The document compares four delivery methods for correspondent funding - rate sheet forward, direct trade, assignment of trade (AOT), and bulk. It provides a table outlining the key differences between each method, including available products, commitment amounts, pricing, delivery dates, and execution/communication processes. Rate sheet forward uses a published rate sheet, direct trade uses live trading pricing, AOT assigns existing trades, and bulk allows submission of bid tapes for multiple loans. Each method has different requirements for loan details, trade management, confirmations, and cancellations/replacements.

1. CORRESPONDENT FUNDING
DELIVERY METHODS
RATE SHEET FORWARD VS. DIRECT TRADE VS. AOT VS. BULK
CL-DM-RSF-DT-AOT-0117
This information is being distributed to mortgage professionals and business entities only. It may not be distributed to consumers or used in any solicitation or advertisement for a mortgage loan, in whole or in part.
Rate Sheet Forward Direct Trade AOT Bulk
Available Products Fixed Rate Conforming, FHA, VA and USDA Fixed Rate Conforming, FHA, VA and USDA Fixed Rate Conforming, FHA, VA and USDA Fixed Rate Conforming, FHA, VA and USDA
Subject to Overlays Yes Yes Yes Yes
Range of Rates Rates displayed on rate sheet
Available rate for coupon displayed within the
Live Trade Pricing Model
Available rate for coupon displayed within the
Live Trade Pricing Model
Available rate for coupon displayed within the
Live Trade Pricing Model
High Balance Limit No N/A N/A N/A
Market Movement Protection
Rally Positive market move included in price N/A N/A N/A
Sell Off Negative market move included in price N/A N/A N/A
Commitment Amount
Min 500K No Minimum 500K $1MM Per Bid Tape (No Trade Minimum)
Max Negotiated Maximum Negotiated Maximum Negotiated Maximum N/A
% Tolerance +/- 2% +/- 2% +/- 2% +/- 2%
Price
Rate Sheet Base +/- Market Move
+/- LLPA
Live TBA Trade Price + EDC +/- Live Trade Adj
+/- LLPA
Live TBA Trade Price + EDC +/- Live Trade Adj
+/- LLPA
Live TBA Trade Price + EDC +/- Live Trade Adj
+/- LLPA
Max Price Per Rate Sheet Per Live Trade Pricing Model Per Live Trade Pricing Model N/A
Extension
Commitment can be extended, up to 30 days
total
Commitment can be extended, up to 30 days total Commitment can be extended, up to 30 days total N/A
Early Delivery Credit No
Yes (calculated into upfront pricing
based on delivery)
Yes (calculated into upfront pricing
based on delivery)
Yes (calculated into upfront pricing
based on delivery)
Pair Off Costs and Calc
Under Tolerance
Amount under tolerance * (current market less
original market, minimum charge 0.125%)
Amount under tolerance * (current market less
original market, minimum charge 0.125%)
Amount under tolerance * (current market less origi-
nal market, minimum charge 0.125%)
Amount under tolerance * (current market less
original market, minimum charge 0.125%)
Over Tolerance Amount over tolerance * (current market) Amount over tolerance * (current market) Amount over tolerance * (current market) Amount over tolerance * (current market)
Hedging Yes or No Yes or No Yes or No Yes or No
Hedging Firms/Cost Determined by customer Determined by customer Determined by customer Determined by customer
Trade Takeout Direct to ditech; lift any trades used to hedge Direct to ditech; lift any trades used to hedge Direct to ditech; lift any trades used to hedge Direct to ditech; lift any trades used to hedge
Delivery Date(s) 5, 7, 15 or 30 Day Lock Window
Available Delivery Windows are posted on the Daily
Live Trade Pricing Model
Available Delivery Windows are posted on the Daily
Live Trade Pricing Model
Available Delivery Windows are posted within
the Bid File
Continued on back....

2. Ditech Financial LLC, 1400 Landmark Towers, 345 St. Peter Street, St. Paul, MN 55102; 1555 Walnut Lane, Irving TX,75038; (800-423-9527). NMLS ID #1057. Arizona Mortgage Banker License #BK 0905674; Licensed by the
Department of Business Oversight under the California Residential Mortgage Lending Act; Loans made or arranged under a California Finance Lenders Law license; Colorado Responsible Party: Ditech Financial LLC, 800-423-
9527; Georgia Residential Mortgage Licensee License #7220; Illinois Residential Mortgage Licensee; Massachusetts Mortgage Lender License #ML1057; Minnesota: This is not an offer to enter into an agreement, which offer may
only be made pursuant to Minn. Stat. § 47.206 Subd. 3 and 4.; Mississippi Licensed Mortgage Company; Licensed by the New Hampshire Banking Department; Licensed by the N.J. Department of Banking and Insurance; New
York: licensed as a debt collection agency by the New York City Department of Consumer Affairs, License #1325554; Ohio Mortgage Broker Act Mortgage Banker Exemption #MBMB.850171.000; Rhode Island: license types
include Lender, Small Loan Lender, and Third-Party Loan Servicer; Virginia: NMLS ID #1057 (www.nmlsconsumeraccess.org). ditech does not originate mortgage loans in New York. Limited product availability in West Virginia.
©2017 Ditech Financial LLC
Rate Sheet Forward Direct Trade AOT Bulk
Loan Level Details at
Time of Commitment?
No, must select product grid from rate sheet No, must select security type, coupon and term No, must select security type, coupon and term Yes
Delivery
Credit Package & Closing Package on or before
the Commitment Expiration Date
Credit Package & Closing Package on or before
the Commitment Expiration Date
Credit Package & Closing Package on or before the
Commitment Expiration Date
Credit Package & Closing Package on or before
the Commitment Expiration Date
Funding Flow, as delivered Flow, as delivered Flow, as delivered Flow, as delivered
Execution ditech Capital Markets ditech Capital Markets Fax into AOT Tri Party ditech Capital Markets
Initial Submission N/A N/A N/A Submit Bid Tapes to Ditech.Bulk@ditech.com
Phone, Fax or
Email Communication
Call into 866-395-4622
10:00 am - 5:00 pm
Call into 866-395-4622
10:00 am - 5:00 pm
Fax assignments over to 866-241-4004 Email over
to AOTTriParty@ditech.com 10:00 am - 5:00 pm
Reply to all on bid email distribution - Or Call into
866-395-4622 to execute Bulk Trade.
10:00 am - 5:00 pm
Trade Management
Correspondent Web - Bulk Services Section
Commitment Management
Correspondent Web - Bulk Services Section
Commitment Management
Correspondent Web - Bulk Services Section
Commitment Management
Correspondent Web - Bulk Services Section
Commitment Management
Signed Confirmations Email to: Forwards@ditech.com Email to: Directtrade@ditech.com Email to: Directtrade@ditech.com Email to: Directtrade@ditech.com
Pair Outs or Extensions Email to: Bulkreg@ditech.com Email to: Bulkreg@ditech.com Email to: Bulkreg@ditech.com Email to: Bulkreg@ditech.com
Registration
See CLI Template in Forms Library on
ditech Correspondent Web
See CLI Template in Forms Library on
ditech Correspondent Web
See CLI Template in Forms Library on
ditech Correspondent Web
Ditech will register from Bid Tape data
Cancellation and
Replacements
Email to: Bulkreg@ditech.com Email to: Bulkreg@ditech.com Email to: Bulkreg@ditech.com Email to: Bulkreg@ditech.com
CORRESPONDENT FUNDING
DELIVERY METHODS
RATE SHEET FORWARD VS. DIRECT TRADE VS. AOT VS. BULK