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  • 8-K (Mar 11, 2010)

 
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BEAUMONT SELECT CORP 8-K 2006

 

Exhibit 99.1

 

 

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[LOGO]

 

BOND INVESTOR PRESENTATION

January 2006

 

[LOGO]

 

[GRAPHIC]

 



Forward-Looking Statement

 

These materials contain forward-looking statements made pursuant to the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995.  The reader is cautioned that such forward-looking statements are based on:

                  Information available at the time and on management’s good faith belief with respect to future events, and are subject to risks and uncertainties that could cause actual performance or results to differ materially from those expressed in the statements.

 

                  Important factors that could cause such differences are described in the Company’s periodic filings with the Securities and Exchange Commission, including the Company’s Form 10-K and quarterly reports on Form 10-Q.

 

The Company assumes no obligation to update forward looking information to reflect actual results, changes in assumptions or changes in other factors affecting forward-looking information.

 

[LOGO]

 

[LOGO]

 



Table of Contents

 

OPTEUM CORPORATE OVERVIEW

 

 

 

Tab A (Page 1 - 11)

Corporate Organization

 

 

 

Page 2

Profile & History

 

 

 

Page 3 - 4

Origination Channels

 

 

 

Page 5

Production

 

 

 

Page 6 - 11

 

 

 

 

 

OPTEUM PRODUCTS

 

 

 

Tab B (Page 12 - 24)

The Five Star Series

 

 

 

Page 13 - 16

The Five Star Series Expanded

 

 

 

Page 17 - 19

Opteum Exception Process

 

 

 

Page 20 - 22

C & S Marketing Reports

 

 

 

Page 23

The Opteum Zone (OZ) – Opteum’s AUE for Alt ‘A’, A-and Second Alt ‘A’

 

Page 24

 

 

 

 

 

OPTEUM MORTGAGE ACCEPTANCE CORP. (OPTEMAC)

 

 

 

Tab C (Page 25 - 32)

 

 

 

 

 

SENIOR MANAGEMENT BIOS

 

 

 

Tab D (Page 33 - 43)

 

 

 

 

 

OPTEUM PRODUCT MATRICES

 

 

 

Tab E (Page 44 - 54)

 



Corporate Overview

 

1



Corporate Organization

 

[LOGO]

 

 

 

Opteum Financial Services

Opteum Mortgage

(A wholly owned taxable subsidiary)

Acceptance corp.

 

2



History

 

1999

 

2004

 

2005

[GRAPHIC]

 

[GRAPHIC]

 

[GRAPHIC]

Formation of Homestar Mortgage Services, LLC (Privately Held)

 

Changed name to Opteum Financial Services, LLC

 

Bimini Mortgage Management (REIT / NYSE Symbol: BMM) purchased Opteum Financial Services as wholly-owned Subsidiary in November 2005

 

3



Profile

 

                  Subsidiary of NYSE publicly traded company (NYSE: BMM);

 

                  Strong & experienced executive management team;

 

                  Nationwide originations with geographic diversification; Retail; Wholesale & Conduit;

 

                  Originations for 2005: $6.7 Billion; 2004: $4.6 Billion; and 2003: $2.8 Billion; 2002: $1.2 Billion;

 

                  $7.9 Billion Servicing Portfolio as of December 2005;

 

                  Issued securitizations in the amount of $7.6 Billion - OPMAC (previously HMAC);

 

                  1,071 employees;

 

                  Technology driven company.  All origination channels incorporate integrated systems throughout operations with edits that insure compliance for regulatory and predatory lending requirements;

 

                  $3.5 Billion in available credit lines to fund production;

 

Opteum Website:  www.opteum.com (To access reporting, visit www.opteum.com, and proceed to the Investors page.

Follow the instructions to obtain Login and Password).

Bimini Website: www.biminireit.com

 

4



Origination Channels

 

[GRAPHIC]

 

5



Fiscal 2005 Production Summary

 

                  Through December 31, 2005, Opteum Closed 6.7 Billion Dollars of Residential Mortgages

 

Product

 

# Of Loans

 

Loan Amount

 

% Of Total

 

FNMA / FHLMC

 

2,784

 

508,751,552

 

7.6

%

FHA / VA

 

1,682

 

245,493,826

 

3.6

%

Non-Conforming

 

1,084

 

343,155,332

 

5.1

%

Prime ARM

 

518

 

106,226,617

 

1.6

%

ALT-A

 

15,438

 

4,202,591,998

 

62.4

%

Expanded A- / Subprime

 

2,880

 

701,699,259

 

10.4

%

Second Liens

 

7,184

 

385,583,161

 

5.7

%

Negative Am ARM

 

50

 

17,332,919

 

0.3

%

Brokered Loan

 

1,430

 

226,854,353

 

3.4

%

TOTAL

 

33,051

 

6,737,689,017

 

100.0

%

 


*                 Opteum no longer securitize Subprime products (starting with OPMAC 2005-2) or seconds (the last one in OPMAC 2005-2).

 

6



Production by Channel

 

Opteum Financial Services:

Loan Production by Channel through December 31, 2005

 

[CHART]

 


*                 2005 includes closed loan production for 13 months ended December 31st.

