Fourth Amendment to Master Repurchase Agreement, dated as of July 26, 2018, by and between PennyMac Loan Services, LLC and JPMorgan Chase Bank, N.A

Exhibit 10.5

FOURTH AMENDMENT TO MASTER REPURCHASE AGREEMENT

Dated as of July 26, 2018

Between:

PENNYMAC LOAN SERVICES, LLC, as Seller

and

JPMORGAN CHASE BANK, N.A., as Buyer

The Parties have agreed to amend the Master Repurchase Agreement dated August 19, 2016 between them (the “Original MRA”, as amended by the First Amendment to Master Repurchase Agreement dated May 23, 2017, the Second Amendment to Master Repurchase Agreement dated September 27, 2017, and that certain Third Amendment to Master Repurchase Agreement dated October 13, 2017 (the “Amended MRA”) and as amended hereby and as further supplemented, amended or restated from time to time (the “MRA”)), to make certain changes to recognize that applicable Agency Guidelines permit mortgage insurance provided by the relevant Agency, in lieu of private mortgage insurance, for certain Mortgage Loans with Loan-to-Value Ratios in excess of eighty percent (80%), and they hereby amend the Original MRA as follows.

All capitalized terms used in the Amended MRA and used, but not defined differently, in this amendment have the same meanings here as there.

To recognize that applicable Agency Guidelines permit mortgage insurance provided by the relevant Agency, in lieu of private mortgage insurance, for certain Mortgage Loans with Loan-to-Value Ratios in excess of eighty percent (80%), in each place that the word “private” appears in clause (vii) of the definition of “Eligible Mortgage Loan” and in clause (D) of Exhibit B to the Amended MRA, it shall henceforth be read as “primary.”

(The remainder of this page is intentionally blank; counterpart signature pages follow)

As amended hereby, the Amended MRA remains in full force and effect, and the Parties hereby ratify and confirm it.