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1 Page 1 of 9 Table of Contents LTV MATRIX... 2 PROGRAM SUMMARY... 3 LOAN AMOUNTS... 3 Conforming... 3 High Balance... 3 LOAN PROGRAM CODES... 3 LOAN TERMS... 3 ADJUSTMENT RATE DETAILS... 4 ELIGIBLE PROPERTY TYPES... 4 INELIGIBLE PROPERTY TYPES... 4 INTERESTED PARTY CONTRIBUTIONS... 4 MORTGAGE INSURANCE... 4 MAX NUMBER OF FINANCED PROPERTIES... 4 QUALIFYING RATE... 5 QUALIFYING RATIOS... 5 RESERVES... 5 SEASONING... 5 SUBORDINATE FINANCING... 5 UNDERWRITING... 5 AUS... 5 Appraisal/Collateral... 5 Property Inspection Waiver (PIW)... 5 Borrower Benefit... 6 Change in Borrowers... 6 Condo Requirements... 6 Credit Requirements... 6 Disclosure... 7 FNMA Look Up Tool... 7 Income & Employment... 7 Hardest Hit Fund (HHF)... 7 Ineligible for DU Refi Plus... 8 Maximum Cashout is $ Occupancy... 8 PROPERTY INSPECTION WAIVER DISCLOSURE... 9

2 LTV MATRIX Page 2 of 9 DU REFI PLUS CONFORMING AND HIGH BALANCE FIXED TERMS PRIMARY RESIDENCE Rate/Term Refinance PROPERTY LTV CLTV/HCLTV FICO* Loan Terms UNDW OPTIONS TYPE 1-4 unit 105% 105% 620 ALL DU Approve/Eligible 1-4 unit 125% 125% 660 ALL 1-4 unit Only >125% Unlimited & 20 year >125% LTV must be Condo All LTVs Unlimited or 20 year SECOND HOME Rate/Term Refinance PROPERTY LTV CLTV/HCLTV FICO* Loan Terms UNDW OPTIONS TYPE 105% 105% 620 ALL DU Approve/Eligible 125% 125% 660 ALL Only >125% Unlimited & 20 year >125% must be Condo All LTVs Unlimited or 20 year INVESTMENT PROPERTY Rate/Term Refinance PROPERTY LTV CLTV/HCLTV FICO* Loan Terms UNDW OPTIONS TYPE 105% 105% 680 ALL DU Approve/Eligible 125% 125% 680 ALL >125% Unlimited 680 Condo All LTVs Unlimited 680 *Down to 640 score allowed with 6 months reserves Only 30 & 20 year >125% must be 30 or 20 year *For quick search results, utilize the word search option in the PDF document**

3 ITEMS NOT COVERED IN THESE GUIDELINES MUST FOLLOW BAY EQUITY CONFORMING UNDERWRITING GUIDELINES. Page 3 of 9 PROGRAM SUMMARY The DU Refi Plus, enables borrowers who have demonstrated an acceptable payment history on their existing Fannie Mae mortgage loan to refinance and obtain a lower payment or move to a more stable product or shorter term in times where property values have decreased and ltvs are higher. LOAN AMOUNTS Maximum Loan Limits Conforming Number of Units 48 Contiguous States Alaska, Guam, Hawaii & Virgin Islands Conforming Conforming 1 Unit $417,000 $625,500 2 Units $533,850 $800,775 3 Units $645,300 $967,950 4 Units $801,950 $1,202,925 High Balance Number of Units Minimum Maximum Original Loan Amount Properties in Alaska, Hawaii Guam and the U.S. Virgin Islands Minimum Maximum Minimum Maximum 1 > $417,000 $625,500 > $625,500 $938,250 2 > $533,850 $800,775 > $800,775 $1,201,150 3 > $645,300 $967,950 > $967,950 $1,451,925 4 > $801,950 $1,202,925 > $1,202,925 $1,804,375 To determine the maximum loan amount by county, refer to Fannie Mae Loan Limits LOAN PROGRAM CODES DU10RP 10 YR FIXED DU REFI PLUS DU15RP 15 YR FIXED DU REFI PLUS DU YR FIXED DU REFI PLUS TO 125 DU YR FIXED DU REFI PLUS 125+ DU20RP 20 YR FIXED DU REFI PLUS DU YR FIXED DU REFI PLUS to 125 DU YR FIXED DU REFI PLUS 125+ DU30RP 30YR FIXED DU REFI PLUS HB10RP 10 YR FIXED DU REFI PLUS HIGH BALANCE HB15RP 15 YR FIXED DU REFI PLUS HIGH BALANCE HB YR FIXED DU REFI PLUS HIGH BALANCE 125+ HB YR FIXED DU REFI PLUS HIGH BALANCE TO 125 HB20RP 20 YR FIXED DU REFI PLUS HIGH BALANCE HB YR FIXED DU REFI PLUS HIGH BALANCE to 125 HB YR FIXED DU REFI PLUS HIGH BALANCE 125+ HB30RP 30 YR FIXED DU REFI PLUS HIGH BALANCE LOAN TERMS 10, 15, 20 and 30 year FIXED terms only