 

7



Product Mix – Retail

 

Opteum Financial Services:  Retail Production by Product Year-to-Date through

December 31, 2005

 

[CHART]

 

8



Product Mix – Wholesale

 

Opteum Financial Services:  Wholesale Production by Product
Year-to-Date through December 31, 2005

 

[CHART]

 

9



Product Mix – Conduit

 

Opteum Financial Services:  Conduit Production by Product
Year-to-Date through December 31, 2005

 

[CHART]

 

10



Warehouse Capacity

 

Name

 

Committed/
Uncommitted

 

Maturity

 

On / Off BS

 

Total

 

UBS

 

Uncommitted

 

On Demand

 

On & Off

 

$

750,000,000

 

RFC

 

Committed

 

2/28/2006

 

On

 

$

100,000,000

 

CHASE (1)

 

Committed

 

11/29/2005

 

On

 

$

150,000,000

 

Colonial Bank

 

Committed – Working Capital

 

5/30/2006

 

On

 

$

82,500,000

 

Colonial Bank

 

Committed

 

5/30/2006

 

On

 

$

284,500,000

 

Colonial Bank

 

Uncommitted

 

On Demand

 

Off

 

$

250,000,000

 

Citigroup

 

Committed

 

2/27/2006

 

On

 

$

1,000,000,000

 

Bear Stearns

 

Uncommitted

 

On Demand

 

On

 

$

750,000,000

 

FNMA ASAP

 

Uncommitted

 

On Demand

 

Off

 

$

100,000,000

 

Citigroup

 

Committed – Working Capital

 

3/21/2006

 

On

 

$

50,000,000

 

TOTAL

 

 

 

 

 

 

 

$

3,517,000,000

 

 

Source: Company Data

 


(1) Includes sublimit of $10.0 million for Servicing

 

11



[LOGO]

 

 

[LOGO]

 

[LOGO]

 

 

 

Credit Grade: Alt ‘A’

 

Credit Grade: ‘A-’

 

12



Opteum Products - Underwriting Overview

 

[LOGO]

 

                  6 Documentation Types:

•     Full Documentation

                  Stated Income / Verified Assets (SIVA)

                  No Income / Verified Assets (NIVA)

                  Stated Income / Stated Assets (SISA)

                  No Income / No Assets (NINA)

                  No Income / No Employment / Verified Assets (NINEVA)

 

                  40/30, 30 & 15 Year Fixed rate; 6 Month Libor; 2/28; 3/27; 5/25; 7/23 Hybrid ARM Products;

 

                  10-Yr. Interest Only option available on both Fixed and Adjustable Rate Loans (Not available on 40-Yr. Fixed); or 15-Yr. Fixed;

 

                  Prepayment Penalties:  Fixed Rate Products - 3 Yr. Hard or Soft; ARM Products – 1 to 5 Years (Hard Prepays & Soft Prepays offered);

 

                  Borrower & Lender Paid Mortgage Insurance (LPMI):

80.01 - 85% LTV = 12%;  85.01- 90% LTV = 30%; 90.01 - 95% =  35%;  95.01% - 100% = 35%

•     LPMI Option I - UGI (See Matrix for LTVs)

•     LPMI Option II - PMI (See Matrix for LTVs)

 

13



                  Qualifying Ratios (Including I/O) LTV / CLTV:

 

Greater than 80%:

 

45

%

70.01- 80%:

 

50

%

Less than or equal to 70%:

 

55

%

 

•     Credit Score Requirements:

 

                  Minimum credit score is 620 for Primary Wage Earner;

                  Loan Amounts > $1M require 680 credit score for all borrowers;

                  Second Homes & Investment. Properties with CLTV 95 - 100% require 680 credit score for all borrowers;

 

                  Credit History:

 

                  2 year credit history required, with minimum 5 trades; 0 X 30 Mortgage Lates in last 12 months

                  80% LTV & under; Minimum 3 trades; 2 must be rated traditional lines with 1 active in last 6 months; 0 x 30 Mortgage in last 12  months;

 

                  New Home Buyer: Allowed under Full Doc & SIVA:

 

1)              Full Doc: 620 credit score required for Primary Wage Earner; Reserves: < 1$MM – 2months PITI

2)              SIVA: 660 credit score required for All Borrowers; Reserves: 4 months PITI required

 

14



                  Revolving / Installment: Disregard all lates;

 

                  Foreclosures:  None in last 3 years.  Loans > $1M, no BK/FC in last 7 years;

 

                  Bankruptcies:  Discharge 2 years with good re-established and/or re-affirmed credit.  Minimum of 3 trades required;

 

                  Appraisals:  All loans require a full appraisal in compliance with Fannie / Freddie requirements & State requirements

 

                  Appraisal Reviews:

 

•     LTV 80.01–90% - Enhanced Desk Review; AVM’s CASA with score of 65% or higher; or HVE with an “ H” or “M” score; or 2055 Exterior Drive By

 

•     LTV 90.01-95% - Enhanced Desk Review

 

                  Loan Amounts  greater than $500K and up to $750K, Owner Occupied or Second Homes with LTV <80% Enhanced Desk Review

 

15



Opteum Products - Underwriting Overview

 

                  Appraisal Reviews (cont.)

