70** 65** 70** N/A 70** N/A

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1 ICON ELITE Reserves 24 Months 12 Months 24 Months 12 Months FICO Loan Amount Purchase & R/T Cash Out Purchase & R/T Cash Out Purchase & R/T Cash Out Purchase & R/T Cash Out <=1,500,000 6 months 95*/ ,500,001-2,500, ,500,001-3,000, ,000,001-4,000,000 75**/ / 75**/ / 75**/ / 75**/ / 4,000,001-5,000,000 75**/ / 75**/ / 75**/ / 75**/ / 5,000,001-6,000,000 ** ** ** ** 6,000,001-7,000,000 ** ** ** ** <=1,500,000 6 months ,500,001-2,500, ,500,001-3,000, ,000,001-4,000,000 75**/ / 75**/ / 75**/ / 75**/ / 4,000,001-5,000,000 75**/ / 75**/ / 75**/ / 75**/ / 5,000,001-6,000,000 6,000,001-7,000, <=1,500,000 6 months ,500,001-2,500, ,500,001-3,000, ,000,001-4,000,000 75**/ / 75**/ / 75**/ / 75**/ / 4,000,001-5,000,000 75**/ / 75**/ / 75**/ / 75**/ / <=1,500,000 6 months ,500,001-2,500, ,500,001-3,000,000 *95% LTV restricted to Purchase, Primary Residence, SFD, > conforming & high-balance conforming balance, max DTI of 35%. ** Restricted to Primary Residence. Program Restrictions DTI Loan Amounts > $3,000,000 Housing 0x30x12 Up to 43% Max DTI Credit Event (BK/FC/SS/DIL) 48 mo & 24 mo Min FICO 6 Up to 50% Max DTI Max LTV: Purchase & R/T 95* / 90 & 24 mo Max LTV: Cash-Out 85 Max LTV/CLTV: 85% (Condos available only. FL Condos limited to % LTV) Max CLTV 95* / 90 Up to % Max DTI Compliance Max Loan Amount 7,000,000**/ 5,000,000 Impounds are required Fixed Terms 30 Year Fixed & 15 Year Fixed 12 Mo Reserves Loans considered high-cost by Federal or State law not allowed 5/1 LIBOR ARM 1 YR LIBOR % Margin/Floor - 2/2/5 Caps Max LTV/CLTV: 85% Points and Fees may not exceed 5% 7/1 LIBOR ARM 1 YR LIBOR % Margin/Floor - 5/2/5 Caps Primary Residence Only Financed Properties First Time Home Buyer not permitted Purchase, R/T, and Debt Consol Only Residual Income: $3,000 + $250 for 1st dependent + $125 for each additional dependent 20 financed properties including subject Interest Only Cash-Out Limit Residual Income Debt Consolidation Refinance IO Period: 120 Months (% property Value) $2,500 /month Transactions where mortgage & non-mortgage debts are paid off and Qualifying Term: Amort Term Program Max: 75% + $250 for the first dependent monthly debt payments are lowered by at least 10% and Closing Costs (3 or 240 mo) Loan Amnt > $1MM: % + $125 for each additional are recouped within months. Cash-in-hand may not exceed $5,000 or 2% Loan Term: 480 or 3 mo Loan Amnt > $3MM: 50% of the loan. Max LTV/CLTV: 85% % Cash-in-hand may be used to meet reserve requirements for loans meeting Min FICO: 6 % LTV>=75: 4% the Debt Consolidation definition LTV<75: 6% Cash out LTV/CLTV's apply 85% Loan Amount Rate & Term Refinance Non-Warr 80% Residency Reserve requirements are waived when monthly payments are reduced 85% Non-Warr Condo Max: $1,5MM US Citizen by at least the 10% Rural Property: 80% Loan Amounts>$1.5MM require Perm & Non-Perm Resident Alien Interest Only: 85% 2 appraisals Max Acreage Second Home: 80% 10 Acres

2 ICON Reserves 24 Months 12 Months Reserves 24 Months 12 Months (Personal) FICO Loan Amount Purch / RT Refi Cash Out Purch / RT Refi Cash Out Purch / RT Refi Cash Out Purch / RT Refi Cash Out <=1,000,000 2 months months ,000,001-1,500,000 6 months months ,000,001-3,000, ,000,001-4,000,000 4,000,001-5,000,000 <=1,000,000 2 months months ,000,001-1,500,000 6 months months ,000,001-3,000,000 3,000,001-4,000, ,000,001-5,000, <=1,000,000 2 months months ,000,001-1,500,000 6 months months <=1,000,000 2 months months ,000,001-1,500,000 6 months months ,500,001-2,000,000 6 months months <=1,000,000 2 months months ,000,001-1,500,000 6 months months <=1,000,000 2 months months ,000,001-1,500,000 6 months months 80 Grade Restrictions DTI Grade A B B- C Up tp 43% Max DTI Housing 1x30x12 0xx12 0x90x12 1x120x12 BK (Chap 13 Discharge) 12 mo Settled Settled Settled BK (Other) 24 mo 24 mo 12 mo Settled Up to 