4 ADJUSTMENT RATE DETAILS ARMs are not permitted Page 4 of 9 ELIGIBLE PROPERTY TYPES 1-4 units Second Homes PUD (Attached or Detached) Condos (Attached or Detached) INELIGIBLE PROPERTY TYPES Leaseholds Manufactured Homes Co-ops INTERESTED PARTY CONTRIBUTIONS N/A MORTGAGE INSURANCE Loans requiring mortgage insurance will be allowed if the following apply The current MI provider must be willing to provide a modified MI Cert for Bay Equity The borrower meets the requirements of the MI provider for modification The application date is 12/1/11 or later For more information refer to the MI company websites: NOTE: If the current Mortgage Insurance provider is no longer in operation, MI may still be eligible if the provider allows for the Transfer MI Company guidelines for modification/transfer of the existing MI certificate must be followed (new servicer, pricing, coverage, etc.) NOTE: Mortgage insurance companies may restrict LTV; follow MI company guidelines for eligibility NOTE: Lender Paid Monthly MI is NOT ELIGIBLE NOTE: Loans with Lender Paid Monthly MI must be converted to Borrower paid monthly MI or close with a Single Premium MI o ***the MI will be considered in determining the borrower s benefit** Explanation of how mortgage insurance requirement is determined in DU For existing loans with original LTV ratio at or below 80% and no existing MI coverage, the new (refinanced) loan will not require MI coverage For existing loans with an original LTV ratio over 80% that do not have MI currently in force, due to prior cancellation or termination, the new loan will not require MI coverage For existing loans with an original LTV ratio over 80% that currently have MI coverage in force, the new loan will require only the lesser of standard MI coverage or the existing MI coverage MAX NUMBER OF FINANCED PROPERTIES The following table lists the maximum number of financed properties a borrower may have including the subject property. Occupancy Conforming Owner-Occupied 10* Second Home 10 Investment Property 10 Maximum Bay Equity Exposure Bay Equity will only make 5 loans (or $2.0million, whichever is less) to any one borrower in any 12-month period, regardless of occupancy. Bay Equity limits exposure in any given condo project to 5 units or 10% of the project, whichever is greater.