 

                  Loan Amounts $500,000–999,999 Requires Enhanced Field Review regardless of LTV

                  Loan Amounts => $1M requires 2 Full Appraisal ordered by Opteum or Conduit Sellers

 

16



 

Opteum Products - Underwriting Overview

 

                  Purchase, Rate Term and Cash Out Transactions;

 

                  30-Year Fixed Rate and 2/28 and 3/27 Adjustable Rate mortgages;

 

                  Prepayment penalties:  1 – 3 year hard prepay;

 

                  Interest Only available on adjustable; O/O; 1 unit only;

 

                  Credit grades:

 

1) “AA”

=

0 x 30 mortgage lates

2) “A”

=

1 x 30 mortgage lates

3) “A-”

=

Up to 3 x 30 mortgage lates on full doc (rolling lates allowed) – Owner Occupied

4) “A-”

=

Stated Documentation maximum 2 x 30 mortgage lates in last 12 months;

 

 

Second Home & Investment maximum 2 x 30 mortgage lates in last 12 months

 

17



Opteum Products - Underwriting Overview

 

                  Credit History Trade Lines:

 

                  12 months mortgage / rental history required on all doc types;

 

                  Full, Limited:  LTV >90% or loans >$500K:  24 month credit history with minimum 2 trades paid as agreed, 1 with minimum 24 month history, 1 with minimum 6 months history;

 

                  LTVs <90% or loans <$500K:  Minimum 12 month history with 2 trades paid as agreed, 1 with 12 months history, and 1 with 6 months history;

 

                  Stated:  Minimum 24 month credit history with 3 trades paid as agreed, 1 with minimum 24 month credit history, 2 with minimum 6 months history.

 

                  Minimum credit score:  580 based on Primary Wage Earner;

 

                  Maximum Loan Amounts:  $750,000;

 

18



Opteum Products - Underwriting Overview

 

                  Maximum LTV:  95% / maximum CLTV 100%;

 

                  Debt Ratios:  50%, will allow up to 55% debt to income ratio with one compensating factor;

 

                  Mortgage Insurance:  Not Required;

 

                  Appraisal Review:

 

                  For loan amounts >$500K:  Enhanced Field Review

 

                  Second Home; Non–Owners; Seller seconds, 3 – 4 Units; Subject to Enhanced Desk Review regardless of the LTV/CLTV

 

                  Field Review may be ordered at the discretion of the underwriter and for all loans. AVMs are required for owner occupied; 1 & 2 Unit properties when LTV >80%.

 

19



 

Exception Process

 

The following exceptions on all products require management approval:

 

Regional Underwriting Managers:

 

Opteum’s Chief Credit Officers:

 

 

 

 Debt to Income Ratios

 

Any exception to guideline on investor occupancy

Minimum trade lines

 

Purpose

Reserves

 

Occupancy

Employment History

 

LTV / CLTV

Payment Shock

 

Credit Score

 

 

Maximum # of mortgages

 

 

Mortgage History

 

 

Property Type

 

All exceptions are reported into Opteum Origination System.

To access reporting, visit www.opteum.com, and proceed to the Investors page.  Follow the instructions to obtain Login and Password.

 

20



Year-End Exceptions

 

2005 WHOLESALE EXCEPTIONS

 

[CHART]

 

21



2005 RETAIL EXCEPTIONS

 

[CHART]

 

22



Core Logic Marketing Reports

 

[LOGO]

 

automated workflow process

 

fraud & flip detection

 

collateral risk assessment

 

property & flood information services

 

AVM & valuation services

 

23



The Opteum Zone (OZ)

 

[LOGO]

 

OPTEUM’S AUTOMATED UNDERWRITING ENGINE

 

                  Rules-based engine designed with logic, compensating factors, and risk grading

 

                  OZ utilizes the S&P Levels for Risk Grading for loans originated to Five Star (Alt ‘A) and Five Star Expanded (A-)

 

                  Release Stage 1 –  Pre-Qual released May ‘05 to wholesale & conduit channel

 

                  Release Stage 2 –  Underwriting Decision Engine releasing in Spring ‘06

 

24



Opteum Mortgage Acceptance Corp.

Securitizations Issued

 



Opteum Mortgage Acceptance Corp – Securitizations thru December 2005

 

 

 

HMAC 2004-1

 

HMAC 2004-2

 

HMAC 2004-3

 

HMAC 2004-4

 

HMAC 2004-5

 

 

 

 

 

 

 

 

 

 

 

 

 

Original Balance

 

$

309,846,147.00

 

$

387,791,245.00

 

$

417,055,302.00

 

$

410,125,325.00

 

$

413,874,752.00

 

 

 

 

 

 

 

 

 

 

 

 

 

Close Date

 

March 5, 2004

 

May 10, 2004

 

July 1, 2004

 

August 17, 2004

 

October 1, 2004

 

 

 

 

 

 

 

 

 

 

 

 

 

LTV

 

81.640

 

77.350

 

77.000

 

79.600

 

79.340

 

 

 

 

 

 

 

 

 

 

 

 

 

Credit Score

 

683

 

692

 

692

 

690

 

690

 

 

 

 

 

 

 

 

 

 

 

 

 

Product Type

 

 

 

 

 

 

 

 

 

 

 

Fixed

 

$

74,565,674.00

 

$

114,345,346.00

 

$

134,693,470.00

 

$

100,946,691.00

 

$

130,103,752.00

 

ARM 6 ML

 

$

45,576,295.00

 

$

17,328,194.00

 

$

21,432,084.50

 

$

17,451,467.00

 

$

27,883,289.00

 

ARM 2/6

 

$

121,797,275.00

 

$

113,142,568.00

 

$

103,004,081.32

 

$

141,354,408.00

 

$

141,783,825.00

 

ARM 3/6

 

$

16,160,180.00

 

$

51,137,778.00

 

$

59,666,419.76

 

$

65,789,554.00

 

$

55,335,292.00

 

ARM 5/6

 

$

50,542,803.00

 

$

85,878,609.00

 

$

90,720,624.97

 

$

75,316,889.00

 

