U.S. BANK WHOLESALE DELEGATED UNDERWRITING REQUIREMENTS

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1 U.S. BANK WHOLESALE DELEGATED UNDERWRITING REQUIREMENTS The following information is required by U.S. Bank Wholesale Department to be eligible for consideration of delegated underwriting authority. 1. REQUIRED DOCUMENTATION: Minimum three (3) years positive earning trends. Minimum net worth guidelines: $500,000. Clean audit opinion Acceptable Quality Control Policy and quality control reports covering most recent three (3) months of production. Executed Amendment to our Master Purchase Agreement for Delegated Underwriting Authority Resumes of applicable underwriters performing delegated function. All loans must include a LP risk grade of accept The following programs are available for delegated underwriting to those correspondents approved by U.S. Bank Home Mortgage s Wholesale department as a delegated lender. 2. *ELIGIBLE PROGRAMS: Balloon Programs: 3504 Conforming 7 Year Balloon (FNMA) 3591 Conforming 7 Year Balloon (Extended Lock FNMA) 3603 Conforming 7 Year Balloon (FHLMC) 3609 Conforming 5 Year Balloon (FHLMC) 02/28/05 Fixed Rate Programs: 3501 Conforming Year (FNMA) 3502 Conforming - 15 Year (FNMA) 3503 Conforming - 20 Year (FNMA) 3507 Conforming - 10 Year (FNMA) 3505 Conforming - 30 Year Non-Owner Occupied (FNMA) 3506 Conforming - 15 Year Non -Owner Occupied (FNMA) 3508 Conforming - 20 Year Non -Owner Occupied (FNMA) 3592 Conforming - 30 Year Extended Lock (FNMA) 3596 Conforming - 15 Year Extended Lock (FNMA) 3601 Conforming Year (FHLMC) 3602 Conforming Year (FHLMC) 3604 Conforming - 20 Year (FHLMC) 3610 Conforming Year Non-Owner Occupied (FHLMC) 3611 Conforming Year Non -Owner Occupied (FHLMC) 3614 Conforming ALT Year (FHLMC) 3615 Conforming ALT Year (FHLMC) 3616 Conforming ALT Year (FHLMC) 3642 FHLMC 30 Year Fixed Rate A-Minus 3643 FHLMC 15 Year Fixed Rate A-Minus *All U.S. Bank FHLMC variances, excluding ALT A, must be underwritten by U.S. Bank Home Mortgage's Wholesale Underwriting Department. Correspondents must obtain an "Accept" rating through LP or DU on every loan. Because the A-Minus fee adjustments are based on LTV and FICO scores used to qualify all borrowers, the correspondent must include the following information on A-Minus loan approvals:

2 U.S. BANK WHOLESALE DELEGATED UNDERWRITING REQUIREMENTS (CONTINUED) - Statement that loan was approved as A-Minus Product - Prior to close requirements include a statement that the correspondent must contact U.S. Bank Home Mortgage to reprice the loan as an A-Minus Product prior to closing. - Since A-Minus adjustment fees are based on LTV and FICO scores used to qualify, both the LTV and the FICO score for each borrower must be included on approval. Delegated correspondents are not authorized to over ride the Caution risk class and deliver the loan as an A Mortgage. Correspondent is responsible for all review and approval of Condominium and PUD project approval. All project approvals must be supported by U.S. Bank Home Mortgage and FHLMC/FNMA Condominium/PUD required documentation. 02/28/05

