> <p style="margin-top:0px;margin-bottom:1px"><span><b>Ineligible:</b></span></p> </td> </tr> <tr> <td valign="top" style="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; padding-left:8px"><span> </span></td> <td valign="bottom"><span> </span></td> <td valign="top"/> <td valign="bottom"><span> </span></td> <td valign="top"> <p style="font-size:6px;margin-top:0px;margin-bottom:0px"> </p> <p style="margin-top:0px;margin-bottom:1px"><span>•</span></p> </td> <td valign="bottom"><span> </span></td> <td valign="top" style="BORDER-RIGHT:1px solid #000000; padding-right:8px"> <p style="font-size:6px;margin-top:0px;margin-bottom:0px"> </p> <p style="margin-top:0px;margin-bottom:1px"><span>Mortgages<br /> with interest-only features </span><span><sup style="vertical-align:baseline; position:relative; bottom:.8ex"/></span></p> </td> </tr> <tr> <td valign="top" style="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; padding-left:8px"><span> </span></td> <td valign="bottom"><span> </span></td> <td valign="top"/> <td valign="bottom"><span> </span></td> <td valign="top"> <p style="font-size:6px;margin-top:0px;margin-bottom:0px"> </p> <p style="margin-top:0px;margin-bottom:1px"><span>•</span></p> </td> <td valign="bottom"><span> </span></td> <td valign="top" style="BORDER-RIGHT:1px solid #000000; padding-right:8px"> <p style="font-size:6px;margin-top:0px;margin-bottom:0px"> </p> <p style="margin-top:0px;margin-bottom:1px"><span>Mortgages<br /> with original terms over 30 years</span></p> </td> </tr> <tr> <td valign="top" style="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8px"><span> </span></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><span> </span></td> <td valign="top" style="BORDER-BOTTOM:1px solid #000000"><span> </span></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><span> </span></td> <td valign="top" style="BORDER-BOTTOM:1px solid #000000"> <p style="font-size:6px;margin-top:0px;margin-bottom:0px"> </p> <p style="margin-top:0px;margin-bottom:1px"><span>•</span></p> </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><span> </span></td> <td valign="top" style="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:8px"> <p style="font-size:6px;margin-top:0px;margin-bottom:0px"> </p> <p style="margin-top:0px;margin-bottom:1px"><span>ARMs with initial fixed rate periods less than 3 years</span></p> </td> </tr> <tr> <td valign="top" style="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8px"> <p style="font-size:6px;margin-top:0px;margin-bottom:0px"> </p> <p style="margin-top:0px;margin-bottom:1px"><span><b>Eligible ARM Plan Numbers</b></span></p> </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><span> </span></td> <td valign="top" colspan="5" style="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:8px"> <p style="font-size:6px;margin-top:0px;margin-bottom:0px"> </p> <p style="margin-top:0px;margin-bottom:1px"><span>Per Selling Guide (fully amortizing 30-year ARMs with initial fixed rate periods of at least 3 years), as applicable to the standard eligibility requirements for the specific mortgage<br /> type.</span></p> </td> </tr> <tr> <td valign="top" style="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; padding-left:8px"> <p style="font-size:6px;margin-top:0px;margin-bottom:0px"> </p> <p style="margin-top:0px;margin-bottom:1px"><span><b>Mortgaged Property</b></span></p> </td> <td valign="bottom"><span> </span></td> <td valign="top"> <p style="font-size:6px;margin-top:0px;margin-bottom:0px"> </p> <p style="margin-top:0px;margin-bottom:1px"><span>•</span></p> </td> <td valign="bottom"><span> </span></td> <td valign="top" colspan="3" style="BORDER-RIGHT:1px solid #000000; padding-right:8px"> <p style="font-size:6px;margin-top:0px;margin-bottom:0px"> </p> <p style="margin-top:0px;margin-bottom:1px"><span>Mortgages must be secured by properties that are acquired from Fannie Mae and designated by Fannie Mae on <u>www.homepath.com</u> website as eligible for<br /> HomePath Renovation financing.</span></p> </td> </tr> <tr> <td valign="top" style="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8px"><span> </span></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><span> </span></td> <td valign="top" style="BORDER-BOTTOM:1px solid #000000"> <p style="font-size:6px;margin-top:0px;margin-bottom:0px"> </p> <p style="margin-top:0px;margin-bottom:1px"><span>•</span></p> </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><span> </span></td> <td valign="top" colspan="3" style="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:8px"> <p style="font-size:6px;margin-top:0px;margin-bottom:0px"> </p> <p style="margin-top:0px;margin-bottom:1px"><span>Lender must document the file with appropriate pages printed from <u>www.homepath.com</u> showing that the property was eligible for HomePath Renovation financing.</span></p> </td> </tr> <tr> <td valign="top" colspan="7" style="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8px; padding-right:8px"> <p style="font-size:12px;margin-top:0px;margin-bottom:0px"> </p> <p style="margin-top:0px;margin-bottom:0px"><span><b>UNDERWRITING/DOCUMENTATION</b></span></p> <p style="font-size:12px;margin-top:0px;margin-bottom:1px"><span> </span></p> </td> </tr> <tr> <td valign="top" rowspan="2" style="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8px"> <p style="font-size:6px;margin-top:0px;margin-bottom:0px"> </p> <p style="margin-top:0px;margin-bottom:1px"><span><b>Interested Party Contributions(“IPC”)</b></span></p> </td> <td valign="bottom"><span> </span></td> <td valign="top"> <p style="font-size:6px;margin-top:0px;margin-bottom:0px"> </p> <p style="margin-top:0px;margin-bottom:1px"><span>•</span></p> </td> <td valign="bottom"><span> </span></td> <td valign="top" colspan="3" style="BORDER-RIGHT:1px solid #000000; padding-right:8px"> <p style="font-size:6px;margin-top:0px;margin-bottom:0px"> </p> <p style="margin-top:0px;margin-bottom:1px"><span>Maximum IPC:</span></p> </td> </tr> <tr> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><span> </span></td> <td valign="top" style="BORDER-BOTTOM:1px solid #000000"><span> </span></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><span> </span></td> <td valign="top" style="BORDER-BOTTOM:1px solid #000000"> <p style="font-size:6px;margin-top:0px;margin-bottom:0px"> </p> <p style="margin-top:0px;margin-bottom:1px"><span>•</span></p> </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><span> </span></td> <td valign="top" style="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:8px"> <p style="font-size:6px;margin-top:0px;margin-bottom:0px"> </p> <p style="margin-top:0px;margin-bottom:1px"><span>Notwithstanding the Selling Guide requirements, for principal residences with LTV (or CLTV if applicable) greater than 90%: 6.00% of the Contract Sales Price (see “Determination of Property<br /> Value” section below).</span></p> </td> </tr> <tr> <td valign="top" colspan="7" style="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8px; padding-right:8px"> <p style="font-size:12px;margin-top:0px;margin-bottom:0px"> </p> <p style="margin-top:0px;margin-bottom:0px"><span><b>ADDITIONAL BORROWER ELIGIBILITY</b></span></p> <p style="font-size:12px;margin-top:0px;margin-bottom:1px"><span> </span></p> </td> </tr> <tr> <td valign="top" style="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8px"> <p style="font-size:6px;margin-top:0px;margin-bottom:0px"> </p> <p style="margin-top:0px;margin-bottom:1px"><span><b>Eligible Borrower: Renovation</b></span></p> </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><span> </span></td> <td valign="top" colspan="5" style="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:8px"> <p style="font-size:6px;margin-top:0px;margin-bottom:0px"> </p> <p style="margin-top:0px;margin-bottom:1px"><span>Borrower must be an individual (for-profit or non-profit investors and local government agencies are not eligible borrowers).</span></p> </td> </tr> <tr> <td valign="top" colspan="7" style="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8px; padding-right:8px"> <p style="font-size:12px;margin-top:0px;margin-bottom:0px"> </p> <p style="margin-top:0px;margin-bottom:0px"><span><b>PROPERTY VALUATION/APPRAISAL REQUIREMENTS</b></span></p> <p style="font-size:12px;margin-top:0px;margin-bottom:1px"><span> </span></p> </td> </tr> <tr> <td valign="top" style="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8px"> <p style="font-size:6px;margin-top:0px;margin-bottom:0px"> </p> <p style="margin-top:0px;margin-bottom:1px"><span><b>Required Appraisal Type</b></span></p> </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><span> </span></td> <td valign="top" colspan="5" style="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:8px"> <p style="font-size:6px;margin-top:0px;margin-bottom:0px"> </p> <p style="margin-top:0px;margin-bottom:1px"><span>Lender must obtain an “as-completed” full appraisal.</span></p> </td> </tr> <tr> <td valign="top" style="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; padding-left:8px"> <p style="font-size:6px;margin-top:0px;margin-bottom:0px"> </p> <p style="margin-top:0px;margin-bottom:1px"><span><b>Determination of Property Value</b></span></p> </td> <td valign="bottom"><span> </span></td> <td valign="top"> <p style="font-size:6px;margin-top:0px;margin-bottom:0px"> </p> <p style="margin-top:0px;margin-bottom:1px"><span>•</span></p> </td> <td valign="bottom"><span> </span></td> <td valign="top" colspan="3" style="BORDER-RIGHT:1px solid #000000; padding-right:8px"> <p style="font-size:6px;margin-top:0px;margin-bottom:0px"> </p> <p style="margin-top:0px;margin-bottom:1px"><span>Property value for purposes of loan delivery and for determining LTV/CLTV/HCLTV shall be the lesser of:</span></p> </td> </tr> <tr> <td valign="top" style="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; padding-left:8px"><span> </span></td> <td valign="bottom"><span> </span></td> <td valign="top"/> <td valign="bottom"><span> </span></td> <td valign="top"> <p style="font-size:6px;margin-top:0px;margin-bottom:0px"> </p> <p style="margin-top:0px;margin-bottom:1px"><span>•</span></p> </td> <td valign="bottom"><span> </span></td> <td valign="top" style="BORDER-RIGHT:1px solid #000000; padding-right:8px"> <p style="font-size:6px;margin-top:0px;margin-bottom:0px"> </p> <p style="margin-top:0px;margin-bottom:1px"><span>the<br /> “as completed” appraised value; or</span></p> </td> </tr> <tr> <td valign="top" style="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8px"><span> </span></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><span> </span></td> <td valign="top" style="BORDER-BOTTOM:1px solid #000000"><span> </span></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><span> </span></td> <td valign="top" style="BORDER-BOTTOM:1px solid #000000"> <p style="font-size:6px;margin-top:0px;margin-bottom:0px"> </p> <p style="margin-top:0px;margin-bottom:1px"><span>•</span></p> </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><span> </span></td> <td valign="top" style="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:8px"> <p style="font-size:6px;margin-top:0px;margin-bottom:0px"> </p> <p style="margin-top:0px;margin-bottom:1px"><span>the sum of the sales price of the property as evidenced by the sales contract between Fannie Mae and the buyer/borrower (“Contract Sales Price”) and the total renovation costs (which include the<br /> renovation costs and all allowable fees and charges).</span></p> </td> </tr> <tr> <td valign="top" colspan="7" style="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8px; padding-right:8px"> <p style="font-size:12px;margin-top:0px;margin-bottom:0px"> </p> <p style="margin-top:0px;margin-bottom:0px"><span><b>RENOVATION REQUIREMENTS</b></span></p> <p style="font-size:12px;margin-top:0px;margin-bottom:1px"><span> </span></p> </td> </tr> <tr> <td valign="top" style="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8px"> <p style="font-size:6px;margin-top:0px;margin-bottom:0px"> </p> <p style="margin-top:0px;margin-bottom:1px"><span><b/><b><i>HomeStyle</i></b><b> Renovation Requirements: Limitation</b></span></p> </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><span> </span></td> <td valign="top" style="BORDER-BOTTOM:1px solid #000000"> <p style="font-size:6px;margin-top:0px;margin-bottom:0px"> </p> <p style="margin-top:0px;margin-bottom:1px"><span>•</span></p> </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><span> </span></td> <td valign="top" colspan="3" style="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:8px"> <p style="font-size:6px;margin-top:0px;margin-bottom:0px"> </p> <p style="margin-top:0px;margin-bottom:1px"><span>Lender is responsible for managing and monitoring the completion of the renovation work. All requirements</span></p> </td> </tr> </table> <p style="margin-top:0px;margin-bottom:0px"><span> </span></p> <p style="margin-top:0px;margin-bottom:0px" align="center"><span>Master<br /> Agreement ML02783 </span></p> <p style="margin-top:0px;margin-bottom:0px" align="center"><span>VAR 12 – 7 </span></p> <p style="margin-top:0px;margin-bottom:0px" align="center"><span>Amendment 9 </span></p> <p style="margin-top:12px;margin-bottom:0px" align="right"><span>March 15, 2011 </span></p> <hr size="3" style="COLOR:#999999" width="100%" align="CENTER"/> <table cellspacing="0" cellpadding="0" width="100%" border="0" align="center"> <tr> <td width="25%"/> <td valign="bottom" width="1%"/> <td width="1%"/> <td valign="bottom" width="1%"/> <td width="1%"/> <td valign="bottom" width="1%"/> <td width="1%"/> <td valign="bottom" width="1%"/> <td width="68%"/></tr> <tr> <td valign="top" style="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; padding-left:8px"><span><b>of Applicability</b></span></td> <td valign="bottom" style="BORDER-TOP:1px solid #000000"><span> </span></td> <td valign="top" style="BORDER-TOP:1px solid #000000"><span> </span></td> <td valign="bottom" style="BORDER-TOP:1px solid #000000"><span> </span></td> <td valign="top" colspan="5" style="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; padding-right:8px"><span>applicable to Fannie Mae’s <i>HomeStyle</i> Renovation mortgages relating to<br /> the actual renovation process apply, including holdbacks, renovation escrow, disbursement, contingency reserve, change orders, sweat equity and insurance, except as otherwise specified in this Variance, the HomePath Documents or as described<br /> below:</span></td> </tr> <tr> <td valign="top" style="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; padding-left:8px"><span> </span></td> <td valign="bottom"><span> </span></td> <td valign="top"/> <td valign="bottom"><span> </span></td> <td valign="top"> <p style="font-size:6px;margin-top:0px;margin-bottom:0px"> </p> <p style="margin-top:0px;margin-bottom:1px"><span>•</span></p> </td> <td valign="bottom"><span> </span></td> <td valign="top" colspan="3" style="BORDER-RIGHT:1px solid #000000; padding-right:8px"> <p style="font-size:6px;margin-top:0px;margin-bottom:0px"> </p> <p style="margin-top:0px;margin-bottom:1px"><span><b>Completion Date.