$

54,476,221.00

 

ARM 7/6

 

$

951,920.00

 

$

5,606,750.00

 

$

6,469,822.51

 

$

8,898,316.00

 

$

3,658,106.00

 

ARM 10/6

 

$

252,000

 

$

352,000.00

 

$

1,068,800.00

 

$

368,000.00

 

$

634,267.00

 

 

 

 

 

 

 

 

 

 

 

 

 

Product Credit

 

 

 

 

 

 

 

 

 

 

 

Alt A

 

$

273,664,352.00

 

$

363,554,685.00

 

$

379,626,203.00

 

$

354,733,529.00

 

$

355,627,679.00

 

Expanded (A-)

 

0

 

0

 

0

 

0

 

0

 

Subprime*

 

$

36,181,795.00

 

$

24,236,560.00

 

$

37,429,099.00

 

$

40,869,138.00

 

$

44,043,766.00

 

Second Lien*

 

0

 

0

 

0

 

$

14,522,658.00

 

$

14,203,307.00

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Prepay Type

 

 

 

 

 

 

 

 

 

 

 

Total Prepay

 

43.18

%

45.53

%

60.72

%

73.63

%

78.39

%

Hard Type Only

 

43.15

%

17.70

%

37.45

%

62.46

%

68.36

%

 

 

 

 

 

 

 

 

 

 

 

 

Prepay Speed

 

 

 

 

 

 

 

 

 

 

 

Curr. Annualized CPR

 

44.54

%

24.82

%

32.47

%

31.72

%

35.30

%

 


*      Opteum no longer securitize Subprime products (starting with OPMAC 2005-2) and seconds (the last one in OPMAC 2005-2).

 

25



 

 

HMAC 2004-6

 

OPMAC 2005-1

 

OPMAC 2005-2

 

OPMAC 2005-3

 

OPMAC 2005-4

 

OPMAC 2005-5

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Original Balance

 

$

761,026,691.00

 

$

802,625,137.00

 

$

883,988,562.00

 

$

937,116,704.00

 

$

1,321,738,004.00

 

$

986,662,596.00

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Close Date

 

November 19, 2004

 

January 31, 2005

 

April 5, 2005

 

June 17, 2005

 

August 25, 2005

 

November 30, 2005

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

LTV

 

81.300

 

78.100

 

75.99

 

75.56

 

75.59

 

74.05

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Credit Score

 

686

 

688

 

683

 

699

 

701

 

702

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Product Type

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed

 

$

226,419,814.00

 

$

209,017,651.00

 

$

227,079,252.00

 

$

260,318,431.00

 

$

499,220,444.00

 

$

382,726,488.00

 

ARM 6 ML

 

$

43,686,158.00

 

$

39,354,589.00

 

$

51,893,393.50

 

$

70,918,541.00

 

$

36,876,490.00

 

$

8,555,720.00

 

ARM 2/6

 

$

325,665,601.00

 

$

362,888,669.00

 

$

361,545,549.00

 

$

245,857,302.00

 

$

331,095,370.00

 

$

271,071,226.00

 

ARM 3/6

 

$

83,706,367.00

 

$

82,401,534.00

 

$

87,817,025.00

 

$

61,304,982.00

 

$

64,236,467.00

 

$

34,560,586.00

 

ARM 5/6

 

$

77,665,615.00

 

$

101,087,883.00

 

$

137,607,001.00

 

$

272,428,873.00

 

$

343,255,360.00

 

$

276,289,413.00

 

ARM 7/6

 

$

2,607,936.00

 

$

5,201,261.00

 

$

8,954,187.00

 

$

14,084,409.00

 

$

33,836,493.00

 

$

10,314,613.00

 

ARM 10/6

 

$

1,275,200.000

 

$

2,673,550.00

 

$

9,092,155.00

 

$

12,204,165.00

 

$

13,217,380.00

 

$

3,144,550.00

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Product Credit

 

 

 

 

 

 

 

 

 

 

 

 

 

Alt A

 

$

661,448,582.00

 

$

719,172,200.00

 

$

854,593,388.00

 

$

921,181,705.00

 

$

1,182,426,818.00

 

$

866,667,651.00

 

Expanded (A-)

 

$

13,580,180.00

 

$

9,242,685.00

 

$

27,272,284.00

 

$

15,935,700.00

 

$

139,311,186.00

 

$

119,994,945.00

 

Subprime*

 

$

51,317,831.00

 

$

41,707,962.00

 

0

 

0

 

0

 

0

 

Second Lien*

 

$

34,680,098.00

 

$

32,502,290.00

 

$

2,122,890.00

 

0

 

0

 

0

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Prepay Type

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Prepay

 

68.32

%

72.5

%

73.7

%

73.6

%

71.9

%

76.4

%

Hard Type Only

 

62.72

%

69.9

%

69.9

%

69.5

%

64.0

%

69.2

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Prepay Speed

 

 

 

 

 

 

 

 

 

 

 

 

 

Curr. Annualized CPR

 

40.84

%

39.69

%

24.85

%

16.71

%

13.52

 

2.46

 

 


*      Opteum no longer securitize Subprime products (starting with OPMAC 2005-2) and seconds (the last one in OPMAC 2005-2).

