SEDGWICK COUNTY, KANSAS & SHAWNEE COUNTY, KANSAS SINGLE FAMILY MORTGAGE LOAN PROGRAM PROGRAM GUIDELINES

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v7 SEDGWICK COUNTY, KANSAS & SHAWNEE COUNTY, KANSAS SINGLE FAMILY MORTGAGE LOAN PROGRAM PROGRAM GUIDELINES These Program Guidelines constitute the Program Guidelines referred to in the Servicing Agreement (the Servicing Agreement ) between Sedgwick County, Kansas and Shawnee County, Kansas (jointly, the Issuers ) and U.S. Bank, N.A., as master servicer (the Master Servicer ) and the Program Guidelines as referred to in the Participating Lender Agreement between the Master Servicer and each Lender, and the Lender Origination Agreement among the Issuers, UMB Bank, N.A., as trustee and the Lenders. The Program Guidelines have been approved by the Issuers for their Single Family Mortgage Loan Program (the Program ). Capitalized terms used herein shall have the meanings given to such terms in the Lender Origination Agreement, the Program Administrator s Guidelines and the Servicing Agreement. Program Term and Size, Program Documents (a) Program Term (Origination Period). The Program shall commence on January 27, 2014, and is subject to the termination provisions set forth in the Servicing Agreement. Issuers contracts with purchasers of GNMA Securities may have shorter delivery periods subject to extensions approved by both parties thereto. (b) Program Size. There is no initial limit as to the amount of Mortgage Loans originated, unless or until the Program is terminated by the Issuers or the Master Servicer. The total maximum aggregate principal amount of Mortgage Loans (i) reserved by the Lenders through the ehousing Plus (the Program Administrator ), (ii) closed by the Lenders but not yet purchased by the Master Servicer, (iii) closed and purchased Mortgage Loans by the Master Servicer but not yet pooled into GNMA Securities, and (iv) GNMA Securities that have been issued but not yet purchased by the Issuers, or their assigns, as of any date shall not exceed $6,000,000 (the Maximum Amount ), unless the Issuers have obtained written confirmation for an increase in such Maximum Amount; provided however, that such Maximum Amount shall be revised to reflect cancelled Mortgage Loans and GNMA Securities purchased by the Security Purchaser. If the Maximum Amount is reached, the Issuers may instruct the Program Administrator to deny Lender access for new Rate Locks until additional capacity is obtained. (c) Program Documents. These Program Guidelines, the Issuers Lender Origination Agreement, the Program Administrator s Guidelines, and the Servicing Agreement shall constitute the Program Documents as referenced herein. 2. Role of Issuers, Lenders, Master Servicer, Program Administrator, Custodial Agent (a) Issuers as Sponsor. For purposes of this Program, the Issuers are (i) an instrumentality of government in accordance with HUD/FHA and FNMA guidelines and shall Sedgwick County, Kansas and Shawnee County, Kansas Page 1

determine the amount of and form of Borrower Assistance provided. The Issuers shall determine the Program parameters as defined in these Program Guidelines and the Program Administrator s Guidelines, including but not limited to minimum Borrower Qualifications, form of Borrower Assistance, Mortgage Loan types, eligible properties, underwriting criteria, reservations instructions, Lender compensation, allowable fees, and any additional Program documentation required, reviewed and approved by the Master Servicer. (b) Issuers as GNMA Securities Purchaser. The Issuers or their assigns will provide for Program funding by arranging for the purchase of GNMA Securities issued by the Master Servicer comprised of Mortgage Loans originated by Lenders pursuant to the provisions of the Program Documents. (b) Lender Eligibility. All Lenders must be approved by the Master Servicer and sign a Participating Lender Agreement, and must be approved by the Issuers and sign a Lender Origination Agreement. Both the Master Servicer and the Issuers reserve the right to terminate a Lender, with or without cause, separately or collectively. Both the Master Servicer and the Issuers agree to give written notice of Lender termination to the other party prior to the actual termination of the Lender. (c) Program Administrator. The Program Administrator will prepare and, upon Issuers approval, release the Program Administrator s Guidelines to Lenders to establish the procedures pursuant to which Mortgage Loans