</b> The renovations must be completed within 6 months of the closing date.</span></p> </td> </tr> <tr> <td valign="top" style="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; padding-left:8px"><span> </span></td> <td valign="bottom"><span> </span></td> <td valign="top"/> <td valign="bottom"><span> </span></td> <td valign="top"> <p style="font-size:6px;margin-top:0px;margin-bottom:0px"> </p> <p style="margin-top:0px;margin-bottom:1px"><span>•</span></p> </td> <td valign="bottom"><span> </span></td> <td valign="top" colspan="3" style="BORDER-RIGHT:1px solid #000000; padding-right:8px"> <p style="font-size:6px;margin-top:0px;margin-bottom:0px"> </p> <p style="margin-top:0px;margin-bottom:1px"><span><b>Total Cost.</b> The total renovation costs may not exceed the lesser of 35% of the “as completed” appraised value or<br /> $35,000.00.</span></p> </td> </tr> <tr> <td valign="top" style="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; padding-left:8px"><span> </span></td> <td valign="bottom"><span> </span></td> <td valign="top"/> <td valign="bottom"><span> </span></td> <td valign="top"> <p style="font-size:6px;margin-top:0px;margin-bottom:0px"> </p> <p style="margin-top:0px;margin-bottom:1px"><span>•</span></p> </td> <td valign="bottom"><span> </span></td> <td valign="top" colspan="3" style="BORDER-RIGHT:1px solid #000000; padding-right:8px"> <p style="font-size:6px;margin-top:0px;margin-bottom:0px"> </p> <p style="margin-top:0px;margin-bottom:1px"><span><b>No Recourse.</b> If the HomePath Renovation Mortgage becomes delinquent during the renovation period, there is no automatic recourse to Lender as there<br /> is for <i>HomeStyle</i> Renovation mortgages, and Lender is not required to code the HomePath Renovation Mortgage with SFC “001.” However all of Lender’s standard selling representations and warranties apply to HomePath Renovation<br /> Mortgages.</span></p> </td> </tr> <tr> <td valign="top" style="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; padding-left:8px"><span> </span></td> <td valign="bottom"><span> </span></td> <td valign="top"/> <td valign="bottom"><span> </span></td> <td valign="top"> <p style="font-size:6px;margin-top:0px;margin-bottom:0px"> </p> <p style="margin-top:0px;margin-bottom:1px"><span>•</span></p> </td> <td valign="bottom"><span> </span></td> <td valign="top" colspan="3" style="BORDER-RIGHT:1px solid #000000; padding-right:8px"> <p style="font-size:6px;margin-top:0px;margin-bottom:0px"> </p> <p style="margin-top:0px;margin-bottom:1px"><span><b>Mortgage Payments During Renovation Period.</b> Lender may not escrow for any mortgage payments that may come due during the renovation<br /> period.</span></p> </td> </tr> <tr> <td valign="top" style="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; padding-left:8px"><span> </span></td> <td valign="bottom"><span> </span></td> <td valign="top"/> <td valign="bottom"><span> </span></td> <td valign="top"> <p style="font-size:6px;margin-top:0px;margin-bottom:0px"> </p> <p style="margin-top:0px;margin-bottom:1px"><span>•</span></p> </td> <td valign="bottom"><span> </span></td> <td valign="top" colspan="3" style="BORDER-RIGHT:1px solid #000000; padding-right:8px"> <p style="font-size:6px;margin-top:0px;margin-bottom:0px"> </p> <p style="margin-top:0px;margin-bottom:1px"><span><b><span><sup style="vertical-align:baseline; position:relative; bottom:.8ex"/></span><span>Multiple Contractors.</span></b><span> Borrower may use more than one contractor, provided that all <i>HomeStyle</i> Renovation requirements related to the<br /> contractor apply to each contractor.</span></span></p> </td> </tr> <tr> <td valign="top" style="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; padding-left:8px"><span> </span></td> <td valign="bottom"><span> </span></td> <td valign="top"/> <td valign="bottom"><span> </span></td> <td valign="top"> <p style="font-size:6px;margin-top:0px;margin-bottom:0px"> </p> <p style="margin-top:0px;margin-bottom:1px"><span>•</span></p> </td> <td valign="bottom"><span> </span></td> <td valign="top" colspan="3" style="BORDER-RIGHT:1px solid #000000; padding-right:8px"> <p style="font-size:6px;margin-top:0px;margin-bottom:0px"> </p> <p style="margin-top:0px;margin-bottom:1px"><span><b>Contingency Reserve.</b> Contingency reserve per <i>HomeStyle</i> Renovation requirements is mandatory for</span></p> </td> </tr> <tr> <td valign="top" style="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; padding-left:8px"><span> </span></td> <td valign="bottom"><span> </span></td> <td valign="top"/> <td valign="bottom"><span> </span></td> <td valign="top"/> <td valign="bottom"><span> </span></td> <td valign="top"> <p style="font-size:6px;margin-top:0px;margin-bottom:0px"> </p> <p style="margin-top:0px;margin-bottom:1px"><span>•</span></p> </td> <td valign="bottom"><span> </span></td> <td valign="top" style="BORDER-RIGHT:1px solid #000000; padding-right:8px"> <p style="font-size:6px;margin-top:0px;margin-bottom:0px"> </p> <p style="margin-top:0px;margin-bottom:1px"><span>all<br /> Mortgages with LTVs of 95% or more, and</span></p> </td> </tr> <tr> <td valign="top" style="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; padding-left:8px"><span> </span></td> <td valign="bottom"><span> </span></td> <td valign="top"/> <td valign="bottom"><span> </span></td> <td valign="top"/> <td valign="bottom"><span> </span></td> <td valign="top"> <p style="font-size:6px;margin-top:0px;margin-bottom:0px"> </p> <p style="margin-top:0px;margin-bottom:1px"><span>•</span></p> </td> <td valign="bottom"><span> </span></td> <td valign="top" style="BORDER-RIGHT:1px solid #000000; padding-right:8px"> <p style="font-size:6px;margin-top:0px;margin-bottom:0px"> </p> <p style="margin-top:0px;margin-bottom:1px"><span>all<br /> Mortgages secured by 2-4 unit properties, regardless of LTV.</span></p> </td> </tr> <tr> <td valign="top" style="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; padding-left:8px"><span> </span></td> <td valign="bottom"><span> </span></td> <td valign="top"/> <td valign="bottom"><span> </span></td> <td valign="top"> <p style="font-size:6px;margin-top:0px;margin-bottom:0px"> </p> <p style="margin-top:0px;margin-bottom:1px"><span>•</span></p> </td> <td valign="bottom"><span> </span></td> <td valign="top" colspan="3" style="BORDER-RIGHT:1px solid #000000; padding-right:8px"> <p style="font-size:6px;margin-top:0px;margin-bottom:0px"> </p> <p style="margin-top:0px;margin-bottom:1px"><span><b>Do-it-yourself Projects.</b> “Do-it-yourself” borrower projects are allowed per standard <i>HomeStyle</i> Renovation guidelines, except the<br /> maximum LTV/CLTV is 75%.</span></p> </td> </tr> <tr> <td valign="top" style="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; padding-left:8px"><span> </span></td> <td valign="bottom"><span> </span></td> <td valign="top"/> <td valign="bottom"><span> </span></td> <td valign="top"> <p style="font-size:6px;margin-top:0px;margin-bottom:0px"> </p> <p style="margin-top:0px;margin-bottom:1px"><span>•</span></p> </td> <td valign="bottom"><span> </span></td> <td valign="top" colspan="3" style="BORDER-RIGHT:1px solid #000000; padding-right:8px"> <p style="font-size:6px;margin-top:0px;margin-bottom:0px"> </p> <p style="margin-top:0px;margin-bottom:1px"><span><b>Verification of Completion.</b> Lender must provide Fannie Mae with verification of completion of the renovation upon request of Fannie<br /> Mae.</span></p> </td> </tr> <tr> <td valign="top" style="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; padding-left:8px"><span> </span></td> <td valign="bottom"><span> </span></td> <td valign="top"/> <td valign="bottom"><span> </span></td> <td valign="top"> <p style="font-size:6px;margin-top:0px;margin-bottom:0px"> </p> <p style="margin-top:0px;margin-bottom:1px"><span>•</span></p> </td> <td valign="bottom"><span> </span></td> <td valign="top" colspan="3" style="BORDER-RIGHT:1px solid #000000; padding-right:8px"> <p style="font-size:6px;margin-top:0px;margin-bottom:0px"> </p> <p style="margin-top:0px;margin-bottom:1px"><span><b>No Modification of Loan Amount.</b> The Mortgage may not be modified to change the balance based on change orders or increases to the construction<br /> contract.</span></p> </td> </tr> <tr> <td valign="top" style="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8px"><span> </span></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><span> </span></td> <td valign="top" style="BORDER-BOTTOM:1px solid #000000"><span> </span></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><span> </span></td> <td valign="top" style="BORDER-BOTTOM:1px solid #000000"> <p style="font-size:6px;margin-top:0px;margin-bottom:0px"> </p> <p style="margin-top:0px;margin-bottom:1px"><span>•</span></p> </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><span> </span></td> <td valign="top" colspan="3" style="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:8px"> <p style="font-size:6px;margin-top:0px;margin-bottom:0px"> </p> <p style="margin-top:0px;margin-bottom:1px"><span><b><span><sup style="vertical-align:baseline; position:relative; bottom:.8ex"/></span><span>SFCs.</span></b><span> Lender should NOT use <i>HomeStyle</i> Renovation SFC “<b>215</b>” (see applicable SFCs in “Special Feature Code(s) (“SFC”): Specific to Variance Mortgages” section<br /> below).</span></span></p> </td> </tr> <tr> <td valign="top" colspan="9" style="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8px; padding-right:8px"> <p style="font-size:12px;margin-top:0px;margin-bottom:0px"> </p> <p style="margin-top:0px;margin-bottom:0px"><span><b>DESKTOP UNDERWRITER</b></span></p> <p style="font-size:12px;margin-top:0px;margin-bottom:1px"><span> </span></p> </td> </tr> <tr> <td valign="top" rowspan="2" style="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; padding-left:8px"> <p style="font-size:6px;margin-top:0px;margin-bottom:0px"> </p> <p style="margin-top:0px;margin-bottom:0px"><span><b>Required</b></span></p> <p style="margin-top:0px;margin-bottom:1px"><span><b>Recommendation Levels</b></span></p> </td> <td valign="bottom"><span> </span></td> <td valign="top"> <p style="font-size:6px;margin-top:0px;margin-bottom:0px"> </p> <p style="margin-top:0px;margin-bottom:1px"><span>•</span></p> </td> <td valign="bottom"><span> </span></td> <td valign="top" colspan="5" style="BORDER-RIGHT:1px solid #000000; padding-right:8px"> <p style="font-size:6px;margin-top:0px;margin-bottom:0px"> </p> <p style="margin-top:0px;margin-bottom:1px"><span>Any of the following:</span></p> </td> </tr> <tr> <td valign="bottom"><span> </span></td> <td valign="top"/> <td valign="bottom"><span> </span></td> <td valign="top"> <p style="font-size:6px;margin-top:0px;margin-bottom:0px"> </p> <p style="margin-top:0px;margin-bottom:1px"><span>•</span></p> </td> <td valign="bottom"><span> </span></td> <td valign="top" colspan="3" style="BORDER-RIGHT:1px solid #000000; padding-right:8px"> <p style="font-size:6px;margin-top:0px;margin-bottom:0px"> </p> <p style="margin-top:0px;margin-bottom:1px"><span>Approve</span></p> </td> </tr> <tr> <td valign="top" style="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8px"><span> </span></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><span> </span></td> <td valign="top" style="BORDER-BOTTOM:1px solid #000000"><span> </span></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><span> </span></td> <td valign="top" style="BORDER-BOTTOM:1px solid #000000"> <p style="font-size:6px;margin-top:0px;margin-bottom:0px"> </p> <p style="margin-top:0px;margin-bottom:1px"><span>•</span></p> </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><span> </span></td> <td valign="top" colspan="3" style="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:8px"> <p style="font-size:6px;margin-top:0px;margin-bottom:0px"> </p> <p style="margin-top:0px;margin-bottom:1px"><span/><span><sup style="vertical-align:baseline; position:relative; bottom:.8ex"/></span><span>EA-I</span></p> </td> </tr> </table> <p style="margin-top:0px;margin-bottom:0px"><span> </span></p> <p style="margin-top:0px;margin-bottom:0px" align="center"><span>Master<br /> Agreement ML02783 </span></p> <p style="margin-top:0px;margin-bottom:0px" align="center"><span>VAR 12 – 8 </span></p> <p style="margin-top:0px;margin-bottom:0px" align="center"><span>Amendment 9 </span></p> <p style="margin-top:12px;margin-bottom:0px" align="right"><span>March 15, 2011 </span></p> <hr size="3" style="COLOR:#999999" width="100%" align="CENTER"/> <table cellspacing="0" cellpadding="0" width="100%" border="0" align="center"> <tr> <td width="25%"/> <td valign="bottom" width="1%"/> <td width="1%"/> <td valign="bottom" width="1%"/> <td width="1%"/> <td valign="bottom" width="1%"/> <td width="1%"/> <td valign="bottom" width="1%"/> <td width="68%"/></tr> <tr> <td valign="top" style="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; padding-left:8px"><span> </span></td> <td valign="bottom" style="BORDER-TOP:1px solid #000000"><span> </span></td> <td valign="top" style="BORDER-TOP:1px solid #000000"> <p style="font-size:6px;margin-top:0px;margin-bottom:0px"> </p> <p style="margin-top:0px;margin-bottom:1px"><span>•</span></p> </td> <td valign="bottom" style="BORDER-TOP:1px solid #000000"><span> </span></td> <td valign="top" colspan="5" style="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; padding-right:8px"> <p style="font-size:6px;margin-top:0px;margin-bottom:0px"> </p> <p style="margin-top:0px;margin-bottom:1px"><span>Requires “Eligible” recommendation. “Ineligible” recommendations are permitted if the only reason for ineligibility is one of the following:</span></p> </td> </tr> <tr> <td valign="top" style="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; padding-left:8px"><span> </span></td> <td valign="bottom"><span> </span></td> <td valign="top"/> <td valign="bottom"><span> </span></td> <td valign="top"> <p style="font-size:6px;margin-top:0px;margin-bottom:0px"> </p> <p style="margin-top:0px;margin-bottom:1px"><span>•</span></p> </td> <td valign="bottom"><span> </span></td> <td valign="top" colspan="3" style="BORDER-RIGHT:1px solid #000000; padding-right:8px"> <p style="font-size:6px;margin-top:0px;margin-bottom:0px"> </p> <p style="margin-top:0px;margin-bottom:1px"><span>LTV/CLTV/HCLTV greater than 95% for a 1-unit principal residence.