3 U.S. BANK WHOLESALE DELEGATED UNDERWRITING The following programs are available for Delegated Underwriting to those Correspondents approved by U.S. Bank Home Mortgage s Wholesale Department as a Delegated Lender. ELIGIBLE PROGRAMS: FIXED RATE PROGRAMS Description 3501 Conforming Year (FNMA)* 3502 Conforming 15 Year (FNMA)* 3503 Conforming 20 Year (FNMA)* 3507 Conforming 10 Year (FNMA)* 3505 Conforming 30 Year Non-Owner Occupied (FNMA)* 3506 Conforming 15 Year Non-Owner Occupied (FNMA)* 3508 Conforming 20 Year Non-Owner Occupied (FNMA)* 3592 Conforming 30 Year Extended Lock (FNMA)* 3596 Conforming 15 Year Extended Lock (FNMA)* 3601 Conforming Year (FHLMC) 3602 Conforming 15 Year (FHLMC) 3604 Conforming 20 Year (FHLMC) 3610 Conforming Year Non-Owner Occupied (FHLMC) 3611 Conforming Year Non-Owner Occupied (FHLMC) 3614 Conforming ALT Year (FHLMC) 3615 Conforming ALT Year (FHLMC) 3616 Conforming ALT Year (FHLMC) 3630 Conforming Year 97 Plus 3631 Conforming Year 97 Plus 3642 FHLMC 30 Year Fixed Rate A-Minus 3643 FHLMC 15 Year Fixed Rate A-Minus 3649 USBHM 20 Yr. Fixed Rate w/io 1 st 10 Year 3665 USBHM 30 Yr. Fixed Rate w/io 1 st 10 Year 3684 Conforming Piggyback Buster Fixed Rate 80.01%-90% 3685 Conforming Piggyback Buster Fixed Rate 90.01%-95% 3686 Conforming Piggyback Buster Fixed Rate 95.01%-100% 3689 Conforming Affordable Piggyback Buster LPMI 3687 Home Possible 97%LTV;100%LTV** 3688 Home Possible Neighborhood Solutions 97%;100%LTV** 3691 Home Possible 95%LTV Manufactured Homes** 3692 Home Possible Neighborhood Solutions 95%LTV Manufactured Homes** JUMBO FIXED RATE PROGRAMS (up to $650,000 only) Description 3776 U.S. Bank Home Mortgage 30 / 20 Year Jumbo Fixed Rate 3777 U.S. Bank Home Mortgage 15/ 10 Year Jumbo Fixed Rate ARM PROGRAMS: : Description /1 ARM (conforming and up to $650,000 loan amount) (Elite ARM Series)(USBHM) /1 ARM (conforming and up to $650,000 loan amount) (Elite ARM Series)(USBHM) /1 ARM (conforming and up to $650,000 loan amount) (Elite ARM Series)(USBHM) /1 ARM (conforming and up to $650,000 loan amount) (Elite ARM Series)(USBHM) Year Interest Only ARM (conforming and up to $650,000 loan amount) (USBHM) /1 Interest Only ARM (conforming and up to $650,000 loan amount) (USBHM) /1 Interest Only ARM (conforming and up to $650,000 loan amount) (USBHM) /1 Interest Only ARM (conforming and up to $650,000 loan amount) (USBHM) 4/10/2006

4 *These loans can be contract underwritten utilizing DU through FNMA *All U.S. Bank FHLMC variances, excluding ALT A, must be underwritten by U.S. Bank Home Mortgage's Wholesale Underwriting Department. **If a manual underwrite is required, on these programs, guidelines state that underwriting must be done by U.S. Bank Home Mortgage only. Correspondents must obtain an "Accept" rating through LP or DU on every loan. Because the A-Minus fee adjustments are based on LTV and FICO scores used to qualify all borrowers, the Correspondent must include the following information on A-Minus loan approvals: - Statement that loan was approved as A-Minus Product - Prior to close requirements include a statement that the correspondent must contact U.S. Bank Home Mortgage to re-price the loan as an A-Minus Product prior to closing. - Since A-Minus adjustment fees are based on LTV and FICO scores used to qualify, both the LTV and the FICO score for each borrower must be included on approval. Delegated correspondents are not authorized to over ride the Caution risk class and deliver the loan as an A Mortgage. Correspondent is responsible for all review and approval of Condominium and PUD project approval. All project approvals must be supported by U.S. Bank Home Mortgage and FHLMC/FNMA Condominium/PUD required documentation. 4/10/06

