PRIME JUMBO HLTV. Origination/Approved Lenders & Products 1 SG_PRIMEJUMBOHLTV_C 7/11/16

LOAN PROGRAM:... 2 LOCK-IN/REGISTRATION:... 2 MINIMUM MORTGAGE:... 2 MAXIMUM MORTGAGE:... 2 MAXIMUM LTV/CLTV/HCLTV:... 2 AGE OF DOCUMENTS:... 2 APPRAISAL REQUIREMENTS:... 2 ARM INDEX:... 3 ARM INITIAL INTEREST RATE CAPS:... 3 ARM INTEREST RATE CEILING:... 3 ARM INTEREST RATE FLOOR:... 3 ARM MARGIN:... 3 ARM RATE ADJUSTMENT:... 3 ASSUMABILITY:... 3 BORROWERS ELIGIBILITY:... 3 BORROWERS INELIGIBLE:... 3 BUYDOWNS:... 3 CASH RESERVES:... 3 CLOSING DOCUMENTS:... 4 CO-BORROWER(S):... 4 CREDIT:... 4 DISCLOSURES:... 4 DOCUMENTATION:... 4 DOWN PAYMENT REQUIRED:... 5 DU/LP INFORMATION:... 5 ESCROW HOLDBACKS:... 5 ESCROW WAIVERS:... 5 GEOGRAPHIC RESTRICTIONS:... 6 GIFTS:... 6 INTEREST ONLY OPTION:... 6 LIMITATIONS ON REAL ESTATE OWNED:... 6 MORTGAGE INSURANCE:... 6 MORTGAGE INSURERS APPROVED:... 6 NEW CONSTRUCTION:... 6 NON-OCCUPYING BORROWER:... 6 OCCUPANCY:... 6 POWER OF ATTORNEY:... 7 PREPAYMENT PENALTY:... 7 PROPERTY TYPES ELIGIBLE:... 7 PROPERTY TYPES INELIGIBLE:... 7 QUALIFYING RATE:... 8 RATIOS:... 8 REFINANCES:... 8 RELOCATION OR TRAILING CO-BORROWER:... 8 RIGHT OF OWNERSHIP:... 8 SALES CONCESSIONS:... 8 SUBORDINATE FINANCING:... 8 TITLE REQUIREMENTS:... 9 TITLE VESTING:... 9 UNDERWRITING... 9 Origination/Approved Lenders & Products 1 SG_PRIMEJUMBOHLTV_C 7/11/16

LOAN PROGRAM: PRIME JUMBO HLTV Non-Conforming Fixed 30 Year. No exceptions will be made to these product parameters. Originators should refer to the Fannie Mae Seller Guide for specific information concerning qualification requirements that are not specifically required under Appendix Q or referenced in the guidelines. Only available non-delegated. LOCK-IN/REGISTRATION: Available in Optimal Blue. Tips: o Doc Type Full Income and Asset Documentation required (included 4506-T) o Loan Programs: SG_Prime_Jmbo_HLTV_30_Fxd. MINIMUM MORTGAGE: $417,001 or $1 above the conforming limit based on number of units. MAXIMUM MORTGAGE: $1,500,000. MAXIMUM LTV/CLTV/HCLTV: 90/90. AGE OF DOCUMENTS: Appraisal good for 120 days. Credit documents good for 90 days. APPRAISAL REQUIREMENTS: No property flipping, prior owners must have owned the property greater than 6 months. (Bank owned REO are eligible and not considered a flip transaction) All appraisals must comply with and conform to USPAP and the Appraisal Independence Requirements, and any requirement for HPMLs, if applicable. The appraiser must not have a direct or indirect interest, financial or otherwise, in the property or in the transaction. Selection criteria should ensure that the appraiser is independent of the transaction and is capable of rendering an unbiased opinion. An appraisal prepared by an individual who was selected or engaged by a borrower, property seller, real estate agent or other interested party is not acceptable. Appraisal reports that are altered by the appraiser to replace any references to the original client with the lender's name are not acceptable. Additionally, the borrower, property seller, real estate agent or other interested party is not allowed to select an appraiser from an approved appraiser list. Two appraisals are required for all loans. Each appraisal must be performed by 2 separate appraisal management companies and 2 separate licensed appraisers. Appraisals are good for 120 days. Any appraisal seasoned greater than 120 days will require a recertification of value completed by the original licensed appraiser. A recertification of value will be permitted up to 180 days. Legal nonconforming zoned properties must indicate that the subject property can be rebuilt if it is severely damaged or destroyed. A 1004MC is required for all loans. Declining Markets: Properties located in a declining market as designated by the appraiser are subject to a 5% LTV reduction. Non-Arms Length not allowed. Builder Bailout not allowed. Origination/Approved Lenders & Products 2 SG_PRIMEJUMBOHLTV_C 7/11/16

