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					                     US Residential Mortgage Banking
                   Compensation Survey Program — 2008

INTRODUCTION TO McLAGAN
At McLagan, we have a singular focus: helping our clients make important business decisions by leveraging the unique
combination of our in-depth financial services industry knowledge, proprietary pay and performance studies and proven
consulting expertise.

Our belief is that data can be a powerful management tool if it is simultaneously accurate, comprehensive, and actionable. Our
goal is to provide a complete set of data which, taken in context, can improve business results.

ABOUT THE RESIDENTIAL MORTGAGE BANKING COMPENSATION SURVEY PROGRAM
The ongoing partnership with the Mortgage Bankers Association (MBA) and McLagan leverages the Association’s industry
network with McLagan’s deep experience in compensation benchmarking, performance analysis and compensation plan design
within the financial services industry. The compensation survey program has multiple components constructed to address the
needs of both large and small firms. In addition, McLagan and the MBA also execute a Commercial Real Estate Compensation
Survey examining competitive pay levels for positions within commercial real estate finance businesses. The complete MBA
survey program consists of the following five components:


  I. COMPENSATION LEVEL BENCHMARKING
  This comprehensive report provides key data on professionals across the major functions/areas within the mortgage
  banking industry. Our process enables us to collect data by function, specialization, business or product group, and
  distribution channel, in conjunction with scope factors such as: geographic location, number of employees and revenue size.
  A comprehensive list of functions and business areas covered in the three compensation surveys is found on the next page.

  II. INCENTIVE PLAN STUDY
  This study provides aggregated information on current incentive plan designs for the origination, underwriting, operations,
  and servicing positions in residential mortgage banking. Compensation topics include: commission payout metrics,
  performance measures, funding criteria, merit budget data and executive perquisites, as well as market practices related to
  merit budgets, bonus pool accruals, eligibility, performance measures, long-term incentive plan design.

  III. PRODUCTIVITY ANALYSIS
  This product provides in depth analysis of the correlation between loan volume levels and compensation for origination
  business lines. Participating firms will be able to compare aggregated and individual incumbent level production levels and
  compensation data with external market benchmarks.

  IV. REVERSE MORTGAGE BANKING SURVEY (NEW IN 2008)
  With the expansion of firms entering into the reverse mortgage market, this survey will consist of information similar to
  that of the Residential Mortgage Banking Survey. The positions covered are as follows:

       EXECUTIVE/ORIGINATION           SECONDARY/CAPITAL MARKETS                 OPERATIONS/SERVICING AND
            Executive Management            Loan Portfolio Management            INFRASTRUCTURE
            Origination Channels:           Loan Securitization/Loan Pooling          Customer Service
                 Retail                     Pricing                                   Finance
                 Telemarketing              Quantitative Analysis                     Loan Operations
                 Wholesale                  Sales/Investor Relations                  Loan Workout
                                            Secondary/Capital Markets                 Marketing & Communications
                                            Management                                Quality Control/Compliance
                                            Secondary/Capital Markets Support         Risk Management
                                            Trading                                   Technology
                                                                                      Underwriting
  V. CUSTOMIZED REPORTING AND CONSULTING CAPABILITIES
  McLagan is experienced in inventive compensation plan design and market benchmarking, consulting
  incentives, peer group selection, geographical analysis, incumbent-by-incumbent results, functional
  management reporting and top-paid analysis.




            For more information, please contact Rob Northway via email at RNorthway@mclagan.com
                            US Residential Mortgage Banking
                          Compensation Survey Program — 2008
EXECUTIVE MANAGEMENT & PRODUCTION ADMINISTRATION                         CORPORATE ADMINISTRATION AND SUPPORT

                                                                            Centralized Vendor                Mergers & Acquisitions
   ABA/Joint Venture                Pricing                                 Management                        Office Services
   Affinity Group Origination       Quantitative Analysis                   Economic Research                 Project
   Affordable Lending               Retail                                  Finance                           Management/Process
                                                                            Human Resources                   Re-Engineering
   Appraisal                        Sales Satellite
                                                                            Internal Audit                    Quality Control/Compliance
   Asset Sales                      Secondary/Capital Markets Mgmt          Legal                             Risk Management
   Commercial Real Estate           Secondary/Capital Markets Support       Marketing &                       Support Staff
   Origination                      Securitized Products Research           Communications                    Technology
   Construction Loan Origination    Strategic Planning & Development
   Corporate Relocation             Telemarketing/Consumer Direct
   Correspondent/Whole Loan         Title Services                       LOAN SERVICING/LOAN ADMINISTRATION
   Acquisition                      Trading
   Cross Sell                       Transaction Mgmt/Trader Support         Capacity Planning & Forecasting
   Documentation/Negotiation        Underwriting                            Customer Service
                                                                            Escrow & Tax Services
   Executive Management             Validation
                                                                            Executive Management
   Loan Securitization              Web Based Lending                       Inspection
   Operations                       Wholesale                               Investor Relations
   Overall Origination Management                                           Loan Workout
   Portfolio Management                                                     Operations
                                                                            Portfolio Retention Sales



