Bimini Capital Management, Inc. · OTC:BMNM
Bimini Capital Management — Bimini Mortgage Management — Debt Investor Presentation (January 2006)
57 slides from Bimini Capital Management's debt investor presentation, Jan 31, 2006
Slide 1: Bond Investor Presentation January 2006
onlin FINANCIAL SERVICES. BOND INVESTOR PRESENTATION January 2006 , rsyon og EP ieee
Slide 2: Forward-Looking Statement
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 man
Slide 3: Table of Contents
Table of Contents COPTEUM CORPORATE OVERVIEW Fab A Cae ii) + Corporate Orgoization Page? + Pofile & History Page3-4 + Origination Channels Pages + Production Pages-11 oPTEUM PRODUCTS Tob B Page 12:24) + The Five Str Series Page 13-16 + The Five Star Series Expanded Page 17-19 + Opteum Exception Proc
Slide 4: Corporate Overview
NBIMINt a Corporate Overview Opteum
Slide 5: Corporate Organization
| Corporate Orga NBIMINI Opteum Financial Services Gy (Awholly owned taxable subsidiary) Acceptance Corp.
Slide 6: History
History 1999 2004 2005 Fomaton of Homestar ‘Changed name to Optoun ‘iin Mortgage Management (REIT NYSE Symbot EMM) Mortgage Servers, LLC Financial Services, LLC purchased Optoun Financial Services as wholy owned (Privately Held) ubsiiary in November 2008
Slide 7: Profile
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 Bilion; and 2003: $2.8 Billion; 2002: $1.2 Billion, $7
Slide 8: Origination Channels
Origination Channels . At Opteum
Slide 9: Fiscal 2005 Production Summary
Fiscal 2005 Production Summary _ + Through December 31, 2005, Opteum Closed 6 7 Billion Dollars of Residential Mortgages Prod ns Loan Amount FRNA PALME 2708 58,751 552 78% FAVA 1 BSA 3 Ten cone 7084 385390 51% Prine ARM 8 106236817 18% ATA ee 51 988 oy Expand A Sare 7260 70,699.59 104% Second lan Ti
Slide 10: Production by Channel
Production by Channel em Row rdens +2005 etses ceed an postin er 13 morte ered Daconber 31 NBIMINI
Slide 11: Product Mix — Retail
Product Mix — Retail Optoum Financial Services: Retail Production by Product earto-Date through December 31,2005, Total Reta Production =$2.2746 NBIMINt = Laby Opteum
Slide 12: Product Mix — Wholesale
Product Mix — Wholesale ‘Opteum Financial Services: Wholesale Production by Product Year t0Date through December 31,2005, Opteum
Slide 13: Product Mix — Conduit
Product Mix — Conduit ‘Opteum Financial Services: Condut Production by Product Year t0Date through December 31,2005, Tot Condit Produstin = $2980 Opteum
Slide 14: Warehouse Capacity
Warehouse Capacity ‘Committed! Uncommitted Maturity Oni ones 8s Uncoreites ‘OnDemand ‘Ong orf $750,000,000| REC Coneited 77292006 On ‘700,900,000 CHASED Comenited 172872008 On 150,000,000 Colonial Bank ‘enmited— Working Capa e006 On $82,500,000, Coloial ani Conenited 5302006 on $204.00, Colonial Ban
Slide 15: Five Star Series
FIVESTARSERIES” FIVESTARSERIES FIVESTARSERIES Credit Grade: Alt'A’ Credit Grade: ‘A 5 O Opteum % Ae
Slide 16: Opteum Products - Underwriting Overview
Opteum Products - Underwriting Overview + 6 Documentation Types faze Full Documentation on Pad FIVESTARSERIES © Stated Income / Verified Assets (SIVA) BS ‘Ar a eroanan ‘No Income / Verified Assets (NIVA) ~ Stated Income / Stated Assets (SISA) No Income / No Assets (NINA) ‘No Income / No Employment /
Slide 17: Opteum Products - Underwriting Overview
Opteum Products - Underwriting Overview + Qualifying Ratios (Including iO) LTV / CLTV: Greater than 80%: 45% 70.01- 80%: 50% ALTA’ PROGRAM Less than or equal to 70%. 55% + Credit Score Requirements = Minimum credit score is 620 for Primary Wage Eamer, = Loan Amounts > $1M require 680 credit score fo
Slide 18: Opteum Products - Underwriting Overview
Opteum Products - Underwriting Overview * >* FIVESTARSERIES * + Revolving / Installment. Disregard all lates Mor piempeotre, + Foreclosures: None in last 3 years. Loans > $1M, no BKIFC in last 7 years, + Bankruptcies: Discharge 2 years with good re-established andior re-affimmed credit. Minimum of 3
Slide 19: Opteum Products - Underwriting Overview
