Conventional Jumbo seven year/one year adjustable rate mortgage 30 year term Fully amortizing

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1 1. PRODUCT DESCRIPTION Conventional Jumbo fixed rate mortgage 15 and 30 year terms Fully amortizing Conventional Jumbo five year/one year adjustable rate mortgage 30 year term Fully amortizing Conventional Jumbo seven year/one year adjustable rate mortgage 30 year term Fully amortizing Conventional Jumbo ten year/one year adjustable rate mortgage 30 year term Fully amortizing 2. PRODUCT CODES 15 Year Fixed Jumbo 30 Year Fixed Jumbo 5/1 LIBOR ARM Jumbo 2/2/5 Cap) 5/1 LIBOR ARM Jumbo (5/2/5 Cap) 7/1 LIBOR ARM Jumbo 10/1 LIBOR ARM Jumbo 3. FINAL FUNDING N/A DATE 4. INDEX N/A 5. MARGIN N/A 2/2/5 Cap: 2.25% 5/2/5 Cap: 2.50% London interbank offered rate for 12-month United States dollar-denominated deposits, as published in the Wall Street Journal (LIBOR) 2.50% 6. ANNUAL N/A ADJUSTMENT CAP 7. LIFE CAP N/A 8. RATE AT N/A ADJUSTMENT 2% 5% 2/2/5 Cap: Initial note rate is in effect for the fixed term, the first interest adjustment is up to 2%, thereafter, a 2% annual adjustment cap begins with the second adjustment 5/2/5 Cap: Initial note rate is in effect for the fixed term, the first interest adjustment is up to 5%, thereafter, a 2% annual adjustment cap begins with the second adjustment Rate is equal to the note margin plus index rounded to the nearest.125%. Subject to annual/life caps Initial note rate is in effect for the fixed term, the first interest adjustment is up to 5%, thereafter, a 2% annual adjustment cap begins with the second adjustment Rate is equal to the note margin plus index rounded to the nearest.125%. Subject to annual/life caps 9. TEMPORARY BUYDOWNS Not permitted

2 10. QUALIFYING RATE AND RATIOS Qualifying Rate Qualify using note rate Ratios See LTV/CLTV Limitations section Qualifying Rate 2/2/5 Cap: Qualify using greater of note rate plus 2% or fully indexed rate 5/2/5 Cap: Qualify using greater of note rate plus 5% or fully indexed rate Qualifying Rate Qualify using greater of note rate or fully indexed rate Ratios See LTV/CLTV Limitations section Ratios See LTV/CLTV Limitations section 11. TYPES OF FINANCING Purchase Mortgage Non-arm s length transactions are permitted with family members. Rate & Term Refinance Refinancing a first lien that was previously a cash out refinance requires the loan to be seasoned for 12 months as of the application date If existing mortgage was a purchase transaction, the note date of the existing loan must be at least 120 days from to the note date of the new loan If the existing mortgage was a rate/term refinance transaction, no seasoning requirements Buy-out of co-owner Continuity of Obligation Loan amount may include Paying off the outstanding principal balance of Existing first loan, plus any required per diem interest Pay off of the outstanding principal balance of any existing subordinate liens that were used in whole to acquire the subject property or existing subordinate lien with at least 12 month seasoning (from date of application). Draws on HELOC within the last 12 months (from date of application) may not exceed $2,000. HELOC must be paid off and closed. Closing costs and prepaids Prepayment penalty associated with the existing mortgage Cash-out limited to the lesser of $2,000 or 2% of the principal amount of the new loan Principal curtailments are not permitted Delinquent real estate taxes and/or HOA dues may not be included in the loan amount. Properties currently listed for sale are not eligible Properties previously listed for sale must have been off the market and the listing agreement canceled at least one day prior to date of application Intent to occupy letter required for primary residences No cash out is permitted A copy of the current mortgage or note is required The second lien must be subordinate to the Stockton Mortgage Funding first mortgage. Borrower cannot receive any cash back from the first mortgage transaction.

