Correspondent Seller Guide

1 PlanetHomeLending,LLCS ellerGuideSELLERGUIDE 2022 PlanetHomeLending, ( Guide )andallinformationcontainedhereinisthepr opertyofPlanetHomeLending, ,loanterms, ,released,orreproducedinanyform,byphotoc opy,scanning,oranyothermeansorincorporat edintoanypublicationorinformationretriev alsystem,electronicormanual,withouttheex presswrittenpermissionofPlanetHomeLendin g, ,technicalinaccuracies, Home Lending, LLCP roprietary and ConfidentialPage iCopyright NoticeCopyright 2022 Planet Home Lending NMLS ID# 17022. All rights DateMarch 03, 2022 CorrespondentSellerGuidePlanetHomeLendin g,LLCP roprietaryandConfidentialPageiiContentsI ntroduction1 PlanetHomeLendingFundingWebsite1 UseoftheSellerGuide2 UpdatestotheSellerGuide2 DoingBusinesswithPlanetHomeLending2 Directory3 Chapter1:SellerEligibility5 CorrespondentApprovalOverview5 Eligibility5 Financial5 NetWorth6 Experience6 FairLending6 Errors&Omissions/FidelityBond6 Litigation7 Delegation7 Non-Delegation7 FHAS ponsoredThird-PartyOriginator(TPO)7 ,LLCP roprietaryandConfidentialPageiiiFannieMa eDesktopOriginatorSponsorship8 LoansinPuertoRico9 GovernmentLoans9 FHAA pprovalRequest10 VAApprovalRequest10 USDAA pprovalRequest10 ApplicationProcess11 Approvals13 SellerApproval13 SpecialApprovals13 OngoingRequirements13 AnnualRecertification(SellerAnnualRenewa l)14 MaintainingEligibilityandAuthorities15 Termination16 TerminationwithCause16 TerminationwithoutCause16 Chapter2.

2 Compliance17 NewlyEnactedLawsandActs17 State-SpecificRequirements18 PlanetCommonlyUsedTermsDefined18 Anti-PredatoryLendingandFairLendingGuide linesPolicy19 LDPandSAMListVerifications19 OFACS peciallyDesignatedNationals(SDN)ListVeri fication20 LoanEstimate20 ClosingDisclosure21Re-Disclosure21 APR,FinanceChargeandPerDiemInterestColle ctionCures22 CorrespondentSellerGuidePlanetHomeLendin g,LLCP roprietaryandConfidentialPageivNoticeofB orrower sRighttoCancel22 Invoices23 PatriotAct MandatoryCompliance23 PatriotActDisclosure BorrowerInformation24 DataCollectionofInformationforGovernment MonitoringPurposes24 LoansIneligibleforPurchase24 AbilitytoRepay/QualifiedMortgage25 QMAPRT hresholds26 PointsandFeesforQMLoans26 ECOAV aluationsRule27 HOEPAC ounselingDisclosure29 NMLSI dentification29 Disclosures/DocumentationRequiredunderAT R/QM29 QualityControlRequirements30 Chapter3:PriorApproval31 LoansSubmittedforPriorApproval31 DelegatedSeller31 Non-DelegatedSeller31 FHA Non-DelegatedUnderwriting31 SponsoredThird-PartyOriginatorRelationsh ip32 Principal/AuthorizedAgentRelationship32 FHAP riorApprovalfor203(k)Loans32 FHA203(k) SellerDrawAdministration32 LoanProcess34 VASupervisedandNon-SupervisedSponsoredAg ent35 LoanProcess35 USDANon-Delegated36 CorrespondentSellerGuidePlanetHomeLendin g,LLCP roprietaryandConfidentialPagevLoanProces s36 Chapter4.