 

26



Interest Only Analysis

 

 

 

 

 

Interest Only

 

 

 

Total Securitized

 

(As a subset of the Total Securitized)

 

Amount

 

6.6 Billion

*

4.7 Billion

 

Loan Amount

 

230,412

 

269,079

 

FICO

 

691

 

700

 

LTV

 

78.0

%

76.5

%

CLTV

 

84.7

%

85.8

%

% ARM

 

72

%

81

%

% Fixed

 

28

%

19

%

SFR

 

80

%

84

%

Condo

 

11

%

10

%

2-4 Unit

 

9

%

6

%

Purchase

 

58

%

65

%

Rate/Term Refi

 

8

%

7

%

Cash-Out Refi

 

34

%

28

%

Primary Residence

 

82

%

84

%

2nd Home

 

3

%

4

%

Investment Property

 

15

%

12

%

10 Year Interest Only

 

N/A

 

98

%

Ave Monthly Borrower Income (Full Doc Only)

 

8,556

 

8,733

 

 


*      Through OPMAC 2005-4

 

27



Issuance Summary By Deal Name

 

Name

 

UPB Issue
Amount

 

Gross WAC

 

Net WAC

 

WALTV

 

WACLTV

 

WA Fico

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

HMAC 2004-1

 

309,846,147

 

6.114

 

5.634

 

81.64

 

84.67

 

683

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

HMAC 2004-2

 

387,791,245

 

5.559

 

5.296

 

77.35

 

81.32

 

692

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

HMAC 2004-3

 

417,055,302

 

5.529

 

5.244

 

77.00

 

81.89

 

692

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

HMAC 2004-4

 

410,125,325

 

5.960

 

5.620

 

79.60

 

84.72

 

690

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

HMAC 2004-5

 

413,874,752

 

6.161

 

5.864

 

79.34

 

85.15

 

690

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

HMAC 2004-6

 

761,026,691

 

6.255

 

5.936

 

81.30

 

87.56

 

686

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

OPMAC 2005-1

 

802,625,137

 

6.077

 

5.792

 

78.10

 

85.18

 

688

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

OPMAC 2005-2

 

883,988,562

 

5.927

 

5.642

 

75.99

 

84.13

 

693

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

OPMAC 2005-3

 

937,116,704

 

6.067

 

5.796

 

75.56

 

84.61

 

699

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

OPMAC 2005-4

 

1,321,738,004

 

6.203

 

5.923

 

75.57

 

85.09

 

701

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

OPMAC 2005-5

 

986,662,596

 

6.209

 

5.918

 

74.05

 

82.35

 

702

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Issuance

 

7,631,850,465

 

6.059

 

5.765

 

77.10

 

84.42

 

694

 

 

28



Katrina Exposure

 

ALL STATES (1)

 

Investor
Name

 

Loan
Count

 

Balance

 

HMAC 1

 

4

 

502,121.31

 

 

 

 

 

 

 

HMAC 2

 

13

 

3,056,443.41

 

 

 

 

 

 

 

HMAC 3

 

11

 

1,372,045.34

 

 

 

 

 

 

 

HMAC 4

 

23

 

3,932,347.29

 

 

 

 

 

 

 

HMAC 5

 

27

 

4,030,834.66

 

 

 

 

 

 

 

HMAC 6

 

54

 

9,258,497.73

 

 

 

 

 

 

 

OP 05-1

 

45

 

6,719,112.64

 

 

 

 

 

 

 

OP 05-2

 

45

 

8,927,865.54

 

 

 

 

 

 

 

OP 05-3

 

56

 

10,709,732.72

 

 

 

 

 

 

 

OP 05-4

 

25

 

5,011,101.59

 

 

 

 

 

 

 

Total

 

303

 

53,520,102.23

 

 

AL, LA, MS ONLY

 

Investor
Name

 

Loan
Count

 

Balance

 

Current Deal
Balance

 

% of Deal
Balance

 

HMAC 1

 

4

 

502,121.31

 

180,178,956.00

 

0.279

%

 

 

 

 

 

 

 

 

 

 

HMAC 2

 

7

 

1,731,304.16

 

275,571,871.00

 

0.628

%

 

 

 

 

 

 

 

 

 

 

HMAC 3

 

8

 

968,289.41

 

316,821,569.00

 

0.306

%

 

 

 

 

 

 

 

 

 

 

HMAC 4

 

1

 

110,834.34

 

318,095,323.00

 

0.035

%

 

 

 

 

 

 

 

 

 

 

HMAC 5

 

12

 

1,297,639.56

 

332,318,435.00

 

0.390

%

 

 

 

 

 

 

 

 

 

 

HMAC 6

 

14

 

1,821,059.05

 

643,208,658.00

 

0.283

%

 

 

 

 

 

 

 

 

 

 

OP 05-1

 

10

 

1,135,981.66

 

707,348,100.00

 

0.161

%

 

 

 

 

 

 

 

 

 

 

OP 05-2

 

11

 

1,405,048.79

 

831,457,911.00

 

0.169

%

 

 

 

 

 

 

 

 

 

 

OP 05-3

 

14

 

2,435,843.76

 

922,042,011.00

 

0.264

%

 

 

 

 

 

 

 

 

 

 

OP 05-4

 

5

 

545,441.50

 

1,146,871,180.00

 

0.048

%

 

 

 

 

 

 

 

 

 

 

Total

 

86

 

11,953,563.54

 

 

 

 

 

 

“All states” are the zipcodes issued by FEMA

 

29



Collateral Detail - thru December 2005

 

Documentation Type

 

Percentage

 

Full Doc

 

22

%

 

 

 

 

Stated Inc/Verified Asset

 

38

%

 

 

 

 

Stated Inc/Stated Asset

 

24

%

 

 

 

 

No Ratio

 