5 Page 5 of 9 ***Note: Over 10 financed properties may be approved on a base by case basis by the Regional Underwriting or Operations Manager 2nd signature QUALIFYING RATE Qualify at Note Rate QUALIFYING RATIOS As Determined by FNMA DU RESERVES Follow the DU Findings in regards to reserves for subject property Additional reserve requirements for multiple financed properties does not apply Loans with 6 months reserves are allowed to have down to a 640 score. SEASONING Mortgages purchased by Fannie Mae prior to June 1, 2009 SUBORDINATE FINANCING Re-subordination of existing financing is acceptable with DU approval (loans with new subordinate financing or payoff of existing subordinate financing are ineligible). Existing subordinate financing that is re-subordinated must meet the Subordinate Financing guidelines in the Bay Equity Conforming Underwriting guidelines. The max allowable CLTV is unlimited when the subordinating lien is a verified purchase money 2nd. New subordinate financing is allowed if it replaces existing subordinate financing and does not exceed the existing unpaid principal balance. UNDERWRITING AUS DU Approve/Eligible, EA1, EA2, and EA3 response only DU Refi Plus decisions will be identified by the presence of the following message on the certificate: This loan case file was underwritten according to the DU Refi Plus expanded eligibility guidelines offered on certain limited cash-out refinance loan case files where the borrower s existing loan is identified by DU as a Fannie Mae loan. This loan case file must be delivered with Special Feature Code 147. Loans that receive DU Refi Plus findings must be approved, locked and closed as DU Refi Plus Appraisal/Collateral Review DU for Property Inspection Waiver (PIW). If an appraisal has been provided, the underwriter must use the appraised value. Follow DU to determine appraisal requirement for certain DU Refi Plus loans, DU will offer Property Fieldwork Waiver. Refinance of properties where the most recent transaction was an REO sale are eligible WITH an AIR Interior/Exterior Inspection regardless of DU requirement Property Fieldwork Waivers only (must be offered by DU Refer to the "Property Fieldwork Waiver" section for guidance). Property Inspection Waiver (PIW) In the case that DU waives the appraisal requirement, the loan value on the DU findings must be reflected consistently throughout the loan file (REO section of the initial and final 1003). The value entered into DU should not be adjusted to meet the program LTV requirements. Eligible per DU decision The final submission of the loan case file to DU must result in a property fieldwork waiver offer

6 Page 6 of 9 The property fieldwork waiver offer does not exceed four months from the note date On refinances of properties where the most recent transaction was an REO sale, an AIR interior/exterior inspection is required regardless of DU requirement A fieldwork waiver may not be used, and must order the minimum level of property fieldwork as specified by DU, if Bay Equity has reason to believe that fieldwork is warranted based on additional information obtained about the property or subsequent events (such as a hurricane or other natural disaster), or based on additional information provided by DU regarding the subject property and/or loan casefile. ***Note: Bay Equity does not require the DU and 1003 to be adjusted to match the estimated value that DU gives; however the value input into DU, the 1008 and 1003 REO section all must reflect the same value on the initial and final docs. Additional Disclosure Requirements The underwriter must condition for the following o A Letter of Explanation from borrower disclosing the length of time the borrower has owned the property and confirmation the subject property is not currently for sale o Bay Equity Property Inspection Waiver Disclosure: Notice About Appraisal of Your Property (or FHLMC Form #1149) final disclosure to be signed at closing) Borrower Benefit DU Refi Plus transactions must provide a benefit to the borrower in the form of either: Reduced monthly mortgage principal and interest payment, or More stable loan product (ARM to a Rate mortgage) ***Note: Net Tangible Benefit to the borrower must be documented in the loan file The borrower benefit provision is met if: The monthly principal and interest payment is decreasing. The amortization period is shortened. The amortization period is extended (e.g., from 15 to 30 years) provided there is a reduction in the principal and interest payment. ***Note: An extension of the amortization period is not considered movement to a more stable product. The principal and interest payment is staying the same or increasing provided the borrower is moving to a more stable mortgage product. Change in Borrowers An existing borrower(s) may be removed from the new loan provided that at least one of the original borrower(s) is retained on the new loan. Borrower(s) may be added to the new loan, provided at least one of the existing borrower(s) is retained. Condo Requirements Project review classification is Type V No project review required for Condominium and PUD; however, the Underwriter must do an on-line search to determine if the condo operates as a hotel, motel or a timeshare. If no information regarding the condo project is able to be located online then a signed letter from the HOA on letterhead is required to confirm the above. Underwriting Condo Warranty Form is required to be completed and signed by Bay Equity underwriter indicating Project review Type V Confirmation of hazard, flood, and liability insurance coverage is required Credit Requirements MODIFIED MORTGAGE The borrower is receiving a benefit to the refinance Paid as agreed since modification and meets the mortgage payment history requirements Modification is seasoned 24 months