3 MortgageInsurance38 EligibleMortgageInsuranceCompanies38 EligibleTypesofMortgageInsurance38 IneligibleTypesofMI39 QMPointsandFeesTest39 CoverageRequirements40 Chapter5 97%LTV49 AffidavitofIdentity49 AgeofDocuments49 Appraisals50 AppraisalWaivers51 Assets51 Assumptions56 AUS56 AvailableMarkets56 BorrowerEligibility56 BorrowerTypes57 ChainofTitle58 CorrespondentSellerGuidePlanetHomeLendin g,LLCP roprietaryandConfidentialPageviCommunity Seconds58 Construction-to-Perm58 CreditReport/Scores59 Deed/ResaleRestrictions64 DTI64 EmploymentandIncome69 Escrow/ImpoundAccount72 FinancedProperties72 Inspections73 InterestedPartyContributions73 ManufacturedHomes75 MinimumLoanAmount84 MortgageInsurance84 Mortgage/RentalHistory85 Non-Arms'LengthorIdentityofInterestTrans actions86 Occupancy86 PowerofAttorney86 PrepaymentPenalty86 Products87 PropertyEligibility87 PropertyFlips90 PropertywithanAccessoryUnit90 PropertywithanAdditionwithoutPermits90 PropertywithSolarPanels90 PurchaseAgreementAmended/Renegotiated91 QualifiedMortgage/ConsiderandVerify91 RentBack91 CorrespondentSellerGuidePlanetHomeLendin g,LLCP roprietaryandConfidentialPageviiSellerCo ntribution92 SubordinateFinancing92 TemporaryBuydown92 TransactionTypes92 Texas50(a)(6)95 Texas50(f)

4 Rate/TermRefinance99 FannieMaeHighBalanceProgramGrid101 FannieMaeHighBalanceProgramGuidelines104 4506-C104 AffidavitofIdentity104 AgeofDocuments104 Appraisals104 AppraisalWaivers106 Assets106 Assumptions106 AUS106 AvailableMarkets106 BorrowerEligibility106 ChainofTitle106 CommunitySeconds107 Construction-to-Perm107 CreditReport/Scores107 DTI107 EmploymentandIncome107 Escrow/ImpoundAccount107 FinancedProperties108 Inspections108 CorrespondentSellerGuidePlanetHomeLendin g,LLCP roprietaryandConfidentialPageviiiInteres tedPartyContributions108 ManufacturedHomes108 MortgageInsurance108 MinimumLoanAmount108 Mortgage/RentalHistory109 Non-Arms'LengthorIdentityofInterestTrans actions109 Occupancy109 PrepaymentPenalty109 Products109 PropertyEligibility109 PropertyFlips111 PropertieswithanAccessoryUnit111 PropertieswithanAdditionwithoutPermits11 1 PropertieswithSolarPanels111 PurchaseAgreementAmended/Renegotiated112 QualifiedMortgage/ConsiderandVerify112 SellerContribution112 SubordinateFinancing112 TemporaryBuydown112 TransactionTypes112 FannieMaeHighLTVR efinanceOptionProgramGrid114 FannieMaeHighLTVR efinanceOptionProgramGuidelines1164506-C 116 AffidavitofIdentity116 Appraisals116 Assets116 AUS116 CorrespondentSellerGuidePlanetHomeLendin g.

5 LLCP roprietaryandConfidentialPageixAvailable Markets117 BorrowerBenefits117 BorrowersEligibility117 CashBacktoBorrower118 CashRequirements118 DTI118 EmploymentIncome118 Escrow/ImpoundAccount119 FinancedProperties119 Higher-PricedLoans119 LeaseholdEstates119 LoanRequirements119 MinimumLoanAmount120 MortgageInsurance120 PaymentHistory120 PropertyEligibility121 Products121 97%LTV125 AffidavitofIdentity125 AgeofDocuments125 CorrespondentSellerGuidePlanetHomeLendin g,LLCP roprietaryandConfidentialPagexAppraisals 125 Assets127 Assumptions128 AUS128 AvailableMarkets128 BorrowerEligibility129 ChainofTitle129 CommunitySeconds130 CreditHistory130 CreditReport/Scores130 DownPayment132 DTI132 EmploymentandIncome133 Escrow/ImpoundAccount134 FinancedProperties135 HomeownershipEducation135 ManufacturedHomes136 MinimumLoanAmount144 MortgageInsurance144 Occupancy145 OwnershipofOtherProperty145 Products145 PropertyEligibility145 QualifiedMortgage/ConsiderandVerify148 SubordinateFinancing149 TemporaryBuydown149 TransactionEligibility149 CorrespondentSellerGuidePlanetHomeLendin g.

