FWP 1 p06-0879.htm OPTEUM MORTGAGE ACCEPTANCE CORP Unassociated Document
Presentation: October ‘04
 
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 encouraged to read the base prospectus in that registration statement and other documents the issuing
entity has filed with the SEC for more complete information about the issuing entity and this offering. You
may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the
Depositor will arrange to send you the base prospectus if you request it by calling (toll-free) 1-866-454-3099.

This free writing prospectus is not required to contain all information that is required to be included in the
base prospectus.

The information in this free writing prospectus is preliminary and is subject to completion or change.

The information in this free writing prospectus, if conveyed prior to the time of your commitment to purchase,
supersedes information contained in any prior similar free writing prospectus relating to these securities.

This free writing prospectus is not an offer to sell or a solicitation of an offer to buy these securities in any
state where such offer, solicitation or sale is not permi
tted.

Free Writing Prospectus
 
Statements herein relating to matters that are not historical facts are forward-looking statements as defined
in 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 such forward-looking statements.

     Important factors that could cause such differences are described in Opteum Inc.'s filings with the
                                Securities and Exchange Commission, including Opteum Inc.'s most recent Annual Report on
                                Form 10-K or Quarterly Report on Form 10-Q.

Opteum Inc. assumes no obligation to update forward-looking statements to reflect subsequent results,
changes in assumptions or changes in other factors affecting forward-looking statements.
Forward-Looking Statement
 
Table of Contents
OPTEUM CORPORATE OVERVIEW
Tab A (Page 1 - 11)
   Corporate Organization
   Profile & History
   Origination Channels
   Production
Page 2
Page 3 - 4
Page 5
Page 6 - 11
   The Five Star Series
   The Five Star Series Expanded
   Opteum Exception Process
   Core Logic Loan Safe
   The Opteum Zone (OZ) – Opteum’s AUE for Alt ‘A’, A- and Second Alt ‘A’
Page 13 - 15
Page 16 - 18
Page 19 - 21
Page 22 - 23
Page 24
OPTEUM PRODUCTS
Tab B (Page 12 - 24)
OPTEUM MORTGAGE ACCEPTANCE CORP. (OPMAC)
Tab C (Page 25 - 31)
SENIOR MANAGEMENT BIOS
Tab D (Page 32 - 41)
OPTEUM PRODUCT MATRICES
Tab E (Page 42 - 53)
 
Corporate Overview
1
 
Corporate Organization
2
 
History
3
 
Profile of Opteum Financial Services, LLC
   Subsidiary of NYSE publicly traded company - NYSE: Opteum Inc. (OPX)
   Strong & experienced executive management team; 1,011 employees;
   Nationwide originations with geographic diversification; Retail; Wholesale & Conduit;
   Originations: 1st Quarter 2006 - $1.3 Billion;
                                    2005 - $6.5 Billion;
                                    2004 - $5.1 Billion;
                                    2003 - $3.0 Billion;
   $8.4 Billion Servicing Portfolio as of March 2006;
   Issued securitizations in the amount of $8.6 Billion - OPMAC (previously HMAC);
   Technology driven company.  All origination channels incorporate integrated systems throughout operations
                                 with edits that insure compliance for regulatory and predatory lending requirements;
   $3.0 Billion in credit lines currently available to fund production;
                                    
4
 
Origination Channels
5
Wholesale Division:  
Regional Offices (2)
Branch Offices (4)
Retail Division:  
Branch Offices (29)
Conduit Division:  
National Office (1)
 
1Q06 Production Summary
2.8%
35,558,982
142
Expanded A-
100.0%
1,290,270,107
5,986
TOTAL
6.1%
78,946,316
400
Brokered Loan
0.2%
2,342,550
8
Negative Am ARM
5.6%
72,505,012
1,151
Second Liens
6.2%
79,625,969
390
Subprime
58.0%
749,456,233
2,514
ALT A
0.5%
6,536,262
25
Prime ARM
4.1%
52,816,540
174
Non-Conforming
4.7%
60,494,764
384
FHA / VA
11.8%
151,987,479
798
FNMA / FHLMC
  Through March 31, 2006, Opteum closed $1.3 Billion Dollars of Residential Mortgages
Product
# Of Loans
Loan Amount
% Of Total
6
 