5

%

 

 

 

 

NINA

 

11

%

 

LTV Distribution

 

Percentage

 

Less than 60%

 

11

%

 

 

 

 

60.01-65%

 

5

%

 

 

 

 

65.01-70%

 

8

%

 

 

 

 

70.01-75%

 

6

%

 

 

 

 

75.01-80%

 

57

%

 

 

 

 

80.01-85%

 

2

%

 

 

 

 

85.01-90%

 

6

%

 

 

 

 

90.01-95%

 

5

%

 

 

 

 

95.01-100%

 

2

%

 

Fico Score

 

Percentage

 

680+

 

60

%

 

 

 

 

660-679

 

15

%

 

 

 

 

620-659

 

21

%

 

 

 

 

580-619

 

4

%

 

 

 

 

520-579

 

0

%

 

State Distribution

 

Percentage

 

CA

 

50

%

 

 

 

 

GA

 

13

%

 

 

 

 

NJ

 

7

%

 

 

 

 

FL

 

5

%

 

 

 

 

Other

 

25

%

 

30



Security Performance

 

Name

 

Period

 

CPR

 

60 Day

 

90 Day

 

Total DQ

 

BK

 

FC

 

REO

 

2004-1

 

21

 

44.54

 

0.37

%

0.08

%

1.04

%

3.48

%

1.37

%

1.46

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2004-2

 

19

 

24.82

 

0.39

%

0.10

%

1.49

%

1.16

%

0.78

%

0.75

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2004-3

 

18

 

32.47

 

0.10

%

0.00

%

1.11

 

1.22

%

1.26

%

0.34

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2004-4

 

16

 

31.72

 

0.04

%

0.32

%

0.75

%

1.00

%

1.40

%

0.27

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2004-5

 

14

 

35.30

 

0.24

%

0.14

%

0.95

%

0.43

%

1.25

%

0.21

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2004-6

 

13

 

40.84

 

0.18

%

0.03

%

0.99

%

0.89

%

0.98

%

0.42

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2005-1

 

11

 

39.69

 

0.38

%

0.01

%

1.26

%

0.35

%

0.99

%

0.08

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2005-2

 

8

 

24.85

 

0.04

%

0.06

%

0.62

%

0.49

%

0.68

%

0.02

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2005-3

 

6

 

16.71

 

0.05

%

0.00

%

0.50

%

0.13

%

0.49

%

0.00

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2005-4

 

4

 

13.52

 

0.12

%

0.00

%

0.63

%

0.07

%

0.05

%

0.00

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2005-5

 

1

 

2.46

 

0.00

%

0.00

%

0.00

%

0.00

%

0.00

%

0.00

%

 


*      Information provided as of December 2005

 

For more Performance information, visit www.opteum.com ( click on “Corporate” on the top menu; choose “Investors” from the left nav bars; click on “HMAC-OPTEMAC Performance”; and sign-up/register to obtain log-in access ).

 

31



Senior Management Bios

 



Senior Management Bios

 

[GRAPHIC]

 

Jeff Zimmer

Chairman, Chief Executive Officer, President and Founder

Bimini Mortgage Management

 

Jeffrey J. Zimmer is our Chairman, Chief Executive Officer, President and one of our founders. He was most recently a Managing Director in the Mortgage-Backed and Asset Backed Department at RBS/Greenwich Capital Markets. From 1990 through 2003, he held various positions in the mortgage-backed department at Greenwich Capital. While there, Mr. Zimmer worked closely with some of the nation’s largest mortgage banks, hedge funds, and investment management firms on various mortgage-backed securities investments.

 

Mr. Zimmer has sold and researched almost every type of mortgage-backed security in his 20 years in the mortgage business. He has negotiated terms on and participated in the completion of dozens of new underwritten public and privately placed mortgage-backed deals for customers of Greenwich Capital. Mr. Zimmer was employed at Drexel Burnham Lambert in the institutional mortgage-backed sales area from 1984 until 1990. He received his MBA in finance from Babson College in 1983 and a BA in economics and speech communication from Denison University in 1980.

 

32



[GRAPHIC]

 

Peter Norden

President and Chief Executive Officer

Opteum Financial Services

 

Senior Executive Vice President

Bimini Mortgage Management

 

Peter R. Norden has a long established track record in the mortgage banking industry.  In 1975, he began his career as a senior auditor for Newark, N.J.-based Touche Ross and Company, where he specialized in mortgage banking. In 1988, his path led him to acquire Olde Town Mortgage Company, where he served as the company’s CEO.

 

That same year he and Martin J. Levine, President of First Builders Financial Corp., merged their respective companies to form First Town Mortgage Corporation.  Norden served as the President and Chief Executive Officer of First Town until its purchase in March 1999 by Chase Manhattan Mortgage Corporation, and was appointed Executive Consultant. Norden then co-founded Homestar Mortgage Services, LLC in 1999, which went on to become Opteum Financial Services in December of 2004.

 

Norden serves on the Fannie Mae National CEO Advisory Board, the GMAC/RFC National Advisory Board and is the past President of the Mortgage Bankers Association of New Jersey.

 

33



[GRAPHIC]

 

Robert E. Cauley

Chief Investment Officer, Chief Financial Officer and Secretary

Bimini Mortgage Management

 

Robert E. Cauley is our Chief Investment Officer, Chief Financial Officer, Secretary and one of our founders.  He was previously Vice President, Portfolio Manager at Federated Investment Management Company in Pittsburgh, Pennsylvania where from 1996 until September 2003 he was also a lead portfolio manager, co-manager, or assistant portfolio manager of $4.25 billion (base capital, unlevered amount) in mortgage and asset backed securities funds.  From 1994 to 1996, he was an associate at Lehman Brothers in the asset-backed structuring group.