6 97%155 Appraisals155 AUS155 AvailableMarkets155 BorrowerEligibility156 CertificateofCompletion156 CommunitySeconds156 ContractorRequirements156 ContractorValidation157 CreditReport/Scores157 Escrow157 FinancedProperties160 InspectionsandDrawDisbursements160 InterestedPartyContributions160 LTVR atios160 ManufacturedHomes160 MaximumRenovationCost161 MinimumLoanAmount161 MortgageInsurance161 Non-Arms'LengthorIdentifyofInterestTrans actions162 Occupancy162 PlansandSpecifications162 ProjectPlanReview164 Products164 PropertyEligibility164 CorrespondentSellerGuidePlanetHomeLendin g,LLCP roprietaryandConfidentialPagexiiProperty andFloodInsurance165 QualifiedMortgage/ConsiderandVerify165 RenovationContract166 RenovationCost(FeesandCharges) ,LLCP roprietaryandConfidentialPagexiiiMinimum LoanAmount174 MortgageInsurance174 Occupancy174 PaymentHistory175 Products175 PropertyEligibility175 Reserves176 SubordinateFinancing176 TemporaryBuydown176 TransactionTypes176 FreddieMacConformingandSuperConformingPr ogramGrid177 FreddieMacConformingandSuperConformingPr ogramGuidelines1794506-C179 AgeofDocuments179 Appraisals179 Assets182 Assumptions186 AUS186 AvailableMarkets186 BorrowerEligibility187 ChainofTitle188 Construction-to-Perm188 CreditHistory190 CreditReport/Scores190 Deed/ResaleRestrictions191 DerogatoryCredit191 DownPaymentAssistance191 CorrespondentSellerGuidePlanetHomeLendin g.

7 LLCP roprietaryandConfidentialPagexivDTI192 EmploymentandIncome194 Escrow/ImpoundAccount199 ExclusionaryList200 FinancedProperties200 Higher-PricedandHigh-CostLoans200 Inspections201 InterestedPartyContributions201 InvestmentPropertyRequirements203 ManufacturedHomes203 MaximumLoanAmount206 MinimumLoanAmount207 MortgageInsurance207 Mortgage/RentalHistory207 Non-Arms'LengthorIdentityofInterestTrans actions208 Occupancy208 PowerofAttorney208 PrepaymentPenalty209 Products209 PropertyEligibility209 PropertyFlips211 PurchaseAgreementsAmended/Renegotiated21 2 QualifiedMortgage/ConsiderandVerify212 SellerContribution212 TemporaryBuydown213 TransactionEligibility213 FreddieMacGuidelinesandResources220 CorrespondentSellerGuidePlanetHomeLendin g,LLCP roprietaryandConfidentialPagexvFreddieMa cChoiceRenovationProgramGrid222 FreddieMacChoiceRenovationProgramGuideli nes225 Appraisals225 AUS225 AvailableMarkets225 CertificateofCompletion226 ContractorRequirements226 ContractorValidation227 CreditReport/Scores227 CreditReport-FraudAlert228 Escrow228 GeographicRestrictions231 InspectionsandDrawDisbursements231 LTVR atios231 LoanApplication232 MaximumRenovationCost232 MinimumLoanAmount232 MortgageInsurance233 Occupancy233 PlansandSpecifications233 Products235 PropertyEligibility236 PropertyandFloodInsurance237 RenovationContract237 RenovationCost(FeesandCharges)