5 AMENDMENT TO CORRESPONDENT MORTGAGE PURCHASE AGREEMENT FOR DELEGATED CONVENTIONAL & NON-CONFORMING UNDERWRITING This Amendment between U.S. Bank N.A., ( Buyer ) and ("Seller") amends and supplements the Correspondent Mortgage Purchase Agreement between Buyer and Seller and the U.S. Bank Home Mortgage Correspondent Manual with regard to conventional and non-conforming underwriting requirements. Seller is hereby delegated to perform conventional and non-conforming underwriting for Buyer subject to the following terms and conditions: 1. Loans Eligible for Delegated Underwriting Refer to U.S. Bank Home Mortgage Product Guidelines to determine if a specific program is eligible for delegated underwriting. Loans eligible for underwriting by Seller under this Amendment include the following: a. Conventional conforming fixed rate first mortgage loans excluding Fannie Mae A- Levels. Seller must obtain a minimum LP Risk Class rating of Accept from Freddie Mac s Loan Prospector, meet requirements for Freddie Mac s A-Minus eligible or obtain a minimum risk recommendation of Approve from Fannie Mae s Desktop Underwriter. Loans must meet all requirements defined in applicable U.S. Bank Home Mortgage Product Guidelines and be eligible for sale to Freddie Mac or Fannie Mae. b. Conventional conforming Balloon first mortgage loans. Seller must obtain a minimum LP Risk Class rating of Accept from Freddie Mac s Loan Prospector or a minimum risk recommendation of Approve from Fannie Mae s Desktop Underwriter. Balloon loans must also meet all requirements defined in applicable U.S. Bank Home Mortgage Product Guidelines and be eligible for sale to Freddie Mac or Fannie Mae. c. Loan Programs/Products identified on Addendum A of this Amendment to Correspondent Mortgage Purchase Agreement for Delegated Conventional Non Conforming Underwriting. All Loan Programs/Products must meet the requirements of US Bank Home Mortgage Product Guidelines. Regardless of the LP Accept or DU Approve decision, most programs are subject to minimum credit scores, maximum housing and total debt ratios, maximum LTVs, maximum acres, etc. It is the Sellers obligation to meet all requirements of US Bank Home Mortgage Guidelines regardless of LP Accept or DU Approve for US Bank Home Mortgage to purchase delegated underwritten loans. If loan does not meet US Bank Home Mortgage Product Guidelines the loan is subject to Section 5. Repurchase of Loans identified in this Correspondent Mortgage Purchase Agreement For Delegated Conventional Underwriting. (Loan amounts in excess of $650,000 must be submitted to Buyer for Underwriting) Page 1 of 5

6 d. Because the A-Minus fee adjustments are based on levels, Seller must include the following information on A-Minus loan approvals: Statement that loan was approved as A-Minus Product. Prior to close requirements include a statement that the correspondent must contact U.S. Bank Home Mortgage to re-price the loan as an A-Minus Product prior to closing. Seller is not authorized to over ride the Caution risk class or A-Minus and deliver the loan as an A Mortgage. 2. Validation of information used to determine underwriting decision a. Seller is responsible for validating the borrower s data used in the underwriting process. The validation of data integrity for an LP Accept, DU Approved, or any US Bank Home Mortgage Product eligible for Delegated Underwriting must ensure that (1) all data matches the source documentation, (2) documentation exists to support the amounts input for income and assets, (3) the liabilities and real estate owned information is accurate, and (4) the Loan Profile submitted for LP/DU decision, or for products not requiring an LP/DU decision, correctly represents the transaction type (i.e. transaction type = Purchase/Refi/Cash Out Refi, LTV, Loan Amount, etc.). b. If the validation process reveals discrepancies between the data used by LP or DU or any US Bank Home Mortgage Product and the data from the source documents, the mortgage must be re-submitted using the correct data. If the new results indicate anything other than an LP Accept or DU Approve the Seller must submit the loan to Buyer for underwriting. c. Under no circumstance can a loan originally submitted to LP, that received an LP Risk Class rating of Caution, be resubmitted to DU. 3. Documentation in the Individual Underwriting File Loans underwritten using LP or DU must include the documentation listed below in the loan file at the time the loan is submitted to Buyer for purchase. LP Accept Plus documentation is not acceptable for non-conforming Jumbo and ARM loans. a. The Uniform Underwriting and Transmittal Summary (FNMA 1008). b. The final Uniform Residential Loan Application used to secure the Final LP or DU Findings, and the final version of any hard copy form that was signed by the borrower. c. Borrowers credit report from LP or DU, along with any other merged credit reports utilized. d. Applicable appraisal report. Non-conforming Jumbo and ARM loans must have a full URAR. No short forms are allowed for Jumbo or ARM programs. Page 2 of 5