3 11. TYPES OF FINANCING (cont.) Cash-Out Refinance At least one borrower must have held title to subject property for at least 6 months, measured from date vested on title to note date, with the following exceptions: Delayed Financing If owned less than 12 months, LTV must be based on lower of appraised value or original sales price plus the cost of any documented improvements. If owned more than 12 months, LTV is based on the current appraised value. HUD-1 or deed must be provided to verify ownership Payoff of junior liens opened less than 12 months prior to loan application must be included in cash out limitations Payoff of junior liens opened 12 or months prior to loan application may be excluded from cash out limitations If draws on HELOC within the last 12 months (from date of application) exceeds $2,000, seasoning is based on the date of last draw Continuity of Obligation Delayed Financing must be treated as a cash out refinance transaction Properties currently listed for sale are not eligible Properties previously listed for sale must have been off the market and the listing agreement canceled at least one day prior to date of application Max 70% LTV for properties listed for sale in the 6 months prior to application date A copy of the current mortgage or note is required to determine the previous terms are not subject to Home Equity Deed of Trust, Home Equity Installment Contract or Residential Home Loan Deed of Trust 12. LOAN AMOUNT Minimum Loan Amount $417,001

4 13. LTV/CLTV LIMITATIONS

5 13. LTV/CLTV LIMITATIONS (cont.) 14. SECONDARY FINANCING 15. PROPERTY TYPES Ineligible Secondary Financing Down Payment Assistance Programs (DPA) Eligible Property Types 1-4 units (1-unit second homes) Condo Fannie Mae warrantable See Conforming Condominium-PUD Matrix PUD Ineligible Property Types 2-4 unit PUD 2-4 unit second homes Agricultural zoning Condo hotel Co-op Commercial zoning Dome homes Foreclosed properties located in a state where a redemption period is allowed Hotel or motel conversions Leasehold Estates

6 15. PROPERTY TYPES (cont.) 16. OCCUPANCY 17. GEOGRAPHIC LOCATIONS 18. STATE SPECIFIC REQUIREMENTS Manufactured/mobile homes Mixed-use property Modular/Pre-Cut/Panelized homes Non-warrantable condo projects Property with deed/resale restrictions (except age restricted communities) Property with more than 20 acres Properties sold at auction (including previously approved condo or PUD units) Unique Properties (such as earth homes, log homes, etc.) Working farms, ranch, orchard, regardless of amount of income or loss received from property Primary Residence Second Homes Kentucky, Ohio, Indiana, Tennessee only N/A 19. ASSUMPTIONS Not permitted 20. ESCROW WAIVERS 21. PREPAYMENT PENALTY Ask you lender about for escrow waiver eligibility None Permitted only after the initial note rate ends and in accordance with the Due on Sale and Assumption qualifications. Creditworthy borrowers only.

7 22. APPROVAL AUTHORITY 23. UNDERWRITING/ AUS DECISIONS 24. DOCUMENTATION TYPE 25. BORROWER ELIGIBILITY Approval Authority Non-delegated only All loans must be submitted to SMF for underwriting prior to closing Loan must be manually underwritten and fully documented according to the product and policy guidelines on this product matrix Must receive a DU Approve/Ineligible decision for non-conforming loan amount. DU findings must be included in the loan file. Must comply with Ability to Repay underwriting standards and be a Safe Harbor Qualified Mortgage using criteria in Appendix Q. Transmittal Summary (Form 1008) is required and must be signed and dated Full documentation Permanent Resident Must have valid social security number Non-Permanent Resident Not permitted

8 25. BORROWER ELIGIBILITY (cont.) First Time Homebuyer Permitted Foreign Nationals Not permitted 26. CO-BORROWERS Loans with more than 4 borrowers are ineligible Co-applicants, co-mortgagors, guarantors and cosigners may not be interested party to the transaction, such as property seller, builder or real estate broker Non-occupant co-borrower must be a family member or have an established relationship and motivation, not including equity participation for profit, must be provided Non-occupant co-borrowers permitted for primary residence only Occupant borrower max 35% HTI ratio max 43% DTI ratio maximum combined DTI cannot exceed 43% must contribute a minimum of 5% own funds 27. CREDIT Credit Score Requirements See the LTV/CLTV Limitations section for minimum credit score requirements All borrowers must meet credit score requirements, regardless of whether income is used to qualify Trade Line Requirements Authorized user accounts may not be used to satisfy the trade line requirements. Disputed accounts may not be used to satisfy the tradeline requirements A minimum of 3 tradelines with a 12 month history is required regardless of whether the account is open or closed A minimum of 3 open trade lines for borrowers who do not have a previous mortgage history If unable to meet the minimum 3 open trade line requirements, credit may be acceptable if all of the following are met The borrower has a prior mortgage history reviewed for at least 12 months The borrower exhibits significant credit depth and favorable performance All borrowers must meet the trade line requirements