Opteum Products - Underwriting Overview FIVESTARSERIES © ‘ALT '®* PROGRAM + Appraisal Reviews (cont ) Loan Amounts $500,000-999,099 Requires Enhanced Field Review regardless of LTV = Loan Amounts => $1M requires 2 Full Appraisal ordered by Opteum or Conduit Sellers 5 , AW Opteum ed Ane
Slide 20: Five Star Expanded A- Program Overview
Opteum Products - Underwriting Overview #Y * > FIVESTARSERIES © wrk EXPANDED A. PROGRAM + Purchase, Rate Term and Cash Out Transactions; + 30-Year Fixed Rate and 2/28 and 2/27 Adjustable Rate mortgages; + Prepayment penalties: 1~ 3 year hard prepay, + Interest Only available on adjustable, 0/0, 1 un
Slide 21: Five Star Expanded A- Program Overview
Opteum Products - Underwriting Overview «>< FIVESTARSERIES © ve EXPANDED A- PROGRAM + Credit History Trade Lines: 42 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 mon
Slide 22: Five Star Expanded A- Program Overview
Opteum Products - Underwriting Overview fk * >< FIVESTARSERIES * we EXPANDED A. PROGRAM + 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:
Slide 23: Exception Process
Exception Process ‘The following exceptions on all products require management approval: Regional Underwriting Managers: Opteum's Chief Credit officers: * Debtto Income Ratios + Any exception to guideline on investor occupancy + Minimum trade lines + Purpose + Reserves, + Occupancy + Employment Hist
Slide 24: Year-End Exceptions
Year-End Exceptions 2005 WHOLESALE EXCEPTIONS # . 5 AH Opteum ed Ane
Slide 25: Year-End Exceptions
Year-End Exceptions 2005 RETAIL EXCEPTIONS. 4 NBIMINI
Slide 26: Core Logic: collateral risk assessment
Core Logic M: collateral risk assessment
Slide 27: The Opteum Zone (OZ)
The Opteum Zone (OZ) ye mans opreumzone OPTEUM'S AUTOMATED UNDERWRITING ENGINE + Rules-based engine designed with logic, compensating factors, and risk grading + OZutlizes the S&P Levels for Risk Grading for loans originated to Five Star (AltA) and Five Star Expanded (A.) + Release Stage 1 - Pre-Qua
Slide 28: Opteum Mortgage Acceptance Corp.
Opteum Mortgage Acceptance Corp. Securitizations Issued NBIMINt 25 Opt
Slide 29: Securitizations thru December 2005
Opteum Mortgage Acceptance Corp — Securitizations thru December 2005 = eS bere enseane sev seen 00 sere 20000 parame exsecrerco bocarial enn Reset eranenes vom sionre00
Slide 30: Securitizations thru December 2005
Opteum Mortgage Acceptance Corp ~ Securitizations thru December 2005 st ct amen a cor Teac mae | mya | pane | ae | nm | om te mansec | — smovenm | saramane | emanero | twnzosuwo | saree low ‘omome | ‘oanem| ‘une | ‘wansre | “tamsem| “pana cae “womosrae | “ezwrsuan | “rarramoo | “auaoaaezco | “eamarn
Slide 31: Interest Only Analysis
| Interest Only Analysis interest Onh Total Securitized tie) ‘Amount or oan nat Ew 0. oy ov 7a0% av warm reed 2 oe eens oc aoe % Ratererm Rel me 7% Pray Resaence co oo Prone me = Treeatnert Propet om rE 10 Vow terest Gry rr om “re Naty Barone ee Boe On) oo oa Tech OPHAG 20054
Slide 32: Issuance Summary By Deal Name
Issuance Summary By Deal Name UPB Issue Haden, Net WAC WALTV races] 50846847 one seu or oe? c= Pe eS 350 oe 7s ae @ Waacmoes | Tessa 358 a 770 cry cy Wace | ONS 30 eo 7360 cr c= Tacmees | aararee oo Soe 7H co = Weacmocs | Tense om a om wae cy ‘ewaczons1 | w226)57 tar oe Teo co = couacames | _ waran6
Slide 33: Katrina Exposure
Katrina Exposure _ ALL STATES" AL, LA, MS ONLY Investor Loan Bala Lean urrentDeal_ %of Deal Name Count Count Balance Balance maact < 0212131 mcr 20252131 so0s7esssoo | O2ts% rane? a Eo mace 7 EE Ea Mead mae Sa Esc Tacs 7 wn epnssome | oem vace | | seer Taine 7 oor re es Me od rma | tawanss | saaeenm
Slide 34: Collateral Detail - thru December 2005
Collateral Detail - thru December 2005 = = = = = : OF; term ed Ane
Slide 35: Security Performance
‘Security Performance Name Period Total DO) 2041 2 or 03% 00% 108% 340% 130% 18% Ered 9 Be ome 0% 1 Tem Ore 7% Ee} @ aa on tam TH a Te oe ara 7 we Done ome Oe Te Tao 02% Hee ry =a os ors ro ome ry oa 3057 3 rs 0% rg mm om ry 0am 7055 e 67 05% 000% 05% or 04% 00m wees 7 aa org tam 7 oa ae oa Ezy 7 me
Slide 36: Senior Management Bios
NBIMINt 33 Senior Management Bios = Laby Opteum
Slide 37: Senior Management Bios
