Bimini Capital Management, Inc. · OTC:BMNM
Bimini Capital Management — Opteum — Debt Investor Presentation (November 2006)
58 slides from Bimini Capital Management's debt investor presentation, Nov 3, 2006
Slide 1: Bond Investor Presentation
opie FINANCIAL SERVICES BOND INVESTOR PRESENTATION ABS East Conference - Orlando, Florida November 5, 2006
Slide 2: Free Writing Prospectus
Free Writing Prospectus This document constitutes a free writing prospectus Opteum Mortgage Acceptance Corporation (the "Depositor") has filed a registration statement (including a prospectus) with the SEC for the offering to which this free writing prospectus relates. Before you invest, you are enc
Slide 3: Forward-Looking Statement
Forward-Looking Statement Statements herein relating to matters that are not historical facts are forward-looking statements as defined inthe Private Securities Litigation Reform Act of 1995. The reader is cautioned that such forward-looking statements are based on + Information available at the tim
Slide 4: Table of Contents
| Table of Contents OPTEUM CORPORATE OVERVIEW (Page 1-11) + Corporate Organization Page 2 + Profile & History Page 3-4 + Origination Channels Page 5 + Production Page 6-11 OPTEUM PRODUCTS (Page 12 - 24) + The Five Star Series Page 13-15 + The Five Star Series Expanded Page 16 - 18 + Opteum Exception
Slide 5: Corporate Overview
Corporate Overview
Slide 6: Corporate Organization
Corporate Organization Opteum INCORPORATED Opteum Financial Services, LLC Opteum Mortgage (A wholly owned taxable subsidiary) Acceptance Corp. ‘ > mW Me a Opteum
Slide 7: History
History 1999 2003 2004 2005 ry ry ry Formation of Homestar (Opened Conduit Division ‘Changed name to COpteum Inc. (REITINYSE Symbol: OPX), Mortgage Services, LLC ‘Opteum Financial formerty Bimini Mortgage Management, Services, LLC purchased Opteum Financial Services, LLC {38 a wholly-owned subsiciar
Slide 8: Profile of Opteum Financial Services, LLC
| Profile of Opteum Financial Services, LLC + Taxable REIT subsidiary of NYSE publicly traded company - NYSE: Opteum Inc. (OPX) + Strong & experienced executive management team; 978 employees: + Nationwide originations with geographic diversification; Retail; Wholesale & Conduit; * Origination: 2006
Slide 9: Origination Channels
Origination Channels Me 5< Opteum
Slide 10: YTD Production Summary
4 6 | YTD Production Summary + Through September 30, 2006, Opteum closed $4.7 Billion Dollars of Residential Mortgages # Of Loans Loan Amount % Of Total FNMA FHLMC 72499 406,715,341 39% FRAT VA 41005 167,169,998 34% Non- Conforming 498 156,877,208 33% Prime ARM 8 15,338,781 03% ALTA 10315 3,098,412,
Slide 11: Production by Channel
| Production by Channel Opteum Financial Services: Loan Production by Channel through September 30, 2006 * 2006 production numbers reflected as of September 30, 2006 Me Ins OF; >teum
Slide 12: Product Mix — Retail
| Product Mix — Retail Opteum Financial Services: Retail Production by Product Year-to-Date through September 30, 2006 2nds $69.67M Subprime 5% $312.61M 21% A $4.77M—| 0% Alt A $314.13M- 21% Total Retail Production = $1,499.72M A Paper $798.54M 53% ‘ "" Opteum A ak mM“ 3,€ Opteum
Slide 13: Product Mix — Wholesale
| Product Mix — Wholesale 9 Opteum Financial Services: Wholesale Production by Product Year-to-Date through September 30, 2006 2nds APaper Sioocum-, — $1881M——«S251M oi 12% 0% ke \ $39.19 —_ <a 3% AltA, $1,006.62M 76% Total Wholesale Production = $1,324.97M Me In Opteum OF; teum
Slide 14: Product Mix - Conduit
Product Mix - Conduit ‘0 Opteum Financial Services: Conduit Production by Product Year-to-Date through September 30, 2006 A nds $7.69M $40.58M 0% 2% Alt A, $1,832.89M 98% Total Conduit Production = $1,881.16M.