8 238 RenovationLoanAgreement238 RenovationTimeFrame239 CorrespondentSellerGuidePlanetHomeLendin g,LLCP roprietaryandConfidentialPagexviSubordin ateFinancing239 TitleandInsuranceUpdates239 TransactionEligibility239 ChoiceRenovationForms241 FreddieMacHomeOneProgramGrid242 FreddieMacHomeOneProgramGuidelines243450 6-C243 AgeofDocuments243 Appraisals243 Assets243 Assumptions243 AUS243 AvailableMarkets243 BorrowerEligibility244 BorrowerTypes245 ChainofTitle245 CreditHistory245 CreditReport/Scores245 Deed/ResaleRestrictions246 DTI246 EmploymentandIncome246 Escrow/ImpoundAccount247 ExclusionaryList247 FinancedProperties247 Homeownership(CreditSmartHomebuyerU)andL andlordEducation247 HigherPricedandHighCostLoans247 Inspections248 CorrespondentSellerGuidePlanetHomeLendin g,LLCP roprietaryandConfidentialPagexviiInteres tedPartyContributions248 Mortgages Ineligible248 MortgageInsurance248 Mortgage/RentalHistory249 Non-Arms'LengthorIdentityofInterestTrans actions249 Occupancy249 PrepaymentPenalty249 Products249 PropertyEligibility249 PurchaseAgreementsAmended/Renegotiated25 0 QualifiedMortgage/ConsiderandVerify250 SellerContribution251 SecondaryFinancingorAffordableSeconds251 TemporaryBuydown251 TransactionTypes251 FreddieMacGuidelinesandResources252 FreddieMacHomePossibleProgramGrid253 FreddieMacHomePossibleProgramGuidelines2 544506-C254 AgeofDocuments254 Appraisals254 Assets254 Assumptions256 AUS256 AvailableMarkets257 BorrowerEligibility257 BorrowerTypes258 CorrespondentSellerGuidePlanetHomeLendin g.

9 LLCP roprietaryandConfidentialPagexviiiChaino fTitle258 Credit258 Deed/ResaleRestrictions259 DownPayment259 DTI259 EmploymentandIncome260 Escrow/ImpoundAccount261 ExclusionaryList261 FinancedProperties261 Homeownership(CreditSmartHomebuyerU)andL andlordEducation262 Higher-PricedandHigh-CostLoans262 Inspections262 InterestedPartyContributions262 ManufacturedHomes262 MinimumBorrowerContribution/EligibleSour ceofFunds262 MinimumLoanAmount263 MortgageInsurance263 Mortgage/RentalHistory263 Occupancy264 PrepaymentPenalty264 Products264 PropertyEligibility264 PurchaseAgreementsAmended/Renegotiated26 5 QualifiedMortgage/ConsiderandVerify265 SellerContribution265 SecondaryFinancingorAffordableSeconds266 TemporaryBuydown266 CorrespondentSellerGuidePlanetHomeLendin g,LLCP roprietaryandConfidentialPagexixTransact ionTypes266 FreddieMacGuidelinesandResources268 FreddieMacRefiPossibleProgramGrid269 FreddieMacRefiPossibleProgramGuidelines2 704506-C270 AgeofDocuments270 Appraisals270 Assets270 AUS270 AvailableMarkets271 BorrowerBenefits271 BorrowerEligibility271 ChainofTitle271 CreditHistory271 CreditReport/Scores272 DTI272 DerogatoryCredit272 EmploymentandIncome272 MinimumLoanAmount273 MortgageInsurance273 MortgageProceeds273 MortgageSeasoning273 Occupancy273 PaymentHistory273 Products274 PropertyEligibility274 SubordinateFinancing274 CorrespondentSellerGuidePlanetHomeLendin g.

10 LLCP roprietaryandConfidentialPagexxTemporary Buydown274 TransactionEligibility275 Government276 FHA ConformingandHighBalanceProgramGrid276 FHAC onformingandHighBalanceProgramGuidelines 2784506-C278 AbilitytoRepay/QualifiedMortgage278 AffidavitofIdentity278 AgeofDocuments278 Appraisals279 Assets282 AUS285 AvailableMarkets287 BorrowerEligibility288 CAIVRS290 CaseNumbers290 ChainofTitle291 Construction-to-Perm(PermanentFinance)29 1 ContingentLiability294 CreditHistory295 CreditReport/Scores295 DownPayment301 DownPaymentAssistanceProgram302 DTI302 EmploymentandIncome308 HUDRealEstateOwned312 SpecialHUD REOS alesIncentives312 CorrespondentSellerGuidePlanetHomeLendin g,LLCP roprietaryandConfidentialPagexxiIdentity ofInterest314 ImpoundAccount315 Inspections(Well/Septic/Termite)315 ManufacturedHomes315 Mortgage/RentalHistory318 MortgageSeasoning318 MultipleFHA Loans319 NewConstructionDocumentationRequirements 319 Occupancy320 PDMDA Mortgages 203(h)320 PowerofAttorney323 PrepaymentPenalty323 Products323 PropertyEligibility323 PropertyFlips326 SellerContribution(InterestedParty)