Senior Management Bios Jeff Zimmer Chairman, Chief Executive Officer, President and Founder Bimini Mortgage Management ofirey J, Zimmer is ow Chairman, Chief Executive Officer, President and one of our founders. He was most recently @ Managing Director inthe Mortgage: Backed and Asset Backed Departm
Slide 38: Senior Management Bios
Senior Management Bi 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 recordin the mortgage banking industry. In 1975, d he began his career a¢ senior autor fr Newark,
Slide 39: Senior Management Bios
Senior Management Bios 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, Paolo Manager at Federate
Slide 40: Senior Management Bios
Senior Management Bios Martin J. Levine Executive Vice President and Chief Operations Officer Opteum Financial Services Matin J. Levine, a Certfed Public Accountant, has an extensive background with major fins including Touche Ross and Company, Coopers and Lybrand, Kenneth Leventhal and Company and
Slide 41: Senior Management Bios
Senior Management Bi Rick E. Floyd Executive Vice President and National Produc Opteum Financial Services n Manager Rick E, Floyd joined Opteum Financial Services in 2001 (under the Homestar Mortgage Services ame) As a partner operating in the capacity of Executive Vice President / National Producti
Slide 42: Senior Management Bios
Senior Management Bios Timothy P. O'Neill Chief Accounting Officer Opteum Financial Services Tin O'Neil ie a Cetiied Pubic Accountant who has a wide range of experience inthe financial word He began his career working for public accounting fis and an international manufacturer of at supplies. Eventu
Slide 43: Senior Management Bios
r Management Bios Jeff Pancer Senior Vice President — Capital Markets Opteum Financial Services Jeff Pancer has been wth Opteum since June 1999 (under the Homestar Mongage Services name). ‘As Senior VP ~ Secondary Marketing, eis responsible fr hedging mortgage pipelines, providing dally pricing ofal
Slide 44: Senior Management Bios
Senior Management Bios Mary Glass-Schannault Managing Director of Structured Finance and Senior Vice President Opteum Financial Services Mary Glass-Schannautt has been with Opteum since October 2002 (formerly Homestar Mortgage Services). Ms. Schaunnaul is recognized in the mortgage industy for being
Slide 45: Senior Management Bios
Seni r Management Bios Grace Currid Senior Vice President and Chief Credit Officer Opteum Financial Services Grace Curtd serves as Senior Vice President and Chief Credit Offcer. She is responsible for ‘managing all aspects of Opteum’s lending and credit policies and procedures. As pat ofthis respons
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Slide 47: Opteum Product Matrices
NBIMINt 44 Opteum Product Matrices
Slide 48: Five Star Series Product Matrix
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Slide 49: Five Star Series Product Matrix
as Opteum ae ia) FIVESTARSERIES' ee oe oo S|S/2el ee i/S/2s8leeli ls] 22les E/EIBRlRS| /Rl|E S/2 2/1 || 82) 2 3 a ame = Seles f/s(Se(ee 2 a H|2/R2)8 2 = BElE Ee E|/@) Re) 2 = a eee ea
Slide 50: Five Star Series Product Matrix
tao *s FIVESTARSERIES’ cum mK encanta) se.) aes |e ptt ast | aptoss al a ef eee ee ae gu looarie rete er Be. atoms |e eer elt ae le Pe ae M tox | 80% 95% oN sss tears lucene om i 5% Est iM | 70% som pod me me ca agen ee 34 | tae | ron con | com Cs es m | cox cox | ox a oe SSS Sane tte teeny cme ees
Slide 51: Five Star Series
Open “x FIVESTARSERIES:
Slide 52: Five Star Series Product Matrix
3K x FIVESTARSERIES’ Opteum faba’ reenter) ‘]Sleeleeli/2/22l2 2]: S/€2l 22 L/E/EB/BRI|B/2 8) 8)1)8)/ RR) es ca ea ced ja ne hatha aRtaEEH| Socom ferent en ces te V8 BENE gan ens al nae ra A Te Na Rc Nae TN Ca
Slide 53: Five Star Series Product Matrix
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Slide 56: Poge
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Slide 57: Searchable text section of graphics shown above
Searchable text section of graphics shown above [L OGO] BOND INVESTOR PRESENTATION January 2006 [LOGO] [GRAPHIC] Fo rward-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 re
Bimini Mortgage Management — Debt Investor Presentation (January 2006) on 6ix