50% Max DTI Foreclosure 24 mo 24 mo 12 mo Settled Short Sale/DIL 24 mo 24 mo Settled Settled Min FICO Up to % Max DTI Max LTV: Purchase & R/T Max LTV: Cash-Out Mo Reserves Max CLTV Max LTV/CLTV: 80 Max Loan Amount 5,000,000 1,500,000 1,000,000 1,000,000 Primary Residence Only Fixed Terms 30 Year Fixed & 15 Year Fixed 30 Year Fixed & 15 Year Fixed 30 Year Fixed & 15 Year Fixed 30 Year Fixed & 15 Year Fixed First Time Home Buyer not permitted 5/1 LIBOR ARM 1 YR LIBOR % Margin/Floor - 2/2/5 1 YR LIBOR % Margin/Floor - 2/2/5 1 YR LIBOR % Margin/Floor - 2/2/5 1 YR LIBOR % Margin/Floor - 2/2/5 Purchase, R/T Refi, and Debt Consol Only 7/1 LIBOR ARM 1 YR LIBOR % Margin/Floor - 5/2/5 1 YR LIBOR % Margin/Floor - 5/2/5 1 YR LIBOR % Margin/Floor - 5/2/5 1 YR LIBOR % Margin/Floor - 5/2/5 Residual Income: $3,000 + $250 for 1st dependent + $125 for each additional dependent IO Period: 120 Months Qualifying Term: Amort Term (3 or 240 mo) Loan Term: 480 or 3 mo A & B Grades Only Max LTV/CLTV: 85% Min FICO: 0 Interest Only Cash-Out Limit (% property Value) Second Homes Compliance Financed Properties Program Max: 75% Max LTV/CLTV: 80% Impounds are required Loan Amnt > 1MM: % Min FICO: 0; Ln Amt > $2M Loans considered high-cost by Federal or State law not % A, B, & B- Grades Only allowed % Foreign National, see FN tab Points and Fees may not exceed 5% Loan Amount Residual Income: $2,500 Loan Amount > $3,000,000 +$250 for the first dependent Non-Warrantable Condo Max: $1,500,000 +$125 for each additional dependent Residual Income Rural Property: Interest Only: 85% Second Home: 80% 20 financed properties including subject Add 2 months reserves for each additional financed property. Total reserve requirement is not to exceed 12-months FundLoans exposure to a single borrower $5MM or 6 properties (Condos available in FL only. FL Condos limited to % LTV) $1,250 /mo 80% + $250 for the first dependent Debt Consolidation Refinance 80% +$125 for each additional dependent. Transactions where mortgage & non-mortgage debts are paid off and monthly debt payments are lowered by at least 10% 80% Interested Party Contributions and Closing Costs are recouped within months. Cash-in-hand may not exceed $5,000 or 2% of the loan amt. LTV>=75: 4% LTV<75: 6% R/T Refi LTVs available for Debt Consolidation loans. LTV/CLTV capped at 85% Residency Cash-in-hand may be used to meet reserve requirements for loans meeting the Debt Consolidation definition US Citizen Reserve requirements reduced to 1-month for all income document types when all of the above meet Max Acreage Permanent & Non-Permanent resident alien Rate & Term Refinance 10 Acres See FN matrix for 2nd Home options Reserve requirements are waived when monthly payments are reduced by at least the 10%

3 SPECTRUM - FULL DOC FICO Loan Amount Reserves 24 Months OR 12 Months 24 Months OR 12 Months Purch / RT Refi Cash Out Purch / RT Refi Cash Out 720+ <=1,000,000 6 months ,000,001-1,500, ,500,001-3,000,000 3,000,001-4,000,000 4,000,001-5,000, <=1,000,000 6 months ,000,001-1,500, ,500,001-3,000,000 3,000,001-4,000,000 4,000,001-5,000, <=1,000,000 6 months ,000,001-1,500, ,500,001-3,000, <=1,000,000 6 months ,000,001-1,500, ,500,001-2,000, <=1,000,000 6 months <=1,000,000 6 months 75 NA NA Grade Restrictions Loan Amounts > $3,000,000 (Condos available in FL only. FL Condos limited to % LTV) Grade A B B- Housing 1x30x12 0xx12 0x90x12 BK (Chap 13 Discharge) 12 mo Settled Settled BK (Other) 24 mo 24 mo 12 mo Foreclosure 24 mo 24 mo 12 mo Short Sale/DIL 24 mo 24 mo Settled Compliance Min FICO Impounds are required Max LTV: Purchase & R/T Loans considered high-cost by Federal or State law not allowed Max LTV: Cash-Out 75 Points and Fees may not exceed 5% Max CLTV Max Loan Amount 5,000,000 1,500,000 1,000,000 Financed Properties Fixed Terms 30 Year Fixed & 15 Year Fixed 30 Year Fixed & 15 Year Fixed 30 Year Fixed & 15 Year Fixed 5/1 LIBOR ARM 1 YR