will be reserved, originated, closed and reviewed pursuant to the Issuers Program Guidelines. The Program Administrator s on-line reservation system will provide the exclusive source of information by which Mortgage Loan reservations are tracked until purchased. The Program Administrator s Guidelines, along with the Issuers Program Guidelines and the Master Servicer s on-line Lender Guide shall act as the exclusive source of information for Lenders. The Program Administrator must provide the Issuers and their assigns continuous access to Rate Locks received so that Rate Lock Confirmations may be prepared for the benefit of the Issuers and their assigns. (d) Custodial Agent. UMB Bank, N.A. will serve as trustee and custodial agent to facilitate the transfer and settlement of the GNMA Securities between the Master Servicer and the Issuers. (e) Master Servicer. The Master Servicer will purchase Mortgage Loans from the Lenders with the servicing released to the Master Servicer. The Master Servicer shall pool Mortgage Loans into GNMA Securities and will sell the GNMA Securities to the Issuers through its Custodial Agent/Trustee. Program Guidelines as defined herein may not conflict with those requirements under the Master Servicer s own MBS Agreements, GSE Guides or the Master Servicer s Participating Lender Agreements and Lender Guide. 3. Minimum Borrower Qualifications, Mortgage Loan Types, Lender Deadlines (a) Minimum Borrower Qualifications. Each Borrower must meet the minimum qualifications (the Borrower Qualifications ) described in the attached Program Term Sheet. The Lenders are responsible for determining that Borrower s comply with such Borrower Qualifications. Sedgwick County, Kansas and Shawnee County, Kansas Page 2

The Program Administrator shall review and verify that each Mortgage Loan was originated and underwritten in accordance with the Issuers Program Guidelines. (b) Borrower Assistance. Unless otherwise directed by the Issuers, the Borrower Assistance Amount will be provided in connection with all Mortgage Loans and will provide for assistance to be specified as a percentage of the principal amount of the Mortgage Loan specified in the Mortgage Note. The Issuers retain the option of introducing more than one Borrower Assistance Amount sizing at different Mortgage Loan Interest Rates as specified in the Interest Rate Notice. Borrower Assistance may only be used to pay the Borrower s down payment and closing costs, with no cash back to the Borrower. (c) Mortgage Loan Types. Unless otherwise directed by the Issuers, Mortgage Loans in the Program can only be insured by FHA, the VA, or part of the USDA-RHS program and be eligible for inclusion in the GNMA pass-through mortgage-backed securities ( GNMA Securities ). This Guide may be amended to allow for Conventional Mortgage Loans eligible for pooling into FNMA Securities. Mortgage Loans may only be purchased by the Master Servicer for which a Rate Lock (and Loan Number) has been assigned by the Program Administrator and a Rate Lock Confirmation assigned by the Issuers or their assigns, but only if such Mortgage Loan closes and is delivered to the Master Servicer in purchasable form. (d) Lender Deadlines. For each loan reservation, Lenders shall adhere to the underwriting, closing, and delivery schedule and instructions as specified in these Program Guidelines and the Master Servicer s Lender Guide as applicable. The Master Servicer is under no obligation to purchase a Mortgage Loan, and the Issuers or their assigns is under no obligation to purchase a GNMA Securities comprised of Mortgage Loans that have not been delivered and purchased within this timetable or that do not otherwise meet the requirements of the Program Documents. Borrowers are required to have a fully executed sales contract for a specific property in order to obtain a loan reservation with the Program Administrator or to be placed on a waiting list for such a reservation. The sales contract may be executed as of a date prior to the date of the loan application so long as the Borrower complies with the other requirements of the Program Documents. Buyers may be pre-qualified by the Lender, but Program funds may not be reserved under the Borrower s name without a valid sale contract After a Mortgage Loan is reserved by a Lender with the Program Administrator and such Lender is provided a reservation number by the Program Administrator confirming such reservation: 1. Mortgage Loans must be purchased in purchasable form by the Master Servicer within seventy (70) days of the Mortgage Loan reservation date. This real deadline will strictly be enforced and Lenders should allow five (5) days or so for suspense items, final reviews and funding by the Master Servicer. 