ARM INDEX: N/A. ARM INITIAL INTEREST RATE CAPS: N/A. ARM INTEREST RATE CEILING: N/A. ARM INTEREST RATE FLOOR: N/A. ARM MARGIN: N/A. ARM RATE ADJUSTMENT: N/A. ASSUMABILITY: Not permitted. BORROWERS ELIGIBILITY: U.S. Citizens. First Time Home Buyer: o First Time Homebuyers are individuals that have not owned a home or had a residential mortgage in the last 3 years. o First Time Homebuyers must meet the following requirements: 740 Minimum FICO. Maximum loan amount $1,500,000. Maximum DTI 38%. Rental history evidenced by Institutional VOR or 24 months proof of payment. Additional 3 months reserves required. Permanent Resident Aliens: o Permanent Resident Aliens are individuals who permanently reside in the United States. A legible front and bank copy of the borrower(s) valid Green Card. Inter-Vivos Revocable Trusts. BORROWERS INELIGIBLE: Foreign Nationals. Non-Permanent Resident Aliens. Irrevocable or Blind Trusts. Non-Occupant Co-Borrower. Limited partnerships, general partnerships, corporations. BUYDOWNS: Not Allowed. CASH RESERVES: 12 months PITIA. First Time Home Buyers require 15 months PITIA. Origination/Approved Lenders & Products 3 SG_PRIMEJUMBOHLTV_C 7/11/16

CLOSING DOCUMENTS: PRIME JUMBO HLTV Please follow State/Federal Requirements and Fannie guidelines. o Seller disbursement over $5,000 must be explained excluding Title Commitment lien payoff, Real Estate Commissions and Taxes. o All Files sent to Investor Delivery located in Rosemont, IL, must have full Title Commitment. Short form policies cannot be used in lieu of the title commitment. o If New York CEMA Must be documented on Fannie Mae Form 3172 per Selling guide B8-2-02. Must close using Wintrust Mortgage approved attorney. See Tools section of Correspondent website. CO-BORROWER(S): Co-Borrower must occupy. CREDIT: Minimum FICO 720. Credit Report: o A tri-merged in file credit report from all three repositories is required. o Credit Report is good for 90 days from application to closing. o A written explanation for all inquiries within 90 days of application is required. o Additional confirmation that there is no new debt may include a new credit report, pre-close credit score soft-pull or gap report o The DTI should be recalculated based on any new debt, and any new credit scores must be reviewed for qualifications. Housing History: o Mortgage or Rental history must be 0x30 over prior 24 months. o Rental history evidenced by Institutional VOR or 24 months proof of payment. Credit Scores: o The representative credit score is the lowest middle of the three scores for each borrower. If fewer than three scores are returned, the lesser of two will be used. Credit History: o Each Borrower s credit profile must include a minimum of 3 open trade lines that have a 24 month history, 1 of the tradelines must have had activity within the last 6 months. o If a borrower can t meet the minimum of 3 tradelines but has a minimum of 1 open tradeline with 12 months or more reporting, it could be considered without exception if the borrower meets the following criteria: 8 or more tradelines reported with at least one being a mortgage tradeline and having a minimum of 7yrs of established credit history or having 3 or more prior mortgage trades reporting 0x30 for 7yrs. o Any Borrower not employed, or employed but not using their income to qualify does not need to meet the minimum tradeline requirements listed above. o All tradelines with delinquency history in the past 12 months requires a written explanation. o No prior bankruptcies, foreclosure, short-sale, deed-in-lieu or modifications are allowed within 7 years of application date. o All Judgments or liens affecting title must be paid. o Non-title charge-offs and collections exceeding $1,000 (either individually or in aggregate) must be paid. o All past due accounts must be brought current prior to closing. o Borrowers with a history of collection accounts should be required to pay off derogatory accounts. o No authorized user accounts will be used to satisfy minimum trade line requirements DISCLOSURES: Follow State/Federal Requirements. DOCUMENTATION: Income: o Wage Earners: Most Recent Paystub including year-to-date earnings (covering minimum of 30 days), two years W2's and a Written Verification of Employment (if needed for the analysis of overtime, bonus or commission). Origination/Approved Lenders & Products 4 SG_PRIMEJUMBOHLTV_C 7/11/16