</span></p> </td> </tr> <tr> <td valign="top" style="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8px"><span> </span></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><span> </span></td> <td valign="top" style="BORDER-BOTTOM:1px solid #000000"><span> </span></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><span> </span></td> <td valign="top" style="BORDER-BOTTOM:1px solid #000000"> <p style="font-size:6px;margin-top:0px;margin-bottom:0px"> </p> <p style="margin-top:0px;margin-bottom:1px"><span>•</span></p> </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><span> </span></td> <td valign="top" colspan="3" style="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:8px"> <p style="font-size:6px;margin-top:0px;margin-bottom:0px"> </p> <p style="margin-top:0px;margin-bottom:1px"><span/><span><sup style="vertical-align:baseline; position:relative; bottom:.8ex"/></span><span>LTV greater<br /> than 75% for a 1-unit investment property, provided the LTV complies with the maximum LTV stated above. (CLTV and HCLTV for 1-unit investment properties currently at 85% for HomeStyle Renovation in DU.)</span></p> </td> </tr> <tr> <td valign="top" style="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8px"> <p style="font-size:6px;margin-top:0px;margin-bottom:0px"> </p> <p style="margin-top:0px;margin-bottom:1px"><span><b>Documentation Levels</b></span></p> </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><span> </span></td> <td valign="top" colspan="7" style="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:8px"> <p style="font-size:6px;margin-top:0px;margin-bottom:0px"> </p> <p style="margin-top:0px;margin-bottom:1px"><span>Must use documentation levels issued by DU.</span></p> </td> </tr> <tr> <td valign="top" style="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; padding-left:8px"> <p style="font-size:6px;margin-top:0px;margin-bottom:0px"> </p> <p style="margin-top:0px;margin-bottom:1px"><span><b>DU Data Entry Requirements</b></span></p> </td> <td valign="bottom"><span> </span></td> <td valign="top"> <p style="font-size:6px;margin-top:0px;margin-bottom:0px"> </p> <p style="margin-top:0px;margin-bottom:1px"><span>•</span></p> </td> <td valign="bottom"><span> </span></td> <td valign="top" colspan="5" style="BORDER-RIGHT:1px solid #000000; padding-right:8px"> <p style="font-size:6px;margin-top:0px;margin-bottom:0px"> </p> <p style="margin-top:0px;margin-bottom:1px"><span>For all transactions other than 2-4 unit investment properties, the renovation costs must be entered in Line b of Section VII (Details of Transaction) on<br /> the loan application.</span></p> </td> </tr> <tr> <td valign="top" style="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8px"><span> </span></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><span> </span></td> <td valign="top" style="BORDER-BOTTOM:1px solid #000000"> <p style="font-size:6px;margin-top:0px;margin-bottom:0px"> </p> <p style="margin-top:0px;margin-bottom:1px"><span>•</span></p> </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><span> </span></td> <td valign="top" colspan="5" style="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:8px"> <p style="font-size:6px;margin-top:0px;margin-bottom:0px"> </p> <p style="margin-top:0px;margin-bottom:1px"><span>For 2-4 unit investment properties, Lender should not enter the renovation costs on Line b or DU will issue an Out of Scope recommendation. For these transactions, the sum of the sales price and the<br /> renovation costs must be entered in Line a.</span></p> </td> </tr> <tr> <td valign="top" style="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; padding-left:8px"> <p style="font-size:6px;margin-top:0px;margin-bottom:0px"> </p> <p style="margin-top:0px;margin-bottom:1px"><span><b>DU Messaging</b></span></p> </td> <td valign="bottom"><span> </span></td> <td valign="top"> <p style="font-size:6px;margin-top:0px;margin-bottom:0px"> </p> <p style="margin-top:0px;margin-bottom:1px"><span>•</span></p> </td> <td valign="bottom"><span> </span></td> <td valign="top" colspan="5" style="BORDER-RIGHT:1px solid #000000; padding-right:8px"> <p style="font-size:6px;margin-top:0px;margin-bottom:0px"> </p> <p style="margin-top:0px;margin-bottom:1px"><span>Lender may disregard the following DU messages, provided that the Mortgage complies with all requirements of this Variance:</span></p> </td> </tr> <tr> <td valign="top" style="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; padding-left:8px"><span> </span></td> <td valign="bottom"><span> </span></td> <td valign="top"/> <td valign="bottom"><span> </span></td> <td valign="top"> <p style="font-size:6px;margin-top:0px;margin-bottom:0px"> </p> <p style="margin-top:0px;margin-bottom:1px"><span>•</span></p> </td> <td valign="bottom"><span> </span></td> <td valign="top" colspan="3" style="BORDER-RIGHT:1px solid #000000; padding-right:8px"> <p style="font-size:6px;margin-top:0px;margin-bottom:0px"> </p> <p style="margin-top:0px;margin-bottom:1px"><span/><span><sup style="vertical-align:baseline; position:relative; bottom:.8ex"/></span><span>Message requiring Lender to verify the cost of improvements does not exceed 50% of the as-completed appraised value (see the “<i>HomeStyle</i> Renovation Requirements: Limitation of<br /> Applicability” section above);</span></p> </td> </tr> <tr> <td valign="top" style="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; padding-left:8px"><span> </span></td> <td valign="bottom"><span> </span></td> <td valign="top"/> <td valign="bottom"><span> </span></td> <td valign="top"> <p style="font-size:6px;margin-top:0px;margin-bottom:0px"> </p> <p style="margin-top:0px;margin-bottom:1px"><span>•</span></p> </td> <td valign="bottom"><span> </span></td> <td valign="top" colspan="3" style="BORDER-RIGHT:1px solid #000000; padding-right:8px"> <p style="font-size:6px;margin-top:0px;margin-bottom:0px"> </p> <p style="margin-top:0px;margin-bottom:1px"><span>Any message relating to amount of MI required; and</span></p> </td> </tr> <tr> <td valign="top" style="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8px"><span> </span></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><span> </span></td> <td valign="top" style="BORDER-BOTTOM:1px solid #000000"><span> </span></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><span> </span></td> <td valign="top" style="BORDER-BOTTOM:1px solid #000000"> <p style="font-size:6px;margin-top:0px;margin-bottom:0px"> </p> <p style="margin-top:0px;margin-bottom:1px"><span>•</span></p> </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><span> </span></td> <td valign="top" colspan="3" style="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:8px"> <p style="font-size:6px;margin-top:0px;margin-bottom:0px"> </p> <p style="margin-top:0px;margin-bottom:1px"><span>Any message that says the maximum allowable IPC has been exceeded on a principal residence with LTV over 90%.</span></p> </td> </tr> <tr> <td valign="top" colspan="9" style="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8px; padding-right:8px"> <p style="font-size:12px;margin-top:0px;margin-bottom:0px"> </p> <p style="margin-top:0px;margin-bottom:0px"><span><b>LOAN AND LEGAL DOCUMENTATION</b></span></p> <p style="font-size:12px;margin-top:0px;margin-bottom:1px"><span> </span></p> </td> </tr> <tr> <td valign="top" style="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; padding-left:8px"> <p style="font-size:6px;margin-top:0px;margin-bottom:0px"> </p> <p style="margin-top:0px;margin-bottom:1px"><span><b>Legal Documents: Renovation</b></span></p> </td> <td valign="bottom"><span> </span></td> <td valign="top"> <p style="font-size:6px;margin-top:0px;margin-bottom:0px"> </p> <p style="margin-top:0px;margin-bottom:1px"><span>•</span></p> </td> <td valign="bottom"><span> </span></td> <td valign="top" colspan="5" style="BORDER-RIGHT:1px solid #000000; padding-right:8px"> <p style="font-size:6px;margin-top:0px;margin-bottom:0px"> </p> <p style="margin-top:0px;margin-bottom:1px"><span>Lender must use the following (“HomePath Documents”):</span></p> </td> </tr> <tr> <td valign="top" style="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; padding-left:8px"><span> </span></td> <td valign="bottom"><span> </span></td> <td valign="top"/> <td valign="bottom"><span> </span></td> <td valign="top"> <p style="font-size:6px;margin-top:0px;margin-bottom:0px"> </p> <p style="margin-top:0px;margin-bottom:1px"><span>•</span></p> </td> <td valign="bottom"><span> </span></td> <td valign="top" colspan="3" style="BORDER-RIGHT:1px solid #000000; padding-right:8px"> <p style="font-size:6px;margin-top:0px;margin-bottom:0px"> </p> <p style="margin-top:0px;margin-bottom:1px"><span>HomePath Maximum Mortgage Worksheet</span></p> </td> </tr> <tr> <td valign="top" style="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; padding-left:8px"><span> </span></td> <td valign="bottom"><span> </span></td> <td valign="top"/> <td valign="bottom"><span> </span></td> <td valign="top"> <p style="font-size:6px;margin-top:0px;margin-bottom:0px"> </p> <p style="margin-top:0px;margin-bottom:1px"><span>•</span></p> </td> <td valign="bottom"><span> </span></td> <td valign="top" colspan="3" style="BORDER-RIGHT:1px solid #000000; padding-right:8px"> <p style="font-size:6px;margin-top:0px;margin-bottom:0px"> </p> <p style="margin-top:0px;margin-bottom:1px"><span/><span><sup style="vertical-align:baseline; position:relative; bottom:.8ex"/></span><span>HomePath Renovation Loan Agreement </span><span><sup style="vertical-align:baseline; position:relative; bottom:.8ex"/></span><span/></p> </td> </tr> <tr> <td valign="top" style="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; padding-left:8px"><span> </span></td> <td valign="bottom"><span> </span></td> <td valign="top"/> <td valign="bottom"><span> </span></td> <td valign="top"> <p style="font-size:6px;margin-top:0px;margin-bottom:0px"> </p> <p style="margin-top:0px;margin-bottom:1px"><span>•</span></p> </td> <td valign="bottom"><span> </span></td> <td valign="top" colspan="3" style="BORDER-RIGHT:1px solid #000000; padding-right:8px"> <p style="font-size:6px;margin-top:0px;margin-bottom:0px"> </p> <p style="margin-top:0px;margin-bottom:1px"><span>HomeStyle Completion Certificate (Form 1036) – Lender must add “HomePath Renovation” in the “Other” category in the Loan products box<br /> of Form 1036</span></p> </td> </tr> <tr> <td valign="top" style="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; padding-left:8px"><span> </span></td> <td valign="bottom"><span> </span></td> <td valign="top"/> <td valign="bottom"><span> </span></td> <td valign="top"> <p style="font-size:6px;margin-top:0px;margin-bottom:0px"> </p> <p style="margin-top:0px;margin-bottom:1px"><span>•</span></p> </td> <td valign="bottom"><span> </span></td> <td valign="top" colspan="3" style="BORDER-RIGHT:1px solid #000000; padding-right:8px"> <p style="font-size:6px;margin-top:0px;margin-bottom:0px"> </p> <p style="margin-top:0px;margin-bottom:1px"><span/><span><sup style="vertical-align:baseline; position:relative; bottom:.8ex"/></span><span>Appraisal Update and/or Completion Report (Form I004D)</span></p> </td> </tr> <tr> <td valign="top" style="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8px"><span> </span></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><span> </span></td> <td valign="top" style="BORDER-BOTTOM:1px solid #000000"> <p style="font-size:6px;margin-top:0px;margin-bottom:0px"> </p> <p style="margin-top:0px;margin-bottom:1px"><span>•</span></p> </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><span> </span></td> <td valign="top" colspan="5" style="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:8px"> <p style="font-size:6px;margin-top:0px;margin-bottom:0px"> </p> <p style="margin-top:0px;margin-bottom:1px"><span>In addition to the mandatory HomePath Documents listed above, Lender at its option may use other model <i>HomeStyle</i> documents (e.g., Lien Waiver, Contractor Profile Report, Change Order Request)<br /> provided that the types of transactions and the types of lenders making the HomePath Renovation Mortgage may be subject to a variety of laws and regulations, so it may be necessary to modify this document for use<br /> by</span></p> </td> </tr> </table> <p style="margin-top:0px;margin-bottom:0px"><span> </span></p> <p style="margin-top:0px;margin-bottom:0px" align="center"><span>Master<br /> Agreement ML02783 </span></p> <p style="margin-top:0px;margin-bottom:0px" align="center"><span>VAR 12 – 9 </span></p> <p style="margin-top:0px;margin-bottom:0px" align="center"><span>Amendment 9 </span></p> <p style="margin-top:12px;margin-bottom:0px" align="right"><span>March 15, 2011 </span></p> <hr size="3" style="COLOR:#999999" width="100%" align="CENTER"/> <table cellspacing="0" cellpadding="0" width="100%" border="0" align="center"> <tr> <td width="25%"/> <td valign="bottom" width="1%"/> <td width="1%"/> <td valign="bottom" width="1%"/> <td width="1%"/> <td valign="bottom" width="1%"/> <td width="1%"/> <td valign="bottom" width="1%"/> <td width="68%"/></tr> <tr> <td valign="top" style="BORDER:1px solid #000000; padding-left:8px"><span> </span></td> <td valign="bottom" style="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><span> </span></td> <td valign="top" style="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><span> </span></td> <td valign="bottom" style="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><span> </span></td> <td valign="top" colspan="5" style="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:8px"><span>Lender or in particular<br /> transactions.</span></td> </tr> <tr> <td valign="top" colspan="9" style="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8px; padding-right:8px"> <p style="font-size:12px;margin-top:0px;margin-bottom:0px"> </p> <p style="margin-top:0px;margin-bottom:0px"><span><b>ADDITIONAL LENDER REQUIREMENTS</b></span></p> <p style="font-size:12px;margin-top:0px;margin-bottom:1px"><span> </span></p> </td> </tr> <tr> <td valign="top" style="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8px"> <p style="font-size:6px;margin-top:0px;margin-bottom:0px"> </p> <p style="margin-top:0px;margin-bottom:1px"><span><b/><b><i>HomeStyle</i></b><b> Approval</b></span></p> </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><span> </span></td> <td valign="top" colspan="7" style="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:8px"> <p style="font-size:6px;margin-top:0px;margin-bottom:0px"> </p> <p style="margin-top:0px;margin-bottom:1px"><span>Lender must be approved to sell <i>HomeStyle</i> Mortgages to Fannie Mae.