Production by Channel
7
$526M
$1,481M
$3,038M
$5,136M
$6,486M
$1,290M
* 2006 production numbers reflected as of March 31, 2006
 
Product Mix – Retail
8
Total Retail Production = $497M
 
Product Mix – Wholesale
9
Total Wholesale Production = $368M
 
Product Mix – Conduit
10
Total Conduit Production = $425M
 
Warehouse Capacity
11
$200,000,000
On
On Demand
Uncommitted
Greenwich Capital
$50,000,000
On
10/31/2006
Committed – Working Capital
Citigroup
$1,000,000,000
On
2/28/2007
Committed
Citigroup
$100,000,000
Off
On Demand
Uncommitted
FNMA ASAP
$82,500,000
On
5/30/2006
Committed – Working Capital
Colonial Bank
$284,500,000
On
5/30/2006
Committed
Colonial Bank
$150,000,000
On
5/30/2006
Committed
JPMorgan Chase(1)
$250,000,000
Off
On Demand
Uncommitted
Colonial Bank
$100,000,000
On
5/31/2006
Committed
RFC
$2,967,000,000
TOTAL
$750,000,000
On & Off
On Demand
Uncommitted
UBS
Name
Committed/
Uncommitted
Maturity
On / Off BS
Source:  Company Data                (1) Includes sublimit of $10.0 million for Servicing
Total
 
Credit Grade:  ‘A-’
Credit Grade:  Alt ‘A’
12
 
   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)
   30 & 15 Year Fixed rate, 40/30 due in 30; 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 40/30 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%
                                
Opteum Products - Underwriting Overview
13
 
Opteum Products - Underwriting Overview
   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:
   Full Doc: 620 credit score required for Primary Wage Earner; Reserves: < $1MM – 2 months PITI
   SIVA: 660 credit score required for All Borrowers; Reserves: 4 months PITI required
                                                                      
14
 
Opteum Products - Underwriting Overview
   Revolving:  Disregard all lates;
   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 with good re-established and/or re-affirmed credit.  Minimum of 3 trades required;              
                            Loan Amounts >$1MM – None in last 4 years;
                                    
   Appraisals:  All loans require a full appraisal in compliance with Fannie / Freddie requirements & State requirements
   Appraisal Reviews* :  
                                -  Owner Occupied / 1-2 Units and Second Homes:
   LTV >90% - Enhanced Desk Review
   Combined Loan Amount of $500,000 to $999,999 – Enhanced Desk Review                         
   Combined Loan Amounts >=$1MM – Second Full Appraisal required
                                 -  Non-Owner Occupied 1-4 Units and Owner Occupied 3-4 Units:
   Up to $500,000 Loan Amount or LTV / CLTV of 95% - Enhanced Desk Review
   LTV / CLTV >95% or Combined Loan Amounts of $500,000 to $999,999 – Enhanced Field Review
   Loan Amounts >=$1MM – Second Full Appraisal required

* Appraisal Review Requirements are the same for Five Star Expanded.
15
 
   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 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

                                                                    
Opteum Products - Underwriting Overview
16
 
   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:  $800,000;
Opteum Products - Underwriting Overview
17
 
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;
                                    
   Appraisals:  All loans require a full appraisal in compliance with Fannie / Freddie requirements & State requirements
   Appraisal Reviews* :  
                                -  Owner Occupied / 1-2 Units and Second Homes:
   LTV >90% - Enhanced Desk Review
   Combined Loan Amount of $500,000 to $999,999 – Enhanced Desk Review                         
   Combined Loan Amounts >=$1MM – Second Full Appraisal required
                                 -  Non-Owner Occupied 1-4 Units and Owner Occupied 3-4 Units:
   Up to $500,000 Loan Amount or LTV / CLTV of 95% - Enhanced Desk Review
   LTV / CLTV >95% or Combined Loan Amounts of $500,000 to $999,999 – Enhanced Field Review
   Loan Amounts >=$1MM – Second Full Appraisal required

* Appraisal Review Requirements are the same for Five Star Alt A.
18
 
Exception Process
The following exceptions on all products require management approval:
Regional Underwriting Managers:           
                                    
Debt to Income Ratios       
Minimum trade lines
Reserves
Employment History
Payment Shock                          
Opteum’s Chief Credit Officer:                     
                                