7 e. Final Findings Reports produced by LP or DU - Underwriting Findings, Credit Summary, Ratings, Underwriting Analysis, and Sources of Income. f. Income and asset verifications. g. All other supporting documentation needed to substantiate the lender's underwriting decision. 4. Representations and Warranties: a. Each conventional conforming mortgage loan, identified as a FHLMC or FNMA product, that s underwritten by Seller is eligible for sale to the Federal Home Loan Mortgage Corporation (Freddie Mac) or the Federal National Mortgage Association (Fannie Mae). b. Each non-conforming (Jumbo) loan complies with the requirements of U.S. Bank Home Mortgage Product Guidelines and with paragraph 1. c. above. c. All documents used to validate the underwriting decision are valid and genuine. 5. Repurchase of Loans: a. Seller hereby agrees to repurchase any Mortgage Loan sold to Buyer at any time during the life of such Mortgage Loan if Buyer is required to repurchase such Mortgage Loan by Freddie Mac, Fannie Mae or other private investor by reason of a deficiency or omission by Seller with respect to the Mortgage Loan underwriting decision. b. Within 30 days of notice to the Seller of any repurchase request from Freddie Mac, Fannie Mae or a private investor, Seller shall use its best efforts to cure any deficiency or omission cited as reason for repurchase. If such deficiency cannot be cured, Seller shall promptly repurchase such Mortgage Loan under the terms provided in the Correspondent Mortgage Purchase Agreement. Except as expressly amended herein all the terms and conditions of the Correspondent Mortgage Purchase Agreement and the U.S. Bank Home Mortgage Correspondent Manual remain in full force and effect and are hereby ratified and confirmed. IN WITNESS WHEREOF, Buyer and Seller have executed this Agreement as of, 20. Buyer: U.S. Bank N.A. Seller: By: By: Name: Richard D. Kelley Name: Title: Senior Vice President Title: Page 3 of 5

