Amendment to Master Commitment Agreement between Freddie Mac and E-Loan, Inc. (November 15, 2001)
This amendment updates the Master Commitment Agreement between Freddie Mac and E-Loan, Inc. It sets the total dollar amount of mortgages covered, specifies that E-Loan must sell mortgages to a Direct Seller for delivery to Freddie Mac, and outlines minimum servicing spreads and required delivery dates. The agreement requires at least 90% of the commitment amount to be purchased by Freddie Mac by February 28, 2002, and details the required spreads for different mortgage types. The amendment clarifies delivery procedures and purchase tolerances for both parties.
Exhibit 10.38
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Western Regional Office
21700 Oxnard Street
Suite 1900
Woodland Hills, CA 91367
November 15, 2001
| Freddie | Steven M. Majerus |
Re: Master Commitment #[ ** ]
Master Agreement #[ ** ]
Seller/Servicer #[ ** ]
Dear Mr. Becker:
Enclosed is an amended page(s) (the "Amendment") to the above-referenced Mater Commitment (the "Agreement"). This Amendment changes the following:
| Master Commitment/ Master Agreement Attachment | Title | Section(s) | Page(s) |
| Master Commitment | Required Delivery Date | I.7 | 2 |
Please replace the appropriate page of the Agreement with the enclosed page.
If you have any questions, please contact Ruth Kuizon, Contract Specialist at (818) ###-###-####.
Sincerely,
/s/
Ruth Kuizon
Contract Specialist
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Master Commitment Amount. The dollar amount of this Master Commitment shall be [ ** ] ("Master Commitment Amount").
5. Delivery. Mortgages shall not be delivered by Originator to Freddie Mac under this Master Commitment. In order for Mortgages to be delivered to Freddie Mac, Originator must sell the Mortgages to Direct Seller for delivery under the Direct Seller MC. Mortgages originated by Originator and delivered under the Direct Seller MC will be applied toward the Master Commitment Amount.
6. Minimum Servicing Spread. The Minimum Servicing Spread for Mortgages sold pursuant to the terms of this Master Commitment shall be [ ** ]basis points ([ ** ]).
7. Required Delivery Date. The sale of Mortgages to Freddie Mac through Direct Seller under the terms of this Master Commitment is mandatory and all deliveries shall be made by February 28, 2002.
8. Purchase Tolerance/Pair-off. Purchase by Freddie Mac of at least 90 percent of the Master Commitment Amount, will constitute fulfillment by Seller of the purchase requirements under this Master Commitment. In addition, Freddie Mac shall purchase Mortgages otherwise eligible for purchase with an aggregate unpaid principal balance not to exceed 100 percent of the Master Commitment Amount. Such purchase tolerances shall apply notwithstanding the purchase tolerances set forth in Section 11.5 of the Guide.
9. Required Spreads. The Required Spreads for Mortgages sold by Direct Seller to Freddie Mac under the Guarantor Program or Multilender Program are:
| 15-year Fixed-rate Mortgages | [ ** ]basis points |
| 20-year Fixed rate Mortgages | [ ** ]basis points |
| 30-year Fixed rate Mortgages | [ ** ]basis points |
These Required Spreads reflect Seller's participation in Freddie Mac's Gold Remittance Cycle.
Originator agrees to provide Direct Seller with the Required Spreads stated above when selling Mortgages to Direct Seller for delivery to Freddie Mac under the Enhanced AOT Offering.
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