Slide 15: Warehouse Capacity
| Warehouse Capacity 11 UBS Committed! Uncommitted ‘Uncommitted Maturity (On Demand §750,000,000 RFC Committed 11/30/2006 $10,000,000 JPMorgan Chase(!) Committed 5/30/2007 §1,000,000,000 Colonial Bank Uncommitted On Demand $70,000,000 Citigroup Committed 2128/2007 §1,000,000,000 FNMA ASAP Uncommitte
Slide 16: Five Star Series
12 te tea FIVESTARSERIES’ IVESTARSERIES © Credit Grade: Alt'A’ Credit Grade: 'A-' FIVESTARSERIES ©
Slide 17: Opteum Products - Underwriting Overview
| Opteum Products - Underwriting Overview 8 + 7 Documentation Types te = Full Documentation x << FIVESTARSERIES * - Limited Documentation we ALT ‘A’ PROGRAM - Stated Income / Verified Assets (SIVA) - No Income / Verified Assets (NIVA) - Stated Income / Stated Assets (SISA) - No Income / No Assets (N
Slide 18: Opteum Products - Underwriting Overview
| Opteum Products - Underwriting Overview “ * Qualifying Ratios (Including VO) LTV /CLTV. Bence FIVESTARSERIES* Greater than 80%: 45% wot a basin 70.01- 80% 50% Less than or equal to 70% 55% + Credit Score Requirements: - Minimum credit score is 620 for Primary Wage Eamer, - Loan Amounts > $1M requi
Slide 19: Opteum Products - Underwriting Overview
| Opteum Products - Underwriting Overview % + Revolving: Disregard all lates: xe > FIVESTARSERIES * + Installment: LTV / CLTV >90% max 1 x 30 in last 12 months; *& *& ad Se N eS + Foreclosures: None in last 3 years. Loan Amounts > $1MM- None in last 4 years; + Bankruptcies: Discharge 2 years with go
Slide 20: Opteum Products - Underwriting Overview
| Opteum Products - Underwriting Overview 16 * > FIVESTARSERIES * we EXPANDED A- PROGRAM + 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 Owner Occupied; 1 Uni
Slide 21: Opteum Products - Underwriting Overview
| Opteum Products - Underwriting Overview " * * > FIVESTARSERIES * we EXPANDED A- PROGRAM + 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 mini
Slide 22: Opteum Products - Underwriting Overview
| Opteum Products - Underwriting Overview 8 xe > FIVESTARSERIES * + Maximum LTV: 95% / maximum CLTV 100%, we EXPANDED A- PROGRAM + Debt Ratios: 50%, will allow up to 55% debt to income ratio with one compensating factor, + Mortgage Insurance: Not Required; + Appraisals: All loans require a full appr
Slide 23: Exception Process
| Exception Process 19 The following exceptions on all products require management approval: Regional Underwriting Managers: Opteum’s Chief Credit Officer: * Debt to Income Ratios + Any exception to guideline on investor occupancy + Minimum trade lines + Purpose + Reserves + Occupancy + Employment H
Slide 24: Year-End Exceptions
| Year-End Exceptions 20 » Ta y — Opteum 2005 WHOLESALE EXCEPTIONS - FIVE STAR PRODUCTS Number of Units: 675
Slide 25: Year-End Exceptions
| Year-End Exceptions 21 ‘ Me a > % "" Opteum 2005 RETAIL EXCEPTIONS - FIVE STAR PRODUCTS RESERVES LOAN AMOUNT 2 at MTG/RENT EXCEPTIONS a PROP PRIOR LUSTING MISCELLANEOUS LAND/OR FORECLOSURE: urvreuTv. on 5% casHouT 1% # OF MTGS Wy OPTEUM t% 5 STAR EXPANDED ELIGBLE 0% 4 OF PROPERTIES 1% CREDIT SCORE
Slide 26: Core Logic Loan Safe
| Core Logic Loan Safe oe Loan Risk Assessment Tool IDENTITYPRO™ THIRDPARTYSCORECARD® HistorYPRo® Examines prior address history Provides Zip Code Based Market analysis Flip/Fraud detection for patterns and inconsistencies, Collateral Risk Measurement Chain of Title Sales & Loan History Borrower Sal