7 MORTGAGE PAYMENT HISTORY Bankruptcy, Foreclosure, Deed-inlieu of Foreclosure, and Short Sale (Pre-Foreclosure Sale) Page 7 of 9 0 x 30 Mortgage late payments within the past 12 months on ANY properties Lenders must comply with the waiting period and re-establishment of credit requirements for significant derogatory credit events for loan casefiles underwritten through DU Disclosure Bay Equity Property Inspection Waiver Disclosure: Notice about Appraisal of Your Property (or FHLMC Form #1149) final disclosure to be signed at closing if applicable) FNMA Look Up Tool To identify if a property is currently owned or securitized by FNMA go to Income & Employment DU findings may be followed for income documentation. A summary of DU requirements is below. Income Type Base Pay (salary or hourly) Bonus, Overtime, and Commission < 25% Commission => 25% Self-Employment Alimony/Child Support Second Job, not self-employed Second Job, self-employed Rental Income Retirement or Pension or Social Security Income Temporary Leave Income All Other Income Types DU Refi Plus documentation requirements Paystub only Paystub only One year personal tax return One year personal tax return Copy of Divorce Decree, Separation Agreement, Court Order or equivalent documentation and one month documentation of receipt Paystub + two years W-2s Two years personal and business tax returns *One year personal tax returns or lease (if acquired subsequent to tax filing) *If the property is currently rented a copy of the lease agreement is required to ensure no provisions that would jeopardize the lenders 1st lien position One of the following: award letter, one year personal tax returns, W-2 or 1099 form, or one month bank statement reflecting direct deposit *The borrower s written confirmation of his or her intent to return to work, and *Evidence from the borrower s employer indicating that the borrower has the right to return to work after the leave period *The borrower s regular employment income may be used if the borrower will return to work prior to the 1st payment date Standard FNMA documentation requirements apply Hardest Hit Fund (HHF) Bay Equity permits grant-like unsecured financing provided to the borrower through a Housing Finance Agency (HFA) HHF program for the purpose of paying down the unpaid principal balance at the time of closing resulting in a lower new loan amount. The HHFs may also be used for the payment of closing costs. The following requirements apply to HHFs: The funds must be reflected in the Uniform Residential Loan Application (Form 1003 or 1003(S)) (and in the online loan application for DU Refi Plus) in Section VII, Details of Transaction as an Other Credit. The loan file must be documented with a copy of the promissory note or other documentation specifying the terms and conditions of the loan. If the promissory note (or other documentation) indicates that repayment of the HHF funds is expected, the monthly payment must be included in the debt-to-income (DTI) ratio, unless repayment is only due upon sale or default. The transfer of the loan proceeds must be reflected on the HUD-1 Settlement Statement.

8 Page 8 of 9 Ineligible for DU Refi Plus Refinances of mortgage purchased by Fannie Mae after May 31, 2009 Loans subject to temporary interest rate buydowns Loans subject to any outstanding repurchase request from Fannie Mae Loans that do not meet current Bay Equity LTV/CLTV guidelines Loans with Lender Paid Monthly MI when the MI Company will not convert the MI to Borrower paid. Maximum Cashout is $250 Borrower may receive up to $250 cash at closing If the amount exceed $250 a principal curtailment of 2% or $2000, whichever is less, is permitted at closing on must be on the HUD. Occupancy The existing mortgage and the new DU Refi Plus mortgage loan do not have to represent the same occupancy. The occupancy of the subject property may have changed by the time of the new mortgage transaction

9 Page 9 of 9 PROPERTY INSPECTION WAIVER DISCLOSURE NOTICE ABOUT APPRAISAL OF YOUR PROPERTY I have been advised that Bay Equity, LLC has given me the option of waiving the requirement for an appraisal to be completed for the property I am purchasing or refinancing under the FNMA DU Refi Plus Program. If your mortgage loan meets certain requirements, your lender may decide not to obtain an appraisal of your property as a condition for approving or granting your mortgage loan. A decision by your lender not to obtain an appraisal would be strictly for loan processing purposes and would not mean the lender has valued your property. Therefore, you should not rely on such a decision as support of the value of your property or for any other purpose. You may decide that you want an appraisal to protect your own interests in the transaction. For example, you may decide to obtain an appraisal of your property in order to confirm that you are not paying too much for the property. If you decide that you want an appraisal to be performed to protect your interests in the transaction, you will be required to pay for the appraisal. By signing in the space below, you agree that your lender may approve and grant your mortgage loan WITHOUT obtaining an appraisal of your property. I wish to exercise this option and hereby hold harmless from any valuation or property related issues. Borrower Date Borrower Date Borrower Date Borrower Date

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