o Self-Employed Borrowers: Two years personal returns (along with all schedules, including K-1 s) and business tax returns from any businesses where borrower has 25% or more ownership interest. Year to date P&L and balance sheet. Selfemployed borrowers income will be considered only from a business that s been in existence for more than 2 years. o In addition, Verbal Verification of Employment required for all wage earner borrowers and must be completed within 10 calendar days prior to the closing date. Wage Earners VVOE should include name of contact at place of employment, phone number and title along with company name, address and borrower s job description and title. Self-Employed Borrowers should include verification of a phone listing and address for the borrower s business AND verification through a third party such as a CPA, regulatory agency or applicable licensing bureau. If contact is made verbally, the loan file must be documented to identify both the source of the information obtained and the name & title of the person who obtained the information. o All borrowers - IRS Form 4506T is required to be executed and all transcript documentation obtained for the most recent two years must be provided in the closed loan file for review. The 4506-T must be obtained at application and closing. For self- employed borrowers, this is required for both personal returns and business returns where borrower has 25% or more ownership of a business. In the case where taxes have been filed and the tax transcripts are not available from the IRS, the IRS response to the request must reflect No Record Found and be present in the loan file. Evidence of any IRS filing extensions must also be present in the loan file. Assets: o Full Asset Documentation is required for both funds to close and reserves. For most asset types, this would include all pages of the most recent two months statements or the most recent quarterly statement. All Assets from the borrower(s) must be disclosed and verified by the lender. o No business accounts may be used to meet reserve or down payment requirements unless the borrower(s) are 100% owners of the business. A letter from the businesses accountant or cash flow analysis (Per FNMA) must be obtained to confirm that the withdrawal will not negatively impact the business. o Stocks/Bonds/Mutual Funds - 70% may be used for reserves. o Vested Retirement Accounts - 60% may be considered for reserves (certain eligible plans can use 70% if borrower > 59 ½ - i.e. 401k) o Assets being used for income may not be used to meet reserve requirements o If needed to close, verification that funds have been liquidated (if applicable) is required. o Grant funds, Pooled funds are not allowed. o Neither Cash Gifts nor Gift of Equity is allowed. o Builder profits are not allowed. o No employer assistance assets are allowed. o Interested Party Contributions permitted up to 3%. DOWN PAYMENT REQUIRED: Refer to the Guides / AllRegs for additional considerations. DU/LP INFORMATION: All loans must be manually underwritten. ESCROW HOLDBACKS: Not allowed. ESCROW WAIVERS: Refer to Blue Connect or Optimal Blue for price adjustments. To permit escrow waivers, subject to the mortgage documents and applicable law, the waiver must not be based solely on the LTV ratio of a loan, but also on whether the Borrower has the financial ability to handle the lump-sum payments of taxes and insurance i.e. Borrowers with blemished credit histories or first-time homebuyers. If escrowing, HO6 must be escrowed (if applicable). For established escrow account flood insurance must be escrowed, if required. Refer to Chapter B2-1.4-01 (General Mortgage Terms and Conditions) of the Guides / AllRegs for additional Origination/Approved Lenders & Products 5 SG_PRIMEJUMBOHLTV_C 7/11/16