2. Mortgage Loans should be underwriter-certified as soon as possible, within fifteen (15 days) of the Mortgage Loan reservation date. If the Underwriter Certificate Form is not completed by the Lender within 15 days, it will prompt a call from ehousingplus for a status update. 3. The Program does not enforce a certain rate lock period to the Borrower. The Lender is permitted to set its own rate lock as long as it provides sufficient time to meet the 70- day purchase rule. For example, a thirty (30) day rate lock to the Borrower allows for a Sedgwick County, Kansas and Shawnee County, Kansas Page 3

35 day delivery of the Mortgage Loan to US Bank and additional 5 days for suspense items and funding. 4. The Lender shall submit a post-closing Compliance Package to the Program Administrator within 10 business days of the Mortgage Loan closing date, which shall include a copy of the real estate purchase contract, a signed copy of the Mortgagor Acknowledgment, a Copy of the Borrower Assistance, a copy of the final Loan Application (1003), copy of the HUD-1 Settlement Statement and the Homebuyer Education Certificate. (e) Any Mortgage Loan not purchased within a 70-day period referenced above is ineligible for purchase by the Master Servicer and shall be cancelled unless the Lender elects a one-time only 30- day extension. The extension request must be submitted by the Lender to the Program Administrator before the 70 day deadline. The cost of the extension shall be designated in the Interest Rate Notice, and the fee is due whether or not the Mortgage Loan is ultimately delivered by the Lender for purchase. If the extended Mortgage Loan is delivered and purchased, the fee shall be charged and netted out of the Mortgage Loan purchase price paid to the Lenders, with a separate monthly payment to the Issue for all collected extension fees. If the extended Mortgage Loan is not delivered for purchase to U.S. Bank, the fee will be separately invoiced by the Issuers and paid by the Lender to the Issuers. (f) If a Rate Lock period (including extensions) expires with respect to a Mortgage Loan and such Mortgage Loan has not closed, no new Rate Lock may be made for the same Borrower, whether the property address is new or the same as the previous reservation, until sixty (60) days after expiration of the prior Rate Lock period (including extensions). (g) If a Lender participating in the Program has a high rate of cancellations of loan reservations, or otherwise engages in behavior inconsistent with Program goals, the Issuers reserve the right to consider the suspension or termination of such Lender with respect to the Program, even is such Lender is in good standing with the Master Servicer. 1. Issuance of Interest Rate Notices (a) Issuance of Interest Rate Notice. The Issuers, or their assigns, will deliver to the Lenders and the Master Servicer, through the Program Administrator s loan reservation system, on any Business Day and from time to time on any Business Day, one or more Interest Rate Notices and Rate Locks for Mortgage Loans which are to be pooled into GNMA Securities. Each Interest Rate Notice shall remain in effect and shall be binding upon the Issuers, the Master Servicer and the Lenders from the later of the time Interest Rate Notice is published or 9:00 AM Central Time until 4:00 PM Central time on the date issued and authorized by the Issuers or until such earlier time as the Interest Rate Notice is amended, superseded, replaced or withdrawn by the Issuers in its discretion. Lenders shall use the Interest Rate Notice then in effect in offering Rate Locks to Borrowers for Mortgage Loans pursuant to the Program Documents and Program Guidelines, as applicable. Generally, Lenders shall be able to offer Rate Locks to Borrowers regarding a Mortgage Loan from 9:00 AM Central time until 4:00 PM Central time each day. (b) Program Administrator s System Binding. The Program Administrator s loan reservation system shall be the exclusive source of information for the Issuers, Lenders, and Master Servicer regarding Mortgage Loans and Mortgage Loan Interest Rates. The Issuers or their assigns shall send Interest Rate Notices and notices of rescission or withdrawal of Interest Rate Notices to the Program Administrator, at the email addresses below, and such delivery shall satisfy the Issuers Sedgwick County, Kansas and Shawnee County, Kansas Page 4

