Bimini Capital Management, Inc. · OTC:BMNM
Bimini Capital Management — Opteum — Debt Investor Presentation (January 2007)
59 slides from Bimini Capital Management's debt investor presentation, Jan 26, 2007
Slide 1: Bond Investor Presentation - ASF Conference
opin FINANCIAL SERVICES BOND INVESTOR PRESENTATION ASF Conference - Las Vegas January 28-31, 2007
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 - 25) + 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 taxable REIT subsidiary*) Acceptance Corp. * 92.5% ownership by Opteum Inc. Me ne wap Opteum
Slide 7: History
History 1999 2003 ry A Formation of Homestar ‘Opened Conduit Division ‘Mortgage Services, LLC Strategies: 1. Diversicaion 2) Channel ») Product 9) Geographic 2. Technology - develop an integrated origination platform 2004 Changed name to (Opteum Financial Services, LLC 2005 COpteum Ine. (REITINYSE S
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; 887 employees (as of December 31, 2006); + Nationwide originations with geographic diversification; Retail; Wholesale & Co
Slide 9: Origination Channels
Origination Channels > mW 4 ‘ a Ny Opteu
Slide 10: YTD Production Summary
4 6 | YTD Production Summary + Through December 31, 2006, Opteum closed $6.3 Billion Dollars of Residential Mortgages # Of Loans Loan Amount % Of Total FNMA FHLMC 3217 616,707,504 38% FRAT VA iat 701,078.90 32% Non- Conforming 632 199,392,934 31% Prime ARM 70 47,040 031 03% ALTA 13,607 4014,518,030
Slide 11: Production by Channel
| Production by Channel , OpteurFinarcid Serdcex Loan Procurtion by Channel through Dec errser 31, 2006 eno 2ono.00 ‘emo Loan a mount (000's) syom,o00 emo [eta Wholesale B Cond * 2006 production numbers reflected as of December 31, 2006
Slide 12: Product Mix - Retail
| Product Mix — Retail ‘Opteum Financial Services: Retail Production by Product Year-to-Date through December 31, 2006 2nds $87.97M Subprime oe $404.32M 21% A $5.45M APaper 3 $1,030.45M o% 53% AIA s4o7.34m— 21% Total Retail Production = $1,935.53M. ‘ "" Opteum Me a > a mM“ 3,€ Opteum
Slide 13: Product Mix - Wholesale
Product Mix — Wholesale 8 Opteum Financial Services: Wholesale Production by Product Year-to-Date through December 31, 2006 Subprime 2nds A Paper $160 40% $233.63M $3.32M 3% (| 12% 0% A $39.46M: 2% AIA $1,485.80M 78% Total Wholesale Production = $1,921.61M Me In Opteum OF; teum
Slide 14: Product Mix - Conduit
Product Mix — Conduit 10 Opteum Financial Services: Conduit Production by Product Year-to-Date through December 31, 2006 2nds A $112.10M AIA $2,328.57 95% Total Conduit Production= $2,449.65M
Slide 15: Financing Facilities
| Financing Facilities 11 Committed! Uncommitted Expiration Date Citigroupct) Committed 12M1.9/2007 §1,500,000,000 JPMorgan Chase) Committed 5/30/2007 §1,000,000,000 Colonial Bank Uncommitted None $70,000,000 FNMA ASAP Uncommitted None $10,000,000 TOTAL $3,300,000,000 Source: Company Data (() Includ
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: veae . - Full Documentation “exe PIVESTARSERIES = Limited Documentation - Stated Income / Verified Assets (SIVA) - No Income / Verified Assets (NIVA) - Stated Income / Stated Assets (SISA) - No Income / No Assets (NINA) - No Income
Slide 18: Opteum Products - Underwriting Overview
| Opteum Products - Underwriting Overview “ + Qualifying Ratios (Including VO} LTV: Poo Greater than 80% 45% ~~ FIVESTARSERIES 70.01- 80% 50% alas ALTA’ PROGRAM 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 % e + Revolving: Disregard all lates: woe FIVESTARSERIES - we {ALT ‘A’ PROGRAM + Installment: LTV # CLTV >90% max 1 x 30 in last 12 months; + Foreclosures: None in last 3 years. Loan Amounts > $1MM- None in last 4 years; + Bankruptcies: Discharge 2 years wit
Slide 20: Opteum Products - Underwriting Overview
| Opteum Products - Underwriting Overview 16 *, Purchase, Rate Term and Cash Out Transactions; * ¥ FIVESTARSERIES * ww EXPANDED A PROGRAM, 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 Unit o
Slide 21: Opteum Products - Underwriting Overview
| Opteum Products - Underwriting Overview 7 * Credit History Trade Lines: * - 12 months mortgage / rental history required on all doc types; - Full, Limited: LTV 290% or loans =$500K: 24 month credit history with minimum 2 trades paid as agreed, 1 with minimum 24 month history, 1 with minimum 6 mont
Slide 22: Opteum Products - Underwriting Overview
| Opteum Products - Underwriting Overview 8 we + Maximum LTV: 95% / maximum CLTV 100%; * > FIVESTARSERIES © ww 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 ap
Slide 23: Exception Process