considerations. GEOGRAPHIC RESTRICTIONS: California All counties eligible except San Bernardino & Riverside counties. Nevada Ineligible. Florida Dade County ineligible. Hawaii Properties in Lava zones 1 & 2 ineligible. Texas Cash-out refinances ineligible. Borrower cannot receive any cash back. Properties located on Indian/Native American tribal land. West Virginia. Mississippi. Nebraska. Arkansas. Connecticut. Michigan. Minnesota. New Hampshire. Vermont. Guam. Puerto Rico. American Samoa. Northern Mariana Islands. U.S. Virgin Islands. GIFTS: Cash gifts and gift of equity is not allowed. Refer to the Guides / AllRegs for additional considerations. INTEREST ONLY OPTION: N/A. LIMITATIONS ON REAL ESTATE OWNED: The maximum number of financed properties to any one borrower is limited to 2. MORTGAGE INSURANCE: N/A. MORTGAGE INSURERS APPROVED: N/A. NEW CONSTRUCTION: Refer to REFINANCE section. NON-OCCUPYING BORROWER: Not Allowed. OCCUPANCY: Primary Residence only. (Purchase & Rate/Term Refinance) Origination/Approved Lenders & Products 6 SG_PRIMEJUMBOHLTV_C 7/11/16

POWER OF ATTORNEY: PRIME JUMBO HLTV Not eligible with loans closed in a trust. POA must be dated/appointed on or before the execution of any document executed using the POA. The security instrument, note and all other closing documents must be signed exactly as appointed on POA. Notary section correct including: State, County, Date, Borrower name, Notary s signature, Notary expiration, Notary seal. No POA allowed for loans with one Borrower. At least one (1) Borrower must be present at closing. PREPAYMENT PENALTY: N/A. PROPERTY TYPES ELIGIBLE: One Unit Single Family Residence o Attached and Detached Warrantable Condominiums Townhouse PUDs o Attached and Detached PROPERTY TYPES INELIGIBLE: Manufactured Homes. 2-4 Unit Second Home Properties. Mobile Homes. Non-Warrantable Condominiums. Co-Ops. Condotels. Working Farms, Ranches, Orchards. Agriculturally Zoned. Timeshares. Mixed use properties. Properties listed for sale refer to REFINANCE section. Income producing properties. Properties with more than twenty (20) acres. o If property has acreage, Appraiser must indicate total acreage. It is not acceptable to have property appraised with only 20 acres in order to meet eligibility. Commercial Properties. Properties located in Hawaii Lava Zone 1 & 2. Any property operated as a hotel. Houseboat. Segmented Ownership Projects. Unique Property in which marketability cannot be established i.e.: Dome, Log, Geothermal, Stilt Home, etc. One of a kind luxury residence. Properties with condition rating of C5/C6. Properties with construction rate of Q6. QUALIFYING RATE: Fixed Note Rate. Origination/Approved Lenders & Products 7 SG_PRIMEJUMBOHLTV_C 7/11/16

RATIOS: Maximum DTI 43% o First Time Homebuyers maximum DTI 38% REFINANCES: Rate/Term Refinance: o A Rate/Term Refinance transaction is when the new loan amount is limited to the payoff of the present first lien mortgage, any seasoned non-first lien mortgages, closing costs and prepays. o A seasoned non-first lien mortgage is a purchase money mortgage or a closed end or HELOC mortgage that has been in place for more than 12 months and not having any draws greater than $2,000 in the past 12 months for HELOC s. Withdrawal activity must be documented with a transaction history from the HELOC. o Limited cash to the borrower must not be greater than 1% of the principal amount of the new mortgage to be considered a Rate/Term refinance (Delayed Financing is permitted in accordance with Fannie Mae) o If the property is owned less than 6 months, the LTV/CLTV will be based on the lesser of the original purchase price plus improvements or current appraised value. The prior HUD-1 will be required for proof of purchase price. Proof of improvements is required. o Properties that have been listed for sale within the past 6 months from the loan application date are not eligible for a rate/term refinance transaction. Inherited properties may not be refinanced prior to 12 months of ownership o The rate/term refinance of a construction loan is eligible with the following conditions: If the lot was acquired 12 or more months before applying for the construction financing, the LTV/CLTV/HCLTV is based on the current appraised value of the property. If the lot was acquired less than 12 months before applying for the construction financing, the LTV/CLTV/HCLTV is based on the lesser of i) the current appraised value of the property and ii) the total acquisition costs. Cash Out Refinances not allowed. Texas Cash Out not allowed. Construction to Perm not allowed. RELOCATION OR TRAILING CO-BORROWER: The use of trailing secondary wage earner income is not allowed. RIGHT OF OWNERSHIP: Fee simple. SALES CONCESSIONS: Interest Party Contributions permitted up to 3% maximum. SUBORDINATE FINANCING: Subordinate Financing Requirements - Subordinate liens must be recorded and clearly subordinate to first mortgage lien. Disclose the existence of subordinate financing and the subordinate financing repayment terms to WM, Fannie Mae, the Appraiser, and the Mortgage Insurer (if applicable). If a first mortgage is subject to subordinate financing, calculate the LTV, CLTV, and HCLTV ratios. ACCEPTABLE SUBORDINATE FINANCING TYPES: o Variable payment mortgages that comply with the details below. o Mortgages with regular payments that cover at least the interest due so that negative amortization does not occur. o Mortgages with deferred payments in connection with employer subordinate financing (see below). o Mortgage terms that require interest at a market rate. Note: If financing provided by the property seller is more than 2% below current standard rates for second mortgages, the subordinate financing must be considered a sales concession and the subordinate financing amount must be deducted from the sales price. UNACCEPTABLE SUBORDINATE FINANCING TERMS: o Subordinate financing with wraparound terms that combine the indebtedness of the first mortgage with that of the Origination/Approved Lenders & Products 8 SG_PRIMEJUMBOHLTV_C 7/11/16