obligation to provide or to rescind or withdraw Interest Rate Notices to the Lenders and the Master Servicer. The Program Administrator shall not allow Lenders access to its loan reservation system for new Rate Locks until an Interest Rate Notice has been received from the Issuers or their assigns. 2. Borrower Assistance, Lender Compensation, Purchase of Loan by Master Servicer (a) Borrower Assistance. The Lenders shall advance the Borrower Assistance amount on behalf of the Issuers at closing. (b) Lender Compensation. The Lender is permitted to charge the Borrower reasonable and customary closing costs and related fees. The Lender is not permitted to charge any Origination Fee or Discounts unless otherwise permitted by the Issuers. The Issuers will also define as a fixed percentage the amount of compensation all Lenders will receive upon the purchase of each Mortgage Loan, paid as a Servicing Release Premium (SRP), and added to the Mortgage Loan purchase price. (c) Purchase of Loan by Master Servicer. The Master Servicer shall purchase Mortgage Loans from Lenders for which a Rate Lock has been granted at a specified Loan Purchase Price and a confirmation granted by the Program Administrator that the Mortgage Loan meets these Program Guidelines. Payment for Mortgage Loans will be made following receipt and review of closing documentation, including evidence of compliance with the Program Guidelines, applicable mortgage loan underwriting requirements, FHA, VA and/or RHS requirements, as well as all federal, state and local rules and regulations. The Loan Purchase Price paid by the Master Servicer shall include the following: Amount of the Mortgage Loan funded by the Lender Deduction for any Master Servicer fees and Extension Fees Lender Servicing Release Premium Reimbursement to Lender for advance of Borrower Assistance The Master Servicer may rely on a written certification by the Program Administrator as to the compliance of all submitted Mortgage Loans to Program Guidelines. The Master Servicer may also rely on the Program Administrator to coordinate all Lender extension requests prior to the 70 day purchase deadline. However, the Master Servicer is ultimately responsible for the following: Mortgage Loan was purchased within 70 calendar days from when the Rate Lock was confirmed. The Master Servicer will enforce the obligations of the Lenders under its Participating Lender Agreement to deliver Mortgage Loans in purchasable form, and for the Lenders to cure any defect or deficiency with respect to each Mortgage Loan, or to repurchase any non-conforming Mortgage Loans under the terms and conditions of the Program Documents and Program Guidelines. Any additional extensions must be approved by the Program Administrator and Issuers. Mortgage Loan Package includes a signed Mortgagor s Acknowledgment and a signed Grant Letter. After 100 days, unless an additional extension is granted, the commitment by the Issuers and the Master Servicer to purchase that Mortgage Loan will be cancelled. Sedgwick County, Kansas and Shawnee County, Kansas Page 5

5. Mortgage Loan Pooling (GNMA Securities Only) (a) The Master Servicer Shall Prepare Funding Schedules. Based on purchased Mortgage Loans, the Master Servicer shall prepare a Funding Schedule, though it normal processes/documentation and provide that information to the Issuers and/or their assigns. The Issuers and/or their assigns will verify the information and direct the Master Servicer in the pooling of each purchased loan. (b) The Master Servicer Shall Pool Mortgage Loans into GNMA Securities. Unless otherwise specified by the Issuers, the Master Servicer will purchase Mortgage Loans from the Lenders, pool such Mortgage Loans into GNMA Securities as expeditiously as possible but also in such a manner consistent with the instructions detailed below: (i) All Mortgage Loans with an interest rate ending in.00% or.50% (e.g., 3.00%, 3.50%, 4.00%, 4.50%, 5.00%, 5.50% Mortgage Loan interest rates) should be pooled into GNMA I Securities using.50% as the aggregate servicing and guaranty fee unless the Master Servicer has not purchased sufficient Mortgage Loans to issue $1,000,000 in GNMA I Securities. If the par amount is less than $1,000,000, the Master Servicer shall pool such Mortgage Loans into a GNMA II multi-issuer Securities using.50% as the