Minimum Credit Score. Second Homes - 1 Unit %*-$424,100 75%-$424,100 Investment Properties - 1 Unit 2 Units 3 Units 4 Units

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1 PRODUCTS: Fixed rate mortgages. TERM: 10, 15, 20, 25 or 30 years MINIMUM MORTGAGE: $40,000 Purchase and Rate/Term LTVs are CLTVs 2 Primary Homes - 1 Unit %*-$424,100 80%-$424,100 2 Units 80%-$543,000 75%-$543,000 3 Units 75%-$656,350 75%-$656,350 4 Units 75%-$815,650 75%-$815,650 Second Homes - 1 Unit %*-$424,100 75%-$424,100 Investment Properties - 1 Unit 2 Units 3 Units 4 Units %-$424, %-$543,000 75%-$656,350 75%-$815,650 Cash-out 2 75%-$424,100 70%-$543,000 70%-$656,350 70%-$815,650 *LTV s > 80.00% - Check with MI Provider for complete guidelines and minimum credit score requirements. 1 Rate/Term on 1 unit Investment property is limited to 75% LTV/CLTV. 2 Non-Permanent Resident Aliens - Maximum DTI 40%, Maximum LTV - the lesser of the program maximum or 80% LTV 80/10/ % CLTV PURCHASE PROGRAM Purchase Rate/Term and Cash-out Primary Homes - 1 Unit %/89.99-$424,100 1 N/A 1 This program closed in conjunction with Santander HELOC. Maximum DTI is 45%. Max Loan amount on HELOC is $125,000. CASH OUT LIMITS: No limit. ELIGIBLE PROPERTIES: Cooperatives: COOPERATIVE UNITS LTVs are CLTVs 1-4 unit properties. Condominiums and PUDs must be FNMA/FHLMC warrantable. Minimum Credit Page 1 of 5 Purchase 1 Rate/Term Cash-out 1 1 Primary Homes - 1 Unit %-$424,100 90%-$424,100 80%-$424,100 Second Homes - 1 Unit %-$424,100 75%-$424,100 N/A LTVs > 80% - Check with MI Provider for complete guidelines and minimum credit score requirements. 1 Non-Permanent Resident Aliens - Maximum DTI 40%, Maximum LTV - the lesser of the program maximum or 80% LTV DU Approve/Eligible response only. TPO Company must be approved by Santander to submit cooperative property transactions. Contact your Santander Account Executive for further information. The cooperative property type is only available in the following geographic areas: The five boroughs of New York City (Bronx, Brooklyn, Manhattan, Queens and Staten Island.) Nassau, Rockland, Suffolk and Westchester counties in New York. Bergen, Essex, Hudson, Middlesex, Monmouth, Morris, Passaic, and Union counties in New Jersey. Minimum 5 units in cooperative project are required.

2 Santander Bank will not finance more than 20% of the cooperative units in any one specific cooperative project. Cooperative units must be warrantable to Fannie Mae ONLY. Restrictions: Secondary financing is not permitted. LPMI is not permitted. RESTRICTIONS: ELIGIBLE BORROWERS: Manufactured homes are not permitted. Titles cannot be held as corporations, partnerships, or trusts. Prohibition of Leasing MINERAL, OIL AND GAS RIGHTS -Santander does not make loans secured by properties that are subject to an existing lease, assignment or transfer of fossil fuel rights, such as mineral, oil or gas rights. In addition, the borrower is prohibited from leasing, assigning or transferring such rights throughout the life of the loan. The borrower will be required to sign a closing disclosure acknowledging and agreeing with this policy. Exclusions to this policy are condominium and cooperative property types. US citizens and Non-US citizens as permitted by FNMA/FHLMC. Follow agency guidelines for documentation. Non-Permanent Resident Aliens - Maximum DTI 40%, Maximum LTV - the lesser of the program maximum or 80% LTV TEMPORARY BUYDOWNS: Not available. 40 YEAR TERM: Not available. DOCUMENTATION: As indicated by DU or LP feedback. Verbal verification of employment is required for all salaried borrowers within 10 business days of closing. Recent 30 days paystub(s) required with YTD earnings for all salaried borrower(s). Verbal verification of employment for self-employed borrowers requires an independent verification of the existence of the borrower s business within 30 calendar days prior to closing through a third party, such as a CPA, regulatory Agency, or the applicable licensing bureau and verifying the phone listing and address for the borrower s business using a telephone book, Internet or directory assistance. UNDERWRITING: AUS: Manual: IRS form 4506-T is required to be completed and signed at the time of application and at the time of closing, regardless of income source or documentation level. Signed IRS Form 4506T must be included with all loan submissions. Santander Bank will process 4506T and verify income reported to IRS per current internal procedures. Any difference between income documented in the tax return information and qualifying income must be reasonable and supported by information and documentation contained within the loan file. Automated underwriting approval is required with an LP Accept or a DO/DU Approve/Eligible response. Note: Santander will not accept loans receiving ineligible, or refer/caution responses from either underwriting system. Underwriter(s) will not have the authority to override such decisions for loan delivery to Santander Bank regardless of loan circumstances. Not permitted. Page 2 of 5