Any exception to guideline on investor occupancy   
Purpose
Occupancy
LTV / CLTV
Credit Score
Maximum # of mortgages
Mortgage History
Property Type
                                    
All exceptions are reported into Opteum Origination System.
19
 
Year-End Exceptions
20
Number of Units: 675
 
Year-End Exceptions
21
Number of Units: 695
 
Core Logic Loan Safe
22
Market analysis Flip/Fraud detection
Chain of Title Sales & Loan History
Loan Risk
Assessment
Tool
Examines prior address history
for patterns and inconsistencies,
Borrower Sales/Loan history, Alerts
Provides Zip Code Based
Collateral Risk Measurement
for Lender and Industry
 
Core Logic Loan Safe
23
Loan Safe Risk Levels
LOW RISK Score = 0
MEDIUM RISK Score = 1-9
HIGH RISK Score = 10-25
HistoryPRO Risk Levels
LOW RISK Score = 0
MEDIUM RISK Score = 1-9
HIGH RISK Score = 10-25
Borrower Risk Levels
LOW RISK Score = 0
MEDIUM RISK Score = 1-9
HIGH RISK Score = 10-25
Zip Code Risk Levels
LOW RISK Score = 0
MEDIUM RISK Score = 1-5
HIGH RISK Score = 6-25
 
The Opteum Zone (OZ)
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-)
   Phase 1 –  Pre-Qual released May ’05 to wholesale & conduit channel
   Phase 2 –  Underwriting Decision Engine releasing in July ’06
   Phase 3 – Destiny Interface to OZ
   Phase 4 – Core Logic; Mortgage Insurance; Fraud Check List
   Phase 5 –  Private Label for Conduit Clients


24
 
Opteum Mortgage Acceptance Corp.
Securitizations Issued
25
 
Opteum Mortgage Acceptance Corp – Securitizations thru March 2006
40.84%
68.32%
62.72%
$661,448,582.00
$13,580,180.00
$51,317,831.00
$34,680,098.00
$226,419,814.00
$43,686,158.00
$325,665,601.00
$83,706,367.00
$77,665,615.00
$2,607,936.00
$1,275,200.000
686
81.300
November 19, 2004
$761,026,691.00
35.30%
78.39%
68.36%
$355,627,679.00
0
$44,043,766.00
$14,203,307.00
$130,103,752.00
$27,883,289.00
$141,783,825.00
$55,335,292.00
$54,476,221.00
$3,658,106.00
$634,267.00
690
79.340
October 1, 2004
$413,874,752.00
31.72%
32.47%
24.82%
44.54%
Prepay Speed
     Curr. Annualized  CPR
73.63%
62.46%
60.72%
37.45%
45.53%
17.70%
43.18%
43.15%
Prepay Type
     Total Prepay
     Hard Type Only
$354,733,529.00
0
$40,869,138.00
$14,522,658.00
$379,626,203.00
0
$37,429,099.00
0
$363,554,685.00
0
$24,236,560.00
0
$273,664,352.00
0
$36,181,795.00
0
Product Credit
     Alt A
     Expanded (A-)
     Subprime*
     Second Lien*
$100,946,691.00
$17,451,467.00
$141,354,408.00
$65,789,554.00
$75,316,889.00
$8,898,316.00
$368,000.00
$134,693,470.00
$21,432,084.50
$103,004,081.32
$59,666,419.76
$90,720,624.97
$6,469,822.51
$1,068,800.00
$114,345,346.00
$17,328,194.00
$113,142,568.00
$51,137,778.00
$85,878,609.00
$5,606,750.00
$352,000.00
$74,565,674.00
$45,576,295.00
$121,797,275.00
$16,160,180.00
$50,542,803.00
$951,920.00
$252,000
Product Type
     Fixed
     ARM 6 ML
     ARM 2/6
     ARM 3/6
     ARM 5/6
     ARM 7/6
     ARM 10/6
690
692
692
683
Credit Score
79.600
77.000
77.350
81.640
LTV
August 17, 2004
July 1, 2004
May 10, 2004
March 5, 2004
Close Date
$410,125,325.00
$417,055,302.00
$387,791,245.00
$309,846,147.00
Original Balance
*  Opteum no longer securitizes Subprime products (starting with OPMAC 2005-2) and seconds (the last one in OPMAC 2005-2).
HMAC 2004-1
HMAC 2004-2
HMAC 2004-3
HMAC 2004-4
HMAC 2004-5
26
  HMAC 2004-6
 