aggregate servicing and guarantee fee. (ii) All Mortgage Loans with an interest rate ending in.25% or.75% (e.g., 3.25%, 3.75%, 4.25%, 4.75%, 5.25%, 5.75% Mortgage Loan interest rates) should be pooled into GNMA II multi-issuer Securities using.25% as the aggregate servicing and guaranty fee. (iii) All Mortgage Loans with an interest rate ending in.375% or.875% (e.g., 3.375%, 3.875%, 4.375%, 4.875%, 5.375%, 5.875% Mortgage Loan interest rates) should be pooled into GNMA II multi-issuer Securities using.375% as the servicing/guaranty fee. (iv) All Mortgage Loan with an interest rate ending in.125% and.625% (e.g., 3.125%, 3.625%, 4.125%, 4.625%, 5.125%, 5.625% Mortgage Loan interest rates) should be pooled into GNMA II multi-issuer Securities using 0.625% as the aggregate servicing and guaranty fee. GNMA II multi-issuer Securities comprise Mortgage Loans from various sources and the Master Servicer can pool as few or as many Mortgage Loans contemplated hereunder into GNMA II multi-issuer Securities. (c) Issuers Shall Purchase GNMA Securities. Pursuant to instructions provided by the Master Servicer, the Issuers shall establish an account with the Custodial Agent to facilitate the purchase of any GNMA Securities issued by the Master Servicer that are backed by qualified Mortgage Loans under this Program, at times, in amounts, at the interest rates and under the terms and conditions set forth in the Program Documents and Program Guidelines. The Issuers shall have no obligation to purchase GNMA Securities which do not conform to the terms and requirements of the Program Document and Program Guidelines. (e) Master Servicer Deadline for Mortgage Loans to be Included in GNMA Securities. Mortgage Loans originated by the Lenders and purchased by the Master Servicer on or before the 10 th Calendar Day of each month shall be pooled into GNMA Securities on the day of the month that is designated as TBA settlement for Class III Securities by the Securities Industry and Financial Markets Association ( GNMA TBA Settlement Date ). Initially, the GNMA Purchase Date shall be on the GNMA TBA Settlement Date of each month, unless otherwise specified by the Issuers. Sedgwick County, Kansas and Shawnee County, Kansas Page 6

(f) GNMA Securities Purchase Price. The Master Servicer shall specify the applicable GNMA Securities Purchase Price for each pool of Mortgage Loans purchased by the Master Servicer and eligible for pooling into GNMA Securities. Such GNMA Securities Purchase Price shall reimburse the Master Servicer for the Loan Purchase Price paid to the Lender, less the applicable Servicing Release Premium paid by the Master Servicer on behalf of the Issuers to the Lenders. The Issuers and/or its assign shall verify each Security Purchase Price. (g) Master Servicer Information Regarding Mortgage Loans Purchased. The Master Servicer shall provide the Issuers with its Funding Schedule not later than three (3) Business Days prior to each GNMA Purchase Date. The Master Servicer shall reconfirm such GNMA Purchase Date and its intent to perform its obligations under the Servicing Agreement on such GNMA Purchase Date by delivery to Issuers and its Custodial Agent of a notice (the Notification of Delivery ) to that effect. The Notification of Delivery shall specify the type and the original and outstanding principal balances of each GNMA Security, CUSIP number and pool number of each GNMA Securities, and the GNMA Purchase Date, the GNMA Securities Interest Rate and Price, accrued interest and the GNMA Securities Purchase Price. Upon receipt of a Notification of Delivery from the Master Servicer, the Issuers shall deliver a confirmation of the Notice of Delivery not later than the second (2 nd ) Business Day prior to the GNMA Purchase Date to the Custodial Agent and the Master Servicer. (h) Method of Delivery. The GNMA Securities shall be delivered by Master Servicer to the Custodial Agent for redelivery to the Issuers, or their assigns, on a deliver versus payment basis through the Federal Reserve Book Entry System. If, for any reason, the Master Servicer is unable to deliver the GNMA Securities to the Custodial Agent as scheduled, the Master Servicer shall give notice to the Issuers, the Custodial Agent, to that effect, specifying the reasons therefore. If, for any reason, the Issuers is unable to purchase the GNMA Securities from the Master Servicer as scheduled, the Issuers shall give notice to the Master Servicer and Custodial Agent, to that effect, specifying the reasons therefore. 6. Calculation of Servicing Release Premiums The Servicing Release Premium shall be based upon the Servicing Release Fee Pricing Schedule of the Master Servicer. The Initial Servicing Release Fee Pricing Schedule shall be delivered to the Issuers by the Master Servicer. The Servicing Release Fee Pricing Schedule may be revised by the Master Servicer from time to time according to Schedule A contained in the Servicing Agreement between the Master Servicer and the Issuers. Sedgwick County, Kansas and Shawnee County, Kansas Page 7