Slide 27: Core Logic Loan Safe
| Core Logic Loan Safe 23 HistoryPRO Risk Levels LOW RISK Score = 0 MEDIUM RISK Score = 1-9 HIGH RISK Score = 10-25 Loan Safe Risk Levels LOW RISK Score = 0 MEDIUM RISK Score = 1-9 HIGH RISK Score = 10-25 A LoANSareE: Zip Code Risk Levels LOW RISK Score = 0 MEDIUM RISK Score -5 HIGH RISK Score = 6-2
Slide 28: The Opteum Zone (OZ)
| The Opteum Zone (OZ) 24 opreumzone OPTEUM’S AUTOMATED UNDERWRITING ENGINE + Standardization & efficiency of Underwriting Processes + Risk Analysis Underwriting + Robust and Flexible Engine + Improved Efficiencies with Decreased Costs + Improved Time Efficiencies nya 3 Ane a Opteum Opteum
Slide 29: The Opteum Zone (OZ)
| The Opteum Zone (OZ) 25 fication *Pre-Qualification Madute in production June 2005 *Determine all programs that best ft applicant Disposition disclosing conditions as mandated hy a selected loan program *Administrative components that manage eligibility conditions and reasons for ineligibility Ine
Slide 30: Opteum Mortgage Acceptance Corp.
26 Opteum Mortgage Acceptance Corp. Securitizations Issued
Slide 31: Securitizations through October 2006
|_Opteum Mortgage Acceptance Corp - Securitizations through October 2006 ae HMAC 2004-4 HMAC 2004-2 HMAC 2004.3. HMAC 2004-4 HMAC 2004-5 HMAC 2004.6 (final Balance $800,848,147.00 087,791,246.00 | 9417.086.302.00 940, 125,328.00 949,874,782.00 $761,028,601.00 Chose Date ‘aro 6, 2004 May 10, 2004 “ha
Slide 32: Securitizations through October 2006
Opteum Mortgage Acceptance Corp — Securitizations through October 2006 OPMAC 20054 OPMAC 20052 OPMAC 2005-3 OPMAC20054 OPMAC 20055 OPMAC 20064 OPMAC 20082 gina Blane 202.825.1070 | seegoee.sez00 | seor.sie.zoa00 | 1.221.708.0000 | sne.ee2e06.00 | su24.1.048.00 01 871.900 ese One Tawar #2008 "on, 200
Slide 33: Interest Only Analysis
| Interest Only Analysis 29 Total Securitized Interest Only (As a subset of the Total Securitized) ‘Amount 9.4 Billion 6.7 Billion Loan Amount 262,702 284,875 FICO 695 700 uv 76.6% 76.4% cL 84.3% 86.9% % ARM 60% 88% % Fixed H% 22% SFR 83% 86% Condo 9% 9% 2-4 Unit 8% 8% Purchase 51% 64% RatefTerm Ref
Slide 34: Issuance Summary By Deal Name
| Issuance Summary By Deal Name 30 UPB Issue hiisant Gross WAC Net WAC WACLTV HMAC 2004-1 309,846,147 6114 5.634 81.64 84.67 683 HMAC 2004-2 | 387,791,248 5,569 5.296 17.36 81.32 692 HMAC 2004-3 | 417,056,302 5.529 5244 77.00 81.89 692 HMAG 2004-4 | 410,125,326 5.960 5.620 79.60 8472 690 HMAC 2004-6
Slide 35: Security Performance
| Security Performance 32 Name Period CPR 60 Day 90 Day DQ DQ HMAC 2008-4 Es 31.50% 17% 3% 355% 225% 181% Tunez | 2 soas% am 73% 755% 776% 776% vaaac 2008s | 28 wear 10% 10% oon 78% 7% Twacmoaa | 2 ware ao a 77% 76% oo vaaac 2008s | 28 cee 20% me em 75% 707% Tacmos | ware 73% 1% 7 22% 765% cpwac 200
Slide 36: Senior Management Bios
33 Senior Management Bios
Slide 37: Senior Management Bios
7 34 Senior Management Bios Jeffrey J. Zimmer President, Chief Executive Officer and Chairman of the Board Opteum Inc. (formerly Bimi i Mortgage Management) Jeffrey J. Zimmer is the President and Chief Executive Officer of Opteum Inc. Most recently, he was a Managing Director for the Mortgage-Backed
Slide 38: Senior Management Bios
7 35 Senior Management Bios Peter R. Norden President, Chief Executive Officer and Co-Head of Capital Markets Opteum Financial Services, LLC Senior Executive Vice President Opteum Inc. (formerly Bimi i Mortgage Management) Peter R. Norden is President and Chief Executive Officer of Opteumn Financial