Opteum Mortgage Acceptance Corp – Securitizations thru March 2006
2.46%
76.4%
69.2%
$866,667,651.00
$119,994,945.00
0
0
$382,726,488.00
$8,555,720.00
$271,071,226.00
$34,560,586.00
$276,289,413.00
$10,314,613.00
$3,144,550.00
702
74.05
November 30, 2005
$986,662,596.00
13.52%
71.9%
64.0%
$1,182,426,818.00
$139,311,186.00
0
0
$499,220,444.00
$36,876,490.00
$331,095,370.00
$64,236,467.00
$343,255,360.00
$33,836,493.00
$13,217,380.00
701
75.59
August 25, 2005
$1,321,738,004.00
8.86%
16.71%
24.85%
39.69%
Prepay Speed
     Curr. Annualized  CPR
77.9%
76.2%
73.6%
69.5%
73.7%
69.9%
72.5%
69.9%
Prepay Type
     Total Prepay
     Hard Type Only
$855,170,413.00
$79,270,636.00
0
0
$921,181,705.00
$15,935,700.00
0
0
$854,593,388.00
$27,272,284.00
0
$2,122,890.00
$719,172,200.00
$9,242,685.00
$41,707,962.00
$32,502,290.00
Product Credit
     Alt A
     Expanded (A-)
     Subprime*
     Second Lien*
$420,381,670.00
$5,568,473.00
$147,667,686.00
$31,940,394.00
$308,375,066.00
$17,215,620.00
$3,292,140.00
$260,318,431.00
$70,918,541.00
$245,857,302.00
$61,304,982.00
$272,428,873.00
$14,084,409.00
$12,204,165.00
$227,079,252.00
$51,893,393.50
$361,545,549.00
$87,817,025.00
$137,607,001.00
$8,954,187.00
$9,092,155.00
$209,017,651.00
$39,354,589.00
$362,888,669.00
$82,401,534.00
$101,087,883.00
$5,201,261.00
$2,673,550.00
Product Type
     Fixed
     ARM 6 ML
     ARM 2/6
     ARM 3/6
     ARM 5/6
     ARM 7/6
     ARM 10/6
704
699
683
688
Credit Score
72.53
75.56
75.99
78.100
LTV
March 27, 2006
June 17, 2005
April 5, 2005
January 31, 2005
Close Date
$934,441,048.00
$937,116,704.00
$883,988,562.00
$802,625,137.00
Original Balance
*  Opteum no longer securitizes Subprime products (starting with OPMAC 2005-2) and seconds (the last one in OPMAC 2005-2).
27
OPMAC 2005-1
OPMAC 2005-2
OPMAC 2005-3
OPMAC 2005-4
OPMAC 2005-5
  OPMAC 2006-1
 
Interest Only Analysis
99%
N/A
10 Year Interest Only
12%
13%
Investment Property
3%
3%
2nd Home
85%
84%
Primary Residence
29%
36%
Cash-Out Refi
8%
8%
Rate/Term Refi
63%
56%
Purchase
6%
8%
2-4 Unit
9%
9%
Condo
85%
83%
SFR
21%
32%
% Fixed
89%
68%
% ARM
85.9%
84.3%
CLTV
76.4%
76.6%
LTV
700
695
FICO
281,495
249,622
Loan Amount
6.2 Billion
8.6 Billion
Amount
Total Securitized
Interest Only
(As a subset of the Total Securitized)
28
 