Sedgwick County, Kansas and Shawnee County, Kansas (Issuers) Program Term Sheet In order to participate, Lenders must execute three (3) copies of the Issuers Lender Origination Agreement and be approved and in good standing as a Correspondent Lender with U.S. Bank as Master Servicer. Sponsor Available Funding Master Servicer Program Administrator Issuers are an instrumentality of government in accordance with FHA/HUD guidelines with respect to the Borrower Assistance provided. Limited offering to a select group of Lenders. No Program limit, up to $6,000,000 in loan reservations at any time, provided that as loans are securitized into mortgagebacked securities and purchased by the Issuers, those funds will be released back into the program, available on a first-come, first-served basis. Mortgage Loans will be sold to and serviced by U.S. Bank. All Loans must be delivered to U.S. Bank in purchasable form within the time periods specified. ehousingplus on-line system will post mortgage loan rates, accept and confirm loan reservations, update loan status and manage Program funding. Borrower Qualifications Eligible Loan Area Eligible Borrowers Eligible Properties Household Income Limits Acquisition Cost Limits Credit Score Minimum Underwriting/ Ratios The program is available throughout the Program Area in the State of Kansas specified by the Issuers to all qualified Borrowers. Buyers and their spouses must permanently reside in the U.S. and must occupy the property within 60 days. Primary residences, owner occupied. First -time homebuyers only. Non-occupant Borrowers or co-signers are not permitted. Single family, owner-occupied, 1-2 unit principal residences that are detached structures, or condominiums, town homes/puds or duplexes, subject to the applicable FHA, VA or RHS/RD guidelines. Manufactured homes are not eligible. As specified by the Issuers pursuant to the Lender Origination Agreement. As specified by the Issuers pursuant to the Lender Origination Agreement. [Borrowers on title must have a 640 minimum credit score. If more than one Borrower, the applicable credit score is the mid score or such credit score in accordance with FHA/VA/RHS guidelines.] [Applicable FHA, VA, RHS underwriting guidelines with respect to mortgage-toincome and debt-to-income ratios, but DTI ratios may not exceed 45%.] Sedgwick County, Kansas and Shawnee County, Kansas Page 8

First Loan Terms and Guidelines First Loan Types Transaction Type First Loan Terms Mortgage Loan Rates Rate Lock Period, Delivery and Extension Fees Reserves FHA 203 (b), VA, USDA/RHS. Fannie Mae Loans are not available at this time. Purchase transactions only for owner-occupied principal residences. Rate term refinancings are not permitted. 30-year fixed rate fully amortizing FHA, VA, RHS loan products. Other loan types and terms may be added with approval of both Issuers and U.S. Bank. Mortgage Loan Rates will be posted daily by the Program Administrator, between 9:00 AM CT and 4:00 PM CT, and are subject to change. Rate Locks will be confirmed by the Program Administrator. Borrowers must have a fully executed sale contract for a specific property before a Rate Lock can be submitted. All Mortgage Loans must be purchased in purchasable form within seventy (70) calendar days from the Loan Reservation date. Rate Locks to Borrowers are therefore determined by the Lender given the 70-day rule; for example, a 30-day rate lock to the Borrower allows for a 35-day loan delivery to U.S. Bank, with an additional 5 days for suspense items, review and funding by U.S. Bank. If needed, a 30-day extension is available in exchange for an extension fee, as defined on the Interest Rate Notice, and netted out of the Mortgage Loan purchase price. Per FHA, VA and RHS guidelines. Discounts Discounts charged and retained by the Lender are not permitted. Price Adjustments Price adjustments, if applicable, together with extension fee and any other fees will be