LIBOR - 5 % Margin/Floor - 2/2/5 Caps 1 YR LIBOR - 5 % Margin/Floor - 2/2/5 Caps 1 YR LIBOR - 6 % Margin/Floor - 2/2/5 Caps 7/1 LIBOR ARM 1 YR LIBOR - 5 % Margin/Floor - 5/2/5 Caps 1 YR LIBOR - 5 % Margin/Floor - 5/2/5 Caps 1 YR LIBOR - 6 % Margin/Floor - 5/2/5 Caps Interest Only Cash-Out Limit (% property Value) Residency Prepayment Penalty IO Period: 120 Months Program Max: % US Citizen Terms up to 5 Years are acceptable. The following structures are acceptable Qualifying Term: Loan Term (3 mo) Loan Amnt > 1MM: % Permanent & Non-Permanent resident alien Loan Term: 3 mo % See FN matrix for Investment options A & B Grades Only % Max LTV/CLTV: 80% Loan Amount Interested Party Contributions Min FICO: 0 All LTV's: 3% Non-Warr Condo Max: $1,5MM 80% DTI 80% Up to Max DTI: 50% Rural Property: : % Interest Only: 80% Max Acreage 10 Acres

4 SPECTRUM - NO RATIO Maximum LTVs >= < 1.00 FICO Loan Amount Reserves Purchase Rate/Term Cash Out Purchase Rate/Term Cash Out Purchase Rate/Term Cash Out 0+ 6 Months <=1,000,000 None ,000,001-1,500,000 6 Months None 1,500,001-2,000,000 6 Months 2,000,001-3,000,000 6 Months 3,000,001-4,000,000 6 Months ,000,001-5,000,000 6 Months Months <=1,000,000 None Months 1,000,001-1,500,000 None 1,500,001-2,000, Months 2,000,001-3,000, Months <=500, Months NA NA NA Program Restrictions Income Loan Amounts > $3,000,000 Housing 0x30x12 Debt Service Coverage Ratio (DSCR) BK (Chap 13 Discharge) 12 mo Gross Income/PITIA BK (Other) 36 mo Transaction qualified on cash flow of the subject property Foreclosure 36 mo Gross Income: Lower of Estimated Market Rent from Form 1007 and monthly rent from an (Condos available in FL only. FL Condos limited to % LTV) Short Sale/DIL 24 mo existing lease (If lease amount higher, may be utilized with two months proof of receipt) Min FICO 620 Compliance Max LTV: Purchase 80 Investor Experience Impounds are required Max LTV: R/T 75 Experienced Investor Loans considered high-cost by Federal or State law not allowed Max LTV: Cash-Out A borrower who has owned 2 or more properties within the most recent (Primary Points and Fees may not exceed 5% Max CLTV 80 residence can be included), with 1 having documented rental income of or more. Financed Properties Max Loan Amount 5,000,000 Fixed Terms 30 Year Fixed & 15 Year Fixed First Time Investor 3/1 LIBOR ARM 1 YR LIBOR - 6 % Margin/Floor - 2/2/5 Caps A borrower that does not meet the Experienced Investor criteria. First Time Investors must have 5/1 LIBOR ARM 1 YR LIBOR - 6 % Margin/Floor - 2/2/5 Caps owned a residence (primary or rental) for a minimum of the most recent. 7/1 LIBOR ARM 1 YR LIBOR - 6 % Margin/Floor - 5/2/5 Caps Interest Only Cash-Out Limit Prepayment Penalty IO Period: 120 Months (% property Value) Qualifying Term: Loan Term (3 mo) Program Max: % Loan Term: 3 mo Loan Amnt > 1MM: % Residency Products: 5/1, 7/1, FRM % US Citizen Max LTV/CLTV: 75% % Permanent & Non-Permanent resident alien Loan Amount See FN matrix for Investment options Interested Party Contributions % Min Loan Amount $400k when DSCR < 1.15 All LTV's: 3% % Non-Warrantable Condo Max: $1,500,000 Max Acreage Interest Only: 75% 2 Acres Rural Properties Rural Properties Not Allowed Terms up to 3 years available for 3 Year ARMs. Otherwise terms up to 5 Years are acceptable. The following structures are acceptable