 

From 1992 to 1994 he was a credit analyst in the highly levered firms group and the aerospace group at Barclay’s Bank.  Mr. Cauley has invested in, researched, or structured almost every type of mortgage-backed security.  Mr. Cauley, who is a CFA and a CPA, received his MBA in finance and economics from Carnegie Mellon University and his BA in accounting from California State University, Fullerton.  Mr. Cauley served in the United States Marine Corps for four years.

 

34



[GRAPHIC]

 

Martin J. Levine

Executive Vice President and Chief Operations Officer

Opteum Financial Services

 

Martin J. Levine, a Certified Public Accountant, has an extensive background with major firms including Touche Ross and Company, Coopers and Lybrand, Kenneth Leventhal and Company and Pan American Properties.  In 1987, he launched First Builders Financial Corporation, where he served as President until the company’s merger with Olde Towne Mortgage in 1989 to form First Town Mortgage Corporation.  He served as Executive Vice President and Chief Operations Officer of First Town until its purchase in 1999 by Chase Manhattan Mortgage Corporation.

 

After the transition to Chase Manhattan, Levine co-founded Homestar Mortgage along with Peter R. Norden.  Levine is a member of the American Institute of Certified Public Accountants, the Mortgage Bankers Association and the New Jersey Home-builders Association.

 

35



[GRAPHIC]

 

Rick E. Floyd

Executive Vice President and National Production Manager Opteum Financial Services

 

Rick E. Floyd joined Opteum Financial Services in 2001 (under the Homestar Mortgage Services name).  As a partner operating in the capacity of Executive Vice President / National Production Manager, he is responsible for managing production for the Opteum Retail and Wholesale origination channels of business throughout the nation. He also participates in the oversight in management of the company’s conduit operation.

 

His career began in the Banking Industry in the management and credit divisions at Georgia Federal Bank in Atlanta, GA.  By 1989, he had moved to First Union National Bank in charge of business development for the Atlanta area.   In 1992, he joined HomeSouth Mortgage Corporation as an Account Executive, later serving as production manager for the state of Georgia.  He remained at HomeSouth during buyouts by First Town Mortgage and Chase Manhattan Mortgage, and was later appointed Georgia Regional Manager responsible for sales and operations.

 

In 2000, he joined HomeBanc Mortgage Corporation, where he was responsible for launching and overseeing the company’s Builder Services Group.

 

Floyd is a member of the board of governors for the Mortgage Bankers Association of Georgia, currently serving as secretary and as a member of the association’s ethics committee.  He is also past President of the Atlanta Chapter for the Mortgage Bankers Association.

 

36



[GRAPHIC]

 

Timothy P. O’Neill

Chief Accounting Officer

Opteum Financial Services

 

Tim O’Neill is a Certified Public Accountant who has a wide range of experience in the financial world. He began his career working for public accounting firms and an international manufacturer of art supplies.  Eventually, he moved on to a real estate management and brokerage firm where he supervised everything from the payroll department to the creation and installation of a new general ledger and accounts payable system.

 

In 1991, Tim moved on to First Town Mortgage Corporation where his duties included preparing monthly and annual financial statements and daily cash management, among many other responsibilities.  He served as Senior Vice President and Chief Financial Officer of First Town until its purchase in 1999 by Chase Manhattan Mortgage.  Later the same year, he joined Peter R. Norden and Martin J. Levine at Homestar Mortgage Services, LLC where he continues as Opteum’s Senior Vice President and Chief Accounting Officer.  Tim is a member of the American Institute of Certified Public Accountants and the NYSSCPA.

 

37



[GRAPHIC]

 

Jeff Pancer

Senior Vice President – Capital Markets

Opteum Financial Services

 

Jeff Pancer has been with Opteum since June 1999 (under the Homestar Mortgage Services name).  As Senior VP – Secondary Marketing, he is responsible for hedging mortgage pipelines, providing daily pricing of all mortgage products and oversee MBS allocations department.

 

Prior to Opteum, Pancer was VP – Secondary Marketing with First Town Mortgage Corporation from 1997 and continued in the same capacity through the acquisition of Chase Manhattan Mortgage Corporation.

 

Pancer’s career path has included Dime Savings Bank, F.S.B., as AVP – Risk Analysis; First Fidelity Bank, N.A., as AVP – Secondary Marketing Trader; and Anchor Mortgage Services, Inc., as Mortgage Officer and Assistant Secretary.

 

38



Senior Management Bios

 

[GRAPHIC]

 

Mary Glass-Schannault

Managing Director of Structured Finance and Senior Vice President

Opteum Financial Services

 

Mary Glass-Schannault has been with Opteum since October 2002 (formerly Homestar Mortgage Services).  Ms. Schaunnault is recognized in the mortgage industry for being innovative and knowledgeable with more than 30 years experience in all phases of residential and commercial lending.  Her major accomplishments have included writing the credit philosophy for the first Alternative A Products in 1993, and was instrumental in developing the secondary market for structured finance transactions with establishing risk-based pricing and credit grading.  Upon the success of the Alt A Products, she successfully wrote other additional alternative mortgage products  with a common sense approach to underwriting credit risk.