8 ADDENDUM A AMENDMENT TO CORRESPONDENT MORTGAGE PURCHASE AGREEMENT FOR DELEGATED CONVENTIONAL & NON-CONFORMING UNDERWRITING US BANK HOME MORTGAGE PROGRAM ELIGIBLE FOR DELEGATED UNDERWRITING AUTHORITY U.S. Bank N.A. (U.S. Bank Home Mortgage) has the following programs eligible for inclusion in the Seller s delegated underwriting authority. ELIGIBLE PROGRAMS: Fixed Rate Programs: 3501 Conforming Year (FNMA) 3502 Conforming - 15 Year (FNMA) 3503 Conforming - 20 Year (FNMA) 3507 Conforming - 10 Year (FNMA) 3505 Conforming - 30 Year Non-Owner Occupied (FNMA) 3506 Conforming - 15 Year Non -Owner Occupied (FNMA) 3508 Conforming - 20 Year Non -Owner Occupied (FNMA) 3592 Conforming - 30 Year Extended Lock (FNMA) 3596 Conforming 15 Year Extended Lock (FNMA) 3601 Conforming Year (FHLMC) 3602 Conforming - 15 Year (FHLMC) 3604 Conforming - 20 Year (FHLMC) 3619 Conforming 10 Year (FHLMC) 3610 Conforming Year Non-Owner Occupied (FHLMC) 3611 Conforming Year Non -Owner Occupied (FHLMC) 3642 Conforming - 30 Year Fixed Rate A-Minus (FHLMC) 3643 Conforming - 15 year Fixed Rate A-Minus (FHLMC) 3614 Conforming - ALT Year (FHLMC) 3615 Conforming - ALT Year (FHLMC) 3616 Conforming - ALT Year (FHLMC) 3630 Conforming 97 Plus 30/20 Year (USBHM) 3631 Conforming 97 Plus 15/10 Year (USBHM) 3776 Non-conforming 30 Year Fixed Rate (up to $650,000 loan amount)(usbhm) 3777 Non-conforming 15/10 Year Fixed Rate (up to $650,000 loan amount)(usbhm) Balloon Programs: : 3504 Conforming 7 Year Balloon (FNMA) 3603 Conforming 7 Year Balloon (FHLMC) 3609 Conforming 5 Year Balloon (FHLMC) Year Interest Only Balloon (conforming and up to $650,000 loan amount) (USBHM I/O Balloon) Year Interest Only Balloon (conforming and up to $650,000 loan amount) (USBHM I/O Balloon) Year Interest Only Balloon (conforming and up to $650,000 loan amount) (USBHM I/O Balloon w/ Modification Option) Year Interest Only Balloon (conforming and up to $650,000 loan amount) (USBHM I/O Balloon w/ Modification Option) Page 4 of 5

9 Year NO MI Interest Only Balloon (conforming and up to $650,000 loan amount) (USBHM) Year NO MI Interest Only Balloon (conforming and up to $650,000 loan amount) (USBHM) ARM Products: : /1 ARM (conforming and up to $650,000 loan amount) (Elite ARM Series)(USBHM) /1 ARM (conforming and up to $650,000 loan amount) (Elite ARM Series)(USBHM) /1 ARM (conforming and up to $650,000 loan amount) (Elite ARM Series)(USBHM) /1 ARM (conforming and up to $650,000 loan amount) (Elite ARM Series)(USBHM) /1 ARM (conforming and up to $650,000 loan amount) (Elite ARM Series)(USBHM) /1 NO MI ARM (conforming and up to $650,000 loan amount) (Ideal ARM Series)(USBHM) /1 NO MI ARM (conforming and up to $650,000 loan amount) (Ideal ARM Series)(USBHM) /1 NO MI ARM (conforming and up to $650,000 loan amount) (Ideal ARM Series)(USBHM) /1 NO MI ARM (conforming and up to $650,000 loan amount) (Ideal ARM Series)(USBHM) ***80/20 Programs for Fixed, Balloon, ARM s : 3639 Conforming 80% LTV Fixed Rate w/ 20% LTV Second Year (USBHM) Year Interest Only Balloon (conforming and up to $650,000 loan amount) (USBHM I/O Balloon) Year Interest Only Balloon (conforming and up to $650,000 loan amount) (USBHM I/O Balloon) Year Interest Only Balloon (conforming and up to $650,000 loan amount) (USBHM I/O Balloon w/ Modification Option) Year Interest Only Balloon (conforming and up to $650,000 loan amount) (USBHM I/O Balloon w/ Modification Option) /1 ARM (conforming and up to $650,000 loan amount) (Elite ARM Series)(USBHM) /1 ARM (conforming and up to $650,000 loan amount) (Elite ARM Series)(USBHM) *** The above 80/20 Programs are eligible to be underwritten by Delegated authority as long as the second mortgage is not a U.S. Bank Home Mortgage second mortgage product. Second mortgage programs such as #3101, #3141, and U.S. Bank HELOC s, along with the first mortgage, must be submitted to the Buyer for underwriting. Page 5 of 5

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