</span></p> </td> </tr> <tr> <td valign="top" colspan="9" style="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8px; padding-right:8px"> <p style="font-size:12px;margin-top:0px;margin-bottom:0px"> </p> <p style="margin-top:0px;margin-bottom:0px"><span><b>ADDITIONAL REQUIREMENTS</b></span></p> <p style="font-size:12px;margin-top:0px;margin-bottom:1px"><span> </span></p> </td> </tr> <tr> <td valign="top" style="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8px"> <p style="font-size:6px;margin-top:0px;margin-bottom:0px"> </p> <p style="margin-top:0px;margin-bottom:1px"><span><b>Servicing Transfers: Renovation</b></span></p> </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><span> </span></td> <td valign="top" colspan="7" style="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:8px"> <p style="font-size:6px;margin-top:0px;margin-bottom:0px"> </p> <p style="margin-top:0px;margin-bottom:1px"><span>Lender cannot transfer servicing of HomePath Renovation Mortgages until the renovation is complete.</span></p> </td> </tr> <tr> <td valign="top" colspan="9" style="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8px; padding-right:8px"> <p style="font-size:12px;margin-top:0px;margin-bottom:0px"> </p> <p style="margin-top:0px;margin-bottom:0px"><span><b>DELIVERY REQUIREMENTS</b></span></p> <p style="font-size:12px;margin-top:0px;margin-bottom:1px"><span> </span></p> </td> </tr> <tr> <td valign="top" style="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8px"> <p style="font-size:6px;margin-top:0px;margin-bottom:0px"> </p> <p style="margin-top:0px;margin-bottom:1px"><span><b>Special Feature Code(s) (“SFC”): Specific to Variance Mortgages</b></span></p> </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><span> </span></td> <td valign="top" colspan="7" style="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:8px"> <p style="font-size:6px;margin-top:0px;margin-bottom:0px"> </p> <p style="margin-top:0px;margin-bottom:1px"><span>058 – for all HomePath Renovation Mortgages</span></p> </td> </tr> <tr> <td valign="top" rowspan="2" style="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; padding-left:8px"> <p style="font-size:6px;margin-top:0px;margin-bottom:0px"> </p> <p style="margin-top:0px;margin-bottom:1px"><span><b>Special Feature Code(s) (“SFC”): Other Instructions</b></span></p> </td> <td valign="bottom"><span> </span></td> <td valign="top"> <p style="font-size:6px;margin-top:0px;margin-bottom:0px"> </p> <p style="margin-top:0px;margin-bottom:1px"><span>•</span></p> </td> <td valign="bottom"><span> </span></td> <td valign="top" colspan="5" style="BORDER-RIGHT:1px solid #000000; padding-right:8px"> <p style="font-size:6px;margin-top:0px;margin-bottom:0px"> </p> <p style="margin-top:0px;margin-bottom:1px"><span>All standard per Selling Guide, including:</span></p> </td> </tr> <tr> <td valign="bottom"><span> </span></td> <td valign="top"/> <td valign="bottom"><span> </span></td> <td valign="top"> <p style="font-size:6px;margin-top:0px;margin-bottom:0px"> </p> <p style="margin-top:0px;margin-bottom:1px"><span>•</span></p> </td> <td valign="bottom"><span> </span></td> <td valign="top" colspan="3" style="BORDER-RIGHT:1px solid #000000; padding-right:8px"> <p style="font-size:6px;margin-top:0px;margin-bottom:0px"> </p> <p style="margin-top:0px;margin-bottom:1px"><span>118 (for first Mortgages originated in conjunction with Community Seconds transactions); or</span></p> </td> </tr> <tr> <td valign="top" style="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8px"><span> </span></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><span> </span></td> <td valign="top" style="BORDER-BOTTOM:1px solid #000000"><span> </span></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><span> </span></td> <td valign="top" style="BORDER-BOTTOM:1px solid #000000"> <p style="font-size:6px;margin-top:0px;margin-bottom:0px"> </p> <p style="margin-top:0px;margin-bottom:1px"><span>•</span></p> </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><span> </span></td> <td valign="top" colspan="3" style="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:8px"> <p style="font-size:6px;margin-top:0px;margin-bottom:0px"> </p> <p style="margin-top:0px;margin-bottom:1px"><span>062 (Expanded Approval Mortgages) – for all HomePath Renovation Mortgages that receive an EA-I recommendation from DU.</span></p> </td> </tr> </table> <p style="margin-top:0px;margin-bottom:0px"><span> </span></p> <p style="margin-top:0px;margin-bottom:0px" align="center"><span>Master<br /> Agreement ML02783 </span></p> <p style="margin-top:0px;margin-bottom:0px" align="center"><span>VAR 12 – 10 </span></p> <p style="margin-top:0px;margin-bottom:0px" align="center"><span>Amendment 9 </span></p> <p style="margin-top:12px;margin-bottom:0px" align="right"><span>March 15, 2011 </span></p> <hr size="3" style="COLOR:#999999" width="100%" align="CENTER"/> <p style="margin-top:0px;margin-bottom:0px" align="center"><span><b><u>Attachment 1 </u></b></span></p> <p style="margin-top:12px;margin-bottom:0px" align="center"><span><b>Pricing </b></span></p> <p style="font-size:12px;margin-top:0px;margin-bottom:0px"> </p> <table style="BORDER-COLLAPSE:COLLAPSE" border="0" cellpadding="0" cellspacing="0" width="100%"> <tr> <td width="4%" valign="top" align="left"><span>(1)</span></td> <td align="left" valign="top"><span>LLPAs applicable to HomePath Mortgages and HomePath Renovation Mortgages with no MI, in addition to all applicable LLPAs per Selling Guide and this <u>Attachment 1</u>:<br /> </span></td> </tr> </table> <p style="font-size:12px;margin-top:0px;margin-bottom:0px"> </p> <table cellspacing="0" cellpadding="0" width="68%" border="0" align="center"> <tr> <td width="51%"/> <td valign="bottom" width="3%"/> <td width="46%"/></tr> <tr> <td valign="bottom" align="center" style="border-bottom:1px solid #000000"> <p style="margin-top:0px;margin-bottom:1px" align="center"><span><b>LTV</b></span></p> </td> <td valign="bottom"><span>  </span></td> <td valign="bottom" align="center" style="border-bottom:1px solid #000000"> <p style="margin-top:0px;margin-bottom:0px" align="center"><span><b>LLPA</b></span></p> <p style="margin-top:0px;margin-bottom:1px" align="center"><span><b>(No MI)</b></span></p> </td> </tr> <tr bgcolor="#cceeff"> <td valign="top" align="center"><span>80.01-85%</span></td> <td valign="bottom"><span>  </span></td> <td valign="bottom" align="center"><span>[***]%</span></td> </tr> <tr> <td valign="top" align="center"><span>85.01-90%</span></td> <td valign="bottom"><span>  </span></td> <td valign="bottom" align="center"><span>[***]%</span></td> </tr> <tr bgcolor="#cceeff"> <td valign="top" align="center"><span>90.01-95%</span></td> <td valign="bottom"><span>  </span></td> <td valign="bottom" align="center"><span>[***]%</span></td> </tr> <tr> <td valign="top" align="center"><span>95.01-97%</span></td> <td valign="bottom"><span>  </span></td> <td valign="bottom" align="center"><span>[***]%</span></td> </tr> </table> <p style="font-size:12px;margin-top:0px;margin-bottom:0px"> </p> <table style="BORDER-COLLAPSE:COLLAPSE" border="0" cellpadding="0" cellspacing="0" width="100%"> <tr> <td width="4%" valign="top" align="left"><span>(2)</span></td> <td align="left" valign="top"><span>LLPAs applicable to HomePath Mortgages and HomePath Renovation Mortgages secured by investment properties. This is in lieu of the LLPA applicable to mortgages secured<br /> by investment properties per the Selling Guide, but is in addition to all other applicable LLPAs per Selling Guide and this Attachment 1: </span></td> </tr> </table> <p style="font-size:12px;margin-top:0px;margin-bottom:0px"> </p> <table cellspacing="0" cellpadding="0" width="100%" border="0" align="center"> <tr> <td width="21%"/> <td valign="bottom" width="1%"/> <td width="15%"/> <td valign="bottom" width="1%"/> <td width="15%"/> <td valign="bottom" width="1%"/> <td width="15%"/> <td valign="bottom" width="1%"/> <td width="15%"/> <td valign="bottom" width="1%"/> <td width="14%"/></tr> <tr> <td valign="bottom" nowrap="nowrap" align="center"> <p style="margin-top:0px;margin-bottom:0px" align="center"><span><b>Representative</b></span></p> <p style="margin-top:0px;margin-bottom:1px;border-bottom:1px solid #000000;width:51pt" align="center"><span><b>Credit Scores</b></span></p> </td> <td valign="bottom"><span>  </span></td> <td valign="bottom" align="center" style="border-bottom:1px solid #000000"> <p style="margin-top:0px;margin-bottom:1px" align="center"><span><b><=70.00</b></span></p> </td> <td valign="bottom"><span>  </span></td> <td valign="bottom" align="center" style="border-bottom:1px solid #000000"> <p style="margin-top:0px;margin-bottom:1px" align="center"><span><b>70:01 — 75.00%</b></span></p> </td> <td valign="bottom"><span>  </span></td> <td valign="bottom" align="center" style="border-bottom:1px solid #000000"> <p style="margin-top:0px;margin-bottom:1px" align="center"><span><b>75.01 — 80.00%</b></span></p> </td> <td valign="bottom"><span>  </span></td> <td valign="bottom" align="center" style="border-bottom:1px solid #000000"> <p style="margin-top:0px;margin-bottom:1px" align="center"><span><b>80.01 — 90.00%</b></span></p> </td> <td valign="bottom"><span>  </span></td> <td valign="bottom" align="center" style="border-bottom:1px solid #000000"> <p style="margin-top:0px;margin-bottom:1px" align="center"><span><b>SFC</b></span></p> </td> </tr> <tr bgcolor="#cceeff"> <td valign="top" align="center"> <p style="margin-left:1.00em; text-indent:-1.00em" align="center"><span><b>> = </b>740</span></p> </td> <td valign="bottom"><span>  </span></td> <td valign="bottom" align="center"><span>[***]%</span></td> <td valign="bottom"><span>  </span></td> <td valign="bottom" align="center"><span>[***]%</span></td> <td valign="bottom"><span>  </span></td> <td valign="bottom" align="center"><span>[***]%</span></td> <td valign="bottom"><span>  </span></td> <td valign="bottom" align="center"><span>[***]%</span></td> <td valign="bottom"><span>  </span></td> <td valign="bottom" align="center"><span>057 and 058</span></td> </tr> <tr> <td valign="top" align="center"> <p style="margin-left:1.00em; text-indent:-1.00em" align="center"><span><740</span></p> </td> <td valign="bottom"><span>  </span></td> <td valign="bottom" align="center"><span>[***]%</span></td> <td valign="bottom"><span>  </span></td> <td valign="bottom" align="center"><span>[***]%</span></td> <td valign="bottom"><span>  </span></td> <td valign="bottom" align="center"><span>[***]%</span></td> <td valign="bottom"><span>  </span></td> <td valign="bottom" align="center"><span>[***]%</span></td> <td valign="bottom"><span>  </span></td> <td valign="bottom" align="center"><span>057 and 058</span></td> </tr> </table> <p style="margin-top:0px;margin-bottom:0px"><span> </span></p> <p style="margin-top:0px;margin-bottom:0px" align="center"><span>Master<br /> Agreement ML02783 </span></p> <p style="margin-top:0px;margin-bottom:0px" align="center"><span>VAR 12 – 11 </span></p> <p style="margin-top:0px;margin-bottom:0px" align="center"><span>Amendment 9 </span></p> <p style="margin-top:12px;margin-bottom:0px" align="right"><span>March 15, 2011 </span></p> <p style="margin-top:12px;margin-bottom:0px"><span>[***] Certain information has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested<br /> with respect to the omitted portions. </span></p> <hr size="3" style="COLOR:#999999" width="100%" align="CENTER"/> <p style="margin-top:0px;margin-bottom:0px"><span><b>VAR 13 HomeStyle Renovation Mortgages (04/2010) </b></span></p> <p style="font-size:12px;margin-top:0px;margin-bottom:0px"> </p> <table cellspacing="0" cellpadding="0" width="100%" border="0" align="center"> <tr> <td width="14%"/> <td valign="bottom" width="4%"/> <td width="82%"/></tr> <tr> <td valign="top" style="BORDER:1px solid #000000; padding-left:8px"><span><b>Title (Version):    </b></span></td> <td valign="bottom" style="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><span>  </span></td> <td valign="bottom" style="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:8px"><span>HomeStyle<span><br /> <sup style="vertical-align:baseline; position:relative; bottom:.8ex">®</sup></span> Renovation Mortgages (04/2010)</span></td> </tr> <tr> <td valign="top" style="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8px"><span><b>Description:</b></span></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><span>  </span></td> <td valign="bottom" style="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:8px"><span>Lender is approved to sell HomeStyle Renovation Mortgages per the Selling<br /> Guide.</span></td> </tr> </table> <p style="font-size:12px;margin-top:0px;margin-bottom:0px"> </p> <table cellspacing="0" cellpadding="0" width="100%" border="0" align="center"> <tr> <td width="18%"/> <td valign="bottom" width="6%"/> <td width="76%"/></tr> <tr> <td valign="top" colspan="3" style="BORDER:1px solid #000000; padding-left:8px; padding-right:8px"> <p style="font-size:12px;margin-top:0px;margin-bottom:0px"> </p> <p style="margin-top:0px;margin-bottom:0px"><span><b>DELIVERY REQUIREMENTS</b></span></p> <p style="font-size:12px;margin-top:0px;margin-bottom:1px"><span> </span></p> </td> </tr> <tr> <td valign="middle" style="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8px"><span><b>Special Feature Code(s) (“SFC”): Specific to<br /> Variance Mortgages</b></span></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><span>  </span></td> <td valign="bottom" style="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:8px"> <p style="margin-top:0px;margin-bottom:0px; margin-left:1.00em; text-indent:-1.00em"><span>•  “215”</span></p> <p style="font-size:6px;margin-top:0px;margin-bottom:0px"> </p> <p style="margin-top:0px;margin-bottom:0px; margin-left:1.00em; text-indent:-1.00em"><span>•  “001”</span></p> <p style="font-size:6px;margin-top:0px;margin-bottom:0px"> </p> <p style="margin-top:0px;margin-bottom:1px"><span>Note: Once renovation has been completed, Lender must contact its Fannie Mae Customer Account Team to remove SFC “001.”</span></p> </td> </tr> <tr> <td valign="middle" style="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8px"><span><b>Special Feature Code(s) (“SFC”): Other<br /> Instructions    </b></span></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><span>  </span></td> <td valign="bottom" style="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:8px"><span>To have the recourse obligation (identified by SFC “001”) removed from any<br /> Mortgage, Lender must provide its Fannie Mae Senior Account Manager or Customer Account Risk Manager with documentation showing that renovation related to such Mortgage has been completed.