Correspondent Seller Eligibility & Documentation Requirements

SECTION 27. TRANSFER OF SERVICING RIGHTS AND PMI. Seller shall use all
efforts to assist Buyer in the transfer from Seller to Buyer of servicing rights for each Loan,
including assisting Buyer with any notices to private mortgage insurance companies.
SECTION 28. DELIVERY OF MORTGAGE DOCUMENT. With respect to each Loan,
the Seller shall cause by no later than ninety (90) days after the Settlement Date, the original
recorded Mortgage and, if applicable, the prior assignment of mortgage to be delivered to Buyer
if they have not yet been returned from the County Records Office. The Seller shall pay the out
of-pocket costs incurred in connection with such acts.
SECTION 29. LOCATION OF MORTGAGED PROPERTY. The loans to be purchased
pursuant to the terms of this Agreement shall be secured by real property located in all states of
the United States and the District of Columbia, except as otherwise disclosed in the Sale
Guidelines except Buyer reserves the right, on a loan by loan basis to elect to purchase loans
secured by property in those excepted states at its sole discretion.
SECTION 30. LENDER’S OBLIGATIONS. Seller shall, upon reasonable notice from
Buyer, provide Buyer with access to Seller’s operations, records, and documentation to
determine Seller’s compliance and monitoring with representations, warranties and covenants
made by Seller herein or submitted with the Correspondent Approval Package, including but not
limited to the Quality Control Policy, Wholesale approval process, and Wholesale monitoring
and evaluation process. The parties shall agree on a mutually convenient date for each such
audit within fifteen (15) days of Seller’s receipt of an audit notice. The audit will be conducted
within 45 days of receipt of audit notice. If the parties are unable to do so, then Buyer may, in its
sole discretion, suspend the purchase of loans until the parties reach agreement on the audit date.
Annually, Seller shall, within forty-five (45) days after receipt, furnish Buyer with a copy of its
state broker license (or equivalent, if applicable) for each state in which business is or will be
conducted with Buyer.
SECTION 31. SURVIVAL OF REPRESENTATIONS, WARRANTIES AND
INDEMNIFICATIONS. All representations, warranties and indemnifications under this
Agreement shall survive the termination of this Agreement and shall be deemed given and shall
not be diminished by any or all underwriting or processing of information, data or documents or
the omission to underwrite or process said information, data or document supplied to Buyer
under this Agreement.
SECTION 32. CONSTRUCTION. This Agreement shall not be construed more strictly
against Buyer merely by virtue of the fact that the same has been prepared by Buyer or its
counsel, it being recognized that Seller has had the opportunity to consult with counsel
concerning same. Seller acknowledges and waives any claim contesting the existence and the
adequacy of the consideration given by Buyer in entering into this Agreement.
[signature page to follow]
USBCF Correspondent Flow Agreement (Rev. 031408-01) 20 of 20