5 FOREIGN NATIONAL - 2ND HOME AND INVESTMENT Maximum LTVs Full Documentation DSCR FICO Loan Amount Reserves Purchase Rate/Term Cash Out Purchase Rate/Term Cash Out 680+ <=1,000, ,000,001-1,500, ,500,001-2,000,000 2,000,001-3,000, ,000,001-4,000, ,000,001-5,000, <=1,000,000 1,000,001-1,500,000 Foreign Credit <=1,000,000 1,000,001-1,500,000 1,500,001-2,000,000 2,000,001-3,000, ,000,001-4,000, ,000,001-5,000, Program Restrictions Credit Housing 0x30x12 Qualifying U.S. Credit Credit Event (BK/FC/SS/DIL) 36 mo For Foreign National Borrowers with a valid Social Security number a credit report should be obtained. Requirements found in the CREDIT section of this underwriting Min FICO 620 Or Foreign Credit guide apply. Borrowers not meeting these requirements may proceed under the Qualifying Foreign Credit requirements detailed in the underwriting guide. Max LTV: Purchase & R/T 75 Max LTV: Cash-Out Qualifying Foreign Credit Max CLTV 75 Foreign National Borrowers without Qualifying U.S. Credit (Including borrowers without a valid Social Security Number and borrowers with or without an ITIN) must provide Max Loan Amount 5,000,000 evidence of three (3) active and open tradelines with a 2 year history. No derogatory credit history is permitted. ANY combination of the following is acceptable to arrive Fixed Terms 30 Year Fixed & 15 Year Fixed at the tradeline requirement 3/1 LIBOR ARM (DSCR Only) 1 YR LIBOR - 6 % Margin/Floor - 2/2/5 Caps Tradelines 5/1 LIBOR ARM 1 YR LIBOR - 6% Margin/Floor - 2/2/5 Caps - At least 3 tradeline active and open 24 months 7/1 LIBOR ARM 1 YR LIBOR - 6 % Margin/Floor - 5/2/5 Caps o Tradelines evidenced via a U.S. credit report; AND/OR o Tradelines evidenced via international credit report; AND/OR o Tradelines evidenced via a credit reference letter from a verified financial institution in the borrower's country of origin Cash-Out Limit Income Loan Amounts > $3,000,000 (% property Value) Full Documentation Program Max: 50% See the Foreign National Income section of the guide for income requirements Loan Amount Min Loan Amount $400k when DSCR < nd Homes and Investment Properties eligible Debt Service Coverage Ratio (DSCR) Gross Income/PITIA Non-Warrantable Condo Max: $1.5MM Transaction qualified on cash flow of the subject property Gross Income: Lower of Estimated Market Rent from Form 1007 and monthly rent from an existing lease (If lease amount higher, may be utilized with two months proof of receipt) (Condos available in FL only. FL Condos limited to % LTV) Compliance Impounds are required Loans considered high-cost by Federal or State law not allowed Debt-To-Income Ratio Points and Fees may not exceed 5% Up to 50% max DTI (Applies to Full Doc only) Documenting Assets Held in Foreign Accounts Financed Properties Residual Income Assets must be verified in U.S. Dollar equivalency at the current exchange rate via either $2,500/month (Applies to 2nd Home transactions only) Not Allowed or the Wall Street Journal FundLoans exposure to a single borrower not to exceed $5MM or 6 properties Interest Only A copy of the two (2) most recent statements of that account. If the funds are not seasoned a Prepayment Penalty minimum of sixty () days, a letter of explanation is required along with the information to comprise a sixty () day chain of funds. % Visa types allowed: B-1, B-2, H-2, H-3, I, J-1, J-2, 0-2, P-1, P-2, TN NAFTA, Laser Visa First Time Investor: % The following are required as evidence the borrower is in the U.S legally o Copy of the borrowers valid and unexpired passport (including photograph) o Copy of the borrower s valid and unexpired visa (including photograph) OR an I-797 form with % Residency Documentation Highlights Terms up to 3 years available for 3 Year ARMs. Otherwise terms up to 5 Years are acceptable. The following structures are acceptable Interested Party Contributions valid extension dates and I-94. Investor Experience All LTV's: 3% o Borrowers from countries participating in the State Department s Visa Waiver Program (VWP) Experienced Investor Max Acreage are not required to provide a valid visa. A borrower who has owned 2 or more properties within the most recent (Primary 2 Acres residence can be included), with 1 having documented rental income of or more. Rural Properties First Time Investor Rural Properties Not Allowed DSCR A borrower that does not meet the Experienced Investor criteria. First Time Investors must have owned a residence (primary or rental) for a minimum of the most recent.