Legal Seminar, Chicago, IL

NonBank Footprint of Ginnie Mae MSR Holders

Liquidity Coverage Ratio (LCR)* - An Alternative View of Liquidity Using Top NonBank Ginnie MSR Holders

- Are different servicer models comparable? - Do MSR investors such as hedge funds and REITs help stabilize and diversify the industry? - Will these market participants remain through multiple cycles?

*Ratio = (Cash + Securities Held for Sale) / (Monthly Operating Expenses + Monthly Interest Expense)

Confidential / Sensitive / Pre-Decisional – For Discussion Purposes Only