9 27. CREDIT (cont.) Housing (Mortgage/Rental) Payment History (PITIA) Inclusive of all liens regardless of position Applies to all mortgages on all financed properties All borrowers must demonstrate a 24 month housing payment history 0x30 in the last 12 months 1x30 in the last months 0x60 in last 24 months Subject mortgage must be current on delivery If primary residence is owned free and clear, a public records search must be provided Borrowers living rent free acceptable loan file must provide reason for lack of current housing payment (document on 1003, 1008 and borrower letter of explanation) Revolving Debt 2 x 30 in last 12 months Installment Debt 1 x 30 in last 12 months 28. ASSET/RESERVES Significant Derogatory Credit Minimum 7 years since discharge or dismissal of the following: Bankruptcy Foreclosure Modification of Distressed Loan Preforeclosure Short sale, deed-in-lieu Collection or charge-off accounts do not have to be paid off if There is no material effect on priority of new lien and Does not exceed $5,000 as a single item or in aggregate Borrower Investment A minimum 5% down payment must be paid from the borrower s own funds. The balance may be paid from any of the acceptable asset sources (borrower s funds or gift funds) All assets disclosed on the application must be verified, regardless of whether the assets are needed to close or for reserves. Earnest money deposit must be sourced and verified on all loans Gift Funds Primary residence only Seller Contributions 6% (lesser of appraised value or purchase price)

10 28. ASSET/RESERVES (cont.) Second Homes standard reserve requirements plus 2 months PITIA reserves for each additional financed property. Subject property is 2-4 unit property and rental income from subject property is being used standard reserve requirements plus 6 months PITIA reserves (regardless of positive or negative cash flow) Additional reserve requirements when primary current residence is converting to an investment property, second home or pending sale. Reserves are calculated based on the PITIA of each individual property 29. EMPLOYMENT/ INCOME Form 4506-T Prior to Closing 4506-T must be processed and personal tax transcripts obtained for each borrower regardless of whether the income is used to qualify Obtain the following: tax return transcript (s) when the personal income tax return(s) are used for qualification (self-employment, rental income, >= 25% income earned from commission, etc.); or W-2 or 1099 transcript(s) for salaried borrowers or for borrowers with other types of income not documented with tax returns (retirement, social security disability, etc.) 4506-T must be processed and business returns obtained when borrower s ownership in the business is >= 25% 4506-T forms must be retained in the loan file At Closing 4506-T for personal and business returns must be signed at closing 30. LIMITATIONS ON OTHER R.E. OWNED 31. APPRAISAL REQUIREMENTS Multiple Loans to the Same Borrower Borrower s primary residence, the subject property and any properties owned separately by a co-borrower must be included in the total when determining the number of financed properties. Up to 4 financed properties New multiple loans must be underwritten simultaneously 2-4 unit properties borrower may not own any other residential property of equal or greater value in the same area in which the units are located See additional requirements in the Assets/Reserves section Appraisal Report Appraisal(s) must be ordered through Clients standard ordering process/amc.

11 31. APPRAISAL REQUIREMENTS (cont.) An Interior and Exterior Appraisal Report and Collateral Desktop Analysis (CDA) are required for all loans. CDA (Collateral Desktop Analysis) and field review must be ordered through Clear Capital The CDA is a desktop review appraisal completed by a licensed appraiser with local market expertise. Final LTV/CLTV cannot be based on a review value. All LTVs must use an appraised value that is supported by a review document Transferred appraisals are not permitted Loan amount >$1,000,000 requires two Interior and Exterior Appraisal Reports with interior photos Appraisals must be completed by two independent companies (may be same AMC) The LTV will be determined by the lower of the two appraised values CDA requirements apply based on the lower of the two appraisals Condition ratings C1 through C4 are permitted Quality ratings Q1 through Q5 are permitted 34. MORTGAGE INSURANCE REQUIREMENTS/ RESTRICTIONS N/A Rebuttal Presumption Mortgages are not permitted Escrow Holdbacks are not permitted

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