| Exception Process 19 The following exceptions on all products require management approval: Corporate: Regional Operations Managers: + Loan Amount + Maximum number of mortgages +LTV and/or properties financed +cLTV + Mortgage History + Credit Score + Property Type (eligible & ineligible) * Debt to
Slide 24: Year-End Exceptions
| Year-End Exceptions 20 > a ‘ " Me a 2006 WHOLESALE /RETAIL EXCEPTIONS - FIVE STAR PRODUCTS o> Stan at pn, 0°56 17 Bunny 88 ones 6 LTV Boepton 196% Cash-out icepton 050% 1B Gilectens, geen ander Charge-ofts (36% Loan Arent Boeptin Exception, 2.16% 1 Reserves, 8803, 1 Grnsurer Cedt Bcepcn (Fevaing a
Slide 25: Year-End Exceptions
| Year-End Exceptions 21 080% ca Faseres ,278% 1 Property ception (pie Et ‘nde forecbsure) 260% im Paymer Shook Exception 25205, {piurber of Fropets Owned ception 1.11 smunber of Mortgages (nanced by Opteur) 0.10% Humber of Units 539 1354 Loan Amount Exoepon 2006 CONDUIT EXCEPTIONS - FIVE STAR PRODU
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. Securitizations Issued
26 Opteum Mortgage Acceptance Corp. Securitizations Issued
Slide 31: OPMAC Securitizations through December 31, 2006
|_ Opteum Mortgage Acceptance Corp - Securitizations through December 31, 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, 20
Slide 32: OPMAC Securitizations through December 31, 2006
Opteum Mortgage Acceptance Corp — Securitizations through December 31, 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
Slide 33: Issuance Summary By Deal Name
| Issuance Summary By Deal Name 29 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 34: Total Production Detail 2006
i ji 30 | Total Production Detail - from January 1, 2006 through December 31, 2006 Documentation Type Percentage Fico Score Percentage Full Doc O80" 5% Stated Incfverified Asset 660-679 14% Stated InciStated Asset 620-659 22% No Ratio 580-018 rr NINA 520-579 3% LTY Distribution Percentage State Dist
Slide 35: Security Performance
| Security Performance a Name Period 60 Day DQ 90 Day DQ HMAC 2006-1 $428,487 HMAC 2004-2 aI 37% 34% 126% 2.08% 185% 9,284 300 HMAC 2004-3 30 23% 42% 50% 2.50% 91% 828,852 HMAC 2004-4 a 35% 02% 700% 155% 107% 508,011 HMAC 2004-5 a 23% 44% 74% 240% 1.38% 123,897 HMAC 2004-6 28 28% 22% 41% 2.88% 2.32%
Slide 36: Senior Management Bios
32 Senior Management Bios
Slide 37: Senior Management Bios
7 33 Senior Management Bios Jeffrey J. Zimmer Chairman, President & Chief Executive Officer Opteum Inc. (formerly Bimi i Mortgage Management) Jeffrey J. Zimmer is the Chairman, President & Chief Executive Officer of Opteum Inc. Most recently, he was a Managing Director for the Mortgage-Backed and As
Slide 38: Senior Management Bios
Senior Management Bios 34 ‘ we ae " Opteum Robert E. Cauley e Chairman, Senior Executive Vice President, Chief Financial Officer and Chief Investment Officer Opteum Inc. (formerly Bimini Mortgage Management) Senior Executive Vice President and Co-Head of Capital Markets Opteum Financial Services, LL
Slide 39: Senior Management Bios
7 35 Senior Management Bios Peter R. Norden Senior Executive Vice President Opteum Inc. (formerly Bimi i Mortgage Management) President, Chief Executive Officer and Co-Head of Capital Markets Opteum Financial Services, LLC Peter R. Norden serves on the Board of Directors of Opteurn Inc, and is Presi
Slide 40: Senior Management Bios
7 36 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 41: Senior Management Bios
Senior Management Bios 37 ‘ " Opteum we ae G. Hunter Haas IV Senior Vice President & Head of Mortgage Research and Trading Opteum Inc. formerly Bimini Mortgage Management) Senior Vice President & Co-Chief Operating Officer Opteum ancial Services, LLC G. Hunter Haas serves as Senior Vice President an
Slide 42: Senior Management Bios
Senior Management Bios 38 ‘ we ae " Opteum Robert Filiberto Senior Vice President & Co-Chief Operating Officer Opteum ancial Services, LLC Robert (Bob) Filiberta serves as Senior Vice President & Co-Chief Operating Officer, responsible for Opteum’s Servicing Division, Post Closing and the nationwide
Slide 43: 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 44: 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 45: 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 46: 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 47: Opteum Product Matrices
43 Opteum Product Matrices
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: Five Star Series
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Slide 58: Appraisal Reviews
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Slide 59: Five Star Series
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