Issuance Summary By Deal Name
704
83.12
72.53
6.141
6.429
934,441,048
OPMAC 2006-1
701
85.09
75.57
5.923
6.203
1,321,738,004
OPMAC 2005-4
695
84.28
76.60
5.806
6.099
$8,566,291,513
Total Issuance
702
82.35
74.05
5.918
6.209
986,662,596
OPMAC 2005-5
699
84.61
75.56
5.796
6.067
937,116,704
OPMAC 2005-3
693
84.13
75.99
5.642
5.927
883,988,562
OPMAC 2005-2
688
85.18
78.10
5.792
6.077
802,625,137
OPMAC 2005-1
686
87.56
81.30
5.936
6.255
761,026,691
HMAC 2004-6
690
85.15
79.34
5.864
6.161
413,874,752
HMAC 2004-5
690
84.72
79.60
5.620
5.960
410,125,325
HMAC 2004-4
692
81.89
77.00
5.244
5.529
417,055,302
HMAC 2004-3
692
81.32
77.35
5.296
5.559
387,791,245
HMAC 2004-2
683
84.67
81.64
5.634
6.114
309,846,147
HMAC 2004-1
Name
UPB Issue
Amount
Gross WAC
Net WAC
WALTV
WACLTV
WA Fico
29
 
Collateral Detail - thru March 2006
11%
NINA
6%
No Ratio
24%
Stated Inc/Stated Asset
37%
Stated Inc/Verified Asset
22%
Full Doc
Percentage
Documentation Type
0%
520-579
3%
580-619
21%
620-659
15%
660-679
61%
680+
Percentage
Fico Score
1%
95.01-100%
4%
90.01-95%
6%
85.01-90%
2%
80.01-85%
56%
75.01-80%
6%
70.01-75%
7%
65.01-70%
6%
60.01-65%
12%
Less than 60%
Percentage
LTV Distribution
25%
Other
5%
FL
7%
NJ
12%
GA
51%
CA
Percentage
State Distribution
30
 
SecurityPerformance
0.01%
0.31%
0.07%
0.88%
0.19%
0.24%
15.28%
6
2005-5
0.03%
0.70%
0.20%
0.79%
0.12%
0.21%
21.06%
9
2005-4
0.08%
0.63%
0.29%
1.05%
0.20%
0.18%
29.79%
12
2005-3
0.00%
0.19%
0.31%
0.59%
0.45%
0.05%
0.28%
0.26%
0.32%
90 Day
DQ
0.00%
0.19%
0.57%
0.34%
0.38%
0.17%
0.47%
0.51%
1.14%
60 Day
DQ
8.86%
40.69%
34.95%
32.68%
30.36%
32.08%
28.37%
36.01%
45.23%
CPR
0.48%
0.61%
0.67%
1.40%
15
2005-2
0.00%
0.00%
0.00%
0.00%
4
2006-1
1.01%
1.80%
1.22%
1.62%
19
2004-6
0.61%
1.56%
0.39%
1.53%
17
2005-1
20
22
23
24
28
Period
1.51%
1.00%
1.83%
1.87%
2.38%
Total DQ
0.42%
0.95%
1.50%
1.68%
3.91%
BK
1.78%
1.22%
1.77%
1.39%
2.00%
FC
0.55%
2004-5
0.58%
2004-4
0.70%
2004-3
0.79%
2004-2
1.42%
2004-1
REO
Name
* Information provided as of March 2006
31
For more Performance information, visit http://opteum.lewtan.com
 
Senior Management Bios
32
 
Senior Management Bios
Jeffrey J. Zimmer
President, Chief Executive Officer and Chairman of the Board
Opteum Inc. (formerly Bimini 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 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, Jeffrey worked closely with
some of the nation's largest mortgage banks, hedge funds, and investment management firms
on varied mortgage-backed securities investments. He has sold and researched almost every
type of mortgage-backed security in his 20 years in the mortgage business.

He has also 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. Jeffrey was employed at Drexel Burnham Lambert in the institutional mortgage-backed
sales area from 1984 until 1990.
33
 
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 Bimini Mortgage Management)
Peter R. Norden is President and Chief Executive Officer of Opteum Financial Services, LLC, and
serves on the Board of Directors of Opteum Inc.  In addition to overseeing the company, Peter
serves on the Fannie Mae CEO Advisory Council and the GMAC/RFC National Advisory Board. He
is a past President of the Mortgage Bankers Association of New Jersey.
Peter began his impressive career in mortgage banking 30 years ago as a senior auditor for Touche
Ross and Company, based in Newark, N.J. In 1988, he acquired Olde Towne Mortgage Company,
where he then served as CEO. That same year, he and Martin Levine, then President of First
Builders Financial Corporation, merged their respective companies to form First Town Mortgage
Corporation. Peter served as President and CEO of First Town until its purchase in 1999 by Chase
Manhattan Mortgage Corporation.
34
 