</span></td> </tr> <tr> <td valign="top" colspan="3" style="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8px; padding-right:8px"> <p style="font-size:12px;margin-top:0px;margin-bottom:0px"> </p> <p style="margin-top:0px;margin-bottom:0px"><span><b>UNDERWRITING/DOCUMENTATION</b></span></p> <p style="font-size:12px;margin-top:0px;margin-bottom:1px"><span> </span></p> </td> </tr> <tr> <td valign="middle" style="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8px"><span><b>Contingency Reserve</b></span></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><span>  </span></td> <td valign="bottom" style="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:8px"><span>Borrower shall be permitted to maintain a 10% contingency reserve held in a depository<br /> account with the Lender, in lieu of having a renovation escrow account. However, if the reserve is held in borrower’s personal account, the Lender must place a hold on said funds until such time as the renovation is completed pursuant to the<br /> Selling Guide.</span></td> </tr> <tr> <td valign="top" style="BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8px"> <p style="font-size:12px;margin-top:0px;margin-bottom:0px"> </p> <p style="margin-top:0px;margin-bottom:0px"><span><b>VOLUME LIMITS</b></span></p> <p style="font-size:12px;margin-top:0px;margin-bottom:1px"><span> </span></p> </td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><span>  </span></td> <td valign="bottom" style="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:8px"><span> </span></td> </tr> <tr> <td valign="middle" style="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8px"><span><b>Maximum Dollar Amount    <br /> </b></span></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><span>  </span></td> <td valign="bottom" style="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:8px"><span>$5,000,000 aggregate UPB of Variance Mortgages outstanding at any time for which a<br /> certificate of completion has not been submitted by Lender to Fannie Mae in accordance with the Selling Guide.</span></td> </tr> </table> <p style="margin-top:12px;margin-bottom:0px" align="right"><span>420948v3 </span></p> <p style="margin-top:0px;margin-bottom:0px"><span> </span></p> <p style="margin-top:0px;margin-bottom:0px" align="center"><span>Master<br /> Agreement ML02783 </span></p> <p style="margin-top:0px;margin-bottom:0px" align="center"><span>VAR 13 – 1 </span></p> <p style="margin-top:0px;margin-bottom:0px" align="center"><span>Amendment 9 </span></p> <p style="margin-top:12px;margin-bottom:0px" align="right"><span>March 15, 2011 </span></p> <hr size="3" style="COLOR:#999999" width="100%" align="CENTER"/> <p style="margin-top:0px;margin-bottom:0px"><span><b>SPECIAL REQUIREMENTS </b></span></p> <p style="margin-top:6px;margin-bottom:0px"><span>This Special Requirements Attachment is attached to and made a part of the Master Agreement. Under this Master Agreement, Lender may sell Mortgages originated in accordance with the following special<br /> requirements. Unless otherwise specified, the following special requirements apply only to conventional, first lien Mortgages. </span></p> <p style="margin-top:0px;margin-bottom:0px"><span> </span></p> <p style="margin-top:0px;margin-bottom:0px" align="center"><span>Master<br /> Agreement ML02783 </span></p> <p style="margin-top:0px;margin-bottom:0px" align="center"><span>SREQ – 1 </span></p> <p style="margin-top:0px;margin-bottom:0px" align="center"><span>Amendment 1 </span></p> <p style="margin-top:12px;margin-bottom:0px" align="right"><span>May 15, 2010 </span></p> <hr size="3" style="COLOR:#999999" width="100%" align="CENTER"/> <p style="margin-top:0px;margin-bottom:0px" align="center"><span><b>SPECIAL REQUIREMENTS </b></span></p> <p style="margin-top:0px;margin-bottom:0px" align="center"><span><b>TABLE OF CONTENTS </b></span></p> <p style="font-size:12px;margin-top:0px;margin-bottom:0px"> </p> <table cellspacing="0" cellpadding="0" width="100%" border="0" align="center"> <tr> <td width="100%"/></tr> <tr> <td valign="bottom" style="BORDER:1px solid #000000; padding-left:8px; padding-right:8px"><span><b>Title</b></span></td> </tr> <tr> <td height="8" style="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; padding-left:8px"> </td> </tr> <tr> <td valign="top" style="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8px; padding-right:8px"> <p style="margin-left:1.00em; text-indent:-1.00em"><span>SR 1 Lender Scheduled/Scheduled Remittances (04/10)</span></p> </td> </tr> </table> <p style="margin-top:0px;margin-bottom:0px"><span> </span></p> <p style="margin-top:0px;margin-bottom:0px" align="center"><span>Master<br /> Agreement ML02783 </span></p> <p style="margin-top:0px;margin-bottom:0px" align="center"><span>SREQ/TOC – 1 </span></p> <p style="margin-top:0px;margin-bottom:0px" align="center"><span>Amendment 1 </span></p> <p style="margin-top:12px;margin-bottom:0px" align="right"><span>May 15, 2010 </span></p> <hr size="3" style="COLOR:#999999" width="100%" align="CENTER"/> <p style="margin-top:0px;margin-bottom:0px"><span><b>SR 1 Lender Scheduled/Scheduled Remittances (04/10) </b></span></p> <p style="font-size:12px;margin-top:0px;margin-bottom:0px"> </p> <table cellspacing="0" cellpadding="0" width="100%" border="0" align="center"> <tr> <td width="18%"/> <td valign="bottom" width="2%"/> <td width="80%"/></tr> <tr> <td valign="top" style="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; padding-left:8px"><span><b>Title (Version):</b></span></td> <td valign="bottom" style="BORDER-TOP:1px solid #000000"><span>  </span></td> <td valign="bottom" style="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; padding-right:8px"><span>Lender Scheduled/Scheduled Remittances (04/10)</span></td> </tr> <tr> <td valign="top" style="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; padding-left:8px"><span><b>Description:</b></span></td> <td valign="bottom" style="BORDER-TOP:1px solid #000000"><span>  </span></td> <td valign="bottom" style="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; padding-right:8px"><span>Lender may remit by wire transfer “scheduled/scheduled” remittances of principal<br /> and interest up to two days prior to the date on which Fannie Mae’s Automated Drafting System will draft all unremitted amounts, subject to the following:</span></td> </tr> <tr> <td height="8" style="BORDER-TOP:1px solid #000000"> </td> <td height="8" colspan="2" style="BORDER-TOP:1px solid #000000"> </td> </tr> <tr style="font-size:1px"> <td valign="top"/> <td valign="bottom">  </td> <td valign="bottom"/></tr> <tr> <td valign="top" colspan="3" style="BORDER-LEFT:1px solid #000000; BORDER-TOP:2px solid #000000; BORDER-RIGHT:1px solid #000000; padding-left:8px; padding-right:8px"> <p style="font-size:12px;margin-top:0px;margin-bottom:0px"> </p> <p style="margin-top:0px;margin-bottom:0px"><span><b>REMITTANCE OBLIGATIONS</b></span></p> <p style="font-size:12px;margin-top:0px;margin-bottom:1px"><span> </span></p> </td> </tr> <tr> <td valign="middle" style="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; padding-left:8px"><span><b>General</b></span></td> <td valign="bottom" style="BORDER-TOP:1px solid #000000"><span>  </span></td> <td valign="bottom" style="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; padding-right:8px"> <p style="margin-top:0px;margin-bottom:0px; margin-left:2.00em; text-indent:-1.50em"><span>•    The Servicing Guide provides that Fannie Mae will draft scheduled/scheduled<br /> principal and interest payments on the 18</span><span><sup style="vertical-align:baseline; position:relative; bottom:.8ex">th </sup></span><span>of each<br /> calendar month (or the preceding business day if the 18th is not a business day).</span></p> <p style="font-size:6px;margin-top:0px;margin-bottom:0px"> </p> <p style="margin-top:0px;margin-bottom:0px; margin-left:2.00em; text-indent:-1.50em"><span>•    Lender may elect to remit scheduled/scheduled remittances by wire transfer up to two business days prior to the business on which Fannie Mae will draft funds from the<br /> applicable account through the Automated Drafting System.</span></p> <p style="font-size:6px;margin-top:0px;margin-bottom:0px"> </p> <p style="margin-top:0px;margin-bottom:0px; margin-left:2.00em; text-indent:-1.50em"><span>•    Lender shall notify Fannie Mae in advance of the amount of each such wire transfer remittance.</span></p> <p style="font-size:6px;margin-top:0px;margin-bottom:0px"> </p> <p style="margin-top:0px;margin-bottom:0px; margin-left:2.00em; text-indent:-1.50em"><span>•    If Fannie Mae receives such notice, and the wire transfer to Fannie Mae is<br /> completed by 10:00 a.m. ET on the business day prior to the 18</span><span><sup style="vertical-align:baseline; position:relative; bottom:.8ex">th</sup></span><span>, Fannie Mae will reduce the automated draft amount to reflect the remittances received via such wire transfer.</span></p> <p style="font-size:6px;margin-top:0px;margin-bottom:0px"> </p> <p style="margin-top:0px;margin-bottom:0px; margin-left:2.00em; text-indent:-1.50em"><span>•    As examples:</span></p> <p style="font-size:6px;margin-top:0px;margin-bottom:0px"> </p> <p style="margin-top:0px;margin-bottom:0px; margin-left:4.00em; text-indent:-1.50em"><span>•    if the<br /> 18</span><span><sup style="vertical-align:baseline; position:relative; bottom:.8ex">th</sup></span><span> of the month falls on a Sunday (and the Thursday and<br /> Friday prior are both business days), the last business day on which the Lender may wire funds pursuant to this Special Requirement is Thursday the 16</span><span><sup style="vertical-align:baseline; position:relative; bottom:.8ex">th</sup></span><span>.</span></p> <p style="font-size:6px;margin-top:0px;margin-bottom:0px"> </p> <p style="margin-top:0px;margin-bottom:1px; margin-left:4.00em; text-indent:-1.50em"><span>•    If the 18</span><span><sup style="vertical-align:baseline; position:relative; bottom:.8ex">th</sup></span><span> falls on a Monday (and that date and the Thursday and Friday prior are all business days), the last business day on<br /> which the Lender may wire funds pursuant to this Special Requirement is Friday the 15</span><span><sup style="vertical-align:baseline; position:relative; bottom:.8ex">th</sup></span><span>.</span></p> </td> </tr> <tr> <td valign="top" style="BORDER:1px solid #000000; padding-left:8px"><span><b>Termination</b></span></td> <td valign="bottom" style="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><span>  </span></td> <td valign="bottom" style="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:8px"><span>Fannie Mae may modify or terminate this Special<br /> Requirement in its sole discretion.</span></td> </tr> </table> <p style="margin-top:12px;margin-bottom:0px" align="right"><span>261142v2 </span></p> <p style="margin-top:0px;margin-bottom:0px"><span> </span></p> <p style="margin-top:0px;margin-bottom:0px" align="center"><span>Master<br /> Agreement ML02783 </span></p> <p style="margin-top:0px;margin-bottom:0px" align="center"><span>SR 1 Lender Scheduled/Scheduled Remittances (04/10) – 1 </span></p> <p style="margin-top:0px;margin-bottom:0px" align="center"><span>Amendment 1 </span></p> <p style="margin-top:12px;margin-bottom:0px" align="right"><span>May<br /> 5, 2010 </span></p> <hr size="3" style="COLOR:#999999" width="100%" align="CENTER"/> <p style="margin-top:0px;margin-bottom:0px"><span><b>FIXED-RATE PRODUCT ATTACHMENT </b></span></p> <p style="margin-top:6px;margin-bottom:0px"><span>This Fixed-Rate Product Attachment for FHA/VA or conventional fixed-rate, residential mortgage loans (“Fixed-Rate Mortgages”) is attached to and made a part of the Master Agreement. </span></p> <p style="margin-top:18px;margin-bottom:0px"><span><u>Variances, Special Products, and Special Requirements Applicable to Fixed-Rate Mortgages </u></span></p> <p style="margin-top:6px;margin-bottom:0px"><span>Please refer to the attachments under the “Variances” tab and the “Special Requirements” tab, as applicable, for eligibility for variances, special products, and special requirements.<br /> </span></p> <p style="margin-top:18px;margin-bottom:0px"><span><u>MBS Guaranty Fee and Buyup/Buydown Information </u></span></p> <p style="margin-top:6px;margin-bottom:0px"><span>The guaranty fee due to Fannie Mae for any Mortgage sold under any MBS Contract shall be at the annual rate specified in the applicable MBS Contract, payable monthly, after giving effect to any reduction<br /> of the guaranty fee through use of the MBS Express remittance cycle, if applicable. In addition, the guaranty fee will be set before giving effect to (i) any reduction of the guaranty fee through use of the rapid payment method of remittances,<br /> if applicable, and (ii) any increases or decreases of the guaranty fee relating to any buyups or buydowns of such fee, if applicable. </span></p> <p style="margin-top:12px;margin-bottom:0px"><span>Lender must choose the applicable Buyup/Buydown Grid posting, “Early” or “Late,” by contacting its customer account team in its lead<br /> regional office, prior to the “Early” grid posting. If Lender fails to notify its lead regional office of its grid selection before the “Early” grid is posted, Fannie Mae will assume that Lender has selected the “Early”<br /> posting grid. Lender’s grid selection will apply to all MBS pools that it sells under the same MBS Contract. Ratios for products or note rates that are not included in the regular posting may be negotiated through Lender’s lead regional<br /> office. </span></p> <p style="margin-top:0px;margin-bottom:0px"><span> </span></p> <p style="margin-top:0px;margin-bottom:0px" align="center"><span>Master<br /> Agreement ML02783 </span></p> <p style="margin-top:0px;margin-bottom:0px" align="center"><span>FRM – 1 </span></p> <p style="margin-top:0px;margin-bottom:0px" align="center"><span>Amendment 9 </span></p> <p style="margin-top:12px;margin-bottom:0px" align="right"><span>March 15, 2011 </span></p> <hr size="3" style="COLOR:#999999" width="100%" align="CENTER"/> <p style="margin-top:0px;margin-bottom:0px" align="right"><span><b>Contract No. L01030 </b></span></p> <p style="margin-top:12px;margin-bottom:0px" align="center"><span><b>FIXED-RATE MORTGAGE POOL PURCHASE CONTRACT </b></span></p> <p style="margin-top:12px;margin-bottom:0px" align="center"><span><b>MASTER AGREEMENT ML02783 Second Term </b></span></p> <p style="font-size:12px;margin-top:0px;margin-bottom:0px"> </p> <p style="line-height:1px;margin-top:0px;margin-bottom:2px;border-bottom:1pt solid #000000"> </p> <table cellspacing="0" cellpadding="0" width="100%" border="0" align="center"> <tr> <td width="51%"/> <td valign="bottom" width="1%"/> <td width="48%"/></tr> <tr> <td