disclosed and posted on the Interest Rate Notice. First Loan Limits FHA, VA, RHS first loan limits apply. Issuers Borrower Assistance Size and Use of Proceeds Post-Closing Compliance Package Representations, Sized at up to 4.00% of the total Mortgage Loan amount as shown on the Mortgage Note. Funds are automatically reserved once the Mortgage Loan is reserved and confirmed on the ehousingplus reservation system. May be applied against the Borrower s down payment, closing costs, prepaids and other related program and mortgage loan fees and expenses. In the event there are surplus funds remaining, the Borrower may be reimbursed for any earnest money, advances, or to reduce the Mortgage Loan principal, but there cannot be any cash back to the Borrower. Real Estate Purchase Contract Signed copy of the Mortgagor s Acknowledgment Final Loan Application (1003) HUD-1 Settlement Statement Homebuyer Education Certificate. $300 check payable to ehousingplus Lender hereby makes to Issuers the same representation, warranties and Sedgwick County, Kansas and Shawnee County, Kansas Page 9

Warranties and Covenants; Indemnification of Issuers; Termination Rights of Issuers Representations and Warranties (Grant) covenants made by the Lender to U.S. Bank in its Participating Lender Agreement. The Lender agrees to indemnify Issuers and hold Issuers harmless from all loss, liability and claims for the same purposes and to the same extent as made by the Lender to U.S. Bank in the Participating Lender Agreement. Failure by the Lender to perform its obligations under the Lender Origination Agreement and Program Administrator s Guidelines may result in its suspension, even if the Lender remains in good standing with U.S. Bank. Issuers reserve the right to terminate the Lender for any reason, with or without cause, at any time upon five (5) day notice in writing. The Lender shall cooperate with Issuers in effectuating any such termination. The Lender represents and warrants that the Borrower qualified based on Program requirements, that the Grant was used in the appropriate manner, for the amount and purposes intended, with no cash back to the Borrower. Lender Compensation Loan Purchase Price Seller Payments Program Fees Lender shall receive total compensation of 2.50% of the principal amount of the Loan for FHA and RHS loans (2.00% for VA loans), which will be paid by the Master Servicer at the time of purchase of each loan. Except for costs described in the next paragraph, no additional fees of any kind may be charged to the seller or buyer. Reasonable and customary closing costs such as appraisal, credit report, title insurance and recording fees, as long as such compensation payments are fully disclosed to the borrower in accordance with federal, state and local laws and regulations. Master Servicer shall purchase the FHA and RHS First Mortgage Loan at a purchase price of 102.5% (102.0% for VA Loans). [Master Servicer shall also reimburse the Lender for the advance of the Borrower Assistance.] Master Servicer fees will be netted from the Loan purchase. Permitted subject to FHA, VA or RHS/RD guidelines. Following fees are charged by US Bank and shall be netted out of the Mortgage Loan purchase price: $250 Funding Fee and $85 Tax Service Fee. An additional $300 Program Compliance Fee (payable to ehousing Plus) will be charged to the Borrower directly. Sedgwick County, Kansas and Shawnee County, Kansas Page 10

SEDGWICK COUNTY, KANSAS AND SHAWNEE COUNTY, KANSAS MORTGAGOR S ACKNOWLEDGMENT BORROWER ASSISTANCE AMOUNT I/We,, as applicants for a Mortgage Loan ( Mortgage Loan ) originated by ( Senior Lien Holder ) are also eligible for down payment and closing cost assistance (the Borrower Assistance ) as provided by Sedgwick County, Kansas and Shawnee County, Kansas, do hereby acknowledge as follows: 1. I/We acknowledge that the home to be financed by the Mortgage Loan is located in the County of in the State of Kansas at (the Property ), and that I/we intend to occupy the home as my/our principal place of residence within 60 days after closing the Mortgage Loan (or in the case of newly constructed home, within 60 days of completion of construction), and to thereafter occupy the Property as my/our principal residence. I/We do not intend to, have not and will not enter into any arrangement to rent, sell, assign or transfer the Property or to use it as investment property. 