subordinate mortgage. o Mortgages with negative amortization (with the exception of employer subordinate financing that has deferred payments). o Subordinate financing that does not fully amortize under a level monthly payment plan where the maturity or balloon payment date is less than five (5) years after the Note date of the new first mortgage (with the exception of employer subordinate financing that has deferred payments). Note: WM will accept these subordinate financing terms when the amount of the subordinate debt is minimal relative to the Borrower's financial assets and/or credit profile. o Subordinate financing that restricts prepayment (i.e., subordinate liens with prepayment penalties). Eligible Variable Payment Terms for Subordinate Financing - WM permits variable payments for subordinate financing if the following provisions are met: o With the exception of HELOCs, when the repayment terms provide for a variable interest rate, the monthly payment must remain constant for each twelve (12) month period over the term of the subordinate lien mortgage (For HELOCs, the monthly payment does not have to remain constant). o The monthly payments for all subordinate liens must cover at least the interest due so that negative amortization does not occur (with the exception of employer subordinate financing that has deferred payments). Refer to Chapter B2-1.1-04 of the Guides / AllRegs for additional considerations. Refer to MAXIMUM LTV/CLTV section for additional considerations. HELOC - Payment on the HELOC must be considered as part of the Borrower s recurring monthly debt obligations. If the HELOC does not require a payment, there is no recurring monthly debt obligation; the Underwriter does not need to develop an equivalent payment amount. TITLE REQUIREMENTS: Full Title Commitment required. Title Commitment must be dated 90 days from Note date. TITLE VESTING: Individual. Joint Tenants. Tenants in Common. Inter Vivos Revocable Trust (Living Trust). Refer to Chapter B2-2-05 (Inter Vivos Revocable Trusts) of the Guides / AllRegs for additional considerations. UNDERWRITING Guidelines are intended to reference and supplement Fannie Mae s Seller Guide. Originators should refer to the Fannie Mae Seller Guide for specific information concerning qualification requirements that are not specifically required under Appendix Q or referenced in the guidelines. To the extent there is a difference in standards between the guidelines and the Fannie Mae Guides; Originators may rely on the guidelines. All loans must be manually underwritten. All loans must be designated as Qualified Mortgages and must adhere to the standards set forth in the CFPB s Reg Z, Section 1026.43(e). If any aspect of these guidelines related to income and/or obligations is less than the minimum required under Appendix Q, refer to Appendix Q for the ultimate resolution. All Loans must include a third party fraud detection report. Report findings must cover standard areas of quality control including but not limited to borrower validation, Social Security verification, property information including other real estate owned. All loan files must contain Appendix Q/ATR underwriter worksheets which detail the income and debt obligations considered in the evaluation. All loans are subject to Reg Z Ability to Repay and therefore must include an executed borrower(s) certification attesting to the following: o They have fully disclosed their financial obligations o They have reviewed and understand the loan terms o They have the ability to repay the loan. Origination/Approved Lenders & Products 9 SG_PRIMEJUMBOHLTV_C 7/11/16