valign="top"><span><b>Lender: HomeStreet Bank</b></span></td> <td valign="bottom"><span>  </span></td> <td valign="top" align="right"><span><b>Lender Number: 20722-000-0</b></span></td> </tr> </table> <p style="line-height:1px;margin-top:0px;margin-bottom:2px;border-bottom:1pt solid #000000"> </p> <p style="font-size:12px;margin-top:0px;margin-bottom:0px"> </p> <table cellspacing="0" cellpadding="0" width="100%" border="0" align="center"> <tr> <td width="37%"/> <td valign="bottom" width="1%"/> <td width="62%"/></tr> <tr> <td valign="top"><span>Eligible Products:</span></td> <td valign="bottom"><span>  </span></td> <td valign="top"><span><b>10, 15, 20, 25, 30, 40 year fixed-rate mortgages</b></span></td> </tr> <tr> <td height="8"/> <td height="8" colspan="2"/></tr> <tr> <td valign="top"><span>Guaranty Fee:</span></td> <td valign="bottom"><span>  </span></td> <td valign="top"><span><b>[***] Basis Points (10yr, 15yr FRM)</b></span></td> </tr> <tr> <td height="8"/> <td height="8" colspan="2"/></tr> <tr> <td valign="top"/> <td valign="bottom"><span>  </span></td> <td valign="top"><span><b>[***] Basis Points (20yr, 25yr, 30yr, 40yr FRM)</b></span></td> </tr> <tr> <td height="8"/> <td height="8" colspan="2"/></tr> <tr> <td valign="top"/> <td valign="bottom"><span>  </span></td> <td valign="top"><span><b>[***] Basis Points (30yr, 40yr IO FRM)</b></span></td> </tr> <tr> <td height="8"/> <td height="8" colspan="2"/></tr> <tr> <td valign="top"><span>Maximum Amount of Pool Purchase Transactions for Delivery during Second Delivery Term:</span></td> <td valign="bottom"><span>  </span></td> <td valign="top"><span><b>$1,250,000,000.00</b></span></td> </tr> <tr> <td height="8"/> <td height="8" colspan="2"/></tr> <tr> <td valign="top"><span>Original First and Last Issue Date for Pools formed under this Contract:</span></td> <td valign="bottom"><span>  </span></td> <td valign="top"><span><b>April 1, 2010 – June 1, 2011</b></span></td> </tr> <tr> <td height="8"/> <td height="8" colspan="2"/></tr> <tr> <td valign="top"><span>First Issue Date for Pools formed under this amended Contract:</span></td> <td valign="bottom"><span>  </span></td> <td valign="top"><span><b>April 1, 2011</b></span></td> </tr> <tr> <td height="8"/> <td height="8" colspan="2"/></tr> <tr> <td valign="top"><span>Servicing Option:</span></td> <td valign="bottom"><span>  </span></td> <td valign="top"><span><b>Special</b></span></td> </tr> <tr> <td height="8"/> <td height="8" colspan="2"/></tr> <tr> <td valign="top"><span>Buyup/Buydown Grid:</span></td> <td valign="bottom"><span>  </span></td> <td valign="top"><span><b>Early (See additional terms in the MBS Guaranty Fee and Buyup/Buydown Information on the Fixed- Rate Product Attachment.)</b></span></td> </tr> <tr> <td height="8"/> <td height="8" colspan="2"/></tr> <tr> <td valign="top"><span>Mortgage Type:</span></td> <td valign="bottom"><span>  </span></td> <td valign="top"><span><b>Conventional</b></span></td> </tr> <tr> <td height="8"/> <td height="8" colspan="2"/></tr> <tr> <td valign="top"><span>Remittance Cycle:</span></td> <td valign="bottom"><span>  </span></td> <td valign="top"><span><b>Standard</b></span></td> </tr> <tr> <td height="8"/> <td height="8" colspan="2"/></tr> <tr> <td valign="top"><span>Seasoning Requirements:</span></td> <td valign="bottom"><span>  </span></td> <td valign="top"><span><b>Current</b></span></td> </tr> <tr> <td height="8"/> <td height="8" colspan="2"/></tr> <tr> <td valign="top"><span>Special Feature Codes:</span></td> <td valign="bottom"><span>  </span></td> <td valign="top"><span><b>Per the Selling Guide and applicable attachments under the “Variances” and “Special Requirements” tabs of the Master Agreement.</b></span></td> </tr> </table> <p style="margin-top:18px;margin-bottom:0px"><span><b>Additional Terms: </b></span></p> <p style="font-size:6px;margin-top:0px;margin-bottom:0px"> </p> <table style="BORDER-COLLAPSE:COLLAPSE" border="0" cellpadding="0" cellspacing="0" width="100%"> <tr> <td width="1%" valign="top" align="left"><span>•</span></td> <td width="1%" valign="top"><span> </span></td> <td align="left" valign="top"> <p align="left"><span>The Guaranty Fee adjustment for the MBS Express or RPM remittance cycle, if applicable, may be changed by Fannie Mae from time to time and will be<br /> effective 60 days after notice to Lender. </span></p> </td> </tr> </table> <p style="font-size:6px;margin-top:0px;margin-bottom:0px"> </p> <table style="BORDER-COLLAPSE:COLLAPSE" border="0" cellpadding="0" cellspacing="0" width="100%"> <tr> <td width="1%" valign="top" align="left"><span>•</span></td> <td width="1%" valign="top"><span> </span></td> <td align="left" valign="top"> <p align="left"><span>Only FRMS and IO FRMS must be delivered under this MBS Contract. All other Mortgage products are ineligible. </span></p> </td> </tr> </table> <p style="margin-top:0px;margin-bottom:0px"><span> </span></p> <p style="margin-top:0px;margin-bottom:0px" align="center"><span>Pool Purchase<br /> Contract No. L01030 </span></p> <p style="margin-top:0px;margin-bottom:0px" align="center"><span>FRM – 1 </span></p> <p style="margin-top:0px;margin-bottom:0px" align="center"><span>Amendment 9 </span></p> <p style="margin-top:12px;margin-bottom:0px" align="right"><span>March 15, 2011 </span></p> <p style="margin-top:12px;margin-bottom:0px"><span>[***] Certain information has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested<br /> with respect to the omitted portions. </span></p> <hr size="3" style="COLOR:#999999" width="100%" align="CENTER"/> <p style="margin-top:0px;margin-bottom:0px"><span><b>ARM PRODUCT ATTACHMENT </b></span></p> <p style="margin-top:6px;margin-bottom:0px"><span>This ARM Product Attachment for conventional adjustable-rate residential mortgage loans is attached to and made a part of the Master Agreement. </span></p> <p style="margin-top:18px;margin-bottom:0px"><span><u>Standard Fannie Mae ARM Plans Eligible for Delivery Under MBS Contracts </u></span></p> <p style="margin-top:6px;margin-bottom:0px"><span>For a complete<br /> description of Fannie Mae’s standard ARM plans, see the <u>Standard ARM Plan Matrix on efanniemae.com.</u> Each ARM MBS Contract will reference ARM plans eligible for delivery under such MBS Contract. </span></p> <p style="margin-top:18px;margin-bottom:0px"><span><u>Variances, Special Products, and Special Requirements Applicable to Adjustable-Rate Mortgages </u></span></p> <p style="margin-top:6px;margin-bottom:0px"><span>Please refer to the attachments under the “Variances” tab and the “Special Requirements” tab, as applicable, for eligibility for<br /> variances, special products, and special requirements. </span></p> <p style="margin-top:18px;margin-bottom:0px"><span><u>MBS Guaranty Fee and Buyup/Buydown Information </u></span></p> <p style="margin-top:6px;margin-bottom:0px"><span>The guaranty fee due to Fannie Mae for any Mortgage sold under any MBS Contract shall be at the annual rate specified in the applicable MBS Contract,<br /> payable monthly, after giving effect to any reduction of the guaranty fee through use of the MBS Express remittance cycle, if applicable. In addition, the guaranty fee will be set before giving effect to (i) any reduction of the guaranty fee<br /> through use of the rapid payment method of remittances, if applicable, and (ii) any increases or decreases of the guaranty fee relating to any buyups or buydowns of such fee, if applicable. </span></p> <p style="margin-top:12px;margin-bottom:0px"><span>Lender must choose the applicable Buyup/Buydown Grid posting, “Early” or “Late,” by contacting its customer account team in its lead<br /> regional office, prior to the “Early” grid posting. If Lender fails to notify its lead regional office of its grid selection before the “Early” grid is posted, Fannie Mae will assume that Lender has selected the “Early”<br /> posting grid. Lender’s grid selection will apply to all MBS pools that it sells under the same MBS Contract. Ratios for products or note rates that are not included in the regular posting may be negotiated through Lender’s lead regional<br /> office. </span></p> <p style="margin-top:0px;margin-bottom:0px"><span> </span></p> <p style="margin-top:0px;margin-bottom:0px" align="center"><span>Master<br /> Agreement ML02783 </span></p> <p style="margin-top:0px;margin-bottom:0px" align="center"><span>ARM – 1 </span></p> <p style="margin-top:0px;margin-bottom:0px" align="center"><span>Amendment 9 </span></p> <p style="margin-top:12px;margin-bottom:0px" align="right"><span>March 15, 2011 </span></p> <hr size="3" style="COLOR:#999999" width="100%" align="CENTER"/> <p style="margin-top:0px;margin-bottom:0px" align="right"><span><b>Contract No. L01028 </b></span></p> <p style="margin-top:12px;margin-bottom:0px" align="center"><span><b>ADJUSTABLE-RATE MORTGAGE POOL PURCHASE CONTRACT </b></span></p> <p style="margin-top:12px;margin-bottom:0px" align="center"><span><b>MASTER AGREEMENT ML02783 Second Term </b></span></p> <p style="font-size:12px;margin-top:0px;margin-bottom:0px"> </p> <table cellspacing="0" cellpadding="0" width="100%" border="0" align="center"> <tr> <td width="37%"/> <td valign="bottom" width="2%"/> <td width="61%"/></tr> <tr> <td valign="top" style="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000"> <p style="margin-left:1.00em; text-indent:-1.00em"><span><b>Lender: HomeStreet Bank</b></span></p> </td> <td valign="bottom" style="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><span>  </span></td> <td valign="bottom" align="right" style="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><span><b>Lender Number: 20722-000-0</b></span></td> </tr> <tr> <td height="16"/> <td height="16" colspan="2"/></tr> <tr> <td valign="top"><span>Eligible Products:</span></td> <td valign="bottom"><span>  </span></td> <td valign="top"><span><b>Adjustable-Rate Conventional Mortgages</b></span></td> </tr> <tr> <td height="8"/> <td height="8" colspan="2"/></tr> <tr> <td valign="top"><span>Plan Number(s):</span></td> <td valign="bottom"><span>  </span></td> <td valign="top"><span><b>03505, 00659, 00660, 00661, 02238, 02699, 02724, 02725, 02737, 03128, 03252 (only those listed above are eligible under this contract – for more details, see the Standard ARM<br /> Plan Matrix on efanniemae.com or, if applicable, the instructions in the Additional Terms section)</b></span></td> </tr> <tr> <td height="8"/> <td height="8" colspan="2"/></tr> <tr> <td valign="top"><span>Guaranty Fee:</span></td> <td valign="bottom"><span>  </span></td> <td valign="top"> <p style="margin-top:0px;margin-bottom:0px"><span><b>[***] Basis Point (30yr, 40yr ARM)</b></span></p> <p style="margin-top:0px;margin-bottom:1px"><span><b>[***] Basis Points (30yr “IO” ARM)</b></span></p> </td> </tr> <tr> <td height="8"/> <td height="8" colspan="2"/></tr> <tr> <td valign="top"><span>Maximum Amount of Pool Purchase Transactions for Delivery during Second Delivery Term:</span></td> <td valign="bottom"><span>  </span></td> <td valign="top"> <p style="margin-top:0px;margin-bottom:1px"><span><b>$60,000,000.00</b></span></p> </td> </tr> <tr> <td height="8"/> <td height="8" colspan="2"/></tr> <tr> <td valign="top"><span>Original First and Last Issue Date for Pools formed under this Contract:</span></td> <td valign="bottom"><span>  </span></td> <td valign="top"><span><b>April 1, 2010 – June 1, 2011</b></span></td> </tr> <tr> <td height="8"/> <td height="8" colspan="2"/></tr> <tr> <td valign="top"><span>First Issue Date for Pools formed under this amended Contract:</span></td> <td valign="bottom"><span>  </span></td> <td valign="top"><span><b>April 1, 2011</b></span></td> </tr> <tr> <td height="8"/> <td height="8" colspan="2"/></tr> <tr> <td valign="top"><span>Servicing Option:</span></td> <td valign="bottom"><span>  </span></td> <td valign="top"><span><b>Special</b></span></td> </tr> <tr> <td height="8"/> <td height="8" colspan="2"/></tr> <tr> <td valign="top"><span>Buyup/Buydown Grid:</span></td> <td valign="bottom"><span>  </span></td> <td valign="top"><span><b>Early (See additional terms in the MBS Guaranty Fee and Buyup/Buydown Information in the Preamble section.)</b></span></td> </tr> <tr> <td height="8"/> <td height="8" colspan="2"/></tr> <tr> <td valign="top"><span>Mortgage Type:</span></td> <td valign="bottom"><span>  </span></td> <td valign="top"><span><b>Conventional</b></span></td> </tr> <tr> <td height="8"/> <td height="8" colspan="2"/></tr> <tr> <td valign="top"><span>Pooling Structure:</span></td> <td valign="bottom"><span>  </span></td> <td valign="top"><span><b>ARM Flex</b></span></td> </tr> <tr> <td height="8"/> <td height="8" colspan="2"/></tr> <tr> <td valign="top"><span>Remittance Cycle:</span></td> <td valign="bottom"><span>  </span></td> <td valign="top"><span><b>Standard</b></span></td> </tr> <tr> <td height="8"/> <td height="8" colspan="2"/></tr> <tr> <td valign="top"><span>Seasoning Requirements:</span></td> <td valign="bottom"><span>  </span></td> <td valign="top"><span><b>Current</b></span></td> </tr> <tr> <td height="8"/> <td height="8" colspan="2"/></tr> <tr> <td valign="top"><span>Conversion Option:</span></td> <td valign="bottom"><span>  </span></td> <td valign="top"><span><b>N/A</b></span></td> </tr> <tr> <td height="8"/> <td height="8" colspan="2"/></tr> <tr> <td valign="top"><span>Special Feature Codes:</span></td> <td valign="bottom"><span>  </span></td> <td valign="top"><span><b>Per the Selling Guide and applicable attachments under the “Variances” and “Special Requirements” tabs of the Master Agreement.