Slide 39: Senior Management Bios
7 36 Senior Management Bios Robert E. Cauley e Chairman, Senior Executive Vice President, Chief Investment Officer and Chief Financial Officer Opteum Inc. (formerly Bimini Mortgage Management) Senior Executive Vice President and Co-Head of Capital Markets Opteum Financial Services, LLC Robert E. Cau
Slide 40: Senior Management Bios
Senior Management Bios al Martin J. Levine Executive Vice President and Chief Operations Officer Opteum ancial Services, LLC Mattin J. Levine currently serves as Executive Vice President and Chief Operations Officer of Opteum Financial Services, LLC, a company he launched with Peter Norden in 1999.
Slide 41: Senior Management Bios
7 38 Senior Management Bios Rick E. Floyd Executive Vice President and National Production Manager Opteum ancial Services, LLC Rick E. Floyd sees as Executive Vice President and National Production Manager of Opteurn Financial Services, LLC. In this role, he is responsible for all aspects of Loan Of
Slide 42: Senior Management Bios
7 39 Senior Management Bios Timothy P. O’Neill Senior Vice President and Chief Accounting Officer Opteum Financial Services, LLC 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 inte
Slide 43: Senior Management Bios
7 40 Senior Management Bios Jeff Pancer Senior Vice President and Capital Markets Manager Opteum Financial Services, LLC Jeff Pancer leads the capital markets group and is responsible for hedging mortgage pipelines, providing daily pricing of all mortgage products and overseeing the mortgage backed
Slide 44: Senior Management Bios
7 “1 Senior Management Bios Mary Glass-Schannault Senior Vice President and Managing Director of Structured Finance Opteum Financial Services, LLC Ms. Schannault serves as EVP of Opteum Funding (Conduit); SVP, Wester Regional Manager, Wholesale and Retail operations and production; and Managing Dire
Slide 45: Senior Management Bios
Senior Management Bios 42 ‘ we ae "" Opteum Grace Currid Senior Vice President and Chief Credit Officer Opteum Financial Services, LLC Grace Curtid serves as Senior Vice President and Chief Credit Officer. She is responsible for managing all aspects of Opteum's lending and credit policies and proced
Slide 46: Opteum Product Matrices
43 Opteum Product Matrices
Slide 47: Five Star Series
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Slide 48: Five Star Series
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Slide 49: Five Star Series
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Slide 50: Five Star Series
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Slide 51: Five Star Series
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Slide 52: Five Star Series
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Slide 53: Five Star Series
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Slide 54: Five Star Series
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Slide 55: Five Star Series
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Slide 56: Five Star Series
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Slide 57: Appraisal Reviews
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Slide 58: Five Star Series
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