2007 US PARTICIPANTS
   AEGIS MORTGAGE CORPORATION                   FIFTH THIRD BANK                                 NATIONAL CITY CORPORATION
   AEGON USA REALTY ADVISORS, INC.              FIRST FRANKLIN (MERRILL LYNCH)                   NATIONWIDE INSURANCE
   AMERICAN GENERAL FINANCE                     FIRST TENNESSEE BANK/ FIRST HORIZON HOME         ONE WASHINGTON FINANCIAL, LLC
   AMERICAN HOME MORTGAGE                       LOANS                                            OPTEUM FINANCIAL SERVICES, LLC
   AMTRUST BANK                                 FIELDSTONE MORTGAGE COMPANY                      OPTION ONE MORTGAGE
   ARVEST BANK OPERATIONS                       FREDDIE MAC                                      PHH MORTGAGE
   ASSURITY FINANCIAL SERVICES LLC              GMAC                                             PLAZA HOME MORTGAGE, INC.
   ASTORIA FEDERAL SAVINGS                      HOMESTREET BANK                                  RBC FINANCIAL GROUP
   AURORA LOAN SERVICES                         HOMEQ SERVICING                                  REGIONS FINANCIAL CORPORATION
   AVELO MORTGAGE, LLC                          HSBC BANK USA                                    RESMAE MORTGAGE CORP
   BANK OF AMERICA                              HUNTINGTON BANCSHARES INCORPORATED               SAXON MORTGAGE (MORGAN STANLEY)
   BANK OF MONTREAL                             INDYMAC BANK                                     SCME MORTGAGE BANKERS INC.
   BANK UNITED                                  ING MORTGAGE                                     SHEA FINANCIAL SERVICES
   BARCLAYS CAPITAL GROUP                       JOHNSON FINANCIAL GROUP, INC.                    SN SERVICING CORPORATION
   BMO FINANCIAL GROUP                          JP MORGAN CHASE                                  SOVEREIGN BANK
   BNC MORTGAGE, INC.                           HOVNANIAN ENTERPRISES, LLC                       STERLING SAVINGS BANK
   BRANCH BANKING & TRUST CO.                   KEYCORP                                          SUNTRUST BANK, INC.
   CENLAR                                       KH FINANCIAL, L.P.                               SYNOVUS FINANCIAL CORPORATION
   CHEVY CHASE BANK                             DIVISION                                         TECHNOLOGY CREDIT UNION
   CITI CONSUMER LENDING GROUP                  LENDINGTREE, INC.                                TITLE RESOURCE GROUP
   CITIMORTGAGE                                 LINCOLN MORTGAGE COMPANY                         THORNBURG COMPANIES
   CITIZENS BANK                                LITTON LOAN SERVICING LP                         UNION BANK OF CALIFORNIA
   COLORADO HOUSING FINANCE AUTHORITY           M & T BANK                                       UNIVERSAL AMERICAN MORTGAGE CO., LLC
   COMPASS BANK                                 MARKET STREET MORTGAGE CORPORATION               USAA
   D.B. HOME LOANS                              MARRIOTT VACATION CLUB INTERNATIONAL             WACHOVIA CORPORATION
   DOWNEY SAVINGS & LOAN                        MDC HOLDINGS, INC.                               WASHINGTON MUTUAL
   EMC MORTGAGE                                 MIDFIRST BANK                                    WEBSTER BANK
   EQUIFIRST                                    MORGAN STANLEY HOME LOANS                        WELLS FARGO HOME MORTGAGE
   EVERBANK                                     MORTGAGE GUARANTY INSURANCE CORP.                WILSHIRE CREDIT CORPORATION (MERRILL
   FANNIE MAE                                   NATIONAL COOPERATIVE BANK                        LYNCH)




                   For more information, please contact Rob Northway via email at RNorthway@mclagan.com

				
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