</b></span></td> </tr> </table> <p style="margin-top:0px;margin-bottom:0px"><span> </span></p> <p style="margin-top:0px;margin-bottom:0px" align="center"><span>Pool Purchase<br /> Contract No. L01028 </span></p> <p style="margin-top:0px;margin-bottom:0px" align="center"><span>ARM – 1 </span></p> <p style="margin-top:0px;margin-bottom:0px" align="center"><span>Amendment 9 </span></p> <p style="margin-top:12px;margin-bottom:0px" align="right"><span>March 15, 2011 </span></p> <p style="margin-top:12px;margin-bottom:0px"><span>[***] Certain information has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested<br /> with respect to the omitted portions. </span></p> <hr size="3" style="COLOR:#999999" width="100%" align="CENTER"/> <p style="margin-top:0px;margin-bottom:0px"><span><b>Additional Terms: </b></span></p> <p style="font-size:6px;margin-top:0px;margin-bottom:0px"> </p> <table style="BORDER-COLLAPSE:COLLAPSE" border="0" cellpadding="0" cellspacing="0" width="100%"> <tr> <td width="3%" valign="top" align="left"><span>•</span></td> <td width="1%" valign="top"><span> </span></td> <td align="left" valign="top"> <p align="left"><span>The Guaranty Fee adjustment for the MBS Express or RPM remittance cycle, if applicable, may be changed by Fannie Mae from time to time and will be<br /> effective 60 days after notice to Lender. </span></p> </td> </tr> </table> <p style="font-size:6px;margin-top:0px;margin-bottom:0px"> </p> <table style="BORDER-COLLAPSE:COLLAPSE" border="0" cellpadding="0" cellspacing="0" width="100%"> <tr> <td width="3%" valign="top" align="left"><span>•</span></td> <td width="1%" valign="top"><span> </span></td> <td align="left" valign="top"> <p align="left"><span>Only ARMS and IO ARMS must be delivered under this MBS Contract. All other Mortgage products are ineligible. </span></p> </td> </tr> </table> <p style="margin-top:0px;margin-bottom:0px"><span> </span></p> <p style="margin-top:0px;margin-bottom:0px" align="center"><span>Pool Purchase<br /> Contract No. L01028 </span></p> <p style="margin-top:0px;margin-bottom:0px" align="center"><span>ARM – 2 </span></p> <p style="margin-top:0px;margin-bottom:0px" align="center"><span>Amendment 9 </span></p> <p style="margin-top:12px;margin-bottom:0px" align="right"><span>March 15, 2011 </span></p> <hr size="3" style="COLOR:#999999" width="100%" align="CENTER"/> <p style="margin-top:0px;margin-bottom:0px"> <p style="margin-top:18px;margin-bottom:0px" align="right"><span><b>CONFIDENTIAL </b></span></p> <p style="margin-top:12px;margin-bottom:0px"><span>March 15, 2011 </span></p> <p style="margin-top:12px;margin-bottom:0px"><span>Mr. Curt Byers </span></p> <p style="margin-top:0px;margin-bottom:0px"><span>Vice President of Secondary Marketing </span></p> <p style="margin-top:0px;margin-bottom:0px"><span>HomeStreet Bank </span></p> <p style="margin-top:0px;margin-bottom:0px"><span>601 Union Street </span></p> <p style="margin-top:0px;margin-bottom:0px"><span>2000 Two Union Square<br /> </span></p> <p style="margin-top:0px;margin-bottom:0px"><span>Seattle, WA 981012326 </span></p> <p style="font-size:12px;margin-top:0px;margin-bottom:0px"> </p> <table cellspacing="0" cellpadding="0" width="100%" border="0" align="center"> <tr> <td width="10%"/> <td valign="bottom" width="1%"/> <td width="30%"/> <td valign="bottom" width="1%"/> <td width="28%"/> <td valign="bottom" width="1%"/> <td width="29%"/></tr> <tr> <td valign="top"><span>Subject</span></td> <td valign="bottom"><span>  </span></td> <td valign="top"><span>Master Agreement No:</span></td> <td valign="bottom"><span>  </span></td> <td valign="top"><span>ML02783</span></td> <td valign="bottom"><span>  </span></td> <td valign="top"/></tr> <tr> <td valign="top"/> <td valign="bottom"><span>  </span></td> <td valign="top"><span>Delivery Term:</span></td> <td valign="bottom"><span>  </span></td> <td valign="top"><span>Second</span></td> <td valign="bottom"><span>  </span></td> <td valign="top"/></tr> <tr> <td valign="top"/> <td valign="bottom"><span>  </span></td> <td valign="top"><span>Master Agreement Amendment No.:</span></td> <td valign="bottom"><span>  </span></td> <td valign="top"><span>Amendment 9</span></td> <td valign="bottom"><span>  </span></td> <td valign="top"/></tr> <tr> <td valign="top"/> <td valign="bottom"><span>  </span></td> <td valign="top"><span>Lender No.:</span></td> <td valign="bottom"><span>  </span></td> <td valign="top"><span>20722-000-0</span></td> <td valign="bottom"><span>  </span></td> <td valign="top"/></tr> </table> <p style="margin-top:12px;margin-bottom:0px"><span>Dear Mr. Byers: </span></p> <p style="margin-top:12px;margin-bottom:0px"><span>By execution of this Letter Agreement, Fannie Mae and <b>HomeStreet Bank</b> (the “Lender”) agree to amend the above-referenced Master Agreement and Contract (if applicable). The amended terms<br /> and conditions are set forth in the amended pages to the Master Agreement and (if applicable) the Contract attached to this Letter Agreement. The attachments should be inserted into the Lender’s Master Agreement as described below. Capitalized<br /> terms used but not defined in this Letter Agreement, shall have the meanings set forth in the Master Agreement. </span></p> <p style="margin-top:12px;margin-bottom:0px"><span>The amended terms and<br /> conditions are set forth below. If applicable, the Lender and Fannie Mae shall rely also on any attached pages for a complete description of the amended terms and conditions. </span></p> <p style="margin-top:12px;margin-bottom:0px"><span>The amended terms and conditions: </span></p> <p style="font-size:6px;margin-top:0px;margin-bottom:0px"> </p> <table cellspacing="0" cellpadding="0" width="100%" border="0" align="center"> <tr> <td width="1%"/> <td valign="bottom" width="2%"/> <td width="12%"/> <td valign="bottom" width="2%"/> <td width="83%"/></tr> <tr> <td valign="top"><span><b>1.</b></span></td> <td valign="bottom"><span>  </span></td> <td valign="top"> <p style="margin-top:0px;margin-bottom:0px" align="right"><span><b>Amended term:</b></span></p> <p style="font-size:6px;margin-top:0px;margin-bottom:0px" align="left"> </p> <p style="margin-top:0px;margin-bottom:1px" align="right"><span><b>Instructions:</b></span></p> </td> <td valign="bottom"><span>  </span></td> <td valign="top"> <p style="margin-top:0px;margin-bottom:0px"><span>Amend the agreement amount and expiration date for the Master Agreement.</span></p> <p style="font-size:6px;margin-top:0px;margin-bottom:0px"> </p> <p style="margin-top:0px;margin-bottom:0px"><span>In your Master Agreement, replace the following titled sections:</span></p> <p style="font-size:6px;margin-top:0px;margin-bottom:0px"> </p> <p style="margin-top:0px;margin-bottom:1px; margin-left:2.00em; text-indent:-2.00em"><span>•        EXHIBIT 1 TO MASTER AGREEMENT<br /> ML02783.</span></p> </td> </tr> </table> <p style="margin-top:0px;margin-bottom:0px"><span> </span></p> <p style="margin-top:0px;margin-bottom:0px" align="center"><span>Master<br /> Agreement ML02783 </span></p> <p style="margin-top:0px;margin-bottom:0px" align="center"><span>LE – 1 </span></p> <p style="margin-top:0px;margin-bottom:0px" align="center"><span>Amendment 9 </span></p> <p style="margin-top:12px;margin-bottom:0px" align="right"><span>March 15, 2011 </span></p> <hr size="3" style="COLOR:#999999" width="100%" align="CENTER"/> <table cellspacing="0" cellpadding="0" width="100%" border="0" align="center"> <tr> <td width="1%"/> <td valign="bottom" width="2%"/> <td width="12%"/> <td valign="bottom" width="2%"/> <td width="83%"/></tr> <tr> <td valign="top"><span><b>2.</b></span></td> <td valign="bottom"><span>  </span></td> <td valign="top" align="right"><span><b>Amended term:</b></span></td> <td valign="bottom"><span>  </span></td> <td valign="top"><span><b>Amend</b> certain provisions of certain <b>VAR[s]</b> in the <b>“Variances”</b> section of your Master Agreement.</span></td> </tr> <tr> <td valign="top"/> <td valign="bottom"><span>  </span></td> <td valign="top"> <p style="font-size:6px;margin-top:0px;margin-bottom:0px"> </p> <p style="margin-top:0px;margin-bottom:1px" align="right"><span><b>Instructions:</b></span></p> </td> <td valign="bottom"><span>  </span></td> <td valign="top"> <p style="font-size:18px;margin-top:0px;margin-bottom:0px"> </p> <p style="margin-top:0px;margin-bottom:0px; margin-left:2.00em; text-indent:-2.00em"><span>•        Replace the VAR/TOC (Table of Contents) with the enclosed<br /> VAR/TOC (Table of Contents).</span></p> <p style="font-size:6px;margin-top:0px;margin-bottom:0px"> </p> <p style="margin-top:0px;margin-bottom:0px; margin-left:2.00em; text-indent:-2.00em"><span>•        Replace the following <b>VAR[s]</b> with the enclosed<br /> <b>VAR[s]</b> in the “Variances” section of your Master Agreement:</span></p> <p style="font-size:6px;margin-top:0px;margin-bottom:0px"> </p> <p style="margin-top:0px;margin-bottom:1px; margin-left:4.00em; text-indent:-2.00em"><span>•      VAR 12 – HomePath and HomePath Renovation Mortgages.</span></p> </td> </tr> <tr> <td height="8"/> <td height="8" colspan="2"/> <td height="8" colspan="2"/></tr> <tr> <td valign="top"><span><b>3.</b></span></td> <td valign="bottom"><span>  </span></td> <td valign="top" align="right"><span><b>Amended term:</b></span></td> <td valign="bottom"><span>  </span></td> <td valign="top"><span><b>Add</b> the ability to originate and sell certain mortgages as described in the <b>“Variances”</b> section of your Master Agreement.</span></td> </tr> <tr> <td valign="top"/> <td valign="bottom"><span>  </span></td> <td valign="top"> <p style="font-size:6px;margin-top:0px;margin-bottom:0px"> </p> <p style="margin-top:0px;margin-bottom:1px" align="right"><span><b>Instructions:</b></span></p> </td> <td valign="bottom"><span>  </span></td> <td valign="top"> <p style="font-size:18px;margin-top:0px;margin-bottom:0px"> </p> <p style="margin-top:0px;margin-bottom:0px; margin-left:2.00em; text-indent:-2.00em"><span>•        Insert the following <b>VAR[s]</b> into the<br /> “Variances” section of your Master Agreement:</span></p> <p style="font-size:6px;margin-top:0px;margin-bottom:0px"> </p> <p style="margin-top:0px;margin-bottom:1px; margin-left:4.00em; text-indent:-2.00em"><span>•      VAR 13 – HomeStyle Renovation Mortgages (04/2010).</span></p> </td> </tr> <tr> <td height="8"/> <td height="8" colspan="2"/> <td height="8" colspan="2"/></tr> <tr> <td valign="top"><span><b>4.</b></span></td> <td valign="bottom"><span>  </span></td> <td valign="top" align="right"><span><b>Amended term:</b></span></td> <td valign="bottom"><span>  </span></td> <td valign="top"><span><b>Discontinue</b> the ability to originate and sell certain mortgages as described in the <b>“Variances”</b> section of your Master Agreement.</span></td> </tr> <tr> <td valign="top"/> <td valign="bottom"><span>  </span></td> <td valign="top"> <p style="font-size:6px;margin-top:0px;margin-bottom:0px"> </p> <p style="margin-top:0px;margin-bottom:1px" align="right"><span><b>Instructions:</b></span></p> </td> <td valign="bottom"><span>  </span></td> <td valign="top"> <p style="font-size:18px;margin-top:0px;margin-bottom:0px"> </p> <p style="margin-top:0px;margin-bottom:0px; margin-left:2.00em; text-indent:-2.00em"><span>•        Remove the following <b>VAR[s]</b> from the<br /> “Variances” section of your Master Agreement:</span></p> <p style="font-size:6px;margin-top:0px;margin-bottom:0px"> </p> <p style="margin-top:0px;margin-bottom:0px; margin-left:4.00em; text-indent:-2.00em"><span>•      VAR 1 – HomeStyle Renovation Mortgages;</span></p> <p style="font-size:6px;margin-top:0px;margin-bottom:0px"> </p> <p style="margin-top:0px;margin-bottom:0px; margin-left:4.00em; text-indent:-2.00em"><span>•      VAR 3 – Energy Efficient Mortgages (EXPIRING);</span></p> <p style="font-size:6px;margin-top:0px;margin-bottom:0px"> </p> <p style="margin-top:0px;margin-bottom:0px; margin-left:4.00em; text-indent:-2.00em"><span>•      VAR 7 – HomeStyle Renovation Escrow (03/10);</span></p> <p style="font-size:6px;margin-top:0px;margin-bottom:0px"> </p> <p style="margin-top:0px;margin-bottom:0px; margin-left:4.00em; text-indent:-2.00em"><span>•      VAR 8 – Brigham Young University Residential Leasehold Estates in<br /> Hawaii (03/10); and</span></p> <p style="font-size:6px;margin-top:0px;margin-bottom:0px"> </p> <p style="margin-top:0px;margin-bottom:1px; margin-left:4.00em; text-indent:-2.00em"><span>•      VAR 11 – HomePath and HomePath Renovation Mortgages<br /> (EXPIRING).</span></p> </td> </tr> <tr> <td height="8"/> <td height="8" colspan="2"/> <td height="8" colspan="2"/></tr> <tr> <td valign="top"><span><b>5.</b></span></td> <td valign="bottom"><span>  </span></td> <td valign="top" align="right"><span><b>Amended term:</b></span></td> <td valign="bottom"><span>  </span></td> <td valign="top"><span><b>Amend</b> Pool Purchase Contract[s]: L01028 and L01030.</span></td> </tr> <tr> <td height="8"/> <td height="8" colspan="2"/> <td height="8" colspan="2"/></tr> <tr> <td valign="top"/> <td valign="bottom"><span>  </span></td> <td valign="top" align="right"><span><b>Instructions:</b></span></td> <td valign="bottom"><span>  </span></td> <td valign="top"> <p style="margin-top:0px;margin-bottom:0px"><span>Replace Pool Purchase Contract[s] in your Master Agreement as follows:</span></p> <p style="font-size:6px;margin-top:0px;margin-bottom:0px"> </p> <p style="margin-top:0px;margin-bottom:0px; margin-left:2.00em; text-indent:-2.00em"><span>•        Fixed-Rate – L01030 in the Fixed-Rate section of your<br /> Master Agreement.</span></p> <p style="font-size:6px;margin-top:0px;margin-bottom:0px"> </p> <p style="margin-top:0px;margin-bottom:1px; margin-left:2.00em; text-indent:-2.00em"><span>•        Adjustable-Rate – L01028 in the Adjustable-Rate section of<br /> your Master Agreement.</span></p> </td> </tr> </table> <p style="margin-top:12px;margin-bottom:0px"><span><b>If you have received the “MASTER AGREEMENT GENERAL TERMS”, “SPECIAL<br /> REQUIREMENT” Terms and/or Pool Contract “PRODUCT ATTACHMENT[S]”, please insert/replace them in their respective sections. All replaced sections, along with this letter, should be inserted under the “Amendment History” tab.<br /> </b></span></p> <p style="margin-top:12px;margin-bottom:0px"><span>For whole loan deliveries, any loan-level price adjustments (“LLPAs”) that are referenced in the Master Agreement, will be<br /> available no later than 30 days after Fannie Mae receives the executed Letter Agreement from Lender. </span></p> <p style="margin-top:0px;margin-bottom:0px"><span> </span></p> <p style="margin-top:0px;margin-bottom:0px" align="center"><span>Master<br /> Agreement ML02783 </span></p> <p style="margin-top:0px;margin-bottom:0px" align="center"><span>LE – 2 </span></p> <p style="margin-top:0px;margin-bottom:0px" align="center"><span>Amendment 9 </span></p> <p style="margin-top:12px;margin-bottom:0px" align="right"><span>March 15, 2011 </span></p> <hr size="3" style="COLOR:#999999" width="100%" align="CENTER"/> <p style="margin-top:0px;margin-bottom:0px"><span>By execution of this Letter Agreement, Fannie Mae and the Lender agree to and accept the amended terms and<br /> conditions as set forth in the attachments to this Letter Agreement. The effective date of the amendments is the date of Fannie Mae’s receipt of this Letter Agreement executed by the Lender (or the later of the date Fannie Mae receives the<br /> executed Letter Agreement or the date shown on Exhibit 1, if Exhibit 1 has been revised in this Letter Agreement). The Lender shall return a duly-executed duplicate original of this Letter Agreement to Fannie Mae within ten business days of the date<br /> this Letter Agreement is executed by Fannie Mae. If Fannie Mae does not receive an executed duplicate original (or electronic version, as provided below) of this Letter Agreement from the Lender within ten business days, Fannie Mae may, at its<br /> option, declare this Letter Agreement null and void. You may return this Letter Agreement to Fannie Mae via facsimile or other means of electronic transmission. Please be aware that if you return only the executed signature page by electronic means<br /> (and not the balance of the Letter Agreement) then you are warranting that you have accepted the Letter Agreement in its entirety in the form sent to you by Fannie Mae, with no strike-outs, additions or other changes. NOTE: if you see anything that<br /> needs to be changed in this Letter Agreement, please give your Customer Account representative a call before you sign the original. </span></p> <p style="margin-top:12px;margin-bottom:0px"><span>Sincerely, </span></p> <p style="margin-top:12px;margin-bottom:0px"><span><b>FANNIE MAE </b></span></p> <p style="font-size:12px;margin-top:0px;margin-bottom:0px"> </p> <table cellspacing="0" cellpadding="0" width="40%" border="0"> <tr> <td width="13%"/> <td valign="bottom" width="1%"/> <td width="86%"/></tr> <tr> <td valign="top"><span>By:</span></td> <td valign="bottom"><span> </span></td> <td valign="top"> <p style="margin-top:0px;margin-bottom:1px;border-bottom:1px solid #000000"><span>/s/ Colette Porter</span></p> </td> </tr> <tr> <td valign="top"/> <td valign="bottom"><span> </span></td> <td valign="top"> <p style="margin-top:0px;margin-bottom:0px"><span>Colette Porter</span></p> <p style="margin-top:0px;margin-bottom:1px"><span>Director/Assistant Vice President</span></p> </td> </tr> <tr> <td height="16" colspan="3"/></tr> <tr> <td valign="top" colspan="3"><span>Agreed, acknowledged and accepted.