Exhibit 10.5
THIRD AMENDMENT TO
UNDERWRITING SERVICES AGREEMENT
This Amendment to Underwriting Services Agreement (the "Amendment") is
entered into between E-LOAN, a California corporation, located at 0000 Xxxxxx
Xxxx, Xxxxx 000, Xxxxxx, XX 00000 ("E-Loan"), and PMI MORTGAGE SERVICES CO., a
California corporation, located at 000 Xxxxxxxxxx Xxxxxx, Xxx Xxxxxxxxx, XX
00000 ("PMI").
WHEREAS, PMI and E-Loan entered into an Underwriting Services Agreement
(the "Agreement") on or about June 12, 1998 and amended said Agreement on or
about July 31, 1998, and on or about May 3, 1999, and
WHEREAS, PMI and E-Loan wish to amend the Agreement with respect to the
Review Fees under the Agreement;
NOW, THEREFORE, PMI and E-Loan agree to amend the Agreement on the
following terms and conditions.
1. Exhibit G of the Agreement is hereby amended in its entirety to read as
follows:
"The Review Fee for each Mortgage Loan Package submitted
hereunder shall be as follows:
(i) for those Mortgage Loan Packages underwritten under
the Agency Underwriting Guidelines for which Mortgage
Insurance is not issued, the Review Fee shall be
Sixty Dollars ($60.00), and the Review Fee for those
Mortgage Loan Packages underwritten under the Agency
Underwriting Guidelines for which Mortgage Insurance
is requested from PMI MIC shall be Twenty Five
Dollars ($25.00).
(ii) for those Mortgage Loan Packages underwritten under
the Platinum Plus Underwriting Guidelines for which
Mortgage Insurance is not issued, the Review Fee
shall be Sixty Dollars ($60.00), and the Review Fee
for those Mortgage Loan Packages underwritten under
the Platinum Plus Underwriting Guidelines for which
Mortgage Insurance is requested from PMI MIC shall be
Twenty Five Dollars ($25.00).
(iii) for those Mortgage Loan Packages submitted On-Site to
E-Loan's designated location, the Review Fee shall be
a per them fee of Two Hundred Fifty Dollars ($250.00)
per underwriter. For any given day, E-Loan shall
receive a credit of Fifty Dollars ($50.00) for each
of the first five Mortgage Loan Packages underwritten
by PMI for which a Mortgage Insurance commitment is
requested. The minimum per di em -fee shall be Ten
Dollars ($10.00).
The above On-Site per them Review Fee does not
include the per loan fees to underwrite Mortgage Loan
Packages at E-Loan's site pursuant to an underwriting
services agreement between PMI and an investor/third
party. Review Fees for the underwriting of such
Mortgage Loan Packages will also be billed to E-Loan
pursuant to the investor/third party's underwriting
services agreement and the applicable fee payment
agreement between PMI and E-Loan. This agreement will
result in PMI collecting both a fee to cover the
expense of the underwriter and a per loan fee."
2. Exhibit A is amended to include the following:
CitiMortgage
Chase Manhattan Mortgage Co.
Countrywide Home Loans
Bank of America
Fleet National Bank
GMAC
GreenPoint Mortgage Funding
Washington Mutual ("WAMU")
3. This Amendment shall become effective as of January 10, 2001.
4. Except as amended hereby, the Agreement shall remain in full force and
effect.
IN WITNESS WHEREOF, the parties have caused their duly authorized
officers to execute this instrument on the date set forth below.
E-LOAN PMI MORTGAGE SERVICES CO.
/S/ XXXXXX X. XXXXXXX /S/ ILLEGIBLE
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By: XXXXXX X. XXXXXXX By: Xxxxxx Xxxxxx
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Its: VP SECONDARY MARKETING Its: Vice president
Date: 2/14, 2001 Date: 2/23, 2001
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