Senior Management Bios
Robert E. Cauley
Chief Investment Officer, Chief Financial Officer and Secretary
Opteum Inc. (formerly Bimini Mortgage Management)

Senior Executive Vice President and Co-Head of Capital Markets
Opteum Financial Services, LLC
 
Robert E. Cauley serves as Chief Investment Officer, Chief Financial Officer and Secretary of
Opteum Inc. In addition, he is one of the founders of Opteum Inc. Robert was previously Vice
President, Portfolio Manager at Federated Investment Management Company in Pittsburgh, Penn.
where from 1996 until September of 2003 he was a Lead Portfolio Manager, Co-Manager, and
Assistant Portfolio Manager of $4.25 billion (base capital, unlevered amount) in mortgage and asset
backed securities funds.

From 1994 to 1996, Robert 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. He has invested in, researched, or structured almost every type
of mortgage-backed security. Robert is both a CFA and a CPA and served in the United States
Marine Corps for four years.
35
 
Senior Management Bios
Martin J. Levine
Executive Vice President and Chief Operations Officer
Opteum Financial Services, LLC
Martin 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. A Certified
Public Accountant, Marty spearheads the company's operational strategy nationwide. He is a
member of the American Institute of Certified Public Accountants, the Mortgage Bankers
Association, and the New Jersey Homebuilders Association.

In 1987, he launched First Builders Financial Corporation and served as the company's President
until that company merged with Olde Town Mortgage in 1989 to form First Town Mortgage
Corporation. He then served as Executive Vice President and Chief Operations Officer of First
Town until its purchase in 1999 by Chase Manhattan Mortgage Corporation. Marty has worked at
some of the most respected companies in the mortgage industry, including Touche Ross and
Company, Coopers and Lybrand, Kenneth Leventhal and Company and Pan American Properties.
36
 
Senior Management Bios
Rick E. Floyd
Executive Vice President and National Production Manager
Opteum Financial Services, LLC
Rick E. Floyd serves as Executive Vice President and National Production Manager of Opteum
Financial Services, LLC. In this role, he is responsible for all aspects of Loan Officer recruiting,
hiring and ongoing education. As a senior Opteum executive, he provides strategic counsel for the
National Builder and Marketing Divisions and all new initiatives, including joint ventures and market
expansions.

With nearly 20 years of mortgage banking experience, Rick serves as a Governor of the Mortgage
Bankers Association of Georgia. He is also President of the Atlanta Chapter of that association and
has been a member of its Ethics Committee. Rick is a member of the Fayette County and Metro
Atlanta Chambers of Commerce, Fayetteville Rotary Club, Fayette County Economic Board of
Directors, Fayette Youth Protection Home and Leadership Fayette. He began his career at Georgia
Federal Bank, eventually moving his way up to Georgia Regional Manager for Chase Manhattan
Mortgage. Prior to forming Opteum, Rick worked with HomeBanc Mortgage Corporation, leading
the team that created the Builder Services Group - an indust
ry first.

37
 
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 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.
38
 
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 securities
(MBS) allocations department. He also manages each offering of Opteum’s private-label securities
on Wall Street.

Prior to his current role, Jeff was Vice President, secondary marketing, with First Town Mortgage
Corporation and continued in this capacity through its acquisition by Chase Manhattan Mortgage
Corporation. He has also been an Associate Vice President at Dime Savings Bank, First Fidelity
Bank and Anchor Mortgage Services.
39
 
Senior Management Bios
Mary Glass-Schannault
Senior Vice President and Managing Director of Structured Finance
Opteum Financial Services, LLC
Mary Glass-Schannault has been with Opteum since October 2002. Ms. Schannault 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 to 1995. Prior to this, Ms.
Schannault held senior executive/management positions in the mortgage banking industry
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 comm
ercial assets.

40
 
Grace Currid
Senior Vice President and Chief Credit Officer
Opteum Financial Services, LLC
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. As a recognized industry leader, Grace is actively
involved with the Mortgage Bankers Association of New Jersey.

She currently serves on the Board of Governors and has also chaired multiple committees. In addition,
Grace 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.
Senior Management Bios
41
 
Opteum Product Matrices
42