 

Ms. Schannault most recently served as a Founder and Principal Executive Officer of the Impac Mortgage Holdings and Impac Commercial Holdings, until August 1999; Executive Vice President, Managing Director, Impac Mortgage Holdings since its formation in 1995; Senior Vice President and Managing Director of ICII from 1992 to1995.  Prior to this, Ms. Schannault held various similar positions dating back to 1971.

 

Responsible for the negotiation and management of Structured Finance including Remic and Asset-backed securitizations, whole loan transactions in excess of $20 billion dollars for both residential and commercial loans, Chief Credit Officer, Operations Manager of Product Development and Administration, Underwriting, Quality Control, Seller Administration, ALCO committee member for both residential and commercial assets.

 

39



[GRAPHIC]

 

Grace Currid

Senior Vice President and Chief Credit Officer

Opteum Financial Services

 

Grace Currid serves as Senior Vice President and Chief Credit Officer.  She is responsible for managing all aspects of Opteum’s lending and credit policies and procedures.  As part of this responsibility, she also manages the Quality Assurance division within Opteum.  Prior to her position as the Chief Credit Officer, she was the National Operations Manager, responsible for all aspects of the loan file from processing through loan closing.  Ms Currid joined Opteum (formerly Homestar), in 2001.

 

As a recognized industry leader, she is actively involved with the Mortgage Bankers Association of New Jersey, a Board of Governor and has also chaired multiple committees.  Additionally, Ms. Currid is an active member of FNMA’s National Underwriting Advisory Board and previously has been an instructor for the American Bankers Association School of Mortgage Lending.

 

Prior to Opteum, she has held senior management roles with both Chase Manhattan Mortgage, Citicorp Mortgage and Mortgage.com.

 

Prior responsibilities included Underwriting Manager, Regional Credit Officer, Staff Appraiser Manager and Manager of technology implementation.

 

40



[GRAPHIC]

 

Bela M Donine

Senior Vice President and Chief Credit Officer – Conduit

Opteum Funding

 

Prior to joining Opteum Funding (formerly Homestar), Ms. Donine was most recently the Senior Vice President - Underwriting / Credit and Chief Credit Officer for Impac Funding Corporation since its inception in 1995.  In addition, she served on Executive Committee, Chaired Loan Committee, and served on the following:  Product Committee, ALCO, IT Steering Committee, IDASL & IDASLg2 Steering Committee and the Homeland Security Committee.

 

Prior to Impac, Ms. Donine was Vice President - Underwriting / Credit for Imperial Credit Industries (ICI) since 1993, which later formed the Impac REIT.

 

Her experience includes ten years with The Associates and Ford Consumer Finance, where she was Vice President -Underwriting.  She is also a member of the Mortgage Bankers Association.

 

41



Opteum Product Matrices

 

42



[LOGO]

 

[LOGO]

 

 

Full / Alternative Income Documentation (Full / Alt Doc

 

 

Interest Only feature Available

 

Owner Occupied

 

Purchase & Rate/Term Refi.

 

Refinance Cash-Out

 

Units

 

Loan Amt.

 

LTV

 

CLTV

 

LTV

 

CLTV

 

1-2

 

300K

 

95

%

100

%

95

%

100

%

1-2

 

400K

 

95

%

100

%

95

%

100

%

1-2

 

450K

 

95

%

100

%

95

%

100

%

1-2

 

500K

 

90

%

100

%

90

%

100

%

1-2

 

650K

 

85

%

100

%

85

%

100

%

1-2

 

750K

 

80

%

100

%

80

%

100

%

1-2

 

1M

 

80

%

100

%

80

%

100

%

1-2

 

1.5M

 

75

%

90

%

65

%

90

%

1-2

 

2M

 

65

%

90

%

65

%

90

%

3-4

 

400K

 

90

%

95

%

90

%

95

%

3-4

 

500K

 

90

%

95

%

90

%

95

%

3-4

 

650K

 

80

%

95

%

80

%

95

%

3-4

 

750K

 

75

%

95

%

75

%

95

%

3-4

 

1M

 

75

%

90

%

70

%

90

%

3-4

 

1.5M

 

70

%

90

%

65

%

90

%

3-4

 

2M

 

65

%

90

%

65

%

90

%

 

2nd Home

 

Purchase & Rate/Term Refi.

 

Refinance Cash-Out

 

Units

 

Loan Amt.

 

LTV

 

CLTV

 

LTV

 

CLTV

 

1

 

300K

 

80

%

100

%(1)

90

%

95

%

1

 

400K

 

95

%

95

%

90

%

95

%

1

 

450K

 

90

%

95

%

90

%

95

%

1

 

500K

 

90

%

95

%

90

%

95

%

1

 

650K

 

80

%

95

%

80

%

95

%

1

 

750K

 

80

%

95

%

80

%

95

%

1

 

1M

 

80

%

95

%

80

%

95

%

1

 

1.5M

 

70

%

80

%

50

%

80

%

1

 

2M

 

50

%

80

%

50

%

80

%

 

Investment Property

 

Purchase & Rate/Term Refi.

 

Refinance Cash-Out

 

Units

 

Loan Amt.

 

LTV

 

CLTV

 

LTV

 

CLTV

 

1

 

300K

 

80

%

100

%(1)

85

%

95

%

1

 

400K

 

95

%

95

%

85

%

95

%

1

 

450K

 

90

%

95

%

85

%(2)

95

%

1

 

500K

 

85

%

95

%

85

%(2)

95

%

1

 

650K

 

80

%

95

%

80

%

95

%

1

 

750K

 

80

%

95

%