2. I/We understand that the Mortgage Loan rate offered is higher than what our Lender and other Lenders are currently charging at market for this same Mortgage Loan with no Borrower Assistance or rebate, that I/We understand that such other Mortgage Loans are available to me/us. 3. I/We also understand that the $ in Program assistance towards the down payment and closing costs has been provided as a grant by Sedgwick County, Kansas and Shawnee County, Kansas. Initials: 4. I/We acknowledge that the Borrower Assistance would not be provided but for my/our representations, covenants and warranties hereof and in the Loan Documents, and that the Borrower Assistance must be used in accordance with government/hud guidelines regarding Grants provided by a government agency or instrumentality of government. 5. I/We understand that should I/We fail to make timely Mortgage Loan payments to the Master Servicer, that Counties as an approved homebuyer and homeowner counselor is entitled to request and receive the appropriate information from the Master Servicer with respect to my/our financial situation, so that the Counties or any other appropriate counseling service may contact me/us to provide counseling and assistance if necessary. I/We hereby acknowledge reading and receiving this Mortgagor Acknowledgment and agree to the terms and conditions hereof. Date: Applicant/Borrower s Signature Applicant/Borrower s Signature Applicant/Borrower s Signature Applicant/Borrower s Signature Sedgwick County, Kansas and Shawnee County, Kansas Page 11

SEDGWICK COUNTY, KANSAS SHAWNEE COUNTY, KANSAS SINGLE FAMILY MORTGAGE LOAN PROGRAM Date: SINGLE FAMILY MORTGAGE LOAN PROGRAM NOTICE OF DOWN PAYMENT/CLOSING COST ASSISTANCE GRANT To Lender: From: Sedgwick County, Kansas Shawnee County, Kansas EIN 48-6000798 EIN 48-6028759 Subject: Notice of Down Payment/Closing Cost Assistance Grant Gift Letter Please be advised that Sedgwick County, Kansas, and Shawnee County, Kansas (the Counties ), as instrumentalities of government, are providing a down payment and/or closing cost assistance grant, with no repayment of the grant required, in conjunction with their Single Family Mortgage Loan Program. This letter documents that the Counties, political subdivisions of the State of Kansas (section 115 entities under the Internal Revenue Code of 1986, as amended) subject to the conditions outlined below, have, at or before closing, incurred a legally enforceable obligation to provide the funds for a portion of the borrower s required Minimum Cash Investment. Mortgagor(s): Address Being Purchased: Amount of Assistance: % of total loan amount: $ US Bank Loan Number: Dorsha Kirksey, Director of Housing, Sedgwick County, Kansas, for the Counties Borrower s Signature Date Borrower (Print Name) Borrower s Signature Date Borrower (Print Name) Sedgwick County, Kansas and Shawnee County, Kansas Page 12

SEDGWICK COUNTY, KANSAS SHAWNEE COUNTY, KANSAS SINGLE FAMILY MORTGAGE LOAN PROGRAM Date: SINGLE FAMILY MORTGAGE LOAN PROGRAM COMMITMENT APPROVAL LETTER To Lender: From: Sedgwick County, Kansas Shawnee County, Kansas EIN 48-6000798 EIN 48-6028759 Subject: Notice of Down Payment/Closing Cost Assistance Grant Gift Letter This letter documents that Sedgwick County, Kansas, and Shawnee County, Kansas (the Counties ), as instrumentalities of government, are providing a down payment and/or closing cost assistance grant, with no repayment of the grant required, in conjunction with their Single Family Mortgage Loan Program. This letter documents that the Counties, political subdivisions of the State of Kansas (section 115 entities under the Internal Revenue Code of 1986, as amended) subject to the conditions outlined below, have incurred a legally enforceable obligation to provide the funds for a portion of the borrower s required Minimum Cash Investment. Mortgagor(s): Address Being Purchased: Amount of Assistance: % of total loan amount: $ US Bank Loan Number: Dorsha Kirksey, Director of Housing, Sedgwick County, Kansas, for the Counties The Mortgage Loan shall close in compliance with the Lender Origination Agreement dated as of January 1, 2014 and the Administrator s Guidelines published, 2014, as amended. Lender must deliver the Mortgage Loan and related documents to Servicer (US Bank) and Compliance Package to Administrator (ehousing) within twenty (20) days after the loan closing for purchase approval. Final documents must have signatures on all forms or Mortgage Loan will be on exception for purchase until all documents are received. Sedgwick County, Kansas and Shawnee County, Kansas Page 13