</span></td> </tr> <tr> <td height="16" colspan="3"/></tr> <tr> <td valign="top" colspan="3"><span><b>HOMESTREET BANK</b></span></td> </tr> <tr> <td height="16"/> <td height="16" colspan="2"/></tr> <tr> <td valign="top"><span>By:</span></td> <td valign="bottom"><span> </span></td> <td valign="top"> <p style="margin-top:0px;margin-bottom:1px;border-bottom:1px solid #000000"><span>/s/ Curt Byers</span></p> </td> </tr> <tr> <td valign="top"><span>Name:</span></td> <td valign="bottom"><span> </span></td> <td valign="top"> <p style="margin-top:0px;margin-bottom:1px;border-bottom:1px solid #000000"><span>Curt Byers</span></p> </td> </tr> <tr> <td valign="top"><span>Title:</span></td> <td valign="bottom"><span> </span></td> <td valign="top"> <p style="margin-top:0px;margin-bottom:1px;border-bottom:1px solid #000000"><span>Vice President</span></p> </td> </tr> <tr> <td valign="top"><span>Date:</span></td> <td valign="bottom"><span> </span></td> <td valign="top"> <p style="margin-top:0px;margin-bottom:1px;border-bottom:1px solid #000000"><span>3/28/2011</span></p> </td> </tr> </table> <p style="margin-top:12px;margin-bottom:0px"><span>Email addresses for contact related communications are listed below. Please make additions or corrections as necessary. </span></p> <p style="margin-top:12px;margin-bottom:0px"><span><u>curt.byers@homestreet.com </u></span></p> <p style="margin-top:0px;margin-bottom:0px"><span><u>sharon.todhunter@homestreetbank.com </u></span></p> <p style="margin-top:0px;margin-bottom:0px"><span> </span></p> <p style="margin-top:0px;margin-bottom:0px" align="center"><span>Master<br /> Agreement ML02783 </span></p> <p style="margin-top:0px;margin-bottom:0px" align="center"><span>LE – 3 </span></p> <p style="margin-top:0px;margin-bottom:0px" align="center"><span>Amendment 9 </span></p> <p style="margin-top:12px;margin-bottom:0px" align="right"><span>March 15, 2011 </span></p> </div> <div style="clear:both; margin-top:0em; margin-bottom:1em;"><a href="https://toploanmortgage.com/articles/mortgage-payoff-calculator-extra-payment/" target="_self" rel="nofollow" class="u80b2016ce05374f5c480af4568722a5f"><!-- INLINE RELATED POSTS 1/3 //--><style> 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class="formFields"><tr id="ma"><td class="right"><label for="ma">Purchase price:</label></td><td nowrap="nowrap" align="left"><input type="text" name="ma" value="300,000" size="10" class="valid"/> $</td></tr><tr id="dp" ><td class="right"><label for="dp">Down payment:</label></td><td nowrap="nowrap" align="left"><input type="text" name="dp" value="10" size="3" class="valid"/> % <span id="downPaymentValue"></span></td></tr><tr id="mt"><td class="right"><label for="mt">Mortgage term:</label></td><td nowrap="nowrap" align="left"><input type="text" name="mt" value="30" size="3" class="valid"/> years</td></tr><tr id="mir"><td class="right"><label for="mir">Interest rate:</label></td><td nowrap="nowrap" align="left"><input type="text" name="ir" value="4.5" size="5" class="valid"/> %</td></tr><tr id="pt" ><td class="right"><label for="pt">Property tax:</label></td><td nowrap="nowrap" align="left"><input type="text" name="pt" value="3,000" size="6" class="valid"/> $per year</td></tr><tr id="pi" ><td class="right"><label for="pi">Property insurance:</label></td><td nowrap="nowrap" align="left"><input type="text" name="pi" value="1,500" size="6" class="valid"/> $per year</td></tr><tr id="mi" ><td class="right"><label for="mi">PMI:</label></td><td nowrap="nowrap" align="left"><input type="text" name="mi" value="0.52" size="5" class="valid"/> %</td></tr><tr><td class="right"><label>First payment date:</label></td><td nowrap="nowrap" align="left"><select name="sm"><option label="Jan" value="1">Jan</option><option label="Feb" value="2">Feb</option><option label="Mar" value="3" selected="selected">Mar</option><option label="Apr" value="4">Apr</option><option label="May" value="5">May</option><option label="Jun" value="6">Jun</option><option label="Jul" value="7">Jul</option><option label="Aug" value="8">Aug</option><option label="Sep" value="9">Sep</option><option label="Oct" value="10">Oct</option><option label="Nov" value="11">Nov</option><option label="Dec" value="12">Dec</option></select> <select name="sy"><option label="2004" value="2004">2004</option><option label="2005" value="2005">2005</option><option label="2006" value="2006">2006</option><option label="2007" value="2007">2007</option><option label="2008" value="2008">2008</option><option label="2009" value="2009">2009</option><option label="2010" value="2010">2010</option><option label="2011" value="2011">2011</option><option label="2012" value="2012">2012</option><option label="2013" value="2013">2013</option><option label="2014" value="2014">2014</option><option label="2015" value="2015">2015</option><option label="2016" value="2016">2016</option><option label="2017" value="2017">2017</option><option label="2018" value="2018">2018</option><option label="2019" value="2019" selected="selected">2019</option><option label="2020" value="2020">2020</option><option label="2021" value="2021">2021</option><option label="2022" value="2022">2022</option><option label="2023" value="2023">2023</option><option label="2024" value="2024">2024</option><option label="2025" value="2025">2025</option><option label="2026" value="2026">2026</option><option label="2027" value="2027">2027</option><option label="2028" value="2028">2028</option><option label="2029" value="2029">2029</option><option label="2030" value="2030">2030</option><option label="2031" value="2031">2031</option><option label="2032" value="2032">2032</option><option label="2033" value="2033">2033</option><option label="2034" value="2034">2034</option></select></td></tr><tr id="mas" style="display:none"><td class="right"><label>Amortization:</label></td><td nowrap="nowrap" align="left"><input class="nobg" type="radio" name="as" value="year" id="mas_year" checked="checked" /><label for="mas_year">show by year</label><br/> <input class="nobg" type="radio" name="as" value="month" id="mas_month" /><label for="mas_month">show by month</label></td></tr><tr><td height="10"></td></tr><tr><td colspan="2" class="center"><input type="submit" value="Calculate" class="sbmButton"/></td></tr></table></td><td width="15"></td></tr><tr><td height="10"></td></tr></table></form><form action="https://www.mlcalc.com/loan-calculator/" method="post" id="MLCalcFormLoanForm" class="panelItem" ><input type="hidden" name="ml" value="loan"/><input type="hidden" name="cl" value="true"/><input type="hidden" name="wg" value="widget"/> <input type="hidden" name="wt" value="wp"/><input type="hidden" name="cr" value="usd"/> <input type="hidden" name="wl" value="en"/> <input type="hidden" name="as" value="year" /><table cellpadding="0" cellspacing="0" width="100%"><tr><td height="10"></td></tr><tr><td width="15"></td><td align="center"><table cellpadding="0" cellspacing="0" class="formFields"><tr id="la"><td class="right"><label for="la">Loan amount:</label></td><td nowrap="nowrap" align="left"><input type="text" name="la" value="175,000" size="10" class="valid"/> $</td></tr><tr id="lt"><td class="right"><label for="lt">Loan term:</label></td><td nowrap="nowrap" align="left"><input type="text" name="lt" value="15" size="3" class="valid"/> years</td></tr><tr id="lir"><td class="right"><label for="lir">Interest rate:</label></td><td nowrap="nowrap" align="left"><input type="text" name="ir" value="4.5" size="5" class="valid"/> %</td></tr><tr><td class="right"><label>First payment date:</label></td><td nowrap="nowrap" align="left"><select name="sm"><option label="Jan" value="1">Jan</option><option label="Feb" value="2">Feb</option><option label="Mar" value="3" selected="selected">Mar</option><option label="Apr" value="4">Apr</option><option label="May" value="5">May</option><option label="Jun" value="6">Jun</option><option label="Jul" value="7">Jul</option><option label="Aug" value="8">Aug</option><option label="Sep" value="9">Sep</option><option label="Oct" value="10">Oct</option><option label="Nov" value="11">Nov</option><option label="Dec" value="12">Dec</option></select> <select name="sy"><option label="2004" value="2004">2004</option><option label="2005" value="2005">2005</option><option label="2006" value="2006">2006</option><option label="2007" value="2007">2007</option><option label="2008" value="2008">2008</option><option label="2009" value="2009">2009</option><option label="2010" value="2010">2010</option><option label="2011" value="2011">2011</option><option label="2012" value="2012">2012</option><option label="2013" value="2013">2013</option><option label="2014" value="2014">2014</option><option label="2015" value="2015">2015</option><option label="2016" value="2016">2016</option><option label="2017" value="2017">2017</option><option label="2018" value="2018">2018</option><option label="2019" value="2019" selected="selected">2019</option><option label="2020" value="2020">2020</option><option label="2021" value="2021">2021</option><option label="2022" value="2022">2022</option><option label="2023" value="2023">2023</option><option label="2024" value="2024">2024</option><option label="2025" value="2025">2025</option><option label="2026" value="2026">2026</option><option label="2027" value="2027">2027</option><option label="2028" value="2028">2028</option><option label="2029" value="2029">2029</option><option label="2030" value="2030">2030</option><option label="2031" value="2031">2031</option><option label="2032" value="2032">2032</option><option label="2033" value="2033">2033</option><option label="2034" value="2034">2034</option></select></td></tr><tr id="las" style="display:none"><td class="right"><label>Amortization:</label></td><td nowrap="nowrap" align="left"><input class="nobg" type="radio" name="as" value="year" id="las_year" checked="checked" /><label for="las_year">show by year</label><br/> <input class="nobg" type="radio" name="as" value="month" id="las_month" /><label for="las_month">show by month</label></td></tr><tr><td height="10"></td></tr><tr><td colspan="2" class="center"><input type="submit" value="Calculate" class="sbmButton"/></td></tr></table></td><td width="15"></td></tr><tr><td height="10"></td></tr></table></form></td><td style="background: url(https://toploanmortgage.com/wp-content/plugins/mortgage-loan-calculator/images/right-bg.png) repeat-y" width="7"></td></tr><tr><td colspan="3" class="zeroHeight" height="13"><img src="https://toploanmortgage.com/wp-content/plugins/mortgage-loan-calculator/images/bottom.png" width="300" height="13" alt=""/></td></tr></table></div><!-- MLCALC END --> </section> <section id="recent-posts-3" class="widget widget_recent_entries"> <h2 class="widget-title">Recent Posts</h2> <ul> <li> <a href="https://toploanmortgage.com/blog/what-to-count-on-in-2014-san-diego-southern-california-residential-actual-property-market-prediction/">What To Count on In 2014: San Diego & Southern California Residential Actual Property Market Prediction</a> </li> <li> <a href="https://toploanmortgage.com/articles/mortgage-delinquencies-are-at-a-15-year-low/">Mortgage delinquencies are at a 15-year low</a> </li> <li> <a href="https://toploanmortgage.com/articles/curiosity-solely-mortgage-funds-and-cost-choice-arms/">Curiosity-Solely Mortgage Funds and Cost-Choice ARMs</a> </li> <li> <a href="https://toploanmortgage.com/articles/members-mortgage-providers-mortgagee-clause/">Members Mortgage Providers Mortgagee Clause</a> </li> <li> <a href="https://toploanmortgage.com/blog/condos-for-sale-how-you-can-select-the-proper-one-for-you/">Condos for Sale – How you can Select the Proper One for You</a> </li> </ul> </section><section id="categories-2" class="widget widget_categories"><h2 class="widget-title">Categories</h2> <ul> <li class="cat-item cat-item-831"><a href="https://toploanmortgage.com/category/articles/">Articles</a> </li> <li class="cat-item cat-item-1"><a href="https://toploanmortgage.com/category/blog/">Blog</a> </li> <li class="cat-item cat-item-57"><a href="https://toploanmortgage.com/category/loan-program/">Loan Program</a> </li> <li class="cat-item cat-item-821"><a href="https://toploanmortgage.com/category/mortgage-calculators/">Mortgage Calculators</a> </li> <li class="cat-item cat-item-38"><a href="https://toploanmortgage.com/category/top-search/">Top Search</a> </li> </ul> </section><section id="custom_html-2" class="widget_text widget widget_custom_html"><div class="textwidget custom-html-widget"><!--wwiw counter--><script type="text/javascript"><!-- document.write("<a href='//www.wwiw.ru/click' "+ "target=_blank><img src='//wwiw.ru/counter.php?r="+ escape(top.document.referrer)+((typeof(screen)=='undefined')?'': '&screen='+screen.width+'x'+screen.height+'x'+(screen.colorDepth? screen.colorDepth:screen.pixelDepth))+ '&je='+navigator.javaEnabled()+'&na='+ navigator.userAgent+'&p='+ window.location.pathname + "&u="+escape(document.URL)+"&rand="+Math.random()+ "' alt='' title='WWIW: показано число просмотров за 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