3 Housing History: As required by DU/LP response. If mortgage does not appear on the credit report, prior mortgage payment history must evidence 0x60 days late in the last 12 months, if applicable. Foreclosures/Bankruptcies: Foreclosures reported within the last 7 years are not permitted. Bankruptcies: Chapter 7 or Chapter 11 bankruptcies not permitted unless 4 years from the discharge or dismissal date. Chapter 13 bankruptcies not permitted unless two years from the discharge date, or four years from the dismissal date. All bankruptcies must be fully discharged. Maximum Financed Properties: Deed-in-lieu of foreclosure, short sales, pre-foreclosure sales reported within 48 months of the credit report date are not permitted. Deed-in-lieu of foreclosure, short sales, pre-foreclosure sales reported > 4-7 years of the credit report date on LTV/CLTV > 90 are not permitted. For Second Home and Investment property mortgages, a Borrower may not own more than six 1- to- 4-unit properties that are financed, including the subject property. Non-occupant co-borrowers: 1 unit properties only. DU/LP Approve/Accept responses required. Lesser of program maximum or 95% LTV/CLTV/HTLTV. Not permitted on 80/10/10 Program. Ratios: Maximum DTI 50%. DTI > 45 and <=50 will only be permitted with DU Approve or LP Accept eligibility and strong compensating factors. Non-Permanent Resident Aliens - Maximum DTI 40% All revolving debt is required to be included in the DTI ratio, regardless of the number of payments remaining. Down Payment: Gift Funds: Reserves: Seller Contributions: 3% maximum on CLTVs > 90% 6% maximum on CLTVs < 90% 9% maximum on CLTVs < 75% 2% maximum on investment properties APPRAISAL: Full interior appraisal form for property type is required. Limited exterior appraisals or drive-by inspections are not permitted. Property Inspection Waivers (PIW) are permitted with FNMA DU Eligibility with following restrictions. Property must be 1 unit SFR, PUD or Condo and meet following LTV/CLTV Limitations: Loan to Value <=80% LTV/CLTV Rate and Term Primary and Secondary Loan to Value <=75% LTV/CLTV Rate and Term Investment Loan to Value <=70% LTV/CLTV Cash Out Primary Residence Loan to Value <=60% LTV/CLTV Cash out Secondary or Investment homes Simultaneous Santander HELOC closings are not permitted with PIW. Page 3 of 5

4 Appraisal reports are valid for 120 days only. Re-certifications and appraisal updates are not acceptable. SECONDARY FINANCING: Secondary financing permitted from other lenders up to maximum CLTV for program. 80/10/ % CLTV PURCHASE PROGRAM - available with Santander HELOC. See Max Mortgage/LTV grid above. Restriction: Secondary financing is not permitted for cooperative units. MORTGAGE INSURANCE: Borrower Paid (BPMI): Low Cost, Reduced, Custom, Borrower Paid Single Premium or Financed MI is not permitted. Mortgage insurance is subject to specific providers underwriting guidelines. 10, 15, and 20 Year Term 25 and 30 Year Term LTVs % 6% 12% % 12% 25% % 25% 30% Borrower Paid Single Premium MI is not permitted. Lender Paid (LPMI): See price sheet for adjustments. MAX MORTGAGE and LTV: Purchase and Rate/Term Cash-out Primary 1 unit % - $424,100 N/A % - $424,100 Second 1 unit N/A N/A Investment 1 unit N/A N/A Single premiums only. DU/LP Approve/Accept eligible responses only. Maximum DTI 41%, regardless of AUS findings. LPMI disclosure required at origination. 30 year fixed rate only. LPMI Restrictions:. Secondary financing is not permitted. Cooperative units are not permitted. LPMI - LTVs 30 year term only 80.01% to 85.0% LTV 12% coverage 85.01% to 90.0% LTV 25% coverage 90.01% to 95% LTV 30% coverage LATE CHARGE: ESCROW: 5% or max permitted by state. LTV > 80% - required. LTV < 80% - may be waived. See price sheet for adjustment. Required on all investment properties. If real estate taxes for the subject property that are due within 60 days of closing are financed in a rate/term refinance transaction, escrows are mandatory or the loan must be restructured as a cash-out refinance. Escrows are required on loans with Santander secondary financing if the CLTV > 80%. Page 4 of 5

5 PROGRAM CODES: *Fixed Conf 10 or 15 Yr *Fixed Conf 20, 25, or 30 Yr *Fixed Conf 30 Yr LPMI /10/10 Fixed Conf 10 or 15 Yr /10/10 Fixed Conf 20, 25, or 30 Yr Page 5 of 5